|
Report No. : |
332630 |
|
Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHIN IL SLEWING RING CO., LTD. |
|
|
|
|
Registered Office : |
158-30,
Gwahakdanji-ro Sacheon-myeon, Gangneung-si, Gangwon-do, Korea, 210-852 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.04.2008 |
|
|
|
|
Com. Reg. No.: |
226-81-37864 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Ball and Roller Bearings |
|
|
|
|
No. of Employees : |
54 |
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 : |
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 – 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 |
SHIN IL SLEWING RING CO., LTD. (Korean Company Name : “(주)신일에스알”) |
|
Registered Address |
158-30,
Gwahakdanji-ro Sacheon-myeon, Gangneung-si, Gangwon-do, Korea |
|
Building |
|
|
Zip Code |
210-852 |
|
Tel |
+82-33-652-4781 |
|
Fax |
+82-33-652-4783 |
|
E-mail |
d05876@kornet.net |
|
Website |
www.slewingring.co.kr |
|
Trading Address |
158-30,
Gwahakdanji-ro Sacheon-myeon, Gangneung-si, Gangwon-do, Korea Old Address System
: 803-8, Bangdong-ri, Sacheon-myeon, Gangneung-si,Gangwon-do, Korea /or Ga-1-7, GSIC,
Dawjeon-Dong, Gangneung-Shi, Gangwon-do, Korea) |
|
Tel |
+82-33-652-4782 |
|
Fax |
+82-33-652-4783 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Ball and Roller Bearings |
|
Main Business |
Ball Bearing, Slewing Bearing,
Wind Power Generator, Renewable Energy Equipment, Parts for Heavy Industries
Equipment and Automobile |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
04/04/2008 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Bearings(31171500) |
|
Name |
Min Kyung-Wook |
|
Address |
Suite 73-505, 201, Apgujeong-ro,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
02/20/1982 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,600,000,000 |
|||||||||||||||||||||||||||
|
Employees |
54 |
|||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank Industrial Bank of Korea |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
141111-0031795 |
|||||||||||||||||||||||||||
|
Business Registered No. |
226-81-37864 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 14111100 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
04/04/2008 Incorporated as the present name 07/15/2011 Increased capital to 2,600,000,000
KRW from 2,000,000,000 KRW |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Min Kyung-Wook |
Male |
Korean |
03/30/2014 |
|
Co-President & CEO |
Mr. |
Min Kyung-Joon |
Male |
Korean |
03/30/2014 |
|
Director |
Mr. |
Min Shin-Ki |
Male |
Korean |
03/30/2014 |
|
Director |
Mr. |
Min Sung-Ki |
Male |
Korean |
03/30/2014 |
|
Auditor |
Mr. |
Choi Kil-Sun |
Male |
Korean |
03/30/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
15,553,843,362 |
17,564,134,159 |
601,386,724 |
|
2013 |
13,393,351,262 |
16,325,184,486 |
369,992,378 |
|
2012 |
14,870,345,600 |
18,831,898,955 |
1,548,412,562 |
|
2011 |
12,362,855,254 |
18,790,044,655 |
-597,545,265 |
|
2010 |
2,330,190,721 |
18,745,952,214 |
-3,389,490,295 |
|
Authorized Capital(KRW) |
8,000,000,000 |
|
Paid-Up Capital(KRW) |
2,600,000,000 |
|
Total Issued Shares |
520,000(Common : 400,000 / Preferable : 120,000) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
17,564,134,159 |
16,325,184,486 |
18,831,898,955 |
|
Current Assets |
5,584,797,612 |
5,808,976,621 |
6,839,582,680 |
|
-Quick Assets |
3,187,392,994 |
2,792,091,327 |
2,580,565,975 |
|
-Inventories |
2,397,404,618 |
3,016,885,294 |
4,259,016,705 |
|
Fixed Assets |
11,979,336,547 |
10,516,207,865 |
11,992,316,275 |
|
-Investment |
2,000,000 |
2,000,000 |
2,000,000 |
|
-Tangibles |
11,976,962,547 |
10,514,207,865 |
11,990,316,275 |
|
-Intangibles |
|
|
|
|
-Others |
374,000 |
- |
|
|
Total Liabilities |
17,468,905,166 |
16,831,342,217 |
19,708,049,064 |
|
Current Liabilities |
3,089,166,863 |
3,343,122,209 |
6,481,919,680 |
|
Fixed Liabilities |
14,379,738,303 |
13,488,220,008 |
13,226,129,384 |
