|
Report No. : |
322804 |
|
Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHINWON CORPORATION |
|
|
|
|
Registered Office : |
328, Dongmak-ro, Mapo-gu, Seoul, Korea 7th Fl., Sinwon Bldg. 121-729 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
26.09.1973 |
|
|
|
|
Com. Reg. No.: |
105-81-11908 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Women's Suits and Coats |
|
|
|
|
No. of Employees : |
595 |
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 |
|
|
|
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 |
SHINWON CORPORATION |
|
Registered
Address |
328, Dongmak-ro, Mapo-gu, Seoul, Korea |
|
Building |
7th Fl., Sinwon Bldg. |
|
Zip Code |
121-729 |
|
Tel |
+82-2-3274-5000 |
|
Fax |
+82-2-3274-5611 |
|
E-mail |
scpark@sw.co.kr |
|
Website |
www.sw.co.kr |
|
Trading Address |
7th Fl., Sinwon Bldg., 328, Dongmak-ro, Mapo-gu, Seoul, Korea (Old Address System : 7th Fl., Sinwon Bldg., 532, Dohwa-dong, Mapo-gu, Seoul, Korea) |
|
Tel |
+82-2-3274-5000 |
|
Fax |
+82-2-3274-5611 |
|
Other Address-Logistics Center |
226-1, Jangji-dong, Gwangju-si, Gyeonggi-Do, Korea |
|
Tel |
+82-31-765-9416 |
|
Fax |
+82-31-765-9434 |
|
Other Address-Ebenezer
Fashion Mall |
53-14, Myeong-dong 2-ga, Jung-gu, Seoul, 100-022 Korea |
|
Tel |
+82-2-775-6300 |
|
Fax |
+82-2-775-6181 |
|
Other Address-Gwangju
Fashion Mall |
6-3,
Chungjangno 3-ga, Dong-gu, Gwangju 501-013 Korea |
|
Tel |
+82-62-231-0700 |
|
Fax |
+82-62-234-8832 |
|
Other Address-Daegu
Fashion Mall |
125,
Dongseongno 2-ga, Jung-gu, Daegu 700-092 Korea |
|
Tel |
+82-53-428-3000 |
|
Fax |
|
|
Other Address-Pohang
Fashion Mall |
466-16,
Sangwon-dong, Buk-gu Pohang-si, Gyeongbuk-do 791-090 Korea |
|
Tel |
+82-54-243-9000 |
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Women's Suits and Coats |
|
Main Business |
Dress Suit, Casual Wear, Bag, Handbag, Fashion, Knit,
Sweater |
|
Sub Business |
Wholesale of Shirts and Outer Garments |
|
Established
(mm/dd/yyyy) |
09/26/1973 |
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Clothing(53100000) |
|
Sell |
Womens suits(53101904) |
|
Sell |
Clothing(53100000) |
|
Sell |
Mens Clothing |
|
Name |
Kim Jung-Pyo |
|
Address |
|
|
Date of Birth |
10/1960 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
31,697,055,000 |
|||||||||||||||||||||
|
Employees |
595 |
|||||||||||||||||||||
|
Formation |
Listed Company
(Korea Stock Exchange: 009270) as of 08/24/1988 |
|||||||||||||||||||||
|
Bank Details |
Hana Bnak Korea Export-Import
Bank Korea Exchange
Bank |
|||||||||||||||||||||
|
Corporate
Registered No. |
110111-0152770 |
|||||||||||||||||||||
|
Business
Registered No. |
105-81-11908 |
|||||||||||||||||||||
|
Permit &
Licenses |
Int’l Trade
No.: 731733 |
|||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||
|
Company
History |
09/26/1973
Incorporated as the present name 12/01/1998
Agreed on 1st Work-Out Procedure Agreement with the Creditors
Association 12/30/1999
Agreed on 2nd Work-Out Procedure Agreement with the Creditors
Association 10/16/1998~05/16/2003
Under the Collateral Management by Creditors Financial Institutes 05/19/2003
Finished Work-Out Procedure 2008 Spin off
the par value to 500 KRW from 5,000 KRW 05/19/2010
Decided to spin off the company into the subject company, and SHINWON LGS
