|
Report Date : |
02.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROTEX KOREA CO., LTD. |
|
|
|
|
Registered Office : |
831, Yongam-ri, Bongdong-eup, Wanju-gun, Jeollabuk-do, Korea, Zip Code 565-902 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
27.10.1990 |
|
|
|
|
Com. Reg. No.: |
402-81-14989 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Surface-Active Agents |
|
|
|
|
No. of Employees : |
19 |
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 : |
Unknown |
|
|
|
|
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 |
PROTEX KOREA
CO., LTD. (Korean Company Name : “(주)프로텍스코리아”) |
|
Registered Address |
831, Yongam-ri, Bongdong-eup, Wanju-gun, Jeollabuk-do, Korea |
|
Zip Code |
565-902 |
|
Tel |
+82-63-261-7610 |
|
Fax |
+82-63-261-7613 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
831, Yongam-ri, Bongdong-eup, Wanju-gun, Jeollabuk-do, Korea |
|
Tel |
+82-63-261-7610 |
|
Fax |
+82-63-261-7613 |
|
Other
Address-Seoul Office |
661-32, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3453-8213 |
|
Fax |
+82-2-3453-8082 |
|
Other
Address-Daegu Office |
1788-14, Wolseong-dong, Dalseo-gu, Daegu, Korea |
|
Tel |
+82-53-581-9127 |
|
Fax |
+82-53-581-9128 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Surface-Active Agents |
|
Main Business |
Wholesale
of Dyes, Pigments and Related Products, Finishing Agents, Dyeing Auxiliaries |
|
Sub
Business |
Surface
Active Agent |
|
Established (mm/dd/yyyy) |
10/27/1990 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Detergent surfactants(12161902) |
|
Sell |
Dispersing agents(12161904) |
|
Sell |
Flame retardants(12162100) |
|
Buy |
Organic oxides(12352119) |
|
Buy |
Inorganic acids(12352301) |
|
Buy |
Phenols or its substitutes or
derivatives(12191503) |
|
Name |
Robert Moore |
|
Address |
4, Berdi Pari France |
|
Date of Birth |
03/28/1930 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
France |
|
Capital (KRW) |
1,700,000,000 |
|||||||||
|
Employees |
19 |
|||||||||
|
Formation |
Co., Ltd by Shares Foreign
Direct Investment Corporation |
|||||||||
|
Bank Details |
Industrial Bank of Korea-Yangjae Dong
Branch Citibank, Korea |
|||||||||
|
Corporate Registered No. |
110111-0728167 |
|||||||||
|
Business Registered No. |
402-81-14989 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 498447 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
10/27/1990 Incorporated as the present name 09/02/1992 Registered as a Foreign Direct
Investment Corporation |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Robert Moore |
Male |
French |
12/31/2012 |
|
Director |
Mr. |
Benedict Moore |
Male |
French |
04/29/2011 |
|
Director |
Mr. |
Lee Chang-Hoon |
Male |
French |
12/31/2012 |
|
Auditor |
Mr. |
Jung Jeong-Bok |
Male |
Korean |
03/31/2000 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2008 |
7,191,000,000 |
6,549,000,000 |
542,000,000 |
|
2007 |
7,290,201,396 |
6,749,790,757 |
381,755,860 |
|
2006 |
6,723,105,780 |
7,548,950,985 |
522,664,367 |
The latest
financials are not available, and the Subject Company does not have any
obligations to release its financials to the public.
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,700,000,000 |
|
Total Issues Shares |
170,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2008 |
As of
12/31/2007 |
As of
12/31/2006 |
|
Total Assets |
6,549,000,000 |
6,749,790,757 |
7,548,950,985 |
|
Current Assets |
4,184,000,000 |
4,374,934,589 |
4,164,677,266 |
|
-Quick
Assets |
2,802,000,000 |
3,077,758,678 |
2,874,200,376 |
|
-Inventories |
1,382,000,000 |
1,297,175,911 |
1,290,476,890 |
|
Fixed
Assets |
2,365,000,000 |
2,374,856,168 |
3,384,273,719 |
|
-Investment |
66,000,000 |
53,935,000 |
1,037,110,000 |
|
-Tangibles |
2,017,000,000 |
2,105,987,671 |
2,170,624,346 |
|
-Intangibles |
271,000,000 |
208,759,597 |
172,425,473 |
|
-Others |
10,000,000 |
6,173,900 |
4,113,900 |
|
Total Liabilities |
1,203,000,000 |
1,445,463,158 |
2,126,379,246 |
|
Current Liabilities |
1,110,000,000 |
1,297,855,775 |
1,589,661,917 |
|
Fixed Liabilities |
93,000,000 |
147,607,383 |
536,717,329 |
|
Capital Stock |
1,700,000,000 |
1,700,000,000 |
1,700,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
3,646,000,000 |
3,604,327,599 |
3,722,571,739 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
