|
Report No. : |
336321 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEOUL ENGINEERING CO., LTD. |
|
|
|
|
Registered Office : |
332, Bangchuk-Ro, Nam-Gu, Incheon, Korea
22122 |
|
|
|
|
Country : |
South Korea
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.03.1974 |
|
|
|
|
Com. Reg. No.: |
131-81-01258 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
· Exporter of Tuyere Coolers, Tuyere Nozzle, Lance Nozzles, Stave Cooler, Screw Nut, Copper Panel, Gare Box Assembly, Mandrel & Rotating Cylinder, One Touch Attachment, Screw Nut, Precision Industrial Machinery, Tension Reel. · Other Cast of Non-ferrous Metals |
|
|
|
|
No. of Employees : |
276 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 slow growth due to sluggish domestic consumption and investment.
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. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
SEOUL ENGINEERING CO., LTD. |
|
Registered Address |
332, Bangchuk-ro, Nam-gu, Incheon, Korea |
|
Building |
|
|
Zip Code |
22122 |
|
Tel |
+82-32-863-9901 |
|
Fax |
+82-32-863-9904 |
|
E-mail |
seouleng@seoul-eng.co.kr;seouleng@unitel.co.kr |
|
Website |
www.seoul-eng.co.kr |
|
Trading Address |
332, Bangchuk-ro, Nam-gu, Incheon, Korea (Old Address System : 1381-1, Juan 1-dong,
Nam-gu, Incheon, Korea) |
|
Tel |
+82-32-863-9901 |
|
Fax |
+82-32-863-9904 |
|
Other Address-Gajwa Factory |
131, Janggogae-ro, Seo-gu, Incheon, Korea (Old Address System : 180-172 / 571-7, Gajwa 1-dong, Seo-gu, Incheon, Korea) |
|
Tel |
+82-32-584-9901 |
|
Fax |
+82-32-584-9902 |
|
Type |
Export |
|
Industry |
Other Cast of Non-ferrous Metals |
|
Main Business |
Tuyere Coolers, Tuyere Nozzle, Lance Nozzles, Stave Cooler, Screw Nut,
Copper Panel, Gare Box Assembly, Mandrel & Rotating Cylinder, One Touch
Attachment, Screw Nut, Precision Industrial Machinery, Tension Reel |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/21/1974 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Copper plate(30102209) |
|
Sell |
Nozzles(40141731) |
|
Sell |
Industrial machinery components and
accessories(23153100) |
|
Sell |
Furnaces(40101805) |
|
Sell |
Fans(40101604) |
|
Sell |
Hardware and fittings(40141700) |
|
Sell |
Hardware and fittings(40141700) |
|
Sell |
Impellers(40101603) |
|
Buy |
Ingots(30103400) |
|
Buy |
Seals(31181600) |
|
Name |
Lee Won-Suk |
|
Address |
Suite 509-501, 93, Solbit-Ro, Dong-Gu,
Incheon, Korea |
|
Date of Birth |
05/01/1956 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,000,000,000 |
|||||||||||||||
|
Employees |
276 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||
|
Bank Details |
Shinhan Bank Hana Bank Woori Bank |
|||||||||||||||
|
Corporate Registered No. |
120111-0004870 |
|||||||||||||||
|
Business Registered No. |
131-81-01258 |
|||||||||||||||
|
Permit & Licenses |
10/1996 ISO 9002 10/1998 EM 12/1999 ISO 9001 02/12/2002 ISO 9001 Int’l Trade No.: 200642 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
11/01/1996 Established as SEOUL ALUMINUM INDUSTRIES
CO.(Sole Proprietorship) 03/21/1974 Incorporated as the present name 09/23/1996 Finished Corporate Clearing
Procedure by Incheon District Court 06/2006 Designated as a Venture Business 10/01/2006 Moved to the present HQ address
