|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDO KOREAN PETROCHEM LTD. |
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|
|
|
Registered Office : |
443, Jung-Ri, Seokjeok-Eup, Chilgok-Gun, Gyeongsangbuk-Do, Korea, Zip Code 718-833 |
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|
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Country : |
South Korea |
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|
|
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Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
29.04.2009 |
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Com. Reg. No.: |
513-81-52793 |
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|
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Legal Form : |
Co., Ltd by Shares |
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|
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Line of Business : |
Manufacturer of Synthetic Fibers |
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|
|
|
No. of Employees : |
24 employees |
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 |
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Payment Behaviour : |
Slow but Correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
South Korea - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible
growth and global integration to become a high-tech industrialized economy. In
the 1960s, GDP per capita was comparable with levels in the poorer countries of
Africa and Asia. In 2004, South Korea joined the trillion dollar club of world
economies, and currently is among the world's 20 largest economies. Initially,
a system of close government and business ties, including directed credit and
import restrictions, made this success possible. The government promoted the
import of raw materials and technology at the expense of consumer goods, and
encouraged savings and investment over consumption. The Asian financial crisis
of 1997-98 exposed longstanding weaknesses in South Korea''s development model
including high debt/equity ratios and massive short-term foreign borrowing. GDP
plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted
numerous economic reforms following the crisis, including greater openness to
foreign investment and imports. Growth moderated to about 4% annually between
2003 and 2007. With the global economic downturn in late 2008, South Korean GDP
growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began
to recover, in large part due to export growth, low interest rates, and an
expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South
Korea Free Trade Agreement was ratified by both governments and is projected to
go into effect in early 2012. The South Korean economy''s long term challenges
include a rapidly aging population, inflexible labor market, and heavy reliance
on exports - which comprise half of GDP.
|
Source : CIA |
|
Company
Name |
INDO KOREAN PETROCHEM LTD. (Korean Company Name : “인도코리안페트로켐(주)”) |
|
Registered Address |
443, Jung-ri, Seokjeok-eup, Chilgok-gun,
Gyeongsangbuk-do, Korea |
|
Zip Code |
718-833 |
|
Tel |
+82-54-970-1200 |
|
Fax |
+82-54-970-1234 |
|
Trading Address |
443, Jung-ri, Seokjeok-eup, Chilgok-gun,
Gyeongsangbuk-do, Korea (New Address
System : 12, 3gongdan-ro, Seokjeok-eup, Chilgok-gun, Gyeongsangbuk-do, Korea) |
|
Tel |
+82-54-970-1200 |
|
Fax |
+82-54-970-1234 |
|
Type |
Export |
|
Industry |
Manufacture of Synthetic Fibers |
|
Main Business |
Polyester Yarn, Polyester Chip |
|
Established (mm/dd/yyyy) |
04/29/2009 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Synthetic yarn(11151709) |
|
Sell |
Yarns(11151700) |
|
Name |
Lekhwani Jaikumar Sureshkumar |
|
Address |
443, Jung-ri, Seokjeok-eup, Chilgok-gun, Gyeongsangbuk-do, Korea |
|
Date of Birth |
05/01/1967 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Indian |
|
Capital (KRW) |
6,392,060,000 |
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|
Employees |
24 |
||||||||||||
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Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
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Bank Details |
Co., Ltd by Shares |
||||||||||||
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Corporate Registered No. |
175211-0028865 |
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Business Registered No. |
513-81-52793 |
||||||||||||
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Permit & Licenses |
Int’l Trade No.: 30674619 |
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Shareholder Position |
(*)The above list is based as of
12/31/2011. |
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|
Company History |
04/29/2009 Incorporated as the present name 05/04/2009 Registered as a Foreign Direct
Investment Corporation 02/23/2010 Increased the authorized shares to 10,000,000 shares from
400,000 shares02/09/2012 Increased capital to 6,392,060,000 KRW from
2,980,080,000 KRW |
||||||||||||
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lekhwani Jaikumar Sureshkumar |
Male |
Indian |
07/26/2011 |
|
Director |
Mr. |
Jaywaramuheshi Kumar Jekisandra |
Male |
Indian |
07/26/2011 |
|
Director |
Mr. |
Gaisas Madab Padmakar |
Male |
Indian |
07/26/2011 |
|
Auditor |
Mr. |
Sriniwa Sanvenko Barao |
Male |
Indian |
07/26/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
69,536,521,204 |
46,002,355,230 |
-11,952,260,600 |
|
|
2010 |
23,644,647,039 |
48,779,006,205 |
1,014,128,661 |
