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MIRA
INFORM REPORT
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Report No. : |
495451 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SAMWHA ELECTRIC CO., LTD. |
|
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|
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Registered Office : |
3, Bongmyeong-ro, Heungdeok-gu,
Cheongju-si, Chungcheongbuk-do |
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Country : |
South Korea |
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|
|
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Financials (as on) : |
30.09.2017 |
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|
|
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Date of Incorporation : |
10.12.1973 |
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Com. Reg. No.: |
315-81-00390 |
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|
|
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Legal Form : |
Listed Company |
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|
|
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Line of Business : |
Export/Import, Manufacture of Electronic
Capacitors Electrolytic Capacitors, Chip Style Electrolytic Capacitors,
Conducting Polymer Aluminum Electrolytic Capacitors, Electric Double Layer
Capacitors |
|
|
|
|
No. of Employees : |
430 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
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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|
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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 (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
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
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
Source
: CIA |
Basic Information
Basic
|
Company Name |
SAMWHA ELECTRIC CO., LTD. |
|
Registered Address |
3, Bongmyeong-ro, Heungdeok-gu,
Cheongju-si, Chungcheongbuk-do, Korea (Old Address System : 92, Bokdae-dong,
Heungdeok-gu, Cheongju-si, Chungcheongbuk-do, Korea) |
|
Building |
|
|
Zip Code |
28589 |
|
Tel |
+82-43-261-0200 |
|
Fax |
+82-43-263-8334 |
|
E-mail |
sesale1@samwha.com |
|
Website |
www.samwha.co.kr/electric |
|
Trading Address |
Samyoung Bldg., 10, Nonhyeon-ro 152-gil,
Gangnam-gu, Seoul, Korea (Old Address System : Samyoung Bldg.,
587-8, Sinsa-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-544-9111 |
|
Fax |
+82-2-546-0440 |
|
Other Address-Chungju Factory |
524, Gugwon-daero, Chungju-si,
Chungcheongbuk-do, Korea (Old Address System : 240-4, Mokhaeng-dong,
Chungju-si, Chungcheongbuk-do, Korea) |
|
Tel |
+82-43-853-2404 |
|
Fax |
+82-43-853-2408 |
|
Type |
Export/Import Manufacture of Electronic Capacitors Electrolytic Capacitors, Chip Style
Electrolytic Capacitors, Conducting Polymer Aluminum Electrolytic Capacitors,
Electric Double Layer Capacitors |
|
Industry |
|
|
Main Business |
|
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/10/1973 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Capacitors(32121500) |
|
Sell |
Inductors(32121702) |
|
Sell |
Variable capacitors or varactors(32121502) |
|
Sell |
Radio frequency RF filters(32101521) |
|
Sell |
Surface
Mount Aluminum Electrolytic Capacitors |
CEO’s
|
Name |
Park Jong-On |
|
Date of Birth |
08/07/1959 |
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
6,613,820,000 |
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|
Employees |
430 |
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|
Formation |
Listed Company (Korea Stock Exchange :
009470) as of 11/24/1986 A Company of Samwha Capacitor Group Foreign Direct Investment Corporation |
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Bank Details |
Shinhan Bank-Hak Dong Branch |
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Corporate Registered No. |
150111-0000856 |
|||||||||||||||||||||
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Business Registered No. |
315-81-00390 |
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Permit & Licenses |
