|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
AKZO NOBEL AMIDES CO., LTD. |
|
|
|
|
Registered Office : |
1070-2, Hwangseong-dong, Gyeongju-si, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.09.1998 |
|
|
|
|
Com. Reg. No.: |
505-81-16495 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Basic Organic Chemicals |
|
|
|
|
No. of Employees : |
39 |
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 |
|
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 |
AKZO NOBEL AMIDES CO., LTD. (Korean Company Name : “악소노벨아마이드(주)”) |
|
Registered
Address |
1070-2, Hwangseong-dong, Gyeongju-si, Gyeongsangbuk-do, Korea (new Address System : 64, Yurim-ro 13beon-gil,
Gyeongju-si, Gyeongsangbuk-do, Korea) |
|
Building |
|
|
Zip Code |
780-952 |
|
Tel |
+82-54-770-4500 |
|
Fax |
+82-54-776-0623 |
|
E-mail |
sukwon.jung@akzonobel.com |
|
Website |
www.akzonobel.com |
|
Trading Address |
101-908, Yeouido The Sharp Island Park, 17, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea |
|
Tel |
+82-2-2090-7360~5 |
|
Fax |
+82-2-392-5188 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Basic Organic Chemicals |
|
Main Business |
Amide, Erucamide |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
09/29/1998 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Amides or imides(12352111) |
|
Buy |
Biochemicals(12352200) |
|
Buy |
Inorganic acids(12352301) |
CEO’s
|
Name |
Lee Kyung-Ryun |
|
Address |
Suite 202-401,
1380, Yonggang-dong, Gyeongju-si, Gyeongbuk, Korea |
|
Date of Birth |
03/17/1957 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,350,000,000 |
|||||||||
|
Employees |
39 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Citibank,
Korea |
|||||||||
|
Corporate
Registered No. |
171211-0018258 |
|||||||||
|
Business
Registered No. |
505-81-16495 |
|||||||||
|
Permit &
Licenses |
Int’l Trade No.: 11567114 |
|||||||||
|
Shareholder
Position |
|
|||||||||
|
Company
History |
09/29/1998
Incorporated as the present name 10/13/1998 Registered as a Foreign Direct Investment Corporation 12/21/2007 Decreased the authorized shares to 550 shares from 700 shares 12/21/2007 Decreased capital to 5,350,000,000 KRW from
6,850,000,000 KRW |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Lee Kyung-Ryun |
Male |
Korean |
04/30/2007 |
|
Director |
Mr. |
Jan Allen
Lenatsbad |
Male |
Swedish |
04/20/2011 |
|
Director |
Mr. |
Steven Hunt |
Male |
USA |
09/29/2010 |
|
Auditor |
Mr. |
Richard Bekers |
Male |
Netherlands |
08/01/2011 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
32,337,318,226 |
14,686,866,582 |
1,836,384,254 |
|
|
2011 |
38,762,155,040 |
16,467,158,612 |
2,606,503,962 |
|
2010 |
43,054,719,135 |
20,104,188,767 |
5,492,671,069 |
|
2009 |
43,239,559,098 |
23,323,704,742 |
7,022,158,128 |
|
2008 |
31,153,019,209 |
16,496,997,912 |
4,582,441,663 |
|
2007 |
24,677,811,352 |
14,560,195,792 |
4,132,646,493 |
|
2006 |
25,018,414,511 |
14,800,822,981 |
2,966,246,905 |
|
2005 |
27,285,727,027 |
14,334,424,114 |
2,308,098,778 |
|
2004 |
19,822,014,467 |
11,639,574,709 |
2,255,013,075 |
Financial Description
|
Authorized
Capital(KRW) |
7,000,000,000 |
|
Paid-Up
Capital(KRW) |
5,350,000,000 |
|
Total Issues
Shares |
535 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
14,686,866,582 |
16,467,158,612 |
20,104,188,767 |
|
Current Assets |
11,716,854,452 |
8,798,811,301 |
16,847,012,544 |
|
-Quick Assets |
7,969,831,120 |
5,150,008,967 |
13,142,022,141 |
|
-Inventories |
3,747,023,332 |
3,648,802,334 |
3,704,990,403 |
|
Fixed Assets |
2,970,012,130 |
7,668,347,311 |
3,257,176,223 |
|
-Investment |
52,500,000 |
4,540,510,100 |
56,857,300 |
|
-Tangibles |
2,794,967,239 |
3,002,911,466 |
3,073,959,212 |
|
-Intangibles |
122,544,891 |
124,925,745 |
126,359,711 |
|
Total
Liabilities |
4,834,386,699 |
6,081,513,927 |
7,331,710,709 |
|
Current
Liabilities |
4,768,661,603 |
6,081,513,927 |
7,331,710,709 |
|
Fixed
Liabilities |
65,725,096 |
- |
- |
|
Capital Stock |
5,350,000,000 |
5,350,000,000 |
5,350,000,000 |
|
Capital
Surplus |
|
|
|
|
Profit Surplus |
4,502,479,883 |
5,035,644,685 |
