|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
KYUNG KEE COLOR CO., LTD. |
|
|
|
|
Registered Office : |
370-39, Sinpyeong 1-dong,
Saha-gu, Busan, |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.09.1978 |
|
|
|
|
Com. Reg. No.: |
603-81-00303 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Synthetic
Colouring Matter, Tanning Materials and Coloring Agents |
|
|
|
|
No. of Employees : |
42 |
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 : |
Slow
but 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 – 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 |
KYUNG KEE COLOR CO., LTD. |
|
Registered Address |
370-39, Sinpyeong 1-dong,
Saha-gu, Busan, Korea (New Address System : 526,
Eulsukdo-daero, Saha-gu, Busan, Korea) |
|
Building |
|
|
Zip Code |
604-836 |
|
Tel |
+82-51-291-0265 |
|
Fax |
+82-51-203-0178 |
|
E-mail |
kkc@kkc.co.kr;kkccokr@choi.com |
|
Website |
www.kkc.co.kr |
|
Trading Address |
Rm.402, Goyang Bldg.,
1465-24, Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-421-1081 |
|
Fax |
+82-31-421-7963 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic
Colouring Matter, Tanning Materials and Other Coloring Agents |
|
Main Business |
Inorganic Pigment, Organic
Pigment |
|
Established (mm/dd/yyyy) |
09/11/1978 |
The
Subject owns the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Organic pigments(12171605) |
|
Sell |
Inorganic metal
oxides(12171602) |
|
Buy |
Inorganic acids(12352301) |
|
Buy |
Batch mixers(23191000) |
|
Buy |
Paints and
primers(31211500) |
CEO’s
|
Name |
Kim Chun-Ok |
|
Address |
Suite 312-1502, 1634, Dadae-dong,
Saha-gu, Busan, Korea |
|
Date of Birth |
04/22/1952 |
|
Title |
President & CEO |
|
Sex |
Female |
|
Nationality |
Korean |
Profiles
.
|
Capital (KRW) |
2,700,000,000 |
|||||||||||||||||||||
|
Employees |
42 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||
|
Bank Details |
Busan Bank-Shinpyung Dong Branch Industrial Bank of Korea Korea Exchange Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
180111-0031409 |
|||||||||||||||||||||
|
Business Registered No. |
603-81-00303 |
|||||||||||||||||||||
|
Permit & Licenses |
12/17/2004 ISO 9001:2000 Int’l Trade No.: 979069 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
01/1970 Established as
KYUNGKEE COLOR CO. 09/11/1978 Incorporated as
the present name |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
M/S. |
Kim Chun-Ok |
Female |
Korean |
10/15/2007 |
|
Director |
Mr. |
Hwang Do-Young |
Male |
Korean |
03/20/2009 |
|
Director |
Mr. |
Kim Yeo-San |
Male |
Korean |
03/20/2009 |
|
Auditor |
Mr. |
Kim Yeo-Cheon |
Male |
Korean |
03/20/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
17,806,019,345 |
23,205,003,744 |
120,058,324 |
|
|
2011 |
17,411,595,889 |
20,815,070,575 |
145,010,682 |
|
2010 |
13,392,979,052 |
21,189,736,163 |
-440,776,385 |
|
2009 |
11,252,659,561 |
17,522,346,798 |
82,166,836 |
|
2008 |
15,164,990,521 |
16,586,607,998 |
106,188,045 |
|
2007 |
9,573,240,017 |
13,175,114,902 |
-651,408,077 |
|
2006 |
10,415,270,714 |
12,605,778,262 |
124,723,297 |
|
2005 |
14,500,932,549 |
11,951,955,979 |
223,639,500 |
|
2004 |
15,003,236,819 |
10,917,544,527 |
421,973,653 |
|
Authorized Capital(KRW) |
4,000,000,000 |
|
Paid-Up Capital(KRW) |
2,700,000,000 |
|
Total Issued Shares |
540,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
23,205,003,744 |
20,815,070,575 |
21,189,736,163 |
|
Current Assets |
13,665,762,658 |
13,619,498,286 |
14,665,948,634 |
|
-Quick Assets |
3,881,942,383 |
3,668,275,617 |
5,754,238,282 |
|
-Inventories |
9,783,820,275 |
9,951,222,669 |
8,911,710,352 |
|
Fixed Assets |
9,539,241,086 |
7,195,572,289 |
6,523,787,529 |
|
-Investment |
271,563,934 |
385,150,355 |
198,723,375 |
|
-Tangibles |
8,329,068,338 |
6,383,641,602 |
6,088,857,537 |
|
-Intangibles |
836,181,614 |
402,095,132 |
211,521,417 |
|
-Others |
102,427,200 |
24,685,200 |
24,685,200 |
|
Total Liabilities |
14,937,606,563 |
12,667,731,718 |
13,186,739,158 |
|
Current Liabilities |
10,961,644,284 |
10,698,425,906 |
12,323,873,107 |
|
Fixed Liabilities |
3,975,962,279 |
1,969,305,812 |
862,866,051 |
|
Capital Stock |
2,700,000,000 |
2,700,000,000 |
2,700,000,000 |
|
Capital Surplus |
200,256,082 |
200,256,082 |
200,256,082 |
|
Profit Surplus |
2,805,865,729 |
2,685,807,405 |
