|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALPHACHEM CO., LTD. |
|
|
|
|
Registered Office : |
261, Sinwon-Ro, Yeongtong-Gu, Suwon-Si,
Gyeonggi-Do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
21.04.1998 |
|
|
|
|
Com. Reg. No.: |
124-81-55891 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Printing Ink. |
|
|
|
|
No of Employees : |
177 |
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 |
ALPHACHEM CO., LTD. (Korean Company Name : “(주)알파켐”) |
|
Registered Address |
261, Sinwon-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do,
Korea |
|
Building |
|
|
Zip Code |
443-803 |
|
Tel |
+82-31-214-4428~9 |
|
Fax |
+82-31-216-4429 |
|
E-mail |
info@inkmate.co.kr |
|
Website |
www.alphachem.net |
|
Trading Address |
261, Sinwon-ro, Yeongtong-gu, Suwon-si,
Gyeonggi-do, Korea (Old Address System : 407-1, Maetan
3-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-214-4428~9 |
|
Fax |
+82-31-216-4429 |
|
Other Address-Hwasung Factory |
64, 58, Nangnaegi-gil, Bongdam-eup, Hwaseong-si, Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Printing Ink |
|
Main Business |
Refill Inks, OPC Drum, Replacement Cartridge, Wide Format Printing
Inks, Sublimation Ink Cartridge, Laser Printer Recycling |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
04/21/1998 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Printer and facsimile and photocopier supplies(44103100) |
|
Sell |
Carbon black(12171603) |
|
Sell |
Printing and drawing inks(60121800) |
|
Sell |
Toner(44103103) |
|
Sell |
Ink cartridges(44103105) |
|
Sell |
Ink refills(44121904) |
|
Sell |
Transparency film(44103118) |
|
Buy |
Aluminum(11101705) |
|
Buy |
Pigments(12171600) |
|
Buy |
Electronic component parts and raw materials and accessories(32131000) |
|
Name |
Cho Kyu-Oh |
|
Address |
Suite 120-1101, 30, Bojeong-ro, Giheung-gu,
Yongin-si, Gyeonggi-do, Korea |
|
Date of Birth |
02/12/1962 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
4,200,000,000 |
|||||||||||||||
|
Employees |
177 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Venture Business |
|||||||||||||||
|
Bank Details |
Woori Bank Kookmin Bank Hana Bank Korea Exchange Bank |
|||||||||||||||
|
Corporate Registered No. |
130111-0047092 |
|||||||||||||||
|
Business Registered No. |
124-81-55891 |
|||||||||||||||
|
Permit & Licenses |
08/21/2012 ISO 14001 08/21/2012 ISO 9001 08/21/2012 OHSAS18001 09/2009 KOSHA18001 01/2002 CE Mark 08/24/201 NT Mark Int’l Trade No.: 21035276 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
04/21/1998 Incorporated as the present name 08/1999 Designated as a Venture Business 04/30/2007 Increased the authorized shares to
18,953,495 shares from 20,000,000 shares 11/2009 Awarded US$ 10 Million Export Top
Prize 12/18/2009 Designated as a MAIN-BIZ Company 11/2010 Awarded US$ 20 Million Export Top
Prize 06/24/2011 Designated as a Venture Business
again 12/31/2011 Increased capital to
4,200,000,000 KRW from 3,013,782,000 KRW |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Cho Kyu-Oh |
