|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SINWON CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
1236-5, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea 1Ra-106,
Sihwa Industrial Complex 429-848 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.09.1987 |
|
|
|
|
Com. Reg. No.: |
128-81-08629 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Inorganic Chemicals |
|
|
|
|
No. of Employees : |
51 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
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 |
SINWON CHEMICAL CO., LTD. |
|
Registered Address |
1236-5, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea |
|
Building |
1Ra-106, Sihwa Industrial Complex |
|
Zip Code |
429-848 |
|
Tel |
+82-31-432-6688 |
|
Fax |
+82-31-432-9204 |
|
E-mail |
swc8@swchem.co.kr |
|
Website |
www.swchem.co.kr |
|
Trading Address |
1Ra-106, Sihwa Industrial Complex, 1236-5, Jeongwang 3-dong, Siheung-si,
Gyeonggi-do, Korea (New Address System : 92, Gongdan 1-daero 28beon-gil, Siheung-si,
Gyeonggi-do, Korea) |
|
Tel |
+82-31-432-6688 |
|
Fax |
+82-31-432-9204 |
|
Type |
Export |
|
Industry |
Manufacture of Other Basic Inorganic Chemicals |
|
Main
Business |
Lubricants, Flame Retardants, Liquid PVC Stabilizer, Complex PVC
Stabilizer |
|
Established (mm/dd/yyyy) |
09/02/1987 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Flame retardants(12162100) |
|
Sell |
Synthetic waxes(12181501) |
|
Sell |
Plasticizers(12162000) |
|
Sell |
Anti oxidants(12162200) |
|
Name |
Song Woun-Keun |
|
Address |
Suite 901-202, 96, Eco jungang-ro,
Namdong-gu, Incheon, Korea |
|
Date of Birth |
08/15/1944 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
600,000,000 |
||||||||||||||||||||||||||||||
|
Employees |
51 |
||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||||||||||||||
|
Bank Details |
Kookmin Bank Hana Bank Korea Exchange Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0542955 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
128-81-08629 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
08/2008 ISO 9001 Int’l Trade No.: 223234 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
03/25/1980 Established as SINWON CHEMICAL INDUSTRIAL
CO.(Sole Proprietorship) 09/02/1987 Incorporated as the present name 11/19/2003 Designated as a Venture Business 11/2007 Awarded US$ 10 Million Export Prize 09/2008 Designated as an INNO-BIZ Company 05/17/2010 Designated as a Venture Business
again |
||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Song Woun-Keun |
Male |
Korean |
09/04/2001 |
|
Director |
Mr. |
Song Sung-In |
Male |
Korean |
11/17/2006 |
|
Director |
Mr. |
Song Sung-Hyup |
Male |
Korean |
09/03/2013 |
|
Auditor |
M/S. |
Kim Eun-Jung |
Female |
Korean |
03/22/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
36,016,454,775 |
17,885,872,165 |
1,117,472,336 |
|
|
2011 |
38,127,047,465 |
16,250,698,431 |
-444,222,746 |
|
2010 |
32,983,449,713 |
16,064,215,578 |
1,825,764,497 |
|
Authorized Capital(KRW) |
800,000,000 |
|
Paid-Up Capital(KRW) |
600,000,000 |
|
Total Issued Shares |
120,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
17,885,872,165 |
16,250,698,431 |
16,064,215,578 |
|
Current Assets |
15,292,968,544 |
14,201,577,209 |
13,377,777,148 |
|
-Quick Assets |
12,001,260,843 |
11,197,437,135 |
10,893,398,975 |
|
-Inventories |
3,291,707,701 |
3,004,140,074 |
2,484,378,173 |
|
Fixed Assets |
2,592,903,621 |
2,049,121,222 |
2,686,438,430 |
|
-Investment |
400,873,000 |
162,100,000 |
256,061,235 |
|
-Tangibles |
2,125,930,621 |
1,873,021,222 |
2,423,343,595 |
|
-Intangibles |
66,100,000 |
14,000,000 |
7,033,600 |
|
Total Liabilities |
7,179,039,366 |
6,616,860,984 |
5,986,155,385 |
|
Current Liabilities |
5,291,054,555 |
