MIRA
INFORM REPORT
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Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
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Name : |
LG MMA CORPORATION |
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Registered Office : |
759, Jungheung-dong, Yeosu-si, Jeollanam-do - 555-805 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
03/28/1991 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Manufacture of Other Basic Organic Chemicals n.e.c. Wholesale of Industrial Basic Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
LG MMA CORPORATION |
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Registered Address/ MMA 1 Plant |
759, Jungheung-dong, Yeosu-si, |
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Zip Code |
555-805 |
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Tel |
+82-61-688-2500 |
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Fax |
+82-61-688-2565 |
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E-mail |
lgmma@lgmma.com |
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Website |
www.lgmma.com |
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Trading Address |
12th Fl., Yuhwa Securities Bldg., 23-7, Yeoeuido-dong,
Yeongdeungpo-gu, |
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Tel |
+82-2-3770-1204 |
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Fax |
+82-2-3770-1209 |
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Other Address-PMMA 1 Plant |
70-1, Hwachi-dong, Yeosu-si, |
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Tel |
+82-1-680-1721 |
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Fax |
+82-61-680-6034 |
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Other Address-PMMA 2 Plant |
762-5, Jungheung-dong, Yeosu, |
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Tel |
+82-61-690-3952 |
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Fax |
+82-61-690-3988 |
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Other Address-MMA 2 Plant |
762-4, Jungheung-dong, Yeosu-si, |
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Tel |
+82-61-690-3931 |
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Fax |
+82-61-690-3949 |
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Other Address-R&D Center |
104-1, Munji-dong, Yuseong-gu, |
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Tel |
+82-42-866-5828 |
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Fax |
+82-42-866-5799 |
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Type |
Export/Import |
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Industry |
Manufacture of Other Basic Organic Chemicals n.e.c. |
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Main Business |
Methyl Methacrylate, Poly Methylmethacrylate, Methacrylic Acid |
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Sub
Business |
Wholesale of Industrial Basic Chemicals |
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Established (mm/dd/yyyy) |
03/28/1991 |
The Subject owns
the premises of Registered Address/ MMA 1 Plant and
MMA 2 Plant.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Acrylic resins(13111064) |
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Sell |
Polymethylacrylate(13111053) |
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Sell |
Chemistry reagents or solutions(41116105) |
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Sell |
Resins(13111000) |
CEO’s
|
Name |
Jun Dae-Hyun |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
24,000,000,000 KRW |
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Employees |
202 |
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Formation |
Co., Ltd by shares A Company of LG Group Foreign Direct Investment Corporation by |
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Bank Details |
Shinhan Bank-Yoido |
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Corporate Registered No. |
206211-0001805 |
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Business Registered No. |
417-81-05600 |
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Permit & Licenses |
12/27/2004 ISO 9001 10/12/2005 ISO 14001 2003 Acquired ISO/TS 16946 certification 1998 Won a certificate for an accident-free
record 1998 Became the certified first-class firm
in the safety and health control 1996 Acquired ISO 14001 Certificate 1995 Acquired ISO 9002 Certificate UL :Product safety testing and certification
system of the JHPC :Certification of RoHS :Restriction of Hazardous Substances
defined by European Union (EU), restricting the use of products containing
non-environmental friendly substances like cadmium, lead, mercury, hexavalent
chromium, and the brominated flame retardants PBBs/PBDEs. AMECA :Standard for automotive parts
material, released by AMECA (Automotive Manufacturers Equipment Compliance
Agency). Click LG MMA in the table of contents to see the certified products
and colors. MSDS :Data prepared by the company
producing, importing, or dealing with chemical substance, based on the hazard
assessment of the substance. It provides the employees and end users with the
necessary information to safely handle chemical substance to prevent
industrial accidents or occupational diseases caused by chemical substances.
MSDS should be delivered to the user when selling or transferring chemical
substance. CSDS (Chemical Safety Data Sheets), ICSC (International Chemical
Safety Cards), SDS (Safety Data Sheets) are alternate terms used to refer to
the same data. Int’l Trade No.: 124269 |
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Shareholder Position |
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Company History |
2006 Started construction of MMA Plant 3 2005 Completed PMMA Plant 2 2005 Rewarded as an exemplary honest
taxpayer 2004 Won the Innovation Award of medium
business at Korea Financial Management Award 2003 Completed MMA Plant 2 2003 Won 6 Sigma Innovation Award in
National Quality Management Convention
2003 Acquired ISO/TS 16946 certification 2002 Achieved aggregated 30 million USD 2002 Enlarged PMMA Plant by 60% 2001 Started to build up MMA 2nd Plant 2000 Became the best firm for safety
control by the Yochon Industry Complex 09-2000 Co-Presidents & CEO: Mr.
