|
Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
UKSEUNG CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
174, Gaejwa-Ro, Geumjeong-Gu, Busan |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
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 : |
246 |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. South 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. South 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-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,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP.
|
Source
: CIA |
|
Company Name |
UKSEUNG CHEMICAL
CO., LTD. |
|
Registered Address |
174, Gaejwa-ro, Geumjeong-gu, Busan, Korea (Old Address System : 155-8, Hoedong-dong,
Geumjeong-gu, Busan, Korea) |
|
Building |
** |
|
Zip Code |
609-845 |
|
Tel |
+82-51-523-1515 |
|
Fax |
+82-51-529-7272 +82-51-529-6326 |
|
E-mail |
|
|
Website |
|
|
|
|
|
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 |
246 |
||||||||||||||||||||||||
|
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 |
(*)The List is based as of 12/31/2013. |
||||||||||||||||||||||||
|
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 08/08/2013 Split off the par value to 5,000
KRW from 10,000 KRW 11/15/2014 Split off the par value to 500
KRW from 5,000 KRW 11/17/2014 Increased capital to
3,689,370,000 KRW from 3,689,370,000 KRW |
||||||||||||||||||||||||
|
|
|
|
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 |
|
101,437,537,569 |
116,064,743,765 |
-6,128,099,257 |
|
|
2012 |
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) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
3,689,370,000 |
|
Total Issues Shares |
7,378,740 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
116,064,743,765 |
98,586,314,966 |
83,497,065,481 |
|
Current Assets |
40,175,375,810 |
40,613,987,341 |
40,810,449,733 |
|
-Quick Assets |
27,056,413,220 |
22,949,035,233 |
21,732,080,339 |
|
-Inventories |
13,118,962,590 |
17,664,952,108 |
19,078,369,394 |
|
Fixed Assets |
75,889,367,955 |
57,972,327,625 |
42,686,615,748 |
|
-Investment |
13,330,547,590 |
12,052,194,835 |
8,413,155,655 |
|
-Tangibles |
61,151,660,035 |
45,389,127,888 |
33,989,526,268 |
|
-Intangibles |
1,716,879 |
2,405,802 |
3,094,725 |
|
-Others |
1,405,443,451 |
528,599,100 |
280,839,100 |
|
Total Liabilities |
81,480,650,001 |
60,667,485,923 |
51,097,720,124 |
|
Current Liabilities |
45,371,039,809 |
46,653,297,262 |
48,367,311,278 |
|
Fixed Liabilities |
36,109,610,192 |
14,014,188,661 |
2,730,408,846 |
|
Capital Stock |
3,689,370,000 |
3,689,370,000 |
3,689,370,000 |
|
Capital Surplus |
3,230,841,799 |
329,801,799 |
329,801,799 |
|
Profit Surplus |
15,940,299,777 |
22,068,399,034 |
16,533,204,964 |
|
Capital Adjustment |
11,723,582,188 |
11,831,258,210 |
11,846,968,594 |
|
Total Equity |
34,584,093,764 |
37,918,829,043 |
32,399,345,357 |
|
Liab. & Shareholder’s Equity |
116,064,743,765 |
98,586,314,966 |
83,497,065,481 |
|
Current
Liabilities |
45,371,039,809 |
46,653,297,262 |
48,367,311,278 |
|
Trade Payables |
5,592,215,993 |
5,058,817,064 |
4,465,683,745 |
|
Short-Term Borrowings |
33,379,336,985 |
34,290,430,840 |
37,274,567,802 |
|
Current Portion of Long-Term Debts |
1,013,000,000 |
2,750,000,000 |
- |
|
Account Payables |
3,145,702,313 |
2,427,839,898 |
4,995,349,201 |
|
Accrued Expenses |
1,222,484,009 |
1,187,151,814 |
834,133,086 |
|
Withholdings |
180,989,360 |
98,442,300 |
92,323,490 |
|
Advance Receipts |
99,342,333 |
595,554,807 |
84,595,852 |
|
Accrued
Income Tax |
737,968,816 |
193,759,636 |
620,658,102 |
|
VAT Withold |
- |
51,300,903 |
- |
|
Fixed
Liabilities |
36,109,610,192 |
14,014,188,661 |
2,730,408,846 |
|
Long-Term Borrowings |
18,063,000,000 |
13,770,000,000 |
2,270,000,000 |
|
Bond with
Warrant |
20,000,000,000 |
- |
|
|
Long-Term Account Payables |
5,571,738 |
5,571,738 |
- |
|
Provision for Severance & Retirement |
2,796,236,365 |
2,239,487,046 |
2,481,026,508 |
|
Leasehold Deposit Received |
75,000,000 |
75,000,000 |
205,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
101,437,537,569 |
94,194,026,450 |
100,089,241,113 |
|
Cost
of Sold Goods |
86,082,511,614 |
80,709,104,866 |
85,246,220,365 |
|
Gross
Profit |
15,355,025,955 |
13,484,921,584 |
14,843,020,748 |
|
Selling
& Admin. Expenses |
8,501,816,629 |
9,319,650,209 |
7,523,930,135 |
|
Operating
Income |
6,853,209,326 |
4,165,271,375 |
7,319,090,613 |
|
Non-Operating
Income |
5,735,024,383 |
6,408,048,073 |
2,800,795,871 |
|
Non-Operating
Expenses |
18,000,518,348 |
4,590,822,518 |
4,520,111,436 |
|
Income Before Taxes |
-5,412,284,639 |
5,982,496,930 |
5,599,775,048 |
|
Income Taxes Expenses |
715,814,618 |
227,022,906 |
475,715,563 |
|
Net Income |
-6,128,099,257 |
5,755,474,024 |
5,124,059,485 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-2,407,235,410 |
2,309,233,681 |
5,050,832,068 |
|
-Net Income |
-6,128,099,257 |
5,755,474,024 |
5,124,059,485 |
|
-Exp. without Cash Outflow |
17,035,822,010 |
5,262,052,995 |
3,068,528,565 |
|
-Revenue without Cash Inflows |
-3,932,033,102 |
-4,275,231,719 |
-1,509,809,756 |
|
-Changes in Asset/ & Liability |
-9,382,925,061 |
-4,433,061,619 |
-1,631,946,226 |
|
Cash Flows from Investing |
-20,140,792,497 |
-13,631,254,205 |
-1,006,214,487 |
|
-Cash Inflow from Investing |
11,278,388,530 |
8,790,986,267 |
10,704,273,990 |
|
-Cash Outflows for Investing |
-31,419,181,027 |
-22,422,240,472 |
-11,710,488,477 |
|
Cash Flows from Financing |
21,695,981,563 |
11,540,521,101 |
-3,653,232,643 |
|
-Cash Inflows from Financing |
91,793,305,022 |
68,558,122,009 |
161,836,793,061 |
|
-Cash Outflows from Financing |
-70,097,323,459 |
-57,017,600,908 |
-165,490,025,704 |
|
Increase/Decrease in Cash |
-852,046,344 |
218,500,577 |
391,384,938 |
|
Cash at the Beginning of Year |
1,197,760,779 |
979,260,202 |
587,875,264 |
|
Cash at the End of Year |
345,714,435 |
1,197,760,779 |
979,260,202 |
|
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 |
|
Affiliates |
PANAX CO., LTD.(180111-0863860) PANAX ENERGY CO., LTD.(180111-0870906) PANAXEM OC., LTD.(135511-0174420) (80.49% 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 MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
|
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.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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.