MIRA
INFORM REPORT
|
Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
|
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, Korea 425-852 |
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Country : |
South Korea |
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|
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.06.1988 |
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Com. Reg. No.: |
134-81-01179 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Surface-Active Agents |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company Name |
SUNJIN CHEMICAL CO., LTD. (Korean Company Name : “(주)선진화학”) |
|
Registered Address |
836-1, Wonsi-Dong, Danwon-Gu, Ansan-Si,
Gyeonggi-Do, Korea |
|
Building |
9B-7, Banwol Industrial Complex |
|
Zip Code |
425-852 |
|
Tel |
+82-31-494-6322 |
|
Fax |
+82-31-494-6321 |
|
E-mail |
sungholee@sunjinchem.co.kr;khjang@sunjinchem.co.kr |
|
Website |
www.sunjinchem.co.kr |
|
Trading Address |
9b-7, Banwol Industrial Complex, 836-1,
Wonsi-Dong, Danwon-Gu, Ansan-Si, Gyeonggi-Do, Korea |
|
Tel |
+82-31-494-6322 |
|
Fax |
+82-31-494-6321 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Surface-Active Agents |
|
Main Business |
Surfactants, Electronic Ceramic Materials, Industrial Polymer Powders,
Silica Antibiotics, Special Silica, Nylon Powder |
|
Established (mm/dd/yyyy) |
06/01/1988 |
The Subject owns
the premises of registered address/factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Surfactants(12161900) |
|
Sell |
Color compounds and dispersions(12171700) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Surfactants(12161900) |
|
Sell |
Electrical insulators(39121721) |
|
Sell |
Cleaning and disinfecting solutions(47131800) |
|
Sell |
Texturing materials(31211602) |
|
Sell |
Silica sand(11111701) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Buy |
Organic derivatives and substituted
compounds(12352100) |
|
Buy |
Alcohols or its substitutes(12352104) |
|
Buy |
Amines or imines or its substitutes(12352116) |
|
Buy |
Antimycotics(41106201) |
CEO’s
|
Name |
Lee Byung-Cheol |
|
Address |
313, Sinjeong-dong, Yangcheon-gu, Seoul, Korea |
|
Date of Birth |
12/05/1936 |
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Title |
Chairman & CEO |
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Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
961,740,000 |
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Employees |
50 |
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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 |
01/25/1978
Established as SUNJIN CHEMICAL CO.(Sole Proprietorship) 07/19/1988
Incorporated as the present name 04/09/2001 Designated as a Venture
Business 09/03/2002 Increased the authorized shares
to 1,000,000 shares from 288,400 shares 12/2008 Awarded US$ 3 Million Export Top Prize 08/11/2009 Increased capital to
961,740,000 KRW from 887,670,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Lee Byung-Cheol |
Male |
Korean |
07/19/1988 |
|
President & CEO |
Mr. |
Lee Sung-Ho |
Male |
Korean |
03/18/2003 |
|
Director |
M/S. |
Lee Min-Ja |
Female |
Korean |
03/20/2006 |
|
Director |
Mr. |
Kim Tae-Sung |
Male |
Korean |
12/30/2009 |
|
Auditor |
Mr. |
Kim Young-Duck |
Male |
Korean |
03/18/2003 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
19,953,416,287 |
15,279,954,619 |
1,162,213,759 |
|
|
2009 |
16,791,026,304 |
13,345,189,956 |
1,819,376,261 |
|
2008 |
14,943,589,959 |
10,707,803,717 |
637,463,697 |
|
2007 |
10,917,170,670 |
9,099,005,749 |
185,718,323 |
|
2006 |
10,947,747,594 |
9,186,797,107 |
373,916,866 |
|
2005 |
11,979,227,132 |
8,812,686,537 |
449,447,960 |
|
2004 |
10,792,030,540 |
8,319,444,892 |
(-)114,799,133 |
|
2003 |
9,277,843,341 |
8,593,435,283 |
(-)344,952,384 |
Financial Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
961,740,000 |
|
Total Issues Shares |
79,507(Common : 72,100 / Preferable : 7,407) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
15,279,954,619 |
13,345,189,956 |
10,707,803,717 |
|
Current Assets |
8,702,051,141 |
6,607,405,248 |
4,524,493,753 |
|
-Quick Assets |
5,389,093,600 |
4,629,685,460 |
2,879,969,919 |
|
-Inventories |
3,312,957,541 |
1,977,719,788 |
1,644,523,834 |
|
Fixed Assets |
6,577,903,478 |
6,737,784,708 |
6,183,309,964 |
|
-Investment |
1,361,352,041 |
2,027,979,407 |
1,651,079,430 |
|
-Tangibles |
4,894,455,586 |
4,384,194,838 |
4,191,686,294 |
|
-Intangibles |
161,905,251 |
173,307,863 |
190,241,640 |
