|
Report No. : |
327356 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEAH
CHANGWON INTEGRATED SPECIAL STEEL CORPORATION |
|
|
|
|
Formerly Known As : |
POSCO SPECIALTY STEEL CO., LTD., |
|
|
|
|
Registered Office : |
147, Jeokhyeon-Ro, Seongsan-Gu, Changwon-Si, Gyeongsangnam-Do, Korea 641-370 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
14.02.1997 |
|
|
|
|
Com. Reg. No.: |
609-81-29083 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Steel Wire. (Round Bars, Flat Bars, Square Bars, Wire
Rods, Seamless Pipe) |
|
|
|
|
No. of Employees : |
1,197 |
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 – 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 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, and is currently the world's 12th
largest economy. 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 sluggish growth because of external market slowdowns. 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.
|
Source
: CIA |
|
Company Name |
SEAH CHANGWON INTEGRATED SPECIAL STEEL
CORPORATION (Ex. Company Name : POSCO SPECIALTY STEEL CO.,
LTD.,) |
|
Registered Address |
147, Jeokhyeon-ro, Seongsan-gu, Changwon-si,
Gyeongsangnam-do, Korea (Old Address System : 65, Sinchon-dong,
Chang-won-si, Gyeongsangnam-do, Korea) |
|
Zip Code |
641-370 |
|
Tel |
+82-55-269-6114 |
|
Fax |
+82-55-269-6901 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
5th Fl., Daegong Bldg., 823-21, Yeoksam 1-dong,
Gangnam-gu, Seoul, Korea |
|
Tel |
+82-55-269-6189 |
|
Fax |
+82-2-3469-6888 |
|
|
|
|
Type |
Export |
|
Industry |
Manufacture of Steel Wire |
|
Main Business |
Round Bars, Flat Bars, Square Bars, Wire
Rods, Seamless Pipe |
|
|
|
|
Established (mm/dd/yyyy) |
02/14/1997 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Bar(30101600) |
|
Sell |
Billets(30103300) |
|
Sell |
Pipe(40142100) |
|
Sell |
Rod(30102400) |
|
Sell |
Steel bars(30101604) |
|
Name |
Seo Young-Se |
|
Address |
|
|
Date of Birth |
07/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
180,321,750,000 |
|||||||||||||||||||||
|
Employees |
1,197 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares A Company of SeAH Group |
|||||||||||||||||||||
|
Bank Details |
Woori Bank-Changwon Branch SC First Bank of Korea Shinhan Bank Gyungnam Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
194211-0025248 |
|||||||||||||||||||||
|
Business Registered No. |
609-81-29083 |
|||||||||||||||||||||
|
Permit & Licenses |
04/09/1997 KS Mark 0/08/1997 JIS 12/12/1997 ISO 9002 05/11/1998 TUV 12/05/2000 ISO 14001 12/01/2002 ISO 9001 01/11/2005 ISO 9001 by KAQ 02/2/2006 ISO 14001 by KAQ Int’l Trade No.: 24013136 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
02/14/1997 Incorporated as CHANGWON SPECIALTY
STEEL CO., LTD. 03/16/2004 Agreement on taking over the operation of Changwon
Specialty Steel’s Maintenance Business Div. from POSCO MACHINERY &
ENGINEERING CO., LTD. 11/26/2004 Awarded US$300 Million Export Top Prize 11/30/2005 Awarded US$400 Million Export Top Prize 02/14/2007 Changed company name to POSCO SPECIALTY STEEL CO., LTD.,
from CHANGWON SPECIALTY STEEL CO., LTD. 08/30/2013 Increased capital to 180,321,750,000
KRW from 137,218,300,000 KRW 03/18/2015 Changed company name to the present name |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Vice Chairman & CEO |
Mr. |
Lee Seung-Hui |
Korean |
1950.02. |
Seoul National University, Korea |
|
Director |
Mr. |
Lee Ji-Yong |
Korean |
1958.06. |
Sungkyunkwan University, Korea |
|
Director |
Mr. |
Lee Sang-Eun |
Korean |
1959.08. |
Chunbuk National University, Korea |
|
Director |
Mr. |
Lee Tae-Sung |
Korean |
1978.08. |
University of Michigan, USA |
|
Director |
Mr. |
Yoon Seok-Chae |
Korean |
1961.11. |
Korea University, Korea |
|
Director |
Mr. |
Lee Kyung-Sub |
Korean |