from 1402-3, Juan 1-dong, Nam-gu, Incheon, Korea 11/22/2007 Split off the par value to 1,000 KRW from 10,000 KRW 11/22/2007 Increased the authorized shares to 20,000,000 shares from
100,000 shares 12/30/2010 Increased capital to 3,000,000,000 KRW from 2,122,500,000
KRW 11/2012 Awarded US$ 50 Million Export Top
Prize |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Lee Won-Suk |
Male |
Korean |
01/02/2003 |
|
Co-President & CEO |
Mr. |
Oh Se-Cheol |
Male |
Korean |
12/24/2014 |
|
Director |
Mr. |
Song Kwang-Soo |
Male |
Korean |
03/29/2014 |
|
Auditor |
Mr. |
Lee Hwan-Kyu |
Male |
Korean |
03/22/1999 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
69,145,129,298 |
68,248,273,989 |
2,471,409,683 |
|
2013 |
83,148,356,660 |
68,335,622,668 |
4,411,622,759 |
|
2012 |
107,810,035,613 |
83,857,104,219 |
4,895,773,445 |
|
2011 |
83,562,867,950 |
84,290,805,020 |
2,158,033,235 |
|
2010 |
68,460,595,744 |
69,441,524,222 |
4,735,099,574 |
|
2009 |
80,695,444,265 |
57,302,786,980 |
11,095,344,410 |
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
3,000,000,000 |
|
Total Issued Shares |
3,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
68,248,273,989 |
68,335,622,668 |
83,857,104,219 |
|
Current Assets |
36,260,639,722 |
34,946,806,806 |
49,486,230,615 |
|
-Quick Assets |
16,714,508,595 |
13,885,695,346 |
20,886,530,298 |
|
-Inventories |
19,546,131,127 |
21,061,111,460 |
28,599,700,317 |
|
Fixed Assets |
31,987,634,267 |
33,388,815,862 |
34,370,873,604 |
|
-Investment |
258,163,780 |
981,356,920 |
853,888,840 |
|
-Tangibles |
31,536,059,949 |
32,191,301,207 |
33,328,475,016 |
|
-Intangibles |
157,360,833 |
179,522,966 |
150,753,466 |
|
-Others |
36,049,705 |
36,634,769 |
37,756,282 |
|
Total Liabilities |
27,005,612,758 |
28,957,211,120 |
48,087,015,430 |
|
Current Liabilities |
19,942,418,752 |
21,943,763,230 |
42,414,739,739 |
|
Fixed Liabilities |
7,063,194,006 |
7,013,447,890 |
5,672,275,691 |
|
Capital Stock |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
38,242,661,231 |
36,371,251,548 |
32,760,628,789 |
|
Capital Adjustment |
- |
7,160,000 |
9,460,000 |
|
Total Equity |
41,242,661,231 |
39,378,411,548 |
35,770,088,789 |
|
Liab. & Shareholder’s Equity |
68,248,273,989 |
68,335,622,668 |
83,857,104,219 |
|
Current Liabilities |
19,942,418,752 |
21,943,763,230 |
42,414,739,739 |
|
Trade Payables |
2,812,091,298 |
2,979,085,755 |
4,037,340,065 |
|
Account Payables |
404,087,163 |
343,692,924 |
557,468,555 |
|
Accrued Expenses |
1,054,603,938 |
1,015,344,061 |
1,017,298,288 |
|
Advance Receipts |
2,044,539,665 |
1,754,668,966 |
4,165,063,803 |
|
Short-Term Borrowings |
13,000,000,000 |
15,000,000,000 |
29,500,000,000 |
|
Withholdings |
289,939,110 |
259,309,820 |
231,801,270 |
|
Deferred Income Tax Credit |
295,996,861 |
437,554,999 |
398,702,261 |
|
Current Portion of Deferred Income Tax Credit |
28,160,717 |
41,106,705 |
94,065,513 |
|
Guarantee Deposit Withhold |
13,000,000 |
13,000,000 |
13,000,000 |
|
Current Portion of Long-Term Debts |
- |
100,000,000 |
2,399,999,984 |
|
Fixed Liabilities |
7,063,194,006 |
7,013,447,890 |
5,672,275,691 |
|
Long-Term Borrowings |
6,000,000,000 |
6,500,000,000 |
5,100,000,016 |
|
Provision for Severance & Retirement |
