|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
M CORPORATION |
|
|
|
|
Registered Office : |
49, Dongmak-ro 8-gil, Mapo-gu, Seoul, Korea, 10th Fl., Uni Tower 121-883 |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.12.1996 |
|
|
|
|
Com. Reg. No.: |
107-81-58156 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Wholesale of Other Chemical Materials and Chemical Products |
|
|
|
|
No. of Employees : |
21 |
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 – 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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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. 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
|
Company
Name |
M CORPORATION (Korean Company Name : “(주)엠”) |
|
Registered Address |
49, Dongmak-ro 8-gil, Mapo-gu, Seoul,
Korea |
|
Building |
10th Fl., Uni Tower |
|
Zip Code |
121-883 |
|
Tel |
+82-2-337-9660 |
|
Fax |
+82-2-337-1711 |
|
E-mail |
kkpk12@mcorporation.kr |
|
Website |
www.m-chemicals.com;www.mcorporation.kr |
|
Trading Address |
10th Fl., Uni Tower, 49, Dongmak-ro 8-gil,
Mapo-gu, Seoul, Korea (Old Address System : 10th Fl., Uni Tower,
358-6, Hapjeong-dong, Mapo-gu, Seoul, Korea) |
|
Tel |
+82-2-337-9662 |
|
Fax |
+82-2-337-1711 |
|
Other Address-Incheon Factory |
434-117, Oryu-dong, Seo-gu, Incheon, Korea |
|
Tel |
+82-32-561-1700~9 |
|
Fax |
+82-32-561-1708 |
|
Other Address-Iksan Factory |
641, Seogam-dong, Iksan-si, Jeollabuk-do,
, Korea |
|
Tel |
+82-63-835-9620 |
|
Fax |
+82-63-835-9622 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Other Chemical Materials and Chemical Products |
|
Main Business |
Acetone, Ketone, Acetate, Glycol, Alcohol, Chloride, Phenol, Resin,
Monomer, Retardant, Celosolve, Hexane, BTX |
|
Established (mm/dd/yyyy) |
12/13/1996 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ethers or its substitutes(12352112) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
CEO’s
|
Name |
Lee Kang-Hoon |
|
Address |
7-5, Ilsan-ro 297beon-gil, Ilsandong-gu, Goyang-si,
Gyeonggi-do, Korea |
|
Date of Birth |
12/13/1996 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
2,233,630,000 |
|||||||||||||||
|
Employees |
21 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea Kookmin Bank SC First Bank of Korea |
|||||||||||||||
|
Corporate Registered No. |
110111-1352329 |
|||||||||||||||
|
Business Registered No. |
107-81-58156 |
|||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11385907 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
12/13/1996 Incorporated as HOYEON CHEMICAL
CO., LTD. 04/25/1998 Changed company name to HOYEON GT
CO., LTD. 03/20/2000 Changed company name to M
CHEMICALS CO., LTD. 11/26/2007 Acquired SANGHWA CO., LTD. 12/27/2007 Moved to the present HQ address
from 358-6, Hapjeong-dong, Mapo-gu, Seoul, Korea 02/29/2008 Changed company name to the
present name 05/22/2008 Increased the authorized shares
to 20,000,000 shares from 1,000,000 shares 05/22/2008 Increased capital to
2,233,630,000 KRW from 1,993,630,000 KRW 06/30/2008 Spin off the par value to 500
KRW from 10,000 KRW 01/04/2010 Split off into the Subject company,
and newly established company(M NEO MATERIALS CORPORATION(120111-0520082)) |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Kang-Hoon |
