|
Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
JMC CORPORATION |
|
|
|
|
Registered Office : |
71, Ijin-ro, Onsan-eup, Ulju-gun, (Old Address System : 125, Hwasan-ri, Onsan-eup, Ulju-gun, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.03.1991 |
|
|
|
|
Com. Reg. No.: |
610-81-11996 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Organic Chemicals |
|
|
|
|
No. of Employees : |
183 |
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 : |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
|
Company
Name |
JMC CORPORATION (Korean Company Name : “(주)제이엠씨”) |
|
Registered Address |
71, Ijin-ro, Onsan-eup, Ulju-gun, Ulsan,
Korea (Old Address System : 125, Hwasan-ri,
Onsan-eup, Ulju-gun, Ulsan, Korea) |
|
Zip Code |
689-896 |
|
Tel |
+82-52-231-5757 |
|
Fax |
+82-52-238-9210 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
252-2, Yeomchang-dong, Gangseo-gu, Seoul,
Korea |
|
Tel |
+82-2-3660-8554 |
|
Fax |
+82-2-752-4791 |
|
Other Address |
9, Ijin-ri, Onsan-eup, Ulju-gun, Ulsan,
Korea |
|
Tel |
+82-52-239-7320 |
|
Fax |
+82-52-239-7321 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Basic Organic Chemicals |
|
Main
Business |
para Toluenesulfonyl Chloride, para Toluenesulfonamide, Sodium
Saccharin, Insoluble Saccharin, Sodium Saccharin Spray Dried, Calcium
Saccharin Spray Dried, Sodium Para Toluenesulfinate, N-Acetyl Sulfanilyl
Chloride, Sulfanilic Acid, Acetanilide |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/29/1991 |
The Subject owns
the premises of registered HQ address/Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Organic halogenated compounds(12352101) |
|
Sell |
Sulfonamides(12162004) |
|
Sell |
Inorganic acids(12352301) |
|
Sell |
Sweeteners(12164504) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Inorganic metal salts(12352302) |
|
Sell |
Potassic fertilizer(10171602) |
|
Sell |
Esters or its substitutes(12352108) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Organic derivatives and substituted
compounds(12352100) |
CEO’s
|
Name |
Jung Won-Sik |
|
Address |
Suite 10-1, Namcheondong-ro 16beon-gil,
Suyeong-gu, Busan, Korea |
|
Date of Birth |
11/25/1968 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,990,000,000 |
|||||||||||||||
|
Employees |
183 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
Korea Exchange Bank-Kangseo Branch Woori Bank-Ulsan Central Branch Citi Bank, Korea Hana Bank |
|||||||||||||||
|
Corporate Registered No. |
181211-0015814 |
|||||||||||||||
|
Business Registered No. |
610-81-11996 |
|||||||||||||||
|
Permit & Licenses |
06/1997 ISO9002:1994 system approval from
BVQI 2003 ISO 9001 system approval from BVQI 2005 ISO 14001:2004 and OHSAS 18001:1999
system approval from BVQI Int’l Trade No.: 17100902 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
03/29/1991
Incorporated as Shinwon Chemicals Co., Ltd. 04/24/2002
Changed company name to the present name 09/25/2003 Increased capital to
1,900,000,000 KRW from 900,000,000 KRW 11/2004 Awarded US$20 Million Export Top
Prize 12/08/2004 Increased capital to
3,800,000,000 KRW from 1,900,000,000 KRW 08/19/2008 Increased the authorized shares
to 50,000,000 shares from 10,000,000 shares 08/19/2008 Spin off the par value to 5,000
KRW from 500 KRW 06/27/2009 Increased capital to
3,990,000,000 KRW from 3,800,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Jung Won-Sik |
