MIRA
INFORM REPORT
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Report Date : |
30.01.2012 |
IDENTIFICATION DETAILS
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Name : |
AEKYUNG PETROCHEMICAL CO., LTD |
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Registered Office : |
Miseong Bldg., 106-3, Guro 5-dong, Guro-gu, Seoul, 152-842 |
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Country : |
South Korea |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
13.10.1970 |
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Com. Reg. No.: |
113-81-10894 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of all Other Chemical Products like Phthalic Anhydride,
Maleic Anhydride, Itaconic Acid, Pa Polyol, Plasticizer |
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No. of Employees : |
246 |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Korea |
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 |
Basic
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Company Name |
AEKYUNG PETROCHEMICAL CO., LTD. (Trade Name : AKP) (Korean Company Name :
“애경유화(주)”) |
|
Registered Address |
Miseong Bldg., 106-3, Guro 5-dong,
Guro-gu, Seoul, Korea |
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Zip Code |
152-842 |
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Tel |
+82-2-850-2000 |
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Fax |
+82-2-838-8435 |
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E-mail |
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|
Website |
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Trading Address |
Miseong Bldg., 106-3, Guro 5-dong,
Guro-gu, Seoul, Korea |
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Tel |
+82-2-850-2000 |
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Fax |
+82-2-838-8435 |
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Other Address-Busan Branch |
433-4, Allak 1-dong, Dongnae-gu, Busan,
Korea |
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Tel |
+82-51-526-6381 |
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Fax |
+82-51-526-2308 |
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Other Address-Ulsan Factory |
724, Sanggae-dong, Nam-gu, Ulsan, Korea |
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Tel |
+82-52-259-8400 |
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Fax |
+82-52-273-1216 |
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Other Address-Daejeon Laboratory |
217-2, Sinsung-dong, Yusung-gu, Daejeon, Korea |
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Tel |
+82-42-879-0013 |
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Fax |
+82-42-879-0019 |
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Other Address-Youngnam Branch |
1394-1, Oncheon-dong, Dongrae-gu, Busan, Korea |
|
Tel |
+82-51-554-6381 |
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Fax |
+82-51-554-6389 |
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Other Address-Joongbu Logistics
Center |
657-4, Kajoa-dong, Seo-gu, Incheon,Korea |
|
Tel |
+82-32-578-0655 |
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Fax |
+82-32-578-0656 |
|
Type |
Export/Import |
|
Industry |
Manufacture of All Other Chemical Products n.e.c. |
|
Main Business |
Phthalic Anhydride, Maleic Anhydride, Itaconic Acid, Pa Polyol,
Plasticizer |
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Established (mm/dd/yyyy) |
10/13/1970 |
The Subject owns
