|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
YONGSAN
CHEMICALS, INC. |
|
|
|
|
Registered Office : |
273, Hangang-daero, Yongsan-gu, Seoul, Korea, Building, 10th Fl., Yongsan Bldg., 140-717 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
12.05.1973 |
|
|
|
|
Com. Reg. No.: |
105-81-37077 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Organic Chemicals like Maleic Anhydride,
Fumaric Acid, Tetrahydrophthalic Anhydride, DL-Malic Acid |
|
|
|
|
No of Employees : |
129 |
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 : |
No Complaints |
|
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 |
YONGSAN CHEMICALS, INC. (Korean Company Name : “용산화학(주)”) |
|
Registered Address |
273, Hangang-daero, Yongsan-gu, Seoul, Korea |
|
Building |
10th Fl., Yongsan Bldg. |
|
Zip Code |
140-717 |
|
Tel |
+82-2-3274-9100 |
|
Fax |
+82-2-718-7330 |
|
E-mail |
recruit@yci.co.kr |
|
Website |
www.yci.co.kr |
|
Trading Address |
10th Fl., Yongsan Bldg., 273, Hangang-daero, Yongsan-gu, Seoul, Korea (Old Address System : 10th Fl., Yongsan Bldg., 92, Garwol-dong,
Yongsan-gu, Seoul, Korea) |
|
Tel |
+82-2-3274-9100 |
|
Fax |
+82-2-718-7330 |
|
Other Address-Ulsan Plant |
636, Bugok-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-226-8800 |
|
Fax |
+82-52-226-8859 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Basic Organic Chemicals |
|
Main Business |
Maleic Anhydride, Fumaric Acid, Tetrahydrophthalic Anhydride, DL-Malic
Acid |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/12/1973 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Organic derivatives and substituted compounds(12352100) |
|
Sell |
Additives(12160000) |
|
Sell |
Amides or imides(12352111) |
|
Sell |
Organic acids or its substitutes(12352106) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Amides or imides(12352111) |
|
Name |
Kim Kee-Joon |
|
Address |
105-2, Itaewon-dong, Yongsan-gu, Seoul, Korea |
|
Date of Birth |
10/31/1949 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,000,000,000 |
||||||||||||||||||||||||
|
Employees |
129 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank Kookmin Bank Korea Exchange Bank-Namyoungdong Branch |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0145709 |
||||||||||||||||||||||||
|
Business Registered No. |
105-81-37077 |
||||||||||||||||||||||||
|
Permit & Licenses |
09/26/1999 ISO 9001 by DNV Int’l Trade No.: 935034 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
05/12/1973 Incorporated as Daegyo Yuhwa
Co., Ltd. 08/06/1974 Changed company name to Daenong
Yuhwa Co., Ltd. 03/10/1976 Registered as a Foreign Direct
Investment Corporation 07/15/1997 Moved to the present HQ address from 33-1, Mapo-dong, Mapo-gu,
Seoul, Korea 12/01/1997 Changed company name to the present name 01/01/2003 Increased capital to 6,000,000,000 KRW from 3,960,000,000
KRW 12/2004 Awarded US$ 30 Million Export Top
Prize |
||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Kee-Joon |
Male |
Korean |
07/15/1997 |
|
Director |
Mr. |
Kim Kee-Soo |
Male |
Korean |
07/14/2009 |
|
Director |
M/S. |
Nam Susan Eunsook |
Female |
USA |
08/28/2008 |
|
Outside Director |
Mr. |
Lee Cheon-Pyo |
Male |
Korean |
