MIRA
INFORM REPORT
|
Report Date : |
10th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SSANGYONG CORPORATION |
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Registered Office : |
24-1,
Jeodong 2-ga, Jung-gu, Seoul, Korea (P.O.Box 409) |
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Country : |
Korea |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
31.03.1954 |
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Legal Form : |
Foreign Direct Investment Corporations |
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Line of Business : |
Wholesale of Non-Specialized Goods. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic Information
|
Company Name |
SSANGYONG
CORPORATION |
|
Registered Address |
24-1,
Jeodong 2-ga, Jung-gu, SEOUL, KOREA (P.O.BOX 409) |
|
Building |
Ssangyong Bldg. |
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Zip Code |
100-748 |
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Tel |
+82-2-2270-8114 |
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Fax |
+82-2-2270-8334 |
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E-mail |
admin@sycorp.co.kr |
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Website |
www.ssytrade.co.kr |
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Trading
Address |
Ssangyong
Bldg., 24-1, Jeodong 2-ga, Jung-gu, SEOUL, KOREA |
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Tel |
+82-2-2270-8114 |
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Fax |
+82-2-2270-8334 |
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Other
Address |
489,
Bonghwang-ri, Dongjin-myeon, Buan-gun, JEOLLABUK-DO, KOREA |
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Tel |
+82-63-583-9002 |
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Fax |
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Other
Address (Machinery
Import Team) |
A-903, SK Twin Tech Tower, 345-9, Gasan-dong, Geumcheon-gu, SEOUL,
KOREA |
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Tel |
+82-2-866-5600 |
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Fax |
+82-2-862-5649 |
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Other
Address (Logistics
Team 1) |
43, 3-ga, Shinheung-Dong, Jung-gu, Incheon, Korea |
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Tel |
+82-32-882-0002 |
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Fax |
+82-32- 882-0001 |
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Other
Address (Logistics
Team 2) |
381-5, Wonchang-dong, Seo-gu, Incheon, Korea |
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Tel |
+82-32-573-8460 |
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Fax |
+82-32-573-8465 |
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Type |
Export/Import |
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Industry |
Wholesale of Non-Specialized Goods |
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Main Business |
Iron & Steel Products, Chemicals, Cement, Machinery, Plants |
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Sub Business |
Import, Export, a trade among three countries, Natural Resources
Development. Pre-Delivery Inspection Service for imported cars |
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Established |
07/31/1954 |
The Subject has owned the presumes at A-903, SK Twin
Tech Tower, 345-9, Gasan-dong, Geumcheon-gu, SEOUL, Korea, and the other
address’s premises are using by leasing.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Inorganic compounds(12352300) |
|
Sell |
Processed and synthetic rubber(13101600) |
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Sell |
Cooking or table salt(50171551) |
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Sell |
Cement(30111601) |
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Sell |
Steel(11101704) |
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Sell |
Clothing(53100000) |
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Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Industrial Manufacturing and Processing Machinery and
Accessories(23000000) |
|
Sell |
Solid and gel fuels(15101600 |
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Sell |
Storage(78130000) |
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Sell |
Network service equipment(43222600) |
CEO’s
|
Name |
Cho Kook-Pil |
Cho Kook-Pil/President & CEO
Date of Birth : April 20, 1948
Degree :
-Graduated from Joong-Ang High School(1966)
-Graduated from Han-Yang University (College of
Architectural Engineering, 1974)
Major Career
October ’74 Joined
Ssangyong Corporation
January ’88 Promoted
to General Manager
January ’90 Promoted
to Director
September ’92 Promoted to Vice
President (Vice President of Jin Bang Steel Co., Ltd.)
February ’95 Promoted to
Senior Vice President
February ’98 Promoted to
Executive Vice President (President & CEO of Jin Bang Steel Co., Ltd.)
