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Report No. : |
304130 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEUNG IL CORPORATION |
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Registered Office : |
10, 4Sandan 1-gil, Jiksan-eup, Seobuk-gu, Cheonan-si, Chungcheongnam-do-331-814 (Old Address System : 256, Singal-ri, Jiksan-eup, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea) |
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Country : |
South Korea |
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Financials (as on) : |
30.09.2014 |
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Date of Incorporation : |
26.12.1978 |
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Com. Reg. No.: |
137-81-01955 |
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|
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Metal Cans and Shipping Containers |
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No. of Employee : |
313 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Basic
|
Company Name |
SEUNG IL
CORPORATION (Korean Company
Name : “(주)승일”) |
|
Registered Address |
10, 4sandan 1-gil, Jiksan-eup, Seobuk-gu,
Cheonan-si, Chungcheongnam-do, Korea (Old Address System : 256, Singal-ri,
Jiksan-eup, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea) |
|
Building |
|
|
Zip Code |
331-814 |
|
Tel |
+82-41-411-1811 |
|
Fax |
+82-41-411-1817 |
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E-mail |
jjpark@seungilcan.co.kr |
|
Website |
www.seungilcan.co.kr |
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Trading Address |
S&W Bldg., 1628-19, Seocho 1-dong,
Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-2186-1114 |
|
Fax |
+82-2-2186-1249 |
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Other Address |
6-danji, Korea Industrial Complex,
1385-13, Juan 5-dong, Nam-gu, Incheon, Korea |
|
Tel |
+82-32-718-1300 |
|
Fax |
+82-32-864-8916 |
|
Other Address |
692-1, Dohwa 2.3-dong, Nam-gu, Incheon,
Korea |
|
Tel |
+82-32-862-0246 |
|
Fax |
+82-32-862-0247 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Metal Cans and Shipping Containers |
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Main Business |
Aerosol Aluminium Cans, Aerosol Valves, Actuators, Cap Button |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/26/1978 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Aerosol cans(24121801) |
|
Sell |
Aluminum cans(24121806) |
|
Sell |
Pressure measuring and control
instruments(41112400 |
|
Buy |
Tin plate(30102213) |
CEO’s
|
Name |
Hyun Chang-Soo |
|
Address |
|
|
Date of Birth |
04/30/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,066,056,000 |
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Employees |
313 |
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Formation |
Listed Company (KOSDAQ : 049830) as of 01/18/2001 |
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Bank Details |
Industrial Bank of Korea-Incehon Branch |
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Corporate Registered No. |
120111-0007204 |
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Business Registered No. |
137-81-01955 |
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Permit & Licenses |
06/27/2003 ISO 9001 Int’l Trade No.: 210058 |
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Shareholder Position |
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Company History |
12/26/1978 Incorporated as SEUNG IL JEKWAN
CO., LTD. 03/02/2007 Changed company name to the
present name 11/30/2010 Awarded US$ 20 Million Export
Top Prize |
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|
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inaugurated Date |
|
President & CEO |
Mr. |
Hyun Chang-Soo |
Male |
Korean |
03/13/2012 |
|
Vice President |
Mr. |
Mo Yeon-Man |
Male |
Korean |
03/12/2010 |
|
Director |
Mr. |
Baik Sang-Jo |
Male |
Korean |
03/13/2012 |
|
Outside Director |
Mr. |
Ji Yong-Taik |
Male |
Korean |
03/04/2011 |
|
Auditor |
Mr. |
Nam Ki-Il |
Male |
Korean |
03/13/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
99,477,287,746 |
148,022,029,523 |
6,595,060,870 |
|
|
(*)2013 |
132,556,861,859 |
141,447,592,102 |
7,846,660,771 |
|
(*)2012 |
143,000,793,511 |
136,936,693,290 |
6,541,264,176 |
|
(*)2011 |
136,753,616,000 |
133,464,577,000 |
4,609,616,000 |
|
(*)2010 |
123,610,087,000 |
129,971,057,000 |
9,870,996,000 |
|
2009 |
110,970,499,000 |
97,802,430,000 |
4,085,962,000 |
|
2008 |
87,674,185,000 |
83,419,782,000 |
4,446,542,000 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
3,066,056,000 |
|
Total Issued Shares |
6,132,112 |
Balance Sheet
|
|||
|
Unit : Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
148,022,029,523 |
141,447,592,102 |
136,936,693,290 |
|
Current
Assets |
80,514,307,605 |
76,236,036,118 |
