MIRA INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
DIC KOREA CORPORATION |
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Registered Office : |
168, Sunhwa-dong, Jung-gu, Seoul, Korea 6th Fl., S-one Bldg. 100-773 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.05.1978 |
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Com. Reg. No.: |
104-81-21679 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Wholesale of Dyes, Pigments and Related Products |
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No. of Employees : |
23 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
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Company Name |
DIC KOREA CORPORATION |
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Registered Address |
168, Sunhwa-dong, Jung-gu, Seoul, Korea |
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Building |
6th Fl., S-one Bldg. |
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Zip Code |
100-773 |
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Tel |
+82-2-317-6200 |
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Fax |
+82-2-752-1059 |
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E-mail |
sschoi@dickorea.co.kr |
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Website |
www.dickorea.co.kr |
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Trading Address |
6th Fl., S-one Bldg., 168, Sunhwa-dong, Jung-gu, Seoul, Korea |
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Tel |
+82-2-317-6200 |
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Fax |
+82-2-752-1059 |
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Type |
Export/Import |
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Industry |
Wholesale of Dyes, Pigments and Related Products |
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Main Business |
Organic Pigments, Synthetic Resin, Gravure Ink |
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Sub
Business |
Wholesale of Synthetic Rubber and Plastics Materials |
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Established (mm/dd/yyyy) |
10/05/1978 |
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Organic pigments(12171605) |
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Sell |
Compounded resin(13111037) |
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Sell |
Alkyd(13111028) |
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Sell |
Personal communications device accessories or parts(43191600) |
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Sell |
Inks(12171703) |
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Sell |
Plastic resins(13111059) |
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Name |
Nakahashi Shingo |
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Address |
Suite 102-903, 415, Ichon-dong, Yongsan-gu,
Seoul, Korea |
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Date of Birth |
08/29/1954 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Japanese |
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Capital (KRW) |
700,000,000 |
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Employees |
23 |
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Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
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Bank Details |
Tokyo Mitsubishi UFJ Bank-Seoul Branch |
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Corporate Registered No. |
1101110-239875 |
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Business Registered No. |
104-81-21679 |
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Permit & Licenses |
Trade No.: 393078 |
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Shareholder Position |
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Company History |
10/05/1978 Incorporated as YOUNGSUNG
CORPORATION 02/19/1992 Changed company name to the
present name 02/19/1992 Registered as a Foreign Direct
Investment Corporation 03/13/1997 Increased the authorized shares to 300,000 shares from
80,000 shares 04/29/1997 Increased capital to 700,000,000 KRW from 300,000,000 KRW 07/21/2007 Moved to the present HQ address from 7, Bongnae-dong 1-ga,
Jung-gu, Seoul, Korea |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Nakahashi Shingo |
Male |
Japanese |
10/31/2005 |
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Director |
Mr. |
Min Hong-Ki |
Male |
Korean |
03/23/1998 |
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Director |
Mr. |
Kawamura Yoshihisa |
Male |
Japanese |
04/23/2013 |
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Director |
Mr. |
Nakahuji Masaya |
Male |
Japanese |
04/23/2013 |
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Auditor |
Mr. |
Sato Takeshi |
Male |
Japanese |
05/17/2012 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
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31,143,413,465 |
18,672,025,469 |
3,606,333,864 |
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2011 |
23,391,100,742 |
10,815,421,417 |
2,847,988,567 |
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Authorized Capital(KRW) |
1,500,000,000 |
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Paid-Up Capital(KRW) |
700,000,000 |
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Total Issued Shares |
140,000 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
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Total Assets |
18,672,025,469 |
10,815,421,417 |
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Current Assets |
17,765,499,736 |
10,158,115,855 |
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-Quick Assets |
16,074,828,601 |
8,775,755,673 |
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-Inventories |
1,690,671,135 |
1,382,360,182 |
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Fixed Assets |
906,525,733 |
657,305,562 |
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-Investment |
15,247,630 |
13,273,250 |
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-Tangibles |
58,320,396 |
37,519,453 |
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-Intangibles |
6,283,117 |
6,948,269 |
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-Others |
826,674,590 |
599,564,590 |
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Total Liabilities |
9,095,083,390 |
3,387,040,381 |
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Current Liabilities |
9,095,083,390 |
3,378,791,924 |
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Fixed Liabilities |
- |
8,248,457 |
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Capital Stock |
