|
Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
ISU CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
84, Sapyeong-daero, Seocho-gu, Seoul, Korea, Isu Chemical Co. Bldg.,
137-714 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
17.01.1969 |
|
|
|
|
Com. Reg. No.: |
114-81-54648 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Basic Organic Petrochemicals like Alkylbenzene,
Nomalparaffin, Special Solvent, Lubricants |
|
|
|
|
No of Employees : |
388 |
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 : |
Exist |
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 |
ISU CHEMICAL
CO., LTD. (Korean Company Name : “이수화학(주)”) |
|
Registered Address |
84, Sapyeong-daero, Seocho-gu, Seoul, Korea |
|
Building |
Isu Chemical Co. Bldg. |
|
Zip Code |
137-714 |
|
Tel |
+82-2-590-6600 |
|
Fax |
+82-2-590-6666 |
|
E-mail |
ij1004@isu.co.kr |
|
Website |
www.isuchemical.co.kr |
|
Trading Address |
Isu Chemical Co. Bldg.84, Sapyeong-daero, Seocho-gu, (Old Address System, : Isu Chemical Co. Bldg., 112-4, Banpo 4-dong,
Seocho-gu, Seoul, Korea (P.O.BOX 424)) |
|
Tel |
+82-2-590-6600 |
|
Fax |
+82-2-590-6666 |
|
Other Address-Ulsan Factory |
156, Bugok-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-278-2700 |
|
Fax |
+82-52-278-2888 |
|
Other Address-Onsan Factory |
857, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-231-5600 |
|
Fax |
+82-52-231-5666 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Basic Organic Petrochemicals |
|
Main Business |
Alkylbenzene, Nomalparaffin, Special Solvent, Lubricants |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
01/17/1969 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Petroleum and distillates(15101500) |
|
Sell |
Benzene(15101507) |
|
Sell |
Engine oil(15121501) |
|
Sell |
Additives(12160000) |
|
Name |
Lee Kyu-Cheol |
|
Address |
|
|
Date of Birth |
12/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
76,390,000,000 |
|||||||||||||||
|
Employees |
388 |
|||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange:
005950 ) as of 04/28/1988 A Company of ISU Group |
|||||||||||||||
|
Bank Details |
Korea Exchange Bank-Jo Dal Cheong Branch Korea Development Bank-Ulsan Branch |
|||||||||||||||
|
Corporate Registered No. |
110111-0008600 |
|||||||||||||||
|
Business Registered No. |
114-81-54648 |
|||||||||||||||
|
Permit & Licenses |
06/02/1995 ISO 9002 (DNV) 06/02/1995 ISO 9001(DNV) 11/00/1996 KT 06/04/1997 ISO 14001 (DNV) 12/06/2000 QS 9000 (KFQ) Int’l Trade No.: 851338 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
01/1969 Incorporated as the present name 11/1987 Awarded the President Prize for saving Energy 04/1988 Listed at 11/1995 Awarded US$100 Million Export Top Prize 03/1996 Changed company name to the present name from ISU Chemical
Industry Co., Ltd. 10/1999 Honored as Top 100 Worldwide Companies by Forbes Magazine 09/2003 Selected as Good Company with New Culture of Capital &
Labor |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Lee Kyu-Cheol |
Korean |
1953.12. |
Korea University, Korea |
|
Sr. Executive Director |
Mr. |
Lee Seok-Joo |
Korean |
1966.04. |
