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MIRA INFORM REPORT
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Report No. : |
483961 |
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Report Date : |
01.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SAMIK CORPORATION |
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Registered Office : |
176, Jungang-daero, Dong-gu, Busan, Korea, Rm. 1309, Korea Express Co. Bldg. 48822 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
20.11.1979 |
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Com. Reg. No.: |
604-81-03550 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
· Manufacture of Industrial Un-vulcanized Rubber Products · Wholesale of Wood and Builders' Joinery Wood |
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No. of Employees : |
230 |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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.
|
Source
: CIA |
Basic
Information
|
Company Name |
SAMIK CORPORATION (Korean Company Name : “(주)삼익”) |
|
Registered Address |
176,
Jungang-daero, Dong-gu, Busan, Korea (Old
Address System : 1211-1, Choryang 1-dong, Dong-gu, Busan, Korea (P.O.BOX
745)) |
|
Building |
Rm. 1309, Korea Express Co. Bldg. |
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Zip Code |
48822 |
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Tel |
+82-51-463-5351~5 |
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Fax |
+82-51-462-9707 |
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E-mail |
jcpark@samikgroup.co.kr;sarha@samikgroup.co.kr;rauranci@samikgroup.co.kr |
|
Website |
www.samikgroup.co.kr |
|
Trading Address |
Rm.3702,
World Trade Center, 511, Yeongdong-daero, Gangnam-gu, Seoul, Korea (Old
Address System : Rm.3702, World Trade Center, 159, Samseong-dong, Gangnam-gu,
Seoul, Korea) |
|
Tel |
+82-2-551-6840~2 |
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Fax |
+82-2-551-6843 |
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Other Address-Special Business Dept. |
61,
Dasan-ro, Saha-gu, Busan, Korea (Old
Address System : 1520-2, Dadae 1-dong, Saha-gu, Busan, Korea) |
|
Tel |
+82-51-261-7641~4 |
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Fax |
+82-51-261-7645 |
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Other Address-Tire Business Dept. |
13, Hasinjungang-ro 54beon-gil, Saha-gu,
Busan, Korea (Old Address System : 370-46, Sinpyeong-dong,
Saha-gu, Busan, Korea) |
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Tel |
+82-51-206-5351~4 |
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Fax |
+82-51-206-5355 |
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Other Address-Construction
Material Business Dept. |
81, Dadae-ro 170beon-gil, Saha-gu, Busan,
Korea (Old Address System : 518, Sinpyeong-dong,
Saha-gu, Busan, Korea) |
|
Tel |
+82-51-201-5351~2 |
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Fax |
+82-51-207-6196 |
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Type |
Export/Import |
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Industry |
Manufacture of Industrial Un-vulcanized Rubber Products |
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Main Business |
Tire Inner Tube, Rubber Sheet, Flap, C.M.B., Lumber, Plywood |
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Sub
Business |
Wholesale of Wood and Builders' Joinery Wood |
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Established (mm/dd/yyyy) |
11/20/1979 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tires and tire tubes(25172500) |
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Sell |
Automobile Inner Tubes |
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Sell |
Tire Flaps |
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Sell |
Dry Charged Automobile Battery |
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Sell |
Retread Tires |
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Sell |
Rubber Sheet |
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Sell |
Carbon Master Batch |
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Sell |
EDPM Chips |
CEO’s
|
Name |
Park Sung-Joon |
