|
Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
M CORPORATION |
|
|
|
|
Registered Office : |
358-6, Hapjeong-dong, Mapo-gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.12.1996 |
|
|
|
|
Com. Reg. No.: |
107-81-58156 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Wholesaler of Other Chemical Materials and Chemical Products |
|
|
|
|
No. of Employees : |
23 |
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 : |
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 – 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 |
M CORPORATION (Korean Company Name : “(주)엠”) |
|
Registered Address |
358-6, Hapjeong-dong, Mapo-gu, Seoul,
Korea |
|
Building |
10th Fl., Uni Tower |
|
Zip Code |
121-883 |
|
Tel |
+82-2-337-9660 |
|
Fax |
+82-2-337-1711 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
10th Fl., Uni Tower, 358-6, Hapjeong-dong,
Mapo-gu, Seoul, Korea |
|
Tel |
+82-2-337-9662 |
|
Fax |
+82-2-337-1711 |
|
Other Address-Incheon Factory |
434-117, Oryu-dong, Seo-gu, Incheon, Korea |
|
Tel |
+82-32-561-1700~9 |
|
Fax |
+82-32-561-1708 |
|
Other Address-Iksan Factory |
641, Seogam-dong, Iksan-si, Jeollabuk-do,
, Korea |
|
Tel |
+82-63-835-9620 |
|
Fax |
+82-63-835-9622 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Other Chemical Materials and Chemical Products |
|
Main Business |
Acetone, Ketone, Acetate, Glycol, Alcohol, Chloride, Phenol, Resin,
Monomer, Retardant, Celosolve, Hexane, BTX |
|
Established (mm/dd/yyyy) |
12/13/1996 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ethers or its substitutes(12352112) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Name |
Lee Kang-Hoon |
|
Address |
927-1, Madu-dong, Ilsandong-gu, Goyang-si,
Gyeonggi-do, Korea |
|
Date of Birth |
12/13/1996 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,233,630,000 |
|||||||||||||||
|
Employees |
23 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea Kookmin Bank SC First Bank of Korea |
|||||||||||||||
|
Corporate Registered No. |
110111-1352329 |
|||||||||||||||
|
Business Registered No. |
107-81-58156 |
|||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11385907 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
12/13/1996 Incorporated as HOYEON CHEMICAL
CO., LTD. 04/25/1998 Changed company name to HOYEON GT
CO., LTD. 03/20/2000 Changed company name to M
CHEMICALS CO., LTD. 11/26/2007 Acquired SANGHWA CO., LTD. 12/27/2007 Moved to the present HQ address
from 358-6, Hapjeong-dong, Mapo-gu, Seoul, Korea 02/29/2008 Changed company name to the
present name 05/22/2008 Increased the authorized shares
to 20,000,000 shares from 1,000,000 shares 05/22/2008 Increased capital to
2,233,630,000 KRW from 1,993,630,000 KRW 06/30/2008 Spin off the par value to 500
KRW from 10,000 KRW 01/04/2010 Split off into the Subject company,
and newly established company(M NEO MATERIALS CORPORATION(120111-0520082)) |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Kang-Hoon |
Male |
Korean |
12/13/1996 |
|
Director |
Mr. |
Kim Heung-Cheol |
Male |
Korean |
07/30/2009 |
|
Director |
Mr. |
Park Jong-Phil |
Male |
Korean |
10/05/2010 |
|
Auditor |
Mr. |
Seo Chun-Ho |
Male |
Korean |
07/30/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
205,826,098,490 |
55,661,471,791 |
-485,972,209 |
|
|
2011 |
178,774,817,050 |
57,815,061,883 |
-4,738,701,341 |
|
2010 |
140,928,586,520 |
54,547,499,138 |
1,847,845,317 |
|
2009 |
145,673,979,232 |
54,163,514,947 |
4,035,075,434 |
|
2008 |
173,159,286,394 |
42,325,746,308 |
1,056,334,831 |
|
2007 |
163,532,441,236 |
27,670,409,237 |
1,482,334,077 |
|
2006 |
154,050,265,755 |
29,147,141,715 |
257,623,951 |
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
2,233,630,000 |
|
Total Issues Shares |
4,467,260 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
55,661,471,791 |
57,815,061,883 |
54,547,499,138 |
|
Current Assets |
30,197,972,346 |
29,275,263,040 |
22,172,182,123 |
|
-Quick Assets |
23,197,179,867 |
20,673,231,870 |
16,611,915,704 |
|
-Inventories |
7,000,792,479 |
8,602,031,170 |
5,560,266,419 |
|
Fixed Assets |
25,463,499,445 |
28,539,798,843 |
32,375,317,015 |
|
-Investment |
18,355,734,131 |
16,954,385,777 |
20,111,769,713 |
|
-Tangibles |
5,489,624,350 |
10,038,671,598 |
10,636,684,921 |
|
-Intangibles |
195,500,973 |
237,553,977 |
279,606,981 |
|
-Others |
1,422,639,991 |
1,309,187,491 |
1,347,255,400 |
|
Total Liabilities |
49,083,287,613 |
50,480,204,940 |
39,106,092,618 |
|
Current Liabilities |
47,635,597,839 |
49,812,303,599 |
34,164,102,868 |
|
Fixed Liabilities |
1,447,689,774 |
667,901,341 |
4,941,989,750 |
|
Capital Stock |
2,233,630,000 |
2,233,630,000 |
2,233,630,000 |
|