1965.09. |
Korea University, Korea |
|
Director |
Mr. |
Kim Yang-Soo |
Korean |
1963.08. |
Busan National University, Korea |
|
Director |
Mr. |
So Jin-Wang |
Korean |
1961.05. |
Chunbuk National University, Korea |
|
Director |
Mr. |
Cho Soo-Jin |
Korean |
1961.12. |
Busan National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
269,014,475,065 |
1,190,718,985,632 |
-26,592,691,483 |
|
|
(*)2014 |
1,261,373,573,676 |
2,125,608,845,491 |
-20,126,019,247 |
|
(*)2013 |
1,316,781,358,821 |
1,792,406,906,618 |
31,703,235,761 |
|
(*)2012 |
1,405,667,101,152 |
1,496,633,202,983 |
69,091,484,483 |
|
(*)2011 |
1,662,895,933,177 |
1,582,729,146,335 |
127,573,387,534 |
|
(*)2010 |
1,543,122,293,143 |
1,307,488,976,178 |
101,900,846,147 |
|
2009 |
1,271,037,122,662 |
972,260,104,367 |
64,993,801,409 |
|
2008 |
1,679,748,221,937 |
1,007,588,365,957 |
77,316,309,453 |
|
2007 |
1,553,616,007,725 |
1,062,479,264,361 |
60,237,906,991 |
|
2006 |
1,147,746,490,710 |
969,823,927,036 |
47,436,432,695 |
|
2005 |
1,142,118,666,634 |
815,687,254,846 |
37,208,984,142 |
|
2004 |
1,006,406,592,810 |
741,325,076,882 |
33,469,997,152 |
|
2003 |
729,580,614,108 |
658,583,823,437 |
334,594,439 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
500,000,000,000 |
|
Paid-Up Capital(KRW) |
180,321,750,000 |
|
Total Issues Shares |
36,064,350(Common : 27,443,660 / Preferable :
8,620,690) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
1,190,718,985,632 |
2,125,608,845,491 |
1,792,406,906,618 |
|
Current Assets |
382,469,508,382 |
1,306,997,646,668 |
633,085,844,426 |
|
Cash
& Cash Equivalents |
17,267,169,519 |
203,505,388,924 |
210,666,478,405 |
|
Trade
Receivables |
96,732,299,928 |
97,910,175,684 |
110,946,875,035 |
|
Other
Finance Assets |
2,526,585,147 |
3,110,313,027 |
57,411,628,403 |
|
Inventories |
264,602,150,443 |
288,557,025,836 |
246,116,545,120 |
|
Deferred
Income Tax |
254,661,460 |
975,163,050 |
6,793,172,485 |
|
Other
Current Assets |
1,086,641,885 |
1,098,297,873 |
1,151,144,978 |
|
Assets to be Sold |
- |
711,841,282,274 |
- |
|
Non-Current Assets |
808,249,477,250 |
818,611,198,823 |
1,159,321,062,192 |
|
Non-Current
Financial Instruments |
3,843,407,572 |
1,746,508,578 |
13,278,815,515 |
|
Investment_Related
Companies |
|
|
271,180,623,860 |
|
Investment_Real
Estates |
|
|
2,064,919,482 |
|
Tangibles |
795,581,376,786 |
808,152,616,793 |
864,886,220,452 |
|
Intangibles |
7,004,969,553 |
6,892,350,113 |
6,755,953,769 |
|
Other Non-Current Assets |
1,819,723,339 |
1,819,723,339 |
1,154,529,114 |
|
Total Liabilities |
494,062,441,172 |
1,176,873,657,995 |
533,299,462,765 |
|
Current Liabilities |
253,364,243,311 |
968,319,501,033 |
269,251,277,131 |
|
Trade
Payables |
107,799,006,167 |
101,766,879,450 |
150,909,739,998 |
|
Short-Term
Borrowings |
107,912,475,638 |
108,181,952,997 |
68,397,967,291 |
|
Other
Current Financial Debts |
32,410,983,641 |
316,479,115,542 |
45,744,071,771 |
|
Other
Current Liabilities |
5,241,777,865 |
7,727,215,621 |
4,199,498,071 |
|
Liabilities to be Sold |
- |
434,164,337,423 |
|
|
Non-Current Liabilities |
240,698,197,861 |
208,554,156,962 |
264,048,185,634 |
|
Long-Term
Borrowings |
215,928,619,876 |
182,877,175,917 |
230,063,061,557 |
|
Other
Non-Current Financial Debts |
|
|
1,214,707,157 |
|
Confirmed
Salaries |
13,560,300,490 |
12,112,195,477 |
10,011,515,292 |
|
Deferred
Income Tax Credit |
11,209,277,495 |
13,564,785,568 |
22,758,901,628 |
|
Capital Stock |
180,321,750,000 |
180,321,750,000 |
180,321,750,000 |
|
Capital
Surplus |
349,585,419,457 |
349,585,419,457 |
349,585,419,457 |
|
|
-3,281,730,200 |
-22,424,672,760 |
0 |
|
Profit
Surplus |
170,031,105,203 |
441,252,690,799 |
729,200,274,396 |
|
Total
Equity |
696,656,544,460 |
948,735,187,496 |
1,259,107,443,853 |
|
Liab.
