MIRA
INFORM REPORT
|
Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SK NETWORKS CO., LTD. |
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Registered Office : |
4, Pyeong-dong, Gwonseon-gu, Suwon-si, Gyeonggi-do 441-230 |
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Country : |
Korea |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
03.24.1956 |
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Com. Reg. No.: |
124-81-00718 |
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Legal Form : |
Listed Company |
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Line of Business : |
Wholesale of Non-Specialized Goods |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
Basic
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Company Name |
SK NETWORKS CO., LTD. |
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Registered Address |
4, Pyeong-dong, Gwonseon-gu, Suwon-si,
Gyeonggi-do, Korea |
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Zip Code |
441-230 |
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Tel |
+82-2-2221-2114 |
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Fax |
+82-2-2221-0080 |
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E-mail |
ikari78@sknetworks.co.kr |
|
Website |
www.sknetworks.co.kr |
|
Trading Address |
4, Pyeong-dong, Gwonseon-gu, Suwon-si,
Gyeonggi-do, Korea |
|
Tel |
+82-2-2221-2114 |
|
Fax |
+82-2-2221-0080 |
|
Euljiro HQ Office |
198, Euljiro 2(i)-ga, Jung-gu, Seoul,
Korea |
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Tel |
+82-70-7800-2114 |
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Fax |
+82-2-754-9414 |
|
Myungdong HQ Office |
199-15, Euljiro 2(i)-ga, Jung-gu, Seoul,
Korea |
|
Fashion Business Div. |
3FL., Korea Chamber of Commerce, 45,
Namdaemunno 4-ga ,Jung-gu, Seoul, Korea |
|
Tel |
+82-70-7800-4883 |
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Pohang Branch |
1087-2, Duho-dong, Buk-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-252-3468 |
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Fax |
+82-54-252-2645 |
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Mokpo Branch |
1121-4, Sang-dong, Mokpo-si, Jeollanam-do, Korea |
|
Tel |
+82-61-285-6051 |
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Fax |
+82-61-284-6091 |
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Gangneung Branch |
1288, Ponam 2-dong, Gangneung-si, Gangwon-do, Korea |
|
Tel |
+82-33-647-4611 |
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Fax |
+82-33-647-2311 |
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Suncheon Branch |
1433-3, Yeonhyang-dong, Suncheon-si, Jeollanam-do, Korea |
|
Tel |
+82-61-744-2490 |
|
Fax |
+82-61-744-2489 |
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Ulsan Branch |
1497-5, Samsan-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-276-4298 |
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Fax |
+82-52-271-6083 |
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Yongin Branch |
267-2, Nongseo-ri, Giheung-eup, Giheung-gu, Yongin-si, Gyeonggi-do,
Korea |
|
Tel |
+82-31-285-8733 |
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Uijeongbu Branch |
2nd Fl., 476, Uijeongbu 2-dong, Uijeongbu-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-876-3015 |
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Fax |
+82-31-876-1907 |
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Yeoju Branch |
444-12, Jeombong 1-ri, Yeoju-eup, Yeoju-gun, Gyeonggi-do, Korea |
|
Tel |
+82-31-883-6600 |
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Bucheon Branch |
621-1, Sang 2-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do, Korea |
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Tel |
+82-32-328-5182 |
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Fax |
|
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Type |
Export/Import |
|
Industry |
Wholesale of Non-Specialized Goods |
|
Main Business |
Fabrics, Chemicals, Steel, System Related Total Solutions, Clothing,
Cellular Telephone |
|
Established (mm/dd/yyyy) |
03/24/1956 |
The Subject owns
the premises of the registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Petroleum and distillates(15101500) |
|
Sell |
Clothing(53100000) |
|
Sell |
Corporate uniforms(53102710) |
|
Sell |
Fuels and Fuel Additives and Lubricants and Anti corrosive
Materials(15000000) |
|
Sell |
System administrators(81111800) |
|
Sell |
Information Technology Broadcasting and Telecommunications(43000000) |
|
Sell |
Digital video disk players or recorders(52161516) |
|
Sell |
Vehicle maintenance and repair services(78180100) |
|
Sell |
Mobile communications services(83111600) |
|
Sell |
World wide web WWW site operation host services(81112105) |
|
Sell |
School uniforms(53102705) |
|
Sell |
Structural materials and basic shapes(30100000) |
|
Sell |
Fabrics and leather materials(11160000) |
|
Sell |
Plywood(11121609) |
CEO’s
|
Name |
Jung Man-Won |
|
Address |
- |
|
Date of Birth |
10/05/1952 |
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Title |
President & CEO |
|
Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
635,676,652,500 KRW |
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Employees |
2,311 |
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Formation |
Listed Company (KSE : 001740 ) as of
06/30/1977 A company of SK Business Group |
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Bank Details |
Hana Bank |
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Corporate Registered No. |
130111-0005199 |
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Business Registered No. |
124-81-00718 |
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Permit & Licenses |
Int’l Trade No.: 670904 |
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Shareholder Position |
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Company History |
1956-03-24 SK Global(Sunkyong Limited) established 2003-03-19 Started the management by the Creditors of Financial Institutes 2003-10-27 Signed the agreement on the
execution of the Plan for strengthening operation 2005-05
Sold the equity share of SK Life Insurance 2007-04-17 Finished the Management
Procedure by the Creditors of Financial Institutes 2008-01-29 The Subject decided to acquire
OBZEE CO., LTD.(110111-1048960) as of 03/31/2008 |
The Subject Company is a Korea-based company
mainly engaged in the network, telecommunication, energy and trading
businesses. The Company’s network business provides leased line service through
maintaining the fiber optical network. The telecommunication business segment
focuses on the wholesale, retail, export and import of telecommunication
devices. Its energy business segment markets oil products such as gasoline,
kerosene, light oil, lubricating oil, asphalt and liquefied natural gas (LNG),
as well as provides automobile related services. The trading segment offers a
broad array of logistics and marketing services for the import and export of
energy, petrochemical and steel products. In addition, the Company is also
involved in the operation of convenience stores and gas stations, as well as
the provision of fashion goods. During the year ended December 31, 2006, the
telecommunication and energy business accounted for approximately 20% and 40%
of total sales, respectively.