Cha-Sup Koo and Mr. Sanjeonjeok 1999 Decorated with the Golden Top Order
for Industrial Service Merit 1998 Signed an PMMA Plant Takeover
Agreement of LG Chem., Ltd. 1998 Won the grand prize for safety
management in the chemical industry 1998 Won a certificate for an
accident-free record 1998 Became the certified first-class firm
in the safety and health control 04-1998 Moved its headquarters to 759, Jungheung-Dong, Yeosu-Si, Jeonnam-Do 1997
Enhanced MAA manufacturing devices and MTBE production capacity 1997 Won the
Quality Management Prize at the National Quality Management Competition 1996
Acquired ISO 14001 Certificate 1996 Signed
MMA Manufacturing Technology Introduction Agreement 1996 Enlarged
MMA Plant by 20% 1995
Acquired ISO 9002 Certificate 1995 Changed
the name to LG MMA 1994
Introduced Total Information System to Physical Distribution, Production and
Finance 1993
Produced MMA for the first time in 1993
Completed MMA/MTBE Plant 1991 Signed
MMA Manufacturing Technology Introduction Agreement 03-1991
Incorporated as LUCKY MMA CORP.(a Joint-Venture with LG Chem CO., Ltd., |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Jun Dae-Hyun |
Male |
Korean |
2007.9.1 |
|
Director |
Mr. |
Kondo Hujio |
Male |
Japanese |
2006.3.31 |
|
Director |
Mr. |
Watanabe Hideaki |
Male |
Japanese |
2006.3.31 |
|
Director |
Mr. |
Kim Ban-Seok |
Male |
Korean |
2006.3.31 |
|
Director |
Mr. |
Arita Yoshihiro |
Male |
Japanese |
2006.3.31 |
|
Director |
Mr. |
Kim Bong-Soo |
Male |
Korean |
2007.9.1 |
|
Director |
Mr. |
Im Nam-Seob |
Male |
Korean |
2004.9.3 |
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Director |
Mr. |
Yamamoto Joon |
Male |
Japanese |
2007.9.1 |
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Auditor |
Mr. |
Lee Jong-Hee |
Male |
Korean |
2006.3.31 |
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Auditor |
Mr. |
Mizuno Masayuki |
Male |
Japanese |
2006.3.31 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
287,451,748,276 |
301,857,650,945 |
27,947,359,124 |
|
|
2005 |
269,608,331,403 |
270,478,758,222 |
45,385,171,955 |
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2004 |
223,544,912,665 |
243,659,444,214 |
39,799,167,163 |
|
2003 |
192,878,098,749 |
218,047,327,087 |
27,600,147,954 |
Financial Description
Unit: KRW
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Authorized Capital |
24,000,000,000 |
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Paid-Up Capital |
24,000,000,000 |
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Total Issues Shares |
2,400,000 |
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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 |
301,857,650,945 |
270,478,758,222 |
243,659,444,214 |
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Current Assets |
72,346,252,904 |
85,728,011,014 |
82,699,871,201 |
|
-Quick Assets |
40,034,365,808 |
55,820,399,251 |
63,799,073,428 |
|
-Inventories |
32,311,887,096 |
29,907,611,763 |
18,900,797,773 |
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Fixed Assets |
229,511,398,041 |
184,750,747,208 |
160,959,573,013 |
|
-Investment |
5,422,021,147 |
4,716,879,236 |
4,035,702,215 |
|
-Tangibles |
222,477,792,372 |
177,606,373,737 |
153,651,307,166 |
|
-Intangibles |
1,611,584,522 |
2,427,494,235 |
3,272,563,632 |
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Total Liabilities |
110,531,498,803 |
95,099,965,204 |
101,665,823,151 |
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Current Liabilities |
58,861,541,796 |
51,561,647,342 |
63,777,864,678 |
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Fixed Liabilities |
51,669,957,007 |
43,538,317,862 |
37,887,958,473 |
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Capital Stock |
24,000,000,000 |
24,000,000,000 |
24,000,000,000 |
