|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KYUNGIN SYNTHETIC CORPORATION |
|
|
|
|
Registered Office : |
223-52, Seongnam-dong, Seo-gu, Incheon, Koream, Zip Code 404-220 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.10.1977 |
|
|
|
|
Com. Reg. No.: |
137-81-00562 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Synthetic Colouring Matter, Tanning Materials and
Other Coloring Agents |
|
|
|
|
No. of Employees : |
367 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A2 |
A2 |
|
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 |
KYUNGIN SYNTHETIC CORPORATION (Trade Name: KISCO) (Korean Company Name : “(주)경인양행”) |
|
Registered
Address |
223-52, Seongnam-dong, Seo-gu, Incheon, Korea |
|
Zip Code |
404-220 |
|
Tel |
+82-32-571-7498 |
|
Fax |
+82-32-571-7497 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
112-31, Yeomchang-dong, Gangseo-gu, Seoul, Korea |
|
Tel |
+82-2-3665-4001 |
|
Fax |
+82-2-3660-8539 |
|
Other Address-Siheung Factory |
1Ra-706,
Sihwa Industrial Complex, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-499-4020 |
|
Fax |
+82-31-499-2155 |
|
Other Address-Ansan Factory |
785-7,
Wonsi-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-491-0111 |
|
Fax |
+82-31-495-3521 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Synthetic Colouring Matter, Tanning Materials and Other Coloring Agents |
|
Main Business |
Reactive
Dyestuffs, Disperse Dyestuffs, Acid Dyestuffs, Direct Dyestuffs, Fluorescent
Dyestuffs, Solvent Dyestuffs |
|
Sub Business |
Food, Food Additives, Ginseng Products |
|
Established
(mm/dd/yyyy) |
10/14/1977 |
The Subject owns the premises of registered address/ Factory(4,826.0㎡), Siheung Factory(6,694㎡) and Ansan Factory (5,600㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Dyes(12171500) -Colorants |
|
Sell |
Reactives
(Bifunctional, Vinylsulfone) |
|
Sell |
Disperse(Synolon
Dyes, Papilion Dyes) |
|
Sell |
Direct(Fast
yellow, Black) |
|
Sell |
Acid(Syno
Acid Dyestuffs) |
|
Sell |
For
Leather(Brown, Black, Others) |
|
Sell |
OBA
(Cotton & Rayon, Nylon, Pulp & Paper, Detergent, Polyester) |
|
Sell |
Solvent
Dyes |
|
Buy |
P-Base |
|
Buy |
H-ACID |
|
Name |
Cho Sung-Yong |
|
Address |
- |
|
Date of Birth |
11/04/1968 |
|
Title |
Vice President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
18,750,000,000 |
|||||||||||||||||||||||||||
|
Employees |
367 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
012610 ) as of 10/05/1995 Foreign
Direct Investment Corporation |
|||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Youngdungpo Branch Citibank, Korea-Youngdungpo Branch Shinhan Bank |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
120111-0005703 |
|||||||||||||||||||||||||||
|
Business Registered No. |
137-81-00562 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
05/31/1995 ISO 9002 11/30/1997 ISO 14001 Int’l Trade No.: 860477 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
10/1971 Established
Syno Chemical Industrial Co., Ltd. 08/1976 Founded
Samjung Industrial Co., Ltd. 10/1976 Renamed Syno
Chemical Industrial Co., Ltd. to Kyung-In Chemical Co., Ltd. 10/1977 Changed
Kyung-In Chemical Co., Ltd. to Kyung-In Synthetic Corporation (KISCO) 01/1978 Changed
Samjung Industrial Co., Ltd. to Kyung-In Synthetic Co., Ltd. (KISC) 01/1978 Kim
Dong-Gil inaugurated as chairman of the board of directors 06/1980 Dedicated
KISCO's Seoul office building and the Dyestuff Research and Development
Institute 03/1983 KISCO
installed a spray dryer for the first time in Korea. 08/1984 KISCO
designated as an outstanding small and medium-sized industrial firm by Korea
Industrial Research Institute 09/1984 Dedicated
