MIRA INFORM REPORT
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Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
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Name : |
BOLAK CO., LTD. |
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Formerly Known As : |
Bolak Hyangryo
Industries Co., Ltd. |
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Registered Office : |
307-1, Songsan-ri, Yanggam-myeon, Hwaseong-si, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.08.1959 |
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Com. Reg. No.: |
124-81-34203 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Other Food Additive Products |
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No. of Employees
: |
119 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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a1 |
a1 |
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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 |
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Company Name |
BOLAK CO., LTD. (Korean Company
Name : “(주)보락”) |
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Registered Address |
307-1, Songsan-ri, Yanggam-myeon,
Hwaseong-si, |
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Zip Code |
445-933 |
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Tel |
+82-31-352-6455~9 |
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Fax |
+82-31-352-4341 |
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E-mail |
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Website |
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Trading Address |
307-1, Songsan-ri, Yanggam-myeon,
Hwaseong-si, |
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Tel |
+82-31-352-6455~9 |
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Fax |
+82-31-352-4341 |
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Other Address |
Bukchang Bldg., 20-6, Bukchang-dong, Jung-gu, |
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Tel |
+82-2-756-6011 |
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Fax |
+82-2-774-2291 |
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Type |
Export/Import |
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Industry |
Manufacture of Other Food Additive Products |
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Main Business |
Flavors, Gum Base, Calcium Carboxymethylcellulose, Xylitol, Chocolate,
Pharmaceutical Raw Materials, Natural Extracts |
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Sub
Business |
Manufacture of Medicinal Chemicals and Antibiotics |
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Established (mm/dd/yyyy) |
08/17/1959 |
The Subject owns
the premises of registered HQ address.
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Formulas and products for nutritional
support(42231800) |
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Sell |
Methylcellulose(51171612) |
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Sell |
Food or drug or cosmetic safe FDC
dyes(12171504) |
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Sell |
Flavours or extracts(12164502) |
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Sell |
Chewing gum(50161815) |
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Sell |
Chocolate or chocolate substitute
candy(50161813) |
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Buy |
Edible vegetable or plant oils(50151513) |
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Buy |
Trees and shrubs(10161500) |
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Buy |
Aromatic or heterocyclic compounds(12352005) |
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Buy |
Alcohols or its substitutes(12352104) |
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Buy |
Biochemicals(12352200) |
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Buy |
Inorganic acids(12352301) |
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Buy |
Inorganic hydroxides(12352305) |
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Buy |
Forestry byproducts(11121700) |
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Buy |
Chemistry reagents or solutions(41116105) |
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Buy |
Natural sugars or sweetening
products(50161509) |
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Name |
Chung Ki-Ryun |
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Date of Birth |
09/27/1954 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
11,980,000,000 |
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Employees |
119 |
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Formation |
Listed Company ( |
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Bank Details |
Shinhan Bank-Namdaemun Branch |
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Corporate Registered No. |
134811-0004474 |
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Business Registered No. |
124-81-34203 |
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Permit & Licenses |
Int’l Trade No.: 973247 |
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Shareholder Position |
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Company History |
08/17/1959 Incorporated as Korea Nongsan
Industries Co., Ltd. 06/22/1963 Changed company name to Bolak
Hyangryo Industries Co., Ltd. 03/25/1989 Changed company name to the
present name |
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
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President & CEO |
Mr. |
Chung Ki-Ryun |
Korean |
1954.09.27 |
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Auditor |
Mr. |
Park Soon-Baik |
Korean |
1946.11.18 |
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Director |
Mr. |
Hwangbo Dae-Ho |
Korean |
1960.02.17 |
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Director |
Mr. |
Kim Byung-Cheol |
Korean |
1951.03.18 |
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Outside Director |
Mr. |
Yoon Gui-Seob |
Korean |
1944.11.05 |
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
25,276,708,420 |
46,455,549,130 |
124,894,366 |
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(*)2010 |
23,189,664,256 |
46,628,120,051 |
844,924,256 |
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2009 |
21,537,274,398 |
31,590,700,608 |
463,709,364 |
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2008 |
18,659,886,394 |
27,930,786,535 |
193,915,098 |
|
2007 |
15,065,090,271 |
27,273,636,075 |
-1,240,786,339 |
(*)2010 and 2011’s figures are
based on the K-IFRS Accounting System.