& Shareholder’s Equity |
1,190,718,985,632 |
2,125,608,845,491 |
1,792,406,906,618 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
269,014,475,065 |
1,261,373,573,676 |
1,316,781,358,821 |
|
Cost
of Sold Goods |
-254,506,964,673 |
-1,194,587,044,795 |
-1,230,252,313,806 |
|
Gross
Profit |
14,507,510,392 |
66,786,528,881 |
86,529,045,015 |
|
Selling
& Admin. Expenses |
-23,441,354,519 |
-38,721,255,038 |
-42,014,312,623 |
|
Admin.
Expenses |
-21,278,658,304 |
-28,525,978,406 |
-29,867,798,341 |
|
Selling
& Logistics Expenses |
-2,162,696,215 |
-10,195,276,632 |
-12,146,514,282 |
|
Operating
Income |
-8,933,844,127 |
28,065,273,843 |
44,514,732,392 |
|
Finance
Profits |
-1,314,378,567 |
-4,721,020,453 |
-6,623,185,049 |
|
Finance
Income |
7,930,851,729 |
10,635,105,408 |
9,591,375,151 |
|
Finance
Expenses |
-9,245,230,296 |
-15,356,125,861 |
-16,214,560,200 |
|
Other
Non-Operating Profits |
10,159,192 |
-47,648,419,100 |
438,082,972 |
|
Other
Non-Operating Income |
153,089,789 |
1,183,293,313 |
1,735,514,079 |
|
Other
Non-Operating Expenses |
-142,930,597 |
-48,831,712,413 |
-1,297,431,107 |
|
Income Before Taxes |
-10,238,063,502 |
-24,304,165,710 |
38,329,630,315 |
|
Income Taxes Expenses |
2,347,505,186 |
4,178,146,463 |
-6,626,394,554 |
|
Income from Continuous Business |
-7,890,558,316 |
|
|
|
Income from Stopped Business |
-18,702,133,167 |
|
|
|
Net Income |
-26,592,691,483 |
-20,126,019,247 |
31,703,235,761 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
29,224,115,714 |
1,868,082,778 |
67,084,223,364 |
|
Cash
Flows from Operating |
36,891,234,685 |
1,522,047,712 |
86,978,094,031 |
|
Net
Income |
-26,592,691,483 |
-20,126,019,247 |
31,703,235,761 |
|
Adjustment |
32,379,612,209 |
119,074,411,991 |
81,561,584,574 |
|
Changes
in Asset/ & Liability |
31,104,313,959 |
-97,426,345,032 |
-26,286,726,304 |
|
Interests
Received |
1,662,803,403 |
6,987,791,997 |
4,491,407,751 |
|
Interests
Paid |
-9,075,260,914 |
-8,036,390,066 |
-11,755,360,318 |
|
Dividends
Received |
|
368,376,715 |
90,100,000 |
|
Income
Taxes |
-254,661,460 |
1,026,256,420 |
-12,720,018,100 |
|
Cash
Flows from Investing |
274,345,404,125 |
4,708,915,342 |
-194,048,262,089 |
|
Cash
Inflow from Investing |
283,152,635,183 |
90,382,188,280 |
31,339,898,877 |
|
Cash
Outflows for Investing |
-8,807,231,058 |
-85,673,272,938 |
-225,388,160,966 |
|
Cash
Flows from Financing |
-489,794,908,403 |
-14,235,718,224 |
279,489,798,332 |
|
Cash
Inflows from Financing |
140,000,000,000 |
60,499,876,000 |
449,840,317,440 |
|
Cash
Outflows from Financing |
-629,794,908,403 |
-74,735,594,224 |
-170,350,519,108 |
|
Increase/Decrease
in Cash |
-186,238,219,405 |
-7,658,720,104 |
152,525,759,607 |
|
Cash
at the Beginning of Year |