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Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
6,392,060,000 |
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Total Issues Shares |
1,278,412 (Common : 1,188,358 / Preferable : 90,054) |
Balance
Sheet
|
|||
|
Unit : Million Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
46,002,355,230 |
48,779,006,205 |
|
|
Current Assets |
10,110,973,408 |
16,899,912,781 |
|
|
-Quick Assets |
4,127,135,647 |
11,378,294,676 |
|
|
-Inventories |
5,983,837,761 |
5,521,618,105 |
|
|
Fixed Assets |
35,891,381,822 |
31,879,093,424 |
|
|
-Investment |
32,952,381,822 |
14,209,001,826 |
|
|
-Tangibles |
- |
14,896,091,598 |
|
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-Intangibles |
2,939,000,000 |
2,774,000,000 |
|
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Total Liabilities |
45,609,003,216 |
36,433,393,591 |
|
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Current Liabilities |
33,653,147,988 |
19,300,979,495 |
|
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Fixed Liabilities |
11,955,855,228 |
17,132,414,096 |
|
|
Capital Stock |
2,980,080,000 |
2,980,080,000 |
|
|
Capital Surplus |
8,555,130,000 |
8,555,130,000 |
|
|
Profit Surplus |
-11,141,857,986 |
810,402,614 |
|
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Capital Adjustment |
- |
- |
|
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Total Equity |
393,352,014 |
12,345,612,614 |
|
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Liab. & Shareholder’s Equity |
46,002,355,230 |
48,779,006,205 |
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Current
Liabilities |
33,653,147,988 |
19,300,979,495 |
|
|
Trade Payables |
6,450,000 |
250,462,530 |
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Account Payables |
1,763,175,811 |
410,762,997 |
|
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Withholdings |
1,746,013,086 |
5,375,540 |
|
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Advance Receipts |
2,938,966,918 |
1,309,478,068 |
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Short-Term Borrowings |
20,957,001,934 |
15,911,103,182 |
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Accrued Expenses |
1,916,665,239 |
1,413,797,178 |
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Current Portion of Long-Term
Debts |
4,324,875,000 |
- |
|
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Fixed
Liabilities |
11,955,855,228 |
17,132,414,096 |
|
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Long-Term Borrowings |
11,893,406,250 |
17,083,500,000 |
|
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Provision for Severance &
Retirement |
62,448,978 |
42,088,734 |
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Long-Term Account Payables |
- |
6,825,362 |
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Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
69,536,521,204 |
23,644,647,039 |
|
|
Cost of Sold Goods |
74,628,561,570 |
24,703,555,687 |
|
|
Gross Profit |
5,092,040,366 |
1,058,908,648 |
|
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Selling & Admin. Expenses |
1,849,996,681 |
459,666,471 |
|
|
Operating Income |
-6,942,037,047 |
-1,518,575,119 |
|
|
Non-Operating Income |
781,514,212 |
3,282,408,745 |
|
|
Non-Operating expenses |
5,791,737,765 |
749,704,965 |
|
|
Income Before Taxes |
-11,952,260,600 |
1,014,128,661 |
|
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Income Taxes Expenses |
- |
- |
|
|
Net Income |
-11,952,260,600 |
1,014,128,661 |
|
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-4,576,514,275 |
-1,444,032,011 |
|
|
-Net Income |
-11,952,260,600 |
1,014,128,661 |
|
|
-Exp. without Cash Outflow |
4,728,630,081 |
1,625,490,109 |
|
|
-Revenue without Cash Inflows |
-42,720,801 |
-1,847,014,058 |
|
|
-Changes in Asset/ & Liability |
2,689,837,045 |
-2,236,636,723 |
|
|
Cash Flows from Investing |
1,185,456,148 |
-36,534,898,632 |
|
|
-Cash Inflow from Investing |
9,111,200,000 |
- |
|
|
-Cash Outflows for Investing |
-7,925,743,852 |
-36,534,898,632 |
|
|
Cash Flows from Financing |
3,612,661,334 |
37,926,402,942 |
|
|
-Cash Inflows from Financing |
4,687,205,446 |
37,935,963,249 |
|
|
-Cash Outflows from Financing |
-1,074,544,112 |
-9,560,307 |
|
|
Increase/Decrease in Cash |
221,603,207 |
-52,527,701 |
|
|
Cash at the Beginning of Year |
47,750,510 |
100,278,211 |
|
|
Cash at the End of Year |
269,353,717 |
47,750,510 |
|
(*)The Subject
needs to be monitored because Net Income is (-)11,952,000,000 KRW, and Current Liabilities
exceed Current Assets as much as 23,542,000,000 KRW.
07/2011 The
Subject Company has been damaged by the fire, and it is known that it delayed
several times to pay the salaries to the employees.
|
Main Products & Services |
Polyester Yarn, Polyester Chip |
|
Competitors |
N & T GLOBAL INC. RM. 2109, RENAISSNACE TOWER BLDG., 456,
GONGDEOK-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-704-6401 FAX:+82-2-704-6403 GLOBAL KOREA TRADING CO., LTD. RM. 304, SEOKTOP OFFICETEL, 1588-7, SEOCHO
3-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3472-3751 FAX:+82-2-3472-3752 GATE TRADING CO., LTD. RM. 302-1, SEONGU BLDG., YEOKSAM 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-556-3153 FAX:+82-2-555-7633 |
(Subsidiaries, Joint-Venture
& Affiliates)
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
(Activity & Markets)
The Subject deals with
the companies in India.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.