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Capital Surplus |
29,041,064,441 |
29,041,064,441 |
29,041,064,441 |
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Profit Surplus |
138,285,087,701 |
122,337,728,577 |
88,952,556,622 |
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Capital Adjustment |
- |
- |
- |
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Total Equity |
191,326,152,142 |
175,378,793,018 |
141,993,621,063 |
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Liab. & Shareholder’s Equity |
301,857,650,945 |
270,478,758,222 |
243,659,444,214 |
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Current
Liabilities |
58,861,541,796 |
51,561,647,342 |
63,777,864,678 |
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Trade Payables |
23,936,520,421 |
14,477,597,998 |
11,689,790,920 |
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Withholdings |
335,596,669 |
451,874,650 |
380,235,026 |
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Short-Term Borrowings |
28,046,712 |
- |
- |
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Account Payables |
29,398,484,433 |
11,136,160,681 |
14,830,691,257 |
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Accrued Expenses |
973,181,369 |
1,336,906,614 |
2,543,650,812 |
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Accrued Income Tax |
4,130,733,922 |
9,694,989,574 |
11,501,134,491 |
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Current Portion of Long-Term
Debts |
- |
14,398,490,000 |
22,824,350,000 |
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Advance Receipts |
58,978,270 |
65,627,825 |
8,012,172 |
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Fixed
Liabilities |
51,669,957,007 |
43,538,317,862 |
37,887,958,473 |
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Debentures |
25,000,000,000 |
10,000,000,000 |
- |
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Long-Term Borrowings |
23,240,000,000 |
31,061,095,000 |
35,518,235,000 |
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Provision for Severance &
Retirement |
7,150,918,299 |
6,312,811,996 |
5,941,373,984 |
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Derivatives |
610,000,000 |
- |
- |
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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 |
|
Sales |
287,451,748,276 |
269,608,331,403 |
223,544,912,665 |
|
Cost of Sold Goods |
236,415,559,740 |
196,322,189,159 |
158,184,459,358 |
|
Gross Profit |
51,036,188,536 |
73,286,142,244 |
65,360,453,307 |
|
Selling & Admin. Expenses |
13,171,684,022 |
11,404,202,134 |
11,040,640,288 |
|
Operating Income |
37,864,504,514 |
61,881,940,110 |
54,319,813,019 |
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Non-Operating Income |
2,854,100,225 |
2,589,653,431 |
5,103,150,244 |
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Non-Operating expenses |
5,796,745,048 |
4,250,187,081 |
5,631,007,387 |
|
Ordinary Income |
34,921,859,691 |
60,221,406,460 |
53,791,955,876 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
34,921,859,691 |
60,221,406,460 |
53,791,955,876 |
|
Income Taxes Expenses |
6,974,500,567 |
14,836,234,505 |
13,992,788,713 |
|
Net Income |
27,947,359,124 |
45,385,171,955 |
39,799,167,163 |
|
Cash Flows |
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|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
62,275,706,682 |
45,206,250,058 |
62,788,980,901 |
|
-Net Income |
27,947,359,124 |
45,385,171,955 |
39,799,167,163 |
|
-Exp. without Cash Outflow |
23,313,622,324 |
19,995,632,148 |
18,201,976,374 |
|
-Revenue without Cash Inflows |
(-)619,465,858 |
(-)420,594,932 |
(-)2,318,569,701 |
|
-Changes in Asset/ & Liability |
11,634,191,092 |
(-)19,753,959,113 |
7,106,407,065 |
|
