MIRA
INFORM REPORT
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Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SUNJIN CHEMICAL CO., LTD. |
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Registered Office : |
9B-7, Banwol Industrial Complex, 836-1, Wonsi-Dong, Danwon-Gu,
Ansan-Si, Gyeonggi-Do - 425-852 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06/01/1988 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Manufacture of Surface-Active Agents |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Basic
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Company
Name |
SUNJIN CHEMICAL CO., LTD. |
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Registered Address/Factory |
836-1, Wonsi-Dong, Danwon-Gu, Ansan-Si, |
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Building |
9B-7, Banwol Industrial Complex |
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Zip Code |
425-852 |
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Tel |
+82-31-494-6322 |
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Fax |
+82-31-494-6321 |
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E-mail |
sungholee@sunjinchem.co.kr;khjang@sunjinchem.co.kr |
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Website |
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Trading Address |
9b-7, Banwol Industrial Complex, 836-1,
Wonsi-Dong, Danwon-Gu, Ansan-Si, |
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Tel |
+82-31-494-6322 |
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Fax |
+82-31-494-6321 |
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Type |
Export/Import |
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Industry |
Manufacture of Surface-Active Agents |
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Main Business |
Surfactants, Electronic Ceramic Materials, Industrial Polymer Powders,
Silica Antibiotics, Special Silica, Nylon Powder |
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Established (mm/dd/yyyy) |
06/01/1988 |
The Subject owns
the premises of registered address/factory.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Surfactants(12161900) |
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Sell |
Color compounds and dispersions(12171700) |
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Sell |
Chemistry reagents or solutions(41116105) |
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Sell |
Surfactants(12161900) |
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Sell |
Electrical insulators(39121721) |
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Sell |
Cleaning and disinfecting
solutions(47131800) |
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Sell |
Texturing materials(31211602) |
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Sell |
Silica sand(11111701) |
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Sell |
Chemistry reagents or solutions(41116105) |
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Buy |
Organic derivatives and substituted
compounds(12352100) |
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Buy |
Alcohols or its substitutes(12352104) |
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Buy |
Amines or imines or its
substitutes(12352116) |
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Buy |
Antimycotics(41106201) |
CEO’s
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Name |
Lee Byung-Cheol |
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Address |
313, Sinjeong-dong, Yangcheon-gu, |
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Date of Birth |
12/05/1936 |
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Title |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
787,670,000 KRW |
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Employees |
43 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Industrial Bank of Korea-Banwol Branch |
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Corporate Registered No. |
135011-0029576 |
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Business Registered No. |
134-81-01179 |
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Permit & Licenses |
01/27/2000 ISO 9001 07/31/2003 ISO 9001 by TUV 07/21/2006 Certificate of RoHS Int’l Trade No.: 976282 |
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Shareholder Position |
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Company History |
01/1978 Founded in Busan 08/1983 Recognized as a promising small
& medium company by Korean Government 12/1986 Moved to Ansan city, 06/1987 Founded an affiliated R&D
center 06/1988 Incorporated to SUNJIN CHEMICAL
CO. LTD 11/1989 Won 1 million USD export medal
from Korean government 08/1993 Set up a joint venture company in 10/1997 Developed spherical silica first
in 01/2000 Exported spherical silica to Christian
Dior first in 01/2000 ISO 9001 certified 06/2000 Selected as a "Family
Company" from Industrial Bank of 06/2000 IMS(Information Management System)
certified by Korean Government 12/2000 Developed PMMA bead first in 02/2001 Recognized as a venture company by
Korean government based on its superior technology 03/2001 Developed silica/TiO2 composite
first in 03/2001 Selected as INNO-BIZ company by
Korean government 04/2001 Selected as INNO-BIZ company by
Korean government 06/2001 Won a R&D fund from Ministry
of Commerce, Industry and Energy 06/2001 Exported PMMA bead to EU first in 09/2001 Developed PMMA bead for coatings
and paints first in 05/2002 Exported silica/TiO2 composite to 09/2002 Funded by venture capitals for
1,000,000,000 won 12/2002 Expanded powdery products
production capacity to 20MT/month 01/2003 Developed AC EL phosphor(Blue) 08/2003 Registered as a certified supplier
to L'oreal 09/2003 Developed Dispersion Type of ZnO
& TiO2 02/2004 Exported Silica 1MT to Intercos( |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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Chairman & CEO |
Mr. |
Lee Byung-Cheol |
Male |
Korean |
07/19/1988 |
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President & CEO |
Mr. |
Lee Sung-Ho |
Male |
Korean |
03/18/2003 |
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Director |
M/S. |
Lee Min-Ja |
Female |
Korean |
03/20/2006 |
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Auditor |
Mr. |
Kim Young-Duck |
Male |
Korean |
03/18/2003 |
Financials
Unit: KRW
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Year |
Sales |
Assets |
Net income |
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10,947,747,594 |
9,186,797,107 |
373,916,866 |
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2005 |
11,979,227,132 |
8,812,686,537 |
449,447,960 |
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2004 |
10,792,030,540 |
8,319,444,892 |
(-)114,799,133 |
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2003 |
9,277,843,341 |
8,593,435,283 |
(-)344,952,384 |
Financial Description
Unit: KRW
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Authorized Capital |
10,000,000,000 |
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Paid-Up Capital |
787,670,000 |