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Authorized Capital(KRW) |
25,000,000,000 |
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Paid-Up Capital(KRW) |
11,980,000,000 |
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Total Issued Shares |
11,980,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Total Assets |
46,455,549,130 |
46,628,120,051 |
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Current Assets |
15,706,221,964 |
15,119,091,188 |
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Cash & Cash
Equivalents |
1,048,920,288 |
1,372,328,951 |
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Trade Receivables
& Other Receivables |
6,157,988,846 |
6,488,912,290 |
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Inventories |
8,464,974,469 |
7,140,982,283 |
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Income Taxes |
2,260,850 |
3,419,750 |
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Other Current Assets |
32,077,511 |
113,447,914 |
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Non-Current Assets |
30,749,327,166 |
31,509,028,863 |
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Non-Current Financial
Instruments |
156,972,240 |
79,324,080 |
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Long-Term Trade
Receivables & Other Receivables |
751,539,782 |
805,559,497 |
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Marketable Financial
Instruments |
830,660,595 |
819,311,743 |
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Tangibles |
22,543,239,243 |
23,100,373,049 |
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Intangibles |
273,325,957 |
294,754,735 |
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Investment_Real
Estates |
6,164,957,654 |
6,405,303,990 |
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Other Non-Current
Assets |
28,631,695 |
4,401,769 |
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Total
Liabilities |
9,594,390,152 |
9,748,267,566 |
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Current Liabilities |
4,279,497,360 |
4,577,621,805 |
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Trade Payables &
Other Payables |
2,643,886,416 |
2,931,017,458 |
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Short-Term Borrowings |
1,574,800,000 |
1,562,700,000 |
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Other Current
Liabilities |
60,810,944 |
83,904,347 |
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Non-Current Liabilities |
5,314,892,792 |
5,170,645,761 |
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Long-Term Borrowings |
139,900,000 |
214,700,000 |
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Confirmed Salaries |
2,120,954,315 |
1,769,440,778 |
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Deferred Income Tax
Credit |
3,054,038,477 |
3,186,504,983 |
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Capital Stock |
11,980,000,000 |
11,980,000,000 |
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Capital Surplus |
10,536,389,764 |
10,536,389,764 |
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Others |
14,040,666,325 |
13,607,550,909 |
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Profit Surplus |
304,102,889 |
755,911,812 |
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Total Equity |
36,861,158,978 |
36,879,852,485 |
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Liab. & Shareholder’s
Equity |
46,455,549,130 |
46,628,120,051 |
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Income
Statement
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|||
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Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Sales |
25,276,708,420 |
23,189,664,256 |
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Cost of Sold Goods |
20,913,695,658 |
18,427,984,396 |
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Gross Profit |
4,363,012,762 |
4,761,679,860 |
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Selling & Admin.
Expenses |
3,900,820,395 |
4,021,118,587 |
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Operating Income |
462,192,367 |
740,561,273 |
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Other Operating
Income |
512,776,449 |
452,535,448 |
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Other Operating
Expenses |
508,729,566 |
686,615,487 |
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Finance Income |
38,388,852 |
44,327,845 |
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Finance Expenses |
574,709,045 |
11,487,495 |
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Income Before Taxes |
-70,080,943 |
539,321,584 |
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Income Taxes Expenses |
194,975,309 |
305,602,672 |
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Net Income |
124,894,366 |
844,924,256 |
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Cash
Flows
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Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Operating Activities Cash Flows |
784,278,237 |
1,709,879,513 |
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Net Income |
124,894,366 |
844,924,256 |
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Adjustment |
682,796,150 |
814,529,406 |
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Interests Received |
11,084,063 |
42,386,597 |
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Interests Paid |
-36,723,992 |
-11,829,896 |
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Dividends Received |
1,068,750 |
570,000 |
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Income Taxes |
1,158,900 |
19,299,150 |
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Cash Flows from
Investing |
-685,586,900 |
-775,666,394 |
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Cash Flows from
Financing |
-422,100,000 |
-1,273,308,000 |
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Increase/Decrease in
Cash |
-323,408,663 |
-339,094,881 |
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Cash at the Beginning
of Year |
1,372,328,951 |
1,713,186,057 |
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Cash at the End of
Year |
1,048,920,288 |
1,372,328,951 |
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Main Products & Services |
Flavors, Gum Base, Calcium Carboxymethylcellulose, Xylitol, Chocolate,
Pharmaceutical Raw Materials, Natural Extracts |
|
Customers |
DONGA PHARMACEUTICAL
CO.,LTD.(110111-0017990 ) HAITAI CONFECTIONERY & FOODS CO.,
LTD.(161511-0044225) ORION CORP.(110111-0004690) LG HOUSEHOLD & HEALTH CARE
LTD.(110111-2208000) |
|
Competitors |
KOREA
CARRAGHEEN CO., LTD. RM. 1022,
HAENAM BLDG. ANNEX, 21, BUKCHANG-DONG, JUNG-GU, TEL:+82-2-773-6501 FAX:+82-2-774-9740 CHEONG DO
AGAR AGAR MFG. CO., LTD. 385,
SORA-RI, HWAYANG-EUP, CHEONGDO-GUN, TEL:+82-54-372-7701~3 FAX:+82-54-372-7705 FINE AGAR
AGAR CO., LTD. 579-52,
WONYUL-RI, GEUMSEONG-MYEON, DAMYANG-GUN, TEL:+82-61-383-0345 FAX:+82-61-383-2555 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
NAM YUNG COMMERICIAL CO.,
LTD.(110111-0014152) HWASAN DEVELOPMENT CO., LTD.(134511-0007367) BIO & GENE CO., LTD.(110111-1466261) |
(Activity &
Markets)
|
Sales/ Unit : KRW |
2011 |
2010 |
2009 |
|
Export |
2,654,075,385 |
2,400,591,106 |
3,233,778,849 |
|
Domestic |
22,622,633,035 |
20,789,073,150 |
18,303,495,549 |
|
Total |
25,276,708,420 |
23,189,664,256 |
21,537,274,398 |
The Subject imports
from
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.99 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.63.40 |
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 |
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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.