|
Report No. : |
356534 |
|
Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEAH STEEL
CORPORATION |
|
|
|
|
Registered Office : |
45, Yanghwa-Ro, Mapo-Gu, Seoul, 26th Fl., Seah Tower, Korea 04027 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.09.2015 |
|
|
|
|
Date of Incorporation : |
19.10.1960 |
|
|
|
|
Com. Reg. No.: |
106-81-60926 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Tubes and Pipes of Cast Iron or Cast Steel. |
|
|
|
|
No. of Employees : |
861 |
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 |
SEAH STEEL
CORPORATION (Trade Name : SSC) |
|
Registered Address |
45, Yanghwa-ro, Mapo-gu, Seoul, Korea |
|
Building |
26th Fl., Seah Tower |
|
Zip Code |
04027 |
|
Tel |
+82-2-6970-1105 |
|
Fax |
+82-2-6970-1198 |
|
E-mail |
export@seahsteel.co.kr |
|
Website |
www.seahsteel.co.kr |
|
Trading Address |
26th Fl., Seah Tower, 45, Yanghwa-ro,
Mapo-gu, Seoul, Korea (Old Address System : 26th Fl., Seah Tower,
490, Seogyo-dong, Mapo-gu, Seoul, Korea) |
|
Tel |
+82-2-6970-1105 |
|
Fax |
+82-2-6970-1198 |
|
Other Address-Pohang Factory |
14-1, Jangheung-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-271-4114 |
|
Fax |
+82-54-285-6401 |
|
Other Address-Gunsan Factory |
1632, Soryong-dong, Gunsan-si,
Jeollabuk-do, Korea |
|
Tel |
+82-63-469-8500 |
|
Fax |
+82-63-469-8521 |
|
Other Address-Changwon Factory |
50, Ungnam-dong, Seongsan-gu, Changwon-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-278-2222 |
|
Fax |
+82-55-289-8848 |
|
Other Address-Busan Sales Office |
729-1, Hakjang-dong, Sasang-gu, Busan,
Korea |
|
Tel |
+82-51-320-5200 |
|
Fax |
+82-51-311-4530 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Tubes and Pipes of Cast Iron
or Cast Steel |
|
Main Business |
Pipe, Color Shredder |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
10/19/1960 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe(40142100) |
|
Sell |
Stainless steel pipe(40142117) |
|
Sell |
Steel plate(30102204) |
|
Sell |
Plate(30102200) |
|
Sell |
Tube and tubing(31231300) |
|
Sell |
Titanium tubing(31231303) |
|
Sell |
Electrical conduit(39121202) |
|
Sell |
Aluminum plate(30102206) |
|
Sell |
Hardware and fittings(40141700) |
|
Sell |
Plastic pipe(40142115) |
|
Sell |
Steel pilings(30102803) |
|
Buy |
Stainless steel coil(30101905) |
|
Buy |
Steel plate(30102204) |
|
Buy |
Coil(30101900) |
|
Name |
Lee Hui-Ryeong |
|
Address |
Suite 733-1401, Samlim Maeul, Jingwan-dong,
Eunpyeong-gu,Seoul, Korea |
|
Date of Birth |
04/25/1962 |
|
Title |
President & CEO |
|
Nationality |
USA |
|
Capital (KRW) |
30,000,000,000 |
||||||||||||||||||||||||
|
Employees |
861 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 003030) as of 5/13/1969 A Company of Seah Group |
||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Sales 2 Dept |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0118996 |
||||||||||||||||||||||||
|
Business Registered No. |
106-81-60926 |
||||||||||||||||||||||||
|
Permit & Licenses |
02/18/2013 OHSAS18001 02/18/2013 ISO 14001 06/04/2012 OHSAS18001 06/04/2012 ISO 14001 10/24/2011 KC Mark 01/06/2011 ISO 9001 12/04/2002 JIS Mark 05/17/2000 UL Mark Int’l Trade No.: 672995 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
10/19/1960 Incorporated as BUSAN STEEL PIPE
INDUSTRY CO., LTD. 02/27/1975 Changed company name to Busan
