|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLEAN &
SCIENCE CO., LTD. |
|
|
|
|
Registered Office : |
159-1, Samseong 1-dong, Gangnam-gu, Seoul, Korea, 903-1, Korea Trade Tower
135-729 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
31.12.1979 |
|
|
|
|
Com. Reg. No.: |
404-81-00477 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Other Paper and Paperboard |
|
|
|
|
No. of Employees : |
156 |
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 : |
Usually 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 – 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 |
CLEAN &
SCIENCE CO., LTD. (Korean Company
Name : “(주)크린앤사이언스”) |
|
Registered Address |
159-1, Samseong 1-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
903-1, Korea Trade Tower |
|
Zip Code |
135-729 |
|
Tel |
+82-2-551-0221~4 |
|
Fax |
+82-2-551-0225 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
903-1, Korea Trade Tower, 159-1, Samseong
1-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-551-0221~4 |
|
Fax |
+82-2-551-0225 |
|
Other Address-Jeongeup Factory |
15B, Jeongeup Ⅲ Industrial
Complex, 934, Taegok-ri, Buk-myeon, Jeongeup-si, Jeollabuk-do, Korea |
|
Tel |
+82-63-535-7881 |
|
Fax |
+82-63-535-7885 |
|
Other Address-Hanam Factory |
301-15, Deokpung 3-dong, Hanam-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-794-0221 |
|
Fax |
+82-31-794-0225 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Paper and Paperboard |
|
Main Business |
Air Filter, Oil Filter, Fuel Filter, Carbon Filter, Cabin Filter,
Industrial Filter |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/31/1979 |
The Subject owns
the premises of Jeongeup Factory(33,771.1㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Filter papers(40161803) |
|
Sell |
Fuel filters(40161513) |
|
Sell |
Nonwoven fabrics(11162200) |
|
Buy |
Polypropylene PP(13102022) |
|
Buy |
Wood pulp(11121607) |
|
Name |
Kwag Gyu-Beom |
|
Date of Birth |
09/10/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,650,000,000 |
||||||||||||||||||
|
Employees |
156 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 045520) as of 12/02/2000 |
||||||||||||||||||
|
Bank Details |
Shinhan Bank-Cheonho-Dong Branch |
||||||||||||||||||
|
Corporate Registered No. |
211211-0000553 |
||||||||||||||||||
|
Business Registered No. |
404-81-00477 |
||||||||||||||||||
|
Permit & Licenses |
12/1996 ISO 9002 12/2000 QS 9000 Int’l Trade No.: 894199 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
03/1973 Established as Jeonil
Engineering Co. 12/31/1979 Incorporated as JEONIL FILTER
PAPER LTD. 07/01/2000 Changed company name to the present name 11/2003 Awarded US$5 Million Export Top Prize 11/2005 Awarded US$10 Million Export Top Prize |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kwag Gyu-Beom |
Korean |
1959.09.10 |
Wonkwang University |
|
Director |
Mr. |
Choi Jae-Ho |
Korean |
1969.07.13 |
Yonsei University |
|
Director |
Mr. |
Choi Jae-Won |
Korean |
1972.06.18 |
Sungsil University |
|
Auditor |
Mr. |
Song Byung-Ki |
Korean |
1950.09.26 |
Dongwon Paper Mfg., Co., Ltd. |
|
Outside Director |
