MIRA INFORM REPORT

 

 

Report Date :

11.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SUN YOUNG CHEMICAL CO., LTD.

 

 

Registered Office :

196-5, Ojeon-dong, Uiwang-si, Gyeonggi-do

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.061985

 

 

Com. Reg. No.:

134-81-20822

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Plastic Films, Sheets and Plates

 

 

No. of Employees :

237

 

 

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

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 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

Basic

 

Company Name

SUN YOUNG CHEMICAL CO., LTD.

(Korean Company Name : “선영화학(주)”)

Registered Address

196-5, Ojeon-dong, Uiwang-si, Gyeonggi-do, Korea

Building

Rm. 1301, Byucksan Sunyoung Technopia

Zip Code

437-821

Tel

+82-31-427-3500

Fax

+82-31-427-3501

E-mail

sunyoung082@hanmail.net

Website

www.i-sy.com

Trading Address

Rm. 1301, Byucksan Sunyoung Technopia, 196-5, Ojeon-dong, Uiwang-si, Gyeonggi-do, Korea

(New Address System :Rm.1301, 13, Ojeongongeop-gil, Uiwang-si, Gyeonggi-do, Korea)

Tel

+82-31-427-3500

Fax

+82-31-427-3501

Other Address-Uiwang Factory

132-8, Ojeon-dong, Uiwang-si, Gyeonggi-do, Korea

Tel

+82-31-452-3758

Fax

+82-31-456-3757

Other Address-Cheonan Factory

343, Gudo-ri, Dong-myeon, Dongnam-gu, Cheonan-si, Chungcheongnam-do, Korea

Tel

+82-41-523-3031

Fax

+82-41-523-3034

Other Address-Cheongju Factory

37-21, Bongmyeong 2-dong, Heungdeok-gu, Cheongju-si, Chungcheongbuk-do, Korea

Tel

+82-43-711-1254

Fax

+82-43-271-0201

Other Address-Yongin Branch

293-4, Deokseong-ri, Idong-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea

Other Address-Uiwang Branch

181, Ojeon-dong, Uiwang-si, Gyeonggi-do, Korea

Type

Export/Import

Industry

Manufacture of Plastic Films, Sheets and Plates

  Main Business

Compact melamine, PVC Deco Sheet, HPL, Hi-pet

  Sub Business

Other Printing

Established (mm/dd/yyyy)

06/10/1985

The Subject owns the premises of Uiwang Factory, Cheonan Factory and Cheongju Factory.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Wallpapers(30161502)

Sell

Plating services(73181106)

Sell

Rotogravure industrial printing services(73151902)

 

CEO’s

 

Name

Kim Cheol-Hwan

Address

Suite 219-2402, 811, Hogye-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea

Date of Birth

09/27/1955

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

2,249,000,000

Employees

237

Formation

Co., Ltd by shares

Venture Business

Bank Details

Industrial Bank of Korea

Woori Bank

Nonghyup Bank

Shinhan Bank

Corporate Registered No.

110111-0400773

Business Registered No.

134-81-20822

Permit & Licenses

03/19/2003 ISO 9001

04/2009 KS Mark

 

Int’l Trade No.: 21031702

Shareholder Position

Name

Shares

%

KIM CHEOL-HWAN

84,310

37.49

KIM SOO-HWAN

56,003

24.90

KIM SUNG-HWAN

41,812

18.59

KIM JONG-HWAN

38,952

17.32

OTHERS(4)

3,823

1.70

TOTAL

224,900

100.00

Company History

06/10/1985 Incorporated as the present name

01/02/2003 Acquired Sun Young Gravure Co., Ltd.

12/05/2005 Moved to the present HQ address from 170-43, Annyeong-dong, Hwaseong-si, Gyeonggi-do, Korea

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Cheol-Hwan

Male

Korean

05/01/2006

Director

M/S.

Choi Hwa-Sun

Female

Korean

05/01/2006

Director

Mr.

Kim Ki-Hoon

Male

Korean

05/01/2006

Auditor

Mr.

Kim Ki-Young

Male

Korean

12/05/2005

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

46,838,578,527

81,842,012,258

449,365,885

2011

48,946,263,636

78,391,641,680

457,642,810

2010

44,474,225,109

74,632,334,125

698,837,995

2009

40,761,732,571

75,453,242,779

2,172,294,213

2008

28,624,184,538

72,332,418,510

-1,804,612,441

2007

31,646,875,670

46,188,303,456

969,213,883

2006

30,669,141,349

49,723,432,328

43,712,260

2005

37,545,138,581

51,848,733,256

1,387,185,827

2004

37,571,279,823

57,305,499,897

2,865,574,989

 

Financial Description

 

Authorized Capital(KRW)

3,000,000,000

Paid-Up Capital(KRW)

