|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
KYUNGIN SYNTHETIC CORPORATION |
|
|
|
|
Registered Office : |
223-52, Seongnam-dong, Seo-gu, Incheon |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
14.10.1977 |
|
|
|
|
Com. Reg. No.: |
137-81-00562 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Colouring Matter, Tanning
Materials and Other Coloring Agents |
|
|
|
|
No. of Employees : |
370 |
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 – 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 |
|
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 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 |
KYUNGIN SYNTHETIC CORPORATION (Trade Name: KISCO) (Korean Company Name : “(주)경인양행”) |
|
Registered Address |
223-52, Seongnam-dong, Seo-gu,
Incheon, Korea |
|
Zip Code |
404-220 |
|
Tel |
+82-32-571-7498 |
|
Fax |
+82-32-571-7497 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
112-31, Yeomchang-dong,
Gangseo-gu, Seoul, Korea |
|
Tel |
+82-2-3665-4001 |
|
Fax |
+82-2-3660-8539 |
|
Other Address-Siheung Factory |
1Ra-706, Sihwa Industrial Complex, Jeongwang 3-dong,
Siheung-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-499-4020 |
|
Fax |
+82-31-499-2155 |
|
Other Address-Ansan Factory |
785-7, Wonsi-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-491-0111 |
|
Fax |
+82-31-495-3521 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Colouring Matter, Tanning
Materials and Other Coloring Agents |
|
Main Business |
Reactive Dyestuffs, Disperse Dyestuffs, Acid Dyestuffs, Direct
Dyestuffs, Fluorescent Dyestuffs, Solvent Dyestuffs |
|
Sub Business |
Food, Food Additives, Ginseng
Products |
|
Established (mm/dd/yyyy) |
10/14/1977 |
The
Subject owns the premises of registered address/ Factory(4,826.0㎡), Siheung
Factory(6,694㎡) and Ansan
Factory (5,600㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Dyes(12171500) -Colorants |
|
Sell |
Reactives (Bifunctional, Vinylsulfone) |
|
Sell |
Disperse(Synolon Dyes, Papilion Dyes) |
|
Sell |
Direct(Fast yellow, Black) |
|
Sell |
Acid(Syno Acid Dyestuffs) |
|
Sell |
For Leather(Brown, Black, Others) |
|
Sell |
OBA (Cotton & Rayon, Nylon, Pulp & Paper,
Detergent, Polyester) |
|
Sell |
Solvent Dyes |
|
Buy |
P-Base |
|
Buy |
H-ACID |
|
Name |
Kim Heung-Joon |
|
Address |
- |
|
Date of Birth |
06/14/1967 |
|
Title |
Vice Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
18,750,000,000 KRW |
|||||||||||||||||||||||||||
|
Employees |
370 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock
Exchange : 012610 ) as of 10/05/1995 Foreign Direct Investment Corporation |
|||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of
Korea-Youngdungpo Branch Citibank, Korea-Youngdungpo
Branch Shinhan Bank |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
120111-0005703 |
|||||||||||||||||||||||||||
|
Business Registered No. |
137-81-00562 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
05/31/1995 ISO 9002 11/30/1997 ISO 14001 Int’l Trade No.: 860477 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
10/1971
Established Syno Chemical Industrial Co., Ltd. 08/1976
Founded Samjung Industrial Co., Ltd. 10/1976
Renamed Syno Chemical Industrial Co., Ltd. to Kyung-In Chemical Co., Ltd. 10/1977
Changed Kyung-In Chemical Co., Ltd. to Kyung-In Synthetic Corporation (KISCO) 01/1978
Changed Samjung Industrial Co., Ltd. to Kyung-In Synthetic Co., Ltd. (KISC) 01/1978
Kim Dong-Gil inaugurated as chairman of the board of directors 06/1980
Dedicated KISCO's Seoul office building and the Dyestuff Research and
Development Institute 03/1983
KISCO installed a spray dryer for the first time in Korea. 08/1984
