MIRA
INFORM REPORT
|
Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
UKSEUNG CHEMICAL CO., LTD. |
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Registered Office : |
155-8, Hoedong-dong, Geumjeong-gu, Busan,
Korea 609-845 |
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Country : |
South Korea |
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|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.02.1983 |
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Com. Reg. No.: |
621-81-04063 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Inorganic Pigments and Other Metal Oxides |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic information
|
Company Name |
UKSEUNG CHEMICAL CO., LTD. (Korean Company Name : “욱성화학(주)”) |
|
Registered Address |
155-8, Hoedong-dong, Geumjeong-gu, Busan,
Korea |
|
Zip Code |
609-845 |
|
Tel |
+82-51-523-1515 |
|
Fax |
+82-51-529-7272 +82-51-529-6326 |
|
E-mail |
webmaster@ukseung.co.kr |
|
Website |
www.ukseung.co.kr |
|
Trading Address |
664-8, Seonggok-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-433-1326~9 |
|
Fax |
+82-2-797-1509 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Inorganic Pigments and Other Metal Oxides |
|
Main Business |
Inorganic Pigment, Organic Pigment, Fluorescent Pigment, PP Compound,
Hot Melt, Electronic Materials |
|
Established (mm/dd/yyyy) |
02/17/1983 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pigments(12171600) |
CEO’s
|
Name |
Kim Hak-Sun |
|
Address |
149-4, Jurye-dong, Sasang-gu,
Busan, Korea |
|
Date of Birth |
03/24/1940 |
|
Title |
President & CEO |
|
Sex |
Female |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,689,370,000 |
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Employees |
204 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Industrial Bank of Korea Shinhan Bank Korea Exchange Bank |
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Corporate Registered No. |
180111-0047703 |
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Business Registered No. |
621-81-04063 |
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Permit & Licenses |
06/1985 KS Mark 11/1985 UL Mark 12/1988 UL Mark 12/2001 ISO 9002 08/2003 ISO 9001 03/24/2007 ISO 9001 Int’l Trade No.: 978479 |
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Shareholder Position |
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Company History |
1964 Established as UKSEUNG CHEMICAL INDUSTRIES CO. 02/17/1983 Incorporated as the present name 11/1994 Awarded US$ 10 Million Export Top
Prize 11/2003 Awarded US$ 20 Million Export Top
Prize 11/2006 Designated as an INNO-BIZ Company 08/31/2009 Spin off Electrolyte Business,
and established as PANAX ETEC CO., LTD.(180111-0685321) 08/28/2009 Decreased capital to
3,689,370,000 KRW from 3,837,310,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
M/S. |
Kim Hak-Sun |
Female |
Korean |
03/29/2011 |
|
Director |
Mr. |
Sung Hwan-Cheon |
Male |
Korean |
03/29/2011 |
|
Director |
Mr. |
Chun Byung-Tae |
Male |
Korean |
03/29/2011 |
|
Auditor |
M/S. |
Park Im-Soon |
Female |
Korean |
03/29/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
89,747,893,726 |
81,921,116,115 |
10,987,561,890 |
|
|
2009 |
64,778,351,144 |
84,798,092,301 |
(-)995,617,616 |
|
2008 |
58,543,542,106 |
105,220,944,351 |
107,231,636 |
|
2007 |
56,498,634,347 |
91,629,470,249 |
(-)251,297,412 |
|
2006 |
51,090,118,378 |
60,758,362,147 |
(-)1,334,899,947 |
|
2005 |
51,429,560,280 |
55,022,703,188 |