CO., LTD.(110111-4382919 : Newly
established company) as of 06/30/2010 |
|||||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman |
Mr. |
Park Sung-Chul |
Korean |
1940.06.24 |
Seoul National
University, Korea |
|
President & CEO / Management |
Mr. |
Kim Jung-Pyo |
Korean |
1960.10. |
- |
|
Outside Director |
Mr. |
Noh Seung-Sook |
Korean |
1945.08.05 |
Yonsei
University, Korea |
|
Auditor |
Mr. |
Ahn Jae-Sun |
Korean |
1948.07. |
- |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
(*)09/2014 |
426,560,638,122 |
470,361,479,603 |
730,708,028 |
|
(*)2013 |
569,338,984,413 |
439,263,980,118 |
-3,981,823,787 |
|
(*)2012 |
559,822,343,455 |
431,462,973,255 |
-6,163,588,831 |
|
(*)2011 |
526,884,280,265 |
396,958,636,586 |
6,512,855,802 |
|
(*)2010 |
504,363,383,005 |
348,673,803,522 |
7,654,513,574 |
|
2009 |
442,927,702,954 |
232,174,532,774 |
31,097,238,091 |
|
2008 |
401,414,593,810 |
186,888,307,112 |
31,029,275,117 |
|
2007 |
329,783,449,464 |
157,906,125,391 |
25,363,089,777 |
|
2006 |
346,438,668,520 |
176,042,619,204 |
11,018,005,293 |
|
2005 |
335,871,531,260 |
182,065,212,185 |
21,398,530,024 |
|
2004 |
367,371,416,520 |
182,513,883,298 |
-18,601,534,881 |
|
2003 |
381,501,100,491 |
223,919,218,731 |
4,066,284,444 |
(*)Figures are based on the K-IFRS
Accounting System.
|
Authorized
Capital(KRW) |
200,000,000,000 |
|
Paid-Up Capital(KRW) |
31,697,055,000 |
|
Total Issued
Shares |
63,394,110 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
470,361,479,603 |
439,263,980,118 |
431,462,973,255 |
|
Current
Assets |
273,789,438,203 |
247,050,764,561 |
241,565,740,160 |
|
Cash
& Cash Equivalents |
14,548,305,308 |
6,232,476,114 |
12,507,304,437 |
|
Current
Financial Instruments |
1,542,000,000 |
1,053,000,000 |
40,000,000 |
|
Trade
Receivables & Other Receivables |
91,266,369,445 |
91,358,798,919 |
93,900,751,049 |
|
Inventories |
145,268,038,073 |
126,361,715,852 |
111,317,556,393 |
|
Other
Current Assets |
21,164,725,377 |
22,044,773,676 |
23,800,128,281 |
|
Non-Current
Assets |
196,572,041,400 |
192,213,215,557 |
189,897,233,095 |
|
Non-Current
Financial Instruments |
505,000,000 |
588,000,000 |
508,000,000 |
|
Other
Receivables |
55,416,850,283 |
49,596,335,933 |
47,198,586,569 |
|
Marketable
Financial Instruments |
2,378,359,241 |
1,738,918,382 |
1,714,122,680 |
|
Investment_Subsidiaries |
123,406,745,859 |
123,406,745,859 |
123,406,745,859 |
|
Tangibles |
10,498,773,882 |
12,228,361,159 |
12,987,182,499 |
|
Investment_Real
Estates |
253,110,140 |
253,110,140 |
253,110,140 |
|
Intangibles |
3,012,336,939 |
3,038,861,720 |
3,315,591,561 |
|
Deferred
Income Tax Assets |
738,784,772 |
937,462,791 |
0 |
|
Other
Non-Current Assets |
362,080,284 |
425,419,573 |
513,893,787 |
|
Total
Liabilities |
284,540,354,263 |
254,173,094,150 |
240,998,837,688 |
|
Current
Liabilities |
247,238,220,575 |
181,904,537,247 |
166,686,756,458 |
|
Trade
Payables & Other Payables |
62,126,641,459 |
64,819,775,271 |
60,411,418,686 |
|
Short-Term
Borrowings |
126,564,371,619 |
111,151,389,604 |
68,248,020,535 |
|
Current
Portion of Long-Term Debts |
5,710,440,000 |
3,569,125,000 |
4,927,750,000 |
|
Current
Portion of Debentures |
49,937,927,948 |
0 |
29,984,442,942 |
|
Accrued
Income Tax |
0 |
0 |
812,633,805 |