7,422,478,058 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
9,852,479,883 |
10,385,644,685 |
12,772,478,058 |
|
Liab. &
Shareholder’s Equity |
14,686,866,582 |
16,467,158,612 |
20,104,188,767 |
|
Current
Liabilities |
4,768,661,603 |
6,081,513,927 |
7,331,710,709 |
|
Trade Payables |
2,860,804,703 |
4,755,368,404 |
5,919,175,570 |
|
Account Payables |
954,779,565 |
663,069,655 |
708,787,564 |
|
Accrued Expenses |
597,426,858 |
437,165,697 |
127,723,518 |
|
Accrued Expenses |
118,147,114 |
19,885,218 |
- |
|
Withholdings |
119,625,623 |
109,358,719 |
116,791,886 |
|
Accrued Income Tax |
117,877,740 |
96,666,234 |
459,232,171 |
|
Fixed
Liabilities |
65,725,096 |
- |
- |
|
Provision for Severance & Retirement |
65,725,096 |
- |
- |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
32,337,318,226 |
38,762,155,040 |
43,054,719,135 |
|
Cost of Sold
Goods |
26,599,994,210 |
31,282,066,796 |
31,363,736,326 |
|
Gross Profit |
5,737,324,016 |
7,480,088,244 |
11,690,982,809 |
|
Selling &
Admin. Expenses |
3,388,703,573 |
4,302,646,305 |
4,513,361,591 |
|
Operating
Income |
2,348,620,443 |
3,177,441,939 |
7,177,621,218 |
|
Non-Operating
Income |
892,595,051 |
1,599,815,261 |
2,241,466,257 |
|
Non-Operating
expenses |
901,792,064 |
1,397,729,507 |
2,238,264,268 |
|
Income Before
Taxes |
2,339,423,430 |
3,379,527,693 |
7,180,823,207 |
|
Income Taxes
Expenses |
503,039,176 |
773,023,731 |
1,688,152,138 |
|
Net Income |
1,836,384,254 |
2,606,503,962 |
5,492,671,069 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
346,701,620 |
2,943,618,524 |
5,504,017,228 |
|
-Net Income |
1,836,384,254 |
2,606,503,962 |
5,492,671,069 |
|
-Exp. without Cash
Outflow |
810,400,070 |
1,044,597,795 |
818,148,907 |
|
-Revenue
without Cash Inflows |
-46,775,985 |
-135,559,904 |
-146,532,055 |
|
-Changes in
Asset/ & Liability |
-2,253,306,719 |
-571,923,329 |
-660,270,693 |
|
Cash Flows
from Investing |
4,308,900,000 |
-299,979,237 |
-791,875,581 |
|
-Cash Inflow
from Investing |
4,506,150,000 |
4,520,987,727 |
8,652,273 |
|
-Cash Outflows
for Investing |
-197,250,000 |
-4,820,966,964 |
-800,527,854 |
|
Cash Flows
from Financing |
-2,369,549,056 |
-4,993,337,335 |
-6,173,496,894 |
|
-Cash Inflows
from Financing |
- |
- |
- |
|
-Cash Outflows
from Financing |
-2,369,549,056 |
-4,993,337,335 |
-6,173,496,894 |
|
Increase/Decrease
in Cash |
2,286,052,564 |
-2,349,698,048 |
1,461,355,247 |
|
Cash at the Beginning
of Year |
687,453,321 |
3,037,151,369 |
4,498,506,616 |
|
Cash at the
End of Year |
2,973,505,885 |
687,453,321 |
3,037,151,369 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Amide, Erucamide |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
LION CHEMTECH
CO., LTD. 41-5,
MUNPYEONG-DONG, DAEDEOK-GU, DAEJEON, KOREA TEL:+82-42-930-3300 FAX:+82-42-930-3333 HEEMANG
TECHFLON CO. 598-1,
OJEONG-DONG, OJEONG-GU, BUCHEON-SI, GYEONGGI-DO, KOREA TEL:+82-32-671-1300 FAX:+82-32-671-1302 GEO-YOUNG
CORPORATION 46-4,
SSANGJEONG-RI, MAENGDONG-MYEON, EUMSEONG-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-877-3463 FAX:+82-43-878-0738 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
AKZO NOBEL
POLYMER CHEMICALS B.V. AKZO NOBEL
POLYMER CHEMICALS LLC AKZO NOBEL
LTDA. TIANJIN AKZO
NOBEL PEROXIDES CO., LTD. AKZO NOBEL
CROSS LINKING PEROXIDES CO., LTD. KAYAKU AKZO
CORPORATION AKZO NOBEL
QUIMICA S.A. AKZO NOBEL
CHEMICALS INDIA LTD. AKZO NOBEL
CHEMICALS PTE LTD. AKZO NOBEL
CHEMICALS S.A.DE C.V. AKZO NOBEL
N.V. AKZO NOBEL
ASIA PTE LTD. AKZO NOBEL INDUSTRIAL CHEMICALS BV. AKZO NOBEL INDUSTRIAL COATINGS KOREA LTD |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate
Ownership |
AKZO NOBEL CHEMICALS INTERNATIONAL B.V.(NETHERLANDS) |
|
Major
Shareholders |
AKZO NOBEL CHEMICALS INTERNATIONAL B.V.(NETHERLANDS) |
|
Cooperative
Enterprise |
-Insured
Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) -Brand & Technology Support from AKZO NOBEL CHEMICALS INTERNATIONAL B.V.(NETHERLANDS) |
Sales by Region
(Activity & Markets)
The Subject
deals with the companies in USA, Asia, Middle East and Europe.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.