|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
UKSEUNG CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
155-8, Hoedong-dong, Geumjeong-gu, Busan, Korea 609-845 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.02.1983 |
|
|
|
|
Com. Reg. No.: |
621-81-04063 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Inorganic Pigments and Other Metal Oxides |
|
|
|
|
No. of Employees : |
204 |
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
|
Company
Name |
UKSEUNG CHEMICAL
CO., LTD. (Korean Company
Name : “욱성화학(주)”) |
|
Registered Address |
155-8, Hoedong-dong,
Geumjeong-gu, Busan,
Korea (New Address System : 174, Gaejwa-ro, Geumjeong-gu, Busan, Korea) |
|
Zip Code |
609-845 |
|
Tel |
+82-51-523-1515 |
|
Fax |
+82-51-529-7272 +82-51-529-6326 |
|
E-mail |
webmaster@ukseung.co.kr |
|
Website |
www.ukseung.co.kr |
|
Trading Address |
664-8, Seonggok-dong,
Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-433-1326~9 |
|
Fax |
+82-2-797-1509 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Inorganic Pigments and Other Metal Oxides |
|
Main
Business |
Inorganic Pigment, Organic Pigment, Fluorescent Pigment, PP Compound,
Hot Melt, Electronic Materials |
|
Established (mm/dd/yyyy) |
02/17/1983 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pigments(12171600) |
|
Name |
Kim Hak-Sun |
|
Address |
34, Jurye-ro
10beon-gil, Sasang-gu, Busan,
Korea |
|
Date of Birth |
03/24/1940 |
|
Title |
President & CEO |
|
Sex |
Female |
|
Nationality |
Korean |
|
Capital (KRW) |
3,689,370,000 |
||||||||||||||||||||||||
|
Employees |
204 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea Shinhan Bank Korea Exchange Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0047703 |
||||||||||||||||||||||||
|
Business Registered No. |
621-81-04063 |
||||||||||||||||||||||||
|
Permit & Licenses |
06/1985 KS Mark 11/1985 UL Mark 12/1988 UL Mark 12/2001 ISO 9002 08/2003 ISO 9001 03/24/2007 ISO 9001 Int’l Trade No.: 978479 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
1964 Established as UKSEUNG CHEMICAL INDUSTRIES CO. 02/17/1983 Incorporated as the present name 11/1994 Awarded US$ 10 Million Export Top
Prize 11/2003 Awarded US$ 20 Million Export Top
Prize 11/2006 Designated as an INNO-BIZ Company 08/31/2009 Spin off Electrolyte Business,
and established as PANAX ETEC CO., LTD.(180111-0685321) 08/28/2009 Decreased capital to
3,689,370,000 KRW from 3,837,310,000 KRW 07/04/2013 Increased the authorized shares
to 10,000,000 shares from 640,000 shares |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
M/S. |
Kim Hak-Sun |
Female |
Korean |
03/29/2011 |
|
Director |
Mr. |
Sung Hwan-Cheon |
Male |
Korean |
03/29/2011 |
|
Director |
Mr. |
Chun Byung-Tae |
Male |
Korean |
03/29/2011 |
|
Director |
Mr. |
Seo Young-Tae |
Male |
Korean |
07/04/2013 |
|
Director |
Mr. |
Chae Dae-Kwang |
Male |
Korean |
07/04/2013 |
|
Auditor |
Mr. |
Kang Min-Kyun |
Male |
Korean |
07/04/2013 |
|
Auditor |
M/S. |
Park Im-Soon |
Female |
Korean |
03/29/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
94,194,026,450 |
98,586,314,966 |
5,755,474,024 |
|
|
2011 |
100,089,241,113 |
83,497,065,481 |
5,124,059,485 |
|
2010 |
89,747,893,726 |
81,921,116,115 |
-10,987,561,890 |
|
2009 |
64,778,351,144 |
84,798,092,301 |
-995,617,616 |
|
2008 |
58,543,542,106 |
105,220,944,351 |
107,231,636 |
|
2007 |
56,498,634,347 |
91,629,470,249 |
-251,297,412 |
|
2006 |