March ’01
Promoted to
President & CEO
Profiles
|
Capital |
55,827,105,000 KRW |
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Employees |
226 |
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Formation |
Listed Company (KSE : 001250 ) as of
06/26/1976 Foreign Direct Investment Corporations |
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Bank Details |
Chohung Bank Sales Team Shinhan Bank |
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Corporate Registered No. |
110111-0031479 |
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Business Registered No. |
202-81-33028 |
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Permit & Licenses |
05/27/1975 Designated as Int'l General
Trading Company by the government of Korea Int’l Trade No: 670203 |
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Shareholder Position |
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Company History |
Establishment of Kumsung Industry
Corporation Kumsung Industry Corporation was
established as a professional import and export company. At that time, overall exports of Korea
were about $24 million, and the company was located at 63, 2-ga, Jeo-dong,
Jung-gu, Seoul, Korea. Setting up Foreign Network In 1964, The Subject Company opened Tokyo
Office in Japan as a its first overseas office. And the Company expanded foreign network
to New York, Vietnam, Jakarta and Sydney. And then, Tokyo Office and New York
Office were converted to Ssangyong Japan Corporation(1977) and Ssangyong
U.S.A. Inc.(1973) Award The Gold Tower Order of Industrial
Service Merit / The Export Tower Prize
The Subject Company was awarded Gold Tower
Order of Industrial Service Merit in Nov. 30, 1972. And the Company was
awarded 400 Million Dollar Export Tower Prize in 1979, 1 Billion Dollar
Export Tower Prize in 1982, 2 Billion Dollar Export Tower Prize in 1991, and
Iron Tower Order of Industrial Service Merit in 1992. Designation as General Trading
Company The Subject Company was designated as
Korea’s 2nd General Trading Company, and played big roles for development of
national economy. Construction of Terminals in Japan Since 1975, Ssangyong Japan Corporation
had investment in plant and equipment to construct terminals in Japan. So the
Company made 4 silos in Japan, and has been supplying high-quality cement to
Japanese customers. Opening up Chinese Market The Subject Company established Ssangyong
Hong Kong Co., Ltd. And then the Company set up Beijing Office(1991),
Guangzhou Office(1993), Shanghai Office(1993), Dalian Office(1993), Wuhan
Office(1995), Shenyang Office(1995) to open up China market. Especially, Beijing and Shanghai Office
exported more than $100 million each in 5 years since establishment. Expanding of Foreign Resources Import As a General Trading Company, The Subject
Company has been supporting domestic manufacturers as well as export. The Company imports foreign resources,
machineries, and materials from China, Indonesia, Russia, and other
countries, then supplies domestic manufacturers. Creation of New Management System and
Corporate Culture The 12th CEO of The Subject Company,
Kook-Pil Cho creates new corporate culture, management system after his
inauguration. In 2001, he introduced incentive wage
system to make well-intended competition culture, and made The Prize of
Market Development and The Prize of Best Challenger as a compensation of
opening up foreign market in 2003. Expanding of Logistic Business The Subject Company opened new PDI center
for imported cars in Incheon as part of business diversification. So the
Company has ability to treat 70% of imported cars in Korea, and endeavor to
attract new customer. 03/20/1972 Changed company name to
Ssangyong Industry Corporation from Kumsung Industry Corporation 12/01/1975 Changed company name to the
present name |
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Cho Kook-Pil |
Korean |
48.04.20 |
Hanyang University |
|
Vice President |
Mr. |
Byun Jin-Hak |
Korean |
05.03.11 |
Korea university |
|
Director |
Mr. |
Cho Wohu Anchin |
- |
65.06.13 |
University of Pennsylvania/Harvard Business
School (MBA) |
|
Director |
Mr. |
Han Sang-Won |
Korean |
71.07.01 |
YALE UNIVERSITY, Harvard Business School
(MBA) |
|
Director |
Mr. |
