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|
MIRA INFORM REPORT
|
Report No. : |
512672 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
SBW INC. |
|
|
|
|
Registered Office : |
390, Toegye-Ro, Jung-Gu,
Seoul, Dongho Bldg., Korea
04611 |
|
|
|
|
Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.03.2018 |
|
|
|
|
Date of Incorporation : |
02.05.2008 |
|
|
|
|
Com. Reg. No.: |
120-87-27416 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Underwear and Night Clothes. (Underwear, Cotton Spinning Four, Material) |
|
|
|
|
No. of Employees : |
232 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
Source
: CIA |
Basic
Information
|
Company Name |
SBW INC. |
|
Registered Address |
390, Toegye-ro, Jung-gu,
Seoul, Korea |
|
Building |
Dongho Bldg. |
|
Zip Code |
04611 |
|
Tel |
+82-2-3485-6000~1 |
|
Fax |
+82-2-546-6862 |
|
E-mail |
webmaster@sbw.co.kr;ysng0326@sbw.co.kr |
|
Website |
www.trybrands.co.kr |
|
Trading Address |
Dongho
Bldg., 390, Toegye-ro, Jung-gu, Seoul, Korea (Old Address System : Dongho Bldg., 50-1, Muhak-dong, Jung-gu,
Seoul, Korea) |
|
Tel |
+82-2-3485-6130~1 |
|
Fax |
+82-2-546-6862 |
|
Other Address-Iksan Factory |
827-7, Sinheung-dong, Iksan-si, Jeollabuk-do, Korea |
|
Tel |
+82-63-838-5091 |
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Underwear and Night Clothes |
|
Main Business |
Underwear, Cotton Spinning Four, Material |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/02/2008 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Undergarments(53102300) |
|
Sell |
Nightwear(53102600) |
|
Sell |
Underpants(53102303) |
|
Sell |
Body shaping garments(53102307) |
|
Sell |
Undershirts(53102301) |
|
Sell |
Shirts and blouses(53101600) |
|
Sell |
Coats and jackets(53101800) |
|
Sell |
Sweaters(53101700) |
|
Sell |
Athletic wear(53102900) |
|
Sell |
Socks(53102402) |
|
Buy |
Yarns(11151700) |
|
Buy |
Cotton thread(11151601) |
CEO’s
|
Name |
Bang Yong-Cheol |
|
Date of Birth |
|
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
64,562,106,500 |
||||||||||||
|
Employees |
232 |
||||||||||||
|
Formation |
Listed Company
(Korea Stock Exchange : 102280) as of 06/10/2008 |
||||||||||||
|
Bank Details |
Kookmin Bank Woori Bank-Trade Center Branch KEB Hana Bank Korea Development Bank |
||||||||||||
|
Corporate Registered No. |
110111-3891169 |
||||||||||||
|
Business Registered No. |
120-87-27416 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 45348916 Mail Order License No.:
2014-Seoul Gangnam-00346 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
05/02/2008 Incorporated as TRY BRANDS INC.,
after split off from TEC&CO CO., LTD.(110111-0264343) 03/31/2010 Changed company name to
SSANGBANGWOOL & TRYGROUP INC. 03/31/2010 Increased the authorized shares
to 500,000,000 shares from 32,000,000 shares 05/04/2010 Split off the par value to 500
KRW from 5,000 KRW 08/31/2011 Changed company name to the present
name 02/19/2013 Moved to the present HQ address
from 161-17,
Samseong 1-dong, Gangnam-gu, Seoul, Korea 10/28/2015 Increased capital to 64,562,106,500
KRW from 46,062,106,500 KRW 01/12/2018
Moved to the present HQ address from 549, Dosan-daero, Gangnam-gu, Seoul, Korea
(Old Address System : 129-3, Cheongdam-dong, Gangnam-gu, Seoul, Korea) |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Bang Yong-Cheol |
Korean |
03/07/1968 |
03/28/2018 |
|
Director |
Lee Sang-Ki |
Korean |
10/18/1957 |
03/28/2018 |
|
Director |
Park Choon-Ran |
Korean |
09/11/1955 |
03/26/2014 |
|
Director |
Jung Young-Sun |
Korean |
10/22/1962 |
03/28/2018 |
|
Director |
Kim Young-Mo |
Korean |
03/17/1973 |
03/31/2017 |
|
Outside Director |
Kim Yoon-Soo |
Korean |
10/06/1954 |
10/23/2013 |
|
