MIRA INFORM REPORT

 

Report Date :

11.04.2012

 

IDENTIFICATION DETAILS

 

Name :

SAMJUNG TECH CO., LTD.

 

 

Registered Office :

9th Fl., Dongyoung Culture Center 772, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea 135-928

 

 

Country :

South Korea

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

12.07.1999

 

 

Com. Reg. No.:

220-81-71883

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Industrial Refrigerators and Refrigerating Equipment

 

 

No. of Employees :

81

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic Information

 

Company Name

SAMJUNG TECH CO., LTD.

(Korean Company Name : “삼중테크(주)”)

Registered Address

772, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea

Building

9th Fl., Dongyoung Culture Center

Zip Code

135-928

Tel

+82-2-568-9306

Fax

+82-2-568-1795

E-mail

soungwoo.an@samjungtech.com

Website

www.samjungtech.co.kr

Trading Address

9th Fl., Dongyoung Culture Center, 772, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-568-9306

Fax

+82-2-568-1795

Other Address-Gimpo Factory

542-2, Chowonji-ri, Daegot-myeon, Gimpo-si, Gyeonggi-do, Korea

Tel

+82-31-981-2296

Fax

+82-31-981-2298

Other Address-Changwon Factory

69 Shinchon-dong, Changwon-shi, Gyeongsangnam-do, Korea

Tel

+82-55-285-3410

Fax

+82-55-285-3403

Type

Export/Import

Industry

Manufacture of Industrial Refrigerators and Refrigerating Equipment

  Main Business

Refrigeration & Air Conditioning System, Chiller System, Absorption Chiller, Mechanical Parking System, Platform Screen Doors System, Steel Structure Construction, Fire Fighting Facility Construction

  Sub Business

Manufacture of Elevators

Established (mm/dd/yyyy)

12/07/1999

The Subject owns the premises of registered HQ address and Gimpo Factory.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Lifting equipment and accessories(24101600)

Sell

Parking meters(46161505)

Sell

Heating and ventilation and air circulation(40100000)

Sell

Autoclave and sterilizer equipment and accessories(42281500)

Sell

Evaporative coolers(40101703)

Sell

Air conditioners(40101701)

Sell

Cooling(40101700)

Sell

Heating equipment and parts and accessories(40101800)

 

CEO’s

 

Name

Choi Jong-Wan

Address

Suite 1-1103, 11, Sincheon-dong, Siheung-si, Gyeonggi-do, Korea

Date of Birth

10/03/1954

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

3,750,000,000

Employees

81

Formation

Co., Ltd by shares

Bank Details

Hana Bank

Korea Exchange Bank

Kookmin Bank

SC First Bank of Korea

Corporate Registered No.

110111-1823445

Business Registered No.

220-81-71883

Permit & Licenses

11/2002 ISO 9001

10/2008 ISO 14001

 

Int’l Trade No.: 24025034

Shareholder Position

Name

Shares

%

CHOI JONG-WAN

1,742,000

23.23

LEE HYUNG-SEOK

510,000

6.80

SAMJUNG PARKING SYSTEM CO., LTD.(110111-2059544)

617,916

8.24

SAMSUNG HEAVY INDUSTRIES CO., LTD.(110111-0168595)

380,000

5.07

KIM YOUNG-KOO

430,000

5.73

SAMJUNG GONGJO ENG CO., LTD.(110111-2173667)

400,000

5.33

OTHERS

3,420,084

45.60

TOTAL

7,500,000

100.00

Company History

12/07/1999 Incorporated as the present name after spin off from SAMSUNG HEAVY INDUSTRIES CO., LTD.(110111-0168595)

01/30/2002 Increased the authorized shares to 50,000,000 shares from 5,000,000 shares

03/06/2002 Spin off the par value to 500 KRW from 5,000 KRW

09/28/2001 Purchased Gimpo Factory

06/26/2002 Passed the primary appreciation to list at KOSDAQ Market

11/12/2006 Moved to the present HQ address from 732-24, Yeoksam-dong, Gangnam-gu, Seoul, Korea

12/02/2009 Increased capital to 3,750,000,000 KRW from 2,890,000,000 KRW

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Choi Jong-Wan

Male

Korean

01/12/2005

Director

Mr.