the premises of Joongbu Logistics Center, Ulsan Factory and Daejeon Laboratory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Plasticizers(12162000) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Other adhesives and sealants(31201600) |
|
Sell |
Cement accelerators(12162302) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Mixtures(12352400) |
CEO’s
|
Name |
Boo Kyu-Hwan |
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Date of Birth |
05/10/1954 |
|
Title |
Vice Chairman & CEO |
|
Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
30,000,000,000 |
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Employees |
246 |
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Formation |
Listed Company (Korea Stock
Exchange: 006840 ) as of 08/11/1999 Foreign Direct Investment Corporation A Company of AEKYUNG
Business Group |
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Bank Details |
Busan Bank Korea Development Bank Woori Bank |
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Corporate Registered No. |
110111-0029721 |
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Business Registered No. |
113-81-10894 |
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Permit & Licenses |
11/17/2000 ISO 14001 07/20/2006 ISO 9001 Int’l Trade No.: 727235 |
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Shareholder Position |
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Company History |
11/30/2005 Awarded US$200 Million Export
Top Prize 03/03/2004 Awarded the minister of Finance
and Economy's prize, marking " Tax day" 11/12/2003 Awarded energy saving
industrial prize 07/30/2001 Completion of the Aekyung
Central Research Institute (Dejun Research Complex) 11/17/2000 Acquisition of ISO-14001 (DNV
Quality Certificate Board) 08/11/1999 Listed on the Korea Stock
Exchange 03/03/1997 The 31st Tax Day Steel Tower
Industrial Decoration awarded Mar.03,1993 Model Tax Payer Award granted by the
Minister of Financial Affairs 11/30/1991 Awarded US$100 Million Export Top Prize 09/14/1991 Plasticizers Plant completed,
Incheon 11/30/1989 Awarded US$50 million Export Top Prize 11/30/1980 Awarded US$10 million Export Top Prize 07/17/1975 Signed joint investment
contracts by same ratio with Japan's three companies - Mitsubishi Gas Chemical - Dainippon Ink & Chemical - Itochu Corporation 07/19/1972 Registered as import/export
business 03/25/1971
Registered as petrochemical industry
10/23/1970 Incorporated as
Samkyung Chemical Co., Ltd. |
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Detailed Information
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
M/S. |
Chang Young-Shin |
Korean |
1936.07.22 |
Chestnut Hill College-USA |
|
Vice Chairman & CEO |
Mr. |
Boo Kyu-Hwan |
Korean |
1954.05.10 |
Korea University, Korea |
|
Director |
Mr. |
Ham Tae-Yong |
Korean |
1933.07.16 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Nam Ki-Sun |
Korean |
1952.05.18 |
Kunkook University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
629,304,930,681 |
491,935,164,993 |
29,323,345,802 |
|
|
2010 |
779,907,373,377 |
445,832,529,657 |
48,860,947,587 |
|
2009 |
604,613,264,917 |
395,691,178,636 |
-12,279,332,685 |
|
2008 |
539,373,835,628 |
480,043,278,860 |
-18,153,636,699 |
|
2007 |
514,259,407,969 |
421,825,161,042 |
27,673,416,529 |
|
2006 |
425,924,970,708 |
365,382,444,815 |
3,305,619,100 |
|
2005 |
380,269,860,349 |
360,687,893,562 |
5,147,190,686 |
|
2004 |
339,866,942,189 |
366,174,457,786 |
13,144,514,444 |
|
2003 |
271,095,475,740 |
358,975,955,389 |
12,939,295,786 |
Financial Description
|
Authorized Capital(KRW) |
150,000,000,000 |
|