Yonsei University, Korea |
|
Auditor |
Mr. |
Park Kwang-Kyu |
Korean |
1956.05. |
Dongkuk University, Korea |
|
Outside Director |
Mr. |
Park Won-Woo |
Korean |
1959.02. |
Seoul National University, Korea |
|
Sr. Executive Director |
Mr. |
Ryu Seung-Ho |
Korean |
1963.04. |
Seoul National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)06/2014 |
739,525,916,270 |
1,076,559,459,648 |
-3,212,978,208 |
|
(*)2013 |
1,774,728,432,890 |
1,080,775,043,117 |
11,967,152,268 |
|
(*)2012 |
1,848,372,357,504 |
997,882,247,720 |
34,149,768,416 |
|
(*)2011 |
1,682,729,057,425 |
935,237,212,007 |
31,933,980,724 |
|
(*)2010 |
1,326,550,340,267 |
843,964,068,039 |
52,632,374,417 |
|
2009 |
1,082,134,524,978 |
705,043,544,606 |
33,243,325,059 |
|
2008 |
1,379,773,834,215 |
643,296,701,211 |
35,909,210,390 |
|
2007 |
896,673,284,012 |
464,615,355,314 |
-10,335,201,541 |
|
2006 |
770,932,075,364 |
369,929,884,151 |
-8,523,211,108 |
|
2005 |
687,828,458,300 |
359,373,832,600 |
-4,849,335,735 |
|
2004 |
676,635,687,211 |
357,110,393,100 |
1,855,404,514 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
76,390,000,000 |
|
Total Issues Shares |
15,278,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
1,076,559,459,648 |
1,080,775,043,117 |
997,882,247,720 |
|
Current Assets |
395,851,162,121 |
397,937,798,832 |
371,491,638,996 |
|
Cash & Cash Equivalents |
68,789,393,900 |
119,438,874,305 |
105,372,753,974 |
|
Current Financial Instruments |
4,532,252,293 |
2,946,458,061 |
8,630,017,434 |
|
Trade Receivables |
194,196,371,990 |
137,994,754,050 |
142,427,627,979 |
|
Other Receivables |
19,754,594,131 |
24,992,825,348 |
20,111,557,660 |
|
Inventories |
107,567,017,873 |
112,045,617,992 |
94,039,335,898 |
|
Other Current Assets |
844,816,064 |
519,269,076 |
910,346,051 |
|
Deferred Income Tax Assets |
166,715,870 |
|
|
|
Non-Current Assets |
680,708,297,527 |
682,837,244,285 |
626,390,608,724 |
|
Non-Current Financial Instruments |
6,924,555,539 |
7,223,077,922 |
15,492,695,360 |
|
Long-Term Trade Receivables &
Other Receivables |
418,935,105 |
419,266,105 |
1,432,406,862 |
|
Investment_Subsidiaries |
371,168,737,645 |
371,168,737,645 |
323,741,603,959 |
|
Investment_Related Companies |
1,942,512,000 |
1,500,000,000 |
1,500,000,000 |
|
Investment_Co-Dominant Companies |
32,550,440,151 |
32,550,440,151 |
26,413,744,146 |
|
Tangibles |
183,111,893,227 |
181,380,348,604 |
178,098,851,554 |
|
Investment_Real Estates |
69,330,267,894 |
69,816,178,215 |
66,490,102,167 |
|
Intangibles |
6,637,422,228 |
6,728,420,921 |
6,723,270,187 |
|
Other Non-Current Assets |
8,623,533,738 |
12,050,774,722 |
6,497,934,489 |
|
Total Liabilities |
517,457,701,223 |
511,616,374,928 |
422,754,442,432 |
|
Current Liabilities |
309,405,727,233 |
274,436,838,930 |
225,108,951,432 |
|
Trade Payables & Other
Payables |
38,540,822,106 |
32,393,382,945 |
36,894,305,845 |
|
Short-Term Borrowings |
88,840,300,000 |
88,832,020,000 |
33,831,020,000 |
|
Deferred Income Tax Credit |
|
1,235,896,937 |
3,570,930,079 |
|
Other Current Financial Debts |
9,706,761,283 |
13,228,531,139 |
20,743,537,430 |
|
Current Portion of Long-Term
Debts |