Outside Director |
Lee Hwa-Young |
Korean |
12/11/1963 |
03/31/2017 |
|
Auditor |
Park Hyung-Sub |
Korean |
06/12/1965 |
03/25/2016 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
23,616,293,145 |
729,149,863,329 |
40,222,345,435 |
|
|
2017 |
97,187,843,463 |
619,607,729,906 |
144,197,168,596 |
|
2016 |
97,410,338,390 |
213,539,827,134 |
-13,817,580,012 |
|
2015 |
123,036,481,794 |
210,446,544,923 |
822,399,776 |
|
2014 |
125,022,012,364 |
126,183,557,168 |
-315,421,089 |
|
2013 |
125,890,721,008 |
125,491,695,142 |
-425,918,794 |
|
2012 |
148,450,979,779 |
114,581,677,891 |
3,018,473,943 |
|
2011 |
150,463,258,955 |
117,974,603,682 |
5,357,973,931 |
|
2010 |
130,520,344,437 |
109,311,448,211 |
4,859,678,575 |
|
2009 |
133,602,353,716 |
104,121,675,558 |
-3,744,856,561 |
|
2008 |
84,617,225,531 |
112,852,359,547 |
-82,211,651 |
Financial
Description
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
64,562,106,500 |
|
Total Issued Shares |
129,124,213 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Total
Assets |
729,149,863,329 |
619,607,729,906 |
213,539,827,134 |
|
Current
Assets |
99,670,473,150 |
541,886,323,918 |
138,566,992,941 |
|
Cash
& Cash Equivalents |
12,050,892,784 |
8,772,406,564 |
34,354,711,966 |
|
Current
Financial Instruments |
9,678,932,220 |
14,408,943,050 |
10,527,740,675 |
|
Trade
Receivables & Other Receivables |
37,662,562,137 |
35,222,216,187 |
44,130,391,530 |
|
Inventories |
32,425,019,414 |
30,550,996,878 |
42,160,348,714 |
|
Other
Financial Assets |
1,703,890,524 |
445,916,480,000 |
|
|
Other
Current Assets |
6,149,176,071 |
7,015,281,239 |
7,393,800,056 |
|
Non-Current
Assets |
629,479,390,179 |
77,721,405,988 |
74,972,834,193 |
|
Long-Term
Financial Instruments |
578,883,001,000 |
|
|
|
Long-Term
Trade Receivables & Other Receivables |
6,768,511,523 |
8,198,928,523 |
5,702,628,523 |
|
Tangibles |
10,906,566,781 |
10,289,266,241 |
10,827,841,645 |
|
Intangibles |
1,702,340,164 |
1,709,116,063 |
1,028,565,611 |
|
Non-Current
Financial Instruments |
|
26,273,081,000 |
32,235,261,664 |
|
Investment_Related
Companies |
30,876,890,035 |
30,876,890,035 |
24,030,177,107 |
|
Other
Non-Current Assets |
342,080,676 |
374,124,126 |
791,359,643 |
|
Held-to-Maturity
Financial Assets |
|
|
357,000,000 |
|
Total Liabilities |
380,339,100,729 |
310,139,037,912 |
33,549,738,628 |
|
Current Liabilities |
313,566,617,799 |
254,651,279,552 |
16,578,327,434 |
|
Trade
Payables & Other Payables |
8,014,431,347 |
4,705,236,217 |
6,437,574,562 |
|
Short-Term
Borrowings |
19,393,936,239 |
16,474,977,419 |
7,522,297,594 |
|
Other
Current Financial Debentures |
10,498,294,521 |
10,495,597,518 |
|
|
Derivatives |
271,972,190,000 |
220,384,740,000 |
|
|
Refund |
2,331,733,447 |
|
|
|
Current
Portion of Provisions |
110,064,959 |
792,694,913 |
739,362,575 |
|
Other
Current Liabilities |
1,245,967,286 |
1,798,033,485 |
1,879,092,703 |
|
Non-Current Liabilities |
66,772,482,930 |
55,487,758,360 |
16,971,411,194 |
|
Long-Term
Trade Payables & Other Payables |
111,967,990 |
130,722,760 |
53,580,287 |
|
Debentures |
|
|
10,485,002,344 |
|
Confirmed
Salaries |
3,194,025,066 |
3,209,400,665 |
2,774,724,576 |
|
Deferred
Income Tax Credit |
61,614,789,874 |
50,354,934,935 |
1,892,790,095 |
|
Other
Non-Current Liabilities |
1,851,700,000 |
1,792,700,000 |
1,765,313,892 |
|
Capital Stock |
64,562,106,500 |
64,562,106,500 |
64,562,106,500 |
|
Capital
Surplus |
92,478,254,778 |
92,478,254,778 |
92,478,254,778 |
|
Others |
3,533,115,837 |
-30,122,795 |
13,829,115,837 |
|
Profit
Surplus |
188,237,285,485 |
152,458,453,511 |
9,120,611,391 |
|
Total
Equity |
348,810,762,600 |
309,468,691,994 |
179,990,088,506 |
|
Liab.
