MIRA
INFORM REPORT
|
Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIMONE ACC. COLLECTION LIMITED |
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Registered Office : |
317-1, Gocheon-dong, Uiwang-si, Gyeonggi-do |
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Country : |
Korea |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
27.06.1987 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of Handbags and Purses |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
Basic Information
Basic
|
Company
Name |
SIMONE ACC. COLLECTION LTD. |
|
Registered Address |
317-1, Gocheon-dong, Uiwang-si,
Gyeonggi-do, Korea |
|
Zip Code |
437-801 |
|
Tel |
+82-31-477-1430 |
|
Fax |
+82-31-420-0333 |
|
E-mail |
webmaster@simone.co.kr;hp061@simone.co.kr;sylee@simone.co.kr |
|
Website |
|
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Trading Address |
317-1, Gocheon-dong, Uiwang-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-477-1430 |
|
Fax |
+82-31-420-0333 |
|
Other Address-Fish Farming Div. |
843,
Shinbok-Ri, Dolsan-Eup, Yeosu City, Jeonnam-do 556-903 Korea |
|
Other Address-Venture Building Div. |
144-1 Samseong-Dong Gangnam-Gu Seoul City
135-090 Korea |
|
Type |
Export |
|
Industry |
Manufacture of Handbags and Purses |
|
Main Business |
Handbag, Wallet |
|
Sub Business |
Wholesale of Luggage and Travel Accessories |
|
Established (mm/dd/yyyy) |
06/27/1987 |
The Subject owns the
premises of registered HQ address (8,938 m²), Fish Farming Div.(6,077 m²) and Venture
Building Div.( 735 m²).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Handbags or purses(53121601) |
|
Sell |
Purses and handbags and bags(53121600) |
|
Sell |
Key chains or key cases(46171515) |
|
Buy |
Reptile leather(11162309) |
|
Buy |
Buckles(53141504) |
|
Buy |
Sewing fasteners(53141500) |
|
Buy |
Sliders(31162703) |
|
Buy |
Leathers(11162300) |
|
Buy |
Sheep leather(11162303) |
|
Buy |
Cow leather(11162305) |
|
Buy |
Pig leather(11162306) |
|
Buy |
Reptile leather(11162309) |
|
Buy |
Adhesive corners(44122115) |
|
Buy |
Zippers(53141503) |
|
Buy |
Miscellaneous sewing supplies(53141600) |
CEO’s
|
Name |
Park Eun-Kwan |
|
Address |
66-1, Samseong-dong, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
03/21/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
995,000,000 KRW |
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|
Employees |
174 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Citi Bank, Korea-Uiwang Branch Hana Bank-Ahnyang Branch |
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Corporate Registered No. |
110111-0535629 |
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Business Registered No. |
138-81-02603 |
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Permit & Licenses |
Int’l Trade No.: 983574 |
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Shareholder Position |
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Company History |
03/27/2006 Decreased capital to
995,000,000 KRW from 1,000,000,000 KRW 08/13/2003 Moved to the present HQ address
from 550-5, Poil-dong, Uiwang-si, Gyeonggi-do, Korea 2002 Held the cornerstone-laying ceremony
for the new office building 2001 Awarded the Ministerial Prize of
Exemplary Taxpayer from the Ministry of Finance & Economy on the National
Taxpayer's Day 2000 Awarded a medallion in recognition of
the export amount of over U$10,000,000 on the National Export Day 1999 Established the second factory in
Indonesia 1997 Established the fourth factory in
Guangzhou Established a factory in Indonesia 1996 Awarded a medallion in recognition of
the export amount of over U$50,000,000 on the National Export Day 1995 Established the third factory in
Guangzhou Awarded the Productivity Prize (Category:
Globalization) 1993 Established the second factory in
Guangzhou Opened Hong Kong branch office 1992 Established a wholly owned overseas
factory in Guangzhou (China) 1991 Awarded the Industrial Medal of Merit
