|
|
|
MIRA
INFORM REPORT
|
Report No. : |
495090 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHINSEGAE
INTERNATIONAL INC. |
|
|
|
|
Registered Office : |
449, Dosan-daero, Gangnam-gu, Seoul, Korea, Shinsegae International Chungdam Bldg. 06015 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2017 |
|
|
|
|
Date of Incorporation : |
25.10.1980 |
|
|
|
|
Com. Reg. No.: |
201-81-53657 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Wholesale of Shirts and Outer Garments |
|
|
|
|
No. of Employees : |
1,179 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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 |
SHINSEGAE
INTERNATIONAL INC. (Korean Company
Name : “(주)신세계인터내셔날”) |
|
Registered Address |
449, Dosan-daero, Gangnam-gu, Seoul, Korea |
|
Building |
Shinsegae International Chungdam Bldg. |
|
Zip Code |
06015 |
|
Tel |
+82-2-3440-1234 |
|
Fax |
+82-2-3416-1101~6 |
|
E-mail |
boontheshop@sikorea.co.kr;sycho@sikorea.co.kr |
|
Website |
www.sikorea.co.kr;www.boontheshop.com |
|
Trading Address |
Shinsegae
International Chungdam Bldg.,449, Dosan-daero, Gangnam-gu, Seoul, Korea (Old Address System : Shinsegae International Chungdam Bldg., 97-5,
Cheongdam-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-6979-1262~3 |
|
Fax |
+82-2-3416-1101~6 |
|
Other Address-Life Style Div. & Women’s Garment Div. |
445, Dosan-daero, Gangnam-gu, Seoul, Korea (Old Address System : 97-1, Cheongdam-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-3444-0077 |
|
Fax |
+82-2-3440-1036 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Shirts and Outer Garments |
|
Main Business |
Clothing |
|
Sub
Business |
Manufacture of Women's Suits and Coats |
|
Established (mm/dd/yyyy) |
10/25/1980 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Clothing(53100000) |
CEO’s
|
Name |
Cha Jung-Ho |
|
Date of Birth |
10/22/1957 |
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
35,700,000,000 |
|||||||||||||||||||||
|
Employees |
1,179 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 031430) as of 07/14/2011 A Company of SHINSEGAE GROUP |
|||||||||||||||||||||
|
Bank Details |
Woori Bank Shinhan Bank KEB Hana Bank-Apgujung Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0282402 |
|||||||||||||||||||||
|
Business Registered No. |
201-81-53657 |
|||||||||||||||||||||
|
Permit & Licenses |
Mail Order License No.:
Gangnam-13797 Int’l Trade No.: 11298043 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
10/25/1980 Incorporated as KOREA
DISTRIBUTION INDUSTRY RESEARCH CO., LTD. 12/28/1995
Changed company name to SHINSEGAE INTERNATIONAL
CO., LTD. 01/17/1996 Changed company name to SI CO.,
LTD. 01/26/1996 Changed company name to the
present name 03/10/1998 Increased the authorized shares
to 10,000,000 shares from 1,000,000 shares 10/01/1998 Acquired FCN CO., LTD. 03/05/2010 Increased the authorized shares
to 40,000,000 shares from 10,000,000 shares 05/01/2015 Moved to the present HQ address
from 3rd Fl., Emponio Armani, 420, Apgujeong-ro, Gangnam-gu, Seoul, Korea
(Old Address System : 3rd Fl., Emponio Armani, 79-16, Cheongdam-dong,
Gangnam-gu, Seoul, Korea) 07/06/2011 Increased capital to 35,700,000,000 from 25,700,000,000 KRW 04/06/2016
Acquired VIDI VICI COSMETIC CO., LTD.(110111-2759889) |
Detailed Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Cha Jung-Ho |
Korean |
10/22/1957 |
03/10/2017 |
|
Vice President |
Ko Kwang-Hoo |
Korean |
05/18/1962 |
03/11/2016 |
|
Executive Director |
Seo Won-Sik |
Korean |
09/15/1966 |
03/18/2014 |
|
Outside Director / Auditor |
Kim Moon-Soo |
Korean |
01/17/1955 |
04/01/2015 |
|
Outside Director / Auditor |
Sohn Geon-Ik |
Korean |
11/15/1956 |
04/01/2015 |
|
Outside Director / Auditor |
Jung Jin-Young |
Korean |
04/10/1959 |
04/01/2015 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
688,769,640,005 |
897,728,425,740 |
11,186,538,939 |
|
|
2016 |
893,803,536,904 |
860,075,677,088 |