& Shareholder’s Equity |
729,149,863,329 |
619,607,729,906 |
213,539,827,134 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Sales |
23,616,293,145 |
97,187,843,463 |
97,410,338,390 |
|
Cost
of Sold Goods |
16,284,194,938 |
71,892,596,268 |
72,834,056,651 |
|
Gross
Profit |
7,332,098,207 |
25,295,247,195 |
24,576,281,739 |
|
Selling
& Admin. Expenses |
8,116,349,486 |
38,074,126,779 |
38,411,383,697 |
|
Operating
Income |
784,251,279 |
12,778,879,584 |
13,835,101,958 |
|
Other
Operating Income |
41,560,426 |
104,336,657 |
127,693,734 |
|
Other
Operating Expenses |
112,937,463 |
844,003,726 |
178,539,346 |
|
Finance
Income |
104,602,295,515 |
227,785,447,688 |
4,106,367,807 |
|
Finance
Expenses |
52,016,966,825 |
18,708,713,465 |
5,156,020,978 |
|
Income
Before Taxes |
51,729,700,374 |
195,558,187,570 |
-14,935,600,741 |
|
Income
Taxes Expenses |
11,507,354,939 |
51,361,018,974 |
1,118,020,729 |
|
Net
Income |
40,222,345,435 |
144,197,168,596 |
-13,817,580,012 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Operating
Activities Cash Flows |
-716,516,961 |
4,254,650,342 |
-7,999,703,850 |
|
Net Income |
40,222,345,435 |
144,197,168,596 |
-13,817,580,012 |
|
Adjustment |
-40,411,338,349 |
-152,947,917,177 |
3,633,169,789 |
|
Changes in Asset/ & Liability |
-329,485,759 |
13,077,223,510 |
2,863,157,184 |
|
Interests Received |
226,511,319 |
-1,181,003,382 |
-1,196,049,809 |
|
Interests Paid |
-393,094,507 |
1,184,537,813 |
722,828,677 |
|
Income Taxes |
-31,455,100 |
-75,359,018 |
-205,229,679 |
|
Cash
Flows from Investing |
1,138,435,894 |
-38,932,366,211 |
-13,875,434,245 |
|
Cash
Flows from Financing |
2,864,079,621 |
9,095,996,359 |
-2,393,134,787 |
|
Increase/Decrease
in Cash |
3,278,486,220 |
-25,582,305,402 |
-24,267,195,119 |
|
Cash at
the Beginning of Year |
8,772,406,564 |
34,354,711,966 |
58,621,907,085 |
|
Cash at
the End of Year |
12,050,892,784 |
8,772,406,564 |
34,354,711,966 |
Products, Technologies, Services
Description
|
Main Products & Services |
Underwear, Cotton Spinning Four, Material |
Trade
Partners & Competitors
|
Suppliers |
GILIM TRY TEXTILE CO., LTD.(CHINA) |
|
Customers |
-- |
|
Competitors |
BYC CO., LTD.(110111-0005995) 1104-1, DAERIM 2-DONG, YEONGDEUNGPO-GU,
SEOUL, KOREA TEL:+82-2-840-3114 FAX:+82-2-840-3193 GOOD PEOPLE CO., LTD.(110111-0939326) 5TH FL., DAE-A BLDG., 165-5, DONGGYO-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-320-6600 FAX:+82-2-334-0137 |
|
|
|
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SBW INT'L INC. (49.00% held by the subject company) SBW USA INC (2.77% held by the subject company) KANGLIM CO., LTD.(120111-0009268) (6.19% held by
the subject company) SBW HOTEL CO., LTD.(120111-0804353) (30.0% held by the
subject company) |
|
Subsidiary |
GILIM TRY TEXTILE CO., LTD.(CHINA) (100.00% held by the subject company) HUNCHUN TRY TEXTILE CO., LTD.(CHINA) (100.00% held by the subject company) HUNCHUN SSANGBANGWOOL TEXTILE CO.,
LTD.(CHINA) (100.00% held by the subject company) SSANGBANGWOOL BEIJING CO., LTD.(CHINA) (100.00% held by the subject company) SSANGBANGWOOL SHANGHAI CO., LTD.(CHINA) (100.00% held by the subject company) SSANGBANGWOOL SHIMYANG CO., LTD.(CHINA) (100.00% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
KANGLIM CO., LTD.(120111-0009268) |
|
Cooperative Enterprise |
-Insured company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales by Region (Activity & Markets)
|
Sales/ Unit : Mil.
KRW |
09/2016 |
2015 |
2014 |
|
Export |
4,984 |
17,043 |
19,866 |
|
Domestic |
18,632 |
80,145 |
77,544 |
|
Total |
23,616 |
97,188 |
97,410 |
The Subject exports
to China, Saudi Arabia, Nigeria, USA and Japan. And it imports from China,
India and Vietnam.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million
KRW) |
Status |
|
2017DA 256101 |
Supreme Court |
Kim In-Bae |
The Subject Company |
Cancellation of Registration on Collateral Security |
- |
The Subject has won as of 10/31/2017. |
News
Clipping
------------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.45 |
|
|
1 |
INR 89.79 |
|
Euro |
1 |
INR 78.79 |
|
KRW |
1 |
INR 0.062 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
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.