MIRA INFORM REPORT

 

 

Report Date :

13.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MISUNG TRADING CO., LTD.

 

 

Registered Office :

3rd Fl., Samsung Bldg. 1026-13, Bisan 3-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea 431-824

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.01.1989

 

 

Com. Reg. No.:

138-81-00532

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesale of Other Chemical Materials and Chemical Products

 

 

No. of Employees :

22

 

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

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 Information

 

Company Name

MISUNG TRADING CO., LTD.

(Korean Company Name : “미성통상(주)”)

Registered Address

1026-13, Bisan 3-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea

Building

3rd Fl., Samsung Bldg.

Zip Code

431-824

Tel

+82-31-388-6333

Fax

+82-31-387-2511

E-mail

misung@mwc.co.kr

Website

www.mschem.co.kr

Trading Address

3rd Fl., Samsung Bldg., 1026-13, Bisan 3-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea

Tel

+82-31-388-6333

Fax

+82-31-387-2511

Type

Export/Import

Industry

Wholesale of Other Chemical Materials and Chemical Products

  Main Business

Chemicals

Established (mm/dd/yyyy)

01/04/1989

The Subject Company occupies the premises of registered HQ address by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Inorganic acids(12352301)

Sell

Sorbitol(51211613)

Sell

Edible animal fats(50151605)

Sell

Organic acids or its substitutes(12352106)

 

 

CEO’s

 

Name

Kim Jung-Man

Address

Suite 906, 612, Daechi-dong, Gangnam-gu, Seoul, Korea

Date of Birth

07/26/1955

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

279,000,000

Employees

22

Formation

Co., Ltd by Shares

A Company of MIWON COMMERCIAL GROUP

Bank Details

Industrial Bank of Korea

Citibank, Korea

Corporate Registered No.

134111-0025929

Business Registered No.

138-81-00532

Permit & Licenses

Int’l Trade No.: 540962

Shareholder Position

Name

Shares

%

KIM JUNG-MAN

12,979

23.26

OTHERS

42,821

76.74

TOTAL

55,800

100.00

Company History

01/04/1989 Incorporated as the present name

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Jung-Man

Male

Korean

02/24/2006

Director

Mr.

Park Min-Ki

Male

Korean

02/24/2006

Auditor

Mr.

Nam Yoon-Keun

Male

Korean

02/24/2006

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

33,131,048,055

13,890,198,906

1,272,182,798

2010

31,014,540,276

14,203,767,730

2,918,796,758

2009

23,520,232,729

12,608,544,506

708,462,539

2008

 23,638,763,058

   9,892,492,025

     243,764,993

2007

21,726,017,205

9,869,568,251

472,738,695

2006

19,860,131,881

8,096,745,555

 518,227,273

2005

19,182,708,611

8,716,882,311

1,074,870,308

 

 

Financial Description

 

Authorized Capital(KRW)

740,000,000

Paid-Up Capital(KRW)

279,000,000

Total Issued Shares

55,800

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

13,890,198,906

14,203,767,730

12,608,544,506

Current Assets

6,457,277,966

5,613,149,299

5,004,162,664

-Quick Assets

3,843,908,877

3,253,335,252

3,269,038,944

-Inventories

2,613,369,089

2,359,814,047

1,735,123,720

Fixed Assets

7,432,920,940

8,590,618,431

7,604,381,842

-Investment

6,933,815,500

8,125,599,900

7,149,280,050

-Tangibles

72,408,890

80,166,901

68,950,162

-Intangibles

426,696,550

384,851,630

386,151,630

Total Liabilities

2,301,053,396

2,636,918,768

4,306,965,999

Current Liabilities

1,826,518,628

2,401,034,365

4,197,046,592

Fixed Liabilities

474,534,768

235,884,403

109,919,407

Capital Stock

279,000,000

279,000,000

279,000,000

Capital Surplus

　

　

　

Profit Surplus

8,840,677,272

7,568,494,474

4,649,697,716

Capital Adjustment

2,469,468,238

3,719,354,488

3,372,880,791

Total Equity

11,589,145,510

11,566,848,962

8,301,578,507

Liab. & Shareholder’s Equity

13,890,198,906

14,203,767,730

12,608,544,506

 