2,541,465,553 |
|
Capital Adjustment |
2,561,275,370 |
2,561,275,370 |
2,561,275,370 |
|
Total Equity |
8,267,397,181 |
8,147,338,857 |
8,002,997,005 |
|
Liab. & Shareholder’s Equity |
23,205,003,744 |
20,815,070,575 |
21,189,736,163 |
|
Current Liabilities |
10,961,644,284 |
10,698,425,906 |
12,323,873,107 |
|
Trade Payables |
2,543,669,590 |
2,539,339,918 |
2,622,426,792 |
|
Short-Term Borrowings |
4,387,113,121 |
3,990,000,000 |
6,703,687,917 |
|
Short-Term
Borrowings-Foreign Currency |
1,794,748,013 |
1,215,751,195 |
932,218,692 |
|
Account Payables |
678,075,202 |
758,669,060 |
752,638,531 |
|
Withholdings |
25,535,728 |
21,630,661 |
22,775,891 |
|
VAT Withhold |
|
|
596,788 |
|
Accrued Expenses |
13,388,979 |
13,013,365 |
21,276,845 |
|
Advance Receipts |
75,148,000 |
1,000,000 |
1,200,000 |
|
Accrued Income Tax |
10,231,100 |
17,621,410 |
- |
|
Current Portion of
Long-Term Debts |
385,828,329 |
269,596,635 |
204,241,211 |
|
Short-Term Borrowings to
Shareholders/ Executives/ Employees |
1,047,906,222 |
1,871,803,662 |
1,062,810,440 |
|
Fixed Liabilities |
3,975,962,279 |
1,969,305,812 |
862,866,051 |
|
Long-Term Borrowings |
3,582,012,688 |
1,620,901,517 |
513,124,067 |
|
Provision for Severance
& Retirement |
630,089,272 |
557,950,755 |
464,269,255 |
|
Leasehold Deposit Received |
61,000,000 |
59,000,000 |
59,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
17,806,019,345 |
17,411,595,889 |
13,392,979,052 |
|
Cost of Sold Goods |
15,155,353,525 |
14,886,524,558 |
11,018,224,159 |
|
Gross Profit |
2,650,665,820 |
2,525,071,331 |
2,374,754,893 |
|
Selling & Admin. Expenses |
2,082,942,324 |
2,001,295,903 |
1,656,217,497 |
|
Operating Income |
567,723,496 |
523,775,428 |
718,537,396 |
|
Non-Operating Income |
400,999,670 |
669,532,679 |
2,955,840,895 |
|
Non-Operating Expenses |
827,528,692 |
1,025,440,835 |
4,097,876,316 |
|
Income Before Taxes |
141,194,474 |
167,867,272 |
-423,498,025 |
|
Income Taxes Expenses |
21,136,150 |
22,856,590 |
17,278,360 |
|
Net Income |
120,058,324 |
145,010,682 |
-440,776,385 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
473,201,394 |
1,795,002,738 |
-3,030,338,905 |
|
-Net Income |
120,058,324 |
145,010,682 |
-440,776,385 |
|
-Exp. without Cash Outflow |
707,757,295 |
750,955,531 |
3,851,772,762 |
|
-Revenue without Cash Inflows |
-80,762,950 |
-159,874,292 |
-2,702,529,573 |
|
-Changes in Asset/ & Liability |
-273,851,275 |
1,058,910,817 |
-3,738,805,709 |
|
Cash Flows from Investing |
-2,891,655,801 |
-1,118,174,048 |
2,539,768,644 |
|
-Cash Inflow from Investing |
505,955,335 |
149,329,139 |
3,343,739,528 |
|
-Cash Outflows for Investing |
-3,397,611,136 |
-1,267,503,187 |
-803,970,884 |
|
Cash Flows from Financing |
2,279,531,118 |
-491,407,296 |
487,286,826 |
|
-Cash Inflows from Financing |
8,160,720,719 |
7,265,170,335 |
5,188,750,690 |
|
-Cash Outflows from Financing |
-5,881,189,601 |
-7,756,577,631 |
-4,701,463,864 |
|
Increase/Decrease in Cash |
-138,923,289 |
185,421,394 |
-3,283,435 |
|
Cash at the Beginning of Year |
190,585,255 |
5,163,861 |
8,447,296 |
|
Cash at the End of Year |
51,661,966 |
190,585,255 |
5,163,861 |
Products, Technologies, Services Description
|
Main Products & Services |
Inorganic Pigment, Organic
Pigment |
|
Competitors |
UKSEUNG CHEMICAL CO., LTD. 155-8, HOEDONG-DONG, GEUMJEONG-GU, BUSAN, KOREA TEL:+82-51-523-1515 FAX:+82-51-529-7272 WOOSHIN PIGMENT CO., LTD. 117-4, GWANGCHEON-RI, SUNSEONG-MYEON, DANGJIN-GUN, CHUNGCHEONGNAM-DO,
KOREA TEL:+82-41-352-7976
FAX:+82-41-352-2401 FIRST COLOR CO., LTD. 1RA-102, SIHWA INDUSTRIAL COMPLEX, 1236-1, JEONGWANG 3-DONG,
SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-432-6900
FAX:+82-31-432-6328 |
Related Parties (Subsidiaries, Joint-Venture &
Affiliates)
|
Affiliates |
KOTEC PLASTIC CORP. |
|
Subsidiary |
KYUNGKEE PHILIPPINES CORP.(PHILIPPINE) (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE
INSURANCE CO., LTD.(110111-0035893) MERITZ FIRE & MARINE
INSURANCE CO., LTD.(110111-0013328) GREEN NON-LIFE INSURANCE
CO., LTD.(110111-0007082) |
Sales by Region (Activity & Markets)
The
Subject deals with the companies in Canada, China, Japan, Philippine and USA.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.62.45 |
|
UK
Pound |
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.