MIRA
INFORM REPORT
|
Report Date : |
26.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHINSUNG PETROCHEMICAL CO., LTD. |
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Registered Office : |
8th Fl., Shinsung Bldg. 732-27, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea 135-514 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
18.08.1982 |
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Com. Reg. No.: |
211-86-30092 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Wholesale of Liquid Fuel and Related Products |
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No. of Employees : |
72 |
RATING & COMMENTS
|
MIRAs 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 |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic Information
|
Company
Name |
SHINSUNG PETROCHEMICAL CO., LTD. (Korean Company Name : (주)신성유화) |
|
Registered Address |
732-27, Yeoksam 2-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
8th Fl., Shinsung Bldg. |
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Zip Code |
135-514 |
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Tel |
+82-2-548-5597 |
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Fax |
+82-2-543-4078 |
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E-mail |
webadmin@shinsungpetro.com |
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Website |
www.ssipec.com |
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Trading Address |
8th Fl., Shinsung Bldg., 732-27, Yeoksam
2-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-548-5597 |
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Fax |
+82-2-543-4078 |
|
Other Address-Eumseong Factory |
121-7, Samjeong-ri,
Daeso-myeon, Eumseong-gun, Chungbuk, Korea |
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Tel |
+82-43-877-5757 |
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Fax |
+82-43-877-5756 |
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Other Address-Sealer Factory |
443, Naengcheon-ri, Oedong-eup, Gyeongju-si,
Gyeongbuk, Korea |
|
Tel |
+82-54-748-7823 |
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Fax |
+82-54-748-7824 |
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Other Address-Yongin Factory |
301-3, Samgye-ri, Pogok-eup, Cheoin-gu, Yongin-si,
Gyeonggi-do, Korea |
|
Type |
Export/Import |
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Industry |
Wholesale of Liquid Fuel and Related Products |
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Main Business |
Lubricant, Paper Box, Sealer |
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Sub
Business |
Manufacture of Other Paper Boxes and Containers |
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Established (mm/dd/yyyy) |
08/18/1982 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Lubricating preparations(15121500) |
CEOs
|
Name |
Kim Woo-Jin |
|
Address |
Suite 202-201, 52, Bundang-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
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Date of Birth |
08/09/1968 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
400,000,000 |
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Employees |
72 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Shinhan Bank |
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Corporate Registered No. |
110111-0325608 |
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Business Registered No. |
211-86-30092 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
08/18/1982 Incorporated as the present name 05/27/2008 Moved to the present HQ address
from 278, Nonhyeon-dong, Gangnam-gu, Seoul, Korea |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Woo-Jin |
Male |
Korean |
12/30/2004 |
|
Director |
Mr. |
Kim Kwang-Soo |
Male |
Korean |
12/30/1992 |
|
Director |
Mr. |
Kim Hyun-Ki |
Male |
Korean |
12/30/1995 |
|
Auditor |
M/S. |
Lee Hee-Jung |
Female |
Korean |
02/18/1994 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
85,595,649,065 |
37,859,193,865 |
3,363,792,206 |
|
|
2009 |
65,080,459,152 |
33,996,362,022 |
2,427,172,205 |
|
2008 |
69,286,233,959 |
29,539,891,625 |
2,735,156,121 |
Financial Description
|
Authorized Capital(KRW) |
400,000,000 |
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Paid-Up Capital(KRW) |
400,000,000 |
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Total Issued Shares |
40,000 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
37,859,193,865 |
33,996,362,022 |
29,539,891,625 |
|
Current Assets |
16,850,863,963 |
18,665,451,777 |
15,608,810,100 |
|
-Quick Assets |
15,105,445,562 |
18,155,313,146 |
15,500,362,088 |
|
-Inventories |
1,745,418,401 |
510,138,631 |
108,448,012 |
|
Fixed Assets |
21,008,329,902 |
15,330,910,245 |
13,931,081,525 |
|
-Investment |
4,199,621,671 |
755,538,724 |
553,529,044 |
|
-Tangibles |
14,659,871,096 |
12,926,534,386 |
12,378,715,346 |
|
-Intangibles |
2,148,837,135 |
1,648,837,135 |
998,837,135 |
|
Total Liabilities |
24,377,906,398 |
24,154,886,014 |
22,337,317,502 |
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Current Liabilities |
22,082,290,225 |
22,191,283,938 |
20,919,047,363 |
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Fixed Liabilities |
2,295,616,173 |
1,963,602,076 |
1,418,270,139 |
|
Capital Stock |
400,000,000 |
400,000,000 |
400,000,000 |
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Capital Surplus |
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|
|
