|
Report No. : |
355779 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIWON CHEMICALS
CO., LTD. |
|
|
|
|
Registered Office : |
247, Jangsaengpo-ro, Nam-gu, Ulsan, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2015 |
|
|
|
|
Date of Incorporation : |
06.01.2011 |
|
|
|
|
Com. Reg. No.: |
610-86-04700 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Surface-Active Agents. |
|
|
|
|
No. of Employees : |
148 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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. 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 slow growth due to sluggish domestic consumption and investment.
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. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
MIWON CHEMICALS
CO., LTD. |
|
Registered Address |
247, Jangsaengpo-ro, Nam-gu, Ulsan, Korea (Old Address System : 410-1, Maeam-dong,
Nam-gu, Ulsan, Korea) |
|
Building |
|
|
Zip Code |
44781 |
|
Tel |
+82-52-261-7988 |
|
Fax |
+82-52-269-8413 |
|
E-mail |
pcbu@mwc.co.kr |
|
Website |
www.miwonchemicals.com |
|
Trading Address |
464, Anyang-ro, Manan-gu, Anyang-si,
Gyeonggi-do, Korea (Old Address System : 325-1, Seoksu-dong,
Manan-gu, Anyang-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-479-9200 |
|
Fax |
+82-31-472-9233 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Surface-Active Agents |
|
Main Business |
Surface-Active Agents |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
01/06/2011 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Inorganic compounds(12352300) |
|
Sell |
Surfactants(12161900) |
|
Sell |
Wetting agents(12161906) |
|
Sell |
Inorganic acids(12352301) |
|
Name |
Kim Jung-Man |
|
Address |
|
|
Date of Birth |
07/1955 |
|
Title |
Co-President & CEO |
|
Nationality |
Korean |
|
Capital (KRW) |
2,366,860,000 |
|||||||||||||||||||||||||||||||||
|
Employees |
148 |
|||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea stock Exchange : 134380) as of 02/15/2011 A Company of MIWON COMMERCIAL GROUP |
|||||||||||||||||||||||||||||||||
|
Bank Details |
KEB Hana Bank-Beomgye Station Branch |
|||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
230111-0172244 |
|||||||||||||||||||||||||||||||||
|
Business Registered No. |
610-86-04700 |
|||||||||||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 30682759 |
|||||||||||||||||||||||||||||||||
|
Shareholder Position |
(*)The list is based as of 09/30/2015. |
|||||||||||||||||||||||||||||||||
|
Company History |
01/06/2011
Incorporated as the present name, after split off from MIWON
COMMERCIAL CO., LTD.(130111-0007707) 04/06/2011
Increased the authorized shares to 9,100,000 shares from 1,820,000 shares 05/13/2011 Split off the par value to 1,000
KRW from 5,000 KRW 12/14/2015 Increased capital to
2,366,860,000 KRW from 2,347,435,000 KRW |
|||||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Co-President & CEO |
Kim Jung-Man |
Korean |
07/26/1955 |
02/26/2014 |
|
Co-President & CEO |
Jung Kyu-Sik |
Korean |
03/06/1957 |
02/26/2014 |
|
Outside Director |
Kim Sun-Wook |
Korean |
12/21/1954 |
02/26/2014 |
|
Auditor |
Sohn Eung-Joo |
Korean |
03/29/1961 |
02/26/2014 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
111,203,483,584 |
104,180,292,679 |
9,984,410,517 |
|
|
(*)2014 |
151,806,783,252 |
90,882,279,515 |
8,927,018,023 |
|
(*)2013 |
144,246,653,549 |
82,110,790,074 |
10,490,229,815 |
|
(*)2012 |
121,285,087,025 |
73,859,719,429 |
7,750,840,263 |
|
(*)2011 |
121,172,921,431 |
73,108,212,925 |
9,702,941,322 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
9,100,000,000 |
|
Paid-Up Capital(KRW) |
2,366,860,000 |
|
Total Issued Shares |
2,343,360 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
104,180,292,679 |
90,882,279,515 |
82,110,790,074 |
|
Current Assets |
55,142,789,922 |
47,539,525,291 |
42,920,235,679 |
|
Cash
& Cash Equivalents |
21,574,307,597 |
10,953,369,233 |
7,918,989,609 |
|
Current
Financial Instruments |
0 |
9,990,820 |
49,484,681 |
|
Trade
Receivables & Other Receivables |
18,701,361,986 |
20,132,983,626 |
17,634,165,490 |
|
Marketable
Financial Instruments |
5,230,506,050 |
4,060,562,300 |
4,135,581,850 |
|
Inventories |
9,562,948,860 |
12,154,036,559 |
13,086,261,528 |