203,505,388,924 |
211,164,109,028 |
58,638,349,421 |
|
Cash
at the End of Year |
17,267,169,519 |
203,505,388,924 |
211,164,109,028 |
|
Main Products & Services |
Structures and Building and Construction
and Manufacturing Components and Supplies Structural materials and basic shapes Distribution and Conditioning Systems and
Equipment and Components Fluid and gas distribution Tube
and tubing Wire Rods & Bars - Available Grades & Applications Stainless Steel Heat Resisting Steel Steel Machine Structural Use Steel For Tool & Special Use Super Alloy - The Available Size & Tolerance Round & Square Bars Wire Rods Wide Flat Bars - Packing Seamless Pipes & Tubes - Available Grades & Applications - The Available Size & Tolerance Pipe for Ordinary Piping Tubes for Boiler & Heat Exchanger Tubes for Structural Purposes - Packing Product Shapes & Dimensions - Product Shapes & Dimensions |
|
Annual Production Capacity (Unit : Ton) |
Bar & Wire rods:783,000 Seamless Tube & Pipe:17,000 Total 800,000 |
|
Technologies Acquired |
|
|
Suppliers |
ROTEM VAI-POMNI MORGAN UTAB NKMZ Tae Chang Machinery Dae Kyo ENG. |
|
Customers |
Sales Channel - Domestic : End-User, Wholesalers - Overseas : Through Int'l Trading
Companies, Direct Exporting Conditions - Sales by customer's demands - Credit within 75 days - Granting Credit with collaterals - Local L/C or L/C |
|
Competitors |
KISWIRE LTD. 475, MANGMI 2-DONG, SUYEONG-GU, BUSAN,
KOREA TEL:+82-51-760-1700 FAX:+82-51-757-7379 KOSTEEL CO., LTD. 4TH FL., HOUSTORY, 32-4, JEONNONG 2-DONG, DONGDAEMUN-GU,
SEOUL, KOREA TEL:+82-2-2106-0200 FAX:+82-2-581-8800 SEAH SPECIAL STEEL CO., LTD. 747, JANGHEUNG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-285-4771 FAX:+82-54-285-4095 |
|
Affiliates |
SEAH HOLDINGS CORP(110111-2276809) SEAH BESTEEL CORPORATION(110111-0035794) 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) HAIDUK
CORPORATION(110111-0038011) HAIDUK STEEL CO.,LTD(110111-2121145) HOYEON TOURIST LEISURE INDUSTRY CO.,
LTD(131411-0176612) SEAHBNK CO.,LTD.(135111-0084924) OSAN PRECISION CORP.(131311-0029293) SEAH JAPAN SEAH STEEL AMERICA INC. |
|
|
|
|
Corporate Ownership |
SEAH HOLDINGS CORP(110111-2276809) SEAH BESTEEL CORPORATION(110111-0035794) |
|
Major Shareholders |
SEAH BESTEEL CORPORATION(110111-0035794) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG LIFE INSURANCE CO.,
LTD.(110111-0005953) |
|
Sales/ Unit :Mil KRW |
03/2015 |
2014 |
2013 |
|
Export |
53,293 |
316,870 |
317,887 |
|
Domestic |
215,721 |
944,504 |
991,390 |
|
Total |
269,014 |
1,261,374 |
1,316,781 |
The Subject imports
from Australia and Canada.
No.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
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.