on the National Export Day. Moved and expanded production facilities 1990 Established New York branch office 1989 Awarded a medallion in recognition of
the export amount of over U$10,000,000 on the National Export Day Awarded a
presidential citation 1988 Awarded a medallion in recognition of
the export amount of over U$5,000,000 on the National Export Day 1987 Established (Simone Ltd.) |
Detailed Information
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Park Eun-Kwan |
Male |
Korean |
06/27/1999 |
|
Director |
M/S. |
Oh In-Sil |
Female |
Korean |
06/27/1999 |
|
Director |
Mr. |
Baik Dae-Hong |
Male |
Korean |
05/16/2007 |
|
Auditor |
Mr. |
Kim Bong-Woo |
Male |
Korean |
09/20/2007 |
Financials Unit:
KRW
|
Year |
Sales |
Assets |
Net income |
|
188,324,409,650 |
147,790,882,335 |
8,052,604,519 |
|
|
06/2006 |
168,271,879,144 |
125,446,196,882 |
7,735,720,876 |
|
06/2005 |
162,109,131,508 |
114,675,269,014 |
10,311,913,758 |
|
06/2004 |
147,155,596,839 |
109,344,307,237 |
7,595,930,861 |
|
06/2003 |
167,264,325,358 |
101,019,780,854 |
7,392,235,428 |
|
06/2002 |
173,389,391,522 |
97,049,437,397 |
14,324,643,508 |
|
06/2001 |
200,103,589,932 |
85,074,224,516 |
14,408,107,455 |
|
06/2000 |
173,394,437,730 |
75,853,927,606 |
10,271,348,841 |
Financial
Description Unit:
KRW
|
Authorized
Capital |
4,000,000,000 |
|
Paid-Up
Capital |
995,000,000 |
|
Total Issues Shares |
99,500 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 06/30/2007 |
As of 06/30/2006 |
As of 06/30/2005 |
|
Total Assets |
147,790,882,335 |
125,446,196,882 |
114,675,269,014 |
|
Current Assets |
99,776,764,740 |
73,156,882,458 |
67,538,971,832 |
|
-Quick Assets |
97,103,085,168 |
70,256,014,330 |
64,651,160,051 |
|
-Inventories |
2,673,679,572 |
2,900,868,128 |
2,887,811,781 |
|
Fixed Assets |
48,014,117,595 |
52,289,314,424 |
47,136,297,182 |
|
-Investment |
18,301,450,666 |
22,024,555,792 |
16,361,305,972 |
|
-Tangibles |
29,490,752,219 |
29,953,577,462 |
30,387,676,913 |
|
-Intangibles |
221,914,710 |
311,181,170 |
387,314,297 |
|
Total Liabilities |
46,987,038,719 |
30,446,050,732 |
24,203,987,786 |
|
Current Liabilities |
46,773,367,931 |
29,000,519,187 |
22,594,464,850 |
|
Fixed Liabilities |
213,670,788 |
1,445,531,545 |
1,609,522,936 |
|
Capital Stock |
995,000,000 |
995,000,000 |
1,000,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
99,257,922,252 |
94,305,317,733 |
89,592,152,262 |
|
Capital Adjustment |
550,921,364 |
(-)300,171,583 |
(-)120,871,034 |
|
Total Equity |
100,803,843,616 |
95,000,146,150 |
90,471,281,228 |
|
Liab. &
Shareholder’s Equity |
147,790,882,335 |
125,446,196,882 |
114,675,269,014 |
|
Current
Liabilities |
46,773,367,931 |
29,000,519,187 |
22,594,464,850 |
|
Trade Payables |
15,636,142,706 |
9,701,891,112 |
11,276,029,819 |
|
Account Payables |
1,181,037,369 |
712,909,607 |
781,609,033 |
|
Short-Term Borrowings |
17,745,324,495 |
13,339,110,347 |
6,374,495,490 |
|
Withholdings |
539,250,603 |
92,362,723 |
104,907,093 |
|
Advance Receipts |
921,420,484 |
1,451,550,898 |
919,700,515 |
|
Accrued Income Tax |
2,783,737,320 |
2,296,305,500 |
2,223,058,900 |
|
Current Portion of Long-Term Debts |
2,952,377,500 |
1,406,389,000 |
914,664,000 |
|
Provision for payment in subrogation |
4,832,000,000 |
- |
- |
|
Deferred Income Tax Credit |
182,077,454 |
- |
|
|
Fixed
Liabilities |
213,670,788 |
1,445,531,545 |
1,609,522,936 |
|
Provision for Severance & Retirement |
182,956,661 |
211,559,730 |
207,603,120 |
|
Leasehold Deposit Received |
150,000,000 |
1,351,270,000 |
1,547,242,000 |
|
Deferred Income Tax Credit |
- |
30,793,626 |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 06/30/2007 |
As of 06/30/2006 |
As of 06/30/2005 |
|
Sales |
188,324,409,650 |
168,271,879,144 |
162,109,131,508 |
|
-Products |
186,577,671,525 |
166,279,452,011 |
161,271,580,174 |
|
-Fish Farming |
209,003,000 |
127,553,000 |
86,119,000 |
|
-Others |
1,537,735,125 |
1,864,874,133 |
751,432,334 |
|
Cost of Sold Goods |
157,568,150,819 |
143,476,195,598 |
