|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
YOUSUNG CHEMICAL IND. CO., LTD. |
|
|
|
|
Registered Office : |
8-33, Usangongdan-gil, Wonju-si, Gangwon-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.12.1980 |
|
|
|
|
Com. Reg. No.: |
224-81-01297 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Plastics Synthetic Leather including PVC Leather, PVC Tile, Deco Tile, Solid Tile, Deluxe Tile, Synthetic Leather |
|
|
|
|
No. of Employees : |
104 |
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 : |
Slow but Correct |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 is
currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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 |
YOUSUNG CHEMICAL
IND. CO., LTD. (Korean Company
Name : “유성화학공업(주)”) |
|
Registered Address |
405-15, Usan-dong, Wonju-si, Gangwon-do,
Korea (New Address System : 8-33,
Usangongdan-gil, Wonju-si, Gangwon-do, Korea) |
|
Zip Code |
220-952 |
|
Tel |
+82-33-742-4248 |
|
Fax |
+82-33-748-0558 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
10th Fl., Yousung Bldg., 830-67, Yeoksam
1-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-563-8602~4 |
|
Fax |
+82-2-567-0861 |
|
Other Address-Busan Office |
6FL.,
Shinheung Bldg., 69-2, Namcheon 1-dong, Suyeong-gu, Busan, Korea |
|
Tel |
+82-51-626-0525 |
|
Fax |
+82-51-626-0532 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Plastics Synthetic Leather |
|
Main Business |
PVC Leather, PVC Tile, Deco Tile, Solid
Tile, Deluxe Tile, Synthetic Leather |
|
Sub Business |
|
|
Established (mm/dd/yyyy) |
12/27/1980 |
The Subject owns the
premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyurethane resins(13111061) |
|
Sell |
Tiles and flagstones(30131700) |
|
Sell |
Synthetic or imitation leather(11162307) |
|
Sell |
Flooring(30161700) |
|
Buy |
Resins(13111000) |
|
Buy |
Pigments(12171600) |
|
Buy |
Gel stabilizers(12161807) |
|
Buy |
Surfactants(12161900) |
|
Buy |
Additives(12160000) |
|
Name |
Hwang Ho-Jin |
|
Address |
Suite 104-1302, 797-30, Bangbae-dong,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
01/20/1964 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,793,250,000 |
||||||||||||||||||||||||
|
Employees |
104 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Yeoksam Dong
Branch Korea Development Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
141211-0001077 |
||||||||||||||||||||||||
|
Business Registered No. |
224-81-01297 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 171908 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
12/27/1980 Incorporated as the present name 09/03/2007 Decreased capital to
2,793,250,000 KRW from 3,500,000,000 KRW 05/24/2010 M&A with Saehan Industries
Co., Ltd. |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Hwang Ho-Jin |
Male |
Korean |
05/23/2007 |
|
Director |
Mr. |
Cho Hak-Dong |
Male |
Korean |
03/25/2008 |
|
Director |
Mr. |
Song Min-Kyo |
Male |
Korean |
03/25/2008 |
|
Auditor |
Mr. |
Lee Won-Young |
Male |
Korean |
03/25/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
32,351,383,849 |
27,078,775,322 |
698,809,134 |
|
|
2011 |
35,956,017,238 |
29,326,790,359 |
2,320,901,402 |
|
2010 |
32,546,746,517 |
27,242,247,130 |
1,276,838,304 |
|
2009 |
30,998,195,110 |
26,768,367,745 |
2,263,050,971 |
|
2008 |
31,369,222,918 |
24,625,991,021 |
1,634,324,292 |
|
2007 |
24,000,777,722 |
20,489,315,569 |
1,130,427,607 |
|
2006 |
21,824,966,438 |
18,714,420,835 |
786,037,294 |
|
Authorized Capital(KRW) |
6,400,000,000 |
|
Paid-Up Capital(KRW) |
2,793,250,000 |
|
Total Issued Shares |
279,325 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
27,078,775,322 |
29,326,790,359 |
27,242,247,130 |
|
Current Assets |
13,620,069,298 |
15,653,990,011 |
13,494,007,558 |
|
-Quick Assets |
10,627,285,532 |
12,900,699,643 |
10,794,210,059 |
|
-Inventories |
2,992,783,766 |
2,753,290,368 |
2,699,797,499 |
|
Fixed Assets |
13,458,706,024 |
13,672,800,348 |
13,748,239,572 |
|
-Investment |
2,088,536,619 |
1,810,448,050 |
1,496,648,050 |
|
-Tangibles |
10,021,793,380 |
10,513,976,273 |
10,935,942,770 |
|
-Intangibles |
1,348,376,025 |
1,348,376,025 |
1,315,648,752 |
|
Total Liabilities |
7,289,495,483 |
10,236,319,654 |
10,472,677,827 |
|
Current Liabilities |
4,468,413,644 |
7,664,777,208 |
7,549,339,435 |
|
