MIRA INFORM REPORT

 

 

Report Date :

29.12.2014

 

IDENTIFICATION DETAILS

 

Name :

M&B GREEN US CO., LTD.

 

 

Registered Office :

328-42, Bangu-Ro, Munsu-Myeon, Yeongju-Si, Gyeongsangbuk-Do, Munsu Agricultural Industrial Complex, 750-881

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.07.2000

 

 

Com. Reg. No.:

107-81-87457

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacturer of Industrial Un-vulcanized Rubber Products

 

 

No. of Employees :

38

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

 

 

 

Basic Information

 

Company Name

M&B GREEN US CO., LTD.

Registered Address

328-42, Bangu-ro, Munsu-myeon, Yeongju-si, Gyeongsangbuk-do, Korea

(Old Address System : 829, Gwonseon-ri, Munsu-myeon, Yeongju-si, Gyeongsangbuk-do, Korea)

Building

Munsu Agricultural Industrial Complex

Zip Code

750-881

Tel

+82-2-3397-0081~3

Fax

+82-2-3397-0085

E-mail

mnb@greenus.co.kr

Website

greenus.koreasme.com  

 

 

Trading Address

Rm. 1016, SJ Techno Ville, 60-19, Gasan-dong, Geumcheon-gu, Seoul, Korea

Tel

+82-2-3397-0081

Fax

+82-2-3397-0085

 

 

Type

Export/Import

Industry

Manufacture of Industrial Un-vulcanized Rubber Products

  Main Business

Rubber Vulcanizing Agent, Rubber Processing Additives

 

 

Established (mm/dd/yyyy)

07/18/2000

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Resins(13111000)

 

 

CEO’s

 

Name

Lee Hong-Dae

Address

Suite 68-1403, 27, Hwajeong-ro, Deogyang-gu, Goyang-si, Gyeonggi-do, Korea

Date of Birth

07/06/1965

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

993,050,000

Employees

38

Formation

Co., Ltd by Shares

Venture Business

Bank Details

Woori Bank

Kookmin Bank-Seokyo Dong Corporate Finance Branch

Industrial Bank of Korea

Hana Bank

Korea Exchange Bank

Korea Development Bank

Corporate Registered No.

110111-2028359

Business Registered No.

107-81-87457

Permit & Licenses

08/03/2002 ISO 9001

04/2009 ISO 14001

 

Int’l Trade No.: 21049488

Shareholder Position

Name

Shares

%

LEE HONG-DAE

64,577

32.51

KOFC2010-5HO INVESTMENT ASSOCIATION

28,572

14.39

KWAK HONG-JA

23,514

11.84

KOREA DEVELOPMENT BANK(110135-0000937)

20,000

10.07

KB06-1 VENTURE ASSOCIATION

12,000

6.04

SEOUL INVESTMENT PARTNERS CO., LTD.(110111-4401032)

9,524

4.80

KB INVESTMENT CO., LTD.(181211-0012571)

8,000

4.03

OTHERS

32,423

16.32

TOTAL

198,610

100.00

Company History

07/18/2000 Incorporated as the present name

05/18/2003 Designated as a Venture Business

02/2007 Designated as an INNO-BIZ Company

03/26/2009 Moved to the present HQ address from Rm.609, 212-1, Guro-dong, Guro-gu, Seoul, Korea

03/27/2013 Increased capital to 993,050,000 KRW from 983,050,000 KRW

08/01/2013 Designated as a Venture Business again

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Lee Hong-Dae

Male

Korean

11/11/2000

Director

Mr.

Kim Jin-Hwan

Male

Korean

03/28/2003

Director

M/S.

Kim Young-Sun

Female

Korean

10/10/2014

Auditor

Mr.

Yoon Woo-Jin

Male

Korean

03/28/2014

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

14,381,394,277

15,253,723,879

703,515,490

2012

14,601,324,581

13,162,499,520

562,899,898

2011

14,257,902,830

13,336,659,389

-534,578,092

2010

12,953,904,337

11,516,410,895

638,138,397

2009

7,726,199,409

9,538,786,095

-1,382,688,497

 

 

Financial Description

 

Authorized Capital(KRW)

5,000,000,000

Paid-Up Capital(KRW)

993,050,000

Total Issued Shares

198,610(Common : 160,514 / Preferable : 38,096)

 

 