The subject deals with the companies in
China, Indonesia, Japan and USA.
Since 03/19/2003, the subject has been
managed by the association of creditors according to be classified as a company
having the indication of not sound financial structure based on the related
law. As the restructuring procedure from the agreement with the creditors, the
subject has been engaged in restructuring, selling the stocks & bonds hold,
enhancement of sales performance and negotiation of debt. And major debt has
been suspended until 12/31/2007.
But as of 04/17/2007 the restructuring
procedure has been completed by the decision from the creditors.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Jung Man-Won |
Male |
Korean |
1952. 10. 05 |
|
Director |
Mr. |
Lee Chang-Kyu |
Male |
Korean |
1956. 02. 10 |
|
Director |
Mr. |
Cho Ki-Heng |
Male |
Korean |
1959. 01. 05 |
|
Director |
Mr. |
Choi Sang-Hoon |
Male |
Korean |
1952. 10. 18 |
|
Outside Director |
Mr. |
Kwon Seung-Hee |
Male |
Korean |
1950. 05. 01 |
|
Outside Director |
Mr. |
Kim Young-Han |
Male |
Korean |
1950. 08. 22 |
|
Outside Director |
Mr. |
Yoon Chang-Hyun |
Male |
Korean |
1960. 07. 28 |
|
Outside Director |
Mr. |
Lee Young-Chul |
Male |
Korean |
1949. 05. 26 |
|
Outside Director |
Mr. |
Chang Byung-Joo |
Male |
Korean |
1945. 09. 18 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2007 |
17,686,274,023,495 |
6,264,010,494,308 |
590,557,005,160 |
|
2006 |
15,784,019,148,561 |
5,832,208,519,481 |
473,936,092,951 |
|
2005 |
14,879,511,552,609 |
5,228,066,986,700 |
456,078,604,780 |
|
2004 |
13,613,718,718,390 |
4,408,265,423,877 |
460,628,881,668 |
Financial Description
Unit: KRW
|
Authorized
Capital |
3,750,000,000,000 |
|
Paid-Up
Capital |
635,676,652,500 |
|
Total Issues Shares |
243,110,446 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
6,052,447,251,461 |
6,264,010,494,308 |
5,832,208,519,481 |
|
Current Assets |
2,447,636,980,455 |
2,413,269,061,967 |
2,730,511,360,558 |
|
-Quick Assets |
1,738,845,911,274 |
1,718,072,324,326 |
2,052,401,266,892 |
|
-Inventories |
708,791,069,181 |
695,196,737,641 |
678,110,093,666 |
|
Fixed Assets |
3,604,810,271,006 |
3,850,741,432,341 |
3,101,697,158,923 |
|
-Investment |
1,147,840,259,170 |
1,489,613,759,324 |
777,586,303,075 |
|
-Tangibles |
2,236,734,074,989 |
2,193,587,752,304 |
2,046,066,022,060 |
|
-Intangibles |
17,904,450,994 |
-1,783,666,986 |
-14,330,877,989 |
|
-Others |
202,331,485,853 |
169,323,587,699 |
292,375,711,777 |
|
Total Liabilities |
4,713,239,659,204 |
4,629,383,731,490 |
4,563,109,329,595 |
|
Current Liabilities |
3,221,059,926,744 |
3,140,542,141,158 |
2,255,030,175,542 |
|
Fixed Liabilities |
1,492,179,732,460 |
1,488,841,590,332 |
2,308,079,154,053 |
|
Capital Stock |
634,679,605,000 |
628,223,592,500 |
626,547,970,000 |
|
Capital Surplus |
91,371,965,303 |
35,505,569,945 |
31,161,618,745 |
|
Profit Surplus |
739,970,504,059 |
671,175,725,688 |
507,162,233,028 |
|
Capital Adjustment |
-126,814,482,105 |
299,721,874,685 |
104,227,368,113 |
|
Total Equity |
1,339,207,592,257 |
1,634,626,762,818 |
1,269,099,189,886 |
|
Liab. & Shareholder’s Equity |
6,052,447,251,461 |
6,264,010,494,308 |
5,832,208,519,481 |
|
Current Liabilities |
3,221,059,926,744 |
3,140,542,141,158 |
2,255,030,175,542 |
|
Trade Payables |
2,318,937,741,385 |
2,254,901,763,754 |
1,986,430,597,239 |
|
Short-Term Borrowings |
546,934,312,496 |
364,905,373,202 |
4,408,088,114 |
|
Account Payables |
133,501,161,201 |
170,186,539,462 |
160,936,353,542 |
|
Advance Receipts |
23,190,773,595 |
24,382,043,970 |
56,790,351,597 |
|
Unearned Income |
263,634,390 |
158,725,303 |
1,412,344,687 |
|
Withholdings |
13,636,714,327 |
12,890,821,824 |
13,146,645,802 |
|
Guarantee Deposit Withhold |
35,864,508,099 |
34,868,571,589 |
31,379,899,066 |
|
Accrued Expenses |
1,314,306,104 |
20,408,037,769 |
61,095,495 |
|
Current Portion of Long-Term Debts |
