MIRA INFORM REPORT

 

 

Report Date :           

08.03.2011

 

IDENTIFICATION DETAILS

 

Name :

KYUNGIN SYNTHETIC CORPORATION

 

 

Registered Office :

223-52, Seongnam-dong, Seo-gu, Incheon, Korea, Zip Code 404-220

 

 

Country :

South Korea

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

14.10.1977

 

 

Com. Reg. No.:

137-81-00562

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacturer of Synthetic Colouring Matter, Tanning Materials and Other Coloring 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

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

South Korea

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

KYUNGIN SYNTHETIC CORPORATION

(Trade Name: KISCO)

(Korean Company Name : “(주)경인양행”)

Registered Address

223-52, Seongnam-dong, Seo-gu, Incheon, Korea

Zip Code

404-220

Tel

+82-32-571-7498

Fax

+82-32-571-7497

E-mail

kisco@kyungin.co.kr

Website

www.kyungin.co.kr

Trading Address

112-31, Yeomchang-dong, Gangseo-gu, Seoul, Korea

Tel

+82-2-3665-4001

Fax

+82-2-3660-8539

Other Address-Siheung Factory

1Ra-706, Sihwa Industrial Complex, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea

Tel

+82-31-499-4020

Fax

+82-31-499-2155

Other Address-Ansan Factory

785-7, Wonsi-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea

Tel

+82-31-491-0111

Fax

+82-31-495-3521

Type

Export/Import

Industry

Manufacture of Synthetic Colouring Matter, Tanning Materials and Other Coloring Agents

  Main Business

Reactive Dyestuffs, Disperse Dyestuffs, Acid Dyestuffs, Direct Dyestuffs, Fluorescent Dyestuffs, Solvent Dyestuffs

  Sub Business

Food, Food Additives, Ginseng Products

Established (mm/dd/yyyy)

10/14/1977

The Subject owns the premises of registered address/ Factory(4,826.0㎡), Siheung Factory(6,694㎡) and Ansan Factory (5,600㎡).

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Dyes(12171500)

-Colorants

Sell

Reactives (Bifunctional, Vinylsulfone)

Sell

Disperse(Synolon Dyes, Papilion Dyes)

Sell

Direct(Fast yellow, Black)

Sell

Acid(Syno Acid Dyestuffs)

Sell

For Leather(Brown, Black, Others)

Sell

OBA (Cotton & Rayon, Nylon, Pulp & Paper, Detergent, Polyester)

Sell

Solvent Dyes

Buy

P-Base

Buy

H-ACID

CEO’s

 

Name

Kim Heung-Joon

Address

-

Date of Birth

06/14/1967

Title

Vice Chairman & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

18,750,000,000 KRW

Employees

285

Formation

Listed Company (Korea Stock Exchange : 012610 ) as of 10/05/1995

Foreign Direct Investment Corporation

Bank Details

Industrial Bank of Korea-Youngdungpo Branch

Citibank, Korea-Youngdungpo Branch

Shinhan Bank

Corporate Registered No.

120111-0005703

Business Registered No.

137-81-00562

Permit & Licenses

05/31/1995 ISO 9002

11/30/1997 ISO 14001

 

Int’l Trade No.: 860477

Shareholder Position

Name

Shares

%

KIM HEUNG-JOON

7,979,050

21.28

SUMITOMO CORP

7,159,180

19.09

KIM DONG-KIL

2,202,801

5.87

KIM SEOK-IM

984,580

2.63

KIM SUNG-YEON

1,190,340

3.17

EASTWELL CO., LTD.(110111-0900525)

979,940

2.61

TREASURY STOCK

405,580

1.08

OTHERS

16,598,529

44.26

TOTAL

37,500,000

100.00

Company History

10/1971 Established Syno Chemical Industrial Co., Ltd.

08/1976 Founded Samjung Industrial Co., Ltd.

10/1976 Renamed Syno Chemical Industrial Co., Ltd. to Kyung-In Chemical Co., Ltd.

10/1977 Changed Kyung-In Chemical Co., Ltd. to Kyung-In Synthetic Corporation (KISCO)

01/1978 Changed Samjung Industrial Co., Ltd. to Kyung-In Synthetic Co., Ltd. (KISC)

01/1978 Kim Dong-Gil inaugurated as chairman of the board of directors

06/1980 Dedicated KISCO's Seoul office building and the Dyestuff Research and Development Institute

03/1983 KISCO installed a spray dryer for the first time in Korea.