Current Liabilities

1,826,518,628

2,401,034,365

4,197,046,592

Trade Payables

618,114,166

699,325,464

444,184,792

Short-Term Borrowings

965,164,705

652,393,011

3,314,775,822

Account Payables

105,647,349

189,490,011

160,152,513

Advance Receipts

9,622,813

14,459,708

15,552,799

Withholdings

79,952,855

10,065,590

47,396,875

Accrued Expenses

6,689,065

4,487,950

3,976,030

Accrued Income Tax

41,327,675

830,812,631

211,007,761

Fixed Liabilities

474,534,768

235,884,403

109,919,407

Provision for Severance & Retirement

474,534,768

235,884,403

109,919,407

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

33,131,048,055

31,014,540,276

23,520,232,729

Cost of Sold Goods

28,907,210,315

26,883,006,046

20,393,224,160

Gross Profit

4,223,837,740

4,131,534,230

3,127,008,569

Selling & Admin. Expenses

2,834,885,772

3,094,638,919

2,128,573,831

Operating Income

1,388,951,968

1,036,895,311

998,434,738

Non-Operating Income

544,333,644

3,188,260,972

465,522,760

Non-Operating Expenses

199,747,380

384,877,275

526,948,732

Income Before Taxes

1,733,538,232

3,840,279,008

937,008,766

Income Taxes Expenses

461,355,434

921,482,250

228,546,227

Net Income

1,272,182,798

2,918,796,758

708,462,539

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

-103,676,277

603,597,303

1,083,683,241

-Net Income

1,272,182,798

2,918,796,758

708,462,539

-Exp. without Cash Outflow

529,683,020

647,770,741

317,115,818

-Revenue without Cash Inflows

-147,721,101

-2,731,137,668

-64,655,901

-Changes in Asset/ & Liability

-1,757,820,994

-231,832,528

122,760,785

Cash Flows from Investing

-210,616,545

2,021,724,596

-326,246,808

-Cash Inflow from Investing

1,106,245,903

6,211,887,202

127,054,289

-Cash Outflows for Investing

-1,316,862,448

-4,190,162,606

-453,301,097

Cash Flows from Financing

320,224,906

-2,652,400,361

-1,215,122,621

-Cash Inflows from Financing

10,341,136,253

11,072,801,562

14,128,357,254

-Cash Outflows from Financing

-10,020,911,347

-13,725,201,923

-15,343,479,875

Increase/Decrease in Cash

5,932,084

-27,078,462

-457,686,188

Cash at the Beginning of Year

103,408,144

130,486,606

588,172,794

Cash at the End of Year

109,340,228

103,408,144

130,486,606

 

 

Products, Technologies, Services Description

 

Main Products & Services

Chemicals

 

 

Trade Partners & Competitors

 

Competitors

HAN KYUNG CHEMICAL CO., LTD.

25B-10L, NAMDONG INDUSTRIAL COMPLEX, 446-9, NONHYEON-DONG, NAMDONG-GU, INCHEON, KOREA

TEL:+82-32-818-0146  FAX:+82-32-819-7298

 

SBI CORPORATION

RM. 204, 418-3, SINDORIM-DONG, GURO-GU, SEOUL, KOREA

TEL:+82-2-2633-2585  FAX:+82-2-2633-2596

 

KUKJAE CHEMICAL CO., LTD.

36-3, SEGOK-RI, BONGDAM-EUP, HWASEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-227-0672  FAX:+82-31-298-0671

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

MIWON COMMERCIAL CO., LTD.(130111-0007707)

MISUNG GENERAL TRADING CO., LTD.(180111-0167832)

MIHWA LOGISTICS CO., LTD.(230111-0072014)

TAETWANG FINE CHEMICAL CO., LTD.(120111-0052142)

ASIA STABILIZERS CO., LTD.(ASCL: 134711-0016596)

MISUNG TOTAL CORPORATION(180111-0167832)

MIWOO CORPORATION(KOREA)

 

QIDONG QINGYUN FINE CHEMICAL CO., LTD.(CHINA)

MIWON NORTH AMERICA INC.

Cooperative Enterprise

-Insured Company

LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459)

HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893)

 

 

Sales by Region

(Activity & Markets)

 

Not Available.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.44

UK Pound

1

Rs.81.96

Euro

1

Rs.67.60

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.