688,503,509 |
Financial Description
|
Authorized Capital(KRW) |
6,400,000,000 |
|
Paid-Up Capital(KRW) |
3,689,370,000 |
|
Total Issues Shares |
368,937 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
81,921,116,115 |
84,798,092,301 |
105,220,944,351 |
|
Current Assets |
41,724,658,299 |
54,461,611,358 |
48,021,941,224 |
|
-Quick Assets |
19,038,065,955 |
31,022,327,950 |
27,530,232,177 |
|
-Inventories |
22,686,592,344 |
23,439,283,408 |
20,491,709,047 |
|
Fixed Assets |
40,196,457,816 |
30,336,480,943 |
57,199,003,127 |
|
-Investment |
7,725,365,415 |
9,872,449,323 |
7,251,937,867 |
|
-Tangibles |
32,012,969,653 |
20,065,186,049 |
28,151,305,508 |
|
-Intangibles |
3,783,648 |
4,472,571 |
18,905,161,494 |
|
-Others |
454,339,100 |
394,373,000 |
2,890,598,258 |
|
Total Liabilities |
54,679,559,372 |
58,384,102,768 |
75,930,608,854 |
|
Current Liabilities |
52,972,217,818 |
52,382,157,516 |
56,517,051,159 |
|
Fixed Liabilities |
1,707,341,554 |
6,001,945,252 |
19,413,557,695 |
|
Capital Stock |
3,689,370,000 |
3,689,370,000 |
3,837,310,000 |
|
Capital Surplus |
329,801,799 |
329,801,799 |
329,801,799 |
|
Profit Surplus |
12,416,980,269 |
23,404,542,159 |
25,182,113,333 |
|
Capital Adjustment |
10,805,404,675 |
-1,009,724,425 |
-58,889,635 |
|
Total Equity |
27,241,556,743 |
26,413,989,533 |
29,290,335,497 |
|
Liab. & Shareholder’s Equity |
81,921,116,115 |
84,798,092,301 |
105,220,944,351 |
|
Current
Liabilities |
52,972,217,818 |
52,382,157,516 |
56,517,051,159 |
|
Trade Payables |
4,710,930,596 |
10,342,354,917 |
6,087,076,855 |
|
Short-Term Borrowings |
42,096,642,270 |
35,115,078,022 |
33,585,577,886 |
|
Account Payables |
4,318,131,899 |
4,500,178,557 |
13,074,853,693 |
|
Accrued Expenses |
752,130,815 |
1,302,995,746 |
452,220,288 |
|
Withholdings |
79,188,370 |
80,634,431 |
78,732,980 |
|
Advance Receipts |
14,627,014 |
273,755,843 |
282,391,862 |
|
Current Portion of Long-Term Debts |
218,080,000 |
767,160,000 |
2,956,197,595 |
|
Accrued
Income Tax |
782,486,854 |
- |
- |
|
Fixed
Liabilities |
1,707,341,554 |
6,001,945,252 |
19,413,557,695 |
|
Long-Term Borrowings |
451,160,000 |
3,820,940,000 |
7,087,340,000 |
|
Long-Term Account Payables |
- |
451,600,000 |
11,039,000,000 |
|
Provision for Severance & Retirement |
2,596,622,214 |
2,564,899,253 |
2,229,244,270 |
|
Leasehold Deposit Received |
500,000,000 |
490,000,000 |
430,000,000 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
89,747,893,726 |
64,778,351,144 |
58,543,542,106 |
|
Cost
of Sold Goods |
78,555,772,874 |
57,166,139,486 |
50,651,792,092 |
|
Gross
Profit |
11,192,120,852 |
7,612,211,658 |
7,891,750,014 |
|
Selling
& Admin. Expenses |
7,213,939,576 |
6,214,828,864 |
5,651,200,013 |
|
Operating
Income |
3,978,181,276 |
1,397,382,794 |
2,240,550,001 |
|
Non-Operating
Income |
2,794,582,502 |
4,336,383,194 |
4,585,773,508 |
|
Non-Operating
Expenses |
16,940,097,204 |
5,458,546,714 |
6,542,468,859 |
|
Income Before Taxes from Continuous
Business |
-10,167,333,426 |
275,219,274 |
283,854,650 |
|
Taxes from Continuous Business |
820,228,464 |
-99,084,044 |
128,342,731 |
|
Income from Continuous Business |
-10,987,561,890 |
374,303,318 |
155,511,919 |
|
Income from Stopped Business |
- |
1,369,920,934 |
48,280,283 |
|
Net
Income |
-10,987,561,890 |
-995,617,616 |
107,231,636 |
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
-2,305,282,674 |
-3,471,227,958 |
-2,750,777,248 |
|
-Net Income |
-10,987,561,890 |
-995,617,616 |
107,231,636 |
|
-Exp.