Pipe Co., Ltd. 01/01/1996 Changed company name to the
present name 11/30/2005 Awarded US$ 300 Million Export
Top Prize 03/18/2009 Increased capital to
30,000,000,000 KRW from 26,700,000,000 KRW 11/30/2009 Awarded US$ 400 Million Export
Top Prize 12/05/2012 Awarded US$ 500 Million Export
Top Prize 01/01/2013 Acquired SEAH STEEL PIPE CO.,
LTD.(201311-0046755) 01/01/2013 Moved to the present HQ address
from 10, Bongnae-dong 1-ga, Jung-gu, Seoul, Korea |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Lee Soon-Hyung |
Korean |
02/10/1949 |
03/21/2014 |
|
President & CEO |
Lee Hui-Ryeong |
USA |
04/25/1962 |
01/01/2009 |
|
Sr. Executive Director & CEO |
Kwon Byung-Ki |
Korean |
12/17/1959 |
03/21/2014 |
|
Vice President |
Lee Yeon-Jae |
Korean |
09/20/1952 |
03/26/2010 |
|
Outside Director |
Kim Yong-Seok |
Korean |
08/13/1957 |
03/23/2012 |
|
Outside Director |
Cho Chang-Jin |
Korean |
10/28/1947 |
03/22/2013 |
|
Auditor |
Kang Ki-Won |
Korean |
08/01/1948 |
03/26/2010 |
|
Auditor |
Choi Jong-Seung |
Korean |
09/20/1946 |
03/22/2013 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,087,830,709,395 |
1,665,491,593,998 |
28,850,506,016 |
|
|
(*)2014 |
1,870,280,357,254 |
1,735,274,281,626 |
50,045,430,613 |
|
(*)2013 |
1,720,004,505,517 |
1,717,961,947,545 |
77,720,122,312 |
|
(*)2012 |
1,912,943,848,388 |
1,682,525,724,496 |
55,408,222,089 |
|
2011 |
1,711,721,720,125 |
1,641,639,573,755 |
71,925,895,953 |
|
2010 |
1,542,387,299,290 |
1,133,472,425,196 |
90,158,761,326 |
|
2009 |
1,246,731,410,044 |
1,020,159,609,944 |
13,295,951,110 |
|
2008 |
1,790,689,197,514 |
1,241,752,728,513 |
118,021,068,722 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
60,000,000,000 |
|
Paid-Up Capital(KRW) |
30,000,000,000 |
|
Total Issued Shares |
6,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
1,665,491,593,998 |
1,735,274,281,626 |
1,717,961,947,545 |
|
Current
Assets |
550,244,048,398 |
614,727,723,679 |
622,282,192,075 |
|
Cash & Cash Equivalents |
46,066,678,487 |
83,701,227,456 |
103,959,884,969 |
|
Trade Receivables & Other
Receivables |
297,611,903,418 |
298,105,477,099 |
263,171,013,847 |
|
Other Financial Assets |
12,327,717,212 |
7,063,553,107 |
24,468,629,893 |
|
Inventories |
193,333,908,771 |
225,201,270,303 |
229,274,889,216 |
|
Other Current Assets |
903,840,510 |
656,195,714 |
1,407,774,150 |
|
Non-Current
Assets |
1,115,247,545,600 |
1,120,546,557,947 |
1,095,679,755,470 |
|
Tangibles |
711,547,211,233 |
726,363,832,109 |
741,299,107,105 |
|
Investment_Real Estates |
12,048,688,810 |
12,216,642,696 |
12,440,581,211 |
|
Intangibles |
7,925,897,648 |
8,358,777,227 |
8,159,810,317 |
|
Long-Term Trade Receivables &
Other Receivables |
8,096,961,158 |
7,754,309,915 |
6,983,688,413 |
|
Other Financial Assets |
107,978,885,612 |
103,643,562,861 |
104,862,414,183 |
|
Investment_Subsidiaries |
257,515,606,790 |
252,075,138,790 |
211,790,502,412 |
|
Investment_JV |
10,121,849,349 |
10,121,849,349 |
10,121,849,349 |
|
Other Non-Current Assets |
12,445,000 |
12,445,000 |
21,802,480 |
|
Total
Liabilities |
537,070,856,873 |
630,087,673,663 |
654,645,452,171 |
|
Current
Liabilities |
331,733,651,691 |
476,053,872,911 |
434,765,726,463 |
|
Trade Payables & Other
Payables |
170,827,952,454 |
166,151,685,332 |
179,630,056,888 |