Male |
Korean |
06/27/2013 |
|
Director |
Mr. |
Cho Sung-Yong |
Male |
Korean |
05/10/2008 |
|
Director |
Mr. |
Lee Hee-Bok |
Male |
Korean |
06/29/2009 |
|
Director |
Mr. |
Kim Dong-Kil |
Male |
Korean |
02/19/2010 |
|
Director |
Mr. |
Kim Heung-Joon |
Male |
Korean |
02/19/2010 |
|
Auditor |
Mr. |
Park Joon-Young |
Male |
Korean |
02/19/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
62,077,055,130 |
76,361,920,686 |
-935,199,192 |
|
|
2012 |
69,408,303,682 |
77,631,008,140 |
1,817,104,500 |
|
2011 |
62,253,368,907 |
75,808,787,746 |
3,817,823,822 |
|
2010 |
61,082,238,260 |
72,508,891,810 |
5,416,767,147 |
|
2009 |
66,854,101,538 |
68,707,209,206 |
14,795,215,368 |
|
2008 |
92,648,096,877 |
57,543,478,761 |
25,187,769,115 |
|
2007 |
41,196,360,048 |
28,856,454,100 |
561,508,104 |
|
2006 |
34,684,794,872 |
28,523,786,598 |
(-)383,356,268 |
|
2005 |
33,951,111,709 |
26,338,737,056 |
1,213,863,369 |
|
2004 |
33,607,423,073 |
24,267,344,088 |
1,354,001,443 |
|
2003 |
39,500,291,506 |
28,701,635,847 |
184,212,790 |
Financial
Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
3, 990,000,000 |
|
Total Issues Shares |
7,980,000 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total
Assets |
76,361,920,686 |
77,631,008,140 |
75,808,787,746 |
|
Current Assets |
30,730,137,243 |
33,579,676,388 |
31,129,455,998 |
|
Cash
& Cash Equivalents |
3,357,710,356 |
4,349,866,840 |
3,673,493,919 |
|
Current
Financial Instruments |
4,000,000,000 |
3,000,000,000 |
1,000,000,000 |
|
Trade
Receivables & Other Receivables |
7,114,542,367 |
10,284,833,412 |
9,166,278,727 |
|
Other
Financial Assets |
5,048,219 |
10,675,341 |
2,079,452 |
|
Inventories |
15,744,233,686 |
15,666,961,233 |
17,080,586,950 |
|
Other
Current Assets |
266,212,843 |
267,339,562 |
207,016,950 |
|
Deferred
Income Tax Assets |
242,389,772 |
- |
|
|
Non-Current Assets |
45,631,783,443 |
44,051,331,752 |
44,679,331,748 |
|
Non-Current
Financial Instruments |
2,500,000 |
2,500,000 |
2,500,000 |
|
Marketable
Financial Instruments |
300,000 |
300,000 |
300,000 |
|
Tangibles |
42,124,318,647 |
42,109,949,783 |
43,218,469,526 |
|
Intangibles |
688,283,517 |
600,285,359 |
597,785,359 |
|
Other
Financial Assets |
2,816,381,279 |
1,338,296,610 |
860,276,863 |
|
Total Liabilities |
14,208,479,805 |
14,454,800,412 |
13,733,759,142 |
|
Current Liabilities |
6,886,858,806 |
9,027,986,228 |
8,805,024,255 |
|
Trade
Payables & Other Payables |
3,645,604,314 |
5,705,872,010 |
4,534,208,722 |
|
Short-Term
Borrowings |
140,940,592 |
187,447,856 |
902,881,664 |
|
Other
Current Financial Debts |
2,383,504,723 |
2,677,425,342 |
2,329,152,439 |
|
Deferred
Income Tax Credit |
- |
34,182,793 |
514,349,277 |
|
Other
Current Liabilities |
716,809,177 |
423,058,227 |
524,432,153 |
|
Non-Current Liabilities |
7,321,620,999 |
5,426,814,184 |
4,928,734,887 |
|
Long-Term
Borrowings |
2,415,000,000 |
415,000,000 |
- |
|
Deferred
Income Tax Credit |
4,906,620,999 |
5,011,814,184 |
4,928,734,887 |
|
Capital Stock |
3,990,000,000 |
3,990,000,000 |
3,990,000,000 |
|
Capital
Surplus |
184,795,602 |
184,795,602 |
184,795,602 |
|
Profit
Surplus |
57,978,645,279 |
59,001,412,126 |
39,365,676,631 |
|
Others |
|
|
18,534,556,371 |
|
Total
Equity |
62,153,440,881 |
63,176,207,728 |
62,075,028,604 |
|
Liab.