Mr. |
Kim Yoon-Shin |
USA |
1949. 10. |
Texas University, USA |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
46,929,231,882 |
38,657,011,834 |
1,032,717,389 |
|
|
(*)2011 |
44,770,108,721 |
41,024,264,481 |
1,087,950,441 |
|
(*)2010 |
39,541,440,207 |
40,773,150,706 |
-869,562,853 |
|
2009 |
34,217,363,898 |
40,637,280,465 |
2,021,765,348 |
|
2008 |
31,305,324,736 |
41,301,724,270 |
273,932,862 |
|
2007 |
30,264,443,534 |
35,744,271,618 |
11,868,075 |
|
2006 |
27,590,485,421 |
36,148,628,087 |
706,175,052 |
|
2005 |
26,738,986,904 |
35,998,394,305 |
1,617,193,947 |
|
2004 |
28,268,919,374 |
24,995,562,130 |
2,126,418,199 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
3,650,000,000 |
|
Total Issues Shares |
6,500,000 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
38,657,011,834 |
41,024,264,481 |
40,773,150,706 |
|
Current Assets |
22,921,242,949 |
24,033,989,735 |
25,411,875,548 |
|
Cash
& Cash Equivalents |
3,518,481,647 |
3,122,496,126 |
1,289,221,610 |
|
Current
Financial Instruments |
1,319,983,456 |
3,058,997,379 |
7,015,000,000 |
|
Trade
Receivables |
10,535,574,168 |
10,158,951,228 |
9,287,279,487 |
|
Other
Receivables |
198,481,547 |
193,481,107 |
484,445,419 |
|
Other
Current Assets |
593,127,347 |
527,134,115 |
679,000,238 |
|
Inventories |
6,755,594,784 |
6,972,929,780 |
6,656,928,794 |
|
Non-Current Assets |
15,735,768,885 |
16,990,274,746 |
15,361,275,158 |
|
Non-Current
Financial Instruments |
48,118,266 |
164,950,212 |
25,346,474 |
|
Marketable
Financial Instruments |
449,875,000 |
434,000,000 |
434,000,000 |
|
Investment_Subsidiaries |
75,695,400 |
151,390,800 |
- |
|
Tangibles |
10,896,211,987 |
12,115,474,222 |
11,591,727,778 |
|
Intangibles |
649,283,668 |
613,876,595 |
126,792,361 |
|
Other
Non-Current Assets |
2,683,548,404 |
2,680,339,819 |
2,649,217,320 |
|
Deferred
Income Tax Assets |
933,036,160 |
830,243,098 |
534,191,225 |
|
Total Liabilities |
20,827,233,803 |
24,041,564,543 |
24,041,272,703 |
|
Current Liabilities |
18,618,199,457 |
21,017,627,337 |
17,679,434,442 |
|
Trade
Payables |
5,829,084,919 |
6,389,551,322 |
5,773,514,018 |
|
Short-Term
Borrowings |
9,202,550,898 |
8,534,840,912 |
6,705,517,645 |
|
Other Payables |
2,245,385,010 |
2,105,949,957 |
1,969,285,846 |
|
National Subsidies |
4,349,189 |
779,050,545 |
845,232,417 |
|
Other
Current Liabilities |
201,326,258 |
109,234,601 |
286,884,516 |
|
Current
Portion of Long-Term Debts |
849,000,000 |
3,099,000,000 |
99,000,000 |
|
Provisions |
286,503,183 |
- |
2,000,000,000 |
|
Non-Current Liabilities |
2,209,034,346 |
3,023,937,206 |
6,361,838,261 |
|
Long-Term
Borrowings |
2,049,500,000 |
2,898,500,000 |
6,247,500,000 |
|
Provision
for Severance & Retirement |
159,534,346 |
125,437,206 |
114,338,261 |
|
Capital Stock |
3,650,000,000 |
3,650,000,000 |
3,650,000,000 |
|
Capital
Surplus |
3,435,811,759 |
3,435,811,759 |
3,435,811,759 |
|
Others |
3,020,330,577 |
3,020,330,577 |
3,020,330,577 |
|
Profit
Surplus |
7,723,635,695 |
6,876,557,602 |
6,625,735,667 |
|
Total
Equity |
17,829,778,031 |
16,982,699,938 |
16,731,878,003 |
|
Liab.