the Ansan Factory of KISC 11/1987 KISCO
awarded US$5 Million Export Tower from the government and the Prime Minister
Award 12/1987 KISCO
presented the Best Industry Award (at the award ceremony of the first
National Science Award) 02/1988 Dedicated
the expanded Ansan Factory of KISC 04/1988 KISC signed
a technical cooperation agreement with Showa Kako Corporation of Japan. 10/1988 KISCO'S
Dyestuff Institute designated by the government as a research institute whose
workers are exempted from the active military service 11/1988 KISCO
received the US$10 Million Export Tower 12/1988 KISCO's new
chemical product registered with Japanese government according to Japan'schemical
substance control law. 08/1989 KISCO
acquired Samwon Chemical Industrial Co., Ltd. 10/1989 KISCO
dedicated low-cost apartments for the employees in Inchon; KISC built
low-cost apartments for the employees in Ansan 11/1989 KISC
received the US$5 Million Export Tower 12/1989 Dedicated
the expanded Seoul office of KISCO 08/1992 KISC
acquired equity of Rachada Chemicals Co., Ltd. based in Thailand 11/1992 Founded
Eastwell Co., Ltd. 12/1994 KISCO
received the 12th Venture Business Award 05/1995 KISCO
acquired ISO 9002 Quality Assurance Certificate from Lloyd's Register Q.A. of
the United Kingdom 07/1995 KISCO
awarded the Korea Textile Grand Prize in the Dyestuff and Pigment Division 10/1995 KISCO
stocks listed on the Korea Stock Exchange (Paid-in capital: 6.5 billion won) 04/1996 KISCO
acquired equity of Namo Interactive Inc. 06/1996 KISCO won
Textile Industry Grand Award in Dyestuff and Pigment Division 03/1997 KISCO
received a citation from the West Inchon Tax Office on Taxation Day. 05/1997 KISCO received
a citation from the Prime Minister on Labor Day. 05/1997 KISCO
established Turkey joint ventures Kimsoy Chemical Industries, Inc. and Kimsoy
Exim, Inc. 05/1997 KISCO
established United States joint-venture KISCO USA, Inc. 06/1997 KISCO
signed a Strategic Alliance Agreement with Sumitomo Chemical Co., Ltd. of
Japan for overall cooperation in
dyestuff technology and production 06/1997 KISCO
established Joint Ventures PAPITECH.CO., Ltd. 11/1997 KISCO
received Bronze Tower Medal on Export Award Day. 12/1997 KISCO
received ISO 14001 (KSA QA) 08/1998 KISCO
signed the sale contract for Disperse dyestuffs with Ciba-Geigy of
Switzerland. 12/1998 KISC merged
into KISCO. 07/1999 KISCO was
admitted to the membership of ETAD 07/1999 KISCO
launched in an environmental business (Green Systems Engineering Services) 05/2000 KISCO made
the investment into YangWoo corporation 01/23/2013 Acquired
EASTWELL CO., Ltd.(110111-0900525) |
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education
& Career |
|
Chairman |
Mr. |
Kim Heung-Joon |
Korean |
1967.06.14 |
Hanyang University, Korea |
|
Honored Chairman |
Mr. |
Kim Dong-Kil |
Korean |
1938.03.03 |
Seoul National University, Korea |
|
President |
Mr. |
Huh Dadvid Jeong-Sun |
Korean |
1965.11.02 |
Dowling College MBA |
|
Vice President & CEO |
Mr. |
Cho Sung-Yong |
Korean |
1968.11.04 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Chang Sang-Jae |
Korean |
1936.10.10 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Kim Jeong-Hong |
Korean |
1937.08.08 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Sung Nak-Gwan |
Korean |
1936.01.03 |
Seoul National University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
141,304,458,809 |
241,045,607,999 |
4,475,440,855 |
|
|
(*)2011 |
128,707,611,144 |
245,825,939,561 |
2,788,642,280 |
|
(*)2010 |
149,007,815,759 |
250,809,033,564 |
3,367,162,134 |
|
2009 |
129,006,385,709 |
218,551,978,762 |
11,569,545,044 |
|
2008 |
125,462,289,226 |
163,333,430,906 |
12,873,680,246 |