08/1984 KISCO designated as an outstanding small and medium-sized industrial firm by Korea Industrial Research Institute

09/1984 Dedicated the Ansan Factory of KISC

11/1987 KISCO awarded US$5 Million Export Tower from the government and the Prime Minister Award

12/1987 KISCO presented the Best Industry Award (at the award ceremony of the first National Science Award)

02/1988 Dedicated the expanded Ansan Factory of KISC

04/1988 KISC signed a technical cooperation agreement with Showa Kako Corporation of Japan.

10/1988 KISCO'S Dyestuff Institute designated by the government as a research institute whose workers are exempted from the active military service

11/1988 KISCO received the US$10 Million Export Tower

12/1988 KISCO's new chemical product registered with Japanese government according to Japan'schemical substance control law.

08/1989 KISCO acquired Samwon Chemical Industrial Co., Ltd.

10/1989 KISCO dedicated low-cost apartments for the employees in Inchon; KISC built low-cost apartments for the employees in Ansan

11/1989 KISC received the US$5 Million Export Tower

12/1989 Dedicated the expanded Seoul office of KISCO

08/1992 KISC acquired equity of Rachada Chemicals Co., Ltd. based in Thailand

11/1992 Founded Eastwell Co., Ltd.

12/1994 KISCO received the 12th Venture Business Award

05/1995 KISCO acquired ISO 9002 Quality Assurance Certificate from Lloyd's Register Q.A. of the United  Kingdom

07/1995 KISCO awarded the Korea Textile Grand Prize in the Dyestuff and Pigment Division

10/1995 KISCO stocks listed on the Korea Stock Exchange (Paid-in capital: 6.5 billion won)

04/1996 KISCO acquired equity of Namo Interactive Inc.

06/1996 KISCO won Textile Industry Grand Award in Dyestuff and Pigment Division

03/1997 KISCO received a citation from the West Inchon Tax Office on Taxation Day.

05/1997 KISCO received a citation from the Prime Minister on Labor Day.

05/1997 KISCO established Turkey joint ventures Kimsoy Chemical Industries, Inc. and Kimsoy Exim, Inc.

05/1997 KISCO established United States joint-venture KISCO USA, Inc.

06/1997 KISCO signed a Strategic Alliance Agreement with Sumitomo Chemical Co., Ltd. of Japan for  overall cooperation in dyestuff technology and production

06/1997 KISCO established Joint Ventures PAPITECH.CO., Ltd.

11/1997 KISCO received Bronze Tower Medal on Export Award Day.

12/1997 KISCO received ISO 14001 (KSA QA)

08/1998 KISCO signed the sale contract for Disperse dyestuffs with Ciba-Geigy of Switzerland.

12/1998 KISC merged into KISCO.

07/1999 KISCO was admitted to the membership of ETAD

07/1999 KISCO launched in an environmental business (Green Systems Engineering Services)

05/2000 KISCO made the investment into YangWoo corporation

 

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education & Career

Vice Chairman & CEO

Mr.

Kim Heung-Joon

Korean

1967.06.14

Hanyang University, Korea

Chairman

Mr.

Kim Dong-Kil

Korean

1938.03.03

Seoul National University, Korea

President

Mr.

Huh Dadvid Jeong-Sun

Korean

1965.11.02

Dowling College MBA

Vice President

Mr.

Cho Sung-Yong

Korean

1968.11.04

Seoul National University, Korea

Director

Mr.

Takashi Miyakawa

Japanese

1951.05.15

Sumitomo Corp

Outside Director

Mr.

Chang Sang-Jae

Korean

1936.10.10

Seoul National University, Korea

Outside Director

Mr.

Kim Jeong-Hong

Korean

1937.08.08

Seoul National University, Korea

Auditor

Mr.