10/01/2010 |
|
Director |
Mr. |
Egawa Masahiro |
Male |
Japanese |
10/08/2010 |
|
Director |
Mr. |
Kim Hyung-Joo |
Male |
USA |
02/24/2014 |
|
Auditor |
Mr. |
Park Jae-Hwi |
Male |
Korean |
01/04/2010 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
106,417,350,676 |
97,780,176,248 |
7,622,427,411 |
|
2012 |
96,891,116,123 |
94,600,296,149 |
4,509,824,895 |
|
2011 |
88,259,519,041 |
91,465,423,216 |
6,830,180,760 |
|
2010 |
80,317,837,095 |
78,216,449,115 |
7,362,727,872 |
|
61,105,311,809 |
76,577,181,026 |
455,021,951 |
|
|
2008 |
66,606,155,817 |
85,050,700,496 |
345,088,205 |
|
2007 |
61,356,095,813 |
72,483,021,328 |
499,447,129 |
|
2006 |
52,436,262,979 |
77,613,119,235 |
-1,709,800,573 |
|
2005 |
64,300,481,904 |
78,767,201,881 |
4,497,999,375 |
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
6,000,000,000 |
|
Total Issued Shares |
1,200,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
97,780,176,248 |
94,600,296,149 |
91,465,423,216 |
|
Current Assets |
27,558,469,739 |
27,689,003,880 |
24,386,577,555 |
|
-Quick Assets |
19,827,670,920 |
19,173,474,441 |
19,931,403,373 |
|
-Inventories |
7,730,798,819 |
8,515,529,439 |
4,455,174,182 |
|
Fixed Assets |
70,221,706,509 |
66,911,292,269 |
67,078,845,661 |
|
-Investment |
39,247,239,860 |
36,150,147,880 |
39,126,559,553 |
|
-Tangibles |
30,584,099,278 |
30,197,618,548 |
26,537,404,508 |
|
-Intangibles |
154,941,885 |
151,027,855 |
210,661,114 |
|
-Others |
235,425,486 |
412,497,986 |
1,204,220,486 |
|
Total Liabilities |
46,149,312,114 |
48,721,187,922 |
47,573,266,796 |
|
Current Liabilities |
41,692,218,105 |
43,927,382,622 |
45,653,481,448 |
|
Fixed Liabilities |
4,457,094,009 |
4,793,805,300 |
1,919,785,348 |
|
Capital Stock |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
|
Capital Surplus |
7,235,027,724 |
7,235,027,724 |
7,235,027,724 |
|
Profit Surplus |
38,645,432,676 |
32,823,005,265 |
30,686,008,679 |
|
Capital Adjustment |
-249,596,266 |
-178,924,762 |
-28,879,983 |
|
Total Equity |
51,630,864,134 |
45,879,108,227 |
43,892,156,420 |
|
Liab. & Shareholder’s Equity |
97,780,176,248 |
94,600,296,149 |
91,465,423,216 |
|
Current Liabilities |
41,692,218,105 |
43,927,382,622 |
45,653,481,448 |
|
Trade Payables |
5,441,477,556 |
4,347,888,842 |
3,078,080,574 |
|
Short-Term Borrowings |
29,110,000,000 |
32,700,000,000 |
30,500,000,000 |
|
Account Payables |
3,252,128,035 |
3,236,371,450 |
5,595,369,071 |
|
Accrued Expenses |
682,523,977 |
708,788,472 |
68,480,086 |
|
Withholdings |
621,120,224 |
757,119,510 |
3,036,711,966 |
|
Deferred Income Tax Credit |
966,928,313 |
478,664,348 |
1,241,384,655 |
|
Current Portion of Long-Term Debts |
1,618,040,000 |
1,698,550,000 |
1,118,130,000 |
|
Advance Receipts |
|
|
844,800 |
|
VAT Withhold |
|
|
1,013,883,898 |
|
Current Portion of Deferred Income Tax Credit |
|
|
596,398 |
|
Fixed Liabilities |
4,457,094,009 |
4,793,805,300 |
1,919,785,348 |
|
Long-Term Borrowings |
2,592,190,000 |
4,210,230,000 |
1,417,780,000 |
|
Provision for Severance & Retirement |
4,620,141,330 |
3,928,310,330 |
3,370,145,370 |
|
Non-Current Portion of Deferred Income Tax Credit |
895,392,834 |
230,157,587 |
