|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TK CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
3FL., Yeonwoo Bldg., 128, Wondae-ro,
Buk-gu, Daegu, Korea (Old Address System : 3FL., Yeonwoo Bldg., 416-8, Chimsan 3-dong,
Buk-gu, Daegu, Korea), 702-857 |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.11.2007 |
|
|
|
|
Com. Reg. No.: |
107-87-01960 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Fibers, Polyester Yarn, Spandex Yarn, Cotton
Yarn, PET Resin, Chip |
|
|
|
|
No. of Employees |
816 |
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 / Moderate |
|
Payment Behaviour : |
Unknown |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KOREA (SOUTH)- 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 and 2013 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The administration in 2014 is likely to face
the challenge 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 about half of GDP
|
Source
: CIA |
|
Company Name |
TK CHEMICAL CORPORATION (Korean Company Name : “(주)티케이케미칼”) |
|
Registered Address |
3FL., Yeonwoo Bldg., 128, Wondae-ro,
Buk-gu, Daegu, Korea (Old Address System : 3FL., Yeonwoo Bldg.,
416-8, Chimsan 3-dong, Buk-gu, Daegu, Korea) |
|
Zip Code |
702-857 |
|
Tel |
+82-53-252-4177 |
|
Fax |
+82-53-253-5216 |
|
E-mail |
webmaster@tkchemi.co.kr;philiplee@tkchemi.co.kr |
|
Website |
www.tkchemi.co.kr |
|
Trading Address |
9FL., Jinduck Bldg., 22, Seonyudong 1-ro,
Yeongdeungpo-gu, Seoul, Korea (Old Address System : 9FL., Jinduck Bldg.,
160-2, Dangsan-dong 2-ga, Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-2001-6000 |
|
Fax |
+82-2-2001-6180 +82-2-782-1160 +82-2-780-5263 |
|
Other Address-Synthetic 1 Factory |
298-1, Gongdan-dong, Gumi-si, Gyeongbuk,
Korea |
|
Tel |
+82-54-461-3401 |
|
Fax |
+82-54-461-8100 |
|
Other Address-Synthetic 2 Factory |
291-20, Gongdan-dong, Gumi-si, Gyeongbuk, Korea |
|
Tel |
+82-54-461-6055 |
|
Fax |
+82-54-462-0460 |
|
Other Address-Synthetic 3 Factory |
520, Jung-ri, Seokjeok-eup, Chilgok-gun,
Gyeongbuk, Korea |
|
Tel |
+82-54-971-9051 |
|
Fax |
+82-54-971-9051 |
|
Other Address-Resin Factory |
300, Gongdan-dong, Gumi-si, Gyeongbuk, Korea |
|
Tel |
+82-54-463-0380 |
|
Fax |
+82-54-461-3922 |
|
Other Address-Daegu Office |
103-6, Dongsan-dong, Jung-gu, Daegu, Korea |
|
Tel |
+82-53-252-4177 |
|
Fax |
+82-53-252-4177 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Fibers |
|
Main Business |
Polyester Yarn, Spandex Yarn, Cotton Yarn, PET Resin, Chip |
|
Established (mm/dd/yyyy) |
11/07/2007 |
The Subject occupies
the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyester yarn(11151703) |
|
Sell |
Cotton yarn(11151702) |
|
Sell |
Resins(13111000) |
|
Name |
So Hong-Seok |
|
Address |
Suite 214-1302, 609-1, Donam-dong,
Seongbuk-gu, Seoul, Korea |
|
Date of Birth |
06/01/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
45,000,000,000 |
||||||||||||||||||||||||
|
Employees |
816 |
||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 104480) as of 04/26/2011 Foreign Direct Investment Corporation A Company of SM GROUP |
||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Yeoido Central Branch Korea Development Bank SC. First Bank of Korea |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-3783457 |
||||||||||||||||||||||||
|
Business Registered No. |
107-87-01960 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 45338773 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