Fixed Liabilities |
2,821,081,839 |
2,571,542,446 |
2,923,338,392 |
|
Capital Stock |
2,793,250,000 |
2,793,250,000 |
2,793,250,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
16,996,029,839 |
16,297,220,705 |
13,976,319,303 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
19,789,279,839 |
19,090,470,705 |
16,769,569,303 |
|
Liab. & Shareholder’s Equity |
27,078,775,322 |
29,326,790,359 |
27,242,247,130 |
|
Current Liabilities |
4,468,413,644 |
7,664,777,208 |
7,549,339,435 |
|
Trade Payables |
1,706,731,030 |
2,471,774,809 |
2,495,208,732 |
|
Short-Term Borrowings |
0 |
1,500,000,000 |
2,000,000,000 |
|
Account Payables |
19,925,000 |
169,799,000 |
52,605,000 |
|
Withholdings |
17,747,713 |
18,315,554 |
14,345,585 |
|
Accrued Expenses |
657,725,763 |
969,749,618 |
784,674,762 |
|
Accrued Income Tax |
35,546,699 |
435,190,022 |
168,819,321 |
|
VAT Withhold |
172,422,004 |
231,476,562 |
219,971,805 |
|
Advance Receipts |
68,155,435 |
53,311,643 |
31,974,230 |
|
Leasehold Deposit Received |
1,490,000,000 |
1,490,000,000 |
1,490,000,000 |
|
Current Portion of Long-Term Debts |
300,160,000 |
325,160,000 |
291,740,000 |
|
Fixed Liabilities |
2,821,081,839 |
2,571,542,446 |
2,923,338,392 |
|
Long-Term Borrowings |
423,600,000 |
723,760,000 |
1,048,920,000 |
|
Provision for Severance & Retirement |
2,788,564,775 |
2,535,474,805 |
2,678,636,390 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
32,351,383,849 |
35,956,017,238 |
32,546,746,517 |
|
Cost of Sold Goods |
27,930,605,037 |
30,590,703,814 |
27,326,336,742 |
|
Gross Profit |
4,420,778,812 |
5,365,313,424 |
5,220,409,775 |
|
Selling & Admin. Expenses |
3,518,852,331 |
2,733,554,135 |
3,367,259,493 |
|
Operating Income |
901,926,481 |
2,631,759,289 |
1,853,150,282 |
|
Non-Operating Income |
485,710,523 |
674,985,294 |
384,766,037 |
|
Non-Operating Expenses |
380,645,323 |
345,325,043 |
545,845,510 |
|
Income Before Taxes |
1,006,991,681 |
2,961,419,540 |
1,692,070,809 |
|
Income Taxes Expenses |
308,182,547 |
640,518,138 |
415,232,505 |
|
Net Income |
698,809,134 |
2,320,901,402 |
1,276,838,304 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from
Operating |
1,629,161,967 |
3,761,892,284 |
2,502,180,850 |
|
-Net Income |
698,809,134 |
2,320,901,402 |
1,276,838,304 |
|
-Exp.
without Cash Outflow |
1,972,776,523 |
1,344,184,248 |
2,073,822,163 |
|
-Revenue
without Cash Inflows |
-18,762,748 |
-253,042,608 |
-10,423,692 |
|
-Changes in
Asset/ & Liability |
-1,023,660,942 |
349,849,242 |
-838,055,925 |
|
Cash Flows
from Investing |
-1,474,289,998 |
-1,380,819,624 |
-1,570,031,242 |
|
-Cash Inflow
from Investing |
14,635,454 |
10,793,828,150 |
9,986,888,200 |
|
-Cash
Outflows for Investing |
-1,488,925,452 |
-12,174,647,774 |
-11,556,919,442 |
|
Cash Flows
from Financing |
-1,825,160,000 |
-791,740,000 |
-1,127,290,000 |
|
-Cash
Inflows from Financing |
- |
- |
- |
|
-Cash
Outflows from Financing |
-1,825,160,000 |
-791,740,000 |
-1,127,290,000 |
|
Increase/Decrease
in Cash |
-1,670,288,031 |
1,589,332,660 |
-195,140,392 |
|
Cash at the
Beginning of Year |
3,777,908,619 |
2,188,575,959 |
2,383,716,351 |
|
Cash at the End of Year |
2,107,620,588 |
3,777,908,619 |
2,188,575,959 |
|
Main Products & Services |
PVC Leather, PVC Tile, Deco Tile, Solid Tile, Deluxe Tile, Synthetic
Leather |
|
Customers |
LG HAUSYS,LTD.(110111-4071207) HANWHA L&C CORPORATION(110111-1725930) |
|
Competitors |
DUKSUNG CO., LTD. 557-1, SIN-DONG, YEONGTONG-GU, SUWON-SI,
GYEONGGI-DO, KOREA (P.O.BOX 2173) TEL:+82-31-204-0781 FAX:+82-31-204-0787 CRESYN INDUSTRIAL CO., LTD. 4TH FL., CRESYN BLDG., 8-22, JAMWON-DONG,
SEOCHO-GU, SEOUL, KOREA TEL:+882-2-517-6886 FAX:+82-2-517-6226 CHEIL INDUSTRIES INC. 290, GONGDAN 2-DONG, GUMI-SI, GYEONGBUK-DO,
KOREA TEL:+882-54-468-2114 FAX:+82-54-468-2229 |
(Subsidiaries, Joint-Venture
& Affiliates)
|
Subsidiary |
WOO YANG FOOD IND. CO., LTD.(110111-0148810) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
(Activity & Markets)
|
Sales/ Unit : KRW |
2012 |
2011 |
2010 |
|
Export |
3,532,276,355 |
4,708,614,942 |
3,327,289,186 |
|
Domestic |
27,486,419,564 |
29,958,577,264 |
27,949,281,981 |
|
Others |
1,332,687,930 |
1,288,825,032 |
1,270,175,350 |
|
Total |
32,351,383,849 |
35,956,017,238 |
32,546,746,517 |
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.