MIRA INFORM REPORT

 

 

Report Date :

11.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SUN KYUNG CHEMICAL CO., LTD.

 

 

Registered Office :

348, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea 689-896

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.02.1997

 

 

Com. Reg. No.:

610-81-26918

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

PVC Stabilizers, Film Addition

 

 

No. of Employees :

25

 

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 – 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

SUN KYUNG CHEMICAL CO., LTD.

(Korean Company Name : “(주)선경화성”)

Registered Address

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

Zip Code

689-896

Tel

+82-52-239-4343

Fax

+82-52-239-4340

E-mail

skchemco@yahoo.co.kr

Website

www.sk-chemi.com

Trading Address

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

Tel

+82-52-239-4343

Fax

+82-52-239-4340

Type

Export/Import

Industry

Manufacture of All Other Chemical Products n.e.c.

  Main Business

PVC Stabilizers, Film Addition

Established (mm/dd/yyyy)

02/21/1997

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Additives(12160000)

Sell

Chemistry reagents or solutions(41116105)

 

 

CEO’s

 

Name

Kim Kyun

Address

Suite 113-2301, 2262, Yeonsan-dong, Yeonje-gu, Busan, Korea

Date of Birth

01/15/1946

Title

Chairman & CEO

Sex

Male

Nationality

Korean

Mr Kim Kyun has been graduated from Dong Ah University, Korea.

 

 

Profiles

 

Capital (KRW)

1,000,000,000

Employees

25

Formation

Co., Ltd by shares

Bank Details

Busan Bank-Ulsan Branch

Woori Bank

Corporate Registered No.

181211-0042601

Business Registered No.

610-81-26918

Permit & Licenses

Int’l Trade No.: 167101

Shareholder Position

Name

Shares

%

KIM KYUN

52,620

52.62

KIM JAE-HYUN

47,000

47.00

KIM BYUNG-EUL

376

0.38

TOTAL

100,000

100.00

Company History

02/21/1997 Incorporated as the present name

11/2005 Awarded US$1 Million Export Top Prize

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Chairman & CEO

Mr.

Kim Kyun

Male

Korean

03/18/2003

President & CEO

Mr.

Choi Dong-Soon

Male

Korean

03/18/2009

Director

Mr.

Kim Byung-Eul

Male

Korean

03/18/2009

Auditor

Mr.

Sohn Joo-Seob

Male

Korean

08/20/2003

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

33,636,932,637

17,401,161,198

493,369,163

2010

29,003,125,609

16,076,694,316

435,050,854

2009

27,598,760,187

13,949,221,598

456,112,669

2008

22,641,441,000

8,929,330,000

63,101,000

2007

16,551,020,000

6,883,842,000

147,159,000

2006

11,555,667,000

6,919,872,000

93,272,000

2005

11,098,000,000

 

 

2004

9,706,000,000

 

 

2003

7,868,000,000

 

 

The financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

1,600,000,000

Paid-Up Capital(KRW)

1,000,000,000

Total Issued Shares

100,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

17,401,161,198

16,076,694,316

13,949,221,598

Current Assets

9,742,382,677

8,335,175,230

8,003,938,073

-Quick Assets

7,494,607,316

6,477,176,071

6,199,206,873

-Inventories

2,247,775,361

1,857,999,159

1,804,731,200

Fixed Assets

7,658,778,521

7,741,519,086

5,945,283,525

-Investment

353,100,000

297,500,000

-

-Tangibles

7,141,655,321

7,275,995,886

5,744,044,165

-Intangibles

164,023,200

168,023,200

201,239,360

Total Liabilities

12,833,022,006

12,001,924,287

10,309,502,423

Current Liabilities

8,549,106,264

7,670,692,484

7,293,222,426

Fixed Liabilities

4,283,915,742

4,331,231,803

3,016,279,997

Capital Stock

1,000,000,000

1,000,000,000

1,000,000,000

Capital Surplus

　

　

　

Profit Surplus

1,984,021,572

1,490,652,409

1,055,601,555

Capital Adjustment

1,584,117,620

1,584,117,620

1,584,117,620

Total Equity

4,568,139,192

4,074,770,029

3,639,719,175

Liab. & Shareholder’s Equity

17,401,161,198

16,076,694,316

13,949,221,598

 

