|
Report No. : |
320416 |
|
Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUNGHO
ELECTRONICS CORP. |
|
|
|
|
Registered Office : |
205-17, Gasan Digital 1-Ro, Geumcheon-Gu, Seoul, Korea 153-803 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.05.1973 |
|
|
|
|
Com. Reg. No.: |
119-81-02505 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Electronic Capacitors |
|
|
|
|
No. of Employees : |
115 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible economic growth and global integration to become a high-tech
industrialized economy. In the 1960s, GDP per capita was comparable with levels
in the poorer countries of Africa and Asia. In 2004, South Korea joined the
trillion-dollar club of world economies, and is currently the world's 12th
largest economy. A system of close government and business ties, including
directed credit and import restrictions, initially made this success possible.
The government promoted the import of raw materials and technology at the
expense of consumer goods, and encouraged savings and investment over
consumption. The Asian financial crisis of 1997-98 exposed longstanding
weaknesses in South Korea's development model, including high debt/equity
ratios and massive short-term foreign borrowing. GDP plunged by 7% in 1998, and
then recovered by 9% in 1999-2000. South Korea adopted numerous economic
reforms following the crisis, including greater openness to foreign investment
and imports. Growth moderated to about 4% annually between 2003 and 2007. South
Korea's export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced sluggish growth because of external market slowdowns. The
administration in 2015 is likely to face the challenge of balancing heavy
reliance on exports with developing domestic-oriented sectors, such as
services. The South Korean economy's long-term challenges include a rapidly
aging population, inflexible labor market, dominance of large conglomerates
(chaebols), and the heavy reliance on exports, which comprise about half of
GDP.
|
Source
: CIA |
|
Company Name |
SUNGHO ELECTRONICS CORP. |
|
Registered Address |
205-17, Gasan digital 1-ro, Geumcheon-gu,
Seoul, Korea |
|
Zip Code |
153-803 |
|
Tel |
+82-2-853-8071~4 |
|
Fax |
+82-2-853-8075 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
205-17, Gasan digital 1-ro, Geumcheon-gu,
Seoul, Korea (Old Address System : 459-6, Gasan-dong,
Geumcheon-gu, Seoul, Korea) |
|
Tel |
+82-2-2104-7531 |
|
Fax |
+82-2-853-8075 |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Electronic Capacitors |
|
Main Business |
SMPS, Film Condenser, Film Capacitor, Power Supply Unit(PSU),
Equipment for Condenser Manufacture |
|
|
|
|
Established (mm/dd/yyyy) |
05/15/1973 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Capacitors(32121500) |
|
Name |
Park Hyun-Nam |
|
Address |
|
|
Date of Birth |
03/22/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
14,753,071,000 |
||||||||||||||||||||||||
|
Employees |
115 |
||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ: 043260) as of 11/27/2001 |
||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Guro Seo Branch Kookmin Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0445860 |
||||||||||||||||||||||||
|
Business Registered No. |
119-81-02505 |
||||||||||||||||||||||||
|
Permit & Licenses |
11/15/2011 ISO/TS16949 06/13/2011 ISO 14001 06/13/2011 ISO 9001 01/14/2010 CE 03/31/2009 TUV 09/26/2007 UL 06/28/2002 QS 9000 01/12/2001 Single PPM Int’l Trade No.: 747253 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
05/15/1973 Incorporated as JINYOUNG ELECTRONICS CO., Ltd. 03/1993
Established SUNGHO ELECTRONICS Co., Ltd. 02/2000
M&A with JINYOUNG ELECTRONICS CO., LTD., and SUNGHO
ELECTRONICS Co., Ltd. 02/29/2000
