MIRA INFORM REPORT

 

 

Report Date :

28.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ISU CHEMICAL CO., LTD.

 

 

Registered Office :

112-4, Banpo 4-dong, Seocho-gu, Seoul, Korea, Isu Chemical Co. Bldg., Zip Code 137-714

 

 

Country :

South Korea

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

17.01.1969

 

 

Com. Reg. No.:

114-81-54648

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Basic Organic Petrochemicals

 

 

No. of Employees :

360

 

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 :

Exists

 

 

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

 

Company Name

ISU CHEMICAL CO., LTD.

(Korean Company Name : “이수화학(주)”)

Registered Address

112-4, Banpo 4-dong, Seocho-gu, Seoul, Korea

Building

Isu Chemical Co. Bldg.

Zip Code

137-714

Tel

+82-2-590-6600

Fax

+82-2-590-6666

E-mail

ij1004@isu.co.kr

Website

www.isuchemical.co.kr

Trading Address

Isu Chemical Co. Bldg., 112-4, Banpo 4-dong, Seocho-gu, Seoul, Korea (P.O.BOX 424)

Tel

+82-2-590-6600

Fax

+82-2-590-6666

Other Address-Ulsan Factory

156, Bugok-dong, Nam-gu, Ulsan, Korea

Tel

+82-52-278-2700

Fax

+82-52-278-2888

Other Address-Onsan Factory

857, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea

Tel

+82-52-231-5600

Fax

+82-52-231-5666

Type

Export/Import

Industry

Manufacture of Basic Organic Petrochemicals

  Main Business

Alkylbenzene, Nomalparaffin, Special Solvent, Lubricants

Established (mm/dd/yyyy)

01/17/1969

The premises of the registered address(2,155㎡), Ulsan(62,796.02㎡) & Onsan(98,074.2㎡) factories are owned by the subject.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Petroleum and distillates(15101500)

Sell

Benzene(15101507)

Sell

Engine oil(15121501)

Sell

Additives(12160000)

 

 

CEO’s

 

Name

Kim Sang-Beom

Date of Birth

05/18/1961

Title

Chairman & CEO

Sex

Male

Nationality

Korean

Profiles

 

Capital (KRW)

76,390,000,000

Employees

360

Formation

Listed Company (Korea Stock Exchange: 005950 ) as of 04/28/1988

A Company of ISU Group

Bank Details

Korea Exchange Bank-Jo Dal Cheong Branch

Korea Development Bank-Ulsan Branch

Corporate Registered No.

110111-0008600

Business Registered No.

114-81-54648

Permit & Licenses

06/02/1995 ISO 9002 (DNV)

06/02/1995 ISO 9001(DNV)

11/00/1996 KT

06/04/1997 ISO 14001 (DNV)

12/06/2000 QS 9000 (KFQ)

 

Int’l Trade No.: 851338

Shareholder Position

Name

Shares

%

ISU CORPORATION(110111-2833451)

5,319,911

34.82

KIM SUN-JEONG

581,388

3.81

EXACHEM CO., LTD.(110111-2303826)

26,470

0.17

ASSETPLUS INVESTMENT MANAGEMENT CO., LTD.(110111-1653769)

1,103,800

7.22

NATIONAL PENSION SERVICE(110171-0007134)

1,214,951

7.95

OTHERS

7,031,480

46.02

TOTAL

15,278,000

100.00

Company History

01/1969 Incorporated as the present name

11/1987 Awarded the President Prize for saving Energy

04/1988 Listed at Korea Stock Exchange

11/1995 Awarded US$100 Million Export Top Prize

03/1996 Changed company name to the present name from ISU Chemical Industry Co., Ltd.

10/1999 Honored as Top 100 Worldwide Companies by Forbes Magazine

09/2003 Selected as Good Company with New Culture of Capital & Labor

 

 

 

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

Chairman & CEO

Mr.

Kim Sang-Beom

Korean

1961.05.18

Seoul National University, Korea

President & CEO

Mr.

Kang In-Ku

Korean

1954.11.10

Seoul National University, Korea

Director

Mr.

Kim Dae-Sung

Korean

1963.08.16

Seoul National University, Korea

Outside Director

Mr.

Ha Bong-Woo

Korean

1959.08.13

Seoul National University, Korea

Auditor

Mr.