Kim Kyung-Koo |
Korean |
76.04.08 |
Seoul National University |
|
Director |
Mr. |
Choi Sung-Min |
Korean |
75.06.09 |
Harvard University, USA |
|
Outside Director |
Mr. |
Pyo Hak-Kil |
Korean |
48.02.16 |
Clark University, USA |
|
Outside Director |
Mr. |
Yoon Yoi-Eul |
Korean |
56.05.01 |
Sophia University, Japan |
|
Auditor |
Mr. |
Choi Young-Seok |
Korean |
53.01.08 |
Yonsei University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
1,476,005,249,828 |
195,240,508,293 |
1,856,850,261 |
|
|
2004 |
1,479,830,933,063 |
238,510,768,978 |
9,274,434,544 |
Financial
Description
Unit: KRW
|
Authorized Capital |
1,000,000,000,000 |
|
Paid-Up Capital |
55,827,105,000 |
|
Total Issues Shares |
11,165,421 |
Balance Sheet
|
Unit : Korean Won |
As of 09/30/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Total Assets |
233,178,449,046 |
195,240,508,293 |
238,510,768,978 |
|
Current Assets |
184,977,693,437 |
111,733,962,720 |
138,356,528,649 |
|
-Quick Assets |
168,497,708,111 |
97,461,246,371 |
113,129,821,359 |
|
-Inventories |
16,479,985,326 |
14,272,716,349 |
25,226,707,290 |
|
Fixed Assets |
48,200,755,609 |
83,506,545,573 |
100,154,240,329 |
|
-Investment |
41,886,735,174 |
41,150,259,692 |
55,586,057,241 |
|
-Tangibles |
3,984,753,533 |
39,814,683,775 |
41,744,445,138 |
|
-Intangibles |
2,329,266,902 |
2,541,602,106 |
2,823,737,950 |
|
Total Liabilities |
172,748,009,405 |
144,734,183,979 |
185,053,555,182 |
|
Current Liabilities |
79,846,327,800 |
138,263,906,255 |
155,843,155,390 |
|
Fixed Liabilities |
92,901,681,605 |
6,470,277,724 |
29,210,399,792 |
|
Capital Stock |
55,827,105,000 |
169,279,900,000 |
87,339,900,000 |
|
Capital Surplus |
139,567,765,000 |
- |
- |
|
Profit Surplus |
(-)125,444,747,516 |
(-)135,916,975,735 |
(-)137,773,825,996 |
|
Capital Adjustment |
(-)9,519,682,843 |
17,143,400,049 |
103,891,139,792 |
|
Total Equity |
60,430,439,641 |
50,506,324,314 |
53,457,213,796 |
|
Liab. & Shareholder’s Equity |
233,178,449,046 |
195,240,508,293 |
238,510,768,978 |
|
Current Liabilities |
79,846,327,800 |
138,263,906,255 |
155,843,155,390 |
|
Trade Payables |
52,742,136,278 |
65,771,981,649 |
102,709,541,374 |
|
Short-Term Borrowings |
6,487,567,312 |
23,512,970,147 |
4,215,844,068 |
|
Account Payables |
862,203,312 |
1,393,223,593 |
601,491,132 |
|
Advance Receipts |
2,731,949,709 |
7,160,381,867 |
17,420,432,279 |
|
Withholdings |
4,538,159,923 |
4,813,868,760 |
6,973,081,556 |
|
Accrued Expenses |
8,455,357,491 |
6,360,243,103 |
6,120,427,150 |
|
Unearned Income |
4,007,889,797 |
5,297,254,240 |
4,132,106,734 |
|
Fixed Liabilities |
92,901,681,605 |
6,470,277,724 |
29,210,399,792 |
|
Long-Term Borrowings |
90,886,335,510 |
3,292,414,800 |
26,591,549,359 |
Income Statement
|
Unit : Korean Won |
As of 09/30/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Sales |
699,443,392,304 |
1,476,005,249,828 |
1,479,830,933,063 |
|
Cost of Sold Goods |
667,962,692,397 |
1,423,862,728,601 |
1,424,824,828,349 |
|
Gross Profit |
31,480,699,907 |
52,142,521,227 |
55,006,104,714 |
|
Selling & Admin Expenses |
19,369,091,611 |
30,555,773,493 |
27,804,535,300 |
|
Operating Income |
12,111,608,296 |
21,586,747,734 |
27,201,569,414 |
|
Non-Operating Income |
46,510,393,638 |
36,698,937,854 |
31,406,746,775 |
|
Non-Operating expenses |
62,486,397,710 |
56,428,835,327 |
49,333,881,645 |
|
Ordinary Income |
(-)3,864,395,776 |
1,856,850,261 |
9,274,434,544 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)3,864,395,776 |
1,856,850,261 |
9,274,434,544 |
|
Income Taxes Expenses |
(-)15,096,630,174 |
- |
- |
|
Net Income |
11,232,234,398 |
1,856,850,261 |
9,274,434,544 |
Cash Flows
|
Unit : Korean Won |
As of 09/30/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
5,392,108,600 |
(-)16,034,147,018 |
19,762,614,675 |
|
-Net Income |
11,232,234,398 |
1,856,850,261 |
9,274,434,544 |
|
-Exp. without Cash Outflow |
33,111,863,338 |
33,689,940,315 |
28,704,610,229 |
|
-Revenue without Cash Inflows |
29,266,121,325 |
(-)11,203,834,713 |
(-)7,691,148,203 |
|
-Changes in Asset/ & Liability |
(-)9,685,867,811 |
(-)40,377,102,881 |
(-)10,525,281,895 |
|
Cash Flows from Investing |
(-)19,034,308,416 |
7,275,762,043 |
11,754,169,718 |
|
-Cash Inflow from Investing |
102,118,677,999 |
