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MIRA INFORM REPORT
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Report No. : |
485947 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SD E&T CO., LTD. |
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Registered Office : |
2, Jayumuyeok 5-gil,
Masanhoewon-gu, Changwon-si, Gyeongsangnam-do, |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
07.03.2002 |
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Com. Reg. No.: |
609-81-52395 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Export/Import Manufacture, Wholesales and
Retails of Engineering & Machining, International Trading Services and
Transportation Services Refrigerator
Compressor Machining Parts, CNC lathe, Machining Center,
General Milling Machine, Precision Surface & Forming Grinding Machine,
Centerless Grinding Machine, Copper Products, Electric device(PTC, RELAY),
Aluminum Products, Gasket, Motor, Plastic products,
Die-casting, Magnet, Stainless Steel, Compressor, Cable Carrier, Local
Transportation Service, Plumbing Fitting |
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No. of Employees : |
67 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
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Source
: CIA |
Basic
Information
Basic
|
Company Name |
SD E&T CO., LTD. |
|
Registered Address |
2, Jayumuyeok 5-gil, Masanhoewon-gu,
Changwon-si, Gyeongsangnam-do, Korea |
|
Building |
|
|
Zip Code |
51343 |
|
Tel |
+82-55-259-8500 |
|
Fax |
+82-55-282-1611 |
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E-mail |
mjkim@sdentc.com |
|
Website |
www.sdlogics.com |
|
Trading Address |
2, Jayumuyeok 5-gil, Masanhoewon-gu,
Changwon-si, Gyeongsangnam-do, Korea (Old Address System : 658-9, Bongam-dong,
Masanhoewon-gu, Changwon-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-259-8500 |
|
Fax |
+82-55-282-1611 |
|
Other Address |
379, Seobu-ro 1637beon-gil, Juchon-myeon,
Gimhae-si, Gyeongsangnam-do, Korea (Old Address System : 829, Deogam-ri,
Juchon-myeon, Gimhae-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-259-8553 |
|
Fax |
+82-55-311-3538 |
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Other Address-2nd Factory |
108, Jayumuyeok 3-gil, Masanhoewon-gu,
Changwon-si, Gyeongsangnam-do, Korea (Old Address System : 974-7, Yangdeok-dong,
Masanhoewon-gu, Changwon-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-274-2352 |
|
Fax |
+82-55-274-2353 |
|
Other Address |
Rm.A-310-1, Ansung Bldg., 579, Gyeongin-ro,
Guro-gu, Seoul, Korea (Old Address System : Rm.A-310-1, Ansung
Bldg., 410-13, Sindorim-dong, Guro-gu, Seoul, Korea) |
|
Tel |
+82-2-6713-7497 |
|
Fax |
+82-2-6713-7496 |
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Type |
Export/Import |
|
Industry |
Manufacture, Wholesales and Retails of
Engineering & Machining, International Trading Services and
Transportation Services |
|
Main Business |
Refrigerator
Compressor Machining Parts, CNC lathe, Machining Center, General
Milling Machine, Precision Surface & Forming Grinding Machine, Centerless
Grinding Machine, Copper Products, Electric device(PTC, RELAY), Aluminum
Products, Gasket, Motor, Plastic products,
Die-casting, Magnet, Stainless Steel, Compressor, Cable
Carrier, Local Transportation Service, Plumbing
Fitting |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/07/2002 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air compressors(40151601) |
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Sell |
Cutting tools(23153300) |
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Sell |
Metal working machinery
attachments(23172000) |
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Sell |
Machine end mills(23172005) |
|
Sell |
International trade services(80151600) |
|
Sell |
Transport arrangements(78141500) |
CEO’s
|
Name |
Lee Sul-Doo |
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Date of Birth |
04/05/1962 |
|
Title |
President & CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
600,000,000 |
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Employees |
67 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
SC First Bank of Korea Industrial Bank of Korea KEB Hana Bank |