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Total Issues Shares |
78,767 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
9,186,797,107 |
8,812,686,537 |
8,319,444,892 |
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Current Assets |
3,818,408,103 |
3,793,048,290 |
3,415,260,093 |
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-Quick Assets |
2,542,425,047 |
2,572,458,628 |
2,393,010,657 |
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-Inventories |
1,275,983,056 |
1,220,589,662 |
1,022,249,436 |
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Fixed Assets |
5,368,389,004 |
5,019,638,247 |
4,904,184,799 |
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-Investment |
924,599,968 |
718,503,531 |
635,293,515 |
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-Tangibles |
4,311,655,804 |
4,140,279,215 |
4,110,919,923 |
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-Intangibles |
132,133,232 |
160,855,501 |
157,971,361 |
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Total Liabilities |
3,971,420,453 |
3,558,502,946 |
3,153,926,785 |
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Current Liabilities |
3,082,695,856 |
2,665,289,258 |
1,981,815,921 |
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Fixed Liabilities |
888,724,597 |
893,213,688 |
1,172,110,864 |
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Capital Stock |
887,670,000 |
887,670,000 |
887,670,000 |
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Capital Surplus |
3,053,045,983 |
3,053,045,983 |
3,053,045,983 |
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Profit Surplus |
1,411,629,477 |
1,406,999,358 |
1,314,856,198 |
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Capital Adjustment |
(-)136,968,806 |
(-)93,531,750 |
(-)90,054,074 |
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Total Equity |
5,215,376,654 |
5,254,183,591 |
5,165,518,107 |
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Liab. & Shareholder’s Equity |
9,186,797,107 |
8,812,686,537 |
8,319,444,892 |
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Current Liabilities |
3,082,695,856 |
2,665,289,258 |
1,981,815,921 |
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Trade Payables |
329,038,325 |
384,454,744 |
344,543,331 |
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Short-Term Borrowings |
2,289,025,114 |
1,801,258,105 |
1,390,753,222 |
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Account Payables |
66,587,328 |
21,348,550 |
7,893,070 |
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Advance Receipts |
112,017 |
- |
139,400 |
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Withholdings |
19,025,180 |
17,639,880 |
14,663,780 |
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Accrued Expenses |
201,446,452 |
246,897,503 |
178,116,198 |
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Accrued Income Tax |
- |
49,427,276 |
- |
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Current Portion of Long-Term Debts |
177,461,440 |
144,263,200 |
45,706,920 |
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Fixed Liabilities |
888,724,597 |
893,213,688 |
1,172,110,864 |
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Long-Term Borrowings |
804,588,960 |
782,307,000 |
941,321,600 |
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Provision for Severance & Retirement |
84,135,637 |
86,906,688 |
85,657,864 |
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National Subsidy |
- |
24,000,000 |
145,131,400 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
10,947,747,594 |
11,979,227,132 |
10,792,030,540 |
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Cost of Sold Goods |
8,906,676,928 |
9,626,074,513 |
9,209,545,859 |
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Gross Profit |
2,041,070,666 |
2,353,152,619 |
1,582,484,681 |
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Selling & Admin. Expenses |
1,668,750,819 |
1,826,151,996 |
1,602,804,284 |
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Operating Income |
372,319,847 |
527,000,623 |
(-)20,319,603 |
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Non-Operating Income |
241,242,608 |
193,613,782 |
287,804,544 |
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Non-Operating expenses |
256,747,182 |
200,443,373 |
243,834,987 |
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Ordinary Income |
356,815,273 |
520,171,032 |
23,649,954 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
356,815,273 |
520,171,032 |
23,649,954 |
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Income Taxes Expenses |
(-)17,101,593 |
70,723,072 |
138,449,087 |
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Net Income |
373,916,866 |
449,447,960 |
(-)114,799,133 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
385,660,635 |
937,141,266 |
65,794,500 |
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-Net Income |
373,916,866 |
449,447,960 |
(-)114,799,133 |
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-Exp. without Cash Outflow |
779,461,091 |
759,309,521 |
922,923,873 |
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-Revenue without Cash Inflows |
(-)114,230,795 |
(-)118,452,400 |
(-)92,132,791 |
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-Changes in Asset/ & Liability |
(-)653,486,527 |
(-)153,163,815 |
(-)650,197,449 |
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Cash Flows from Investing |
(-)794,581,918 |
(-)799,442,747 |
(-)323,527,730 |
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-Cash Inflow from Investing |
272,166,078 |
28,281,421 |
568,234,321 |
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-Cash Outflows for Investing |
(-)1,066,747,996 |
(-)827,724,168 |
(-)891,762,051 |
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Cash Flows from Financing |
266,255,801 |
(-)68,104,070 |
60,778,225 |
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-Cash Inflows from Financing |
803,000,000 |
418,415,909 |
2,982,845,967 |
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-Cash Outflows from Financing |
(-)536,744,199 |
(-)486,519,979 |
(-)2,922,067,742 |
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Increase/Decrease in Cash |
(-)142,665,482 |
69,594,449 |
(-)196,955,005 |
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Cash at the Beginning of Year |
401,189,117 |
331,594,668 |
528,549,673 |
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Cash at the End of Year |
258,523,635 |
401,189,117 |
331,594,668 |
Products, Technologies,
Services
Description
|
Main Products & Services |
Surfactants, Electronic Ceramic Materials, Industrial Polymer Powders,
Silica Antibiotics, Special Silica, Nylon Powder, and materials for Cosmetics |
Trade Partners
|
Customers |
INTERCOS( |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Subsidiary |
Tenjin Sunkwang Chemicals Co., Ltd.(51.00%
held by the subject company) Tenjin Sunjin Cosmetics Co., Ltd. (66.35%
held by the subject company) |
Sales by Region (Activity
& Markets)
The Subject exports to
Court Action
No.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)