7,844,653,130 |
|
2015 |
884,540,955,989 |
833,251,814,588 |
12,239,635,448 |
|
2014 |
846,193,148,648 |
815,169,039,734 |
6,803,789,467 |
|
2013 |
790,015,550,619 |
742,342,439,407 |
29,759,159,815 |
|
2012 |
788,338,688,646 |
613,276,554,015 |
46,833,521,154 |
|
2011 |
792,330,070,424 |
529,682,921,436 |
43,034,957,315 |
|
2010 |
580,728,417,169 |
367,160,305,703 |
31,155,507,104 |
|
2009 |
439,017,187,152 |
304,420,988,653 |
24,928,078,926 |
|
2008 |
359,046,248,242 |
276,214,687,005 |
18,724,804,969 |
|
2007 |
276,433,048,705 |
225,157,401,751 |
18,850,106,288 |
|
2006 |
222,490,553,992 |
135,056,160,847 |
14,995,601,449 |
|
2005 |
191,919,863,417 |
109,692,811,199 |
12,993,158,939 |
|
2004 |
175,757,723,957 |
97,162,054,044 |
9,662,995,161 |
Financial Description
|
Authorized Capital(KRW) |
200,000,000,000 |
|
Paid-Up Capital(KRW) |
35,700,000,000 |
|
Total Issued Shares |
7,140,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
897,728,425,740 |
860,075,677,088 |
833,251,814,588 |
|
Current
Assets |
344,835,973,538 |
296,798,229,433 |
295,050,274,040 |
|
Cash
& Cash Equivalents |
106,755,302 |
1,210,193,910 |
1,039,550,319 |
|
Current
Financial Instruments |
7,200,000,000 |
|
|
|
Trade
Receivables & Other Receivables |
113,864,634,854 |
98,706,350,274 |
97,556,304,423 |
|
Inventories |
216,461,286,612 |
190,478,269,420 |
178,519,824,952 |
|
Other
Financial Assets |
|
|
14,500,000,000 |
|
Other
Current Assets |
4,606,665,683 |
4,694,274,788 |
2,938,871,354 |
|
Derivatives |
2,596,631,087 |
1,709,141,041 |
0 |
|
Deferred
Income Tax Assets |
|
|
495,722,992 |
|
Non-Current Assets |
552,892,452,202 |
563,277,447,655 |
538,201,540,548 |
|
Non-Current
Financial Instruments |
2,000,000 |
2,000,000 |
2,500,000 |
|
Investment_Subsidiaries |
50,601,759,000 |
44,246,084,000 |
34,103,979,300 |
|
Investment_Related
Companies |
35,636,428,332 |
33,136,428,332 |
28,136,428,332 |
|
Tangibles |
317,223,748,940 |
329,781,834,944 |
348,352,449,505 |
|
Investment_Real
Estates |
65,750,151,524 |
67,534,328,544 |
46,134,221,482 |
|
Intangibles |
23,691,374,096 |
28,422,307,945 |
21,276,721,742 |
|
Non-Current
Financial Instruments |
29,814,100,310 |
28,798,356,573 |
30,987,115,797 |
|
Derivatives |
586,257,088 |
5,749,874,493 |
3,585,672,605 |
|
Other
Non-Current Assets |
324,018,726 |
298,595,630 |
625,210,469 |
|
Deferred
Income Tax Assets |
29,262,614,186 |
25,307,637,194 |
24,997,241,316 |
|
Total Liabilities |
458,908,777,617 |
425,944,786,057 |
397,540,024,943 |
|
Current Liabilities |
301,783,815,917 |
274,342,558,103 |
302,693,673,127 |
|
Trade
Payables & Other Payables |
64,552,172,546 |
79,906,173,046 |
65,072,760,974 |
|
Short-Term
Borrowings |
107,376,597,191 |
107,667,323,255 |
203,923,849,244 |
|
Derivatives |
2,712,428,516 |
136,560,489 |
683,329,245 |
|
Other
Current Financial Debts |
8,360,064,275 |
8,037,534,850 |
7,465,866,376 |
|
Other
Current Liabilities |
12,047,066,349 |
12,171,545,355 |
5,547,867,288 |
|
Current
Portion of Long-Term Debts |
101,636,084,012 |
59,975,180,845 |
20,000,000,000 |
|
Deferred
Income Tax Credit |
5,099,403,028 |
6,448,240,263 |
0 |
|
Non-Current Liabilities |
157,124,961,700 |
151,602,227,954 |
94,846,351,816 |
|
Long-Term
Borrowings |
145,432,481,507 |
146,382,656,659 |
88,446,183,176 |
|
Derivatives |
|
939,175,992 |
288,802,454 |
|
Confirmed
Salaries |
8,091,903,032 |
310,654,550 |
2,611,763,466 |
|
Other
Non-Current Financial Debts |
2,540,525,778 |
2,851,449,685 |
2,355,589,143 |
|
Other
Non-Current Liabilities |
1,060,051,383 |
1,118,291,068 |
1,144,013,577 |
|
Capital Stock |
35,700,000,000 |
35,700,000,000 |
35,700,000,000 |
|
Capital
Surplus |
118,799,441,869 |
118,799,441,869 |
123,627,795,000 |
|
Others |
-100,973,249 |
-183,192,351 |
-587,738,435 |
|
Profit
Surplus |
284,421,179,503 |
279,814,641,513 |
276,971,733,080 |
|
Total
Equity |
438,819,648,123 |
434,130,891,031 |
435,711,789,645 |
|
Liab.