(-)1,328,863,897,574 |
(-)941,725,711,631 |
|
-Cash Outflows for Investing |
28,487,949,657 |
7,879,623,886 |
(-)29,789,267,923 |
|
Cash Flows from Financing |
162,866,425,269 |
255,186,323,795 |
399,536,598,686 |
|
-Cash Inflows from Financing |
134,378,475,612 |
(-)247,306,699,909 |
(-)429,325,866,609 |
|
-Cash Outflows from Financing |
14,845,749,841 |
(-)878,761,089 |
1,727,516,470 |
|
Increase/Decrease in Cash |
2,104,202,525 |
2,982,963,614 |
1,255,447,144 |
|
Cash at the Beginning of Year |
16,949,952,366 |
2,104,202,525 |
2,982,963,614 |
|
Cash at the End of Year |
5,392,108,600 |
(-)16,034,147,018 |
19,762,614,675 |
Products, Technologies, Services
Description
Cement Materials
Since 1964 when “The Subject Company”
exported cement to Vietnam for the first time, from precise information systems
and broad human-networks, the corporation has been exporting the products of
Ssangyong Cement Industrial Co., Ltd. that is one of the biggest Korea cement
makers to all over the world.
Through constructions of 4 cement silos in
Japan (Yokohama, Chiba, Nagoya, Osaka), regionally differential strategies, and
direct transactions with foreign customers, “The Subject Company” preserves
export competitive power.
“The Subject Company” has been exporting
annually 3~4million tons of cement to U.S.A., Japan, Africa, the Middle East
and other countries as a professional trader, and handling industrial waste and
by-product such as Limestone, Fly ash, and Slag.
Tel :
82-2-2270-8362 ~ 64
Fax :
82-2-2270-8354
mail : jhhwang@sycorp.co.kr
Energy
“The Subject Company” has been playing a
significant role as a leader in the Korean energy industry. Particularly in
coal industry the company supplies approximately 2 millions metric tons of coal
annually to Ssangyong Cement, Korea Electric Power Corporation and local
independent power plant under the strong support from reliable suppliers from
China, Australia with its joint venture partners since 1995 to ensure stable
supply to its customers.
Also, “The Subject Company” is developing its
trading activity in coal as well as other natural resources such as natural
gypsum, iron ore to expand its business territory with strong alliance with its
partners in Thailand and Indonesia.
Tel :
82-2-2270-8604
Fax :
82-2-2270-8798
mail : scyang@sycorp.co.kr
Petrochemicals
“The Subject Company” in the petrochemical
industry exports synthetic fibers, synthetic materials, BTX, SM and other
petrochemical products to China, Southeast Asia, the Middle East and other
countries.
Tel
: 82-2-2270-8049
Fax :
82-2-2270-8790
mail : hjsong@sycorp.co.kr
Steel and Metal
“The Subject Company” has exported steel
& metal products from POSCO, Union Steel, Dong-Bu Steel, INI Steel, HYSCO,
POCOS, Changwon Special Steel, Jinbang Steel and other Korean manufactures to
all over the world. ”The Subject Company” has actively promoted the steel &
metal business through 20 overseas branches spread in the world, and also
invested in China through Pos-Tianjin Co. Ltd. and Zhang-Jiagang Xiaosha Coil
Co. Ltd. With overseas branches around the world, “The Subject Company” has
strengthened the leading position in the steel and metal industry in a rapidly
changing market.
Tel :
82-2-2270-8523
Fax :
82-2-2270-8510
mail : jryou@sycorp.co.kr
Machinery
Machinery and plant sector of “The Subject
Company” includes overall business from financing to construction as well as
supplying equipment, machinery, plant facilities required for project, automobiles
and auto parts.
“The Subject Company” has organized
consortium with leading companies abroad and proceeded effectively such
business as supplying generation facilities, marine engine, construction of
power transmission, cement plants and communication networks in the world.
And the Company is doing business like
construction of power plants, oil refinery plants, and cement plants in
Southeast Asia and China, supply of power plant facilities in Vietnam, and
supply of electric generators in Indonesia and Iran.
The machinery and plant business have been
expanded based on the collection, analysis and processing ability of market
information and partnership with consumers around the world Along with
exporting activities, and this business will expand from now on.