75,161,613,870 |
|
Cash
& Cash Equivalents |
17,277,134,445 |
13,896,802,021 |
5,706,839,902 |
|
Other
Finance Assets |
14,012,945,000 |
16,366,806,976 |
20,968,596,133 |
|
Trade
Receivables |
30,966,681,262 |
28,941,628,344 |
29,060,719,383 |
|
Other
Receivables |
3,084,238,419 |
3,227,978,008 |
3,505,240,396 |
|
Other
Current Assets |
908,573,990 |
240,861,366 |
655,629,926 |
|
Inventories |
14,264,734,489 |
13,561,959,403 |
15,264,588,130 |
|
Non-Current
Assets |
67,507,721,918 |
65,211,555,984 |
61,775,079,420 |
|
Tangibles |
63,348,564,213 |
61,229,887,390 |
58,481,326,886 |
|
Intangibles |
512,224,290 |
537,479,212 |
672,322,279 |
|
Marketable
Financial Instruments |
1,640,000,000 |
1,640,000,000 |
1,140,000,000 |
|
Other
Financial Assets |
1,003,454,896 |
649,400,848 |
230,363,784 |
|
Other
Receivables |
1,003,478,519 |
1,154,788,534 |
1,198,245,695 |
|
Other
Non-Current Assets |
0 |
0 |
52,820,776 |
|
Total
Liabilities |
26,921,571,640 |
26,440,055,379 |
29,273,677,628 |
|
Current
Liabilities |
21,383,867,384 |
20,896,934,095 |
23,386,858,263 |
|
Trade
Payables |
17,474,053,683 |
16,337,596,169 |
17,484,511,384 |
|
Short-Term
Borrowings |
0 |
0 |
1,784,487,600 |
|
Other
Payables |
2,578,313,749 |
3,478,423,413 |
2,804,096,465 |
|
Accrued
Income Tax |
653,506,802 |
628,473,309 |
739,175,117 |
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Other
Current Liabilities |
677,993,150 |
452,441,204 |
574,587,697 |
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Other
Current Financial Debts |
0 |
0 |
0 |
|
Non-Current
Liabilities |
5,537,704,256 |
5,543,121,284 |
5,886,819,365 |
|
Confirmed
Salaries |
0 |
0 |
0 |
|
Deferred
Income Tax Credit |
5,537,704,256 |
5,543,121,284 |
5,886,819,365 |
|
Capital
Stock |
3,066,056,000 |
3,066,056,000 |
3,066,056,000 |
|
Capital
Surplus |
18,881,802,499 |
18,881,802,499 |
18,881,802,499 |
|
Others |
-1,449,347,390 |
-1,449,347,390 |
-1,449,347,390 |
|
Profit
Surplus |
100,601,946,774 |
94,509,025,614 |
87,164,504,553 |
|
Total
Equity |
121,100,457,883 |
115,007,536,723 |
107,663,015,662 |
|
Liab.
& Shareholder’s Equity |
148,022,029,523 |
141,447,592,102 |
136,936,693,290 |
Income Statement
|
|||
|
Unit : Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
99,477,287,746 |
132,556,861,859 |
143,000,793,511 |
|
Cost of Sold Goods |
87,749,551,249 |
117,083,010,791 |
129,571,974,190 |
|
Gross Profit |
11,727,736,497 |
15,473,851,068 |
13,428,819,321 |
|
Selling & Admin. Expenses |
4,778,508,483 |
7,733,656,605 |
7,537,393,983 |
|
Operating Income |
6,949,228,014 |
7,740,194,463 |
5,891,425,338 |
|
Finance Income |
745,937,161 |
2,081,956,430 |
2,456,609,578 |
|
Other Income |
297,638,713 |
285,362,094 |
344,945,268 |
|
Finance Expenses |
423,675,488 |
1,444,701,329 |
1,007,057,318 |
|
Other Expenses |
28,468,818 |
85,931,359 |
100,842,915 |
|
Income Before Taxes |
7,540,659,582 |
8,576,880,299 |
7,585,079,951 |
|
Income Taxes Expenses |
945,598,712 |
730,219,528 |
1,043,815,775 |
|
Net Income |
6,595,060,870 |
7,846,660,771 |
6,541,264,176 |
Cash Flows
|
|||
|
Unit : Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
7,737,276,260 |
13,064,260,173 |
10,667,204,965 |
|
Net Income |
6,595,060,870 |
7,846,660,771 |
6,541,264,176 |
|
Adjustment |
3,688,224,174 |
5,030,195,916 |
3,945,067,349 |
|
Changes in Asset/ & Liability |
-2,203,617,906 |
658,733,080 |
284,011,546 |
|
Interests Received |
501,896,219 |
640,706,617 |
484,766,955 |
|
Interests Paid |
0 |
-40,450,414 |
-86,497,191 |
|
Income Taxes |
-844,287,097 |
-1,071,585,797 |
-501,407,870 |
|
Cash Flows from Investing |
-3,686,500,414 |
-1,808,273,780 |
-7,323,574,165 |
|
Cash Flows from Financing |
-502,139,710 |
-2,286,627,310 |
-2,502,139,710 |
|
Increase/Decrease in Cash |
3,548,636,136 |
8,969,359,083 |
841,491,090 |
|
Cash at the Beginning of Year |
13,896,802,021 |
5,706,839,902 |
5,396,824,989 |
|
Cash at the End of Year |
17,277,134,445 |
13,896,802,021 |
5,706,839,902 |
|
Main Products & Services |
Aerosol Aluminium Cans, Aerosol Valves, Actuators, Cap Button |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
DAERYUK CAN CO., LTD.(110111-0073877) ONE JUNG CAN MANUFACTURING CO.,
LTD.(110111-0139207) |
|
Affiliates |
TAEYANG CORPORATION(161511-0006118) SEAN IND.CO., LTD.(120111-0020149) SAMWON INDUSTRIES CO., LTD.(KOREA) SUN & LIVING YUTONG CO., LTD.(110111-3859745) SUN AMERICA, INC.(USA) QINGDAO SEAN PACKING MATERIALS CO., LTD.(CHINA) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
2013 |
2012 |
2011 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject deals
with the companies in New Zealand, Taiwan, Libya, Malaysia, Bangladesh,
Singapore, Egypt, Japan, China, Kuwait and Hong Kong.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.84 |
|
|
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.