2,249,000,000

Total Issues Shares

224,900

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2012

As of 12/31/2011

As of 12/31/2010

Total Assets

81,842,012,258

78,391,641,680

74,632,334,125

Current Assets

29,487,927,544

28,838,006,115

26,564,195,051

-Quick Assets

8,677,580,193

8,944,497,915

8,040,756,058

-Inventories

20,810,347,351

19,893,508,200

18,523,438,993

Fixed Assets

52,354,084,714

49,553,635,565

48,068,139,074

-Investment

93,209,800

577,568,700

493,057,900

-Tangibles

51,505,088,278

48,536,388,072

47,163,427,597

-Intangibles

666,435,273

371,490,430

325,702,214

-Others

89,351,363

68,188,363

85,951,363

Total Liabilities

52,905,736,310

49,805,568,110

46,290,315,943

Current Liabilities

38,915,917,867

28,367,538,135

26,530,546,385

Fixed Liabilities

13,989,818,443

21,438,029,975

19,759,769,558

Capital Stock

2,249,000,000

2,249,000,000

2,249,000,000

Capital Surplus

63,977,488

63,977,488

63,977,488

Profit Surplus

11,968,063,805

11,518,697,920

11,161,055,110

Capital Adjustment

14,655,234,655

14,754,398,162

14,867,985,584

Total Equity

28,936,275,948

28,586,073,570

28,342,018,182

Liab. & Shareholder’s Equity

81,842,012,258

78,391,641,680

74,632,334,125

 

Current Liabilities

38,915,917,867

28,367,538,135

26,530,546,385

Trade Payables

5,632,392,164

6,626,600,552

5,232,721,932

Short-Term Borrowings

15,130,000,000

14,726,000,000

12,864,688,043

Withholdings

23,158,064

22,862,144

26,849,604

Advance Receipts

7,956,900

70,221,130

20,947,432

Account Payables

3,680,293,310

1,205,540,537

926,931,685

Accrued Expenses

1,296,826,511

1,146,015,748

940,275,289

Accrued Income Tax

27,991,658

-

52,812,190

Guarantee Deposit Withhold

81,239,260

83,797,160

79,262,210

Current Portion of Debenture

4,000,000,000

-

　

Current Portion of Long-Term Debts

9,036,060,000

4,486,500,864

6,386,058,000

Fixed Liabilities

13,989,818,443

21,438,029,975

19,759,769,558

Debentures

-

4,000,000,000

4,000,000,000

Long-Term Borrowings

4,031,472,725

7,699,747,152

6,170,798,103

Long-Term Borrowings from Shareholders

5,968,267,521

5,990,714,841

5,990,714,841

Leasehold Deposit Received

2,177,092,500

2,238,072,500

2,170,662,500

Provision for Severance & Retirement

1,840,091,397

1,509,495,482

1,427,594,114

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2012

As of 12/31/2011

As of 12/31/2010

Sales

46,838,578,527

48,946,263,636

44,474,225,109

Cost of Sold Goods

42,464,239,165

43,205,873,006

38,707,843,012

Gross Profit

4,374,339,362

5,740,390,630

5,766,382,097

Selling & Admin. Expenses

2,961,539,275

2,806,902,429

2,858,329,712

Operating Income

1,412,800,087

2,933,488,201

2,908,052,385

Non-Operating Income

1,374,590,615

115,290,217

285,756,991

Non-Operating Expenses

1,910,691,552

2,572,194,968

2,426,427,921

Income Before Taxes

876,699,150

476,583,450

767,381,455

Income Taxes Expenses

427,333,265

18,940,640

68,543,460

Net Income

449,365,885

457,642,810

698,837,995

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2012

As of 12/31/2011

As of 12/31/2010

Cash Flows from Operating

382,494,549

5,323,112,428

1,858,883,151

-Net Income

449,365,885

457,642,810

698,837,995

-Exp. without Cash Outflow

3,960,498,533

3,843,332,059

3,832,235,603

-Revenue without Cash Inflows

-1,182,716,836

-8,160,291

-25,588,518

-Changes in Asset/ & Liability

-2,844,653,033

1,030,297,850

-2,646,601,929

Cash Flows from Investing

-3,732,568,945

-4,394,736,345

-963,370,236

-Cash Inflow from Investing

684,306,545

274,090,628

192,556,317

-Cash Outflows for Investing

-4,416,875,490

-4,668,826,973

-1,155,926,553

Cash Flows from Financing

2,379,342,680

976,911,957

-810,589,485

-Cash Inflows from Financing

10,881,505,291

4,000,000,000

12,860,176,747

-Cash Outflows from Financing

-8,502,162,611

-3,023,088,043

-13,670,766,232

Increase/Decrease in Cash

-970,731,716

1,905,288,040

84,923,430

Cash at the Beginning of Year

2,420,280,669

514,992,629

430,069,199

Cash at the End of Year

1,449,548,953

2,420,280,669

514,992,629

 

 

Products, Technologies, Services Description

 

Main Products & Services

Compact melamine, PVC Deco Sheet, HPL, Hi-pet

 

 

Trade Partners & Competitors

 

Customers

 

Competitors

PARA BELLEZA CO., LTD.

807-5, DEOKDO-RI, GWANGJEOK-MYEON, YANGJU-SI, GYEONGGI-DO, KOREA

TEL:+82-31-871-7117  FAX:+82-31-871-3830

 

LISU C & P CO., LTD.

264-3, DEOGEUN-DONG, DEOKYANG-GU, GOYANG-SI, GYEONGGI-DO, KOREA

TEL:+82-2-3159-9670  FAX:+82-2-3159-9674

 

HAN YOUNG DECO CO., LTD.

163B-8L, NAMDONG INDUSTRIAL COMPLEX, 737-7, GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA

TEL:+82-32-819-4333  FAX:+82-32-819-4335

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

DECOPAL CO., LTD.(135211-0014614)

Cooperative Enterprise

-Insured Company

NONGHYUP INSURANCE(KOREA)

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in Australia, Brazil, Japan, Turkey and USA.

 

 

Court Action

 

No.

 

 

News Clipping

 

---

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.