|
Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAMSUN LOGIX
CORPORATION |
|
|
|
|
Registered Office : |
42, Jong-ro 1-gil, Jongno-gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
01.09.1983 |
|
|
|
|
Date of Incorporation : |
30.06.2014 |
|
|
|
|
Com. Reg. No.: |
102-81-19430 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Export/Import of Oceangoing Foreign Freight Transport |
|
|
|
|
No. of Employees : |
192 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KOREA (SOUTH) - 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 is
currently the world's 12th largest economy. 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. South 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. South Korea's export focused economy was hit hard by the 2008
global economic downturn, but quickly rebounded in subsequent years, reaching
6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge of balancing heavy reliance on exports with developing
domestic-oriented sectors, such as services. The South Korean economy's long
term challenges include a rapidly aging population, inflexible labor market,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP
|
Source
: CIA |
|
Company Name |
SAMSUN LOGIX
CORPORATION (Korean Company Name
: “(주)삼선로직스”) |
|
Registered Address |
42, Jong-ro 1-gil, Jongno-gu, Seoul, Korea |
|
Building |
5th Fl., Leema Bldg. |
|
Zip Code |
110-755 |
|
Tel |
+82-2-399-8500 |
|
Fax |
+82-2-399-8540 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm.505, 5th Fl., Leema Bldg., 42, Jong-ro
1-gil, Jongno-gu, Seoul, Korea (Old Address System : Rm.505, 5th Fl.,
Leema Bldg., 146-1, Susong-dong, Jongno-gu, Seoul, Korea) |
|
Tel |
+82-2-399-8500 |
|
Fax |
+82-2-399-8540 |
|
Other Address-Pohang Office |
Rm. 301, Grand Officetel, 172-18,
Haedo-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-277-2863~4 |
|
Fax |
+82-54-277-2865 |
|
Type |
Export/Import |
|
Industry |
Oceangoing Foreign Freight Transport |
|
Main Business |
Marine Cargo Transport, Stainless Steel, Chrom, Nickel |
|
Established (mm/dd/yyyy) |
09/01/1983 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Steel beams(30101704) |
|
Sell |
Transport arrangements(78141500) |
|
Sell |
Freight forwarders services(78141501) |
CEO’s
|
Name |
Hur Hyun-Cheol |
|
Address |
|
|
Date of Birth |
07/1960 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
22,046,237,000 |
||||||||||||||||||||||||
|
Employees |
192 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||||||||
|
Bank Details |
Korea Exchange Bank-Sejongro Branch |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0356140 |
||||||||||||||||||||||||
|
Business Registered No. |
102-81-19430 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 863890 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
09/01/1983 Incorporated as SAMSUN SHIPPING
CORPORATION 06/15/1987 Changed company name to SAMSAUN
CORPORATION 11/07/2004 Changed company name to the
present name |
||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Co-President & CEO |
Mr. |
Song Choong-Won |
Korean |
1941.06. |
Korea maritime & Oceon University,
Korea |
|
Co-President & CEO |
Mr. |
Hur Hyun-Cheol |
Korean |
1960.07. |
Seoul National University, Korea |
|
Sr. Executive Director |
Mr. |
Kim Hyo-Chan |
Korean |
1963.10. |
Sungkyunkwan University, Korea |
|
Executive Director |
Mr. |
Han Soo-Han |
Korean |
1965.01. |
