|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXACHEM CO., LTD. |
|
|
|
|
Registered Office : |
112-4, Banpo 4-dong, Seocho-gu, Seoul, Korea, 137-806 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.08.2001 |
|
|
|
|
Com. Reg. No.: |
114-86-11339 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
LINE OF BUSINESS : |
WHOLESALE
OF INDUSTRIAL BASIC CHEMICALS |
|
|
|
|
No. of Employees : |
23 |
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 |
Basic
|
Company Name |
EXACHEM CO., LTD. |
|
Registered Address |
112-4, Banpo 4-dong, Seocho-gu, Seoul, Korea |
|
Zip Code |
137-806 |
|
Tel |
+82-2-590-6652 |
|
Fax |
+82-2-590-6667 |
|
E-mail |
ks503@isu.co.kr |
|
Website |
www.exachem.co.kr |
|
Trading Address |
112-4, Banpo 4-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-590-6652 |
|
Fax |
+82-2-590-6667 |
|
Head Office |
Isu Chemical Bldg., 5 FL, Banpo-Dong, Seocho-Gu, Seoul, Korea |
|
Type |
Export/Import |
|
Industry |
Wholesale of Industrial Basic Chemicals |
|
Main Business |
Parasol, D-sol, TDM |
|
Established (mm/dd/yyyy) |
08/07/2001 |
The Subject occupies the premises of the
registered address by leasing from ISU CHEMICAL CO., LTD.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Laundry products(47131811) |
|
Sell |
Compounds and mixtures(12350000) |
CEO’s
|
Name |
Lee Jong-Seok |
|
Address |
Suite 406-2204, 221, Seolleung-ro,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
06/10/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,600,000,000 |
|||||||||
|
Employees |
23 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of ISU Group |
|||||||||
|
Bank Details |
Korea Exchange Bank-Banpo Dong Branch Citi Bank, Korea Kookmin Bank |
|||||||||
|
Corporate Registered No. |
110111-2303826 |
|||||||||
|
Business Registered No. |
114-86-11339 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 11938879 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
08/07/2001 Separated from ISU CHEMICAL CO.,
LTD and Incorporated as the present name 04/20/2005 Acquired IMS Co., Ltd at 11-8, Songnim-dong, Dong-gu,
Incheon, Korea 11/29/2006 Awarded US$30 Million Export Top Prize 07/07/2009 Increased capital to 1,600,000,000
KRW from 600,000,000 KRW 03/29/2010 Increased the authorized shares
to 6,000,000 shares from 320,000 shares |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Kim Sang-Beom |
Male |
Korean |
03/30/2011 |
|
President & CEO |
Mr. |
Lee Jong-Seok |
Male |
Korean |
01/01/2013 |
|
Director |
Mr. |
Kim Sung-Min |
Male |
Korean |
03/25/2008 |
|
Director |
Mr. |
Sohn Chang-Kyu |
Male |
Korean |
03/30/2009 |
|
Auditor |
Mr. |
Je Kang-Ho |
Male |
Korean |
01/01/2013 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2012 |
195,173,166,118 |
83,680,647,261 |
2,322,412,471 |
|
2011 |
199,263,532,073 |
85,145,353,399 |
1,747,917,936 |
|
2010 |
196,326,211,664 |
89,903,880,017 |
-982,726,652 |
Financial
Description
|
Authorized Capital(KRW) |
1,600,000,000 |
|
Paid-Up Capital(KRW) |
1,600,000,000 |
|
Total Issued Shares |
80,000 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
83,680,647,261 |
85,145,353,399 |
89,903,880,017 |
|
Current Assets |
28,814,446,446 |
31,408,777,753 |
36,373,119,424 |
|
Cash & Cash Equivalents |
321,427,094 |
529,527,369 |
3,756,846,727 |
|
Trade Receivables & Other
Receivables |
27,904,980,770 |
25,210,618,378 |
28,345,021,629 |
|
Deferred Income Tax Assets |
- |
286,588,757 |
- |
|
Inventories |
117,819,751 |
513,712,232 |
3,771,316,158 |
|
Current Financial Instruments |
464,307,999 |
4,862,134,029 |
266,550,000 |
|
Other Current Assets |
5,910,832 |
6,196,988 |
233,384,910 |
|
Non-Current Assets |
54,866,200,815 |
53,736,575,646 |
53,530,760,593 |
|
Long-Term Trade Receivables &
Other Receivables |
289,657,320 |
296,406,020 |
309,239,340 |
|
Tangibles |
180,092,017 |
113,810,585 |
152,246,166 |
|
Intangibles |
401,864,527 |
359,000,000 |
188,735,670 |
|
Investment_Subsidiaries |
49,080,703,627 |
49,080,703,627 |
49,322,639,427 |
|
Investment_Related Companies |
3,449,910,441 |
3,449,910,441 |
3,207,978,811 |
|
Deferred Income Tax Assets |
1,279,132,883 |
298,334,973 |
266,511,179 |