& Shareholder’s Equity |
897,728,425,740 |
860,075,677,088 |
833,251,814,588 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
688,769,640,005 |
893,803,536,904 |
884,540,955,989 |
|
Cost
of Sold Goods |
348,253,624,534 |
456,250,961,341 |
473,759,274,606 |
|
Gross
Profit |
340,516,015,471 |
437,552,575,563 |
410,781,681,383 |
|
Selling
& Admin. Expenses |
325,078,093,846 |
414,666,004,849 |
393,719,795,702 |
|
Operating
Income |
15,437,921,625 |
22,886,570,714 |
17,061,885,681 |
|
Finance
Income |
13,102,155,981 |
16,321,601,003 |
16,079,668,808 |
|
Finance
Expenses |
16,948,457,138 |
19,112,110,872 |
17,517,411,861 |
|
Other
Non-Operating Income |
6,263,914,064 |
7,969,781,334 |
6,072,230,419 |
|
Other
Non-Operating Expenses |
4,127,580,610 |
12,706,367,210 |
6,335,920,391 |
|
Income
Before Taxes |
13,727,953,922 |
15,359,474,969 |
15,360,452,656 |
|
Income
Taxes Expenses |
2,541,414,983 |
7,514,821,839 |
3,120,817,208 |
|
Net
Income |
11,186,538,939 |
7,844,653,130 |
12,239,635,448 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating Activities Cash Flows |
-9,282,907,132 |
55,813,720,386 |
47,158,768,579 |
|
Net
Income |
11,186,538,939 |
7,844,653,130 |
12,239,635,448 |
|
Adjustment |
41,287,438,695 |
54,656,800,518 |
47,044,935,436 |
|
Changes
in Asset/ & Liability |
-49,656,450,813 |
|
|
|
Interests
Received |
1,792,746 |
878,093,437 |
874,565,129 |
|
Interests
Paid |
-4,881,397,498 |
-6,078,363,232 |
-6,462,923,315 |
|
Income
Taxes |
-7,220,829,201 |
-1,487,463,467 |
-6,537,444,119 |
|
Cash Flows from Investing |
-25,281,022,493 |
-44,328,412,996 |
-67,135,647,864 |
|
Cash Flows from Financing |
33,460,491,017 |
-11,314,663,799 |
20,984,729,894 |
|
Increase/Decrease in Cash |
-1,103,438,608 |
170,643,591 |
1,007,850,609 |
|
Cash at the Beginning of Year |
1,210,193,910 |
1,039,550,319 |
31,699,710 |
|
Cash at the End of Year |
106,755,302 |
1,210,193,910 |
1,039,550,319 |
Products, Technologies, Services Description
|
Main Products & Services |
Clothing (Men & Women, Shoes &
Accessories) Business Multi-Boutique Business : BOON THE SHOP /
BOON THE SHOPMEN (Philip Lim, Acne, Alexander Wang, Clu, Mayle, Helmut Leng,
Moncler, Ring, Repetto, Roeffler Randall, Marni, Dries Van Noten,Comme Des
Garcons,Marc Jacobs,Yohji Yamamoto) Brand Name : BRUNELLO CUCINELLI, MONCLER KIDS, RA
PERVA, BYREDO, McQ, ACNE STUDIO, PROENZA SCHOULER, LOEWE, SALOMON, UGG
AUSTRALIA, GIVENCHY, CELINE, EMILO PUCCI, JAJU, VIDI VICI, ALEXANDER WANG,
J.LINDEBERG, CHRISTIAN LOUBOUTIN, TOMBOY, PETIT BATEAU, CHROME HEARTS,
MONCLER, ARMANI EXCHANGE, EMPORIO ARMANI UNDERWEAR, GAP, GAPKIDS, BANANA
REPUBLIC, ARMANI JUNIOR |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners & Competitors
|
Suppliers |
KOREA RENTAL CORPORATION(110111-0639900) provides the office