51,090,118,378 |
60,758,362,147 |
-1,334,899,947 |
|
2005 |
51,429,560,280 |
55,022,703,188 |
688,503,509 |
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
3,689,370,000 |
|
Total Issues Shares |
368,937 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
98,586,314,966 |
83,497,065,481 |
81,921,116,115 |
|
Current Assets |
40,613,987,341 |
40,810,449,733 |
41,724,658,299 |
|
-Quick Assets |
22,949,035,233 |
21,732,080,339 |
19,038,065,955 |
|
-Inventories |
17,664,952,108 |
19,078,369,394 |
22,686,592,344 |
|
Fixed Assets |
57,972,327,625 |
42,686,615,748 |
40,196,457,816 |
|
-Investment |
12,052,194,835 |
8,413,155,655 |
7,725,365,415 |
|
-Tangibles |
45,389,127,888 |
33,989,526,268 |
32,012,969,653 |
|
-Intangibles |
2,405,802 |
3,094,725 |
3,783,648 |
|
-Others |
528,599,100 |
280,839,100 |
454,339,100 |
|
Total Liabilities |
60,667,485,923 |
51,097,720,124 |
54,679,559,372 |
|
Current Liabilities |
46,653,297,262 |
48,367,311,278 |
52,972,217,818 |
|
Fixed Liabilities |
14,014,188,661 |
2,730,408,846 |
1,707,341,554 |
|
Capital Stock |
3,689,370,000 |
3,689,370,000 |
3,689,370,000 |
|
Capital Surplus |
329,801,799 |
329,801,799 |
329,801,799 |
|
Profit Surplus |
22,068,399,034 |
16,533,204,964 |
12,416,980,269 |
|
Capital Adjustment |
11,831,258,210 |
11,846,968,594 |
10,805,404,675 |
|
Total Equity |
37,918,829,043 |
32,399,345,357 |
27,241,556,743 |
|
Liab. & Shareholder’s Equity |
98,586,314,966 |
83,497,065,481 |
81,921,116,115 |
|
Current
Liabilities |
46,653,297,262 |
48,367,311,278 |
52,972,217,818 |
|
Trade Payables |
5,058,817,064 |
4,465,683,745 |
4,710,930,596 |
|
Short-Term Borrowings |
34,290,430,840 |
37,274,567,802 |
42,096,642,270 |
|
Current Portion of Long-Term Debts |
2,750,000,000 |
- |
218,080,000 |
|
Account Payables |
2,427,839,898 |
4,995,349,201 |
4,318,131,899 |
|
Accrued Expenses |
1,187,151,814 |
834,133,086 |
752,130,815 |
|
Withholdings |
98,442,300 |
92,323,490 |
79,188,370 |
|
Advance Receipts |
595,554,807 |
84,595,852 |
14,627,014 |
|
Accrued
Income Tax |
193,759,636 |
620,658,102 |
782,486,854 |
|
VAT Withold |
51,300,903 |
- |
- |
|
Fixed
Liabilities |
14,014,188,661 |
2,730,408,846 |
1,707,341,554 |
|
Long-Term Borrowings |
13,770,000,000 |
2,270,000,000 |
451,160,000 |
|
Long-Term Account Payables |
5,571,738 |
- |
- |
|
Provision for Severance & Retirement |
2,239,487,046 |
2,481,026,508 |
2,596,622,214 |
|
Leasehold Deposit Received |
75,000,000 |
205,000,000 |
500,000,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
94,194,026,450 |
100,089,241,113 |
89,747,893,726 |
|
Cost
of Sold Goods |
80,709,104,866 |
85,246,220,365 |
78,555,772,874 |
|
Gross
Profit |
13,484,921,584 |
14,843,020,748 |
11,192,120,852 |
|
Selling
& Admin. Expenses |
9,319,650,209 |
7,523,930,135 |
7,213,939,576 |
|
Operating
Income |
4,165,271,375 |
7,319,090,613 |
3,978,181,276 |
|
Non-Operating
Income |
6,408,048,073 |
2,800,795,871 |
2,794,582,502 |
|
Non-Operating
Expenses |
4,590,822,518 |
4,520,111,436 |
16,940,097,204 |
|
Income Before Taxes |
5,982,496,930 |
5,599,775,048 |
-10,167,333,426 |
|
Income Taxes Expenses |
227,022,906 |
475,715,563 |
820,228,464 |
|
Net Income |
5,755,474,024 |
5,124,059,485 |
-10,987,561,890 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from
Operating |
2,309,233,681 |
5,050,832,068 |
-2,305,282,674 |
|
-Net Income |
5,755,474,024 |
5,124,059,485 |
-10,987,561,890 |
|
-Exp.