& Shareholder’s Equity |
76,361,920,686 |
77,631,008,140 |
75,808,787,746 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
62,077,055,130 |
69,408,303,682 |
62,253,368,907 |
|
Cost of Sold Goods |
58,776,678,068 |
62,893,240,700 |
53,041,390,321 |
|
Gross Profit |
3,300,377,062 |
6,515,062,982 |
9,211,978,586 |
|
Selling & Admin. Expenses |
4,441,535,044 |
4,297,651,646 |
4,402,616,130 |
|
Operating Income |
-1,141,157,982 |
2,217,411,336 |
4,809,362,456 |
|
Finance Income |
152,337,822 |
89,572,361 |
208,502,913 |
|
Finance Expenses |
88,367,179 |
37,906,463 |
30,903,378 |
|
Other Income |
2,088,546,387 |
762,275,114 |
800,568,863 |
|
Other Expenses |
2,110,885,707 |
746,440,054 |
865,390,490 |
|
Income Before Taxes |
-1,099,526,659 |
2,284,912,294 |
4,922,140,364 |
|
Income Taxes Expenses |
-164,327,467 |
467,807,794 |
1,104,316,542 |
|
Net Income |
-935,199,192 |
1,817,104,500 |
3,817,823,822 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
3,086,276,596 |
5,668,897,167 |
2,912,308,861 |
|
Net Income |
-935,199,192 |
1,817,104,500 |
3,817,823,822 |
|
Adjustment |
3,444,562,554 |
3,987,618,846 |
3,886,489,749 |
|
Changes in Asset/ & Liability |
733,229,542 |
693,749,275 |
-3,585,593,152 |
|
Interests Received |
157,964,944 |
80,976,472 |
222,190,855 |
|
Income Taxes |
-314,281,252 |
-910,551,926 |
-1,428,602,413 |
|
Cash Flows from Investing |
-5,442,371,649 |
-3,666,534,671 |
-5,096,659,897 |
|
Cash Flows from Financing |
1,434,205,557 |
-1,216,140,271 |
-1,507,342,714 |
|
Increase/Decrease in Cash |
-992,156,484 |
676,372,921 |
-3,691,693,750 |
|
Cash at the Beginning of Year |
4,349,866,840 |
3,673,493,919 |
7,365,188,553 |
|
Cash at the End of Year |
3,357,710,356 |
4,349,866,840 |
3,673,493,919 |
Products,
Technologies, Services Description
|
Main Products & Services |
Manufacturing & Marketing of Dyestuffs,
Pigments and their intermediates Importing, Manufacturing, Processing &
Marketing of Drugs, Bulk Pharmaceuticals, Quasi-drugs, Cosmetics and Medical
devices Manufacturing & Marketing of
Agricultural chemicals and their intermediates Manufacturing & Marketing of Fertilizer Manufacturing & Marketing of Hazardous
chemical substances Manufacturing & Marketing of Fermented
foods and Acid/Alkali chemicals -Saccharin Sodium saccharin Calcium saccharin Insoluble saccharin Sodium saccharin, 6% moisture -Sulfo Products PTSA (para-Toluenesulfonamide) OTSA (ortho-Toluenesulfonamide) PTSC(para-Toluenesulfonyl chloride) OPTSA (ortho/para-Toluenesulfonamide) MPTS (p-Toluenesulfonic acid methyl ester) OPTSC (ortho/para-Toluenesulfonyl chloride) -Pharmaceutical Intermediates N-Acetylsulfanilyl chloride Sulfanilic acid Acetanilide -Reactive Dye Intermediate -Inorganic Chlorosulfonic acid Potassium sulfate Hydrochloric acid Sodium hydrogen sulfite |
Trade Partners
& Competitors
|
Competitors |
KOREA SPECIAL INK INDUSTRIAL CO., LTD. 1385-7, JUAN 5-DONG, NAM-GU, INCHEON, KOREA TEL:+82-32-865-3031 FAX:+82-32-865-3036 MAGTEC CORP. 4TH FL., UJEONG BLDG., 835, YEOKSAM 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-553-2721 FAX:+82-2-553-6017 JIN WOONG INDUSTRIAL CO., LTD. 619-1, GANAP -RI, GWANGJEOK-MYEON,
YANGJU-SI, GYEONGGI-DO, KOREA TEL:+82-31-837-6005 FAX:+82-31-837-6006 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KYUNG-IN SYNTHETIC CORPORATION(120111-0005703) DAITO-KISCO CORPORTION(120111-0368466) YANGWOO CO., LTD. KISCO USA KIMSOY CHEMICAL KIMSOY EXIM RACHADA CHEMICAL NAMO IT LIANYUNGANG KISCO KISCO SHANGHAI |
|
Subsidiary |
KYUNG-IN SYNTHETIC
CORPORATION(120111-0005703) |
|
Corporate Ownership |
KYUNG-IN SYNTHETIC
CORPORATION(120111-0005703) |
|
Cooperative Enterprise |
-Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
Sales by Region (Activity & Markets)
The Subject deals with the companies in Germany, Italy, Japan,
Netherlands and USA.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.