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MIRA
INFORM REPORT
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Report No. : |
502729 |
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Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SEOK-AM TECH
CO., LTD. |
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Formerly Known As : |
SATCO |
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Registered Office : |
140, Dogok-ro, Gangnam-gu, Seoul, Korea, 3rd Fl., Jinyang Bldg., 06260 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
29.06.2009 |
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Com. Reg. No.: |
220-87-83872 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
·
Manufacture and Wholesale of Other Machinery and
Equipment, Heat Exchanger Equipment, Chemical, Subsistence Commodities,
Forging ·
Wholesale of Other Chemical Materials and
Chemical Products |
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No. of Employees : |
13 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible economic 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.
A system of close government and business ties, including directed credit and import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
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Source : CIA |
Basic Information
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Company Name |
SEOK-AM TECH
CO., LTD. (Trade Name : SATCO) |
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Registered Address |
140, Dogok-ro, Gangnam-gu, Seoul, Korea |
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Building |
3rd Fl., Jinyang Bldg. |
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Zip Code |
06260 |
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Tel |
+82-2-3288-8222 +82-2-2051-0397 |
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Fax |
+82-2-3288-8223 |
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E-mail |
satcopark@hanmail.net;satco@satcokorea.com |
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Website |
www.satcokorea.com |
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Trading Address |
3rd Fl., Jinyang Bldg., 140, Dogok-ro,
Gangnam-gu, Seoul, Korea (Old Address System : 3rd Fl., Jinyang
Bldg., 552-1, Dogok 1-dong, Gangnam-gu, Seoul, Korea) |
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Tel |
+82-2-3288-8222 +82-2-2051-0397 |
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Fax |
+82-2-3288-8223 |
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Other Address-Gimhae Factory |
81, Gimhae-daero 1031beon-gil,
Hallim-myeon, Gimhae-si, Gyeongsangnam-do, Korea (Old Address System : 786-1, Toerae-ri,
Hallim-myeon, Gimhae-si, Gyeongsangnam-do, Korea) |
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Tel |
+82-55-342-8220 ~1 |
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Fax |
+82-55-342-8226 |
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Type |
Export/Import |
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Industry |
Manufacture and Wholesale of Other Machinery and Equipment n.e.c. |
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Main Business |
Heat Exchanger Equipment, Chemical, Subsistence Commodities, Forging |
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Sub
Business |
Wholesale of Other Chemical Materials and Chemical Products |
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Established (mm/dd/yyyy) |
06/29/2009 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Heat exchangers(40101802) |
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Sell |
Heating equipment and parts and
accessories(40101800) |
CEO’s
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Name |
Park Kuk-Won |
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Date of Birth |
09/23/1955 |
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Title |
President & CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
400,000,000 |
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Employees |
13 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Woori Bank |
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Corporate Registered No. |
110111-4126771 |
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Business Registered No. |
220-87-83872 |
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Permit & Licenses |
12/2014 ISO 14001 : 2004 Int’l Trade No.: 11635491 |
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Shareholder Position |
N/A |
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Company History |
04/1999 Established as SATCO(Sole Proprietorship) 06/29/2009 Incorporated as the present name 12/2009 Awarded US$ 10 Million Export Top
Prize 10/05/2011 Moved to the present HQ address
from Rm.
