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Report No. : |
318200 |
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Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ISU EXACHEM CO., LTD |
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Formerly Known As : |
EXACHEM CO., LTD |
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Registered Office : |
84, Sapyeong-daero, Seocho-gu, Seoul, Korea, 137-806 |
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Country : |
South
Korea |
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|
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Financials (as on) : |
31.12.2014 |
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|
|
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Date of Incorporation : |
07.08.2001 |
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Com. Reg. No.: |
110111-2303826 |
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Legal Form : |
Company Limited By Shares |
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Line of Business : |
Wholesale of Industrial Basic Chemicals |
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No. of Employees : |
27 |
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 |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible economic 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. A system of close government and business ties, including
directed credit and import restrictions, initially 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 7% 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 over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced sluggish growth because of external market slowdowns. The
administration in 2015 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 the heavy reliance on exports, which comprise about half of
GDP.
|
Source
: CIA |
|
Company Name |
ISU EXACHEM CO., LTD (Ex.
Company Name : EXACHEM CO., LTD., “엑사켐(주)”) (Korean
Company Name : “(주)이수엑사켐”) |
|
Registered Address |
84,
Sapyeong-daero, Seocho-gu, Seoul, Korea |
|
Building |
|
|
Zip Code |
137-806 |
|
Tel |
+82-2-590-6652 |
|
Fax |
+82-2-590-6667 |
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E-mail |
ks503@isu.co.kr |
|
Website |
www.exachem.co.kr |
|
Trading Address |
84, Sapyeong-daero,
Seocho-gu, Seoul, Korea (Old
Address System : 112-4, Banpo 4-dong, Seocho-gu, Seoul, Korea) |
|
Tel |
+82-2-590-6652 |
|
Fax |
+82-2-590-6667 |
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Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Wholesale of Industrial Basic Chemicals |
|
Main Business |
Parasol, D-sol, TDM |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
08/07/2001 |
The Subject occupies the premises of the
registered address by leasing from ISU CHEMICAL CO., LTD.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Laundry products(47131811) |
|
Sell |
Compounds and mixtures(12350000) |
|
Name |
Lee Jong-Seok |
|
Address |
Suite 406-2204, 221, Seolleung-ro,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
06/10/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,600,000,000 |
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|
Employees |
27 |
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Formation |
Co., Ltd by shares A Company of ISU Group |
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Bank Details |
Korea Exchange Bank-Banpo Dong Branch Citi Bank, Korea Kookmin Bank |
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Corporate Registered No. |
110111-2303826 |
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Business Registered No. |