Chungnam University, Korea |
|
Auditor |
Mr. |
Oh Hyung-Hoon |
Korean |
1973.04. |
Korea maritime & Oceon University,
Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
06/2014 |
173,232,725,748 |
353,408,045,189 |
39,031,542,875 |
|
2013 |
359,514,005,585 |
356,539,644,631 |
5,951,708,188 |
|
2012 |
425,807,662,800 |
423,553,093,458 |
-78,083,649,961 |
|
2011 |
486,640,725,421 |
581,246,561,354 |
11,478,029,101 |
Financial
Description
|
Authorized Capital(KRW) |
300,000,000,000 |
|
Paid-Up Capital(KRW) |
22,046,237,000 |
|
Total Issued Shares |
22,046,237 |
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
353,408,045,189 |
356,539,644,631 |
423,553,093,458 |
|
Current Assets |
110,429,423,023 |
101,298,470,361 |
100,718,091,999 |
|
-Quick Assets |
90,843,444,021 |
75,348,394,043 |
72,231,393,852 |
|
-Inventories |
19,585,979,002 |
25,950,076,318 |
28,486,698,147 |
|
Fixed Assets |
242,978,622,166 |
255,241,174,270 |
322,835,001,459 |
|
-Investment |
56,661,892,481 |
51,117,717,717 |
45,454,672,491 |
|
-Tangibles |
182,853,257,210 |
200,470,848,816 |
272,227,773,991 |
|
-Intangibles |
1,887,811,286 |
1,973,500,575 |
2,121,833,894 |
|
-Others |
1,575,661,189 |
1,679,107,162 |
3,030,721,083 |
|
Total Liabilities |
393,436,067,293 |
421,226,387,050 |
496,278,052,733 |
|
Current Liabilities |
124,255,132,878 |
150,037,288,055 |
161,055,682,443 |
|
Fixed Liabilities |
269,180,934,415 |
271,189,098,995 |
335,222,370,290 |
|
Capital Stock |
22,046,237,000 |
22,046,237,000 |
21,878,560,000 |
|
Capital Surplus |
8,795,441,932 |
8,795,441,932 |
637,801,516,598 |
|
Profit Surplus |
-81,870,227,954 |
-120,901,770,829 |
-764,654,995,615 |
|
Capital Adjustment |
11,000,526,918 |
25,373,349,478 |
32,249,959,742 |
|
Total Equity |
-40,028,022,104 |
-64,686,742,419 |
-72,724,959,275 |
|
Liab. & Shareholder’s Equity |
353,408,045,189 |
356,539,644,631 |
423,553,093,458 |
|
Current
Liabilities |
124,255,132,878 |
150,037,288,055 |
161,055,682,443 |
|
Trade Payables |
13,382,069,336 |
11,600,421,485 |
12,707,342,619 |
|
Short-Term Borrowings |
1,101,339,649 |
1,426,646,878 |
489,035,340 |
|
Accrued Income Tax |
209,774,774 |
158,217,694 |
65,903,783 |
|
Account Payables |
3,399,126,554 |
3,210,954,798 |
3,323,496,207 |
|
Withholdings |
741,823,938 |
624,651,376 |
579,968,880 |
|
Accrued Expenses |
817,102,945 |
1,044,088,636 |
1,113,568,959 |
|
Advance Receipts |
3,686,849,607 |
1,757,257,793 |
6,820,579,462 |
|
Current Portion of Reviving Debts |
64,833,548,978 |
72,694,159,017 |
61,764,667,286 |
|
Current Portion of Long-Term Debts |
41,078,251,391 |
70,508,862,064 |
87,740,646,382 |
|
Fixed Liabilities |
269,180,934,415 |
271,189,098,995 |
335,222,370,290 |
|
Long-Term Borrowings |
126,220,977,668 |
120,894,836,741 |
148,886,498,655 |
|
Reviving Debts |
172,603,671,790 |
182,568,349,413 |
217,936,131,375 |
|
Provision for Severance & Retirement |
2,421,182,896 |
2,739,427,530 |
2,877,567,845 |
|
Leasehold Deposit Received |
|
|
500,000,000 |
|
Others |
900,000,000 |
|
12,436,938,463 |
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
173,232,725,748 |
359,514,005,585 |
425,807,662,800 |
|
Cost of Sold Goods |
159,469,882,266 |
333,292,329,792 |
441,563,507,581 |
|
Gross Profit |
13,762,843,482 |
26,221,675,793 |
-15,755,844,781 |
|
Selling & Admin. Expenses |
5,223,217,890 |
12,803,718,233 |
19,712,141,123 |
|
Operating Income |
8,539,625,592 |
