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Report No. : |
307812 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY PRECISION CO., LTD. |
|
|
|
|
Registered Office : |
254, Seunggicheon-ro, Namdong-gu, Incheon, 23B-10L, Namdong Industrial
Complex, Zip Code 405-849 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.05.1996 |
|
|
|
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Com. Reg. No.: |
139-81-27873 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Saws, Saw Blades and Interchangeable Tools such as
Standard HOB, Spline HOB, Worm Gear HOB, Chain(Sprocket) HOB, Timing Pulley
HOB, Ratchet HOB, Pinion Cutter, Involute Gear Cutter & Milling Cutter |
|
|
|
|
No of Employees : |
36 |
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 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. Initially, a system of close government and
business ties, including directed credit and import restrictions, 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
6.9% 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
6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 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 heavy reliance on exports,
which comprise about half of GDP.
|
Source : CIA |
|
Company Name |
CENTURY
PRECISION CO., LTD. (Korean Company Name : “(주)세기정공”) |
|
Registered Address |
254, Seunggicheon-ro, Namdong-gu, Incheon, Korea |
|
Building |
23B-10L,
Namdong Industrial Complex |
|
Zip Code |
405-849 |
|
Tel |
+82-32-819-5051~4 |
|
Fax |
+82-32-819-5055 |
|
E-mail |
century@cty.co.kr |
|
Website |
www.cty.co.kr |
|
Trading
Address |
23B-10L, Namdong Industrial Complex, 254,
Seunggicheon-ro, Namdong-gu, Incheon, Korea (Old Address System : 23B-10L, Namdong Industrial Complex, 453-10,
Nonhyeon-dong, Namdong-gu, Incheon, Korea) |
|
Tel |
+82-32-819-5051~4 |
|
Fax |
+82-32-819-5055 |
|
Type |
Export/Import |
|
Main Business |
Manufacturer
of Saws, Saw Blades and Interchangeable Tools such as Standard HOB, Spline
HOB, Worm Gear HOB, Chain(Sprocket) HOB, Timing Pulley HOB, Ratchet HOB,
Pinion Cutter, Involute Gear Cutter & Milling Cutter |
|
Established (mm/dd/yyyy) |
05/14/1996 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Castings(31100000) |
|
Sell |
Hobs(23171613) |
|
Sell |
Cutting tools(23153300) |
|
Sell |
Gear units(26111524) |
|
Name |
Shin
Tae-Ki |
|
Address |
Suite C-903, 1685-3, Seocho-dong,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
02/16/1970 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
25,000,000 |
|||||||||||||||
|
Employees |
36 |
|||||||||||||||
|
Formation |
Co.,
Ltd by Shares |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea Hana Bank-Yeokgok Branch |
|||||||||||||||
|
Corporate Registered No. |
120111-0133348 |
|||||||||||||||
|
Business Registered No. |
139-81-27873 |
|||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 14105229 |
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|
Shareholder Position |
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Company History |
05/14/1996 Incorporated as the present name 11/2010 Awarded US$ 1 Million Export Top
Prize 12/31/2010 Decreased capital to 25,000,000 KRW
from 50,000,000 KRW 12/31/2010 Decreased the authorized shares
to 20,000 shares from 40,000 shares 12/31/2010 Split off and established
Samyang Machinery Co., Ltd. |
|||||||||||||||
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|
|
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Shin
Tae-Ki |
Male |
Korean |
07/09/2003 |
|
Director |
Mr. |
Shin Ho-Ki |
Male |
Korean |
05/14/1999 |
|
Director |
Mr. |
Shin Yong-Jo |
Male |
Korean |
03/27/2004 |
|
Auditor |
M/S. |
Lee Byung-Koon |
Female |
Korean |
03/27/2004 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
6,410,322,963 |
13,414,360,927 |
-364,132,845 |
|
|
2012 |
6,302,283,565 |
13,346,386,603 |
-218,486,126 |
|
2011 |
6,953,289,854 |
14,089,562,105 |
311,169,020 |
|
2010 |
5,739,602,453 |
18,518,256,922 |
41,269,071 |
|
2009 |
3,581,152,000
|
19,263,156,000
|
-638,634,000
|
|
2008 |
4,120,050,000
|
18,876,124,000
|
19,544,000
|
|
Authorized Capital(KRW) |
100,000,000 |
|
Paid-Up Capital(KRW) |
25,000,000 |
|
Total Issued Shares |
5,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
13,414,360,927 |
13,346,386,603 |
14,089,562,105 |
|
Current Assets |
3,966,280,166 |
3,212,441,201 |
3,824,604,481 |
|
-Quick
Assets |
2,402,840,733 |
1,498,064,907 |
1,995,705,187 |
|
-Inventories |