Lee Nam-Soo

Korean

1953.09.01

Kunkuk University, Korea, Korea

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)03/2012

485,730,851,777

975,610,319,197

11,353,360,036

(*)2011

1,682,729,057,425

935,237,212,007

31,933,980,724

(*)2010

1,326,550,340,267

843,964,068,039

52,632,374,417

2009

1,082,134,524,978

705,043,544,606

33,243,325,059

2008

1,379,773,834,215

643,296,701,211

35,909,210,390

2007

896,673,284,012

464,615,355,314

(-)10,335,201,541

2006

770,932,075,364

369,929,884,151

(-)8,523,211,108

2005

687,828,458,300

359,373,832,600

(-)4,849,335,735

2004

676,635,687,211

357,110,393,100

1,855,404,514

 

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

250,000,000,000

Paid-Up Capital(KRW)

76,390,000,000

Total Issues Shares

15,278,000

 

 

Balance Sheet

 

Unit : Korean Won

01/01/2012~03/31/2012

As of 12/31/2011

As of 12/31/2010

Total Assets

975,610,319,197

935,237,212,007

843,964,068,039

Current Assets

377,814,132,984

324,064,130,044

264,581,964,034

Cash & Cash Equivalents

65,284,206,927

62,136,965,011

20,517,010,960

Current Financial Instruments

13,103,557,180

12,248,648,699

11,911,633,749

Trade Receivables

173,417,672,962

128,152,728,560

122,500,627,445

Other Receivables

23,032,891,094

21,897,545,435

27,257,250,340

Inventories

102,770,724,633

99,273,505,183

72,897,359,871

Other Current Assets

205,080,188

354,737,156

9,498,081,669

Non-Current Assets

597,796,186,213

611,173,081,963

579,382,104,005

Non-Current Financial Instruments

5,775,572,401

5,775,572,401

5,553,392,066

Long-Term Trade Receivables & Other Receivables

552,134,973

552,134,973

201,520,523

Investment_Subsidiaries

244,617,523,909

244,617,523,909

244,617,523,909

Investment_Related Companies

82,344,750,050

82,344,750,050

80,844,750,050

Investment_Co-Subsidiaries

19,848,249,213

18,155,396,824

9,296,496,597

Tangibles

163,682,822,357

179,902,636,612

160,450,323,911

Investment_Real Estates

67,164,693,936

67,389,557,870

68,289,013,587

Intangibles

8,725,897,675

8,012,812,696

6,664,939,476

Non-Current Non-Financial Instruments

5,084,541,699

4,422,696,628

3,464,143,886

Total Liabilities

408,961,288,174

392,403,396,214

324,594,868,693

Current Liabilities

233,609,128,236

196,506,446,120

190,776,446,914

Trade Payables

35,335,126,122

32,055,649,953

19,439,489,382

Short-Term Borrowings

34,358,880,000

34,397,700,000

107,664,700,000

Accrued Income Tax

13,995,827,813

12,082,630,501

14,126,014,888

Other Current Financial Debts

11,817,523,440

13,306,137,598

9,526,815,567

Current Portion of Long-Term Borrowings

107,520,100,000

85,589,850,000

27,600,000,000

Current Non-Financial Instruments

30,581,670,861

19,074,478,068

12,419,427,077

Non-Current Liabilities

175,352,159,938

195,896,950,094

133,818,421,779

Long-Term Borrowings

141,250,000,000

163,900,000,000

104,005,380,859

Non-Current Financial Instruments

9,852,880,609

9,023,525,182

8,091,625,109

Provision for Severance & Retirement

4,365,319,880

4,127,529,970

3,150,457,971

Deferred Income Tax Credit

19,883,959,449

18,845,894,942

18,570,957,840

Capital Stock

76,390,000,000

67,540,445,000

67,540,445,000

Capital Surplus

128,684,329,663

117,585,486,323

117,585,486,323

Others

-2,495,460,630

-2,495,460,630

-2,495,460,630

Installments

1,014,643,061

483,602,807

810,888,849

Profit Surplus

363,055,518,929

359,719,742,293

335,927,839,804

Total Equity

566,649,031,023

542,833,815,793

519,369,199,346

Liab. & Shareholder’s Equity

975,610,319,197

935,237,212,007

843,964,068,039

 

 

Income Statement

 

Unit : Korean Won

01/01/2012~03/31/2012

As of 12/31/2011

As of 12/31/2010

Sales

485,730,851,777

1,682,729,057,425

1,326,550,340,267

Cost of Sold Goods

463,595,125,006

1,574,441,643,095

1,214,013,714,767

Gross Profit

22,135,726,771

108,287,414,330

112,536,625,500

Selling & Admin. Expenses

8,618,273,786

32,493,866,337

29,581,136,127

Other Operating Income

3,140,447,477

672,105,421

1,349,242,861

Other Operating Expenses

385,153,047

577,641,179

526,164,172

Operating Income

16,272,747,415

75,888,012,235

83,778,568,062

Finance Income

7,391,552,438

29,799,491,024

26,668,536,918

Finance Expenses

9,190,933,665

44,652,978,317

34,672,370,231

Income Before Taxes

14,473,366,188

61,034,524,942

75,774,734,749

Income Taxes Expenses

3,120,006,152

29,100,544,218

23,142,360,332

Net Income

11,353,360,036

31,933,980,724

52,632,374,417

 

 

Cash Flows

 

Unit : Korean Won

01/01/2012~03/31/2012

As of 12/31/2011

As of 12/31/2010

Operating Activities Cash Flows

-30,126,544,929

42,679,569,484

64,046,454,227

Cash Flows from Operating

-26,393,523,674

52,437,079,888

34,836,236,959

Interests Received

1,104,511,285

6,033,797,057

4,805,608,020

Interests Paid

-4,749,598,980

-17,085,296,311

-14,888,777,018

Income Taxes

-207,598,060

-30,746,391,874

-13,430,988,151

Dividends Received

119,664,500

106,400,000

92,000,000

Net Income

　