|
Other
Current Liabilities |
2,898,839,549 |
2,364,247,372 |
2,302,490,490 |
|
Non-Current
Liabilities |
37,302,133,688 |
72,268,556,903 |
74,312,081,230 |
|
Other
Non-Current Financial Debts |
218,758,750 |
173,441,429 |
71,792,326 |
|
Long-Term
Borrowings |
0 |
5,170,970,000 |
8,837,265,000 |
|
Debentures |
19,951,790,323 |
49,889,378,773 |
49,827,659,018 |
|
Provision
for Severance & Retirement |
15,374,988,831 |
15,127,058,639 |
12,884,975,711 |
|
Deferred
Income Tax Credit |
0 |
0 |
784,566,771 |
|
Other
Non-Current Liabilities |
1,756,595,784 |
1,907,708,062 |
1,905,822,404 |
|
Capital
Stock |
31,697,055,000 |
31,697,055,000 |
31,697,055,000 |
|
Capital
Surplus |
17,566,145,632 |
17,566,145,632 |
17,569,891,582 |
|
Installments |
104,164,640 |
73,400,770 |
54,060,122 |
|
Profit
Surplus |
146,345,129,011 |
145,645,653,509 |
151,149,800,306 |
|
Others |
-9,891,368,943 |
-9,891,368,943 |
-10,006,671,443 |
|
Total
Equity |
185,821,125,340 |
185,090,885,968 |
190,464,135,567 |
|
Liab.
& Shareholder’s Equity |
470,361,479,603 |
439,263,980,118 |
431,462,973,255 |
|
Income Statement |
|||
|
Unit : Korean
Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
426,560,638,122 |
569,338,984,413 |
559,822,343,455 |
|
Cost
of Sold Goods |
312,660,552,973 |
408,052,491,612 |
394,743,441,917 |
|
Gross
Profit |
113,900,085,149 |
161,286,492,801 |
165,078,901,538 |
|
Selling
& Admin. Expenses |
109,921,627,908 |
157,242,704,506 |
164,339,297,637 |
|
Operating
Income |
3,978,457,241 |
4,043,788,295 |
739,603,901 |
|
Finance
Income |
1,946,331,255 |
2,584,420,682 |
3,001,180,320 |
|
Finance
Expenses |
5,684,067,020 |
7,048,321,440 |
7,694,872,816 |
|
Non-Operating
Income |
9,664,750,495 |
8,347,251,399 |
11,534,661,767 |
|
Non-Operating
Expenses |
8,975,984,837 |
13,231,578,187 |
13,524,302,868 |
|
Income
Before Taxes |
929,487,134 |
-5,304,439,251 |
-5,943,729,696 |
|
Income
Taxes Expenses |
198,779,106 |
-1,322,615,464 |
219,859,135 |
|
Net
Income |
730,708,028 |
-3,981,823,787 |
-6,163,588,831 |
|
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 |
-11,902,120,437 |
-5,061,325,199 |
-18,562,225,665 |
|
Net
Income |
730,708,028 |
-3,981,823,787 |
-6,163,588,831 |
|
Adjustment |
-12,632,828,465 |
-1,079,501,412 |
-12,398,636,834 |
|
Cash
Flows from Investing |
-6,742,747,109 |
-2,511,900,794 |
-24,592,553,227 |
|
Cash
Flows from Financing |
26,501,480,095 |
1,086,074,939 |
43,599,392,373 |
|
Increase/Decrease
in Cash |
7,856,612,549 |
-6,487,151,054 |
444,613,481 |
|
Cash
at the Beginning of Year |
6,232,476,114 |
12,507,304,437 |
11,622,267,478 |
|
Cash
at the End of Year |
14,548,305,308 |
6,232,476,114 |
12,507,304,437 |
|
Main Products
& Services |
Women's Suits
and Coats Sweater Knit Handbag Leather Jacket Brand: BESTI
BELLI, SI, VIKI, ISABEY, SIEG, SIEG FAHRENHEIT, VanHart di Albazar, Brioni |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
DAEYU COMPANY 274-28 EULJIRO
5-GA JUNG-KU SEOUL 100-195 KOREA TEL:+82-2-2272-8666 FAX:+82-2-2274-8666 INDUSTRY:
WHOLESALE OF OTHER INDUSTRIAL MACHINERY AND EQUIPMENT LICHANG YARN
SPINNING CO., LTD. 118-3 MAAM-RI
BUBAL-EUP ICHEON-SI GYEONGGI-DO 467-863 KOREA TEL:+82-31-633-5761 FAX:+82-31-633-5671 INDUSTRY: WOOL
SPINNING ILSHIN
SPINNING CO., LTD. ILSIN BLDG.