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Date of Birth |
08/04/1977 |
|
Title |
President & CEO |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
10,000,000,000 |
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Employees |
230 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Busan Bank-Corporate Client Dept. KEB Hana Bank Woori Bank |
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Corporate Registered No. |
180111-0035055 |
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Business Registered No. |
604-81-03550 |
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Permit & Licenses |
05/1988 KS 12/28/1996 ISO 9002 Int’l Trade No.: 792600 |
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Shareholder Position |
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Company History |
11/15/1979
Incorporated as SAMWON SILUP CORPORATION 01/26/1994
Changed company name to SAMWON CORPORATION 12/31/1999
Changed company name to SAMIK T.R. CORPORATION 12/24/2003
Changed company name to the present name 11/2008
Awarded US$ 30 Million Export Top Prize |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Park Sung-Joon |
Korean |
08/04/1977 |
08/13/2015 |
|
Director |
Park Jong-Ik |
Korean |
12/13/1939 |
03/27/2000 |
|
Director |
Won Jong-Ho |
Korean |
01/09/1951 |
03/06/2014 |
|
Auditor |
Kim Kwang-Cheol |
Korean |
01/01/1958 |
01/14/2015 |
|
Supervisor |
Park Yoon-Je |
Korean |
03/07/1958 |
05/20/2002 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
19,611,870,143 |
22,246,870,469 |
489,040,734 |
|
|
2015 |
24,873,368,445 |
30,658,364,231 |
-5,348,977,290 |
|
2014 |
31,876,073,746 |
27,370,359,331 |
-1,681,028,206 |
|
2013 |
36,433,009,540 |
27,595,456,376 |
-630,061,594 |
|
2012 |
34,737,482,166 |
23,241,300,587 |
-977,372,407 |
|
2011 |
37,170,017,786 |
26,545,110,812 |
-3,961,634,160 |
|
2010 |
42,258,045,238 |
28,273,950,096 |
-1,339,584,924 |
|
2009 |
39,083,353,738 |
30,200,607,747 |
687,420,090 |
|
2008 |
48,852,055,322 |
30,398,505,923 |
1,042,324,005 |
|
2007 |
32,523,890,464 |
27,788,818,226 |
131,055,192 |
|
2006 |
30,479,318,129 |
25,537,513,365 |
5,109,426,744 |
|
2005 |
35,656,024,790 |
34,098,138,618 |
-3,330,017,329 |
|
2004 |
40,268,491,508 |
39,063,595,718 |
622,974,947 |
|
2003 |
34,254,311,237 |
32,608,815,097 |
191,987,856 |
Financial
Description
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
10,000,000,000 |
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Total Issues Shares |
2,000,000 |
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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 |
|
Total Assets |
22,246,870,469 |
30,658,364,231 |
27,370,359,331 |
|
Current Assets |
6,919,213,748 |
10,230,012,219 |
13,172,940,836 |
|
-Quick Assets |
2,693,268,024 |
5,569,350,161 |
5,897,284,522 |
|
-Inventories |
4,225,945,724 |
4,660,662,058 |
7,275,656,314 |
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Fixed Assets |
15,327,656,721 |
20,428,352,012 |
14,197,418,495 |
|
-Investment |
2,000,000 |
24,607,510 |
25,507,510 |
|
-Tangibles |
15,276,612,821 |
20,310,965,702 |
14,084,132,185 |
|
-Intangibles |
|
|
|
|
-Others |
49,043,900 |
92,778,800 |
87,778,800 |
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Total Liabilities |
11,143,333,526 |
17,639,995,937 |
15,605,276,147 |
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Current Liabilities |
8,169,453,214 |
15,230,864,551 |
12,972,065,140 |
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Fixed Liabilities |
2,973,880,312 |
2,409,131,386 |
2,633,211,007 |
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Capital Stock |
10,000,000,000 |
10,000,000,000 |
10,000,000,000 |
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Capital Surplus |
- |
1,171,762,299 |
2,791,217,559 |
|
Profit Surplus |
-3,688,174,257 |
-5,348,977,290 |
-1,619,455,260 |
|
Capital Adjustment |
4,791,711,200 |
7,195,583,285 |
593,320,885 |
|
Total Equity |
11,103,536,943 |
13,018,368,294 |
11,765,083,184 |
|
Liab. & Shareholder’s Equity |
22,246,870,469 |
30,658,364,231 |
27,370,359,331 |
|
Current
Liabilities |
8,169,453,214 |
15,230,864,551 |
12,972,065,140 |
|
Trade
Payables |
827,148,525 |