825,614,576 |
71,872,690 |
203,527,808 |
|
Non-Current Portion of Deferred Income Tax Credit |
237,579,430 |
441,575,200 |
368,747,867 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
69,145,129,298 |
83,148,356,660 |
107,810,035,613 |
|
Cost of Sold Goods |
59,819,234,748 |
68,978,479,593 |
95,133,875,876 |
|
Gross Profit |
9,325,894,550 |
14,169,877,067 |
12,676,159,737 |
|
Selling & Admin. Expenses |
6,842,950,277 |
7,313,712,827 |
7,766,883,721 |
|
Operating Income |
2,482,944,273 |
6,856,164,240 |
4,909,276,016 |
|
Non-Operating Income |
2,581,828,762 |
3,223,773,171 |
8,310,524,633 |
|
Non-Operating Expenses |
2,184,470,448 |
4,887,351,599 |
7,370,828,839 |
|
Income Before Taxes |
2,880,302,587 |
5,192,585,812 |
5,848,971,810 |
|
Income Taxes Expenses |
408,892,904 |
780,963,053 |
953,198,365 |
|
Net Income |
2,471,409,683 |
4,411,622,759 |
4,895,773,445 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
3,961,414,102 |
17,762,770,973 |
7,084,564,913 |
|
-Net Income |
2,471,409,683 |
4,411,622,759 |
4,895,773,445 |
|
-Exp. without Cash Outflow |
2,885,060,611 |
3,432,513,934 |
3,848,490,930 |
|
-Revenue without Cash Inflows |
-416,797,109 |
-68,395,366 |
-135,406,702 |
|
-Changes in Asset/ & Liability |
-978,259,083 |
9,987,029,646 |
-1,524,292,760 |
|
Cash Flows from Investing |
-445,196,818 |
-1,172,694,111 |
-2,195,720,335 |
|
-Cash Inflow from Investing |
1,038,101,569 |
224,406,537 |
195,273,165 |
|
-Cash Outflows for Investing |
-1,483,298,387 |
-1,397,100,648 |
-2,390,993,500 |
|
Cash Flows from Financing |
-3,200,000,000 |
-16,201,000,000 |
-4,619,015,765 |
|
-Cash Inflows from Financing |
22,206,113,390 |
22,580,736,750 |
88,470,907,461 |
|
-Cash Outflows from Financing |
-25,406,113,390 |
-38,781,736,750 |
-93,089,923,226 |
|
Increase/Decrease in Cash |
316,217,284 |
389,076,862 |
269,828,813 |
|
Cash at the Beginning of Year |
4,313,491,949 |
3,924,415,087 |
3,654,586,274 |
|
Cash at the End of Year |
4,629,709,233 |
4,313,491,949 |
3,924,415,087 |
|
Main Products & Services |
Tuyere Coolers, Tuyere Nozzle, Lance Nozzles, Stave Cooler, Screw Nut,
Copper Panel, Gare Box Assembly, Mandrel & Rotating Cylinder, One Touch Attachment,
Screw Nut, Precision Industrial Machinery, Tension Reel |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
HYUNDAI STEEL COMPANY(120111-0001743) |
|
Customers |
POSCO(174611-0000741) POSCO ENGINEERING & CONSTRUCTION CO.,
LTD.(174611-0002979) |
|
Competitors |
SEUNG BO
MECHA TECH CO., LTD. 269-1,
GWANHO-RI, YAKMOK-MYEON, CHILGOK-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-975-6526~7 FAX:+82-54-975-6530 JE-IL
PRODUCTION CO., LTD. 889-1, DALSAN-RI,
JEONGGWAN-MYEON, GIJANG-GUN, BUSAN, KOREA TEL:+82-51-727-5525 FAX:+82-51-727-5528 JINHAP CO.,
LTD. RM.
B-5, INDUSTRIAL COMPLEX Ⅱ, 40-57, DAEHWA-DONG, DAEDEOK-GU, DAEJEON,
KOREA TEL:+82-70-7430-1800 FAX:+82-70-7442-7785 |
The Subject exports
to South Africa, Netherlands, Taiwan, Germany, Mexico, USA, Belgium, Sweden,
Spain, Australia, Austria, Italy, India, Canada, Turkey and France.
No.
-----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.76 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.36 |
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.