|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
JSI CO., LTD. |
|
|
|
|
Formerly Known As : |
JOONGANG SPECIAL INDUSTRY CO.(Sole
Proprietorship) |
|
|
|
|
Registered Office : |
679-24, Naegi-ri, Poseung-eup, Pyeongtaek-si, Gyeonggi-do, Korea, Poseung National
Industrial Complex, Zip Code 451-821 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.08.2001 |
|
|
|
|
Com. Reg. No.: |
131-81-66455 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Synthetic Resin and Other Plastic Materials |
|
|
|
|
No. of Employees : |
15 |
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 |
JSI CO., LTD. (English Company
Name : JOONGANG SPECIAL INDUSTRY CO., LTD.) (Korean Company Name : “(주)제이에스아이”) |
|
Registered Address |
679-24, Naegi-ri, Poseung-eup, Pyeongtaek-si, Gyeonggi-do, Korea |
|
Building |
Poseung
National Industrial Complex |
|
Zip Code |
451-821 |
|
Tel |
+82-31-683-6051 |
|
Fax |
+82-31-683-1703 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
Poseung National Industrial Complex, 679-24, Naegi-ri, Poseung-eup,
Pyeongtaek-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-683-6051 |
|
Fax |
+82-31-683-1703 |
|
Type |
Export |
|
Industry |
Manufacture
of Synthetic Resin and Other Plastic Materials |
|
Main Business |
High
Temperature Resistance Epoxy Resin, Chemical Resistance Epoxy Resin, Water
Soluble Epoxy Resin, Ranging Bridge Agent for SAT, Laminate Resin For Tire Cord,
Porous Resin, Extra Heat Resistance Polymer |
|
Established (mm/dd/yyyy) |
08/29/2001 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Epoxy(13111001) |
|
Buy |
Sorbitol(51211613) |
|
Sell |
Epichlorohydrin ECO(13101714) |
|
Sell |
Glycerine(51171608) |
|
Sell |
Alcohols or its substitutes(12352104) |
|
Name |
Lee
Sang-Hyun |
|
Address |
Suite 4-1704, 350, Seonhak-dong, Yeonsu-gu, Incheon, Korea |
|
Date of Birth |
11/20/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
500,000,000 |
|||||||||||||||
|
Employees |
15 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Venture
Business |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Poseung Branch |
|||||||||||||||
|
Corporate Registered No. |
124611-0261880 |
|||||||||||||||
|
Business Registered No. |
131-81-66455 |
|||||||||||||||
|
Permit & Licenses |
12/04/2003 ISO 9001 05/12/2007 ISO 14001 01/2008 UL Int’l
Trade No.: 30181009 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
03/11/1995 Established as JOONGANG SPECIAL INDUSTRY CO.(Sole Proprietorship) 08/29/2001 Incorporated as the present name 05/27/2004 Moved to the present HQ address from
681-1, Gojan-dong, Namdong-gu, Incheon, Korea 05/23/2006 Designated as a Venture Business 08/01/2007 Designated as an INNO-BIZ Company 12/20/2007 Increased the authorized shares
to 400,000 shares 12/21/2007 Increased capital to 500,000,000
KRW from 200,000,000 KRW 04/02/2012 Designated as a Venture Business again |
|||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Lee Sang-Hyun |
Male |
Korean |
03/31/2011 |
|
Director |
M/S. |
Kim Hye-Kyung |
Female |
Korean |
03/31/2011 |
|
Director |
Mr. |
Wang Eun-Jin |
Male |
Korean |
03/31/2011 |
|
Auditor |
Mr. |
Kim Hong-Seok |
Male |
Korean |
06/25/2008 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2011 |
10,701,030,920 |
22,695,945,767 |
156,805,321 |
|
2010 |
7,940,050,275 |
10,944,171,928 |
198,485,135 |
|
2009 |
6,025,496,926 |
7,925,647,632 |
401,741,525 |
|
2008 |
4,145,760,789 |
13,946,900,192 |
-1,307,930,580 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
500,000,000 |
|