Capital Surplus |
2,222,260 |
2,222,260 |
2,222,260 |
|
Profit Surplus |
5,339,358,309 |
5,989,943,963 |
12,630,144,405 |
|
Capital Adjustment |
-997,026,391 |
-890,939,280 |
575,409,855 |
|
Total Equity |
6,578,184,178 |
7,334,856,943 |
15,441,406,520 |
|
Liab. & Shareholder’s Equity |
55,661,471,791 |
57,815,061,883 |
54,547,499,138 |
|
Current Liabilities |
47,635,597,839 |
49,812,303,599 |
34,164,102,868 |
|
Trade Payables |
21,003,939,422 |
17,962,799,682 |
16,009,096,448 |
|
Short-Term Borrowings |
26,041,844,202 |
26,394,419,094 |
15,694,121,069 |
|
Account Payables |
471,175,467 |
973,571,562 |
400,197,704 |
|
Accrued Expenses |
56,758,835 |
52,140,538 |
52,485,132 |
|
Accrued Income Tax |
|
|
408,399,104 |
|
Advance Receipts |
19,343,987 |
12,319,265 |
2,966,793 |
|
Withholdings |
41,549,136 |
47,137,800 |
34,531,996 |
|
Accrued Dividends |
986,790 |
986,790 |
986,790 |
|
Current Portion of Long-Term Debts |
- |
375,000,000 |
375,000,000 |
|
Current Portion of Debentures |
- |
4,000,000,000 |
1,200,000,000 |
|
Fixed Liabilities |
1,447,689,774 |
667,901,341 |
4,941,989,750 |
|
Long-Term Borrowings |
- |
562,500,000 |
937,500,000 |
|
Debentures |
1,400,000,000 |
- |
4,000,000,000 |
|
Provision for Severance & Retirement |
495,287,175 |
498,939,970 |
318,093,830 |
|
Leasehold Deposit Received |
17,000,000 |
17,000,000 |
17,000,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
205,826,098,490 |
178,774,817,050 |
140,928,586,520 |
|
Cost of Sold Goods |
197,856,904,899 |
170,905,663,195 |
130,027,764,455 |
|
Gross Profit |
7,969,193,591 |
7,869,153,855 |
10,900,822,065 |
|
Selling & Admin. Expenses |
7,250,780,638 |
8,907,015,341 |
8,072,575,356 |
|
Operating Income |
718,412,953 |
-1,037,861,486 |
2,828,246,709 |
|
Non-Operating Income |
2,952,814,599 |
2,799,368,814 |
3,659,827,805 |
|
Non-Operating Expenses |
4,157,199,761 |
6,456,923,492 |
4,122,812,954 |
|
Income Before Taxes |
-485,972,209 |
-4,695,416,164 |
2,365,261,560 |
|
Income Taxes Expenses |
- |
43,285,177 |
517,416,243 |
|
Net Income |
-485,972,209 |
-4,738,701,341 |
1,847,845,317 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
1,087,693,864 |
-8,527,012,009 |
7,016,340,733 |
|
-Net Income |
-485,972,209 |
-4,738,701,341 |
1,847,845,317 |
|
-Exp. without Cash Outflow |
1,363,206,966 |
2,649,910,636 |
1,023,421,912 |
|
-Sale without Cash Inflows |
-1,402,999,606 |
-1,378,700,286 |
-1,947,827,340 |
|
-Changes in Asset/ & Liability |
1,613,458,713 |
-5,059,521,018 |
6,092,900,844 |
|
Cash Flows from Investing |
2,088,533,990 |
-108,040,264 |
-3,857,060,987 |
|
-Cash Inflow from Investing |
23,406,216,349 |
13,445,243,851 |
6,984,245,259 |
|
-Cash Outflows for Investing |
-21,317,682,359 |
-13,553,284,115 |
-10,841,306,246 |
|
Cash Flows from Financing |
-3,479,994,509 |
8,933,312,630 |
-3,193,077,925 |
|
-Cash Inflows from Financing |
118,483,282,199 |
83,932,792,507 |
50,328,738,949 |
|
-Cash Outflows from Financing |
-121,963,276,708 |
-74,999,479,877 |
-53,521,816,874 |
|
Increase/Decrease in Cash |
-303,766,655 |
298,260,357 |
-33,798,179 |
|
Cash at the Beginning of Year |
337,886,940 |
39,626,583 |
73,424,762 |
|
Cash at the End of Year |
34,120,285 |
337,886,940 |
39,626,583 |
|
Main Products & Services |
Acetone, Ketone, Acetate, Glycol, Alcohol, Chloride, Phenol, Resin,
Monomer, Retardant, Celosolve, Hexane, BTX |
|
Suppliers |
LG CHEM LTD.(110111-2207995) |
|
Competitors |
DOUGLAS CHEM
INC RM. 812, DAEWOO
BLDG. BOKAP-DONG, 167, NAESU-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-6272-7130 FAX:+82-2-6272-7131 MYOUNGJI
CHEMICAL CO., LTD. RM. 1001,
DAEWOO OFFICETEL, 45-5, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-761-6660
FAX:+82-2-761-0337 CHEMICAL
NETWORKS CO., LTD. 753-14,
WONSAN-RI, ONSAN-EUP, ULJU-GUN, ULSAN, KOREA TEL:+82-52-237-6111 FAX:+82-52-237-6110 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
M-CHEMICALS QINGDAO CO., LTD. INTERCHEM KOREA CO., LTD.(KOREA) (49.2% held by the subject company) M ECO O&T CO., LTD.(110111-4059526) E&M GLOBAL CO., LTD.(110111-1470139) |
|
Subsidiary |
M ENERGY CO., LTD.(110111-1983546) (48.75% held by the subject company) M NEO MATERIALS CORPORATION(120111-0520082) (100.0% held by the subject company) M-CHEMICALS INTERNATIONAL TRADE(SHANGHAI) CO., LTD. (100.0% held by the subject company) LEE & CHEMICAL INC. (97.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
(Activity & Markets)
The Subject deals
with the companies in China and Vietnam.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.64 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.73.97 |
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.