502,005,348 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
106,417,350,676 |
96,891,116,123 |
88,259,519,041 |
|
Cost of Sold Goods |
93,506,091,854 |
85,398,852,916 |
76,606,499,555 |
|
Gross Profit |
12,911,258,822 |
11,492,263,207 |
11,653,019,486 |
|
Selling & Admin. Expenses |
4,741,792,308 |
4,221,549,766 |
4,942,317,540 |
|
Operating Income |
8,169,466,514 |
7,270,713,441 |
6,710,701,946 |
|
Non-Operating Income |
5,543,766,553 |
1,228,330,363 |
4,409,399,656 |
|
Non-Operating Expenses |
3,949,654,654 |
2,905,186,977 |
2,365,502,375 |
|
Income Before Taxes |
9,763,578,413 |
5,593,856,827 |
8,754,599,227 |
|
Income Taxes Expenses |
2,141,151,002 |
1,084,031,932 |
1,924,418,467 |
|
Net Income |
7,622,427,411 |
4,509,824,895 |
6,830,180,760 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
9,923,349,727 |
-1,560,107,272 |
7,423,840,048 |
|
-Net Income |
7,622,427,411 |
4,509,824,895 |
6,830,180,760 |
|
-Exp. without Cash Outflow |
5,550,960,606 |
4,414,072,273 |
3,650,199,955 |
|
-Revenue without Cash Inflows |
-4,817,925,741 |
-512,814,092 |
-2,841,337,116 |
|
-Changes in Asset/ & Liability |
1,567,887,451 |
-9,971,190,348 |
-215,203,551 |
|
Cash Flows from Investing |
-3,356,407,814 |
-3,770,961,720 |
-8,462,059,946 |
|
-Cash Inflow from Investing |
1,187,573,251 |
4,414,695,723 |
4,998,918,727 |
|
-Cash Outflows for Investing |
-4,543,981,065 |
-8,185,657,443 |
-13,460,978,673 |
|
Cash Flows from Financing |
-7,088,550,000 |
3,772,870,000 |
800,650,000 |
|
-Cash Inflows from Financing |
6,260,000,000 |
13,741,000,000 |
22,812,000,000 |
|
-Cash Outflows from Financing |
-13,348,550,000 |
-9,968,130,000 |
-22,011,350,000 |
|
Increase/Decrease in Cash |
-521,608,087 |
-1,558,198,992 |
-237,569,898 |
|
Cash at the Beginning of Year |
921,806,993 |
2,480,005,985 |
2,717,575,883 |
|
Cash at the End of Year |
400,198,906 |
921,806,993 |
2,480,005,985 |
|
Main Products & Services |
Maleic Anhydride, Fumaric Acid, Tetrahydrophthalic Anhydride, DL-Malic
Acid |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
SK GAS LTD.(110111-0413247) HUMADE
CORPORATION(110111-3000538) |
|
Customers |
|
|
Competitors |
KYUNGDONG CHEMICALS CORP. RM. 704, BYUCKSAN SEONYEONG TECHNOPIA, 196-5,
OJEON-DONG, UIWANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-387-3573~5 FAX:+82-31-387-3576 DAEHAN PARKERIZING CO., LTD. 4TH FL., UDO BLDG., 363-5, SEOGYO-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-333-5821 FAX:+82-2-333-6092 SAMWANG CHEMICAL CORPORATION 348, MYOBONG-RI, IDONG-MYEON, CHEOIN-GU,
YONGIN-SI, GYEONGGI-DO, KOREA TEL:+82-31-336-3873 FAX:+82-31-336-3876 |
|
Affiliates |
KOREA PTG CO., LTD.(230111-0060548) (44.72 % held by the subject company) YONGSAN MITSUI CHEMICAL CO., LTD.(110111-1852600) (30.00% held by the subject company) YONGSAN CO., LTD.(110111-0019813) (25.60% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
KOREA PTG CO., LTD.(230111-0060548) (33.33% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) -Technical Support from SCIENTIFIC DESIGN COMPANY, INC. |
The Subject deals with the companies in
Japan.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.63 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.