Changed company name to the present name 10/2000 Designated as a Venture Business 05/2010 Designated as an INNO-BIZ Company 05/2010 Designated as a MAIN-BIZ Company 09/20/2012 Designated as a Venture Business
again |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Park Hyun-Nam |
Male |
Korean |
1953.03.22 |
|
Outside Director |
Mr. |
Oh Ki-Keun |
Male |
Korean |
1954.04 |
|
Auditor |
Mr. |
Lee Chul-Koo |
Male |
Korean |
1961.09 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
58,565,302,370 |
109,022,058,128 |
-3,573,350,146 |
|
2013 |
62,555,169,458 |
111,010,261,566 |
-3,162,523,000 |
|
2012 |
85,155,137,275 |
114,796,530,072 |
699,035,566 |
|
2011 |
109,718,769,548 |
105,822,677,140 |
3,027,320,268 |
|
2010 |
135,023,291,372 |
100,575,901,531 |
7,207,845,716 |
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
14,753,071,000 |
|
Total Issued Shares |
29,506,142 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
109,022,058,128 |
111,010,261,566 |
114,796,530,072 |
|
Current Assets |
31,113,311,087 |
32,773,365,487 |
42,085,072,162 |
|
Cash
& Cash Equivalents |
1,793,246,872 |
1,678,052,332 |
2,857,820,523 |
|
Trade
Receivables & Other Receivables |
14,953,071,833 |
17,561,680,180 |
24,366,045,076 |
|
Marketable
Financial Instruments |
437,247,199 |
363,478,342 |
1,805,629,694 |
|
Current
Financial Instruments |
4,834,206,756 |
5,711,558,922 |
2,893,824,465 |
|
Inventories |
8,198,118,677 |
7,121,924,299 |
9,627,391,902 |
|
Deferred
Income Tax Assets |
26,441,700 |
25,143,534 |
11,230,790 |
|
Current
Non-Financial Instruments |
870,978,050 |
311,527,878 |
523,129,712 |
|
Non-Current Assets |
77,908,747,041 |
78,236,896,079 |
72,711,457,910 |
|
Non-Current
Financial Instruments |
752,160,060 |
963,700,796 |
1,338,731,016 |
|
Marketable
Financial Instruments |
418,407,079 |
341,217,364 |
252,374,066 |
|
Held-to-Maturity
Financial Assets |
61,975,000 |
57,925,000 |
86,645,000 |
|
Investment_Subsidiaries |
56,553,927,586 |
56,553,927,586 |
55,162,480,307 |
|
Other Long-Term Receivables |
31,944,190 |
114,017,178 |
250,961,184 |
|
Tangibles |
17,782,439,210 |
18,176,224,729 |
14,272,477,680 |
|
Intangibles |
2,217,732,691 |
2,026,523,806 |
1,336,373,043 |
|
Confirmed
Salaries |
89,858,617 |
0 |
0 |
|
Non-Current
Non-Financial Instruments |
302,608 |
3,359,620 |
11,415,614 |
|
Total Liabilities |
55,591,630,904 |
54,239,958,016 |
57,632,625,626 |
|
Current Liabilities |
38,924,284,671 |
34,263,625,692 |
37,006,945,916 |
|
Trade
Payables & Other Payables |
19,029,705,599 |
16,346,438,603 |
22,769,492,626 |
|
Short-Term
Borrowings |
16,144,338,422 |
13,643,098,380 |
11,466,795,739 |
|
Current
Portion of Long-Term Debts |
3,672,883,200 |
4,198,433,800 |
2,681,742,680 |
|
Other
Current Non-Financial Debts |
77,357,450 |
75,654,909 |
88,914,871 |
|
Non-Current Liabilities |
16,667,346,233 |
19,976,332,324 |
20,625,679,710 |
|
Long-Term
Borrowings |
5,399,999,680 |
8,772,874,670 |
13,612,387,320 |
|
Debentures |
3,000,000,000 |
3,000,000,000 |
0 |
|
Bond with Warrant |
5,686,075,718 |
5,150,430,906 |
4,665,245,386 |
|
Provision
for Severance & Retirement |
0 |
169,586,381 |
330,057,699 |
|
Other
Non-Current Financial Debts |
153,223,385 |
153,658,593 |
97,630,585 |
|
Deferred
Income Tax Credit |
2,428,047,450 |
2,729,781,774 |
1,920,358,720 |
|
Capital Stock |
14,753,071,000 |
14,753,071,000 |
14,753,071,000 |
|
Capital
Surplus |
13,564,376,970 |
13,564,376,970 |
13,485,486,970 |
|
Capital
Adjustment |
-920,445,803 |
-920,445,803 |
-841,555,803 |
|
Others |
9,553,914,048 |
9,539,490,289 |
6,831,585,272 |
|
Profit
Surplus |
16,479,511,009 |
19,833,811,094 |
22,935,317,007 |
|
Total
Equity |
53,430,427,224 |
56,770,303,550 |
57,163,904,446 |
|
Liab.