1,104,083,476 |
1,455,455,299 |
|
Short-Term
Borrowings |
6,425,634,366 |
12,898,014,476 |
10,221,397,582 |
|
Account
Payables |
239,026,954 |
273,898,262 |
376,757,834 |
|
Withholdings |
90,394,092 |
92,544,182 |
101,152,964 |
|
VAT Withhold |
91,437,500 |
106,491,852 |
31,648,848 |
|
Advance
Receipts |
231,452,520 |
183,687,026 |
121,129,029 |
|
Accrued
Expenses |
240,359,257 |
416,145,277 |
324,523,584 |
|
Current
Portion of Long-Term Debts |
24,000,000 |
156,000,000 |
340,000,000 |
|
Fixed
Liabilities |
2,973,880,312 |
2,409,131,386 |
2,633,211,007 |
|
Long-Term
Borrowings |
1,000,534,746 |
114,000,000 |
270,000,000 |
|
Provision
for Severance & Retirement |
1,973,345,566 |
2,295,131,386 |
2,363,211,007 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Sales |
19,611,870,143 |
24,873,368,445 |
31,876,073,746 |
|
Cost of Sold Goods |
18,649,282,795 |
25,932,360,947 |
29,233,439,238 |
|
Gross Profit |
962,587,348 |
-1,058,992,502 |
2,642,634,508 |
|
Selling & Admin. Expenses |
3,159,844,806 |
3,372,557,056 |
3,608,129,219 |
|
Operating Income |
-2,197,257,458 |
-4,431,549,558 |
-965,494,711 |
|
Non-Operating Income |
3,662,509,705 |
276,167,758 |
415,932,013 |
|
Non-Operating Expenses |
976,211,513 |
1,193,595,490 |
1,131,465,508 |
|
Income Before Taxes |
489,040,734 |
-5,348,977,290 |
-1,681,028,206 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
489,040,734 |
-5,348,977,290 |
-1,681,028,206 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Cash Flows from Operating |
-1,223,338,195 |
-2,798,167,426 |
-2,011,132,456 |
|
-Net Income |
489,040,734 |
-5,348,977,290 |
-1,681,028,206 |
|
-Exp. without Cash Outflow |
1,010,970,185 |
1,369,994,445 |
1,303,794,646 |
|
-Revenue without Cash Inflows |
-3,286,433,896 |
-28,242,034 |
-49,410,950 |
|
-Changes in Asset/ & Liability |
563,084,782 |
1,209,057,453 |
-1,584,487,946 |
|
Cash Flows from Investing |
5,730,097,963 |
-86,652,112 |
-321,671,945 |
|
-Cash Inflow from Investing |
6,151,119,231 |
235,038,763 |
1,107,453,206 |
|
-Cash Outflows for Investing |
-421,021,268 |
-321,690,875 |
-1,429,125,151 |
|
Cash Flows from Financing |
-5,926,755,556 |
2,044,463,759 |
2,355,889,008 |
|
-Cash Inflows from Financing |
9,572,293,975 |
12,346,222,580 |
18,050,906,966 |
|
-Cash Outflows from Financing |
-15,499,049,531 |
-10,301,758,821 |
-15,695,017,958 |
|
Increase/Decrease in Cash |
-1,419,995,788 |
-840,355,779 |
23,084,607 |
|
Cash at the Beginning of Year |
2,124,187,054 |
2,964,542,833 |
2,941,458,226 |
|
Cash at the End of Year |
704,191,266 |
2,124,187,054 |
2,964,542,833 |
Products,
Technologies, Services Description
|
Main Products & Services |
PA clip and Nylon clip for automobile Handle & cap for refrigerator,
injection items Danpla sheet/box : to be used for general
packaging and parts packaging Trading(export) agent for general items Chinese tyre : "SAMIK" brand for
domestic sales Trading(import) agent for general items Intermediate/triangular trading Indonesian Battery, Chinese Tyre, etc Brand Name: Haptar, NEXPIN, Violle |
|
Annual Production Capacity |
2,000,000 CD-R/Month |
|
Technologies Acquired |
|
Trade
Partners & Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
Dongah Tire & Rubber Co., Ltd. 11, Yusangongdan 11-Gil, Yangsan-Si,
Gyeongsangnam-Do, Korea Tel:+82-55-389-0011 Fax:+82-55-382-7736 |
Related
Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
|
|
Overseas Office |
SHANGHAI BRANCH OFFICE NO. 379 PUDONG SOUTH ROAD SHANGHAI CITY, CHINA TEL : +86-21-6886-9526 FAX :
+86-21-6886-9528 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
Sales
by Region (Activity & Markets)
|
Sales/ Unit : KRW |
2016 |
2015 |
2014 |
|
Export |
13,426,909,903 |
14,610,089,428 |
22,797,750,665 |
|
Domestic |
6,176,282,440 |
10,255,761,317 |
9,050,017,001 |
|
Others |
8,677,800 |
7,517,700 |
28,306,080 |
|
Total |
19,611,870,143 |
24,873,368,445 |
31,876,073,746 |
The Subject imports from China and Indonesia, and exports to Peru, Canada
and USA.
Court
Action
No.
News
Clipping
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.93 |
|
|
1 |
INR 86.07 |
|
Euro |
1 |
INR 76.39 |
|
KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.