Digital
IT business of “The Subject Company” includes
state-of-the-art communication systems, base station systems, communication
terminal and parts, optical communication systems and parts, and high
technology equipment etc.
Also, “The Subject Company” has increased the
sales of magnetic tape, satellite video receiver, high technology digital
security products, and peripheral equipment such as recording mediums by
expanding its distribution channels and entering into contracts with prominent
suppliers worldwide.
New material
New material business of “The Subject
Company” includes magnetic materials applied to all scopes and configurations
of ferrite magnet products, and ceramic materials used for various ceramic
machine parts and engineering products.
“The Subject Company” has been actively
supplying its new materials throughout the world as extending this industry
that is classified into magnetic materials and ceramic materials. The materials
business contains ferrite magnet materials for speakers, motors and all sorts
of electronic products related to ferrite magnets etc., and ceramic materials
for various inserts of cutting tools, magnetron stems of microwaves, faucet
discs of faucet valves, and ferrules of optical communication connectors
etc.
Industrial Products & Materials Team
(IT,New Material Parts)
Tel :
82-2-2270-8400
Fax :
82-2-2270-6479
mail : bklee@sycorp.co.kr
Industrial Products & Materials Team
(IT,New Material Parts)
Tel :
82-2-2270-8400
Fax :
82-2-2270-6479
mail : bklee@sycorp.co.kr
Import
The Subject Company’s Machinery Import Team
consists of Honda part that supplies Honda engine products and parts
exclusively to Korean customers, and chemical import part.
Honda part builds customer loyalty by supply
of facilities and follow up service.
And chemical import part imports soda ash,
sodium sulphate, refined salt, industrial salt, calcium hypochrolite, barium
sulphate and from China, natural rubber from Southeast Asia. “The Subject
Company” also deals with DEG, BOPP film.
Tel :
82-2-2270-8630
Fax :
82-2-2270-8793
mail : jyjuhn@sycorp.co.kr
Logistics Service
Based on accumulated experience, “The Subject
Company” has established firm market position by securing stable amount of logistics,
and provided total logistics services including cargo work, transporting,
custom clearance, and storage.
Especially, “The Subject Company” has been
operating the PDI (Pre-Delivery Inspection) center at Incheon Port for imported
cars from U.S.A., Japan, Germany and other countries. ”The Subject Company”
endeavors to fulfill customers’ expectation through providing differentiated
services in loading and unloading, transportation, painting, inspection and
other related services necessary for the car-importing companies in Korea.
In July 2004, “The Subject Company” opened
the new PDI center in Northern Port of Incheon, and provides more efficient
logistics service to the customers with its years of experience and dedicated
staffs.
Incheon Branch (Logistics Team 1)
Tel :
82-32-882-0002
Fax :
82-32-882-0001
mail : yhyang@sycorp.co.kr
Incheon Branch (Logistics Team 2)
Tel :
82-32-573-8460
Fax :
82-32-573-8465
mail : whno@sycorp.co.kr
Business Development
“The Subject Company” promotes home and abroad
new business through Business Development Team for diversification of marketing
routes and management.
Tel :
82-2-2270-8633
Fax :
82-2-2270-8248
mail : bcchang@sycorp.co.kr
Trade
Partners
|
Customers |
The Subject is acting as exporting window for the domestic
manufacturers including POSCO and Steel Makers. Sales Channel Export: Factory -> Export Import: Overseas->Import->User Condition Export: Mostly L/C base, Partially D/A,
D/P, T/T Import: Mostly L/C base
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Competitors |
There are 7 Int’l General Trading Company in
Korea, including Samsung Corporation, LG Int’l Corporation, Daewoo
International, Hyundai Corporation, Hyosung Corporation, SK Networks and The
subject. The subject has been ranked 7th player among them in
terms of the sales. |
Overseas
Branch
Tokyo
Representative : Kim, Ho-Jong
Tel :
(81-3)3434-1515/8537
Fax : (81-3)3434-3856
E-mail : hjkim@sycorp.co.kr
Address : 7th Fl, Mori Bldg, Edomizaka 1-40,
4-Chome, Toranomon Minato-ku, Tokyo, Japan
Osaka
Representative : Son, Dong-Il
Tel :
(81-6)282-1414~8, 282-1421~3
Fax : (81-6)282-1420
E-mail : dison@sycorp.co.kr
Address : 8th Fl., Hommachi Yamamoto Bldg.,
1-10, 4-chome, Minami-Hommachi Chou-Ku, Osaka, Japan
U.S.A
L.A. Head Office
Representative : Kim, Cheol
Tel :
(1)562-906-0799
Fax : (1)562-941-9890
E-mail : ckim@sycorp.co.kr
Address : 10504 Pioneer Blvd/Santa Fe Springs
CA 90670 U.S.A.