Paid-Up Capital(KRW) |
30,000,000,000 |
|
Total Issues Shares |
6,000,000 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
491,935,164,993 |
435,919,191,388 |
401,326,127,263 |
|
Current
Assets |
194,610,107,086 |
175,090,273,022 |
151,793,750,996 |
|
Cash & Cash Equivalents |
28,419,192,615 |
32,750,467,394 |
23,225,591,886 |
|
Current Financial Instruments |
0 |
0 |
10,000,000,000 |
|
Trade Receivables & Other
Receivables |
100,897,888,930 |
96,366,694,518 |
78,352,581,781 |
|
Marketable Financial Instruments |
34,065,000 |
9,825,000 |
2,755,000 |
|
Derivatives |
2,847,000,000 |
218,593,959 |
0 |
|
Other Current Assets |
2,451,369,985 |
3,106,867,246 |
2,062,308,800 |
|
Inventories |
59,960,590,556 |
42,637,824,905 |
38,150,513,529 |
|
Non-Current
Assets |
297,325,057,907 |
260,828,918,366 |
249,532,376,267 |
|
Non-Current Financial Instruments |
124,500,000 |
127,000,000 |
127,000,000 |
|
Long-Term Trade Receivables &
Other Receivables |
2,213,408,395 |
1,763,426,525 |
2,016,625,828 |
|
Investment_Related Companies |
184,663,641,287 |
153,298,008,357 |
137,191,884,662 |
|
Marketable Financial Instruments |
15,329,654,056 |
14,271,969,606 |
13,503,492,566 |
|
Tangibles |
87,976,476,687 |
85,660,960,754 |
90,605,884,059 |
|
Investment_Real Estates |
2,823,935,227 |
2,865,455,094 |
2,948,494,829 |
|
Intangibles |
2,447,985,217 |
1,247,985,217 |
1,251,485,217 |
|
Other Non-Current Assets |
1,745,457,038 |
1,594,112,813 |
1,887,509,106 |
|
Total
Liabilities |
228,173,580,412 |
192,893,129,948 |
187,199,616,407 |
|
Current
Liabilities |
217,219,916,601 |
182,289,190,742 |
177,245,413,315 |
|
Trade Payables |
60,082,261,816 |
56,671,343,329 |
62,202,417,438 |
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Other Current Financial Debts |
141,365,639,918 |
106,505,999,453 |
101,335,285,985 |
|
Account Payables |
8,070,258,850 |
9,291,569,905 |
7,821,924,481 |
|
Derivatives |
79,910,868 |
0 |
2,452,704,279 |
|
Other Current Liabilities |
7,621,845,149 |
9,820,278,055 |
3,433,081,132 |
|
Non-Current
Liabilities |
10,953,663,811 |
10,603,939,206 |
9,954,203,092 |
|
Long-Term Trade Payables &
Other Payables |
861,700,073 |
1,196,510,204 |
1,593,537,270 |
|
Confirmed Salaries |
3,873,478,760 |
3,007,797,996 |
2,200,096,667 |
|
Deferred Income Tax Credit |
6,218,484,978 |
6,399,631,006 |
6,160,569,155 |
|
Capital
Stock |
30,000,000,000 |
30,000,000,000 |
30,000,000,000 |
|
Capital Surplus |
44,103,223,556 |
44,116,064,756 |
44,116,064,756 |
|
Capital Adjustment |
-9,168,741,109 |
-9,168,741,109 |
-9,168,741,109 |
|
Others |
-138,751,885 |
-92,242,616 |
-88,251,817 |
|
Profit Surplus |
198,965,854,019 |
178,170,980,409 |
149,267,439,026 |
|
Total Equity |
263,761,584,581 |
243,026,061,440 |
214,126,510,856 |
|
Liab. & Shareholder’s Equity |
491,935,164,993 |
435,919,191,388 |
401,326,127,263 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
445,832,529,657 |
395,691,178,636 |
480,043,278,860 |
|
Current Assets |
170,205,395,613 |
147,613,031,417 |
204,338,508,446 |
|
-Quick Assets |
127,567,570,708 |
109,462,517,888 |
98,711,546,426 |
|
-Inventories |
42,637,824,905 |
38,150,513,529 |
105,626,962,020 |
|
Fixed Assets |
275,627,134,044 |
248,078,147,219 |
275,704,770,414 |
|
-Investment |
183,441,924,068 |
150,590,166,617 |
180,107,014,664 |
|
-Tangibles |
88,526,415,848 |
93,554,378,888 |
92,089,019,147 |
|
-Intangibles |
3,658,794,128 |
3,933,601,714 |
3,508,736,603 |
|
Total Liabilities |
189,486,799,652 |
183,516,159,078 |
244,547,249,768 |
|
Current Liabilities |
176,516,883,368 |