KISCO designated as an outstanding small and medium-sized industrial firm by
Korea Industrial Research Institute 09/1984
Dedicated the Ansan Factory of KISC 11/1987
KISCO awarded US$5 Million Export Tower from the government and the Prime
Minister Award 12/1987
KISCO presented the Best Industry Award (at the award ceremony of the first
National Science Award) 02/1988
Dedicated the expanded Ansan Factory of KISC 04/1988
KISC signed a technical cooperation agreement with Showa Kako Corporation of
Japan. 10/1988
KISCO'S Dyestuff Institute designated by the government as a research
institute whose workers are exempted from the active military service 11/1988
KISCO received the US$10 Million Export Tower 12/1988
KISCO's new chemical product registered with Japanese government according to
Japan'schemical substance control law. 08/1989
KISCO acquired Samwon Chemical Industrial Co., Ltd. 10/1989
KISCO dedicated low-cost apartments for the employees in Inchon; KISC built
low-cost apartments for the employees in Ansan 11/1989
KISC received the US$5 Million Export Tower 12/1989
Dedicated the expanded Seoul office of KISCO 08/1992
KISC acquired equity of Rachada Chemicals Co., Ltd. based in Thailand 11/1992
Founded Eastwell Co., Ltd. 12/1994
KISCO received the 12th Venture Business Award 05/1995
KISCO acquired ISO 9002 Quality Assurance Certificate from Lloyd's Register
Q.A. of the United Kingdom 07/1995
KISCO awarded the Korea Textile Grand Prize in the Dyestuff and Pigment
Division 10/1995
KISCO stocks listed on the Korea Stock Exchange (Paid-in capital: 6.5 billion
won) 04/1996
KISCO acquired equity of Namo Interactive Inc. 06/1996
KISCO won Textile Industry Grand Award in Dyestuff and Pigment Division 03/1997
KISCO received a citation from the West Inchon Tax Office on Taxation Day. 05/1997
KISCO received a citation from the Prime Minister on Labor Day. 05/1997
KISCO established Turkey joint ventures Kimsoy Chemical Industries, Inc. and
Kimsoy Exim, Inc. 05/1997
KISCO established United States joint-venture KISCO USA, Inc. 06/1997
KISCO signed a Strategic Alliance Agreement with Sumitomo Chemical Co., Ltd.
of Japan for overall cooperation in
dyestuff technology and production 06/1997
KISCO established Joint Ventures PAPITECH.CO., Ltd. 11/1997
KISCO received Bronze Tower Medal on Export Award Day. 12/1997
KISCO received ISO 14001 (KSA QA) 08/1998
KISCO signed the sale contract for Disperse dyestuffs with Ciba-Geigy of
Switzerland. 12/1998
KISC merged into KISCO. 07/1999
KISCO was admitted to the membership of ETAD 07/1999
KISCO launched in an environmental business (Green Systems Engineering
Services) 05/2000
KISCO made the investment into YangWoo corporation 01/23/2013
Acquired EASTWELL CO., Ltd.(110111-0900525) |
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education & Career |
|
Vice Chairman & CEO |
Mr. |
Kim Heung-Joon |
Korean |
1967.06.14 |
Hanyang University, Korea |
|
Chairman |
Mr. |
Kim Dong-Kil |
Korean |
1938.03.03 |
Seoul National University,
Korea |
|
President |
Mr. |
Huh Dadvid Jeong-Sun |
Korean |
1965.11.02 |
Dowling College MBA |
|
Vice President |
Mr. |
Cho Sung-Yong |
Korean |
1968.11.04 |
Seoul National University,
Korea |
|
Outside Director |
Mr. |
Chang Sang-Jae |
Korean |
1936.10.10 |
Seoul National University,
Korea |
|
Outside Director |
Mr. |
Kim Jeong-Hong |
Korean |
1937.08.08 |
Seoul National University,
Korea |
|
Auditor |
Mr. |
Sung Nak-Gwan |
Korean |
1936.01.03 |
Seoul National University,
Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
107,484,169,071 |
248,383,888,144 |
4,019,634,160 |
|
|
(*)2011 |