11/07/2007
Incorporated as the present name 12/26/2007
Increased the authorized shares to 20,000,000 shares from 40,000 shares 01/22/2008
Moved to the present address from 17-26, Yeoeuido-dong, Yeongdeungpo-gu, Seoul,
Korea 01/31/2008 Acquired Spandex, Polyester,
Resin Business from TONGKOOK CORP.(110111-0059950) 02/05/2008 Increased capital to
40,000,000,000 KRW from 50,000,000 KRW 07/17/2008 Registered as a Foreign Direct
Investment Corporation 07/18/2008 Changed stock type to 8,000,000 shares (Common:5,300,653,
Preferable:2,699,347) from 8,000,000 shares (Common: 8,000,000) 04/26/2011
Increased capital to 45,000,000,000 KRW from 40,000,000,000 KRW 07/01/2011
Moved to the present HQ address registration from 14th Fl., Korea
Sinsong Center Bldg., 25-12, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea |
||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
So Hong-Seok |
Male |
Korean |
1954.06.01 |
|
Chairman |
Mr. |
Woo Oh-Hyun |
Male |
Korean |
1953.11.06 |
|
Director |
Mr. |
Kim Yong-Wan |
Male |
Korean |
1956.03 |
|
Auditor |
Mr. |
Bae Soon-Ki |
Male |
Korean |
1957.07.08 |
|
Director |
Mr. |
Kwak Jin-Soo |
Male |
Korean |
1964.08 |
|
Outside Director |
Mr. |
Park Se-Kyu |
Male |
Korean |
1953.09.10 |
|
Outside Director |
Mr. |
Lee Min-Ki |
Male |
Korean |
1949.12.03 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
848,025,474,441 |
532,727,301,778 |
11,631,633,966 |
|
|
(*)2012 |
852,763,702,460 |
474,029,741,985 |
-28,503,136,674 |
|
(*)2011 |
1,000,564,178,112 |
666,314,510,118 |
38,165,046,662 |
|
(*)2010 |
882,043,327,810 |
457,268,415,266 |
26,155,939,425 |
|
2009 |
777,194,493,448 |
323,556,543,330 |
25,632,641,591 |
|
2008 |
710,630,616,602 |
320,963,467,180 |
-17,308,870,150 |
|
2007 |
- |
48,690,862 |
(-)456,138 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
45,000,000,000 |
|
Total Issues Shares |
90,000,000 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
532,727,301,778 |
474,029,741,985 |
666,314,510,118 |
|
Current Assets |
159,010,189,397 |
193,956,056,724 |
318,579,521,942 |
|
Cash & Cash
Equivalents |
8,169,609,270 |
51,840,353,962 |
79,781,319,353 |
|
Current Financial
Instruments |
2,271,263,158 |
9,426,502,801 |
76,911,263,158 |
|
Trade Receivables
& Other Receivables |
79,828,243,326 |
61,536,130,391 |
96,453,928,241 |
|
Inventories |
64,203,602,926 |
65,263,078,012 |
47,656,296,210 |
|
Deferred Income Tax
Assets |
168,488,570 |
786,501,240 |
2,564,220,011 |
|
Other Current
Non-Financial Assets |
2,206,312,786 |
2,357,132,786 |
12,258,295,154 |
|
Other Current Assets |
2,162,669,361 |
2,746,357,532 |
2,954,199,815 |
|
Non-Current Assets |
373,717,112,381 |
280,073,685,261 |
347,734,988,176 |
|
Non-Current Financial
Instruments |
103,000,000 |
103,000,000 |
50,103,000,000 |
|
Long-Term Trade Receivables
& Other Receivables |
0 |
433,201,082 |
407,029,110 |
|
Non-Current
Marketable Financial Instruments |
1,184,102,000 |
2,153,102,000 |
4,538,279,940 |
|
Held-to-Maturity
Financial Assets |
0 |
0 |
3,530,000 |
|
Investment_Related
Companies |
154,854,490,390 |
50,630,337,405 |
33,388,700,625 |
|
Tangibles |
214,366,564,836 |
222,073,191,825 |
244,489,554,965 |
|
Investment_Real
Estates |
837,900,000 |
837,900,000 |
837,900,000 |
|
Operating Rights |
0 |
0 |
7,187,179,961 |
|
Intangibles |
1,366,937,631 |
1,366,937,631 |
5,309,419,511 |
|