145,801,284,686 |
258,075,471,156 |
464,800,000 |
|
Accrued Income Tax |
994,574,354 |
- |
- |
|
Accrued Dividends |
683,267,400 |
- |
- |
|
Fixed
Liabilities |
1,492,179,732,460 |
1,488,841,590,332 |
2,308,079,154,053 |
|
Debentures |
50,000,000,000 |
50,000,000,000 |
|
|
Bond with Warrant |
- |
700,000,000 |
29,361,955,168 |
|
Long-Term Borrowings |
1,391,631,623,883 |
1,390,982,141,257 |
2,256,225,583,532 |
|
Long-Term Accrued Interests |
- |
- |
4,754,610,894 |
|
Long-Term Advance Receipts |
- |
- |
1,817,800,000 |
|
Long-Term Account Payables |
- |
1,876,400,000 |
- |
|
Provision for Severance & Retirement |
83,895,236,150 |
79,249,674,923 |
70,614,674,752 |
|
Other Provisions |
3,091,669,367 |
832,731,404 |
1,097,534,133 |
Income
Statement
|
Unit : Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
5,107,402,399,152 |
17,686,274,023,495 |
15,784,019,148,561 |
|
Cost of Sold Goods |
4,728,720,609,001 |
16,359,462,548,625 |
14,528,822,084,850 |
|
Gross Profit |
378,681,790,151 |
1,326,811,474,870 |
1,255,197,063,711 |
|
Selling & Admin. Expenses |
258,198,396,880 |
951,709,120,599 |
866,967,350,420 |
|
Operating Income |
120,483,393,271 |
375,102,354,271 |
388,229,713,291 |
|
Non-Operating Income |
115,849,656,415 |
491,752,630,349 |
220,238,140,992 |
|
Non-Operating expenses |
147,932,301,962 |
315,294,526,376 |
270,936,849,457 |
|
Ordinary Income |
88,400,747,724 |
551,560,458,244 |
337,531,004,826 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
88,400,747,724 |
551,560,458,244 |
337,531,004,826 |
|
Income Taxes Expenses |
19,605,969,353 |
-38,996,546,916 |
-136,405,088,125 |
|
Net Income |
68,794,778,371 |
590,557,005,160 |
473,936,092,951 |
Cash
Flows
|
Unit : Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
240,120,272,551 |
613,478,396,426 |
229,027,566,648 |
|
-Net Income |
68,794,778,371 |
590,557,005,160 |
473,936,092,951 |
|
-Exp. without Cash Outflow |
124,515,492,651 |
260,729,475,351 |
223,025,969,912 |
|
-Revenue
without Cash Inflows |
(-)76,788,692,166 |
(-)388,166,433,262 |
(-)90,474,044,361 |
|
-Changes in
Asset/ & Liability |
123,598,693,695 |
150,358,349,177 |
(-)377,460,451,854 |
|
Cash Flows
from Investing |
80,724,900,087 |
(-)364,039,502,139 |
(-)368,373,106,880 |
|
-Cash Inflow
from Investing |
270,851,955,434 |
408,652,088,694 |
94,445,832,209 |
|
-Cash
Outflows for Investing |
(-)190,127,055,347 |
(-)772,691,590,833 |
(-)462,818,939,089 |
|
Cash Flows
from Financing |
(-)224,720,189,538 |
(-)651,719,537,437 |
(-)269,521,130,315 |
|
-Cash
Inflows from Financing |
742,933,575,229 |
3,643,027,854,729 |
13,473,345,275 |
|
-Cash
Outflows from Financing |
(-)967,653,764,767 |
(-)4,294,747,392,166 |
(-)282,994,475,590 |
|
Increase/Decrease
in Cash |
96,124,983,100 |
(-)402,280,643,150 |
(-)408,866,670,547 |
|
Cash at the
Beginning of Year |
115,626,896,325 |
517,907,539,475 |
926,774,210,022 |
|
Cash at the End of Year |
211,751,879,425 |
115,626,896,325 |
517,907,539,475 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Global Business -Resources & Energy -Chemicals -Steel -Mobile phone Domestic Business -Network Business/ VoIP : Voice over Internet Protocol -Information & Telecommunication -Fashion -Convenience Store Business |
Organization Structure
|
Suppliers |
SK Corporation |
|
Competitors |
-INFO & TELECOMMUNICATION KT POWER COM DREAM LINE DACOM SKN HANARO -ENERGY GS CALTEX S-OIL HYUNDAI OIL BANK INCHEON OIL -INT’L TRADING LG INTERNATIONAL CORPORATION ADDRESS: 12TH FL., LG TWIN TOWER EAST ANNEX, 20,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL: 82-2-3773-5114 FAX: 82-2-3773-5273 INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS HYUNDAI
CORPORATION ADDRESS: HUNGKUK LIFE INSURANCE BD 226,
SINMUNNO 1-GA, JONGNO-GU, SEOUL 110-786 KOREA TEL: 82-2-390-1114 FAX: 82-2-390-1101 INDUSTRY: WHOLESALE OF NON-SPECIALIZED
GOODS DAEWOO