|
Short-Term Borrowings |
157,623,466,857 |
296,968,629,147 |
247,262,462,426 |
|
Other Current Financial Debts |
|
|
112,167,611 |
|
Deferred Income Tax Credit |
2,290,599,532 |
9,370,513,396 |
4,500,725,984 |
|
Other Current Liabilities |
991,632,848 |
3,563,045,036 |
3,260,313,554 |
|
Non-Current
Liabilities |
205,337,205,182 |
154,033,800,752 |
219,879,725,708 |
|
Long-Term Trade Payables &
Other Payables |
2,059,416,813 |
2,021,073,813 |
1,818,498,009 |
|
Long-Term Borrowings |
130,839,386,489 |
84,644,116,692 |
154,452,025,156 |
|
Deferred Income Tax Credit |
67,983,313,580 |
64,742,574,394 |
60,687,140,871 |
|
Confirmed Salaries |
3,739,594,105 |
1,847,264,942 |
2,585,845,799 |
|
Other Non-Current Liabilities |
715,494,195 |
778,770,911 |
336,215,873 |
|
Capital
Stock |
30,000,000,000 |
30,000,000,000 |
30,000,000,000 |
|
Capital Surplus |
58,706,626,330 |
58,706,626,330 |
58,706,626,330 |
|
Capital Surplus |
994,565,811,796 |
974,436,287,780 |
935,099,944,606 |
|
Others |
45,148,298,999 |
42,043,693,853 |
39,509,924,438 |
|
Total Equity |
1,128,420,737,125 |
1,105,186,607,963 |
1,063,316,495,374 |
|
Liab. & Shareholder’s Equity |
1,665,491,593,998 |
1,735,274,281,626 |
1,717,961,947,545 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
1,087,830,709,395 |
1,870,280,357,254 |
1,720,004,505,517 |
|
Cost of Sold Goods |
964,173,821,874 |
1,637,713,119,724 |
1,515,512,391,116 |
|
Gross Profit |
123,656,887,521 |
232,567,237,530 |
204,492,114,401 |
|
Selling & Admin. Expenses |
87,788,537,664 |
135,700,757,283 |
111,801,348,647 |
|
Operating Income |
35,868,349,857 |
96,866,480,247 |
92,690,765,754 |
|
Non-Operating Income |
2,800,740,864 |
4,719,513,927 |
4,199,661,568 |
|
Non-Operating Expenses |
435,743,137 |
1,385,283,297 |
970,300,823 |
|
Finance Income |
23,449,394,425 |
30,190,933,401 |
29,937,441,606 |
|
Finance Expenses |
23,696,393,329 |
38,464,075,529 |
30,642,812,124 |
|
Profits from investment on
Related Companies |
|
23,076,900,000 |
|
|
Income Before Taxes |
37,986,348,680 |
68,850,668,749 |
95,214,755,981 |
|
Income Taxes Expenses |
9,135,842,664 |
18,805,238,136 |
17,494,633,669 |
|
Net Income |
28,850,506,016 |
50,045,430,613 |
77,720,122,312 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
81,357,877,223 |
79,510,741,334 |
132,034,425,838 |
|
Cash Flows from Operating |
93,660,826,435 |
87,462,446,155 |
155,340,257,125 |
|
Net Income |
28,850,506,016 |
50,045,430,613 |
77,720,122,312 |
|
Adjustment |
37,464,281,981 |
89,900,910,386 |
50,090,793,938 |
|
Changes in Asset/ & Liability |
27,346,038,438 |
-52,483,894,844 |
27,529,340,875 |
|
Interests Received |
804,055,414 |
1,729,486,648 |
2,509,622,200 |
|
Interests Paid |
-4,493,195,142 |
-6,461,435,203 |
-5,309,340,594 |
|
Dividends Received |
5,352,387,865 |
6,834,470,279 |
3,135,830,057 |
|
Income Taxes |
-13,966,197,349 |
-10,054,226,545 |
-23,641,942,950 |
|
Cash Flows from Investing |
-17,229,929,135 |
-65,136,722,648 |
-80,404,124,385 |
|
Cash Flows from Financing |
-101,762,497,057 |
-34,632,676,199 |
-58,708,684,027 |
|
Increase/Decrease in Cash |
-37,634,548,969 |
-20,258,657,513 |
-7,078,382,574 |
|
Cash at the Beginning of Year |
83,701,227,456 |
103,959,884,969 |
111,038,267,543 |
|
Cash at the End of Year |
46,066,678,487 |
83,701,227,456 |