Sung Nak-Gwan

Korean

1936.01.03

Seoul National University, Korea

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)12/2010

149,007,816,000

236,560,209,000

6,319,272,000

09/2010

112,139,937,526

247,545,137,977

6,051,854,212

2009

129,006,385,709

218,551,978,762

11,569,545,044

2008

125,462,289,226

163,333,430,906

12,873,680,246

2007

93,016,593,682

120,854,546,914

4,246,011,551

2006

84,978,240,253

95,503,927,506

883,371,290

2005

88,050,292,316

100,565,451,354

2,533,411,044

2004

95,832,343,219

92,524,130,882

4,301,525,438

2003

129,006,385,709

218,551,978,762

11,569,545,044

(*)The financials (2010) are released by the subject company as tentative figures as of 02/11/2011. It can be changeable by the Auditors confirmation.

 

 

Financial Description

 

Authorized Capital(KRW)

25,000,000,000

Paid-Up Capital(KRW)

18,750,000,000

Total Issues Shares

37,500,000

 

Balance Sheet

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

247,545,137,977

218,551,978,762

163,333,430,906

Current Assets

98,704,749,921

77,705,248,004

82,394,043,287

-Quick Assets

44,715,405,052

33,635,095,821

38,838,524,196

-Inventories

53,989,344,869

44,070,152,183

43,555,519,091

Fixed Assets

148,840,388,056

140,846,730,758

80,939,387,619

-Investment

77,327,579,308

75,142,811,845

52,652,550,934

-Tangibles

69,826,785,092

64,029,450,373

26,576,493,901

-Intangibles

3,907,924

7,352,808

13,316,052

-Others

1,682,115,732

1,667,115,732

1,697,026,732

Total Liabilities

95,138,117,966

69,220,644,765

62,800,403,476

Current Liabilities

75,888,735,233

50,191,795,373

52,864,562,994

Fixed Liabilities

19,249,382,733

19,028,849,392

9,935,840,482

Capital Stock

18,750,000,000

18,750,000,000

18,700,000,000

Capital Surplus

29,230,490,925

29,230,490,925

29,516,813,688

Profit Surplus

61,933,424,867

57,739,570,655

48,005,025,611

Capital Adjustment

42,493,104,219

43,611,272,417

4,311,188,131

Total Equity

152,407,020,011

149,331,333,997

100,533,027,430

Liab. & Shareholder’s Equity

247,545,137,977

218,551,978,762

163,333,430,906

 

Current Liabilities

75,888,735,233

50,191,795,373

52,864,562,994

Trade Payables

10,953,888,423

16,573,483,938

4,561,332,298

Short-Term Borrowings

52,602,548,688

23,732,548,208

39,573,895,365

Account Payables

6,974,444,434

5,244,757,342

2,005,336,019

Advance Receipts

226,422,153

238,623,169

237,718,062

Withholdings

253,718,447

463,519,720

198,775,805

Accrued Expenses

3,016,894,192

2,223,337,996

2,777,952,910

Accrued Income Tax

11,643,896

-

342,741,886

Debentures

-

-

3,023,810,649

Current Portion of Long-Term Debts

1,704,175,000

1,578,525,000

-

Leasehold Deposit Received

145,000,000

137,000,000

143,000,000

Fixed Liabilities

19,249,382,733

19,028,849,392

9,935,840,482

Long-Term Borrowings

5,112,525,000

4,735,575,000

6,969,450,000

Non-Current Portion of Deferred Income Tax Credit

14,136,857,733

14,293,274,392

2,966,390,482

 

 

Income Statement

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Sales

112,139,937,526

129,006,385,709

125,462,289,226

Cost of Sold Goods

98,441,415,499

107,172,866,646

100,415,343,171

Gross Profit

13,698,522,027

21,833,519,063

25,046,946,055

Selling & Admin. Expenses

13,650,373,950

16,888,627,498

17,002,871,257

Operating Income

48,148,077

4,944,891,565

8,044,074,798

Non-Operating Income

11,249,881,192

20,436,719,242

28,619,130,110

Non-Operating Expenses

5,276,917,237

11,813,481,461

21,917,039,339

Ordinary Income

6,021,112,032

13,568,129,346

14,746,165,569

Special Income

-

-

-

Income Before Taxes

6,021,112,032

13,568,129,346

14,746,165,569

Income Taxes Expenses

-30,742,180

1,998,584,302

1,872,485,323

Net Income

6,051,854,212

11,569,545,044

12,873,680,246

 

 