Jung Kyun-Hwa

Male

Korean

03/31/2005

Director

Mr.

Kim Young-Koo

Male

Korean

03/30/2007

Auditor

Mr.

Kim Jung-Kwon

Male

Korean

12/07/1999

Auditor

Mr.

Kum Sung

Male

Korean

11/27/2004

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

09/2011

66,809,415,515

59,878,102,294

   294,625,204

2010

83,797,583,822

44,552,313,436

917,551,215

2009

96,568,631,584

49,185,335,190

2,187,865,322

2008

67,290,760,874

38,850,742,147

1,492,100,898

2007

61,673,074,599

26,406,657,180

1,061,388,475

2006

47,023,690,247

33,140,753,520

524,539,084

2005

37,063,908,262

29,357,444,785

220,533,030

2004

47,626,335,296

29,824,866,153

(-)668,425,853

 

 

Financial Description

 

Authorized Capital(KRW)

25,000,000,000

Paid-Up Capital(KRW)

3,750,000,000

Total Issued Shares

7,500,000

 

 

Balance Sheet

 

Unit : Korean Won

01/01/2011~09/30/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

59,878,102,294

44,552,313,436

49,185,335,190

Current Assets

50,547,496,561

35,129,023,398

38,479,416,544

-Quick Assets

50,451,958,879

33,532,346,052

37,121,702,108

-Inventories

95,537,682

1,596,677,346

1,357,714,436

Fixed Assets

9,330,605,733

9,423,290,038

10,705,918,646

-Investment

1,741,547,116

1,619,824,116

2,813,180,483

-Tangibles

6,627,388,199

6,719,866,414

6,738,381,866

-Intangibles

136,505,261

185,575,011

134,366,900

-Others

825,165,157

898,024,497

1,019,989,397

Total Liabilities

44,256,009,096

29,224,845,442

34,775,418,411

Current Liabilities

40,837,696,654

26,081,171,750

32,134,630,766

Fixed Liabilities

3,418,312,442

3,143,673,692

2,640,787,645

Capital Stock

3,750,000,000

3,750,000,000

3,750,000,000

Capital Surplus

　

　

　

Profit Surplus

8,715,509,272

8,420,884,068

7,508,411,853

Capital Adjustment

3,156,583,926

3,156,583,926

3,151,504,926

Total Equity

15,622,093,198

15,327,467,994

14,409,916,779

Liab. & Shareholder’s Equity

59,878,102,294

44,552,313,436

49,185,335,190

 

Current Liabilities

40,837,696,654

26,081,171,750

32,134,630,766

Trade Payables

 33,360,754,372

22,880,227,483

28,721,036,215

Account Payables

    970,383,284

1,412,098,465

1,179,383,507

Withholdings

    226,232,937

163,154,680

120,707,149

VAT Withhold

    276,333,700

222,098,080

　

Advance Receipts

    698,663,630

922,922,940

1,383,761,429

Short-Term Borrowings

  5,002,584,938

0

　

Accrued Expenses

              -

183,196,308

263,303,002

 

      5,269,999

0

　

Provision for Repairing

    297,473,794

297,473,794

466,439,464

Fixed Liabilities

3,418,312,442

3,143,673,692

2,640,787,645

Provision for Severance & Retirement

  2,954,503,396

2,683,931,622

2,216,449,451

Leasehold Deposit Received

    153,000,000

145,000,000

5,000,000

Deposits for Agreement

     26,079,928

26,079,928

　

Deferred Income Tax Credit

    419,565,622

419,565,622

562,517,858

 

 

Income Statement

 