|
Capital Stock |
2,600,000,000 |
2,600,000,000 |
2,600,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
-2,504,771,007 |
-3,106,157,731 |
-3,476,150,109 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
95,228,993 |
-506,157,731 |
-876,150,109 |
|
Liab. & Shareholder’s Equity |
17,564,134,159 |
16,325,184,486 |
18,831,898,955 |
|
Current
Liabilities |
3,089,166,863 |
3,343,122,209 |
6,481,919,680 |
|
Trade Payables |
248,454,398 |
92,346,562 |
586,031,757 |
|
Short-Term Borrowings |
737,000,000 |
778,711,966 |
3,214,437,250 |
|
Current Portion of Long-Term Debts |
1,474,710,392 |
2,017,197,048 |
2,393,871,000 |
|
Account Payables |
189,142,844 |
31,681,685 |
39,050,189 |
|
Withholdings |
- |
357,950 |
- |
|
Advance Receipts |
8,906,800 |
- |
|
|
Accrued Expenses |
430,952,429 |
291,179,259 |
233,120,212 |
|
VAT Withhold |
- |
131,647,739 |
15,409,272 |
|
Fixed
Liabilities |
14,379,738,303 |
13,488,220,008 |
13,226,129,384 |
|
Long-Term Borrowing |
13,738,037,983 |
13,053,456,178 |
12,932,982,314 |
|
Provision for Severance & Retirement |
641,700,320 |
434,763,830 |
293,147,070 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
15,553,843,362 |
13,393,351,262 |
14,870,345,600 |
|
Cost of Sold Goods |
13,708,709,974 |
12,242,450,884 |
13,123,082,301 |
|
Gross Profit |
1,845,133,388 |
1,150,900,378 |
1,747,263,299 |
|
Selling & Admin. Expenses |
885,838,519 |
1,043,778,673 |
955,650,431 |
|
Operating Income |
959,294,869 |
107,121,705 |
791,612,868 |
|
Non-Operating Income |
608,985,080 |
1,175,180,672 |
1,756,936,215 |
|
Non-Operating Expenses |
966,893,225 |
912,309,999 |
1,000,136,521 |
|
Income Before Taxes |
601,386,724 |
369,992,378 |
1,548,412,562 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
601,386,724 |
369,992,378 |
1,548,412,562 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
3,107,803,463 |
1,788,374,102 |
540,844,386 |
|
-Net Income |
601,386,724 |
369,992,378 |
1,548,412,562 |
|
-Exp. without Cash Outflow |
1,756,854,692 |
2,169,052,062 |
2,810,415,995 |
|
-Revenue without Cash Inflows |
-116,849,131 |
-645,541,572 |
-1,000,400,651 |
|
-Changes in Asset/ & Liability |
866,411,178 |
-105,128,766 |
-2,817,583,520 |
|
Cash Flows from Investing |
-2,997,285,037 |
-507,364,812 |
-91,100,000 |
|
-Cash Inflow from Investing |
111,670 |
439,770 |
- |
|
-Cash Outflows for Investing |
-2,997,396,707 |
-507,804,582 |
-91,100,000 |
|
Cash Flows from Financing |
217,054,591 |
-2,046,383,800 |
-674,110,456 |
|
-Cash Inflows from Financing |
14,244,790,776 |
11,132,934,765 |
11,591,663,348 |
|
-Cash Outflows from Financing |
-14,027,736,185 |
-13,179,318,565 |
-12,265,773,804 |
|
Increase/Decrease in Cash |
327,573,017 |
-765,374,510 |
-224,366,070 |
|
Cash at the Beginning of Year |
27,640,033 |
793,014,543 |
1,017,380,613 |
|
Cash at the End of Year |
355,213,050 |
27,640,033 |
793,014,543 |
Products,
Technologies, Services Description
|
Main Products & Services |
Ball Bearing, Slewing Bearing,
Wind Power Generator, Renewable Energy Equipment, Parts for Heavy Industries
Equipment and Automobile |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
PYUNG HWA ANTI-VIBRATION SYSTEM CO., LTD. 29-17, BONRI-RI, NONGONG-EUP, DALSEONG-GUN,
DAEGU, KOREA TEL:+82-53-610-7000 FAX:+82-53-615-0566 SKF KOREA CO., LTD. 1171, JISA-DONG, GANGSEO-GU, BUSAN, KOREA TEL:+82-51-970-2401 FAX:+82-51-970-2498 KOREA SINTERED METAL CO., LTD. DALSEONG INDUSTRIAL COMPLEX, 29-10,
BONRI-RI, NONGONG-EUP, DALSEONG-GUN, DAEGU, KOREA TEL:+82-53-610-0700 FAX:+82-53-610-0701 |
|
Affiliates |
SHIN IL GLOBAL CO., LTD.(141111-0035185) SHINIL PRECISION CO., LTD.(141111-0001954) SHINIL PRECISION INDUSTRY(YANTAI) CO.,
LTD.(CHINA : SHINIL DANAP CO., LTD.(CHINA :) SHINIL SCIENCE(KANGEUM) CO., LTD.(CHINA :) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
The Subject deals
with the companies in China.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.