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Corporate Registered No. |
194211-0053588 |
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Business Registered No. |
609-81-52395 |
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Permit & Licenses |
07/2008 ISO 9001 06/2010
ISO 14001 06/2015 ISO/TS 16949 |
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Shareholder Position |
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Company History |
03/07/2002 Incorporated as SD LOGICS CO.,
LTD. 12/05/2005 Increased the authorized shares
to 100,000 shares from 20,000 shares 12/18/2012 Increased capital to 600,000,000
KRW from 550,000,000 KRW 04/10/2013 Changed company name to the
present name 07/21/2014 Moved to the present HQ address
from 8, Jayumuyeok 4-gil, Masanhoewon-gu, Changwon-si, Gyeongsangnam-do,
Korea(Old Address System : 658-1, Bongam-dong, Masanhoewon-gu, Changwon-si,
Gyeongsangnam-do, Korea) 01/2016 Designated as an INNO-BIZ Company 07/01/2016 Acquired PO METAL CO.,
LTD.(194311-0030972) |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Lee Sul-Doo |
Korean |
04/05/1962 |
03/07/2005 |
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Director |
Lee Chang-Doo |
Korean |
04/26/1967 |
03/07/2005 |
|
Director |
Sohn Chil-Kyu |
Korean |
09/15/1955 |
03/07/2005 |
|
Auditor |
Lee Mi-Sook |
Korean |
01/04/1968 |
03/07/2014 |
|
Auditor |
Do Jin-Ho |
Korean |
02/25/1946 |
02/28/2013 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2016 |
41,523,144,771 |
35,488,851,340 |
833,293,033 |
|
2015 |
32,934,047,445 |
29,743,037,710 |
350,880,107 |
|
2014 |
65,227,773,320 |
38,465,423,148 |
864,699,067 |
|
2013 |
118,230,914,551 |
32,621,439,737 |
1,095,901,747 |
|
2012 |
63,356,962,273 |
24,631,005,238 |
575,313,079 |
Financial
Description
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Authorized Capital(KRW) |
1,000,000,000 |
|
Paid-Up Capital(KRW) |
600,000,000 |
|
Total Issued Shares |
60,000 |
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Balance
Sheet |
|||
|
Unit : Korean Won |
As
of 12/31/2016 |
As
of 12/31/2015 |
As
of 12/31/2014 |
|
Total Assets |
35,488,851,340 |
29,743,037,710 |
38,465,423,148 |
|
Current Assets |
16,044,595,005 |
9,531,135,533 |
19,156,663,952 |
|
-Quick Assets |
10,579,193,556 |
7,278,032,824 |
16,160,490,182 |
|
-Inventories |
5,465,401,449 |
2,253,102,709 |
2,996,173,770 |
|
Fixed Assets |
19,444,256,335 |
20,211,902,177 |
19,308,759,196 |
|
-Investment |
6,681,077,393 |
6,720,704,067 |
6,320,381,387 |
|
-Tangibles |
12,277,037,941 |
13,346,810,029 |
12,848,673,062 |
|
-Intangibles |
108,839,001 |
129,850,001 |
122,316,667 |
|
-Others |
377,302,000 |
14,538,080 |
17,388,080 |
|
Total Liabilities |
28,172,971,653 |
23,438,701,056 |
32,621,216,601 |
|
Current Liabilities |
23,349,476,354 |
19,318,756,830 |
25,220,410,825 |
|
Fixed Liabilities |
4,823,495,299 |
4,119,944,226 |
7,400,805,776 |
|
Capital Stock |
600,000,000 |
600,000,000 |
600,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
6,569,829,687 |
5,736,536,654 |
5,385,656,547 |
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Capital Adjustment |
146,050,000 |
-32,200,000 |
-141,450,000 |
|
Total Equity |
7,315,879,687 |
6,304,336,654 |
5,844,206,547 |
|
Liab. & Shareholder’s Equity |
35,488,851,340 |
29,743,037,710 |
38,465,423,148 |
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Current Liabilities |
23,349,476,354 |
19,318,756,830 |
25,220,410,825 |
|
Trade Payables |
6,179,372,632 |
3,593,457,329 |
11,554,794,367 |
|
Short-Term Borrowings |
14,207,387,378 |
12,632,230,016 |
12,985,000,000 |
|
Account Payables |
163,110,474 |
41,497,132 |
19,800,000 |
|
Accrued Expenses |
308,135,220 |
250,174,917 |
218,804,061 |
|
Advance Receipts |
4,776,097 |
2,367,240 |
7,362,824 |
|
Withholdings |
46,761,180 |
25,027,390 |
17,993,065 |
|
Accrued Income Tax |
198,073,373 |
23,882,806 |
119,536,508 |
|
Current Portion of Long-Term Debts |
2,241,860,000 |
2,750,120,000 |
297,120,000 |
|
Fixed Liabilities |
4,823,495,299 |
4,119,944,226 |
7,400,805,776 |
|
Long-Term Borrowings |
4,467,660,000 |
3,909,880,000 |
7,274,200,000 |
|
Long-Term Account Payables |
77,398,501 |
16,224,640 |
62,007,779 |
|
Leasehold Deposit Received |
|
|
10,000,000 |
|