N.J. Branch
Representative : Kim, Cheol
Tel :
(1)201-585-7202
Fax : (1)201-585-7205
E-mail : ckim@sycorp.co.kr
Address : 2125 Center Ave, Suite #107 Forp
Lee, NJ07024
Shanghai
Representative : Lee, Suk-Oh
Tel :
(86-21)6440-0321
Fax : (86-21)6440-0334
E-mail : thomas@sycorp.co.kr
Address : Rm, 181 I/J Zhao Feng Universe
Bldg, No.1800 Zhong Shan West Road, Shanghai P.R.China 200233
China
Beijing
Representative : Ahn, Ki-Hoon
Tel :
(86-10)6510-1299
Fax : (86-10)6510-1239
E-mail : khahn@sycorp.co.kr
Address : Rm. 1117, Beijing Bright China
Chang An Building Ni.7, Jianguomen Nei Avenue Dongcheng District Beijing P.R.C (Postal
code 100005)
Dalian
Representative : Lee, Joon
Tel :
(86-411)8230-2555
Fax : (86-411)8230-3838
E-mail : jyee@sycorp.co.kr
Address : Rm, 1209, Swissotel Dalian, 21
Wuhui Road, Dalian, China
Guangzhou
Representative : Lee, Dong-Un
Tel :
(86-20)8752-0586
Fax : (86-20)8752-0508
E-mail : dolee@sycorp.co.kr
Address : Rm. 5406, Citic Plaza 233, Tian He
North Road, Guangzhou, China
Hongkong
Representative : Kim, Min-Cheol
Tel :
(852)2542-3151
Fax : (852)2544-9342
E-mail : hskkim@sycorp.co.kr
Address : Rm. 609. Wing On Center 111,
Connaught Road Central, Hong Kong, China
Taipei
Representative : Tsou. The-Cheng
Tel :
(886-2)2775-3777
Fax : (866-2)2772-4526
E-mail : tpetsou@sycorp.co.kr
Address : Rm. 703,148 Chunghsiao East Road,
Sec. 4, Taipei, Taiwan, R.O.China
Kuala Lumpur
Representative : Kim, Sun-Mo
Tel :
(60-3)2162-3635
Fax : (60-3)2162-3807
E-mail : : smkim@sycorp.co.kr
Address : Suite 1707, 17th Floor Pernas Int’s
Bldg., Jalan Sultan Ismail 50250 Kuala Lumpur, Malaysia
Singapore
Representative : Oh, Man-Hyung
Tel :
(65)6334-2550
Fax : (65)6337-4898
E-mail :
Address : 7 Temasek Boulevard #32-03 Suntec
Tower One Singapore 038987
Jakarta
Representative : Park, Man-Kyu
Tel :
(62-21)5296-3283
Fax : (62-21)5296-3284
E-mail : mgpark@sycorp.co.kr
Address : Korea Centre Bldg., #302 JI, Jend.