6,429,793,014 |
5,731,526,064 |
|
Fixed Liabilities |
1,887,984,811 |
187,067,970 |
254,629,321 |
|
Capital Stock |
600,000,000 |
600,000,000 |
600,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
10,106,832,799 |
9,033,837,447 |
9,478,060,193 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
10,706,832,799 |
9,633,837,447 |
10,078,060,193 |
|
Liab. & Shareholder’s Equity |
17,885,872,165 |
16,250,698,431 |
16,064,215,578 |
|
Current Liabilities |
5,291,054,555 |
6,429,793,014 |
5,731,526,064 |
|
Trade Payables |
1,982,586,708 |
1,375,925,388 |
1,482,566,554 |
|
Short-Term Borrowings |
2,581,536,109 |
2,622,343,554 |
3,537,403,046 |
|
Account Payables |
417,232,402 |
2,178,657,545 |
475,964,957 |
|
Advance Receipts |
138,525,934 |
51,882,454 |
34,884,453 |
|
Withholdings |
22,189,913 |
195,235,543 |
48,604,408 |
|
Accrued Expenses |
119,705,274 |
2,198,530 |
3,429,226 |
|
Accrued Income Tax |
15,078,215 |
- |
148,673,420 |
|
Current Portion of Long-Term Debts |
14,200,000 |
3,550,000 |
- |
|
Fixed Liabilities |
1,887,984,811 |
187,067,970 |
254,629,321 |
|
Long-Term Borrowings |
53,250,000 |
67,450,000 |
71,000,000 |
|
Long-Term Borrowings to Shareholders/ Executives/ Employees |
1,710,000,000 |
- |
- |
|
Provision for Severance & Retirement |
124,734,811 |
119,617,970 |
183,629,321 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
36,016,454,775 |
38,127,047,465 |
32,983,449,713 |
|
Cost of Sold Goods |
32,181,446,938 |
34,424,197,743 |
28,503,086,210 |
|
Gross Profit |
3,835,007,837 |
3,702,849,722 |
4,480,363,503 |
|
Selling & Admin. Expenses |
2,740,015,467 |
4,305,207,325 |
2,575,106,416 |
|
Operating Income |
1,094,992,370 |
-602,357,603 |
1,905,257,087 |
|
Non-Operating Income |
412,769,078 |
624,420,554 |
584,536,271 |
|
Non-Operating Expenses |
374,916,007 |
478,552,157 |
419,499,246 |
|
Income Before Taxes |
1,132,845,441 |
-456,489,206 |
2,070,294,112 |
|
Income Taxes Expenses |
15,373,105 |
-12,266,460 |
244,529,615 |
|
Net Income |
1,117,472,336 |
-444,222,746 |
1,825,764,497 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
536,134,584 |
2,694,085 |
-173,197,824 |
|
-Net Income |
1,117,472,336 |
-444,222,746 |
1,825,764,497 |
|
-Exp. without Cash Outflow |
777,062,768 |
2,523,322,950 |
825,636,025 |
|
-Revenue without Cash Inflows |
-45,776,697 |
-136,939,109 |
-35,171,400 |
|
-Changes in Asset/ & Liability |
-1,312,623,823 |
-1,939,467,010 |
-2,789,426,946 |
|
Cash Flows from Investing |
-920,443,706 |
471,872,661 |
-158,494,096 |
|
-Cash Inflow from Investing |
213,406,593 |
1,364,796,245 |
701,046,364 |
|
-Cash Outflows for Investing |
-1,133,850,299 |
-892,923,584 |
-859,540,460 |
|
Cash Flows from Financing |
193,721,252 |
-943,103,798 |
-590,803,634 |
|
-Cash Inflows from Financing |
210,000,000 |
- |
- |
|
-Cash Outflows from Financing |
-16,278,748 |
-943,103,798 |
-590,803,634 |
|
Increase/Decrease in Cash |
-190,587,870 |
-468,537,052 |
-922,495,554 |
|
Cash at the Beginning of Year |
1,171,172,858 |
1,639,709,910 |
2,562,205,464 |
|
Cash at the End of Year |
980,584,988 |
1,171,172,858 |
1,639,709,910 |
|
Main Products & Services |
Lubricants, Flame Retardants, Liquid PVC Stabilizer, Complex PVC
Stabilizer |
|
Competitors |
GS CALTEX CORPORATION GS GANGNAM TOWER, 679, YEOKSAM 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2005-1114 FAX:+82-2-2005-6051 S-OIL CORPORATION 45TH FL., KOREA LIFE INSURANCE 63 BLDG.,
60, YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3772-5151 FAX:+82-2-786-4030 ISU CHEMICAL CO., LTD. 112-4, BANPO 4-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-590-6600 FAX:+82-2-590-6666 |
|
Affiliates |
SINWON INDUSTRIES CO., LTD.(KOREA) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.