Cash Flows from Investing |
(-)65,620,934,658 |
(-)30,144,649,337 |
(-)34,981,881,706 |
|
-Cash Inflow from Investing |
742,105,161 |
13,057,171,210 |
350,509,613 |
|
-Cash Outflows for Investing |
(-)66,363,039,819 |
(-)43,201,820,547 |
(-)35,332,391,319 |
|
Cash Flows from Financing |
(-)18,581,538,288 |
(-)14,472,350,000 |
(-)31,703,705,000 |
|
-Cash Inflows from Financing |
38,878,046,712 |
20,352,000,000 |
9,282,400,000 |
|
-Cash Outflows from Financing |
(-)57,459,585,000 |
(-)34,824,350,000 |
(-)40,986,105,000 |
|
Increase/Decrease in Cash |
(-)21,926,766,264 |
589,250,721 |
(-)3,896,605,805 |
|
Cash at the Beginning of Year |
26,272,786,640 |
25,683,535,919 |
29,580,141,724 |
|
Cash at the End of Year |
4,346,020,376 |
26,272,786,640 |
25,683,535,919 |
Products,
Technologies, Services
Description
|
Main Products & Services |
METHYL METHACRYLATE(MMA) POLY METHYLMETHACRYLATE(PMMA) METHACRYLIC ACID(MAA) MMA Subject company produced MMA for the first
time in PMMA MMA is used for the automotive industry,
components of electric and electronic products, and construction materials
for its excellent transparency, weatherability and colorability. Our products
are well recognized worldwide for their excellency: they meet the various
international standards, which include the flame retardant standard from UL
and CSA, the AMECA standard for automotive vehicles, and the JHPC directive
of the Ministry of Health in |
|
Annual Production Capacity |
MMA: 100,000 M/T PMMA : 90,000 M/T |
Trade Partners
|
Suppliers |
LG CHEM, LTD. LG PETROCHEM. CO., LTD. CS CALTEX CORPORATION LG CNS CO., LTD. LG INTERNATIONAL CORP. GS ENGINEERING & CONSTRUCTION CORP. SHINHAN APEX CORPORATION |
|
Customers |
LG CHEM, LTD. LG PETROCHEM. CO., LTD. LG INTERNATIONAL CORP. GS ENGINEERING & CONSTRUCTION CORP. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
LG CORP.(110111-0003543) LG ELECTRONICS 20,
YEOUIDO-DONG, YEONGDEUNGPO-GU, TEL: 82-2-3777-1114 FAX:82-2-3777-5338 Industry: Manufacture Of Television And Radio Receivers,
Sound Or Video Recording Or Reproducing Apparatuses, And Related Goods LG MICRON LTD.
ADDRESS: LG MICRON, 624, GUPO-DONG, GUMI-SI,
GYEONGBUK-DO 730-713 TEL: 82-54-475-3800 FAX: 82-54-479-0360 Industry: Manufacture Of Other Electronic Valves,
Tubes And Electronic Components N.E.C. LG. PHILIPS LCD CO., LTD. ADDRESS: 17FL. LG TEL: 82-2-3777-1010 FAX: 82-2-3777-0795 INDUSTRY: MANUFACTURE OF LIQUID CRYSTAL DISPLAYS LG CHEM, LTD.
ADDRESS: 17 LG TWIN TOWER EAST 20 YOUIDO-DONG,
YONGDUNGPO-GU, TEL: 82-2-3773-5114 FAX: 82-2-3773-7933 INDUSTRY: MANUFACTURE OF BASIC ORGANIC
PETROCHEMICALS LG TELECOM CO., LTD. ADDRESS: 20F LG TEL: 82-2-2005-7114 FAX: 82-2-2005-7337 INDUSTRY: MOBILE TELEPHONE SERVICES LG INTERNATIONAL CORP. ADDRESS: 12FL., LG TEL: 82-2-3773-5114 FAX: 82-2-3773-5446 INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS DACOM CORPORATION ADDRESS: DACOM BLDG., 706-1, YEOKSAM 2-DONG,
GANGNAM-GU, TEL: 82-1544-0001
FAX: 82-2-6220-1929 INDUSTRY: LEASED LINE SERVICES LG HOUSEHOLD ＆ HEALTH CARE LTD. ADDRESS: LG TEL: 82-2-3773-1114 FAX: 82-2-3773-7032 Industry: Manufacture Of Toothpaste, Soap And
Synthetic Detergents LG PETROCHEM. CO., LTD. ADDRESS: 21TH FL., TEL: 82-2-3773-3829 FAX: 82-2-3773-3929 INDUSTRY: MANUFACTURE OF BASIC ORGANIC
PETROCHEMICALS LG LIFE SCIENCES LTD. ADDRESS: LG TEL: 82-2-3773-5114 FAX: 82-2-3773-7012 INDUSTRY: MANUFACTURE OF BIOLOGICAL PRODUCTS |
|
Cooperative |
Sumitomo Chemical Co., Ltd., |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
182,015,071,320 |
157,296,831,587 |
128,911,311,632 |
|
Domestic |
104,574,586,244 |
111,298,460,366 |
94,353,285,655 |
|
Total |
286,589,657,564 |
268,595,291,953 |
223,264,597,287 |
The Subject Company exports to
Court Action
No.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)