& Shareholder’s Equity |
38,657,011,834 |
41,024,264,481 |
40,773,150,706 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
46,929,231,882 |
44,770,108,721 |
39,541,440,207 |
|
Cost of Sold Goods |
37,158,548,131 |
36,340,616,467 |
32,295,796,764 |
|
Gross Profit |
9,770,683,751 |
8,429,492,254 |
7,245,643,443 |
|
Selling & Admin. Expenses |
7,890,475,490 |
7,413,279,256 |
7,209,524,122 |
|
Operating Income |
1,880,208,261 |
1,016,212,998 |
-266,044,146 |
|
Other Operating Income |
436,569,973 |
274,503,624 |
119,446,488 |
|
Other Operating Expenses |
439,360,150 |
83,820,355 |
421,609,955 |
|
Finance Income |
755,931,702 |
940,630,021 |
1,192,779,751 |
|
Finance Expenses |
1,690,889,014 |
1,399,762,456 |
1,588,285,323 |
|
Income Before Taxes |
942,460,772 |
747,763,832 |
-661,549,718 |
|
Income Taxes Expenses |
-90,256,617 |
-340,186,609 |
208,013,135 |
|
Net Income |
1,032,717,389 |
1,087,950,441 |
-869,562,853 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
2,438,390,417 |
2,161,039,544 |
2,102,198,734 |
|
Cash Flows from Operating |
2,949,687,872 |
2,636,212,165 |
2,537,490,927 |
|
Net Income |
1,032,717,389 |
1,087,950,441 |
-869,562,853 |
|
Adjustment |
3,357,696,531 |
1,949,946,934 |
2,492,162,213 |
|
Changes in Asset/ & Liability |
-1,440,726,048 |
-401,685,210 |
914,891,567 |
|
Interests Received |
288,763,572 |
368,016,321 |
493,155,269 |
|
Interests Paid |
-789,807,866 |
-808,519,592 |
-913,629,293 |
|
Income Taxes |
-10,253,161 |
-34,669,350 |
-14,818,169 |
|
Cash
Flows from Investing |
-1,099,652,250 |
923,643,635 |
112,183,844 |
|
Cash Inflow from Investing |
3,407,648,772 |
8,650,832,081 |
|
|
Cash Outflows for Investing |
-4,507,301,022 |
-7,727,188,446 |
|
|
Cash
Flows from Financing |
-942,752,646 |
-1,251,408,663 |
-3,385,070,582 |
|
Cash Inflows from Financing |
7,385,822,655 |
9,245,810,380 |
|
|
Cash Outflows from Financing |
-8,328,575,301 |
-10,497,219,043 |
|
|
Increase/Decrease
in Cash |
395,985,521 |
1,833,274,516 |
-1,170,688,004 |
|
Cash at
the Beginning of Year |
3,122,496,126 |
1,289,221,610 |
2,459,909,614 |
|
Cash at
the End of Year |
3,518,481,647 |
3,122,496,126 |
1,289,221,610 |
Products,
Technologies, Services Description
|
Main Products & Services |
Manufacture of below items; Auto Filter Paper Industrial Filter Paper Air Conditioning Non-Woven Fabric Synthetic Paper including Filter Paper
& Non-Woven Fabric Non-Woven Fabric for Auto Air-Filters Membrane System for Wastewater Treatment Brand Name : JAF, QA, HPFT |
||||||||||||||||
|
Detailed Products Spec. |
|
Trade Partners
& Competitors
|
Customers |
HYUNDAI MOTOR CO.(110111-0085450) |
|
Competitors |
AHLSTROM KOREA CO., LTD.(174111-0002531) 7, GEUM-RI, YUGA-MYEON, DALSEONG-GUN, DAEGU, KOREA TEL:+82-53-611-0491
FAX:+82-53-611-0493 MOTONIC CORPORATION 8TH FL., SEOHEUNG BLDG., 68-5, GYEONJI-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-730-8711
FAX:+82-2-720-9292 MAHLE DONGHYUN FILTER SYSTEMS CO., LTD. 433-1, BUGYANG-DONG, HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-831-3300
FAX:+82-31-831-3301 CARLFREUDENBURG 3M BBA DUPONT KIMBERLY-CLARK CAMBRIDGE AAF KOREA |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Subsidiary |
CLEAN AND SCIENCE USA CO., LTD. (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Technical Support from AAF INTERNATIONAL(USA) -Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
16,962 |
22,768 |
18,733 |
|
Domestic |
17,645 |
22,002 |
20,808 |
|
Total |
34,607 |
44,770 |
39,541 |
The Subject exports
to China,
Indonesia, Japan, Malaysia, Pakistan and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.