5,346,000,000 |
5,304,327,599 |
5,422,571,739 |
|
Liab. & Shareholder’s Equity |
6,549,000,000 |
6,749,790,757 |
7,548,950,985 |
|
Current
Liabilities |
|
1,297,855,775 |
1,589,661,917 |
|
Trade Payables |
|
583,327,077 |
450,068,508 |
|
Short-Term Borrowings |
|
- |
600,000,000 |
|
Account Payables |
|
908,740 |
76,902,550 |
|
Advance Receipts |
|
177,290 |
1,150,740 |
|
Withholdings |
|
19,010,170 |
16,738,990 |
|
VAT Withhold |
|
51,788,142 |
20,041,744 |
|
Accrued Expenses |
|
272,699,205 |
388,739,015 |
|
Accrued Income Tax |
|
69,945,151 |
36,020,370 |
|
Current Portion of Long-Term Debts |
|
300,000,000 |
- |
|
Fixed
Liabilities |
|
147,607,383 |
536,717,329 |
|
Long-Term Borrowings |
|
- |
300,000,000 |
|
Long-Term Account Payables |
|
110,000,000 |
215,068,768 |
|
Provision for Severance & Retirement |
|
373,566,730 |
293,427,581 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2008 |
As of
12/31/2007 |
As of
12/31/2006 |
|
Sales |
7,191,000,000 |
7,290,201,396 |
6,723,105,780 |
|
Cost of Sold Goods |
4,748,000,000 |
4,855,751,972 |
4,439,955,624 |
|
Gross Profit |
2,442,000,000 |
2,434,449,424 |
2,283,150,156 |
|
Selling & Admin. Expenses |
1,970,000,000 |
1,859,629,862 |
1,625,967,021 |
|
Operating Income |
473,000,000 |
574,819,562 |
657,183,135 |
|
Non-Operating Income |
299,000,000 |
80,334,709 |
45,643,220 |
|
Non-Operating Expenses |
176,000,000 |
165,390,520 |
97,603,828 |
|
Ordinary Income |
596,000,000 |
489,763,751 |
605,222,527 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
596,000,000 |
489,763,751 |
605,222,527 |
|
Income Taxes Expenses |
54,000,000 |
108,007,891 |
82,558,160 |
|
Net Income |
542,000,000 |
381,755,860 |
522,664,367 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2008 |
As of
12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
|
362,941,320 |
670,590,078 |
|
-Net Income |
|
381,755,860 |
522,664,367 |
|
-Exp. without Cash Outflow |
|
522,568,936 |
255,107,342 |
|
-Revenue without Cash Inflows |
|
-9,560,200 |
-4,952,486 |
|
-Changes in Asset/ & Liability |
|
-531,823,276 |
-102,229,145 |
|
Cash Flows from Investing |
|
813,798,544 |
-391,846,934 |
|
-Cash Inflow from Investing |
|
1,403,365,000 |
584,452,858 |
|
-Cash Outflows for Investing |
|
-589,566,456 |
-976,299,792 |
|
Cash Flows from Financing |
|
-1,100,000,000 |
-75,000,000 |
|
-Cash Inflows from Financing |
|
450,000,000 |
1,550,000,000 |
|
-Cash Outflows from Financing |
|
-1,550,000,000 |
-1,625,000,000 |
|
Increase/Decrease in Cash |
|
76,739,864 |
203,743,144 |
|
Cash at the Beginning of Year |
|
266,353,161 |
62,610,017 |
|
Cash at the End of Year |
|
343,093,025 |
266,353,161 |
|
Main Products & Services |
Surface
Active Agent |
|
Suppliers |
PROTEX S. A. SYNTHRON S. A. SINO-PROX CHEMICALS CO., LTD. SUZHOU PROX-ANLI CO., LTD. PROXASIA CO., LTD |
|
Customers |
SYNTHRON S. A. SINO-PROX CHEMICALS CO., LTD. SUZHOU PROX-ANLI CO., LTD. PT. PRODIAN CHEMICALS INDONESIA SHANDONG PROX-CHEM SPECIALTY CHEMICALS CO.,
LTD |
|
Competitors |
COLORANT COREA CORPORATION 782-4, EOGOK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-388-9003 FAX:+82-55-388-9006 MYUNGJIN TRADING CO., LTD. 4TH FL., MYEONGJIN BLDG., 236-7, NONHYEON
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-546-5040 FAX:+82-2-546-6566 YOOJIN CHEMICAL CO., LTD. 8B-28L, BANWOL INDUSTRIAL COMPLEX, 743-7,
WONSI-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-494-0618 FAX:+82-31-494-0617 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
PROTEX INTERNATIONAL S.A. PROTEX S. A. SYNTHRON S. A. PROTELOR S.A. SINO-PROX CHEMICALS CO., LTD. SUZHOU PROX-ANLI CO., LTD. PT. PRODIAN CHEMICALS INDONESIA PROXASIA CO., LTD SHANDONG PROX-CHEM SPECIALTY CHEMICALS CO.,
LTD |
|
Corporate Ownership |
PROTEX INTERNATIONAL
S.A(FRANCE) |
|
Major Shareholders |
PROTEX INTERNATIONAL
S.A(FRANCE) |
|
Cooperative Enterprise |
-Insured Company AIG -Management Consulting and Technical Support
from PROTEX INTERNATIONAL
S.A(FRANCE) |
(Activity & Markets)
The Subject deals
with the companies in France, China and Hong Kong.
Not Available.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.82 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
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.