equipments and machinery leasing services to the subject company. |
|
Customers |
SHINSEGAE CO., LTD.(110111-0028848) SHINSEGAE CHELSEA CO., LTD.(110111-3239228) GWANGJU SHINSEGAE. CO.,
LTD.(200111-0054795) |
|
Competitors |
HERMES KOREA LTD. 630-26, SINSA-DONG, GANGNAM-GU, SEOUL,
KOREA TEL:+82-2-544-7722 FAX:+82-2-545-1224 DOOSAN CORPORATION 31ST FL., DOOSAN TOWER BLDG., 18-12,
EULJIRO 6-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-3398-1121 FAX:+82-2-3398-1135 LG INTERNATIONAL CORP. 12TH FL., LG TWIN TOWER EAST ANNEX, 20,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3773-5114 FAX:+82-2-3773-5273 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SHINSEGAE INC.(110111-0028848) GWANGJU SHINSEGAE. CO.,
LTD.(200111-0054795) SHINSEGAE ENGINEERING & CONSTRUCTION
CO., LTD.(110111-0759493) SHINSEGAE INFORMATION & COMMUNICATION
CO., LTD.(110111-1408867) SHINSEGAE FOOD CO., LTD.(110111-0305288) THE WESTIN CHOSUN SEOUL(110111-0003999) SHINSEGAE L&B CO., LTD.(110111-4015338) STARBUCKS COFFEE KOREA CO.,
LTD.(110111-1461667) GREEN CITY CO., LTD.(134511-0057932) FAMILY FOOD CO., LTD.(134811-0068181) SHINSEGAE UIJEONGBU STATION DEVELOPMENT
CO., LTD.(110111-2670548) THE CHOSUNHOTEL BAKERY CO.,
LTD.(161511-0069091) SHINSEGAE CHELSEA CO., LTD.(110111-3239228) E-MART CO., LTD.(110111-4594952) HANAM UNION SQUARE CO., LTD.(135711-0074452) SHINSEGAE CHELSEA CO., LTD.(110111-3239228) (25.0% held by the subject company) SELIN SHINSEGAE CO., LTD.(110111-4880567) (49.00% held by the subject company) MONCLER SHINSEGAE INC.(110111-5600302) (49.00% held by the subject company) |
|
Overseas Office |
UIA ST ANTONY, 20122, MILAN, ITALY TEL:+39-2-58-430405 FAX:+39-2-58-431182 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
SHINSEGAE SIMON INC.(110111-3239228) (25.00% held by the subject company) SHINSEGAE INTERCOS KOREA INC.(131111-0431666) (50.00% held by the subject company) |
|
Subsidiary |
SHINSEGAE TOMBOY CO., LTD.(110111-0219497) (95.78% held by the subject company) SHINSEGAE POIRET SAS(FRANCE) (100.00% held by the subject company) |
|
Corporate Ownership |
SHINSEGAE INC.(110111-0028848) |
|
Major Shareholders |
SHINSEGAE INC.(110111-0028848) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) -Management Advisory Agreement with SHINSEGAE SIMON INC.(110111-3239228) |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2017 |
2016 |
2015 |
|
Export |
5,839 |
7,867 |
6,885 |
|
Domestic |
682,931 |
885,937 |
877,656 |
|
Total |
688,770 |
893,804 |
884,541 |
The Subject imports
from Italy and other European countries.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company(2 Cases) |
- |
73,850,000 |
Proceeding |
News Clipping
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.10 |
|
|
1 |
INR 90.45 |
|
Euro |
1 |
INR 79.59 |
|
KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.