114-86-11339 |
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Permit & Licenses |
Int’l Trade No.: 11938879 |
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Shareholder Position |
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Company History |
08/07/2001 Separated from ISU CHEMICAL CO., LTD and Incorporated as the present name 04/20/2005 Acquired IMS Co., Ltd at 11-8,
Songnim-dong, Dong-gu, Incheon, Korea 11/29/2006 Awarded US$30 Million Export
Top Prize 07/07/2009 Increased capital to 1,600,000,000 KRW from 600,000,000 KRW 03/29/2010
Increased the authorized shares to 6,000,000 shares from 320,000 shares 03/31/2015
Changed company name to ISU EXACHEM CO., LTD. |
|||||||||
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Kim Sang-Beom |
Male |
Korean |
03/30/2011 |
|
President & CEO |
Mr. |
Chae Yoon |
Male |
Korean |
12/01/2014 |
|
Director |
Mr. |
Park Hee-Cheol |
Male |
Korean |
01/01/2015 |
|
Auditor |
Mr. |
Je Kang-Ho |
Male |
Korean |
01/01/2013 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)2014 |
153,037,582,375 |
88,899,893,379 |
256,928,989 |
|
(*)2013 |
175,713,979,610 |
75,042,066,087 |
5,104,472,113 |
|
(*)2012 |
195,173,166,118 |
83,680,647,261 |
2,322,412,471 |
|
(*)2011 |
199,263,532,073 |
85,145,353,399 |
1,747,917,936 |
|
2010 |
196,326,211,664 |
89,903,880,017 |
-982,726,652 |
|
2009 |
130,776,684,480 |
91,720,068,139 |
2,638,000,410 |
|
2008 |
131,830,541,121 |
76,421,092,730 |
2,764,069,038 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
1,600,000,000 |
|
Paid-Up Capital(KRW) |
1,600,000,000 |
|
Total Issued Shares |
320,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
88,899,893,379 |
75,042,066,087 |
83,680,647,261 |
|
Current Assets |
32,452,040,928 |
18,504,745,569 |
28,814,446,446 |
|
Cash
& Cash Equivalents |
436,604,026 |
1,139,586,749 |
321,427,094 |
|
Trade
Receivables & Other Receivables |
9,550,424,175 |
15,173,736,108 |
27,904,980,770 |
|
Inventories |
2,401,817,035 |
1,609,889,499 |
117,819,751 |
|
Current
Financial Instruments |
20,024,206,027 |
576,480,000 |
464,307,999 |
|
Other
Current Assets |
38,989,665 |
5,053,213 |
5,910,832 |
|
Non-Current Assets |
56,447,852,451 |
56,537,320,518 |
54,866,200,815 |
|
Long-Term
Trade Receivables & Other Receivables |
32,752,000 |
287,000,000 |
289,657,320 |
|
Tangibles |
1,930,269,876 |
2,262,042,772 |
180,092,017 |
|
Intangibles |
401,864,527 |
401,864,527 |
401,864,527 |
|
Investment_Subsidiaries |
49,322,639,427 |
49,322,639,427 |
49,322,639,427 |
|
Investment_Related
Companies |
3,207,974,641 |
3,207,974,641 |
3,207,974,641 |
|
Deferred
Income Tax Assets |
1,547,511,980 |
1,050,959,151 |
1,279,132,883 |
|
Non-Current
Financial Instruments |
4,840,000 |
4,840,000 |
184,840,000 |
|
Total Liabilities |
69,560,587,725 |
55,147,366,633 |
68,838,213,648 |
|
Current Liabilities |
68,808,565,379 |
54,521,386,416 |
68,746,776,905 |
|
Trade
Payables & Other Payables |
55,871,744,578 |
45,383,795,882 |
57,925,638,670 |
|
Short-Term
Borrowings |
12,139,237,648 |
8,300,000,000 |
8,300,000,000 |
|
Deferred
Income Tax Credit |
228,071,352 |
306,479,987 |
1,711,263,716 |
|
Other
Current Liabilities |
569,511,801 |
531,110,547 |
809,874,519 |
|
Non-Current Liabilities |
752,022,346 |
625,980,217 |
91,436,743 |
|
Confirmed
Salaries |
752,022,346 |
625,980,217 |
91,436,743 |
|
Capital Stock |
1,600,000,000 |
1,600,000,000 |
1,600,000,000 |
|
Profit
Surplus |
17,739,305,654 |
18,294,699,454 |
13,242,433,613 |
|
Total
Equity |
19,339,305,654 |
19,894,699,454 |
14,842,433,613 |
|
Liab.