|
2007 |
93,016,593,682 |
120,854,546,914 |
4,246,011,551 |
|
2006 |
84,978,240,253 |
95,503,927,506 |
883,371,290 |
|
2005 |
88,050,292,316 |
100,565,451,354 |
2,533,411,044 |
|
2004 |
95,832,343,219 |
92,524,130,882 |
4,301,525,438 |
|
2003 |
129,006,385,709 |
218,551,978,762 |
11,569,545,044 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
18,750,000,000 |
|
Total Issues Shares |
37,500,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
241,045,607,999 |
245,825,939,561 |
250,809,033,564 |
|
Current Assets |
94,723,926,543 |
99,039,936,815 |
104,532,345,363 |
|
Cash & Cash
Equivalents |
5,366,236,825 |
1,889,398,488 |
2,315,063,261 |
|
Current Financial
Instruments |
86,839,759 |
86,839,759 |
86,839,759 |
|
Trade Receivables
& Other Receivables |
48,074,570,425 |
43,619,403,706 |
47,788,947,007 |
|
Inventories |
38,724,208,144 |
51,423,188,073 |
51,843,016,885 |
|
Other Current
Financial Instruments |
702,509,901 |
550,768,276 |
263,380,326 |
|
Other Current
Non-Financial Instruments |
1,769,561,489 |
1,470,338,513 |
2,235,098,125 |
|
Non-Current Assets |
146,321,681,456 |
146,786,002,746 |
146,276,688,201 |
|
Trade Receivables |
2,908,467,584 |
0 |
0 |
|
Non-Current Financial
Instruments |
53,920,793 |
105,395,514 |
53,729,740 |
|
Marketable Financial
Instruments |
836,927,002 |
917,448,292 |
1,047,816,821 |
|
Held-to-Maturity
Financial Assets |
|
25,420,000 |
25,420,000 |
|
Investment_Related
Companies |
65,887,314,380 |
67,519,815,173 |
67,519,815,173 |
|
Tangibles |
67,259,638,296 |
69,431,560,262 |
68,435,611,169 |
|
Investment_Real
Estates |
2,264,253,629 |
1,673,379,773 |
2,049,469,938 |
|
Intangibles |
1,290,847,222 |
968,875,032 |
971,634,660 |
|
Other Non-Current
Financial Instruments |
5,820,312,550 |
6,144,108,700 |
6,173,190,700 |
|
Total Liabilities |
78,932,782,614 |
86,943,666,685 |
93,123,885,144 |
|
Current Liabilities |
70,551,007,697 |
64,682,273,575 |
71,223,637,582 |
|
Trade Payables &
Other Payables |
10,625,838,134 |
11,456,888,957 |
14,240,067,764 |
|
Short-Term Borrowings |
46,608,295,685 |
46,049,234,377 |
51,789,283,871 |
|
Current Portion of
Long-Term Debts |
9,559,375,000 |
3,712,900,000 |
1,746,350,000 |
|
Other Current
Financial Debts |
2,610,279,868 |
2,890,756,758 |
2,457,515,919 |
|
Accrued Income Tax |
908,701,610 |
90,765,335 |
81,814,178 |
|
Other Current
Liabilities |
238,517,400 |
481,728,148 |
908,605,850 |
|
Non-Current
Liabilities |
8,381,774,917 |
22,261,393,110 |
21,900,247,562 |
|
Long-Term Borrowings |
|
13,856,450,000 |
13,492,700,000 |
|
Deferred Income Tax
Credit |
8,381,774,917 |
8,404,943,110 |
8,407,547,562 |
|
Capital Stock |
18,750,000,000 |
18,750,000,000 |
18,750,000,000 |
|
Capital Surplus |
27,926,478,099 |
27,926,478,099 |
27,926,478,099 |
|
Others |
-1,325,335,014 |
-1,735,533,275 |
-2,022,273,816 |
|
Installments |
-99,040,253 |
-288,953,646 |
-255,695,281 |
|
Profit Surplus |
116,860,722,553 |
114,230,281,698 |
113,286,639,418 |
|
Total Equity |
162,112,825,385 |
158,882,272,876 |
157,685,148,420 |
|
Liab. &
Shareholder’s Equity |
241,045,607,999 |
245,825,939,561 |
250,809,033,564 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
141,304,458,809 |
128,707,611,144 |
149,007,815,759 |
|
Cost of Sold Goods |
120,613,769,195 |
109,831,812,699 |
129,714,311,973 |
|
Gross Profit |
20,690,689,614 |
18,875,798,445 |
19,293,503,786 |
|
Selling & Admin. Expenses |
17,683,855,960 |
16,999,541,036 |
18,592,720,171 |
|
Operating Income |
3,006,833,654 |
1,876,257,409 |
700,783,615 |
|
Finance Income |
1,271,703,544 |
2,352,691,278 |
3,668,907,914 |
|
Finance Expenses |
2,492,660,097 |
2,415,785,356 |
1,923,689,286 |
|
Non-Operating Income |