158,227,310,000 |
118,923,850,000 |
112,600,000,000 |
|
Other Current Liabilities |
14,090,533,844 |
19,823,157,909 |
17,469,158,078 |
|
Non-Current Liabilities |
208,051,973,990 |
237,179,535,998 |
197,645,491,000 |
|
Long-Term Borrowings |
172,903,490,000 |
202,111,000,000 |
163,792,950,000 |
|
Other Non-Current Financial Debts |
13,265,082,744 |
16,830,847,665 |
11,375,782,444 |
|
Provision for Severance &
Retirement |
7,261,483,707 |
4,010,122,664 |
6,759,394,042 |
|
Deferred Income Tax Credit |
14,621,917,539 |
14,227,565,669 |
15,717,364,514 |
|
Capital Stock |
76,390,000,000 |
76,390,000,000 |
76,390,000,000 |
|
Capital Surplus |
130,059,697,097 |
130,059,697,097 |
128,684,329,663 |
|
Others |
-9,876,650,410 |
-9,876,650,410 |
-9,876,650,410 |
|
Installments |
735,341,947 |
926,127,003 |
661,739,533 |
|
Profit Surplus |
361,793,369,791 |
371,659,494,499 |
379,268,386,502 |
|
Total Equity |
559,101,758,425 |
569,158,668,189 |
575,127,805,288 |
|
Liab. & Shareholder’s Equity |
1,076,559,459,648 |
1,080,775,043,117 |
997,882,247,720 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
739,525,916,270 |
1,774,728,432,890 |
1,848,372,357,504 |
|
Cost of Sold Goods |
715,736,879,291 |
1,703,989,107,086 |
1,767,754,808,725 |
|
Gross Profit |
23,789,036,979 |
70,739,325,804 |
80,617,548,779 |
|
Selling & Admin. Expenses |
17,365,211,971 |
37,872,115,800 |
36,663,337,246 |
|
Operating Income |
6,423,825,008 |
32,867,210,004 |
43,954,211,533 |
|
Other Operating Income |
380,581,523 |
618,517,794 |
9,169,583,329 |
|
Other Operating Expenses |
127,007,887 |
3,465,711,140 |
7,062,991,646 |
|
Finance Income |
13,213,579,945 |
35,517,929,214 |
37,838,772,391 |
|
Finance Expenses |
22,633,026,268 |
47,110,418,881 |
40,315,464,501 |
|
Income Before Taxes |
-2,742,047,679 |
18,427,526,991 |
43,584,111,106 |
|
Income Taxes Expenses |
-470,930,529 |
6,460,374,723 |
9,434,342,690 |
|
Net Income |
-3,212,978,208 |
11,967,152,268 |
34,149,768,416 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
-47,000,485,642 |
-9,766,569,337 |
16,245,837,913 |
|
Cash Flows from Operating |
-37,246,223,376 |
10,698,955,901 |
45,365,241,567 |
|
Interests Received |
1,025,294,251 |
5,007,507,813 |
7,275,064,834 |
|
Interests Paid |
-9,361,275,320 |
-16,408,380,633 |
-17,484,556,529 |
|
Income Taxes |
-1,418,281,197 |
-9,131,152,418 |
-19,029,576,459 |
|
Dividends Received |
|
66,500,000 |
119,664,500 |
|
Cash Flows from Investing |
-5,864,417,686 |
-68,831,960,446 |
-4,663,252,509 |
|
Cash Inflow from Investing |
802,165,565 |
11,806,370,491 |
43,254,542,512 |
|
Cash Outflows for Investing |
-6,666,583,251 |
-80,638,330,937 |
-47,917,795,021 |
|
Cash Flows from Financing |
3,592,900,642 |
92,602,007,584 |
31,979,645,160 |
|
Cash Inflows from Financing |
40,441,940,000 |
219,974,452,584 |
173,022,548,340 |
|
Cash Outflows from Financing |
-36,849,039,358 |
-127,372,445,000 |
-141,042,903,180 |
|
Increase/Decrease in Cash |
-49,272,002,686 |
14,003,477,801 |
43,562,230,564 |
|
Cash at the Beginning of Year |
119,438,874,305 |
105,372,753,974 |
62,136,965,011 |
|
Cash at the End of Year |
68,789,393,900 |