173,070,502,035 |
233,053,594,223 |
|
Fixed Liabilities |
12,969,916,284 |
10,445,657,043 |
11,493,655,545 |
|
Capital Stock |
30,000,000,000 |
30,000,000,000 |
30,000,000,000 |
|
Capital Surplus |
105,764,966,160 |
105,764,966,160 |
105,764,966,160 |
|
Profit Surplus |
122,324,284,870 |
77,730,394,783 |
94,346,889,158 |
|
Capital Adjustment |
-1,743,521,025 |
-1,320,341,385 |
5,384,173,774 |
|
Total Equity |
256,345,730,005 |
212,175,019,558 |
235,496,029,092 |
|
Liab. & Shareholder’s Equity |
445,832,529,657 |
395,691,178,636 |
480,043,278,860 |
Income
Statement
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
629,304,930,681 |
|
|
|
Cost of Sold Goods |
558,588,953,772 |
|
|
|
Gross Profit |
70,715,976,909 |
|
|
|
Selling & Admin. Expenses |
29,405,376,285 |
|
|
|
Operating Income |
41,310,600,624 |
|
|
|
Other Operating Income |
6,297,905,472 |
|
|
|
Other Operating Expenses |
-9,922,884,597 |
|
|
|
Finance Income |
11,304,042,667 |
|
|
|
Finance Expenses |
10,478,606,817 |
|
|
|
Income Before Taxes |
38,511,057,349 |
|
|
|
Income Taxes Expenses |
9,187,711,547 |
|
|
|
Net Income |
29,323,345,802 |
|
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
779,907,373,377 |
604,613,264,917 |
539,373,835,628 |
|
Cost of Sold Goods |
690,299,903,280 |
546,335,419,831 |
490,049,261,554 |
|
Gross Profit |
89,607,470,097 |
58,277,845,086 |
49,324,574,074 |
|
Selling & Admin. Expenses |
40,964,871,916 |
35,571,992,945 |
31,297,097,658 |
|
Operating Income |
48,642,598,181 |
22,705,852,141 |
18,027,476,416 |
|
Non-Operating Income |
36,371,214,847 |
31,624,088,774 |
46,670,828,082 |
|
Non-Operating Expenses |
25,997,228,986 |
65,010,112,753 |
84,354,391,870 |
|
Income Before Taxes |
59,016,584,042 |
-10,680,171,838 |
-19,656,087,372 |
|
Income Taxes Expenses |
10,155,636,455 |
1,599,160,847 |
-1,502,450,673 |
|
Net Income |
48,860,947,587 |
-12,279,332,685 |
-18,153,636,699 |
Cash
Flows
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
13,240,260,601 |
|
|
|
Net Income |
29,323,345,802 |
|
|
|
Adjustment |
18,416,056,937 |
|
|
|
Changes in Asset/ & Liability |
-20,521,771,770 |
|
|
|
Interests Received |
1,274,970,626 |
|
|
|
Dividends Received |
1,145,178,000 |
|
|
|
Interests Paid |
-3,873,072,962 |
|
|
|
Income Taxes |
-12,524,446,032 |
|
|
|
Cash Flows from
Investing |
-41,678,718,566 |
|
|
|
Cash Flows from
Financing |
23,465,684,265 |
|
|
|
Increase/Decrease in
Cash |
-4,972,773,700 |
|
|
|
Cash at the Beginning
of Year |
32,750,467,394 |
|
|
|
Cash at the End of
Year |
28,419,192,615 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
19,063,525,364 |
105,272,853,690 |
-70,029,468,761 |
|
-Net Income |
48,860,947,587 |
-12,279,332,685 |
-18,153,636,699 |
|
-Exp. without Cash Outflow |
13,483,347,157 |
41,356,921,323 |
39,748,246,240 |
|
-Revenue without Cash Inflows |
-19,215,916,345 |
-8,114,530,920 |
-11,586,416,578 |
|
-Changes in Asset/ & Liability |
-24,064,853,035 |
84,309,795,972 |
-80,037,661,724 |
|
Cash Flows from Investing |
-8,949,607,500 |
-1,828,197,724 |
-46,419,085,171 |
|
-Cash Inflow from Investing |
10,345,382,630 |
29,783,867,911 |
16,389,122,883 |
|
-Cash Outflows for Investing |
-19,294,990,130 |
-31,612,065,635 |
-62,808,208,054 |
|
Cash Flows from Financing |
-589,042,356 |
-96,512,872,940 |
92,414,340,827 |
|
-Cash Inflows from Financing |
3,678,015,144 |
2,682,000 |
101,362,455,827 |
|
-Cash Outflows from Financing |
-4,267,057,500 |
-96,515,554,940 |
-8,948,115,000 |
|
Increase/Decrease in Cash |
9,524,875,508 |
6,931,783,026 |