135,362,133,126 |
|
Gross Profit |
30,756,258,831 |
24,795,683,546 |
26,746,998,382 |
|
Selling & Admin. Expenses |
15,358,841,043 |
14,500,964,479 |
12,373,389,794 |
|
Operating Income |
15,397,417,788 |
10,294,719,067 |
14,373,608,588 |
|
Non-Operating Income |
10,330,352,521 |
10,059,914,449 |
3,979,587,716 |
|
Non-Operating expenses |
11,803,231,156 |
6,835,708,037 |
3,519,722,879 |
|
Ordinary Income |
13,924,539,153 |
13,518,925,479 |
14,833,473,425 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
13,924,539,153 |
13,518,925,479 |
14,833,473,425 |
|
Income Taxes Expenses |
5,871,934,634 |
5,783,204,603 |
4,521,559,667 |
|
Net Income |
8,052,604,519 |
7,735,720,876 |
10,311,913,758 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 06/30/2007 |
As of 06/30/2006 |
As of 06/30/2005 |
|
Cash Flows from Operating |
15,848,548,011 |
13,102,137,780 |
10,312,152,094 |
|
-Net Income |
8,052,604,519 |
7,735,720,876 |
10,311,913,758 |
|
-Exp. without Cash Outflow |
11,775,115,116 |
6,893,209,508 |
2,101,128,699 |
|
-Revenue without Cash Inflows |
(-)4,620,493,654 |
(-)3,261,167,392 |
(-)567,076,157 |
|
-Changes in Asset/ & Liability |
641,322,030 |
1,734,374,788 |
(-)1,533,814,206 |
|
Cash Flows from Investing |
(-)19,734,174,204 |
(-)18,232,154,576 |
(-)8,380,496,800 |
|
-Cash Inflow from Investing |
17,227,398,455 |
22,443,451,041 |
16,545,171,979 |
|
-Cash Outflows for Investing |
(-)36,961,572,659 |
(-)40,675,605,617 |
(-)24,925,668,779 |
|
Cash Flows from Financing |
1,444,143,114 |
3,770,460,586 |
(-)5,673,521,403 |
|
-Cash Inflows from Financing |
4,429,143,114 |
6,890,460,586 |
- |
|
-Cash Outflows from Financing |
(-)2,985,000,000 |
(-)3,120,000,000 |
(-)5,673,521,403 |
|
Increase/Decrease in Cash |
(-)2,441,483,079 |
(-)1,359,556,210 |
(-)3,741,866,109 |
|
Cash at the Beginning of Year |
9,463,333,725 |
10,822,889,935 |
14,564,756,044 |
|
Cash at the End of Year |
7,021,850,646 |
9,463,333,725 |
10,822,889,935 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Handbag Wallet Fish Farming |
Trade
Partners
|
Suppliers |
PANYU SIMONE HANDBAG CO.LTD-CHINA PT. SIMONE HANDBAG CO.LTD-INDONESIA LAIZHOU SKY MAX LEATHER PRODUCTS-CHINA (*) The Subject Company supplies the raw
materials to the above companies and imported the completed products from
them as well. |
|
Customers |
The Subject exports all products by OEM
System. POLO, Calvin Klein, Guess, Esprit etc. |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
DUKE & JASE DEVELOPMENT CO., LTD. SPLLC (42.5% held by the subject company) |
|
Overseas Office |
Hong Kong Office Address: 1801, WING KWOK CENTRE, 182 WOOSUNG
STREET, JORDAN, KOWLOON, HONG KONG Tel: 852 -2314 -1240 Fax: 852 –2314-4161 New York Office Address: 330, 5TH AVENUE, SUIT 302, NEW
YORK, N.Y 10001 U.S.A Tel: 1-212 -594 -0059 Fax: 1-212 -594 -0062 |
|
Subsidiary |
PANYU SIMONE HANDBAG CO.LTD-CHINA (100.0% held by the subject company) Hwalong Town, Panyu, Guangzhou, Guangdong,
China Tel: 86-20-4755337 Fax: 86-20-4755459 PT. SIMONE HANDBAG CO.LTD-INDONESIA (95.0% held by the subject company) JL. Raya Clcadas, Desa Cldadas Rt. 13/Rw 04
Kec, Gn Purti Kab, Bogor, 16964 Jawa Barat, Indonesia Tel: 62-21-867-0763/4 Fax 62-21-867-0302/3 LAIZHOU SKY MAX LEATHER PRODUCTS-CHINA (25.0% held by the subject company) JUNGHA CORPORATION(110111-1660962) (82.7% held by the subject company) SIMONE NC CO.,LTD(110111-3082429) (60.0% held by the subject company) SIMONE FC CO., LTD. (90.0% held by the subject company) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
186,577,671,525 |
166,279,452,011 |
161,271,580,174 |
|
Domestic-Fish Farming |
209,003,000 |
127,553,000 |
86,119,000 |
|
Domestic-Others |
1,537,735,125 |
1,864,874,133 |
751,432,334 |
|
Total |
188,324,409,650 |
168,271,879,144 |
162,109,131,508 |
The Subject exports to China, Indonesia, Italy and USA.
No.
News Clipping
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. |
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%)