103,959,884,969 |
|
Main Products & Services |
Pipe, Color Shredder |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
POSCO(174611-0000741) KOREA ZINC INC.(110111-0168404) |
|
Customers |
|
|
Competitors |
HIHO METAL CO., LTD. 8TH FL., DONGNAM BLDG., 588-19, SINSA-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-514-6671 FAX:+82-2-514-6489 DAEHAN METALS CO., LTD. 1769-2, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-974-6002 FAX:+82-51-831-9008 KYUNGSUNG METAL CO., LTD. 76-12, GUUI 2-DONG, GWANGJIN-GU, SEOUL,
KOREA TEL:+82-2-465-2300 FAX:+82-2-499-2101 |
|
Affiliates |
SEAH HOLDINGS CORP(110111-2276809) SEAH METAL CO.,
LTD. (194311-0003292) SEAH SPECIAL STEEL CO.,
LTD.(174611-0005478) KANG NAM CITY GAS CO., LTD.(110111-0385199) KOREA BUNDY CORP.(134711-0001266) ESAB SEAH CORP.(180111-0059047) SEAH LOGISTICS CORP.(151111-0000847) SEAH ENT CO., LTD(110111-0740707) SEAH INVESTMENT DEVELOPMENT CO.,
LTD(120111-0039489) SEAH COMMUNICATIONS CO.,
LTD.(110111-0862519) SEAH INFORMATION SYSTEM CO.,
LTD.(110111-0613855) DREAMLINE CORPORATION(110111-1447021) SEAH TECHNICS CO., LTD.(110111-1243875) SEAH SOLAR SYSTEMS CO.,
LTD.(110111-3788655) SEAH STEEL CORPORATION(110111-0118996) SEDAE STEEL CO.,LTD.(110111-2792392) HAIDUK CORPORATION(110111-0038011) HOYEON TOURIST LEISURE INDUSTRY CO., LTD.(131411-0176612) HAIDUK STEEL CO.,LTD.(110111-2121145) SEAH BNK CO.,LTD.(135111-0084924) WOOJIN PRECISION CORP.(131311-0029293) UNITED SPIRAL PIPE, LLC |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
LANDMARK STEEL CORP.(CHINA) (50.00% held by the subject company) VIETNAM STEEL PIPE CO., LTD.(VIETNAM) (50.00% held by the subject company) SHANDONG STAINLESS STEEL PIPES |
|
Subsidiary |
SEAH STEEL AMERICA (88.57% held by the subject company) 9615 SOUTH NORWALK BLVD., SUIT B,
SANTA FE SPRINGS, CA 90670, USA STATE PIPE & SUPPLY, INC. (40.00% held by the subject company) 183 S. CEDAR AVE. RIALTO CA92376, USA SEAH STEEL CALIFORNIA, LLC (100.00% held by the subject company) 9615 SOUTH NORWALK BLVD., SUIT B, SANTA FE SPRINGS, CA 90670, USA SEAH STEEL VINA CORP. (100.00% held by the subject company) NO. 7 STREET 3A, BIEN HOA INDUSTRIAL ZONE Ⅱ, DONG NAI
PROVINCE, VIETNAM SEAH JAPAN CO., LTD. (100.00% held by the subject company) OGAWA BLDG. 5F, 6-1, 2-CHOME, NISHI-SHINBASHI, MINATO-KU, TOKYO,
105-0003, JAPAN SEAH STEE UAE, LLC. (100.00% held by the subject company) AL JAZEERA AL HAMRA, P.O.BOX. 31291RAS AL KHAIMAH, UAE (RAKIA) SEAH STEEL EUROPE S.R.L CAP 35121, PIAZZA EREMITANI 18, PADOVA(PD), ITALY SEAH STEEL INDONESIA (60.00% held by the subject company) AXA TOWER, LEVEL 37, SUITE 6, JL.PROF.DR.SATRIO KAV.18,
KUNINGAN-SETIABUDI, JAKARTA, 12940, INDONESIA INOX TECH VIA ALDO MORO, 10/C, 45026, LENDINARA (RO), ITALY NORAM PROPERTIES, LLC. |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
The Subject deals
with the companies in Russia, USA, Japan, China and Middle East.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/
Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
The Subject Company (2 Cases) |
|
Violation on The Law of Fair
Trade |
- |
Proceeding |
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.32 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
|
KRW |
1 |
Rs.0.057 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.