6,354,232,378 |
3,945,518,464 |
4,550,066,415 |
|
Non-Operating Expenses |
2,800,522,824 |
2,829,726,858 |
3,657,771,000 |
|
Income Before Taxes |
5,339,586,655 |
2,928,954,937 |
3,338,297,658 |
|
Income Taxes Expenses |
864,145,800 |
140,312,657 |
-28,864,476 |
|
Net Income |
4,475,440,855 |
2,788,642,280 |
3,367,162,134 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Operating
Activities Cash Flows |
14,914,670,469 |
10,022,891,410 |
-12,213,959,377 |
|
Net Income |
4,475,440,855 |
2,788,642,280 |
3,367,162,134 |
|
Adjustment |
11,562,555,890 |
7,604,414,312 |
-17,665,904,135 |
|
Interests Received |
46,356,869 |
55,025,011 |
317,602,795 |
|
Dividends Received |
1,069,966,142 |
2,114,591,858 |
3,376,094,248 |
|
Interests Paid |
-2,116,706,252 |
-2,415,196,663 |
-1,810,850,027 |
|
Income Taxes |
-122,943,035 |
-124,585,388 |
201,935,608 |
|
Cash Flows from
Investing |
-2,384,504,900 |
-4,871,099,509 |
-6,741,432,509 |
|
Cash Flows from
Financing |
-8,998,838,692 |
-5,585,049,494 |
18,815,730,941 |
|
Increase/Decrease in
Cash |
3,531,326,877 |
-433,257,593 |
-139,660,945 |
|
Cash at the Beginning
of Year |
1,889,398,488 |
2,315,063,261 |
2,472,795,074 |
|
Cash at the End of
Year |
5,366,236,825 |
1,889,398,488 |
2,315,063,261 |
|
Main Products & Services |
Manufacturer of Reactive dyes for cotton,
rayon & wool, Disperse dyes for polyester, acetate, triacetate & micro
fiber, O.B.A. for paper, pulp, cotton, polyester, nylon, acrylic &
detergent, Acid dyes for nylon, silk, wool & leather, Direct dyes for
paper, leather & cotton, Solvent dyes for polyester fiber, plastic,
resin, master batch, Ink for color ink jet printer." Brand Name : Synozol |
|
Customers |
CIBA SPECIALTY CHEMICALS INC EASTWELL CO., LTD.(110111-0900525) YANGWOO CO., LTD.(115911-0018773) |
|
Competitors |
OH YOUNG INDUSTRIAL CO., LTD.(115611-0001071) RIFA INDUSTRIAL CO., LTD.(110111-0018138) M.DOHMENKOREA,
LTD.(110111-2189953) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
JMC CO., LTD.(124611-0284494) (83.50% held by the subject company) YANGWOO CO., LTD.(115911-0018773) (60.00% held by the subject company) EASTWELL CO., LTD.(110111-0900525) (38.96% held by the subject company) DAITO-KISCO CORPORTION(120111-0368466) (50.00% held by the subject company) KISCO SHANGHAI(CHINA) (100.00% held by the subject company) LIANYUNGANG KISCO(CHINA) (100.00% held by the subject company) KISCO USA(USA) (35.00% held by the subject company) KIMSOY CHEMICAL(TURKEY) (50.00% held by the subject company) KIMSOY EXIM(TURKEY) (50.00% held by the subject company) RACHADA CHEMICAL(THAILAND) (14.00% held by the subject company) NAMO IT(THAILAND) (49.00% held by the subject company) DAITO KISCO (50% held by the Subject Company) |
|
Subsidiary |
JMC CO., LTD.(124611-0284494) (83.50% held by the subject company) YANGWOO CO., LTD.(115911-0018773) (60.00% held by the subject company) EASTWELL CO., LTD.(110111-0900525) (38.96% held by the subject company) LIANYUNGANG KISCO CHEMICAL CO., LTD. (100% held by the Subject Company) KISCO SHANGHAI (100.0% held by the Subject Company) |
|
Cooperative Enterprise |
SUMITOMO CHEMICAL-JAPAN T.H INT-USA -Insured Company GREEN
NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
(Activity &
Markets)
|
Sales/ Unit : KRW |
03/2010 |
2009 |
2008 |
|
Export |
22,637,000,000 |
81,251,470,091 |
81,456,569,665 |
|
Domestic |
11,916,000,000 |
47,754,915,618 |
44,005,719,561 |
|
Total |
34,553,000,000 |
129,006,385,709 |
125,462,289,226 |
The subject deals with
the companies in Pakistan, USA, Asian Countries and European Countries.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
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.