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Profit Surplus |
12,989,074,082 |
9,625,281,876 |
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Capital Adjustment |
92,213,385 |
-183,805,868 |
-395,535,548 |
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Total Equity |
13,481,287,467 |
9,841,476,008 |
7,202,574,123 |
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Liab. & Shareholders Equity |
37,859,193,865 |
33,996,362,022 |
29,539,891,625 |
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Current
Liabilities |
22,082,290,225 |
22,191,283,938 |
20,919,047,363 |
|
Trade Payables |
21,456,747,624 |
21,685,379,306 |
19,959,444,301 |
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Account Payables |
130,215,827 |
214,818,478 |
30,181,882 |
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Withholdings |
40,459,270 |
31,854,610 |
27,807,550 |
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VAT Withhold |
29,297,854 |
25,572,644 |
129,217,540 |
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Accrued Income Tax |
425,569,650 |
233,658,900 |
772,396,090 |
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Fixed
Liabilities |
2,295,616,173 |
1,963,602,076 |
1,418,270,139 |
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Provision for Severance & Retirement |
1,785,850,373 |
1,455,301,276 |
1,314,222,239 |
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Leasehold Deposit Received |
520,000,000 |
510,000,000 |
110,000,000 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
85,595,649,065 |
65,080,459,152 |
69,286,233,959 |
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Cost of Sold Goods |
77,476,889,247 |
59,516,345,737 |
63,290,774,754 |
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Gross Profit |
8,118,759,818 |
5,564,113,415 |
5,995,459,205 |
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Selling & Admin. Expenses |
4,482,851,322 |
2,736,461,562 |
2,259,391,039 |
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Operating Income |
3,635,908,496 |
2,827,651,853 |
3,736,068,166 |
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Non-Operating Income |
649,207,246 |
306,487,616 |
304,676,258 |
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Non-Operating Expenses |
163,347,296 |
6,316,944 |
112,827,123 |
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Income Before Taxes |
4,121,768,446 |
3,127,822,525 |
3,927,917,301 |
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Income Taxes Expenses |
757,976,240 |
700,650,320 |
1,192,761,180 |
|
Net Income |
3,363,792,206 |
2,427,172,205 |
2,735,156,121 |
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
3,223,175,555 |
6,725,766,387 |
8,297,726,205 |
|
-Net Income |
3,363,792,206 |
2,427,172,205 |
2,735,156,121 |
|
-Exp.
without Cash Outflow |
1,529,424,756 |
524,780,785 |
605,236,262 |
|
-Revenue
without Cash Inflows |
-33,617,583 |
-20,431,696 |
-5,550,969 |
|
-Changes in
Asset/ & Liability |
-1,636,423,824 |
3,794,245,093 |
4,962,884,791 |
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Cash Flows
from Investing |
-2,595,003,504 |
-5,089,973,011 |
-6,863,208,707 |
|
-Cash Inflow
from Investing |
4,151,065,216 |
440,803,351 |
5,191,831,613 |
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-Cash
Outflows for Investing |
-6,746,068,720 |
-5,530,776,362 |
-12,055,040,320 |
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Cash Flows from
Financing |
- |
- |
- |
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-Cash
Inflows from Financing |
- |
- |
- |
|
-Cash
Outflows from Financing |
- |
- |
- |
|
Increase/Decrease
in Cash |
628,172,051 |
1,635,793,376 |
1,434,517,498 |
|
Cash at the
Beginning of Year |
8,413,961,064 |
6,778,167,688 |
5,343,650,190 |
|
Cash at the
End of Year |
9,042,133,115 |
8,413,961,064 |
6,778,167,688 |
Products, Technologies, Services Description
|
Main Products & Services |
Lubricant, Paper Box, Sealer |
Trade Partners & Competitors
|
Suppliers |
SK LUBRICANTS CO., LTD.(110111-4191815) GS-CALTEX CORPORATION(110111-0078819) HANKOOK SHELL OIL CO., LTD.(180111-0002591) |
|
Customers |
HYUNDAI MOBIS CO., LTD.(110111-0215536) HYUNDAI MOTOR COMPANY(110111-0085450) KIA MOTORS CORPORATION(110111-0037998) DYMOS INC(161411-0008562) |
|
Competitors |
SK LUBRICANTS CO., LTD. SK BLDG., 99, SEORIN-DONG, JONGNO-GU,
SEOUL, KOREA TEL:+82-2-2121-5555 FAX:+82-2-2121-7111 S-OIL CORPORATION 45TH FL., KOREA LIFE INSURANCE 63 BLDG., 60,
YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3772-5151 FAX:+82-2-786-4030 ISU CHEMICAL CO., LTD. 112-4, BANPO 4-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-590-6600 FAX:+82-2-590-6666 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SHINSUNG INDUSTRIES CO., LTD.(154511-0003345) SICO CO., LTD.(154511-0008535) |
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Overseas Office |
Chennai Factory(India) SHINSUNG PETROCHEMICAL PRIVATE LTD. USA Factory 1965, Mitchell Young Rd., Montgomery, AL 36108, USA |
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Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) SAMSUNG FIRE & MARINE INSURANCE CO.,LTD.(110111-0005078) |
Sales by Region
(Activity &
Markets)
Not Available.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.72 |
|
|
1 |
Rs.82.70 |
|
Euro |
1 |
Rs.68.90 |
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 SCs 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.