|
-Others |
160,190,600 |
152,302,600 |
150,302,600 |
|
Total Liabilities |
5,892,005,678 |
4,852,682,175 |
4,846,242,921 |
|
Current Liabilities |
4,789,553,869 |
3,225,102,764 |
3,894,067,892 |
|
Fixed Liabilities |
1,102,451,809 |
1,627,579,411 |
952,175,029 |
|
Capital Stock |
961,740,000 |
961,740,000 |
887,670,000 |
|
Capital Surplus |
4,006,907,785 |
4,004,247,572 |
3,062,781,333 |
|
Profit Surplus |
4,346,322,064 |
3,422,629,305 |
1,711,403,044 |
|
Capital Adjustment |
72,979,092 |
103,890,904 |
199,706,419 |
|
Total Equity |
9,387,948,941 |
8,492,507,781 |
5,861,560,796 |
|
Liab. & Shareholder’s Equity |
15,279,954,619 |
13,345,189,956 |
10,707,803,717 |
|
Current Liabilities |
4,789,553,869 |
3,225,102,764 |
3,894,067,892 |
|
Trade Payables |
1,485,716,825 |
499,569,108 |
797,900,356 |
|
Short-Term Borrowings |
2,179,289,760 |
1,990,000,000 |
1,613,263,819 |
|
Account Payables |
579,271,077 |
35,555,000 |
45,736,700 |
|
Advance Receipts |
33,109,834 |
34,708,564 |
27,057,350 |
|
Withholdings |
32,222,518 |
23,815,580 |
23,713,100 |
|
Accrued Expenses |
10,843,855 |
350,402,059 |
261,678,567 |
|
Accrued Income Tax |
- |
20,673,973 |
- |
|
Current Portion of Long-Term Debts |
469,100,000 |
270,378,480 |
1,124,718,000 |
|
Fixed Liabilities |
1,102,451,809 |
1,627,579,411 |
952,175,029 |
|
Long-Term Borrowings |
217,700,000 |
686,800,000 |
558,958,500 |
|
Convertible Bonds |
675,000,000 |
700,000,000 |
300,000,000 |
|
Provision for Severance & Retirement |
- |
148,887,036 |
98,228,412 |
|
Deferred Income Tax Credit |
178,610,825 |
127,120,465 |
36,157,986 |
|
Provision for Refund |
3,752,196 |
- |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
19,953,416,287 |
16,791,026,304 |
14,943,589,959 |
|
Cost of Sold Goods |
15,929,322,413 |
12,432,445,572 |
12,546,479,580 |
|
Gross Profit |
4,024,093,874 |
4,358,580,732 |
2,397,110,379 |
|
Selling & Admin. Expenses |
2,789,309,136 |
2,350,700,336 |
2,003,567,615 |
|
Operating Income |
1,234,784,738 |
2,007,880,396 |
393,542,764 |
|
Non-Operating Income |
480,019,112 |
450,460,812 |
719,028,956 |
|
Non-Operating Expenses |
468,464,055 |
499,946,415 |
376,101,551 |
|
Income Before Taxes |
1,246,339,795 |
1,958,394,793 |
736,470,169 |
|
Income Taxes Expenses |
84,126,036 |
139,018,532 |
99,006,472 |
|
Net Income |
1,162,213,759 |
1,819,376,261 |
637,463,697 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-34,282,496 |
1,860,702,608 |
875,294,017 |
|
-Net Income |
1,162,213,759 |
1,819,376,261 |
637,463,697 |
|
-Exp. without Cash Outflow |
1,009,829,455 |
832,356,126 |
881,957,962 |
|
-Revenue
without Cash Inflows |
-200,168,037 |
-208,523,410 |
-155,374,161 |
|
-Changes in
Asset/ & Liability |
-2,006,157,673 |
-582,506,369 |
-488,753,481 |
|
Cash Flows
from Investing |
-711,664,013 |
-2,140,935,731 |
-840,108,001 |
|
-Cash Inflow
from Investing |
1,941,183,641 |
1,060,645,865 |
90,230,316 |
|
-Cash
Outflows for Investing |
-2,652,847,654 |
-3,201,581,596 |
-930,338,317 |
|
Cash Flows
from Financing |
-166,240,418 |
1,093,813,181 |
188,385,313 |
|
-Cash
Inflows from Financing |
369,376,000 |
4,572,662,618 |
2,038,486,426 |
|
-Cash
Outflows from Financing |
-535,616,418 |
-3,478,849,437 |
-1,850,101,113 |
|
Increase/Decrease in Cash |
-912,186,927 |
813,580,058 |
223,571,329 |
|
Cash at the
Beginning of Year |
1,095,636,680 |
282,056,622 |
58,485,293 |
|
Cash at the End of Year |
183,449,753 |
1,095,636,680 |
282,056,622 |
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 & Competitors
|
Customers |
INTERCOS(ITALY) |
|
Competitors |
COLORANT COREA CORPORATION 782-4, EOGOK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-388-9003 FAX:+82-55-388-9006 MYUNGJIN TRADING CO., LTD. 4TH FL., MYEONGJIN BLDG., 236-7, NONHYEON
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-546-5040 FAX:+82-2-546-6566 YOOJIN CHEMICAL CO., LTD. 8B-28L, BANWOL INDUSTRIAL COMPLEX, 743-7,
WONSI-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-494-0618 FAX:+82-31-494-0617 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Subsidiary |
TENJIN SUNKWANG CHEMICALS CO., LTD.(CHINA) (51.00% held by the subject company) TENJIN SUNJIN COSMETICS CO., LTD. (66.35% held by the subject company) |
|
Cooperative Enterprise |
-Insured company HEUNGKUK FIRE & MARINE INSURANCE CO., LTD.(110111-0016728) |
Sales by Region
(Activity &
Markets)
The Subject exports to China, Italy, Japan, Malaysia and USA.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.