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MIRA INFORM REPORT
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Report No. : |
486039 |
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Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SWITCO CO., LTD. |
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Registered Office : |
8, Buncheon-gil, Bongdam-eup, Hwaseong-si, Gyeonggi-do, 18329 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
22.06.2016 |
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Com. Reg. No.: |
293-87-00414 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Export/Import, Manufacture of Electric
Circuit, Distribution Panel and Electric Devices, Switch Gear |
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No. of Employees : |
19 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Company Name |
SWITCO CO., LTD. |
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Registered Address |
8, Buncheon-gil, Bongdam-eup, Hwaseong-si,
Gyeonggi-do, Korea |
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Building |
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Zip Code |
18329 |
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Tel |
+82-31-351-7735 |
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Fax |
N/A |
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E-mail |
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Website |
www.switco.co.kr |
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Trading Address |
8, Buncheon-gil, Bongdam-eup, Hwaseong-si,
Gyeonggi-do, Korea (Old Address System : 49, Buncheon-ri,
Bongdam-eup, Hwaseong-si, Gyeonggi-do, Korea) |
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Tel |
+82-31-351-7735 |
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Fax |
N/A |
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Other Address |
69, Hyeoksinsandan 7-gil, Wanggok-myeon,
Naju-si, Jeollanam-do, Korea (Old Address System : 817-1, Deoksan-ri,
Wanggok-myeon, Naju-si, Jeollanam-do, Korea) |
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Tel |
+82-61-888-7735 |
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Fax |
+82-61-888-7736 |
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Type |
Export/Import |
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Industry |
Manufacture of Electric Circuit,
Distribution Panel and Electric Devices |
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Main Business |
Switch Gear |
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Sub
Business |
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Established (mm/dd/yyyy) |
06/22/2016 |
Detailed
Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Switches and controls and relays and
accessories(39121500) |
CEO’s
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Name |
Choi Seung-Hyun |
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Date of Birth |
12/10/1963 |
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Title |
President & CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
1,150,000,000 |
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Employees |
19 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
N/A |
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Corporate Registered No. |
164811-0096699 |
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Business Registered No. |
293-87-00414 |
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Permit & Licenses |
09/06/2016 ISO9001 |
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Shareholder Position |
N/A |
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Company History |
06/22/2016 Incorporated as the present name 11/30/2016 Designated as a Venture Business 06/22/2017 Increased capital to
1,150,000,000 KRW from 1,000,000,000 KRW 10/11/2017 Moved to the present HQ address
from 9, Seokpo-ro 108beon-gil, Jangan-myeon, Hwaseong-si, Gyeonggi-do,
Korea(Old Address System : 681-16, Seokpo-ri, Jangan-myeon, Hwaseong-si,
Gyeonggi-do, Korea) |
Detailed
Information
Management
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Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
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President & CEO |
Choi Seung-Hyun |
Korean |
12/10/1963 |
09/19/2016 |
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Director |
Kim Dal-Sik |
Korean |
05/12/1966 |
03/27/2017 |
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Director |
Park Jin-Yong |
Korean |
01/29/1972 |
03/27/2017 |
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Auditor |
Sun Yong-Ki |
Korean |
05/27/1973 |
06/22/2016 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
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2016 |
333,360,000 |
1,215,294,000 |
-234,027,000 |
Financial
Description
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Authorized Capital(KRW) |
10,000,000,000 |
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Paid-Up Capital(KRW) |
1,150,000,000 |
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Total Issued Shares |
2,300,000 |
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Balance
Sheet |
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Total Assets |
1,215,294,000 |
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Current Assets |
881,072,000 |
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-Quick Assets |
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-Inventories |
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Fixed Assets |
334,222,000 |
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-Investment |
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-Tangibles |
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-Intangibles |
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Total Liabilities |
649,321,000 |
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Current Liabilities |
649,321,000 |
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Fixed Liabilities |
0 |
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Capital Stock |
800,000,000 |
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Capital Surplus |
0 |
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Profit Surplus |
-234,027,000 |
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Capital Adjustment |
0 |
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Total Equity |
565,973,000 |
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Liab. & Shareholder’s Equity |
1,215,294,000 |
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Income
Statement |
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Sales |
333,360,000 |
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Cost of Sold Goods |
306,865,000 |
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Gross Profit |
26,495,000 |
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Selling & Admin. Expenses |
259,919,000 |
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Operating Income |
233,424,000 |
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Non-Operating Income |
189,000 |
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Non-Operating Expenses |
792,000 |
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Income Before Taxes |
234,027,000 |
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Income Taxes Expenses |
0 |
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Net Income |
234,027,000 |
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Products,
Technologies, Services Description
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Main Products & Services |
Switch Gear, Electric Circuit, Distribution
Panel and Electric Devices |
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Detailed Products Spec. |
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Technologies Acquired |
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Trade
Partners & Competitors
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Suppliers |
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Customers |
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Competitors |
CHOONGMOO PRECISION CO., LTD. RM. 301, ACE TECHNO TOWER, 684-1, DEUNGCHON
3-DONG, GANGSEO-GU, SEOUL, KOREA TEL:+82-2-3660-0600 FAX:+82-2-3660-0680 RGB MEDIA CO., LTD. RM. 102, SEWON BLDG., 117-6, YONGGANG-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-711-9318~9 FAX:+82-2-711-9325 BOKUK ELECTRONICS CORP. 625,
DAECHEON-DONG, DALSEO-GU, DAEGU, KOREA TEL:+82-53-582-7063 FAX:+82-53-582-7001 |
Sales
by Region (Activity & Markets)
Not Available.
Court
Action
Not Available.
News
Clipping
---
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.53 |
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1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIY |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.