& Shareholder’s Equity |
88,899,893,379 |
75,042,066,087 |
83,680,647,261 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
153,037,582,375 |
175,713,979,610 |
195,173,166,118 |
|
Cost
of Sold Goods |
141,426,977,921 |
161,686,494,751 |
177,964,358,767 |
|
Gross
Profit |
11,610,604,454 |
14,027,484,859 |
17,208,807,351 |
|
Selling
& Admin. Expenses |
7,741,112,476 |
7,920,186,758 |
7,621,784,400 |
|
Operating
Income |
3,869,491,978 |
6,107,298,101 |
9,587,022,951 |
|
Other
Income |
1,600,475,554 |
3,588,886,875 |
2,099,383,575 |
|
Other
Expenses |
2,875,262,625 |
1,893,120,301 |
6,362,637,603 |
|
Finance
Income |
1,874,441,393 |
1,845,945,353 |
1,901,198,555 |
|
Finance
Expenses |
3,072,459,618 |
2,714,605,722 |
3,581,302,044 |
|
Income
Before Taxes |
1,396,686,682 |
6,934,404,306 |
3,643,665,434 |
|
Income
Taxes Expenses |
1,139,757,693 |
1,829,932,193 |
1,321,252,963 |
|
Net
Income |
256,928,989 |
5,104,472,113 |
2,322,412,471 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating
Activities Cash Flows |
18,299,394,489 |
-8,665,479,336 |
2,455,643,651 |
|
Net
Income |
256,928,989 |
5,104,472,113 |
2,322,412,471 |
|
Adjustment |
4,678,070,245 |
1,727,112,180 |
8,538,635,257 |
|
Changes
in Asset/ & Liability |
13,279,973,716 |
-14,321,398,418 |
-9,972,002,991 |
|
Interests
Received |
1,840,793,243 |
1,816,152,133 |
1,884,318,945 |
|
Income
Taxes |
-1,756,371,704 |
-2,991,817,344 |
-317,720,031 |
|
Cash
Flows from Investing |
-19,176,690,794 |
12,246,359,138 |
-3,081,601,076 |
|
Cash
Flows from Financing |
174,767,877 |
-2,762,160,925 |
418,020,528 |
|
Increase/Decrease
in Cash |
-702,528,428 |
818,718,877 |
-207,936,897 |
|
Cash
at the Beginning of Year |
1,139,586,749 |
321,427,094 |
529,527,369 |
|
Cash
at the End of Year |
436,604,026 |
1,139,586,749 |
321,427,094 |
|
Main Products & Services |
D-SOL : D-SOL has good solubility as contains low
unsaturated contents and impurity. D-SOL contain napthenic rich contents so it
has better solubility than normal paraffin D-SOL has low aromatic, sulfur contents so
it has low odor and easily adopt to each process of industry PARASOL : Linear hydrocarbon as Paraffin(N-Paraffin) is obtained from Kerosene
by Molex extraction method and etc. N-Paraffin is raw material of Linear
Alkyl Benzene, Chloroparaffin, a-oleffin, and additive for lubricant, dry
cleaning, anti-rusting oil, aerosol etc. TDM : -Chain Transfer agent in polymerization to
produce ABS, SBR, SB-Latex. -Extreme pressure additives for gear oils,
greases, and metal working fluids. -Corrosion inhibitor for lubrication oil. |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
ISU CHEMICAL CO., LTD |
|
Customers |
ISU CHEMICAL CO., LTD ISU OIL & CHEMICAL CO, LTD. MS CHEM SAMHWA LUBE.CO., LTD.(141211-0006811) BUHMWOO CHEMICAL. IND. CO. LTD.(120111-0003830) |
|
Competitors |
|
|
Affiliates-Domestic |
ISU CORPORATION(110111-2833451) ISU CHEMICAL CO., LTD(110111-0008600) ISUPETASYS CO., LTD(110111-0186638) ISU SYSTEM CO., LTD.(110111-1304643) 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) ISU ABXIS CO.,
LTD.(110111-2203951) ISU ENGINEERING & CONSTRUCTION CO.,
LTD.(110111-0202202) ISU VENTURE CAPITAL CO.,
LTD.(110111-1917636) (38.46% 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 GREAT ORIENT CHEMICAL PTE. LTD. |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
ISU CORPORATION(110111-2833451) (67.45% held by the subject company) ISU SYSTEM CO., LTD.(110111-1304643) ISU CHEMICAL CO., LTD(110111-0008600) SHANGHAI ISU CHANUM MANAGEMENT CO.,
LTD(CHINA) IK PARTNERS CO., LTD.(KOREA) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
The Subject exports to Japan and China.
No.
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.