|
Non-Current Financial Instruments |
184,840,000 |
138,410,000 |
83,410,000 |
|
Total Liabilities |
68,838,213,648 |
72,673,272,586 |
78,214,931,785 |
|
Current Liabilities |
68,746,776,905 |
71,889,931,183 |
77,424,303,551 |
|
Trade Payables & Other
Payables |
57,925,638,670 |
66,992,096,538 |
69,638,925,495 |
|
Short-Term Borrowings |
8,300,000,000 |
4,300,000,000 |
4,300,000,000 |
|
Deferred Income Tax Credit |
1,711,263,716 |
- |
2,772,762,253 |
|
Other Current Liabilities |
809,874,519 |
597,834,645 |
712,615,803 |
|
Non-Current Liabilities |
91,436,743 |
783,341,403 |
790,628,234 |
|
Confirmed Salaries |
91,436,743 |
783,341,403 |
790,628,234 |
|
Capital Stock |
1,600,000,000 |
1,600,000,000 |
1,600,000,000 |
|
Profit Surplus |
13,242,433,613 |
10,872,080,813 |
10,088,948,232 |
|
Total Equity |
14,842,433,613 |
12,472,080,813 |
11,688,948,232 |
|
Liab. & Shareholder’s Equity |
83,680,647,261 |
85,145,353,399 |
89,903,880,017 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
195,173,166,118 |
199,263,532,073 |
196,326,211,664 |
|
Cost of Sold Goods |
-177,964,358,767 |
-187,464,008,855 |
-182,059,397,851 |
|
Gross Profit |
17,208,807,351 |
11,799,523,218 |
14,266,813,813 |
|
Selling & Admin. Expenses |
-7,621,784,400 |
-6,044,425,952 |
-6,742,875,208 |
|
Operating Income |
9,587,022,951 |
5,755,097,266 |
7,964,285,611 |
|
Others |
- |
-157,716,660 |
667,407,010 |
|
Other Income |
2,099,383,575 |
1,004,371,397 |
1,344,064,891 |
|
Other Expenses |
-6,362,637,603 |
-1,531,709,580 |
-1,571,124,895 |
|
Finance Income |
1,901,198,555 |
1,116,024,353 |
1,828,859,463 |
|
Finance Expenses |
-3,581,302,044 |
-3,290,599,500 |
-4,491,209,070 |
|
Income Before Taxes |
3,643,665,434 |
2,895,467,276 |
5,301,936,004 |
|
Income Taxes Expenses |
-1,321,252,963 |
-1,147,549,340 |
-6,284,662,656 |
|
Net Income |
2,322,412,471 |
1,747,917,936 |
-982,726,652 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
2,455,643,651 |
6,060,828,708 |
6,522,414,569 |
|
Net Income |
2,322,412,471 |
1,747,917,936 |
-982,726,652 |
|
Adjustment |
10,265,780,973 |
2,749,765,178 |
3,582,904,595 |
|
Changes in Asset/ & Liability |
-9,972,002,991 |
3,182,421,962 |
394,706,492 |
|
Interests Received |
1,868,436,945 |
1,440,074,642 |
430,088,396 |
|
Income Taxes |
-2,028,983,747 |
-3,059,351,010 |
3,097,441,738 |
|
Cash Flows from Investing |
-3,081,601,076 |
-4,974,997,717 |
-235,083,608 |
|
Cash Flows from Financing |
418,020,528 |
-4,314,507,298 |
-4,803,716,111 |
|
Increase/Decrease in Cash |
-207,936,897 |
-3,228,676,307 |
1,483,614,850 |
|
Cash at the Beginning of Year |
529,527,369 |
3,756,846,727 |
2,306,044,719 |
|
Cash at the End of Year |
321,427,094 |
529,527,369 |
3,756,846,727 |
Products,
Technologies, Services Description
|
Main Products & Services |
D-SOL : D-SOL has good solubility as contains low
unsaturated contents and impurity. D-SOL contain napthenic rich contents so it
has better solubility than normal paraffin D-SOL has low aromatic, sulfur contents so
it has low odor and easily adopt to each process of industry PARASOL : Linear hydrocarbon as Paraffin(N-Paraffin) is obtained from Kerosene
by Molex extraction method and etc. N-Paraffin is raw material of Linear
Alkyl Benzene, Chloroparaffin, a-oleffin, and additive for lubricant, dry
cleaning, anti-rusting oil, aerosol etc. TDM : -Chain Transfer agent in polymerization to
produce ABS, SBR, SB-Latex. -Extreme pressure additives for gear oils,
greases, and metal working fluids. -Corrosion inhibitor for lubrication oil. |
Trade Partners
& Competitors
|
Suppliers |
ISU CHEMICAL CO., LTD |
|
Customers |
ISU CHEMICAL CO., LTD ISU OIL & CHEMICAL CO, LTD. |
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) 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) ISU ABXIS CO., LTD.(110111-2203951) ISU ENGINEERING & CONSTRUCTION CO.,
LTD.(110111-0202202) ISU VENTURE CAPITAL CO.,
LTD.(110111-1917636) (38.46% 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 GREAT ORIENT CHEMICAL PTE. LTD. |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in Japan.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.