INTERNATIONAL CORPORATION ADDRESS: DAEWOO CENTER BLDG., 541,
NAMDAEMUNNO 5-GA, JUNG-GU, SEOUL 100-714 KOREA TEL: 82-2-759-2114 FAX: 82-2-753-9489 INDUSTRY: WHOLESALE OF NON-SPECIALIZED
GOODS HYOSUNG
CORPORATION ADDRESS: HYOSUNG BLDG., 450, GONGDEOK
2-DONG, MAPO-GU, SEOUL 121-720 KOREA TEL: 82-2-707-7000 FAX: 82-2-707-0130 INDUSTRY: MAN-MADE FIBERS SPINNING SAMSUNG
CORPORATION ADDRESS: 310, TAEPYEONGNO 2-GA, JUNG-GU,
SEOUL 100-865 KOREA TEL: 82-2-2145-2114 FAX: 82-2-2145-3114 INDUSTRY: WHOLESALE OF NON-SPECIALIZED
GOODS SSANGYONG
CORPORATION ADDRESS: SSANGYONG BLDG., 24-1, JEODONG
2-GA, JUNG-GU, SEOUL 100-748 KOREA TEL: 82-2-2270-8114 FAX: 82-2-2270-8334 INDUSTRY: WHOLESALE OF NON-SPECIALIZED
GOODS |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliate |
SK CHEMICALS
CO.,LTD 130111-0005727 SK GAS LTD 110111-0413247 SKC LTD 130111-0001585 DAEHAN CITY
GAS LTD 110111-0235617 PUSAN CITY GAS
CO.,LTD 180111-0039495 DONGSHIN
PHARMACEUTICAL CO.,LTD 110111-0166250 SK E&S
CO., LTD. 110111-1632979 DAEHAN OIL
PIPELINE CORPORATION 110111-0671522 SK INCHEON OIL
CO.,LTD. 110111-0008197 CHONGJU CITY
GAS CO.,LTD 150111-0006200 POHANG CITY
GAS CO.,LTD 174611-0007531 KUMI CITY GAS
CO.,LTD 175311-0001570 CHONNAM CITY
GAS 201311-0000503 KANGWON CITY
GAS.CO.,LTD 140111-0002010 IKSAN CITY GAS
CO.,LTD 214911-0004699 SK NJC CO.,
LTD. 130111-0046094 DAE HAN CITY
GAS ENGINEERING CO.LTD. 110111-0429608 SK CYTEC CO.,
LTD. 130111-0021658 K-POWER
CO.,LTD. 110111-1492240 IKSAN ENERGY
CO,LTD 214911-0004136 CHOONG NAM
CITY GAS CO., LTD 160111-0007595 SK UTIS CO.,
LTD. 135811-0113802 SKCTA
CORPORATION 110111-3222570 IN2GEN 110111-2024258 SK
PETROCHEMICAL 135811-0120906 SK MOBILE
ENERGY CO.,LTD. 161511-0076070 SK TELECOM
CO.,LTD 110111-0371346 SEOUL, INC. 134111-0010706 IHQ, INC 110111-0042393 SK C&C 110111-0769583 SK TELESYS
CO.,LTD 110111-1405897 SK
COMMUNICATIONS 110111-1700924 SK TELINK,
CORP. 110111-1533599 OKCASHBAG
SERVICE CO..LTD 110111-1873432 INFOSEC
CO.,LTD 110111-2007858 WIDERTHAN
CO.,LTD 110111-1998701 INNOACE
CO.,LTD 110111-2104026 AIRCROSS CO.,
LTD. 110111-2121765 ENCAR NETWORKS
LTD. 110111-2125270 PAXNET, INC. 110111-1698830 TU MEDIA
CORPORATION 110111-2907826 INDEPENDENCE 110111-2010116 SKC MEDIA CO.,
LTD. 161511-0076377 YTN MEDIA INC 110111-2031477 IFILM CO.,LTD. 110111-2857451 SK I-MEDIA
CO.LTD. 110111-3505851 SK CORPORATION 110111-0022816 SK ENGINEERING
& CONSTRUCTION CO., LTD 110111-0038805 SK SHIPPING
CO., LTD 110111-0311392 WALKERHILL
INC. 110111-0142854 STELLAR
SHIPPING CO., LTD 110111-1655822. MRO KOREA
CO.,LTD 110111-2016940 OILCHAIN
CORPORATION 110111-2194754 APERON 110111-3001685 SK SECURITIES
CO.,LTD 110111-0037112 SK CAPITAL
CO., LTD. 110111-1189219 GLOBAL CREDIT
& INFORMATION 135311-0003300 SK WYVERNS CO.,
LTD 120111-0217366 ENTRY SOFT ECOL GREEN Total 56
companies |
|
Overseas
Office |
SK NETWORKS
CO., LTD. QINGDAO BRANCH ROOM 1403,
HISENSE TOWER 17 DONGHAI XI ROAD, QINGDAO , CHINA TEL :
86-(532)-387-4331, 4333, 7054, 7187, 4440 FAX : 86-(532)-387-4555 SK NETWORKS
CO., LTD. GUANGZHOU BRANCH ROOM 1706, OFFICE
TOWER , CITIC PLAZA, NO.233 TIANHE ROAD NORTH , TIANHE DISTRICT, GUANGZHOU ,
CHINA (510613) TEL :
86-(20)-3891-2445 FAX : 86-(20)-8732-0869
SK NETWORKS
CO., LTD. WUHAN BRANCH ROOM 705,
WUHAN INT'L TRADE COMMERCIAL CENTRE, NO.297 XINHUA BACK ROAD , WUHAN , CHINA
(430022) TEL :
86-(27)-8577-5840, 5842, 5847 86-(27)-8572-4634, 4644 / FAX :
86-(27)-8577-5851 SK NETWORKS
CO., LTD. CHENGDU OFFICE
24 THFL. CHUANZIN MANSION , 18 SEC.2 RENMIN SOUTH ROAD , CHENGDU , CHINA
(610016) TEL :
86-(28)-6199-755~9 FAX : 86-(28)-6200-155
SK NETWORKS
CO., LTD. DALIAN OFFICE 18TH FLOOR,
SENMAO BLDG. 147 ZHONG SHAN ROAD XIIGANG DISTRICT, DALIAN , CHINA
(116011) TEL :
86-(411)-8360-9393 FAX : 86-(411)-8369-3924 SK GLOBAL HONG
KONG LTD. TAIPEI BRANCH 5TH FLOOR ROOM
A-1 NO.287 NAN-KING EAST ROAD, SEC.3, TAIPEI, TAIWAN, R.O.C. TEL :