Non-Current Financial
Instruments |
958,036,097 |
1,310,257,560 |
1,406,466,738 |
|
Other Non-Current
Assets |
46,081,427 |
48,526,355 |
63,927,326 |
|
Deferred Income Tax
Assets |
0 |
1,117,231,403 |
0 |
|
Total Liabilities |
334,269,810,680 |
284,822,694,747 |
445,140,129,037 |
|
Current Liabilities |
293,259,906,541 |
231,809,257,356 |
388,156,650,633 |
|
Trade Payables &
Other Payables |
132,286,846,119 |
79,002,075,318 |
154,641,172,521 |
|
Short-Term Borrowings |
158,571,820,515 |
150,691,093,228 |
109,339,928,723 |
|
Other Current
Financial Debts |
1,182,741,400 |
1,229,395,000 |
2,500,000 |
|
Other Current
Liabilities |
1,218,498,507 |
886,693,810 |
124,173,049,389 |
|
Non-Current
Liabilities |
41,009,904,139 |
53,013,437,391 |
56,983,478,404 |
|
Long-Term Borrowings |
15,700,000,000 |
25,000,000,000 |
23,000,000,000 |
|
Confirmed Salaries |
24,195,689,459 |
27,725,667,881 |
28,784,912,530 |
|
Other Non-Current
Financial Debts |
34,969,500 |
287,769,510 |
2,875,654,520 |
|
Deferred Income Tax
Credit |
1,079,245,180 |
0 |
2,322,911,354 |
|
Capital Stock |
45,000,000,000 |
45,000,000,000 |
45,000,000,000 |
|
Capital Surplus |
118,784,676,063 |
118,797,004,830 |
128,795,451,155 |
|
Profit Surplus |
28,587,178,852 |
15,054,821,440 |
47,026,639,488 |
|
Others |
6,085,636,183 |
10,355,220,968 |
352,290,438 |
|
Total Equity |
198,457,491,098 |
189,207,047,238 |
221,174,381,081 |
|
Liab. &
Shareholder’s Equity |
532,727,301,778 |
474,029,741,985 |
666,314,510,118 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
848,025,474,441 |
852,763,702,460 |
1,000,564,178,112 |
|
Cost of Sold Goods |
819,435,007,599 |
830,228,534,140 |
933,244,698,213 |
|
Gross Profit |
28,590,466,842 |
22,535,168,320 |
67,319,479,899 |
|
Selling & Admin.
Expenses |
28,268,646,084 |
36,223,990,094 |
34,147,354,137 |
|
Operating Income |
321,820,758 |
-13,688,821,774 |
33,172,125,762 |
|
Non-Operating Income |
236,233,966 |
971,660,601 |
8,994,804,276 |
|
Non-Operating
Expenses |
3,952,126,376 |
3,755,859,277 |
15,189,517,206 |
|
Finance Income |
7,175,204,703 |
10,694,069,272 |
18,864,376,567 |
|
Finance Expenses |
15,138,561,346 |
17,721,591,892 |
23,601,057,366 |
|
Profits from Equity Method |
11,531,515,369 |
-11,414,331,849 |
-201,219,455 |
|
Others |
14,941,838,138 |
0 |
23,570,065,256 |
|
Losses from Investment on Related Companies |
0 |
0 |
1,499,997,000 |
|
Income Before Taxes |
15,115,925,212 |
-34,914,874,919 |
44,109,580,834 |
|
Income Taxes Expenses
|
3,484,291,246 |
-5,520,583,794 |
4,108,078,857 |
|
Income from
Continuous Business |
11,631,633,966 |
-29,394,291,125 |
40,001,501,977 |
|
Income from Stopped
Business |
0 |
891,154,451 |
-1,836,455,315 |
|
Net Income |
11,631,633,966 |
-28,503,136,674 |
38,165,046,662 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
56,182,717,438 |
-41,111,647,330 |
5,156,362,825 |
|
Cash Flows from
Operating |
887,589,060 |
2,940,640,820 |
-16,234,641,117 |
|
Changes in Asset/
& Liability |
32,479,013,893 |
-58,856,048,382 |
-36,360,846,969 |
|
Cash
Flows from Investing |
-91,400,997,973 |
-12,243,327,144 |
-33,554,670,419 |
|
Cash Inflow from
Investing |
28,227,051,747 |
73,354,680,932 |
111,241,228,756 |
|
Cash Outflows for
Investing |
-119,628,049,720 |
-74,056,884,863 |
-153,844,465,515 |
|
Cash
Flows from Financing |
-8,452,495,603 |
25,815,684,076 |
28,911,627,655 |
|
Cash Inflows from
Financing |
1,071,514,118,349 |