Cash Flows

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

-16,902,279,262

17,573,797,332

-1,222,759,088

-Net Income

6,051,854,212

11,569,545,044

12,873,680,246

-Exp. without Cash Outflow

5,281,079,181

9,561,324,899

13,585,686,761

-Revenue without Cash Inflows

-8,940,997,602

-14,860,406,529

-25,169,639,162

-Changes in Asset/ & Liability

-19,294,215,053

11,303,333,918

-2,512,486,933

Cash Flows from Investing

-8,665,331,075

-442,142,768

-16,345,471,519

-Cash Inflow from Investing

13,484,229,087

47,695,442,352

17,293,986,128

-Cash Outflows for Investing

-22,149,560,162

-48,137,585,120

-33,639,457,647

Cash Flows from Financing

26,771,511,263

-16,638,710,700

18,360,064,537

-Cash Inflows from Financing

28,870,000,480

2,433,345,000

21,026,222,077

-Cash Outflows from Financing

-2,098,489,217

-19,072,055,700

-2,666,157,540

Increase/Decrease in Cash

1,203,900,926

492,943,864

791,833,930

Cash at the Beginning of Year

2,472,795,074

1,979,851,210

1,188,017,280

Cash at the End of Year

3,676,696,000

2,472,795,074

1,979,851,210

 

 

Products, Technologies, Services Description

 

Main Products & Services

Manufacturer of Reactive dyes for cotton, rayon & wool, Disperse dyes for polyester, acetate, triacetate & micro fiber, O.B.A. for paper, pulp, cotton, polyester, nylon, acrylic & detergent, Acid dyes for nylon, silk, wool & leather, Direct dyes for paper, leather & cotton, Solvent dyes for polyester fiber, plastic, resin, master batch, Ink for color ink jet printer."

 

Brand Name : Synozol

 

Trade Partners & Competitors

 

Customers

CIBA SPECIALTY CHEMICALS INC

EASTWELL CO., LTD.(110111-0900525)

YANGWOO CO., LTD.(115911-0018773)

Competitors

OH YOUNG INDUSTRIAL CO., LTD.(115611-0001071)

RIFA INDUSTRIAL CO., LTD.(110111-0018138)

M.DOHMENKOREA, LTD.(110111-2189953)

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

JMC CO., LTD.(124611-0284494)

(83.50% held by the subject company)

 

YANGWOO CO., LTD.(115911-0018773)

(60.00% held by the subject company)

 

EASTWELL CO., LTD.(110111-0900525)

(38.96% held by the subject company)

 

DAITO-KISCO CORPORTION(120111-0368466)

(50.00% held by the subject company)

 

KISCO SHANGHAI(CHINA)

(100.00% held by the subject company)

 

LIANYUNGANG KISCO(CHINA)

(100.00% held by the subject company)

 

KISCO USA(USA)

(35.00% held by the subject company)

 

KIMSOY CHEMICAL(TURKEY)

(50.00% held by the subject company)

 

KIMSOY EXIM(TURKEY)

(50.00% held by the subject company)

 

RACHADA CHEMICAL(THAILAND)

(14.00% held by the subject company)

 

NAMO  IT(THAILAND)

(49.00% held by the subject company)

 

DAITO KISCO

(50% held by the Subject Company)

Subsidiary

JMC CO., LTD.(124611-0284494)

(83.50% held by the subject company)

 

YANGWOO CO., LTD.(115911-0018773)

(60.00% held by the subject company)

 

EASTWELL CO., LTD.(110111-0900525)

(38.96% held by the subject company)

 

LIANYUNGANG KISCO CHEMICAL CO., LTD.

(100% held by the Subject Company)

 

KISCO SHANGHAI

(100.0% held by the Subject Company)

Cooperative Enterprise

SUMITOMO CHEMICAL-JAPAN

T.H INT-USA

 

-Insured Company

GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082)

 

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit : KRW

03/2010

2009

2008

Export

22,637,000,000

81,251,470,091

81,456,569,665

Domestic

11,916,000,000

47,754,915,618

44,005,719,561

Total

34,553,000,000

129,006,385,709

125,462,289,226

The subject deals with the companies in Pakistan, USA, Asian Countries and European Countries.

 

 

Court Action

 

No.

 

 

News Clipping

 

----

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.13

UK Pound

1

Rs.73.36

Euro

1

Rs.60.06

 

 

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

 

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%)

 

 

 

 

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