Total Issued Shares |
100,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
|
22,695,945,767 |
10,944,171,928 |
|
Current Assets |
|
10,530,782,237 |
3,732,483,662 |
|
-Quick
Assets |
|
6,785,090,347 |
3,044,070,809 |
|
-Inventories |
|
3,745,691,890 |
688,412,853 |
|
Fixed
Assets |
|
12,165,163,530 |
7,211,688,266 |
|
-Investment |
|
176,378,389 |
73,071,107 |
|
-Tangibles |
|
11,762,888,102 |
6,912,314,113 |
|
-Intangibles |
|
2,317,039 |
2,723,046 |
|
-Others |
|
223,580,000 |
223,580,000 |
|
Total Liabilities |
|
19,184,646,334 |
7,589,677,816 |
|
Current Liabilities |
|
11,494,831,266 |
3,737,453,778 |
|
Fixed Liabilities |
|
7,689,815,068 |
3,852,224,038 |
|
Capital Stock |
|
500,000,000 |
500,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
|
1,125,857,344 |
969,052,023 |
|
Capital Adjustment |
|
1,885,442,089 |
1,885,442,089 |
|
Total Equity |
|
3,511,299,433 |
3,354,494,112 |
|
Liab. & Shareholder’s Equity |
|
22,695,945,767 |
10,944,171,928 |
|
Current Liabilities |
|
11,494,831,266 |
3,737,453,778 |
|
Short-Term Borrowings |
|
3,260,061,837 |
2,123,054,113 |
|
Trade Payables |
|
5,930,007,392 |
1,473,178,481 |
|
Account Payables |
|
1,742,641,475 |
111,683,320 |
|
Accrued Expenses |
|
74,958,859 |
17,065,024 |
|
Accrued Income Tax |
|
13,518,793 |
- |
|
Advance Receipts |
|
78,110,790 |
226,600 |
|
Unearned Income |
|
102,000,000 |
- |
|
Withholdings |
|
19,532,120 |
12,246,240 |
|
Current Portion of Long-Term Debts |
|
274,000,000 |
- |
|
Fixed Liabilities |
|
7,689,815,068 |
3,852,224,038 |
|
Long-Term Borrowings |
|
7,458,000,000 |
3,678,092,098 |
|
Provision for Severance & Retirement |
|
231,815,068 |
174,131,940 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
|
10,701,030,920 |
7,940,050,275 |
|
Cost of Sold Goods |
|
8,938,940,562 |
6,979,230,946 |
|
Gross Profit |
|
1,762,090,358 |
960,819,329 |
|
Selling & Admin. Expenses |
|
1,138,006,161 |
766,267,273 |
|
Operating Income |
|
624,084,197 |
194,552,056 |
|
Non-Operating Income |
|
169,327,151 |
315,895,681 |
|
Non-Operating Expenses |
|
623,082,694 |
311,962,602 |
|
Income Before Taxes |
|
170,328,654 |
198,485,135 |
|
Income Taxes Expenses |
|
13,523,333 |
- |
|
Net Income |
|
156,805,321 |
198,485,135 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
|
844,541,810 |
333,004,611 |
|
-Net Income |
|
156,805,321 |
198,485,135 |
|
-Exp. without Cash Outflow |
|
430,199,373 |
352,382,984 |
|
-Revenue without Cash Inflows |
|
-866,911 |
- |
|
-Changes in Asset/ & Liability |
|
258,404,027 |
-217,863,508 |
|
Cash Flows from Investing |
|
-5,953,597,334 |
-3,096,930,766 |
|
-Cash Inflow from Investing |
|
974,257,830 |
1,526,126,745 |
|
-Cash Outflows for Investing |
|
-6,927,855,164 |
-4,623,057,511 |
|
Cash Flows from Financing |
|
5,190,915,626 |
2,294,366,211 |
|
-Cash Inflows from Financing |
|
5,233,969,739 |
3,396,054,113 |
|
-Cash Outflows from Financing |
|
-43,054,113 |
-1,101,687,902 |
|
Increase/Decrease in Cash |
|
81,860,102 |
-469,559,944 |
|
Cash at the Beginning of Year |
|
60,010,025 |
529,569,969 |
|
Cash at the End of Year |
|
141,870,127 |
60,010,025 |
|
Main Products & Services |
High
Temperature Resistance Epoxy Resin, Chemical Resistance Epoxy Resin, Water
Soluble Epoxy Resin, Ranging Bridge Agent for SAT, Laminate Resin For Tire
Cord, Porous Resin, Extra Heat Resistance Polymer |
|
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 |
(Activity & Markets)
The Subject exports
to China.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.