31,933,980,724

52,632,374,417

Cash Flows from Investing

13,845,388,505

-36,950,542,287

-99,876,729,249

Cash Inflow from Investing

22,259,635,794

2,181,122,403

21,941,402,664

Cash Outflows for Investing

-8,414,247,289

-39,131,664,690

-121,818,131,913

Cash Flows from Financing

19,428,398,340

35,890,926,854

32,592,519,622

Cash Inflows from Financing

48,078,398,340

378,286,912,534

345,285,984,212

Cash Outflows from Financing

-28,650,000,000

-342,395,985,680

-312,693,464,590

Increase/Decrease in Cash

3,147,241,916

41,619,954,051

-3,237,755,400

Cash at the Beginning of Year

62,136,965,011

20,517,010,960

23,754,766,360

Cash at the End of Year

65,284,206,927

62,136,965,011

20,517,010,960

 

 

Products, Technologies, Services Description

 

Main Products & Services

Major Brands : ULTRASOL, ISU D-SOL, LAB, BAB

 

 

Trade Partners & Competitors

 

Suppliers

S-OIL CORPORATION(110111-0189955)

KUMHO P&B CHEMICALS, INC.(206211-0018313)

Customers

Payment Condition:

Domestic : Cash within 60 days or Promissory Notes within 3 Months

Export : Cash within 3 Months

 

The Subject sells Arkyl Benzene through the networks of LG HOUSEHOLD & HEALTH CARE LTD and CJ Corporation.

Competitors

PHILIPS

AKEMA

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

ISU CORPORATION(110111-2833451)

ISU CHEMICAL CO., LTD(110111-0008600)

ISUPETASYS CO., LTD(110111-0186638)

ISU SYSTEM CO., LTD.(110111-1304643)

ISU VENTURE CAPITAL CO., LTD.(110111-1917636)

EXACHEM CO., LTD.(110111-2303826)

ISU C&D CO., LTD.(110111-1151549)

EXA BOARD CO., LTD.(131411-0161035)

TODA ISU CORPORATION(141211-0043623)

 

ISU OIL CHEMICAL CO., LTD.(110111-0584436)

(63.20% held by the subject company)

 

ISU ABXIS CO., LTD.(110111-2203951)

(42.29% held by the subject company)

 

ISU ENGINEERING & CONSTRUCTION CO., LTD.(110111-0202202)

(100.0% held by the subject company)

Affiliates-Overseas

ISU PETASYS CORP.

ISU-SAUDI ENGINEERING AND CONSTRUCTION CO., LTD.

ISU BROWNSTONE   CO., LTD

 

ISU CHEMICAL GERMANY GMBH

(100.0% held by the subject company)

 

GREAT ORIENT CHEMICAL PTE. LTD.

(50.0% held by the subject company)

Overseas Office

ISU EUROPE B.V.

TRANSPOLIS COMMERCE CENTER PLOARISAVENUE

83C 2132 IH HOOLDDROP THE NETHERLANDS

TEL 32-23-568-5180 FAX 31-23-568-5181

 

ISU CHEMICAL GERMANY GMBH

RHENANIASTRAß E 76-102,

D-68219 MANNHEIM, FEDERAL REPUBLIC OF GERMANY

TEL 49-621-481-035-0 FAX 49-621-481-035-29

 

ISU CHEMICAL MEXICO OFFICE

BOSQUES DE CIRUELOS NO. 130. 5. PISO MEXICO. D. F.

TEL 52-55-5596-7109 FAX 52-55-5596-1585

Subsidiary

ISU CHEMICAL GERMANY GMBH

(100.0% held by the subject company)

 

QINGDAO DONGSUNG TEXTILE CO., LTD.(CHINA)

 

ISU OIL CHEMICAL CO., LTD.(110111-0584436)

ISU ABXIS CO., LTD.(110111-2203951)

Corporate Ownership

ISU CORPORATION(110111-2833451)

Cooperative Enterprise

-Insured Company

FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586)

 

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit :Thousand KRW

03/2012

2011

2010

Export

163,685,780

586,112,999

508,729,121

Domestic

321,008,204

1,092,752,055

814,252,711

Others

1,036,867

3,864,004

3,568,508

Total

485,730,852

1,682,729,057

1,326,550,340

 

The Subject exports to Taiwan, Japan, China and South East Asia, and it imports from Russia.

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (Million KRW)

Status

 

 

Hwang Kyu-Seob & Others(1)

The Subject Company

Maintenance & Administrative Fee

88

1st round is proceeding.

 

 

Kim Il-Ho & Others(1)

The Subject Company

Maintenance & Administrative Fee

67

1st round is proceeding.

 

 

News Clipping

 

---

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.57.22

UK Pound

1

Rs.89.42

Euro

1

Rs.71.46

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.