886-(2)-2718-3949 FAX : 886-(2)-2514-0377, 0294 SK NETWORKS
CO., LTD. HARBIN OFFICE
4TH FI., SONGLEIL GROUP BLDG. 160 ZHONGSHAN ST. , DONGLI DIST. HARBIN , CHINA
(150040) TEL :
86-(451)-264-8505 FAX : 86-(451)-246-8492
SK NETWORKS
CO., LTD. SHANGHAI BRANCH ROOM NO.2310,
INTERNATIONAL TRADE CENTER, 2201, YAN AN ROAD (W), SHANGHAI, CHINA TEL :
86-(21)-6295-0088 / FAX : 86-(21)-6295-0033/55 SK NETWORKS
(CHINA) HOLDINGS CO., LTD. SK NETWORKS PS (SHANTOU) CO., LTD SHENYANG SK
NETWORKS ENERGY CO., LTD 18/F BLOCKA
PRESIDENT BUILDING, NO.69HEPING NORTH STREET, HEPING
DISTRICT, SHENYANG CITY, LIAONING PROVINCE, CHINA TEL : 86-(24)-2281-4330
/ FAX : 86-(24)-2281-4334,4340,4350 |
|
Subsidiary |
SK NETWORKS
DEUTSCHLAND GMBH(100% held by the subject company) SK NETWORKS
AUSTRALIA PTY LTD.(100% held by the subject company) KIWI STEEL NZ
LTD.(100% held by the subject company) CNTIC-SK
TRADING CO., LTD.(49% held by the subject company) ZHANGJIAGANG
SKOK METAL PRODUCTS CO., LTD(100% held by the subject company) SHENYANG SK
NETWORKS ENERGY CO., LTD (50% held by the subject company) SKN (CHINA)
HOLDINGS CO., LTD(100% held by the subject company) PINRISE(40%
held by the subject company) MEIJING(23.61%
held by the subject company) SK GLOBAL
ASIA-PACIFIC PTE. LTD.(60.78% held by the subject company) SK GLOBAL HONG
KONG LTD.(57.75% held by the subject company) SK GLOBAL
EUROPE LTD.(65.06% held by the subject company) |
|
Cooperative
Enterprise |
Tommy Hilfiger Licensing, Inc. |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :
KRW |
2007 |
2006 |
2005 |
|
Export |
3,295,502,759,121 |
2,468,437,701,835 |
|
|
Domestic |
14,525,808,759,285 |
13,530,705,692,126 |
|
|
Total |
17,686,274,023,495 |
15,784,019,148,561 |
|
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2008 Na19708 |
Seoul High Court |
SGWICUS Corporation(110111-0048002) |
The Subject Company |
Refund on illegal profits |
26,436,167,852 |
Proceeding |
|
2008 Kahap
10865 |
Seoul Central District Court |
The Subject Company |
Gangnam District Office, Seoul, Korea |
Telecommunication Cable |
20,000,100 |
Proceeding |
|
2008 Kadan
77571 |
Seoul Central District Court |
The Subject Company |
UC Industry Community On Line Services Inc.(110111-1501249) |
Telecommunication Fee |
70,813,990 |
Proceeding |
|
2008 Kadan
32448 |
Seoul Central District Court |
The Subject Company |
SP CORP.( 110111-1752800) & Others(1) |
Claim for Account Receivable |
1,302,457,264 |
Proceeding |
|
2007 Kahap
7671 |
Seoul Central District Court |
Kim Jong-Soo |
The Subject Company |
Claim for damages |
147,666,600 |
Proceeding |
|
2007 Kahap
4166 |
Seoul Nambu District Court |
SG Wicars |
The Subject Company |
Refund on illegal profits |
26,436,167,852 |
Proceeding |
|
2006 Kaso
82825 |
Seoul Central District Court |
Han Cheong-Hee and others(3) |
The Subject Company |
Claim for damages |
12,288,000 |
Proceeding |
|
2006 Kahap 47023 |
Seoul Central District Court |
Park Byung-Joo and others(3) |
The Subject Company |
Refund on guarantee deposits |
186,966,666 |
Proceeding |
|
2006 Kuhap 8380 |
Suwon District Court |
The Subject Company |
Suwon Tax Office |
Cancellation on VAT |
619,855,080 |
Proceeding |
|
2006 Kahap 98380 |
Seoul Central District Court |
SG Wicars |
The Subject Company |
Confirmation on not existing liabilities |
1,649,232,599 |
Proceeding |
|
2006 Kahap 23353 |
Suwon District Court |
Dongmung Special Construction |
The Subject Company |
Unacceptable on dividends |
216,007,000 |
Proceeding |
|
2006 Kahap 4687 |
Goyang Branch Court |
The Subject Company |
Won Young-Man |
Claim for Trade Receivables |
186,000,000 |
Proceeding |
News
Clipping
SK offers sweet used car warranty
JoongangIlbo & Joins.com:06/05/2008
SK Networks Company will enter the local
used car market with a nearly unprecedented warranty of two years or 40,000 kilometers
(24,854 miles), the trading unit of the SK Group said yesterday.