Male |
Korean |
02/17/2006 |
|
Director |
Mr. |
Cho Jong-Dae |
Male |
Korean |
02/17/2006 |
|
Director |
Mr. |
Park Sang-Joon |
Male |
Korean |
03/18/2011 |
|
Director |
Mr. |
Park Jong-Wook |
Male |
Korean |
03/21/2014 |
|
Auditor |
Mr. |
Lee Ji-Hoon |
Male |
Korean |
03/23/2009 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
32,784,506,721 |
60,345,422,285 |
-1,558,280,015 |
|
2012 |
38,216,936,055 |
63,151,266,129 |
-2,225,050,411 |
|
2011 |
35,572,150,162 |
63,159,574,605 |
1,620,309,237 |
|
2010 |
37,532,320,964 |
57,274,243,096 |
4,500,099,854 |
|
2009 |
30,254,507,462 |
47,889,368,730 |
3,713,046,709 |
|
Authorized Capital(KRW) |
9,476,747,500 |
|
Paid-Up Capital(KRW) |
4,200,000,000 |
|
Total Issued Shares |
8,400,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total
Assets |
60,345,422,285 |
63,151,266,129 |
63,159,574,605 |
|
Current Assets |
15,123,618,468 |
16,995,901,933 |
17,069,813,590 |
|
Cash
& Cash Equivalents |
376,926,352 |
1,014,338,564 |
1,423,915,056 |
|
Trade
Receivables & Other Receivables |
9,790,256,249 |
10,739,661,952 |
10,659,579,302 |
|
Inventories |
4,798,763,792 |
4,984,747,589 |
4,707,585,195 |
|
Other
Current Assets |
157,550,795 |
256,120,898 |
116,080,895 |
|
Deferred
Income Tax Assets |
121,280 |
1,032,930 |
162,653,142 |
|
Non-Current Assets |
45,221,803,817 |
46,155,364,196 |
46,089,761,015 |
|
Tangibles |
44,922,252,631 |
45,858,865,199 |
45,762,794,873 |
|
Intangibles |
292,261,186 |
284,208,997 |
314,676,142 |
|
Guarantees |
7,290,000 |
12,290,000 |
12,290,000 |
|
Total Liabilities |
35,586,784,508 |
36,746,176,049 |
33,886,841,675 |
|
Current Liabilities |
28,787,163,550 |
27,123,863,282 |
22,431,752,463 |
|
Trade
Payables & Other Payables |
2,098,651,413 |
2,199,398,392 |
3,163,583,442 |
|
Short-Term
Borrowings |
19,801,679,800 |
16,547,752,600 |
17,231,297,800 |
|
Current
Portion of Long-Term Debts |
5,510,000,000 |
4,822,500,000 |
1,510,000,000 |
|
Current
Portion of Convertible Bonds |
- |
2,150,046,427 |
- |
|
Other
Financial Debts |
1,070,470,945 |
1,016,267,027 |
|
|
Other
Current Liabilities |
256,321,073 |
350,310,340 |
362,150,895 |
|
Provisions for Refund |
50,040,319 |
37,588,496 |
164,720,326 |
|
Non-Current Liabilities |
6,799,620,958 |
9,622,312,767 |
11,455,089,212 |
|
Long-Term
Borrowings |
3,645,000,000 |
6,155,000,000 |
5,477,500,000 |
|
Provision
for Severance & Retirement |
1,828,951,296 |
1,691,366,210 |
1,541,874,677 |
|
Other
Financial Debts |
- |
5,000,000 |
5,000,000 |
|
Convertible Bonds |
|
|
2,042,748,565 |
|
Deferred
Income Tax Credit |
1,325,669,662 |
1,770,946,557 |
2,387,965,970 |
|
Capital Stock |
4,200,000,000 |
4,200,000,000 |
4,200,000,000 |
|
Capital
Surplus |
1,618,328,187 |
1,618,328,187 |
1,625,158,027 |
|
Others |
-61,000 |
-61,000 |
-61,000 |
|
Profit
Surplus |
18,940,370,590 |
20,586,822,893 |
23,447,635,903 |
|
Total
Equity |
24,758,637,777 |
26,405,090,080 |
29,272,732,930 |
|
Liab.