02/21/1994 ISO 9002 02/02/1995 ISO 9001 05/22/1996 Single PPM 12/09/1998 ISO 14001 12/09/2004 ISO/TS 16949:2002 |
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Shareholder Position |
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Company History |
12/10/1973 Incorporated as SAMWHA NICHICON
CO., LTD. 11/24/1974 Changed company name to the
present name 11/30/1985 Awarded US$20 Million Export Top
Prize 11/24/1986 Listed at Korea Stock
Exchange(KSE) 11/30/1988 Awarded US$50 Million Export Top
Prize 03/19/2004 Increased the authorized shares
to 20,000,000 shares from 15,000,000 shares |
Detailed Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Oh Young-Joo |
Korean |
01/16/1959 |
03/19/1999 |
|
President & CEO |
Park Jong-On |
Korean |
08/07/1959 |
01/04/2016 |
|
Sr. Executive Director |
Seo Ha-Seok |
Korean |
10/30/1954 |
03/19/2010 |
|
Outside Director |
Kang Hui-Won |
Korean |
10/24/1949 |
03/19/2007 |
|
Outside Director |
Moon Heung-Sang |
Korean |
06/09/1947 |
03/15/2002 |
|
Director |
Akihiro Yano |
Japanese |
12/18/1957 |
03/21/2014 |
|
Auditor |
Hur Young-Do |
Korean |
07/16/1953 |
03/22/2013 |
|
Auditor |
Chikano Hitoshi |
Japanese |
12/05/1960 |
03/18/2016 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
09/2017 |
120,447,954,430 |
109,610,592,632 |
5,871,303,304 |
|
2016 |
144,067,046,036 |
105,119,787,135 |
-590,443,864 |
|
2015 |
135,970,171,445 |
108,328,375,902 |
-3,743,773,457 |
|
2014 |
135,592,578,434 |
106,413,266,962 |
-742,628,011 |
|
2013 |
149,827,338,231 |
113,957,099,058 |
-1,518,871,582 |
Financial
Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
6,613,820,000 |
|
Total Issued Shares |
6,613,820 |
|
Balance
Sheet |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
109,610,592,632 |
105,119,787,135 |
108,328,375,902 |
|
Current
Assets |
51,565,066,259 |
48,688,467,228 |
49,766,855,149 |
|
Cash
& Cash Equivalents |
2,436,288,463 |
1,125,130,600 |
292,091,396 |
|
Trade
Receivables & Other Receivables |
35,282,802,797 |
33,123,304,718 |
35,139,681,985 |
|
Current
Financial Instruments |
1,053,619,030 |
748,530,081 |
457,713,750 |
|
Inventories |
12,664,555,434 |
13,566,164,284 |
13,734,840,586 |
|
Deferred
Income Tax Assets |
0 |
0 |
23,052,736 |
|
Other
Current Assets |
127,800,535 |
125,337,545 |
119,474,696 |
|
Non-Current
Assets |
58,045,526,373 |
56,431,319,907 |
58,561,520,753 |
|
Long-Term Financial Instruments |
0 |
0 |
5,500,000 |
|
Non-Current
Financial Instruments |
9,429,635,191 |
6,203,415,621 |
6,108,206,384 |
|
Long-Term
Trade Receivables & Other Receivables |
529,224,000 |
529,224,000 |
|
|
Investment_Related
Companies |
18,534,520,965 |
18,643,094,925 |
18,772,027,925 |
|
Tangibles |
29,311,024,000 |
30,774,597,286 |
33,232,852,770 |
|
Intangibles |
241,122,217 |
280,988,075 |
422,933,674 |
|
Other
Non-Current Assets |
|
|
20,000,000 |
|
Total
Liabilities |
79,561,250,608 |
83,079,436,473 |
85,617,687,811 |
|
Current
Liabilities |
63,110,228,702 |
67,598,939,875 |
68,629,095,520 |
|
Trade Payables |
29,627,807,482 |
30,382,429,520 |
24,585,589,913 |
|
Short-Term
Borrowings |
28,699,756,256 |
32,834,630,498 |
39,300,460,983 |
|
Other
Current Financial Debts |
4,180,752,406 |
3,780,884,978 |
4,521,211,366 |
|
Deferred
Income Tax Credit |
156,299,717 |
471,002 |
0 |
|
Other
Current Liabilities |
445,612,841 |
600,523,877 |
221,833,258 |
|
Non-Current
Liabilities |
16,451,021,906 |
15,480,496,598 |
16,988,592,291 |
|
Provision
for Severance & Retirement |
14,364,160,149 |
13,392,521,437 |
14,939,070,340 |
|
Long-Term
Trade Payables & Other Payables |
14,039,962 |
125,975,928 |
136,012,735 |
|
Deferred
Income Tax Credit |
1,913,509,216 |
1,913,509,216 |
1,913,509,216 |
|
Other
Non-Current Provisions |
159,312,579 |
48,490,017 |
0 |
|
Capital
Stock |
6,613,820,000 |
6,613,820,000 |
6,613,820,000 |
|
Capital
Surplus |
8,881,024,681 |
8,881,024,681 |
8,881,024,681 |
|
Others |
3,152,702,348 |
635,572,483 |
561,309,278 |
|
Profit
Surplus |
11,401,794,995 |
5,909,933,498 |
6,654,534,132 |
|
Total
Equity |
30,049,342,024 |
22,040,350,662 |
22,710,688,091 |
|
Liab.