128,707,611,144 |
245,825,939,561 |
2,788,642,280 |
|
(*)2010 |
149,007,815,759 |
250,809,033,564 |
3,367,162,134 |
|
2009 |
129,006,385,709 |
218,551,978,762 |
11,569,545,044 |
|
2008 |
125,462,289,226 |
163,333,430,906 |
12,873,680,246 |
|
2007 |
93,016,593,682 |
120,854,546,914 |
4,246,011,551 |
|
2006 |
84,978,240,253 |
95,503,927,506 |
883,371,290 |
|
2005 |
88,050,292,316 |
100,565,451,354 |
2,533,411,044 |
|
2004 |
95,832,343,219 |
92,524,130,882 |
4,301,525,438 |
|
2003 |
129,006,385,709 |
218,551,978,762 |
11,569,545,044 |
(*)Figures are based on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
18,750,000,000 |
|
Total Issues Shares |
37,500,000 |
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
248,383,888,144 |
245,825,939,561 |
250,809,033,564 |
|
Current Assets |
105,296,762,448 |
99,039,936,815 |
104,532,345,363 |
|
Cash & Cash
Equivalents |
7,537,672,336 |
1,889,398,488 |
2,315,063,261 |
|
Current Financial
Instruments |
86,839,759 |
86,839,759 |
86,839,759 |
|
Trade Receivables
& Other Receivables |
54,596,357,715 |
43,619,403,706 |
47,788,947,007 |
|
Other Current
Financial Instruments |
714,196,403 |
550,768,276 |
263,380,326 |
|
Inventories |
40,746,722,940 |
51,423,188,073 |
51,843,016,885 |
|
Other Current
Non-Financial Instruments |
1,614,973,295 |
1,470,338,513 |
2,235,098,125 |
|
Non-Current Assets |
143,087,125,696 |
146,786,002,746 |
146,276,688,201 |
|
Non-Current Financial
Instruments |
150,943,245 |
105,395,514 |
53,729,740 |
|
Marketable Financial
Instruments |
911,769,649 |
917,448,292 |
1,047,816,821 |
|
Held-to-Maturity
Financial Assets |
0 |
25,420,000 |
25,420,000 |
|
Investment_Related
Companies |
64,487,314,380 |
67,519,815,173 |
67,519,815,173 |
|
Tangibles |
67,982,332,774 |
69,431,560,262 |
68,435,611,169 |
|
Investment_Real
Estates |
2,169,236,816 |
1,673,379,773 |
2,049,469,938 |
|
Intangibles |
994,425,032 |
968,875,032 |
971,634,660 |
|
Other Non-Current
Financial Instruments |
6,391,103,800 |
6,144,108,700 |
6,173,190,700 |
|
Total Liabilities |
86,900,723,394 |
86,943,666,685 |
93,123,885,144 |
|
Current Liabilities |
76,737,146,602 |
64,682,273,575 |
71,223,637,582 |
|
Trade Payables &
Other Payables |
11,859,571,173 |
11,456,888,957 |
14,240,067,764 |
|
Short-Term Borrowings |
48,978,510,449 |
46,049,234,377 |
51,789,283,871 |
|
Current Portion of
Long-Term Debts |
11,602,800,000 |
3,712,900,000 |
1,746,350,000 |
|
Other Current
Financial Debts |
2,919,630,275 |
2,890,756,758 |
2,457,515,919 |
|
Accrued Income Tax |
1,086,060,478 |
90,765,335 |
81,814,178 |
|
Other Current
Liabilities |
290,574,227 |
481,728,148 |
908,605,850 |
|
Non-Current
Liabilities |
10,163,576,792 |
22,261,393,110 |
21,900,247,562 |
|
Long-Term Borrowings |
2,051,400,000 |
13,856,450,000 |
13,492,700,000 |
|
Deferred Income Tax
Credit |
8,112,176,792 |
8,404,943,110 |
8,407,547,562 |
|
Capital Stock |
18,750,000,000 |
18,750,000,000 |
18,750,000,000 |
|
Capital Surplus |
27,926,478,099 |
27,926,478,099 |
27,926,478,099 |
|
Others |
-1,431,206,219 |
-1,735,533,275 |
-2,022,273,816 |
|
Installments |
-167,022,988 |
-288,953,646 |
-255,695,281 |
|
Profit Surplus |
116,404,915,858 |
114,230,281,698 |
113,286,639,418 |
|
Total Equity |
161,483,164,750 |
158,882,272,876 |
157,685,148,420 |
|
Liab. &
Shareholder’s Equity |
248,383,888,144 |
245,825,939,561 |
250,809,033,564 |
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
107,484,169,071 |
128,707,611,144 |
149,007,815,759 |
|
Cost of Sold Goods |
91,593,037,423 |
109,831,812,699 |
129,714,311,973 |
|
Gross Profit |
15,891,131,648 |
18,875,798,445 |
19,293,503,786 |
|
Selling & Admin.