1,563,439,433 |
1,714,376,294 |
1,828,899,294 |
|
Fixed
Assets |
9,448,080,761 |
10,133,945,402 |
10,264,957,624 |
|
-Investment |
- |
94,000,000 |
46,000,000 |
|
-Tangibles |
9,434,799,161 |
10,032,827,402 |
10,207,376,124 |
|
-Intangibles |
2,902,500 |
5,313,000 |
9,776,500 |
|
-Others |
10,379,100 |
1,805,000 |
1,805,000 |
|
Total Liabilities |
9,274,198,327 |
8,842,091,158 |
9,366,780,534 |
|
Current Liabilities |
7,917,576,644 |
6,890,139,138 |
7,085,697,046 |
|
Fixed Liabilities |
1,356,621,683 |
1,951,952,020 |
2,281,083,488 |
|
Capital Stock |
25,000,000 |
25,000,000 |
25,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
950,796,267 |
1,314,929,112 |
1,533,415,238 |
|
Capital Adjustment |
3,164,366,333 |
3,164,366,333 |
3,164,366,333 |
|
Total Equity |
4,140,162,600 |
4,504,295,445 |
4,722,781,571 |
|
Liab. & Shareholder’s Equity |
13,414,360,927 |
13,346,386,603 |
14,089,562,105 |
|
Current Liabilities |
7,917,576,644 |
6,890,139,138 |
7,085,697,046 |
|
Trade
Payables |
171,016,029 |
191,746,330 |
203,450,397 |
|
Short-Term
Borrowings |
2,695,823,364 |
2,452,709,461 |
2,378,065,645 |
|
Short-Term
Borrowings to Shareholders/ Executives/ Employees |
3,034,274,860 |
3,244,274,860 |
3,604,274,860 |
|
Account
Payables |
252,066,381 |
213,547,402 |
279,614,527 |
|
Advance
Receipts |
33,904,309 |
60,317,192 |
39,030,373 |
|
Withholdings |
17,462,420 |
23,878,160 |
26,384,490 |
|
Accrued
Expenses |
42,829,281 |
38,765,733 |
38,276,754 |
|
Current
Portion of Long-Term Debts |
1,670,200,000 |
664,900,000 |
516,600,000 |
|
Fixed Liabilities |
1,356,621,683 |
1,951,952,020 |
2,281,083,488 |
|
Long-Term
Borrowings |
833,800,000 |
1,464,000,000 |
1,726,900,000 |
|
Leasehold
Deposit Received |
318,782,800 |
320,150,000 |
267,900,000 |
|
Provision
for Severance & Retirement |
421,294,671 |
314,860,899 |
434,458,492 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
6,410,322,963 |
6,302,283,565 |
6,953,289,854 |
|
Cost of Sold Goods |
5,273,230,627 |
4,963,840,383 |
5,058,567,288 |
|
Gross Profit |
1,137,092,336 |
1,338,443,182 |
1,894,722,566 |
|
Selling & Admin. Expenses |
1,433,282,998 |
1,543,066,242 |
1,537,086,890 |
|
Operating Income |
-296,190,662 |
-204,623,060 |
357,635,676 |
|
Non-Operating Income |
201,846,946 |
248,948,801 |
278,286,883 |
|
Non-Operating Expenses |
269,789,129 |
262,811,867 |
324,753,539 |
|
Income Before Taxes |
-364,132,845 |
-218,486,126 |
311,169,020 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
-364,132,845 |
-218,486,126 |
311,169,020 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows from Operating |
477,522,534 |
1,484,348,168 |
158,500,942 |
|
-Net Income |
-364,132,845 |
-218,486,126 |
311,169,020 |
|
-Exp. without Cash Outflow |
1,143,984,857 |
1,281,817,684 |
1,146,521,257 |
|
-Revenue without Cash Inflows |
-6,915,711 |
-11,236,826 |
-46,168,528 |
|
-Changes in Asset/ & Liability |
-295,413,767 |
432,253,436 |
-1,253,020,807 |
|
Cash Flows from Investing |
-285,748,972 |
-1,064,179,677 |
4,132,575,147 |
|
-Cash Inflow from Investing |
134,005,000 |
39,181,818 |
5,724,084,652 |
|
-Cash Outflows for Investing |
-419,753,972 |
-1,103,361,495 |
-1,591,509,505 |
|
Cash Flows from Financing |
406,846,703 |
-347,706,184 |
-874,434,355 |
|
-Cash Inflows from Financing |
1,283,113,903 |
1,267,622,065 |
3,965,565,645 |
|
-Cash Outflows from Financing |
-876,267,200 |
-1,615,328,249 |
-4,840,000,000 |
|
Increase/Decrease in Cash |
598,620,265 |
72,462,307 |
-174,370,738 |
|
Cash at the Beginning of Year |
299,279,036 |
226,816,729 |
401,187,467 |
|
Cash at the End of Year |
897,899,301 |
299,279,036 |
226,816,729 |
|
Main Products & Services |
Standard
HOB, Spline HOB, Worm Gear HOB, Chain(Sprocket) HOB, Timing Pulley HOB, Ratchet
HOB, Pinion Cutter, Involute Gear Cutter, Milling Cutter |
|
Competitors |
HWACHEON MACHINERY WORKS CO., LTD. 1022-7, BANGBAE 3-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-523-7766 FAX:+82-2-523-7767 DAEHWA INDUSTRIAL MACHINERY CO., LTD. 676-1, NAKSAN-RI, WAEGWAN-EUP, CHILGOK-GUN,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-979-3000 FAX:+82-54-979-3030 FUSO INDUSTRIAL MACHINERY CO., LTD. 385-3, DEOKPO 2-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-302-1771 FAX:+82-51-302-3112 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company LOTTE
NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
|
UK Pound |
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.