119,438,874,305 |
105,372,753,974 |
|
Main Products & Services |
Major Brands : ULTRASOL, ISU D-SOL, LAB,
BAB |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
S-OIL CORPORATION(110111-0189955) KUMHO P&B CHEMICALS, INC.(206211-0018313) |
|
Customers |
Payment Condition: Domestic : Cash within 60 days or
Promissory Notes within 3 Months Export : Cash within 3 Months The Subject sells Arkyl Benzene through the
networks of LG HOUSEHOLD & HEALTH CARE LTD and CJ Corporation. |
|
Competitors |
PHILIPS AKEMA |
|
Affiliates-Domestic |
ISU CORPORATION(110111-2833451) ISU CHEMICAL CO., LTD(110111-0008600) ISUPETASYS CO., LTD(110111-0186638) ISU SYSTEM CO., LTD.(110111-1304643) ISU VENTURE CAPITAL CO.,
LTD.(110111-1917636) EXACHEM CO., LTD.(110111-2303826) ISU C&D CO., LTD.(110111-1151549) EXA BOARD CO., LTD.(131411-0161035) TODA ISU CORPORATION(141211-0043623) ISU OIL CHEMICAL CO., LTD.(110111-0584436) (63.20% held by
the subject company) ISU ABXIS CO., LTD.(110111-2203951) (45.85% held by
the subject company) ISU ENGINEERING & CONSTRUCTION CO.,
LTD.(110111-0202202) (100.0% held by the subject company) |
|
Affiliates-Overseas |
ISU PETASYS CORP. ISU-SAUDI ENGINEERING AND CONSTRUCTION CO.,
LTD. ISU BROWNSTONE CO., LTD ISU CHEMICAL GERMANY GMBH (100.0% held by the subject company) GREAT ORIENT CHEMICAL PTE. LTD. (50.0% held by the subject company) |
|
Overseas Office |
ISU EUROPE B.V. TRANSPOLIS COMMERCE CENTER PLOARISAVENUE 83C 2132 IH HOOLDDROP THE NETHERLANDS TEL 32-23-568-5180 FAX 31-23-568-5181 ISU CHEMICAL GERMANY GMBH RHENANIASTRAß E 76-102, D-68219 MANNHEIM, FEDERAL REPUBLIC OF
GERMANY TEL 49-621-481-035-0 FAX 49-621-481-035-29 ISU CHEMICAL MEXICO OFFICE BOSQUES DE CIRUELOS NO. 130. 5. PISO
MEXICO. D. F. TEL 52-55-5596-7109 FAX 52-55-5596-1585 |
|
Subsidiary |
ISU ENGINEERING & CONSTRUCTION CO.,
LTD.(110111-0202202) (100.0% held by the subject company) ISU CHEMICAL GERMANY GMBH (100.0% held by the subject company) RHENANIASTRASSE 76-102, D-68219 MANNHEIM IN
GERMANY QINGDAO DONGSUNG TEXTILE CO., LTD.(CHINA) (100.0% held by the subject company) JI MO SHI HUAN XIU QU GUO JIA PO ZI CHUN QINGDAO
CHINA ISU CONSTRUCTION (TAICANG) CO., LTD.(CHINA) ISU ABXIS CO., LTD.(110111-2203951) (45.85% held by
the subject company) |
|
Corporate Ownership |
ISU CORPORATION(110111-2833451) |
|
Cooperative Enterprise |
-Insured Company FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586) |
|
Sales/ Unit :Thousand KRW |
03/2012 |
2011 |
2010 |
|
Export |
163,685,780 |
586,112,999 |
508,729,121 |
|
Domestic |
321,008,204 |
1,092,752,055 |
814,252,711 |
|
Others |
1,036,867 |
3,864,004 |
3,568,508 |
|
Total |
485,730,852 |
1,682,729,057 |
1,326,550,340 |
The Subject exports to Taiwan, Japan, China and South East Asia, and it
imports from Russia.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
Hong Soon-Yang |
The Subject Company |
Salaries |
50 |
Proceeding |
|
|
|
Kim Il-Ho & Others(1) |
The Subject Company |
Maintenance & Administrative Fee |
67 |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.97.12 |
|
Euro |
1 |
Rs.76.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.