15-15 YEOEUIDO-DONG YEONGDEUNGPO-KU SEOUL 150-872 KOREA TEL:+82-2-3774-0114 FAX:+82-2-786-5891~3 INDUSTRY:
COTTON SPINNING DAINONG CORP.
LTD. DAINONG BLDG. 33-1
MAPO-DONG MAPO-KU SEOUL 121-708 KOREA TEL:+82-2-3270-3500 FAX:+82-2-3270-3950 INDUSTRY:
MANUFACTURE OF MAN-MADE FIBER FABRICS PMK 443-26
SEOKTAN-RI HASEONG-MYEON GIMPO-SI GYEONGGI-DO 415-884 KOREA TEL:+82-31-491-2141 FAX:+82-31-491-2144 INDUSTRY: TREATING
OF RAW HIDES AND SKINS SHINOH CO.,
LTD. 727 WONSI-DONG
DANWON-KU ANSAN-SI GYEONGGI-DO 425-090 KOREA TEL:+82-31-4918137 FAX:+82-31-491-9227 INDUSTRY:
TREATING OF RAW HIDES AND SKINS WOOSUNG
TEXTILE CO., LTD. YEONG HWA
INTERNATIONAL CO 493-35 GOAM-DONG
YANGJU-SI GYEONGGI-DO 482-010 KOREA TEL:+82-31-858-4800 FAX:+82-31-859-5883 INDUSTRY:
MANUFACTURE OF ALL OTHER FABRICATED METAL PRODUCTS N.E.C. NAM KWANG
TEXTILE CO., LTD. |
|
Customers |
OEM(Original Equipment Manufacturing) TARGET WAL-MART GAP |
|
Competitors |
BABA FASHION
CO., LTD. 6TH FL.,
CHEONG-GU BLDG., 517-5, SINSA-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-512-6341 FAX:+82-2-512-3033 WOOJIN FASHION
BIZ, INC. 216-1,
SANGHA-DONG, GIHEUNG-GU, YONGIN-SI, GYEONGGI-DO, KOREA TEL:+82-31-281-2260 FAX:+82-31-281-2261 BILTMORE CO.,
LTD. 8TH FL.,
HYUNDAI TOPICS, 44-3, BANGI 2-DONG, SONGPA-GU, SEOUL, KOREA TEL:+82-2-420-7136 FAX:+82-2-422-7500 |
|
Affiliates |
|
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SW SHENGGENA CORPORATION(110111-3759218) (100.0% held by the subject company) SHINWON GLOBAL CO., LTD.(110111-4144715) (50.0% held by the subject company) SHINWON NETWORKS CORPORATION(110111-4319649) (100.0% held by the subject company) SHINWON GLS CO., LTD.(110111-4382919) (100.0% held by the subject company) SHINWON GUATEMALA S.A(GUATEMALA) (97.0% held by the subject company) SHINWON EBENEZER VIETNAM CO.,LTD(VIETNAM) (100.0% held by the subject company) SHINWON EBENEZER HANOI CO.,LTD(VIETNAM) (100.0% held by the subject company) PT. SHINWON INDONESIAINDONESIA (99.0% held by the subject company) PT. SHINWON EBENEZERINDONESIA (99.0% held by the subject company) QINGDAO SHINWON EBENEZER CO., LTD(CHINA) (100.0% held by the subject company) SHANGHAI SHINWON EBENEZER CO. LTD(CHINA) (100.0% held by the subject company) SHINWON EBENEZER GAE-SEONG(NORTH KOREA) (100.0% held by the subject company) SHINWON EBENEZER GAE-SEONG Ⅱ(NORTH KOREA) (33.0% held by the subject company) SA MILANO S.R.L.(ITALY) (100.0% held by the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company HYUNDAI MARINE & FIRE INSURANCE CO.,
LTD.(110111-0035893) |
The Subject exports knit, sweater and hand bag to USA and Europe.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.86 |
|
Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.