Balance Sheet

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

15,253,723,879

13,162,499,520

13,336,659,389

Current Assets

7,125,745,362

5,653,949,092

6,666,045,350

-Quick Assets

2,801,031,066

2,639,298,054

3,832,191,063

-Inventories

4,324,714,296

3,014,651,038

2,833,854,287

Fixed Assets

8,127,978,517

7,508,550,428

6,670,614,039

-Investment

257,290,425

271,210,425

60,896,292

-Tangibles

4,417,582,187

4,776,973,206

4,933,768,604

-Intangibles

3,296,295,905

2,329,936,797

1,590,479,143

-Others

156,810,000

130,430,000

85,470,000

Total Liabilities

11,043,564,318

9,752,361,929

10,520,374,411

Current Liabilities

7,235,718,408

5,064,776,868

4,755,781,005

Fixed Liabilities

3,807,845,910

4,687,585,061

5,764,593,406

Capital Stock

993,050,000

968,050,000

968,050,000

Capital Surplus

3,186,214,170

3,117,333,870

3,117,333,870

Profit Surplus

-41,987,183

-745,502,673

-1,308,402,571

Capital Adjustment

72,882,574

70,256,394

39,303,679

Total Equity

4,210,159,561

3,410,137,591

2,816,284,978

Liab. & Shareholder’s Equity

15,253,723,879

13,162,499,520

13,336,659,389

 

Current Liabilities

7,235,718,408

5,064,776,868

4,755,781,005

Trade Payables

948,676,825

1,111,097,546

1,409,309,838

Short-Term Borrowings

5,056,017,634

2,484,196,770

2,047,275,136

Account Payables

444,195,227

192,042,236

149,458,758

Accrued Expenses

53,281,146

49,470,386

62,095,357

Withholdings

15,662,760

12,463,930

12,610,300

Current Portion of Long-Term Debts

717,884,816

1,215,506,000

1,075,031,616

Fixed Liabilities

3,807,845,910

4,687,585,061

5,764,593,406

Long-Term Borrowings

2,253,460,904

3,288,645,000

4,975,308,336

Leasehold Deposit Received

65,000,000

70,000,000

70,000,000

Provision for Severance & Retirement

211,738,093

152,863,079

90,775,802

Convertible Bonds

1,166,675,000

1,166,675,000

666,680,000

 

Income Statement

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

14,381,394,277

14,601,324,581

14,257,902,830

Cost of Sold Goods

11,551,496,997

12,582,929,262

12,399,103,765

Gross Profit

2,829,897,280

2,018,395,319

1,858,799,065

Selling & Admin. Expenses

2,315,109,885

1,647,094,430

1,507,140,496

Operating Income

514,787,395

371,300,889

351,658,569

Non-Operating Income

814,844,123

913,580,233

142,352,579

Non-Operating Expenses

626,116,028

721,981,224

1,028,589,240

Income Before Taxes

703,515,490

562,899,898

-534,578,092

Income Taxes Expenses

-

-

-

Net Income

703,515,490

562,899,898

-534,578,092

 

Cash Flows

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Cash Flows from Operating

-343,157,719

548,956,633

-932,988,102

-Net Income

703,515,490

562,899,898

-534,578,092

-Exp. without Cash Outflow

976,184,079

920,026,157

1,154,836,296

-Revenue without Cash Inflows

-628,445,661

-755,026,202

-7,905,673

-Changes in Asset/ & Liability

-1,394,411,627

-178,943,220

-1,545,340,633

Cash Flows from Investing

-2,062,876,425

-2,550,957,301

-973,954,981

-Cash Inflow from Investing

384,605,000

200,135,129

375,821,087

-Cash Outflows for Investing

-2,447,481,425

-2,751,092,430

-1,349,776,068

Cash Flows from Financing

2,381,893,880

1,122,300,933

2,864,050,750

-Cash Inflows from Financing

18,650,379,300

2,959,607,685

3,609,311,945

-Cash Outflows from Financing

-16,268,485,420

-1,837,306,752

-745,261,195

Increase/Decrease in Cash

-24,140,264

-879,699,735

957,107,667

Cash at the Beginning of Year

227,179,174

1,106,878,909

149,771,242

Cash at the End of Year

203,038,910

227,179,174

1,106,878,909

 

 

Products, Technologies, Services Description

 

Main Products & Services

Rubber Vulcanizing Agent, Rubber Processing Additives

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

HUCHEMS FINE CHEMICAL CORPORATION

5TH FL., KUKDONG BLDG., 60-1, CHUNGMURO 3-GA, JUNG-GU, SEOUL, KOREA

TEL:+82-2-2262-0600  FAX:+82-2-2265-9381

 

COSMO CHEMICAL CO., LTD.

1534-5, SEOCHO 3-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-32-451-6100  FAX:+82-32-451-6119

 

FOOSUNG CO., LTD.

427-9, NOHA-RI, PALTAN-MYEON, HWASEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-495-7243  FAX:+82-31-491-1649

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

 

Overseas Office

 

Liaison Office

 

Overseas Branch

 

Joint Venture

 

Subsidiary

M&B(SHANGHAI) TRADING CO., LTD.

(100.0% held by the subject company)

Corporate Ownership

 

Major Shareholders

 

Cooperative Enterprise

 

 

 

Sales by Region (Activity & Markets)

 

Not Available.

 

 

Court Action

 

No.

 

 

News Clipping

 

------------

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.