without Cash Outflow |
15,086,522,889 |
4,616,437,308 |
3,808,369,898 |
|
-Revenue
without Cash Inflows |
-1,205,254,524 |
-1,454,904,310 |
-1,632,670,481 |
|
-Changes in
Asset/ & Liability |
-5,198,989,149 |
-5,637,143,340 |
-5,033,708,301 |
|
Cash Flows
from Investing |
-1,202,523,739 |
-5,313,493,070 |
-7,565,803,341 |
|
-Cash Inflow
from Investing |
3,198,115,943 |
4,187,873,189 |
2,929,411,865 |
|
-Cash Outflows
for Investing |
-4,400,639,682 |
-9,501,366,259 |
-10,495,215,206 |
|
Cash Flows
from Financing |
2,901,647,811 |
8,562,166,218 |
10,011,808,751 |
|
-Cash
Inflows from Financing |
121,705,180,720 |
103,849,622,715 |
119,448,494,565 |
|
-Cash
Outflows from Financing |
-118,803,532,909 |
-95,287,456,497 |
-109,436,685,814 |
|
Increase/Decrease
in Cash |
606,158,602 |
268,735,671 |
304,771,838 |
|
Cash at the
Beginning of Year |
1,194,033,866 |
1,462,769,537 |
1,767,541,375 |
|
Cash at the
End of Year |
587,875,264 |
1,194,033,866 |
1,462,769,537 |
Products, Technologies, Services Description
|
Main Products & Services |
Organic Pigment Inorganic Pigment Fluorescence Polyamide Resin Polypropylene Compound Hot Melt Adhesive UV |
Trade Partners & Competitors
|
Suppliers |
BUSAN CITY GAS CO.,LTD.(180111-0039495) |
|
Customers |
PANAX ETEC CO., LTD.(180111-0685321) |
|
Competitors |
WOOSHIN PIGMENT CO., LTD. 117-4, GWANGCHEON-RI, SUNSEONG-MYEON,
DANGJIN-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-352-7976 FAX:+82-41-352-2401 SAMBO FINE CHEMICALS MFG. CO., LTD. 628-2, HAKJANG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-311-3001 FAX:+82-51-323-1742 FIRST COLOR CO., LTD. 1RA-102, SIHWA INDUSTRIAL COMPLEX, 1236-1,
JEONGWANG 3-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-432-6900 FAX:+82-31-432-6328 |
Related Parties
(Subsidiaries, Joint-Venture
& Affiliates)
|
Affiliates |
PANAX ETEC CO., LTD.(180111-0685321) PANAXEM OC., LTD.(135511-0174420) (35.83% held by the subject company) 3C CHEMICAL CO., LTD. (100.0% held by the subject company) UKSEUNG EUROPE GMBH. (100.0% held by the subject company) |
|
Subsidiary |
PANAXEM OC., LTD.(135511-0174420) (35.83% held by the subject company) 3C CHEMICAL CO., LTD. (100.0% held by the subject company) UKSEUNG EUROPE GMBH. (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
Sales by Region
(Activity &
Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
|
26,190,112,501 |
26,121,903,600 |
|
Domestic |
|
38,588,238,643 |
32,421,638,506 |
|
Total |
89,747,893,726 |
64,778,351,144 |
58,543,542,106 |
Not Available.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.87 |
|
|
1 |
Rs.75.14 |
|
Euro |
1 |
Rs.66.68 |
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.