Provision for Severance & Retirement |
278,436,798 |
193,839,586 |
54,597,997 |
|
Income
Statement |
|||
|
Unit : Korean Won |
As
of 12/31/2016 |
As
of 12/31/2015 |
As
of 12/31/2014 |
|
Sales |
41,523,144,771 |
32,934,047,445 |
65,227,773,320 |
|
Cost of Sold Goods |
34,174,489,506 |
27,451,662,742 |
59,054,174,368 |
|
Gross Profit |
7,348,655,265 |
5,482,384,703 |
6,173,598,952 |
|
Selling & Admin. Expenses |
5,296,444,944 |
5,012,483,205 |
4,983,577,537 |
|
Operating Income |
2,052,210,321 |
469,901,498 |
1,190,021,415 |
|
Non-Operating Income |
1,825,332,867 |
1,851,564,690 |
2,625,852,018 |
|
Non-Operating Expenses |
2,768,528,429 |
1,822,239,861 |
2,681,121,512 |
|
Income Before Taxes |
1,109,014,759 |
499,226,327 |
1,134,751,921 |
|
Income Taxes Expenses |
275,721,726 |
148,346,220 |
270,052,854 |
|
Net Income |
833,293,033 |
350,880,107 |
864,699,067 |
|
Cash
Flows |
|||
|
Unit : Korean Won |
As
of 12/31/2016 |
As
of 12/31/2015 |
As
of 12/31/2014 |
|
Cash Flows
from Operating |
-1,283,738,525 |
-2,724,872,510 |
1,582,764,391 |
|
-Net Income |
833,293,033 |
350,880,107 |
864,699,067 |
|
-Exp. without Cash Outflow |
1,529,346,772 |
972,116,444 |
888,312,448 |
|
-Revenue without Cash Inflows |
-955,944,735 |
-259,833,501 |
-1,334,000,804 |
|
-Changes in Asset/ & Liability |
-2,690,433,595 |
-3,788,035,560 |
1,163,753,680 |
|
Cash Flows
from Investing |
779,689,394 |
2,142,666,138 |
-3,826,869,973 |
|
-Cash Inflow from Investing |
7,221,435,090 |
5,708,464,000 |
4,680,019,565 |
|
-Cash Outflows for Investing |
-6,441,745,696 |
-3,565,797,862 |
-8,506,889,538 |
|
Cash Flows
from Financing |
256,880,323 |
-1,326,030,202 |
3,020,654,378 |
|
-Cash Inflows from Financing |
18,345,656,062 |
3,573,695,805 |
15,549,700,628 |
|
-Cash Outflows from Financing |
-18,088,775,739 |
-4,899,726,007 |
-12,529,046,250 |
|
Increase/Decrease
in Cash |
-247,168,808 |
-1,908,236,574 |
776,548,796 |
|
Cash at the
Beginning of Year |
386,012,313 |
2,294,248,887 |
1,517,700,091 |
|
Cash at the
End of Year |
138,843,505 |
386,012,313 |
2,294,248,887 |
Products,
Technologies, Services Description
|
Main Products & Services |
Refrigerator
Compressor Machining Parts, CNC lathe, Machining Center,
General Milling Machine, Precision Surface & Forming Grinding Machine, Centerless
Grinding Machine, Copper Products, Electric device(PTC, RELAY), Aluminum
Products, Gasket, Motor, Plastic products,
Die-casting, Magnet, Stainless Steel, Compressor, Cable
Carrier, Local Transportation Service, Plumbing
Fitting |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade
Partners & Competitors
|
Suppliers |
TAIZHOU AISIDI TRADE
CO.,LTD. JIANGYIN TAIBO
ELECTRONIC TECHNOLOGY INC. SHANGHAI QUANHENG
INDUSTRY & TRADE CO.,LTD MECONDOR S.P.A.(ITALY) ELECTRICA S.R.L.(ITALY) HITACHI HIGH-TECH
MATERIALS CORPORATION(JAPAN) KR STEEL COMPANY
LIMITED(THAILAND) DAEYONG VIETNAM
CO.,LTD(VIETNAM) |
|
Customers |
POSCO ENGINEERING & CONSTRUCTION CO.,
LTD.(174611-0002979) DAEYOU ELECTRIC &
MACHINERY (TIANJIN) CO.,LTD.(CHINA) NANJING LG PANDA
APPLIANCES CO., LTD(CHINA) SD-LOGITRADE INDIA
PVT.LTD LG ELECTRONICS INDIA
PVT.LTD.(INDIA) HIGHWAY INDUSTRIES
LIMITED(INDIA) KR STEEL COMPANY
LIMITED(VIETNAM) LG ELECTRONICS
MONTERREY(MEXICO) |
|
Competitors |
|
Related
Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
DMS KOREA CO.,LTD.(KOREA) (39.97% held by the subject company) COL CO., LTD.(KOREA) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
TAIZHOU AISIDI TRADE CO.,LTD. (100.0% held by the subject company) 15GROUP
XIAQI VILLAGE, SUCHEN TOWN HAILING DISTRICT,TAIZHOU CITY, JIANGSU PROVINCE,
CHINA TEL: +86-523-8965-8518 SD LOGITRADE INDIA PVT LIMITED (98.89% held by the subject company) C36, SITE-C,
SURAJIPUR AREA, SURAJPUR, GREAT NOIDA, UP, INDIA TEL: +91-120-235-0435 TAIZHOU AISIDI PRECISE MACHINE CO.,LTD. (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured company SAMSUNG FIRE & MARINE INSURANCE CO.,
LTD.(110111-0005078) |
Sales
by Region (Activity & Markets)
The Subject deals with the companies in China, Mexico, Italy and
India.
Court
Action
No.
News
Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.74 |
|
|
1 |
INR 86.01 |
|
Euro |
1 |
INR 76.14 |
|
KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.