& Shareholder’s Equity |
109,610,592,632 |
105,119,787,135 |
108,328,375,902 |
|
Income
Statement |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
120,447,954,430 |
144,067,046,036 |
135,970,171,445 |
|
Cost
of Sold Goods |
103,495,904,500 |
129,519,302,632 |
124,636,041,626 |
|
Gross
Profit |
16,952,049,930 |
14,547,743,404 |
11,334,129,819 |
|
Selling
& Admin. Expenses |
11,656,350,059 |
14,130,661,852 |
13,130,349,570 |
|
Operating
Income |
5,295,699,871 |
417,081,552 |
-1,796,219,751 |
|
Profits from Related Companies |
105,614,959 |
-128,933,000 |
79,387,970 |
|
Finance
Income |
2,184,504,860 |
3,202,186,661 |
2,137,134,087 |
|
Finance
Expenses |
2,542,995,755 |
5,168,936,209 |
4,406,905,367 |
|
Other
Income |
642,235,601 |
1,466,986,479 |
265,793,158 |
|
Other
Expenses |
352,091,748 |
329,857,051 |
242,355,605 |
|
Income
Before Taxes |
5,332,967,788 |
-541,471,568 |
-3,963,165,508 |
|
Income
Taxes Expenses |
-538,335,516 |
48,972,296 |
-219,392,051 |
|
Net
Income |
5,871,303,304 |
-590,443,864 |
-3,743,773,457 |
|
Cash
Flows |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating
Activities Cash Flows |
6,092,273,355 |
7,593,364,382 |
4,125,925,339 |
|
Net
Income |
5,871,303,304 |
-590,443,864 |
-3,743,773,457 |
|
Adjustment |
4,288,548,167 |
7,729,220,701 |
7,807,577,453 |
|
Changes
in Asset/ & Liability |
-3,206,441,979 |
1,760,549,589 |
1,261,955,669 |
|
Interests
Received |
4,732,625 |
3,842,507 |
5,193,156 |
|
Interests
Paid |
-958,222,197 |
-1,358,483,889 |
-1,403,487,978 |
|
Dividends
Received |
92,824,437 |
107,556,906 |
201,241,234 |
|
Income
Taxes |
-471,002 |
-58,877,568 |
-2,780,738 |
|
Cash
Flows from Investing |
-149,800,143 |
571,889,686 |
-238,435,901 |
|
Cash
Flows from Financing |
-4,631,276,922 |
-7,333,232,691 |
-3,865,195,163 |
|
Increase/Decrease
in Cash |
1,311,196,290 |
832,021,377 |
22,294,275 |
|
Cash
at the Beginning of Year |
1,125,130,600 |
292,091,396 |
269,218,471 |
|
Cash
at the End of Year |
2,436,288,463 |
1,125,130,600 |
292,091,396 |
Products, Technologies, Services Description
|
Main Products & Services |
Green-Cap (EDLC) Polymer Aluminum Electrolytic Capacitor Surface Mount Aluminum Electrolytic
Capacitor Miniature Aluminum Electrolytic Capacitor Large Aluminum Electrolytic Capacitor |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners & Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
SAMSUNG ELECTRO-MECHANICS
CO.,LTD.(130111-0001626) 314, MAETAN 3-DONG, YEONGTONG-GU, SUWON-SI,
GYEONGGI-DO, KOREA TEL:+82-31-210-5114 FAX:+82-31-210-6363 HANSUNG ELCOMTEC CO.,LTD.(134811-0015546) 110-1, GALGOT-RI, JINWI-MYEON,
PYEONGTAEK-SI, GYEONGGI-DO, KOREA TEL:+82-31-372-6740 FAX:+82-31-372-6746 DONG IL ELECTRONICS CO., LTD. 24, GAHEUNG-RI, GAGEUM-MYEON, CHUNGJU-SI,
CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-855-7800 FAX:+82-43-855-7803 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SAMWHA ELECTRONICS CO., LTD
(134811-0000563) SAMWHA CAPACITOR CO., LTD.(134511-0003696) SEOUL MUTUAL SAVINGS BANK(110111-0339427) SAMWHA TECOM CO., LTD.(134511-0001533) SAMWHA TRADING CO., LTD.(110111-0357312) KOREA JCC CO., LTD.(150111-0003967) SAMWHA ENTERPRISE CO., LTD.(161511-0001324) |
|
Overseas Office |
SAMWHA USA SAMWHA HUNGARY (34.0% held by the subject company) SAMWHA INDIA ENERGY SAVINGS PRIVATE LIMITED (50.0% held by the subject company) SAMWHA THAILAND PT.SAMCON SAMWHA HONG KONG (33.33% held by the subject company) SAMWHA EUROPE (33.33% held by the subject company) SAMWHA POLAND (15.00% held by the subject company) TIANJIN SAMWHA ELECTRIC CO., LTD.(CHINA) (55.0% held by the subject company) QINGDAO SAMWHA ELECTRIC CO., LTD.(CHINA) |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SAMWHA TECOM CO., LTD.(134511-0001533) (20.00% held by the subject company) TIANJIN SAMWHA ELECTRIC CO.,LTD. (55.00% held by the subject company) NO.12 SAIDA SHIJI HIGHWAY XIQING ECONOMIC
TECHNOLOGICAL DEVELOPMENT AREA TIANJIN CHINA PT. SAMWHA INDONESIA (100.0% held by SAMWHA TECOM CO., LTD.) CIKANANGA RT 06/02, CIKUMPAY CAMPAKA
PURWAKARTA, JAWA BARAT, INDONESIA 41181 |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO.,
LTD.(110111-0014459) |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Thousand KRW |
09/2017 |
2016 |
2015 |
|
Export |
91,813,924 |
|
|
|
Domestic |
28,634,030 |
|
|
|
Total |
120,447,954 |
|
|
Not Available.
Court Action
No Records.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.10 |
|
|
1 |
INR 94.44 |
|
Euro |
1 |
INR 79.59 |
|
KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.