“The current used-car market in Korea gives
sellers the advantage, rather than buyers,” CEO Jung Man-won said at a press
conference yesterday.
“We will change that with this rare warranty
and rational price system.
We have spent three years designing them.”
SK Networks’ warranty is expected to create
a buzz in the local market, as the best current warranty, offered for used
Toyota models, only covers up to one year.
The Korean company already caused a stir in
the local vehicle market by launching the parallel import business late last
year for the first time among affiliates of local conglomerates.
SK Networks will use its some 600 branches
of its Speed Mate car repair shops nationwide as the bases for its new used car
business.
The company hopes to help the trade volume
of used cars in the country grow to be 2.5 times larger than the trade volume
of new cars, Jung said.
Currently, used car trade volume is 1.5
times higher than new car trade volume.
Meanwhile, SK Networks aims to secure
natural resources worth 30 trillion won ($29.5 billion) by 2014, Jung added.
“`We are focusing on minerals in China,
Indonesia, Australia and Kazakhstan,” he said.
The company currently has mineral supplies,
including copper, zinc, lead and coal, valued at 6 trillion won.
By Moon So-young Staff Reporter
[symoon@joongang.co.kr]
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. –
SK Networks to exceed this year`s sales
target
Korea Herald:12/24/2007
SK Networks Co., the country`s largest
parallel importer of automobiles, is likely to exceed its sales target of 150
units set for this year.
According to SK Networks, its sales reached
130 vehicles by Friday, one month since it began selling imported vehicles on
Nov. 22. The company`s sales figure equates to more than 40 vehicles sold every
10 days, pushing the company`s potential sales for the year to around 170
units.
The company imports 10 models produced by
German automakers Audi, BMW and Mercedes-Benz, and Lexus and Toyota vehicles
produced by Japan`s Toyota Motor Corp.
Of the 130 vehicles the company has sold
during its one month in operation, 70 were accounted for by the three
Mercedes-Benz vehicles - S600, S550 and E350 - it imports from the United
States. In contrast, the three models` combined average monthly sales for the
German carmakers official importer Mercedes-Benz Korea this year is 103 units.
The company offers vehicles at prices 6 to
15 percent lower than those offered by the carmakers` official sales
representatives in Korea, prompting some of the official importers to cut
prices in response.
When SK Networks put the luxury sedan Lexus
LS460L, the only Lexus vehicle it imports, on the market for 144 million won
($149,000), Toyota Korea responded by launching the five-seater version of the
car at 143 million won, 20 million won cheaper than the previously offered four-seat
version of the vehicle. SK Networks then responded by lowering the price of the
car by an additional 10 million won.
SK Networks Acquires Women’s Apparel Obzee
Maeil Business Newspaper & mk.co.kr:11/29/2007
SK Networks Co. is poised to reinforce its fashion business by acquiring
Obzee, a local women’s apparel company.
SK Networks made an amalgamation contract with Obzee (CEO: Kang
Jin-young) for acquiring a 54 percent stake in the luxury women’s wear brand
for 50 billion won on November 29, the company disclosed.
With the acquisition of Obzee, SK Networks now has two international
brands that have successfully made inroads into global markets (Y&Kei and
Hanni Y) and three local luxury female clothing brands (Obzee, O’2ND and Club
Monaco) as well as brings in a notable fashion designer couple - Kang Jin-young
& Yoon Han-hee - into the company.
The Kang & Yoon couple made a coup with Obzee in the domestic market
in 1994 and advanced into New York where they brought up new brands, Y&Kei
and Hanni Y, and won the authoritative Rising Star Award in 2003.
Vice-president of SK Networks Lee Chang-kyu said, “We have decided to
acquire Obzee in order to secure many brands that can go global as early as
possible.”