501, Young Place Bldg., 837-33, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea 10/24/2012 10/24/2012 Increased the authorized shares to 200,000 shares from
80,000 shares 10/25/2012 Increased capital to 400,000,000
KRW from 100,000,000 KRW |
Management
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Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Park Kuk-Won |
Korean |
09/23/1955 |
06/29/2009 |
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Director |
Yoon Soon-Joong |
Canadian |
08/13/1958 |
03/19/2012 |
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Auditor |
Yoon Hee-Joong |
Korean |
03/05/1942 |
06/29/2009 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2016 |
5,748,000,000 |
4,616,000,000 |
82,000,000 |
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2015 |
5,700,960,000 |
4,772,396,000 |
112,525,000 |
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2014 |
6,772,453,000 |
4,675,778,000 |
102,245,000 |
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2013 |
5,826,271,000 |
3,231,374,000 |
103,339,000 |
Financial Description
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Authorized Capital(KRW) |
1,000,000,000 |
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Paid-Up Capital(KRW) |
400,000,000 |
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Total Issues Shares |
80,000 |
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Balance Sheet |
|||
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Total Assets |
4,616,000,000 |
4,772,396,000 |
4,675,778,000 |
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Current Assets |
807,000,000 |
1,382,262,000 |
1,336,126,000 |
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-Quick Assets |
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-Inventories |
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Fixed Assets |
3,809,000,000 |
3,390,134,000 |
3,339,652,000 |
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-Investment |
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-Tangibles |
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-Intangibles |
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Total Liabilities |
3,653,000,000 |
3,861,003,000 |
3,876,910,000 |
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Current Liabilities |
193,000,000 |
166,683,000 |
375,970,000 |
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Fixed Liabilities |
3,460,000,000 |
3,694,320,000 |
3,500,940,000 |
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Capital Stock |
400,000,000 |
400,000,000 |
400,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
563,000,000 |
511,393,000 |
398,868,000 |
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Capital Adjustment |
- |
- |
- |
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Total Equity |
963,000,000 |
911,393,000 |
798,868,000 |
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Liab. & Shareholder’s Equity |
4,616,000,000 |
4,772,396,000 |
4,675,778,000 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Sales |
5,748,000,000 |
5,700,960,000 |
6,772,453,000 |
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Cost of Sold Goods |
4,957,000,000 |
4,772,270,000 |
5,968,651,000 |
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Gross Profit |
791,000,000 |
928,690,000 |
803,802,000 |
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Selling & Admin. Expenses |
577,000,000 |
684,753,000 |
631,688,000 |
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Operating Income |
214,000,000 |
243,937,000 |
172,114,000 |
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Non-Operating Income |
9,000,000 |
54,581,000 |
61,048,000 |
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Non-Operating Expenses |
89,000,000 |
184,766,000 |
125,103,000 |
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Income Before Taxes |
89,000,000 |
113,752,000 |
108,059,000 |
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Income Taxes Expenses |
7,000,000 |
1,227,000 |
5,814,000 |
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Net Income |
82,000,000 |
112,525,000 |
102,245,000 |
Products, Technologies, Services Description
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Main Products & Services |
Distribution and Conditioning Systems and Equipment and Components Heating and ventilation and air circulation Heating equipment and parts and accessories Forging and Equipment for Power plant, chemical and petrochemical
plant, refinery and environmental plant |
Trade Partners & Competitors
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Suppliers |
-- |
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Customers |
WONIL CO.(KOREA) GUMKWANG SCRAP CO., LTD.(KOREA) WONIL F&T CO., LTD.(KOREA) |
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Competitors |
SHIN HAN HEAT EXCHANGER IND. CO. 127-69, GUJANG-RI, PALTAN-MYEON,
HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-354-3242 FAX:+82-31-354-3246 KOREA HEAT EXCHANGER CO., LTD. FREE TRADE ZONE, 502-1, OSIKDO-DONG,
GUNSAN-SI, JEOLLABUK-DO, KOREA TEL:+82-63-441-5510 FAX:+82-63-464-5440 TAEWON UBC CO., LTD. NOKSAN NATIONAL INDUSTRIAL COMPLEX,
1635-20, SONGJEONG-DONG, GANGSEO-GU, BUSAN, KOREA TEL:+82-51-831-0310 FAX:+82-51-831-0340 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
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Affiliates |
WONIL F&T CO., LTD.(195511-0112816) |
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Overseas Branch |
DUBAI BRANCH PO BOX 186639 DEIRA DUBAI, UNITED ARAB EMITATES TEL: +971-4-294-0881 FAX:+971-4-294-0881 |
Sales by Region (Activity & Markets)
The subject deals
with the companies in India, China, Kuwait. UAE, Saudi Arabia and Japan.
Court Action
Not Available.
News Clipping
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 65.06 |
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|
1 |
INR 91.50 |
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Euro |
1 |
INR 79.78 |
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KRW |
1 |
INR 0.061 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.