912,119,401,738 |
451,257,993,979 |
|
Cash Outflows from
Financing |
-1,079,966,613,952 |
-886,226,823,981 |
-420,402,956,945 |
|
Increase/Decrease in Cash |
-43,670,776,138 |
-27,539,290,398 |
513,320,061 |
|
Cash at the Beginning of Year |
51,840,353,962 |
79,781,319,353 |
78,872,195,640 |
|
Cash at the End of Year |
8,169,609,270 |
51,840,353,962 |
79,781,319,353 |
|
Main Products & Services |
Polyester Yarn (Full Dull, Middle Dull,
Cation Dyable, High Shrinkage, Supper Bright, Bright) SPANDEX Yarn CHIP(FD, CD, HS) Resin for PET Bottle Brand Name: TexPet, ARACHRA, TEXLON |
|
Suppliers |
SAMSUNG PETROCHEMICAL CO., LTD.(181211-0000435) |
|
Customers |
DAEWOO INTERNATIONAL
CORPORATION(110111-2137358) LG INTERNATIONAL CORP(110111-0004632) KIPSCO(KOREA) YOONSE TONGSANG CO., LTD.(KOREA) |
|
Competitors |
TAEKWANG INDUSTRIAL CO., LTD. 162-1, JANGCHUNGDONG 2-GA, JUNG-GU, SEOUL,
KOREA TEL:+82-2-3406-0300 FAX:+82-2-2273-9166 HUVIS CORP. HUVIS BLDG., 151-7, SAMSEONG 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2189-4567 FAX:+82-2-2189-4569 WOONGJIN CHEMICAL CO., LTD. 287, GONGDAN 2-DONG, GUMI-SI, GYEONGSANGBUK-DO,
KOREA TEL:+82-54-469-4114 FAX:+82-54-469-4444 |
|
Affiliates-Domestic |
NAMSUN ALUMINIUM CO.,LTD.(170111-0005042) SAMRA CONSTRUCTION CO., LTD.
(200111-0013220) JINDUK CO., LTD.(110111-0002834) KYUNGNAM WOOL TEXTILE CO.,
LTD(190111-0004107) BEXEL CORPORATION(176011-0028438) DAEWOO LIFE CO., LTD.(176011-0028595) CHOYANG CO., LTD. (130111-0009662) KUKDONG CO. LTD(200111-0075931) SAMRA ENGINEERING & CONSTRUCTION CO., LTD.(200111-0013220) SAMRA INDUSTRIAL DEVELOPMENT CO.,
LTD.(20111-0071319) SAMRA MIDAS CO., LTD.(200111-0069330) BULLWHUI CO., LTD. GIMPO CHARACTER WORLD CO.,
LTD.(124411-0050211) KOREA COMMUNICATION ENGINEERING CO.,
LTD.(110111-0204654) SMT CHEMICAL CO., LTD.(170111-0351776) TK CHEMICAL HOLDINGS CO.,
LTD.(170111-0352732) |
|
Affiliates-Overseas |
QINGDAO KYUNGNAM WOOL TEXTILE CO.,
LTD.(CHINA) BEST CHEMICALS & PLASTICS, INC.(BCPI) BESTCHEM, INC(BCI) |
|
Overseas Office |
TK CHEMICAL CORP. ISTANBUL OFFICE BESIKTAS LEVENT NISPETIYE CAD. NO.30 C
BLOCK D.23 ISTANBUL, TURKIYE TEL:+90-212-3257861/3257862 FAX:+90-212+3258242 |
|
Subsidiary |
HIPLUSCARD CO., LTD.(131111-0191187) (100.0% held by the subject company) |
|
Corporate Ownership |
SAMRA CONSTRUCTION CO., LTD.(200111-0013220) SMT CHEMICAL CO., LTD.(170111-0351776) |
|
Major Shareholders |
SMT CHEMICAL CO.,
LTD.(170111-0351776) |
|
Cooperative Enterprise |
-Insured Company HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) |
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
622,668 |
761,367 |
666,003 |
|
Domestic |
134,433 |
120,676 |
111,191 |
|
Total |
757,101 |
882,043 |
777,194 |
The Subject exports to Asia, USA, Middle East and Europe.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Daegu District Court, Korea |
HNL CO., LTD.(Korea) |
The Subject Company |
Fees |
550,000,000 |
1st round is proceeding. |
|
|
Seoul High Court |
The Subject Company |
Kyunghan Industry Co., Ltd. |
Refund of Inappropriate Profits |
667,524,000 |
1st round is proceeding. |
|
|
Supreme Court, Korea |
The Subject Company |
ASAM Investment Advisory(110111-1295850) & Others(4) |
Refund of Stock Transferring amount |
1,499,997,000 |
1st round is proceeding. |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.71 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.