13,417,957,560 |
-35,467,985,904 |
|
Non-Operating Income |
48,836,943,383 |
40,794,293,934 |
56,762,641,546 |
|
Non-Operating Expenses |
18,103,567,930 |
47,799,661,986 |
98,656,494,191 |
|
Income Before Taxes |
39,273,001,045 |
6,420,541,284 |
-77,361,838,549 |
|
Income Taxes Expenses |
241,458,170 |
468,833,096 |
721,811,412 |
|
Net Income |
39,031,542,875 |
5,951,708,188 |
-78,083,649,961 |
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
20,816,449,445 |
34,583,524,755 |
25,465,432,623 |
|
-Net Income |
39,031,542,875 |
5,951,708,188 |
-78,083,649,961 |
|
-Exp. without Cash Outflow |
31,483,536,333 |
72,027,233,661 |
129,225,354,387 |
|
-Revenue without Cash Inflows |
-47,365,330,792 |
-31,052,490,865 |
-54,971,034,672 |
|
-Changes in Asset/ & Liability |
-2,333,298,971 |
-12,342,926,229 |
29,294,762,869 |
|
Cash Flows from Investing |
8,247,769,230 |
21,533,255,844 |
18,327,719,832 |
|
-Cash Inflow from Investing |
10,598,151,680 |
73,912,111,332 |
54,025,558,602 |
|
-Cash Outflows for Investing |
-2,350,382,450 |
-52,378,855,488 |
-35,697,838,770 |
|
Cash Flows from Financing |
-20,172,238,050 |
-52,537,112,414 |
-60,982,406,515 |
|
-Cash Inflows from Financing |
2,101,339,649 |
1,421,980,181 |
6,289,411,267 |
|
-Cash Outflows from Financing |
-22,273,577,699 |
-53,959,092,595 |
-67,271,817,782 |
|
Increase/Decrease in Cash |
8,891,980,625 |
3,579,668,185 |
-17,189,254,060 |
|
Cash at the Beginning of Year |
10,589,735,273 |
7,010,067,088 |
24,199,321,148 |
|
Cash at the End of Year |
19,481,715,898 |
10,589,735,273 |
7,010,067,088 |
Products,
Technologies, Services Description
|
Main Products & Services |
Marine Cargo Transport, Stainless Steel, Chrom, Nickel |
Trade Partners
& Competitors
|
Customers |
KOREA ELECTRIC POWER CORPORATION(114671-0001456) POSCO(174611-0000741) POSCO Specialty Steel Co., Ltd.(194211-0025248) KUMBA RESOURCES CO., LTD. |
|
Competitors |
CLARO MARITIME SERVICE INC. 8FL., ANN TOWER, 735-33, YEOKSAM 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-562-1713 FAX:+82-2-562-1710 KNT MARINE CORPORATION RM.117-405, HYUB-SUNG RENAISSANCE TOWN,
694-1, SEODAESIN-DONG 3(SAM)-GA, SEO-GU, BUSAN, KOREA TEL:+82-51-244-2616~7 FAX:+82-51-244-3969 SEAPLUS MARITIME CO., LTD. 28-5, HAP-DONG, SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-775-4865 FAX:+82-2-775-4863 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestics |
SHINKWANG CORPORATION(110111-1101817) (99.00% held by the subject company) SAMSUN GLOBAL CORPORATION(110111-0830631) (98.78% held by the subject company) BAROKOSA CO., LTD.(134511-0041092) (70.93% held by the subject company) HANDUK IRON MINE CO., LTD.(144911-0003109) (100.00% held by the subject company) SAMSUN MOTORS CO., LTD.(180111-0579665) (100.00% held by the subject company) SLC CO., LTD.(134111-0098124) (80.00% held by the subject company) |
|
Affiliates-Overseas |
SAMSUN VINA LTD. (82.46% held by the subject company) SAMSUN LOGIX HELLAS LTD. (100.00% held by the subject company) SEATRANS INTERNATIONAL SHIPPING LTD. (100.00% held by the subject company) |
|
Cooperative Enterprise |
- BBCHP Agreement with JIANGSU EASTERN HEAVY INDUSTRY CO., LTD.(CHINA) |
Sales by Region (Activity & Markets)
The Subject deals
with the companies in Europe.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.46 |
|
|
1 |
Rs.100.14 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.