-24,034,213,105 |
|
Cash at the Beginning of Year |
23,225,591,886 |
16,293,808,860 |
40,328,021,965 |
|
Cash at the End of Year |
32,750,467,394 |
23,225,591,886 |
16,293,808,860 |
Products, Technologies, Services Description
|
Main Products & Services |
PA (Phthalic Anhydride) -the raw material of Phthalate plasticizers
(DOP, DINP, DIDP, DBP...), raw material of resins, used for dyestuff's
intermediate. MA (Maleic Anhydride) -the raw material used for unsaturated
polyester resin, detergent and GBL for rechargeable battery. ITA (Itaconic Acid) -SB latex polymerization stabilizer,
surfactant, modifier for acrylic resin. Plasticizer -Leather,sheet, PVC films, electric wires,
etc. Supplements for flexibility, low temperature resistance,
volatility-resistance, and electric resistance (DOP/DINP/DOA/TOTM/DBP/DIDP/DOM/DINA/CITROCIZER/NONPCIZER/OLICIZER/PYROCYZER) Polyol -used as the raw material of Polyurethane,
rigid foams, PIR rigid foam, spray foams, etc. (AK
POL-1010/1020/1040/260CT/1031/5001/7001/3002/1000/1000S/8001) |
Trade Partners & Competitors
|
Customers |
AEKYUNG PNC CO., LTD.(174611-0004610) |
|
Competitors |
OCI CO., LTD. 50, SOGONG-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-727-9500 FAX:+82-2-773-0615 HANWHA CHEMICAL CORPORATION 17TH FL., HANWHA BLDG., 1, JANGGYO-DONG,
JUNG-GU, SEOUL, KOREA TEL:+82-2-729-2700 FAX:+82-2-729-1455 LG CHEM CO., LTD. 24TH FL., LG TWIN TOWER EAST ANNEX, 20,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3773-1114 FAX:+82-2-3773-7933 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
AEKUYNG CO., LTD. (110111-0028575) AEKYUNG IND. CO., LTD. (110111-0398275) KOSPA CORP. (154511-0002686) AEKYUNG DEVELOPMENT CO., LTD.
(134211-0002321) ATEC CO., LTD(110111-0954374) AEKYUNG CHEMICAL CO., LTD. (110111-0293011) AK CHEMTECH CO., LTD.(160111-0004541) AEKYUNG PNT(134811-0002600) JS AVIATION CO., LTD.(120111-0562993) AM PLUS PFV GANGNAM CO., LTD.(110111-4726638) AEKYUNG INDUSTRIAL CO., LTD.(110111-0398275) (20.23% held by the subject company) AEKYUNG PNC CO., LTD.(174611-0004610) (86.94% held by the subject company) DP&F(110111-2042820) (40.93% held by the subject company) SUWON AEKYUNG STATION DEVELOPMENT CO.,
LTD(130111-0034487) (24.62% held by the subject company) ARD HOLDINGS, INC. (131311-0029384) (16.20% held by the subject company) PYUNGTACK STATION DEVELOPMENT CO., LTD. (8.51% held by the subject company) JEJUAIR CO., LTD. (220111-0050575) (20.77% held by the subject company) HONGIK(115911-0021172) (100.00% held by the subject company) AIRLAINE (42.86% held by the subject company) MOZLE (57.14% held by the subject company) AEKYUNG PAVE1 |
|
Overseas Office |
AEKYUNG HONG KONG CO., LTD. ROOM 2802-2803,28/F,BANK OF AMERICA, 12
HARCOURT ROAD HONG KONG TEL: 852-2537-8382 FAX: 852-2537-8891 |
|
Subsidiary |
AEKYUNG PNC CO., LTD.(174611-0004610) (86.94% held by the subject company) AK-VINA |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD(110111-0013328) |
Sales by Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
374,527 |
513,230 |
414,958 |
|
Domestic |
254,778 |
266,677 |
189,656 |
|
Total |
629,305 |
779,907 |
604,613 |
The Subject deals
with the companies in China, Iran, Japan, Thailand, USA and Europe.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There is 1 case
filed as Plaintiff(s)/ Creditor(s)/ Applicant(s) amounting 4,730,000,000 KRW.
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.64 |
|
|
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.04 |
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.