Obzee CEO Kang also explained, “Through years of working in New York, I
have felt strongly about the limits faced by small enterprises in penetrating
the global markets. I thought it would be better to establish a truly global
fashion brand than to build my own fortune.”
SK Networks currently promotes a fashion brand named Richard Chai in New
York and plans to foster ten more global brands by the year 2010.
[Sun-young Park / KHS] [ⓒ Maeil Business Newspaper & mk.co.kr,
All rights reserved]
SK Networks, Posco finish China plant
JoongangIlbo & Joins.com:10/30/2007
Korean trading company SK Networks Co. said yesterday it has completed
construction of a steel-processing plant in eastern China in an alliance with
Korea’s biggest steelmaker Posco to make inroads into the Chinese steel
market.Each year, SK Networks will manufacture 140,000 tons of steel products
used to manufacture liquid crystal displays, digital video discs and personal
computers at the plant in Pinghu, Zhejiang Province, and provide them to IT and
electronics companies in eastern China, SK Networks said in a statement.SK
Networks owns an 80-percent stake in the plant, called POSK-PPC, with Posco
holding the rest, the trading company said. Yonhap
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. –
Shareholders approve SK’s holding company
JoongangIlbo & Joins.com : 05/30/2007
SK Corp. shareholders approved plans to
split Asia’s No. 4 refiner into holding and operating companies to simplify the
group’s structure and enhance corporate governance. Shareholders representing
about 80 percent of outstanding stock all voted in favor of the proposal at a
meeting in Seoul yesterday, SK Corp.
said in a statement.
The reorganized companies will be called SK
Holdings Co. and SK Energy Co. The reorganization is part of efforts by Korea’s
jaebeol groups to become more efficient and increase transparency by separating
unrelated parts of their businesses.
SK, Korea’s third-largest industrial group,
will be the second jaebeol to form a holding company after LG in July 2004.“For
shareholders, the issue has always been that if you’re buying into a share of
SK Corp., you’re also buying into non-core investment assets such as SK
Telecom, SK Networks or SKC,” Cindy Park, a Seoul-based senior analyst at
Nomura International Plc, said yesterday.
“With this split plan, shareholders now have
better clarity in what they are buying into.”The split takes effect July 1.
Holders of SK Corp. stock will get 29 shares
of the holding company for each 100 they own in the refiner, and 71 shares in
the operating company, SK Corp. said April 11.SK Holdings and SK Energy will be
listed separately on the Korea Exchange on July 25, SK Corp. said.
SK Energy will focus on energy and
chemicals, while SK Holdings will concentrate on business investments.SK
Holdings will own 17 percent of SK Energy, 22 percent of SK Telecom Co., 41
percent of SK Networks Co.
and stakes in affiliates SK E&S, SKC
Co., SK Shipping Co. and K-Power Co., SK Corp. said.
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. –
SK Networks Joins Korea Express Acquisition
War
MAEIL NEWSPAPER 05/28/2007
SK Networks joined the fight to acquire
Korea Express and is particularly expected to wage a fierce battle against
Kumho Asiana Group, which had already expressed interest in the logistics
company. The Korea Express sale is to spark off at the end of July after having
progressed at a snail's pace for some time.
According to industry sources on Monday, SK
Group decided to penetrate into the home-delivery logistics market via SK
Networks and stepped into the acquisition battle for Korea Express.
"The need to acquire Korea Express was
thoroughly examined since considerable demand for logistics are present within
the company itself," disclosed the mobile telephone unit distribution and
clothing business involved with SK Networks.
Meanwhile, it is understood that SK Networks
outlined schemes for raising approximately 1.5 trillion won.
Seoul Central District Court's bankruptcy
division, which is in charge of Korea Express' legal management, revealed to
promote the M&A deal even if the issue of contingent liabilities in Libyan
Great Man-Made River Project-the largest M&A obstacle-is not resolved.
This is why SK Networks and Kumho Asiana
Group are busy raising funds to acquire Korea Express.
The court decided to conduct the deal
through over a 50 percent paid-in capital increase. Since the current
aggregated market value of Korea Express is 1.4 trillion won, the estimated
acquisition price is around 1.5 trillion won.
In addition to SK and Kumho Group, CJ, STX,
Lotte, Hanjin and Hanwha Group are known to be undergoing internal discussions
and consultation to join the acquisition war for Korea Express.
[Dong-eun Lee / KHS]
Corporate Restructuring Saves 66% of
Distressed Firms
MAEIL NEWSPAPER :03/01/2007
Since the Corporate Restructuring
Facilitation Act was put into effect in September, 2001, 66 percent of
companies which had shown signs of impending bankruptcy succeeded in
restructuring, according to a report on Wednesday.
Furthermore, it was forecast that
institutional creditors would profit 6.8 trillion won more than the amount that
they had lent those firms for their restructuring plans.
The Financial Supervisory Service (FSS)
disclosed on Feb. 28 that under the Corporate Restructuring Facilitation Act,
47 out of 71 nearly-bankrupt companies (66.2 percent) successfully completed
restructuring with the assistance of institutional creditors and have
normalized their operations or have been sold to third parties.
Eleven firms, including Trigem Computer, are
currently going through the necessary procedures to recuperate, according to
the court's direction, as joint control of those firms by institutional
creditors have been suspended, while a disposal-by-sale is planned or underway
for 13 firms, including Hyundai Engineering & Construction, Hynix
Semiconductor, Daewoo Shipbuilding & Marine Engineering and SK Networks.