Male |
Korean |
12/13/1996 |
|
Director |
Mr. |
Kim Kyung-Soo |
Male |
Korean |
03/31/2014 |
|
Director |
Mr. |
Park Jong-Phil |
Male |
Korean |
10/05/2010 |
|
Auditor |
Mr. |
Seo Chun-Ho |
Male |
Korean |
07/30/2005 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
215,517,753,319 |
62,500,857,171 |
-2,814,820,648 |
|
|
2012 |
205,826,098,490 |
52,455,737,133 |
-472,635,928 |
|
2011 |
178,774,817,050 |
57,815,061,883 |
-4,738,701,341 |
|
2010 |
140,928,586,520 |
54,547,499,138 |
1,847,845,317 |
|
2009 |
145,673,979,232 |
54,163,514,947 |
4,035,075,434 |
|
2008 |
173,159,286,394 |
42,325,746,308 |
1,056,334,831 |
|
2007 |
163,532,441,236 |
27,670,409,237 |
1,482,334,077 |
|
2006 |
154,050,265,755 |
29,147,141,715 |
257,623,951 |
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
2,233,630,000 |
|
Total Issues Shares |
4,467,260 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
62,500,857,171 |
52,455,737,133 |
57,815,061,883 |
|
Current Assets |
40,171,727,545 |
30,197,972,346 |
29,275,263,040 |
|
-Quick Assets |
24,641,318,962 |
23,197,179,867 |
20,673,231,870 |
|
-Inventories |
15,530,408,583 |
7,000,792,479 |
8,602,031,170 |
|
Fixed Assets |
22,329,129,626 |
22,257,764,787 |
28,539,798,843 |
|
-Investment |
14,996,761,600 |
15,149,999,473 |
16,954,385,777 |
|
-Tangibles |
5,771,697,343 |
5,489,624,350 |
10,038,671,598 |
|
-Intangibles |
153,447,969 |
195,500,973 |
237,553,977 |
|
-Others |
1,407,222,714 |
1,422,639,991 |
1,309,187,491 |
|
Total Liabilities |
61,853,081,565 |
49,083,287,613 |
50,480,204,940 |
|
Current Liabilities |
61,738,160,205 |
47,635,597,839 |
49,812,303,599 |
|
Fixed Liabilities |
114,921,360 |
1,447,689,774 |
667,901,341 |
|
Capital Stock |
2,233,630,000 |
2,233,630,000 |
2,233,630,000 |
|
Capital Surplus |
2,222,260 |
2,222,260 |
2,222,260 |
|
Profit Surplus |
-610,792,505 |
2,282,207,025 |
5,989,943,963 |
|
Capital Adjustment |
-977,284,149 |
-1,145,609,765 |
-890,939,280 |
|
Total Equity |
647,775,606 |
3,372,449,520 |
7,334,856,943 |
|
Liab. & Shareholder’s Equity |
62,500,857,171 |
52,455,737,133 |
57,815,061,883 |
|
Current Liabilities |
61,738,160,205 |
47,635,597,839 |
49,812,303,599 |
|
Trade Payables |
31,272,153,672 |
21,003,939,422 |
17,962,799,682 |
|
Short-Term Borrowings |
25,303,498,903 |
26,041,844,202 |
26,394,419,094 |
|
Account Payables |
1,096,190,253 |
471,175,467 |
973,571,562 |
|
Accrued Expenses |
206,257,969 |
56,758,835 |
52,140,538 |
|
Advance Receipts |
2,396,998,239 |
19,343,987 |
12,319,265 |
|
Withholdings |
62,766,372 |
41,549,136 |
47,137,800 |
|
Accrued Dividends |
986,790 |
986,790 |
986,790 |
|
Current Portion of Long-Term Debts |
|
|
375,000,000 |
|
Current Portion of Debentures |
1,400,000,000 |
- |
4,000,000,000 |
|
Fixed Liabilities |
114,921,360 |
1,447,689,774 |
667,901,341 |
|
Long-Term Borrowings |
|
|
562,500,000 |
|
Debentures |
- |
1,400,000,000 |
- |
|
Provision for Severance & Retirement |
491,845,220 |
495,287,175 |
498,939,970 |
|
Leasehold Deposit Received |
17,000,000 |
17,000,000 |
17,000,000 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
215,517,753,319 |
205,826,098,490 |
178,774,817,050 |
|
Cost of Sold Goods |
209,360,507,898 |