700,000,000 |
700,000,000 |
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Capital Surplus |
- |
- |
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Profit Surplus |
8,876,942,079 |
6,728,381,036 |
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Capital Adjustment |
- |
- |
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Total Equity |
9,576,942,079 |
7,428,381,036 |
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Liab. & Shareholder’s Equity |
18,672,025,469 |
10,815,421,417 |
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Current Liabilities |
9,095,083,390 |
3,378,791,924 |
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Trade Payables |
3,230,450,039 |
1,791,261,917 |
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Advance Receipts |
211,850 |
17,162,400 |
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Withholdings |
40,269,688 |
38,958,646 |
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Account Payables |
5,089,554,560 |
896,768,126 |
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Accrued Expenses |
74,974,072 |
- |
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Accrued Income Tax |
659,623,181 |
598,029,508 |
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VAT Withhold |
- |
32,236,327 |
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Derivatives |
- |
4,375,000 |
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Fixed Liabilities |
- |
8,248,457 |
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Provision for Severance & Retirement |
- |
8,248,457 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
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Sales |
31,143,413,465 |
23,391,100,742 |
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Cost of Sold Goods |
22,008,748,189 |
15,246,069,353 |
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Gross Profit |
9,134,665,276 |
8,145,031,389 |
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Selling & Admin. Expenses |
5,086,778,214 |
4,544,955,505 |
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Operating Income |
4,047,887,062 |
3,600,075,884 |
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Non-Operating Income |
1,399,254,332 |
318,191,049 |
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Non-Operating Expenses |
805,918,863 |
143,722,452 |
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Income Before Taxes |
4,641,222,531 |
3,774,544,481 |
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Income Taxes Expenses |
1,034,888,667 |
926,555,914 |
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Net Income |
3,606,333,864 |
2,847,988,567 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
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Cash Flows from Operating |
2,218,048,626 |
2,847,720,520 |
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-Net Income |
3,606,333,864 |
2,847,988,567 |
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-Exp. without Cash Outflow |
222,322,004 |
178,890,954 |
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-Revenue without Cash Inflows |
-140,334,282 |
-3,986,297 |
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-Changes in Asset/ & Liability |
-1,470,272,960 |
-175,172,704 |
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Cash Flows from Investing |
2,587,049,753 |
-4,406,202,795 |
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-Cash Inflow from Investing |
4,406,940,000 |
2,540,645,455 |
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-Cash Outflows for Investing |
-1,819,890,247 |
-6,946,848,250 |
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Cash Flows from Financing |
-1,423,994,284 |
-1,446,653,777 |
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-Cash Inflows from Financing |
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- |
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-Cash Outflows from Financing |
-1,423,994,284 |
-1,446,653,777 |
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Increase/Decrease in Cash |
3,381,104,095 |
-3,005,136,052 |
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Cash at the Beginning of Year |
856,473,985 |
3,861,610,037 |
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Cash at the End of Year |
4,237,578,080 |
856,473,985 |
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Main Products & Services |
Organic Pigments, Synthetic Resin, Gravure Ink |
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Detailed Products Spec. |
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Technologies Acquired |
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Suppliers |
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Customers |
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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 |
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Affiliates |
DIC CORPORATION(JAPAN) DIC COMPOUNDS (MALAYSIA) SDN. BHD. DIC TRADING (HK) LTD. DIC (SHANGHAI) CO., LTD. SHANGHAI DIC PRESSURE-SENSITIVE ADHESIVE
MATERIALS CO., LTD. DIC INTERNATIONAL (THAILAND) CO., LTD. DIC (TAIWAN) LTD. SUN CHEMICAL GROUP DIC (MALAYSIA) SDN. BHD. DIC (CHINA) CO., LTD. DIC ASIA PACIFIC PTE. LTD. NANTONG DIC COLOR CO., LTD. (INK) PT.DIC GRAPHICS DIC AUSTRALIA PTY LTD. DIC ALKYLPHENOL SINGAPORE PTE., LTD. DIC KOREA LIQUID CRYSTAL CO,.
LTD.(161511-0128730) |
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Overseas Office |
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Liaison Office |
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Overseas Branch |
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Joint Venture |
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Subsidiary |
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Corporate Ownership |
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Major Shareholders |
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Cooperative Enterprise |
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Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
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Export |
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Domestic |
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Total |
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The Subject deals with the companies
Malaysia, China and USA.
Not Available
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
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|
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.