Gatot Subroto Kav. 57~58 Jakarta, Selatan 12950
New Delhi
Representative : Han, Kyung-Soo
Tel :
(91-11)5132-3704
Fax : (91-11)5132-5649
E-mail : kshan@sycorp.co.kr
Address : #9 Ring Road, Lajpat Nagar Ⅳ, New Delhi-110024, India
Hanoi
Representative : You, Chi-Hoon
Tel :
84-4-772-4183
Fax : 84-4-772-4184
E-mail : lulurara@sycorp.co.kr
Address : Unit 705 Fortuna Office Building 6B
Lang Ha, Ba Dinh, Hanoi, Vietnam
Bangkok
Representative : Yeom, Duk-Jong
Tel :
(66-2)655-5609
Fax : (66-2)655-5611
E-mail : ssybkk@sycorp.co.kr
Address : 29 Vanissa Bldg., 4th Flr. Soi
Childom, Langsuan Road, Lumpini, Pathumwan District Bangkok 10330, Thailand
Riyadh
Representative :Kang, Dong-Hun
Tel :
(966-1)473-0622,0266
Fax : (966-1)479-1848
E-mail : dhkang@sycorp.co.kr
Address : Rm. 303, Al Akariyah Bldg. Al
Siteen St., Riyadh 11683 Saudi Arabia(P.O.Box 93829)
Frankfurt
Representative : Song, Jin-Ho
Tel :
(49-6196)481756~7
Fax : (49-6196)43439
E-mail : jhsong@sycorp.co.kr
Address : T.O.PA.S.1. Mergenthaleralle 77
65760, Eschborm, Germany
Sydney, Australia
Representative : Jin, Young
Tel :
(61-2)9954-0911
Fax : (61-2)9954-0919
E-mail : yjin@sycorp.co.kr
Address : Level 5 107 Mount Street, North
Sydney, Nsw2060 Australia
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil
KRW |
2005 |
2004 |
2003 |
|
Export |
1,372,549 |
1,361,235 |
1,085,986 |
|
Domestic |
81,885 |
100,139 |
95,158 |
|
Total |
1,454,434 |
1,461,374 |
1,181,144 |
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (US$, KRW) |
Status |
|
|
|
The Subject |
New York Bank |
Claim for damages |
US$23,663,000 |
|
|
|
|
The Subject |
UNIMARINE |
Claim for damages |
US$1,503,000 |
|
|
|
|
The Subject |
KEIC and Others(1) |
Others 6 cases |
218,000,000 KRW |
|
|
|
|
KEIC |
The Subject |
Claim for refunding Insurance |
1,126,000,000 KRW |
|
|
|
|
D.O.T(India Post Office) |
The Subject |
Claim for damages |
US$1,692,000 |
|
|
|
|
ELDORADO |
The Subject |
Confirmation on no liability |
US$1,170,000 |
|
|
|
|
Park Kil-Soo |
The Subject |
Claim for fee |
US$1,036,000 |
|
|
|
|
Park Kil-Soo |
The Subject |
Claim for damages |
US$1,775,000 |
|
|
|
|
STC and Others |
The Subject |
Others 8 cases |
1,621,000,000 KRW |
|
News Clipping
Bank of New York to Close Pusan Branch Ahead of FSS Sanctions
KOREA TIMES: 11/13/2002
By Kim Yon-se /Staff Reporter
The Bank of New York, reportedly involved in Ssangyong Corporation’s
trade document-fabrication scandal, said yesterday it would close down its
Pusan Branch.
Seven commercial banks linked to the scam, including the U.S.-based
bank, have yet to be penalized by financial regulators.
While market watchers speculated that the bank hoped to take preemptive
measures to avoid stiff penalties from regulators, the Financial Supervisory
Service (FSS) said the bank reported the planned shutdown was part of
internal-restructuring efforts.
``It doesn’t matter whether the bank closes its branch or not because
our investigation into the seven banks has been completed and our decision to
impose sanctions stands,’’ Jung Ok-bin, a bank examiner at the FSS, told The
Korea Times.
Added Jung Sung-soon, director of the bank-supervision department at the
FSS: ``The Bank of New York will go through cumbersome procedures if it does
that.’’
He said that the bank had submitted an official letter to the FSS
disclosing its intention to close the Pusan branch.
But both officials declined to comment on when sanctions would be
imposed or what such sanctions would look like.
``We still have many things to investigate related to the financial
fraud. Bank examiners are scrutinizing data in the FSS building in Yoido after
confiscating documents from branches of the seven banks in Pusan,’’ added Jung
Ok-bin.
The branches include Chohung Bank’s Pusan Branch, Woori’ Bank’s
Pujon-dong Branch, Korea First Bank’s Sasang Branch, Industrial Bank of Korea’s
Yongdo Island Branch and Daegu Bank’s Pusan Branch.
Other FSS officials said Chohung _ the main creditor of Ssangyong Corp.,
having extended about $56.15 million (67.3 billion won) to the trading company
_ will be subject to the stiffest penalties.
In the meantime, Jung affirmed that the FSS has no intention to launch
an audit review on accountants at Samil Accounting Corp. (local member firm of
PricewaterhouseCoopers LLC) and San Tong & Co. (of KPMG), who provided
Ssangyong with audit services.
San Tong & Co. was ordered to shut down for overlooking clients’
improper bookkeeping practices in 2000.
Ssangyong secured about 113.7 billion won using forged trade bills from
the seven Pusan bank branches over a 13-year period starting in 1989.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)