& Shareholder’s Equity |
60,345,422,285 |
63,151,266,129 |
63,159,574,605 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
32,784,506,721 |
38,216,936,055 |
35,572,150,162 |
|
Cost
of Sold Goods |
26,429,586,313 |
28,925,683,116 |
25,180,328,264 |
|
Gross
Profit |
6,354,920,408 |
9,291,252,939 |
10,391,821,898 |
|
Selling
& Admin. Expenses |
6,321,457,565 |
8,421,661,769 |
7,750,849,128 |
|
Operating
Income |
33,462,843 |
869,591,170 |
2,640,972,770 |
|
Finance
Income |
146,310,040 |
80,337,466 |
43,661,452 |
|
Finance
Expenses |
1,246,979,414 |
1,326,170,900 |
952,190,293 |
|
Non-Operating
Income |
780,388,961 |
890,624,525 |
974,700,007 |
|
Non-Operating
Expenses |
1,715,562,197 |
3,347,716,565 |
875,333,226 |
|
Income
Before Taxes |
-2,002,379,767 |
-2,833,334,306 |
1,831,810,710 |
|
Income
Taxes Expenses |
-444,099,752 |
-608,283,895 |
211,501,473 |
|
Net
Income |
-1,558,280,015 |
-2,225,050,411 |
1,620,309,237 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
2,893,666,482 |
390,165,494 |
2,644,555,839 |
|
Net
Income |
-1,558,280,015 |
-2,225,050,411 |
1,620,309,237 |
|
Adjustment |
3,822,339,036 |
5,076,153,147 |
3,877,833,250 |
|
Changes
in Asset/ & Liability |
626,985,771 |
-2,631,141,770 |
-2,079,699,360 |
|
Interests
Received |
1,710,040 |
7,512,466 |
74,762,787 |
|
Income
Taxes |
911,650 |
162,692,062 |
-848,650,075 |
|
Cash Flows from Investing |
-1,981,218,382 |
-3,095,607,850 |
-8,740,430,777 |
|
Cash
Inflow from Investing |
|
375,824,545 |
427,728,273 |
|
Cash
Outflows for Investing |
|
-3,471,432,395 |
-9,168,159,050 |
|
Cash Flows from Financing |
-1,546,926,423 |
2,298,472,291 |
3,921,907,428 |
|
Cash
Inflows from Financing |
|
4,428,966,385 |
11,912,788,642 |
|
Cash
Outflows from Financing |
|
-2,130,494,094 |
-7,990,881,214 |
|
Increase/Decrease in Cash |
-634,478,323 |
-406,970,065 |
-2,173,967,510 |
|
Cash at the Beginning of Year |
1,014,338,564 |
1,423,915,056 |
3,595,109,762 |
|
Cash at the End of Year |
376,926,352 |
1,014,338,564 |
1,423,915,056 |
|
Main Products & Services |
Refill Inks, OPC Drum, Replacement Cartridge, Wide Format Printing Inks,
Sublimation Ink Cartridge, Laser Printer Recycling |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
ALPROD SHANGHAI TRADING CO., LTD.(CHINA) |
|
Competitors |
JOEUN INK & CHEMICAL
CO., LTD. 1037-83, MAE-RI, SANGDONG-MYEON, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-329-0615 FAX:+82-55-329-0617 HAN YANG INK. CO., LTD. 55-1, YANGPYEONG-DONG 5-GA,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2676-6667 FAX:+82-2-2671-9686 DIPI COLOR KOREA CO., LTD. 952-14, DEOKJEONG-RI, SAMSEONG-MYEON,
EUMSEONG-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-877-3165 FAX:+82-43-877-4395 |
|
Affiliates |
ZEUS TECH CO., LTD.(KOREA) |
|
Overseas Office |
|
|
Subsidiary |
ALPROD SHANGHAI TRADING CO., LTD.(CHINA) (100.0% held by the subject company) ALPHACHEM USA, INC(USA) (100.0% held by the subject company) ALPHACHEM EUROPE GMBH(GERMANY) (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
|
Sales/ Unit
:Thousand KRW |
2013 |
2012 |
2011 |
|
Export |
25,411,490 |
31,152,370 |
|
|
Domestic |
7,373,017 |
7,064,566 |
|
|
Total |
32,784,507 |
38,216,936 |
|
The Subject exports
to Germany, USA and Japan.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.