& Shareholder’s Equity |
109,022,058,128 |
111,010,261,566 |
114,796,530,072 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
58,565,302,370 |
62,555,169,458 |
85,155,137,275 |
|
Cost
of Sold Goods |
49,952,078,198 |
56,152,698,000 |
74,403,933,662 |
|
Gross
Profit |
8,613,224,172 |
6,402,471,458 |
10,751,203,613 |
|
Selling
& Admin. Expenses |
9,803,484,853 |
8,827,149,640 |
11,081,953,760 |
|
Operating
Income |
-1,190,260,681 |
-2,424,678,182 |
-330,750,147 |
|
Other
Income |
1,986,607,860 |
2,450,516,836 |
4,799,742,379 |
|
Other
Expenses |
2,703,028,559 |
1,748,437,474 |
2,619,715,636 |
|
Finance
Income |
177,312,967 |
259,984,434 |
163,530,194 |
|
Finance
Expenses |
1,764,428,726 |
1,668,866,025 |
1,239,247,499 |
|
Income
Before Taxes |
-3,493,797,139 |
-3,131,480,411 |
773,559,291 |
|
Income
Taxes Expenses |
79,553,007 |
31,042,589 |
74,523,725 |
|
Net
Income |
-3,573,350,146 |
-3,162,523,000 |
699,035,566 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
2,006,994,881 |
2,269,233,580 |
7,615,469,998 |
|
Cash
Flows from Operating |
2,279,559,387 |
2,101,434,553 |
7,146,470,439 |
|
Dividends
Received |
0 |
0 |
1,000,260 |
|
Interests
Received |
175,872,581 |
184,612,047 |
99,210,592 |
|
Income
Taxes |
-448,437,087 |
-16,813,020 |
368,788,707 |
|
Cash Flows from Investing |
463,779,506 |
-4,285,942,126 |
-7,411,068,639 |
|
Cash
Inflow from Investing |
9,504,397,639 |
13,336,524,750 |
5,545,809,311 |
|
Cash
Outflows for Investing |
-9,040,618,133 |
-17,622,466,876 |
-12,956,877,950 |
|
Cash Flows from Financing |
-2,328,689,810 |
852,843,982 |
2,322,259,391 |
|
Cash
Inflows from Financing |
10,922,829,379 |
12,634,121,687 |
16,098,880,783 |
|
Cash
Outflows from Financing |
-13,251,519,189 |
-11,781,277,705 |
-13,776,621,392 |
|
Increase/Decrease in Cash |
115,194,540 |
-1,185,186,395 |
2,508,582,752 |
|
Cash at the Beginning of Year |
1,678,052,332 |
2,863,238,727 |
354,655,975 |
|
Cash at the End of Year |
1,793,246,872 |
1,678,052,332 |
2,863,238,727 |
|
Main Products & Services |
SMPS, Film Condenser, Film Capacitor, Power Supply Unit(PSU), Equipment
for Condenser Manufacture |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Customers |
LG ELECTRONICS INC.(110111-2487050) BECKMANN ELEKTRONIK GMBH(GERMANY) MICRO DEVICES INC(INDIA) |
|
Competitors |
SAMSUNG ELECTRO-MECHANICS
CO.,LTD.(130111-0001626) 314, MAETAN 3-DONG, YEONGTONG-GU, SUWON-SI,
GYEONGGI-DO, KOREA TEL:+82-31-210-5114 FAX:+82-31-210-6363 HANSUNG ELCOMTEC CO.,LTD.(134811-0015546) 110-1, GALGOT-RI, JINWI-MYEON,
PYEONGTAEK-SI, GYEONGGI-DO, KOREA TEL:+82-31-372-6740 FAX:+82-31-372-6746 DONG IL ELECTRONICS CO., LTD. 24, GAHEUNG-RI, GAGEUM-MYEON, CHUNGJU-SI,
CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-855-7800 FAX:+82-43-855-7803 |
|
Subsidiary |
WUIHAE HANSUNG SUNGHO ELECTRONICS CO.,
LTD(CHINA) (100.0% held by the subject company) ZHUHAI SUNGHO ELECTRONICS CO., LTD. (100.0% held by the subject company) NO. 8, PINGXI RD. 8, NAMPING S & T
INDUSTRIAL PARK, CHINA TEL:+86-756-868-0001 FAX:+86-756-868-0002 |
The Subject deals
with the companies in Malaysia, Mexico, USA, China and Thailand.
No.
------------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.96.52 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.