Expenses |
13,251,013,262 |
16,999,541,036 |
18,592,720,171 |
|
Operating Income |
2,640,118,386 |
1,876,257,409 |
700,783,615 |
|
Finance Income |
1,230,421,628 |
2,352,691,278 |
3,668,907,914 |
|
Finance Expenses |
1,893,924,210 |
2,415,785,356 |
1,923,689,286 |
|
Non-Operating Income |
4,311,619,204 |
3,945,518,464 |
4,550,066,415 |
|
Non-Operating
Expenses |
1,486,782,727 |
2,829,726,858 |
3,657,771,000 |
|
Income Before Taxes |
4,801,452,281 |
2,928,954,937 |
3,338,297,658 |
|
Income Taxes Expenses |
781,818,121 |
140,312,657 |
-28,864,476 |
|
Net Income |
4,019,634,160 |
2,788,642,280 |
3,367,162,134 |
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
9,048,953,053 |
10,022,891,410 |
-12,213,959,377 |
|
Net Income |
4,019,634,160 |
2,788,642,280 |
3,367,162,134 |
|
Adjustment |
5,614,570,250 |
7,604,414,312 |
-17,665,904,135 |
|
Interests Received |
8,448,258 |
55,025,011 |
317,602,795 |
|
Dividends Received |
1,065,715,262 |
2,114,591,858 |
3,376,094,248 |
|
Interests Paid |
-1,545,734,882 |
-2,415,196,663 |
-1,810,850,027 |
|
Income Taxes |
-113,679,995 |
-124,585,388 |
201,935,608 |
|
Cash Flows from
Investing |
-734,955,277 |
-4,871,099,509 |
-6,741,432,509 |
|
Cash Flows from
Financing |
-2,665,723,928 |
-5,585,049,494 |
18,815,730,941 |
|
Increase/Decrease in
Cash |
5,648,273,848 |
-433,257,593 |
-139,660,945 |
|
Cash at the Beginning
of Year |
1,889,398,488 |
2,315,063,261 |
2,472,795,074 |
|
Cash at the End of
Year |
7,537,672,336 |
1,889,398,488 |
2,315,063,261 |
Products,
Technologies, Services Description
|
Main Products & Services |
Manufacturer of Reactive dyes
for cotton, rayon & wool, Disperse dyes for polyester, acetate,
triacetate & micro fiber, O.B.A. for paper, pulp, cotton, polyester,
nylon, acrylic & detergent, Acid dyes for nylon, silk, wool &
leather, Direct dyes for paper, leather & cotton, Solvent dyes for
polyester fiber, plastic, resin, master batch, Ink for color ink jet
printer." Brand Name : Synozol |
Trade
Partners & Competitors
|
Customers |
CIBA SPECIALTY CHEMICALS INC EASTWELL CO.,
LTD.(110111-0900525) YANGWOO CO.,
LTD.(115911-0018773) |
|
Competitors |
OH YOUNG INDUSTRIAL CO., LTD.(115611-0001071) RIFA INDUSTRIAL CO., LTD.(110111-0018138) M.DOHMENKOREA, LTD.(110111-2189953) |
Related
Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
JMC CO., LTD.(124611-0284494) (83.50% held by the subject
company) YANGWOO CO.,
LTD.(115911-0018773) (60.00% held by the subject
company) EASTWELL CO.,
LTD.(110111-0900525) (38.96% held by the subject
company) DAITO-KISCO
CORPORTION(120111-0368466) (50.00% held by the subject
company) KISCO SHANGHAI(CHINA) (100.00% held by the subject
company) LIANYUNGANG KISCO(CHINA) (100.00% held by the subject
company) KISCO USA(USA) (35.00% held by the subject
company) KIMSOY CHEMICAL(TURKEY) (50.00% held by the subject
company) KIMSOY EXIM(TURKEY) (50.00% held by the subject
company) RACHADA CHEMICAL(THAILAND) (14.00% held by the subject
company) NAMO IT(THAILAND) (49.00% held by the subject
company) DAITO KISCO (50% held by the Subject
Company) |
|
Subsidiary |
JMC CO., LTD.(124611-0284494) (83.50% held by the subject
company) YANGWOO CO.,
LTD.(115911-0018773) (60.00% held by the subject
company) EASTWELL CO.,
LTD.(110111-0900525) (38.96% held by the subject
company) LIANYUNGANG KISCO CHEMICAL CO.,
LTD. (100% held by the Subject
Company) KISCO SHANGHAI (100.0% held by the Subject
Company) |
|
Cooperative Enterprise |
SUMITOMO CHEMICAL-JAPAN T.H INT-USA -Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
Sales
by Region (Activity & Markets)
|
Sales/ Unit : KRW |
03/2010 |
2009 |
2008 |
|
Export |
22,637,000,000 |
81,251,470,091 |
81,456,569,665 |
|
Domestic |
11,916,000,000 |
47,754,915,618 |
44,005,719,561 |
|
Total |
34,553,000,000 |
129,006,385,709 |
125,462,289,226 |
The subject
deals with the companies in Pakistan, USA, Asian Countries and European
Countries.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.