197,856,904,899 |
170,905,663,195 |
|
Gross Profit |
6,157,245,421 |
7,969,193,591 |
7,869,153,855 |
|
Selling & Admin. Expenses |
6,051,379,023 |
7,250,780,638 |
8,907,015,341 |
|
Operating Income |
105,866,398 |
718,412,953 |
-1,037,861,486 |
|
Non-Operating Income |
2,986,641,559 |
2,971,912,160 |
2,799,368,814 |
|
Non-Operating Expenses |
6,107,650,485 |
4,162,961,041 |
6,456,923,492 |
|
Income Before Taxes |
-3,015,142,528 |
-472,635,928 |
-4,695,416,164 |
|
Income Taxes Expenses |
-200,321,880 |
- |
43,285,177 |
|
Net Income |
-2,814,820,648 |
-472,635,928 |
-4,738,701,341 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-907,998,751 |
1,087,693,864 |
-8,527,012,009 |
|
-Net Income |
-2,814,820,648 |
-472,635,928 |
-4,738,701,341 |
|
-Exp. without Cash Outflow |
1,936,562,531 |
1,368,968,246 |
2,649,910,636 |
|
-Revenue without Cash Inflows |
-1,533,365,797 |
-1,422,097,167 |
-1,378,700,286 |
|
-Changes in Asset/ & Liability |
1,503,625,163 |
1,613,458,713 |
-5,059,521,018 |
|
Cash Flows from Investing |
1,843,172,143 |
2,088,533,990 |
-108,040,264 |
|
-Cash Inflow from Investing |
2,771,925,981 |
23,406,216,349 |
13,445,243,851 |
|
-Cash Outflows for Investing |
-928,753,838 |
-21,317,682,359 |
-13,553,284,115 |
|
Cash Flows from Financing |
-738,345,299 |
-3,479,994,509 |
8,933,312,630 |
|
-Cash Inflows from Financing |
137,585,832,358 |
118,483,282,199 |
83,932,792,507 |
|
-Cash Outflows from Financing |
-138,324,177,657 |
-121,963,276,708 |
-74,999,479,877 |
|
Increase/Decrease in Cash |
196,828,093 |
-303,766,655 |
298,260,357 |
|
Cash at the Beginning of Year |
34,120,285 |
337,886,940 |
39,626,583 |
|
Cash at the End of Year |
230,948,378 |
34,120,285 |
337,886,940 |
|
Main Products & Services |
Acetone, Ketone, Acetate, Glycol, Alcohol, Chloride, Phenol, Resin,
Monomer, Retardant, Celosolve, Hexane, BTX |
|
Suppliers |
LG CHEM LTD.(110111-2207995) |
|
Competitors |
DOUGLAS CHEM INC RM. 812, DAEWOO BLDG. BOKAP-DONG, 167,
NAESU-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-6272-7130 FAX:+82-2-6272-7131 MYOUNGJI CHEMICAL CO., LTD. RM. 1001, DAEWOO OFFICETEL, 45-5,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-761-6660 FAX:+82-2-761-0337 CHEMICAL NETWORKS CO., LTD. 753-14, WONSAN-RI, ONSAN-EUP, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-237-6111 FAX:+82-52-237-6110 |
|
Affiliates |
M-CHEMICALS QINGDAO CO., LTD. INTERCHEM KOREA CO., LTD.(KOREA) (49.2% held by the subject company) M ECO O&T CO., LTD.(110111-4059526) (73.39% held by the subject company) E&M GLOBAL CO., LTD.(110111-1470139) (64.05% held by the subject company) M NEO MATERIALS (QINGDAO) CO., LTD. |
|
Subsidiary |
M ENERGY CO., LTD.(110111-1983546) (50.07% held by the subject company) M NEO MATERIALS CORPORATION(120111-0520082) (100.0% held by the subject company) M-CHEMICALS INTERNATIONAL TRADE(SHANGHAI) CO., LTD. (100.0% held by the subject company) LEE & CHEMICAL INC. (97.0% held by the subject company) M ECO O&T CO., LTD.(110111-4059526) (73.39% held by the subject company) MRI CO., LTD.(KOREA) (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
The Subject deals
with the companies in China and Vietnam.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.