Current Liabilities

8,549,106,264

7,670,692,484

7,293,222,426

Trade Payables

2,899,147,010

  2,113,612,097

 2,360,051,569

Short-Term Borrowings

5,190,146,819

  5,042,703,200

 4,414,291,275

Account Payables

278,110,281

    267,190,283

   193,835,088

Advance Receipts

-

     41,064,455

　-

Accrued Expenses

78,803,860

     82,974,270

    79,099,020

Current Portion of Long-Term Debts

80,000,000

     75,000,000

　-

Short-Term Borrowings to Shareholders/ Executives/ Employees

-　

-　

   209,188,088

Withholdings

21,479,996

     17,448,880

    10,543,710

Accrued Income Tax

1,418,298

     30,699,299

    26,213,676

Fixed Liabilities

4,283,915,742

4,331,231,803

3,016,279,997

Long-Term Borrowings

2,509,269,838

  2,858,069,838

 2,569,369,838

Debentures

1,500,000,000

  1,000,000,000

-　

Provision for Severance & Retirement

499,048,001

    473,161,965

   446,910,159

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

33,636,932,637

29,003,125,609

27,598,760,187

Cost of Sold Goods

29,838,408,044

25,511,437,219

24,071,239,378

Gross Profit

3,798,524,593

3,491,688,390

3,527,520,809

Selling & Admin. Expenses

2,147,420,183

2,155,255,460

2,558,729,928

Operating Income

1,651,104,410

1,336,432,930

968,790,881

Non-Operating Income

388,973,824

445,116,393

609,499,948

Non-Operating Expenses

1,531,107,793

1,302,145,920

1,090,330,704

Income Before Taxes

508,970,441

479,403,403

487,960,125

Income Taxes Expenses

15,601,278

44,352,549

31,847,456

Net Income

493,369,163

435,050,854

456,112,669

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

461,489,408

669,939,402

-430,585,016

-Net Income

493,369,163

435,050,854

456,112,669

-Exp. without Cash Outflow

575,245,639

421,661,120

406,120,948

-Revenue without Cash Inflows

-24,694,684

-18,602,494

-1,362,636

-Changes in Asset/ & Liability

-582,430,710

-168,170,078

-1,291,455,997

Cash Flows from Investing

-470,978,159

-2,367,234,681

-595,320,955

-Cash Inflow from Investing

550,171,268

90,284,090

1,363,636

-Cash Outflows for Investing

-1,021,149,427

-2,457,518,771

-596,684,591

Cash Flows from Financing

274,664,309

1,782,923,837

1,006,021,409

-Cash Inflows from Financing

25,897,725,291

21,126,300,553

15,761,797,246

-Cash Outflows from Financing

-25,623,060,982

-19,343,376,716

-14,755,775,837

Increase/Decrease in Cash

265,175,558

85,628,558

-19,884,562

Cash at the Beginning of Year

128,641,353

43,012,795

62,897,357

Cash at the End of Year

393,816,911

128,641,353

43,012,795

 

 

Products, Technologies, Services Description

 

Main Products & Services

PVC Stabilizer

-Stabilizer

-Complex Stabilizer

 

File Addition

-UV-absorbent master batch

-Keeping warm agent master batch

-Anti-fogging agent master batch

-Fog Adsorbent mater batch

 

Trade Partners & Competitors

 

Competitors

SONGWON INDUSTRIAL CO., LTD.

737-2, YEOCHEON-DONG, NAM-GU, ULSAN, KOREA

TEL:+82-52-273-9841  FAX:+82-52-272-3528

 

DANSUK INDUSTRIAL CO., LTD.

1DA-705, SIHWA INDUSTRIAL COMPLEX, 1239-5, JEONGWANG 3-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-488-0700  FAX:+82-31-499-3909

 

ADEKA KOREA CORP.

839, YONGAM-RI, BONGDONG-EUP, WANJU-GUN, JEOLLABUK-DO, KOREA

TEL:+82-63-262-7190  FAX:+82-63-262-7338

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Cooperative Enterprise

-Insured Company

NONGHYUP LIFE-INSURANCE CO., LTD.(110111-4809377)

 

 

Sales by Region

 (Activity & Markets)

 

The Subject deals with the companies in Myanmar, China, Pakistan, Vietnam, Syria and Yemen.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.34

UK Pound

1

Rs.86.11

Euro

1

Rs.69.07

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.