Unit : Korean Won

01/01/2011~09/30/2011

As of 12/31/2010

As of 12/31/2009

Sales

66,809,415,515

83,797,583,822

96,568,631,584

Cost of Sold Goods

61,387,021,733

76,706,705,292

89,340,457,969

Gross Profit

 5,422,393,782

7,090,878,530

7,228,173,615

Selling & Admin. Expenses

 5,039,588,528

6,080,829,912

5,105,519,222

Operating Income

   382,805,254

1,010,048,618

2,122,654,393

Non-Operating Income

   536,877,748

1,210,287,797

1,203,228,022

Non-Operating Expenses

   565,689,071

1,034,466,536

796,198,289

Income Before Taxes

   353,993,931

1,185,869,879

2,529,684,126

Income Taxes Expenses

    59,368,727

268,318,664

341,818,804

Net Income

   294,625,204

917,551,215

2,187,865,322

 

 

Cash Flows

 

Unit : Korean Won

01/01/2011~09/30/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

-1,096,427,543

-14,449,699,568

15,443,263,579

-Net Income

    294,625,204

917,551,215

2,187,865,322

-Exp. without Cash Outflow

  1,084,143,833

1,825,856,773

1,749,179,394

-Revenue without Cash Inflows

-12,535,511

-248,266,115

-196,568,457

-Changes in Asset/ & Liability

-2,462,661,069

-16,944,841,441

11,702,787,320

Cash Flows from Investing

-2,537,352,142

6,230,566,922

-8,771,067,701

-Cash Inflow from Investing

 14,440,136,685

104,201,534,066

43,997,499,777

-Cash Outflows for Investing

-16,977,488,827

-97,970,967,144

-52,768,567,478

Cash Flows from Financing

  5,002,584,938

-

240,921,000

-Cash Inflows from Financing

 10,007,403,757

-

7,779,825,130

-Cash Outflows from Financing

-5,004,818,819

-

-7,538,904,130

Increase/Decrease in Cash

  1,368,805,253

-8,219,132,646

6,913,116,878

Cash at the Beginning of Year

  1,925,166,359

10,144,299,005

3,231,182,127

Cash at the End of Year

  3,293,971,612

1,925,166,359

10,144,299,005

 

 

Products, Technologies, Services Description

 

Main Products & Services

Refrigeration & Air Conditioning System, Chiller System, Absorption Chiller, Mechanical Parking System, Platform Screen Doors System, Steel Structure Construction, Fire Fighting Facility Construction

 

 

Trade Partners & Competitors

 

Suppliers

WISTCO CO., LTD.(120111-0060138)

TAIBONG INDUSTRIES INC.(110111-0507305)

SAMJUNG MACHINERY-ELECTRIC CO., LTD.(124411-0047028)

SAMJUNG PARKING SYSTEM CO., LTD.(110111-2059544)

SAMJUNG GONGJO ENG CO., LTD.(110111-2173667)

SAMJUNG SYSTEM CO., LTD.(194211-0047862)

Competitors

LS INDUSTRIAL SYSTEMS CO., LTD.(110111-0520076)

KITURAMI-BUMYANG AIR CONDITIONING CO.,LTD.(134111-0002000)

LOTTE ENGINEERING & MACHINERY MFG. CO., LTD.(110111-0154560)

HYUNDAI ELEVATOR CO., LTD.(134411-0001519)

DONGYANG MECHATRONICS CORP.(194211-0000472)

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Subsidiary

SAMJUNG PARKING SYSTEM CO., LTD.(110111-2059544)

(100.0% held by the subject company)

 

SAMJUNG GONGJO ENG CO., LTD.(110111-2173667)

(100.0% held by the subject company)

 

SAMJUNG MACHINERY-ELECTRIC CO., LTD.(124411-0047028)

(100.0% held by the subject company)

 

SAMJUNG SYSTEM CO., LTD.(194211-0047862)

(100.0% held by the subject company)

 

SAMJUNG TECH CONSTRUCTION CO., LTD.(124411-0089385)

(100.0% held by the subject company)

Cooperative Enterprise

-Technical Alliance with

FAIVELEY(FRANCE)

 

-Insured Company

GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082)

 

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2011

2010

2009

Export

1,659

10,436

1,491

Domestic

65,150

73,362

95,078

Total

66,809

83,798

96,569

The Subject exports to Iran, Pakistan, Russia, Malaysia and Vietnam.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.20

UK Pound

1

Rs.81.50

Euro

1

Rs.67.15

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.