without Cash Outflow |
5,262,052,995 |
3,068,528,565 |
15,086,522,889 |
|
-Revenue
without Cash Inflows |
-4,275,231,719 |
-1,509,809,756 |
-1,205,254,524 |
|
-Changes in
Asset/ & Liability |
-4,433,061,619 |
-1,631,946,226 |
-5,198,989,149 |
|
Cash Flows
from Investing |
-13,631,254,205 |
-1,006,214,487 |
-1,202,523,739 |
|
-Cash Inflow
from Investing |
8,790,986,267 |
10,704,273,990 |
3,198,115,943 |
|
-Cash
Outflows for Investing |
-22,422,240,472 |
-11,710,488,477 |
-4,400,639,682 |
|
Cash Flows
from Financing |
11,540,521,101 |
-3,653,232,643 |
2,901,647,811 |
|
-Cash
Inflows from Financing |
68,558,122,009 |
161,836,793,061 |
121,705,180,720 |
|
-Cash
Outflows from Financing |
-57,017,600,908 |
-165,490,025,704 |
-118,803,532,909 |
|
Increase/Decrease in Cash |
218,500,577 |
391,384,938 |
-606,158,602 |
|
Cash at the
Beginning of Year |
979,260,202 |
587,875,264 |
1,194,033,866 |
|
Cash at the End of Year |
1,197,760,779 |
979,260,202 |
587,875,264 |
|
Main Products & Services |
Organic Pigment Inorganic Pigment Fluorescence Polyamide Resin Polypropylene Compound Hot Melt Adhesive UV |
|
Suppliers |
BUSAN CITY GAS CO.,LTD.(180111-0039495) |
|
Customers |
PANAX ETEC CO., LTD.(180111-0685321) |
|
Competitors |
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 SAMBO FINE CHEMICALS MFG. CO., LTD. 628-2, HAKJANG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-311-3001 FAX:+82-51-323-1742 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 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
PANAXCM CO., LTD.(131411-0240144) (66.94% held by the subject company) PANAXEM OC., LTD.(135511-0174420) (35.83% held by the subject company) 3C CHEMICAL CO., LTD. (100.0% held by the subject company) UKSEUNG EUROPE GMBH, SCHOLLKRIPPEN (100.0% held by the subject company) PANAX ETEC CO., LTD.(180111-0685321) BUSUNG POLYCOM CO., LTD.(184511-0005981) |
|
Subsidiary |
PANAXEM OC., LTD.(135511-0174420) (35.83% held by the subject company) 3C CHEMICAL CO., LTD. (100.0% held by the subject company) UKSEUNG EUROPE GMBH. (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
(Activity &
Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
|
26,190,112,501 |
26,121,903,600 |
|
Domestic |
|
38,588,238,643 |
32,421,638,506 |
|
Total |
89,747,893,726 |
64,778,351,144 |
58,543,542,106 |
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
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.