MIRA INFORM REPORT

 

 

Report Date :

28.09.2012

 

IDENTIFICATION DETAILS

 

Name :

SAM JUNG INDUSTRIES CO., LTD.

 

 

Registered Office :

363-1, Deogjang-ri, Heunghae-eup, Buk-gu, Pohang-si, Gyeongsangbuk-do, Korea, Zip Code 791-945

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.04.1996

 

 

Com. Reg. No.:

503-81-31812

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacturer of Other Febricated and Processed Metal Products

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

South Korea - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

 

Source : CIA

 

 

 

Basic

 

Company Name

SAM JUNG INDUSTRIES CO., LTD.

(Korean Company Name : “(주)삼정산업”)

Registered Address

363-1, Deogjang-ri, Heunghae-eup, Buk-gu, Pohang-si, Gyeongsangbuk-do, Korea

Zip Code

791-945

Tel

+82-54-262-6251

Fax

+82-54-262-6255

E-mail

salesm@samjungsteel.com

Website

www.samjungsteel.com 

Trading Address

363-1, Deogjang-ri, Heunghae-eup, Buk-gu, Pohang-si, Gyeongsangbuk-do, Korea

Tel

+82-54-262-6251

Fax

+82-54-262-6255

Type

Export

Industry

Manufacture of Other Febricated and Processed Metal Products n.e.c

  Main Business

Steel Pallet

Established (mm/dd/yyyy)

04/10/1996

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Pallets(24112505)

Sell

Automotive chassis(25181600)

Sell

Transportation components and systems(25170000)

 

 

CEO’s

 

Name

Lee Hi-Man

Address

Suite 106-2101, 1198-1, Yangdeok-dong, Buk-gu, Pohang-si, Gyeongbuk, Korea

Date of Birth

06/14/1961

Title

Co-President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

1,510,000,000

Employees

30

Formation

Co., Ltd by Shares

Bank Details

Industrial Bank of Korea-Pohang Branch

Corporate Registered No.

1701110-098063

Business Registered No.

503-81-31812

Permit & Licenses

11/27/2003 QS 9000

11/19/2004 ISO 14001

12/27/2004 ISO 9001

 

Int’l Trade No.: 11669092

Shareholder Position

N/A

Company History

01/05/1992 Established as SAM JUNG INDUSTRIES CO.(Sole Proprietorship)

11/2001 Designated as an INNO-BIZ Company

04/10/2005 Moved to the present HQ address from 22-8, Sang-dong, Suseong-gu, Daegu, Korea

12/28/2006 Increased capital to 1,510,000,000 KRW from 1,310,000,000 KRW

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Lee Hi-Man

Male

Korean

04/10/2005

Director

M/S.

Shin Kui-Sook

Female

Korean

11/09/2009

Director

Mr.

Park Eun-Tak

Male

Korean

04/16/2007

Auditor

Mr.

Lee Dong-Seok

Male

Korean

04/16/2007

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

16,424,000,000

13,023,000,000

158,000,000

2010

9,851,000,000

9,932,000,000

65,000,000

2009

10,639,000,000

9,969,000,000

227,000,000

2008

31,223,000,000

9,703,000,000

911,000,000

2007

12,751,000,000

6,921,000,000

179,000,000

2006

11,531,000,000

6,881,000,000

145,000,000

 

 

Financial Description

 

Authorized Capital(KRW)

3,640,000,000

Paid-Up Capital(KRW)

1,510,000,000

Total Issued Shares

302,000

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

13,023,000,000

9,932,000,000

9,969,000,000

Current Assets

5,274,000,000

4,196,000,000

5,263,000,000

-Quick Assets

-

-

-

-Inventories

-

-

-

Fixed Assets

7,749,000,000

5,736,000,000

4,706,000,000

-Investment

-

-

-

-Tangibles

-

-

-

-Intangibles

-

-

-

Total Liabilities

7,681,000,000

4,747,000,000

4,869,000,000

Current Liabilities

4,914,000,000

2,683,000,000

3,337,000,000

Fixed Liabilities

2,767,000,000

2,064,000,000

1,532,000,000

Capital Stock

1,510,000,000

1,510,000,000

1,510,000,000

Capital Surplus

-

-

-

Profit Surplus

-

-

-

Capital Adjustment

-

-

-

Total Equity

5,342,000,000

5,185,000,000

5,099,000,000

Liab. & Shareholder’s Equity

13,023,000,000

9,932,000,000

9,969,000,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

16,424,000,000

9,851,000,000

10,639,000,000

Cost of Sold Goods

14,177,000,000

8,054,000,000

8,627,000,000

Gross Profit

2,247,000,000

1,797,000,000

2,012,000,000

Selling & Admin. Expenses

1,880,000,000

1,557,000,000

1,502,000,000

Operating Income

367,000,000

240,000,000

510,000,000

Non-Operating Income

177,000,000

258,000,000

196,000,000

Non-Operating Expenses

384,000,000

422,000,000

412,000,000

Income Before Taxes

160,000,000

76,000,000

294,000,000

Income Taxes Expenses

2,000,000

11,000,000

67,000,000

Net Income

158,000,000

65,000,000

227,000,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Steel Pallet

 

Trade Partners & Competitors

 

Competitors

DAEJIN METAL CO., LTD.

689-78, SEOKGYE-RI, OEDONG-EUP, GYEONGJU-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-772-1741  FAX:+82-54-772-1749

 

KUM KANG MACHINERY INDUSTRIAL CO., LTD.

686-1, HYOMUN-DONG, BUK-GU, ULSAN, KOREA

TEL:+82-52-288-6001~5  FAX:+82-52-287-9006

 

SNS INDUSTRY CO., LTD.

832-1, OSIKDO-DONG, GUNSAN-SI, JEOLLABUK-DO, KOREA

TEL:+82-63-468-3328  FAX:+82-63-468-3359

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

SAMJUNG CARRYWORLD CO., LTD.(171711-0060704)

 

SAMJUNG AMERICA CORP.

535, N WOLF RD., WHEELING, IL 60090, USA

TEL:+1-847-465-0925  FAX:+1-847-465-0987

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Spain, USA and Middle East.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

-

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.26

UK Pound

1

Rs.86.23

Euro

1

Rs.68.64

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.