Meanwhile, institutional creditors, which
lent 37.6 trillion won to 31 companies among those with signs leading to
bankruptcy, are likely to post a high withdrawal rate of 118.3 percent, as they
are expected to withdraw loans of 44.4 trillion won in total.
Twenty-one-point-two trillion won has
already been collected by the group of institutional creditors, while 23.3
trillion won is estimated to be additionally collected through disposal of
investment-conversion shares and the redemption of credit loans.
Companies which have become the major
shareholder via conversion of investment by institutional creditors, total 46,
while 33 of them have completed sales of creditors' shares, as of the end of
last year.
[Sun-young Park / CJB]
Big mergers, acquisitions on horizon for 2007
JoongangIlbo & Joins.com : 03/01/2007
The majority of Korean companies rescued by local firms have been sold
to third parties or normalized their operations, and large merger and
acquisition deals could transpire during 2007.
The Financial Supervisory Service announced yesterday that since the
implementation of a law encouraging corporate restructuring in September 2001,
47 of 71 companies were either acquired by a third party or were able to return
to normal business operations.
Of the 71, 13 are undergoing debt workout programs led by their
creditors.
The group includes handset maker Pantech Co. and trading company SK
Networks Co. Restructuring efforts have been suspended on 11 companies.Creditor
financial institutions supplied 37.6 trillion won ($39.9 billion) to 31
corporations since the enforcement of the regulation.
Last year saw the sale of Daewoo Engineering and Construction, Korea’s
top builder, to Kumho Asiana Group for over 6 trillion won, and this year will
see other deals of similar magnitude.
Hynix Semiconductor Inc., the world’s second-largest memory chip maker,
has graduated from a debt workout program, and its creditors are working on a
deal to sell Hynix to a third party.
Daewoo Shipbuilding and Marine Engineering is also on the market.
Hyundai Engineering and Construction Co. is another company up for
grabs, but its creditors are torn over ownership.Korea Development Bank, one of
the creditors, maintains that since Hyundai Group, former owner of Hyundai
Construction, was responsible for driving the builder into bankruptcy, it
should not be allowed to bid for it again.Under current law, former owners
considered to have driven an affiliate toward bankruptcy are excluded from
bidding for that company.By Yoo Jee-ho Staff Writer [jeeho@joongang.co.kr]
Korean Firms Still Undervalued
KOREA TIMES: 09-25-2006
By Yoon Ja-young / Staff Reporter
The market value of Korea's top 30 companies listed on the main bourse
is only about one-third of the value of their Japanese counterparts.
According to the Korea Exchange (KRX), the nation's 30
largest-capitalized companies had a combined market value of 416 trillion won
as of Sept. 21, a mere 9.4 percent of the value of the top 30 U.S. companies
and 30 percent of the top 30 Japanese companies.
The top 30 companies' total market value was only slightly more than
that of a single U.S. company, ExxonMobil Corp, which has a market value of 360
trillion won.
Their value was smaller than the aggregate value of the four biggest
Japanese companies, Toyota Motor, Mitsubishi Tokyo Financial Group, Mizuho
Financial Group and Sumimoto Mitsui Financial Group, coming in at 469.7
trillion won.
According to the report, the return on equity (ROE) of the top 30 Korean
firms was 16.9 percent _ lower than the average ROE of the top 30 U.S.
companies at 21.4 percent but higher than the ROE of the top 30 Japanese firms
at 11.3 percent.
This shows that Korean firms are making more profit from investment than
their Japanese counterparts. However, the top 30 Korean firms’ price-earnings
ratio (PER) was 15.5, lower than the Japanese firms’ PER of 53.5. A low PER
means a company’s share price is undervalued, compared with the firm’s
performance. It shows that despite higher profitability, Korean firms’ share price
is seriously undervalued, the KRX said.
SK Networks recorded the highest ROE among all top companies at 45.9,
followed by the Korea Exchange Bank at 34.1. The stock price of SK Networks
soared 120 percent during the last year, the highest rate among the top
businesses of the three countries.
S-Oil recorded the highest price-dividend yield among the 90 companies,
with investors receiving around 7.1 percent of its stock price as dividends.
Mirae Asset Picked as Top Bidder for SK Life
KOREA TIMES: 05-03-2005
By Choi Kyong-ae / Staff Reporter
Mirae Asset Securities said Tuesday that it became the preferred bidder
for SK Life.
``Mirae Asset and SK Networks, the largest shareholder of SK Life,
signed a memorandum of understanding (MOU) for the takeover deal,” said Lee
Nam-yong, in charge of SKN restructuring.
He said Mirae Asset will carry out two to three weeks of due diligence
on the life insurance company before setting the acquisition price.
``The takeover price will be around 220 billion won ($219 million) as
suggested by MetLife last month,” he added.
They are expected to conclude the deal sooner than expected once they
agree to the price.
Mirae Asset had submitted a letter of intent to buy SK Life to Hana
Bank, the key creditor bank of SK Life, earlier last week. It didn’t elaborate
on the details of the terms of the deal
The securities firm aims to become a comprehensive leading financial
group that runs securities, asset management and private equity businesses.
SK Life posted 4.2 trillion won in assets and 16.6 billion won in net
income in the first quarter of this year.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.39 |
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%)