|
Other
Current Assets |
73,665,429 |
228,582,753 |
95,752,521 |
|
Non-Current Assets |
49,037,502,757 |
43,342,754,224 |
39,190,554,395 |
|
Long-Term
Trade Receivables & Other Receivables |
804,135,631 |
768,622,918 |
687,379,029 |
|
Marketable
Financial Instruments |
9,662,500,000 |
8,500,000,000 |
8,500,000,000 |
|
Tangibles |
37,517,021,282 |
32,962,332,128 |
28,906,878,706 |
|
Intangibles |
524,977,794 |
582,931,128 |
567,428,610 |
|
Investment_Real
Estates |
528,868,050 |
528,868,050 |
528,868,050 |
|
Total Liabilities |
22,560,040,428 |
21,129,097,865 |
20,699,620,261 |
|
Current Liabilities |
16,552,382,571 |
15,983,542,049 |
16,224,702,359 |
|
Trade
Payables & Other Payables |
13,104,273,375 |
11,976,089,338 |
10,751,334,061 |
|
Short-Term
Borrowings |
1,397,454,987 |
1,931,246,584 |
3,036,141,624 |
|
Deferred
Income Tax Credit |
1,769,355,825 |
1,556,778,798 |
1,907,078,653 |
|
Provisions |
0 |
118,672,300 |
102,136,845 |
|
Other
Current Liabilities |
281,298,384 |
400,755,029 |
428,011,176 |
|
Non-Current Liabilities |
6,007,657,857 |
5,145,555,816 |
4,474,917,902 |
|
Long-Term
Trade Payables & Other Payables |
1,420,000,000 |
1,420,000,000 |
1,294,500,000 |
|
Confirmed
Salaries |
2,300,521,860 |
1,725,383,030 |
925,275,146 |
|
Deferred
Income Tax Credit |
2,287,135,997 |
2,000,172,786 |
2,255,142,756 |
|
Capital Stock |
2,347,435,000 |
2,347,435,000 |
2,332,285,000 |
|
Capital
Surplus |
32,163,458,662 |
32,163,458,662 |
31,636,131,162 |
|
Others |
-31,361,959 |
-31,361,959 |
-31,361,959 |
|
Installments |
1,757,469,079 |
-125,372,223 |
-162,311,274 |
|
Profit
Surplus |
45,383,251,469 |
35,399,022,170 |
27,636,426,884 |
|
Total
Equity |
81,620,252,251 |
69,753,181,650 |
61,411,169,813 |
|
Liab.
& Shareholder’s Equity |
104,180,292,679 |
90,882,279,515 |
82,110,790,074 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
111,203,483,584 |
151,806,783,252 |
144,246,653,549 |
|
Cost of Sold Goods |
90,157,583,478 |
128,048,696,327 |
118,847,019,588 |
|
Gross Profit |
21,045,900,106 |
23,758,086,925 |
25,399,633,961 |
|
Selling & Admin. Expenses |
9,615,483,595 |
12,987,821,237 |
12,283,773,073 |
|
Operating Income |
11,430,416,511 |
10,770,265,688 |
13,115,860,888 |
|
Other Income |
313,356,424 |
384,449,376 |
416,392,291 |
|
Other Expenses |
143,889,348 |
117,906,573 |
71,428,001 |
|
Finance Income |
1,456,031,688 |
946,201,234 |
712,332,368 |
|
Finance Expenses |
469,772,791 |
619,654,976 |
1,033,629,086 |
|
Income Before Taxes |
12,586,142,484 |
11,363,354,749 |
13,139,528,460 |
|
Income Taxes Expenses |
2,601,731,967 |
2,436,336,726 |
2,649,298,645 |
|
Net Income |
9,984,410,517 |
8,927,018,023 |
10,490,229,815 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
18,404,720,289 |
12,593,846,466 |
14,220,282,625 |
|
Net Income |
9,984,410,517 |
8,927,018,023 |
10,490,229,815 |
|
Adjustment |
5,551,456,728 |
6,864,217,580 |
7,269,586,372 |
|
Changes in Asset/ & Liability |
5,224,284,762 |
-2,302,027,494 |
-3,068,638,036 |
|
Cash Flows from Operating |
20,760,152,007 |
13,489,208,109 |
14,691,178,151 |
|
Income Taxes |
-2,660,916,056 |
-1,075,358,200 |
-538,767,538 |
|
Interests Received |
153,988,838 |
59,510,287 |
41,862,663 |
|
Interests Paid |
0 |
-21,479,830 |
-113,477,651 |
|
Dividends Received |
151,495,500 |
141,966,100 |
139,487,000 |
|
Cash Flows from Investing |
-7,405,934,370 |
-9,327,597,562 |
-5,339,880,964 |
|
Cash Flows from Financing |
-533,791,597 |
-253,349,040 |
-4,105,586,800 |
|
Increase/Decrease in Cash |
10,464,994,322 |
3,012,899,864 |
4,774,814,861 |
|
Cash at the Beginning of Year |
10,953,369,233 |
7,918,989,609 |
3,153,684,348 |
|
Cash at the End of Year |
21,574,307,597 |
10,953,369,233 |
7,918,989,609 |
|
Main Products & Services |
Surface Active Agent Brand Name : MIDAS, MICOLIN, LAS, IP CLEAN LX |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
NAMHAE CHEMICAL CORPORATION(110111-0164717) |
|
Customers |
MIWON COMMERCIAL CO., LTD.(130111-0007707) DONGNAMCHEMICALCO.,LTD.(110111-0057012) MISUNG TRADING CO., LTD.(134111-0025929) |
|
Competitors |
HUCHEMS FINE CHEMICAL CORPORATION 5TH FL., KUKDONG BLDG., 60-1, CHUNGMURO
3-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-2262-0600 FAX:+82-2-2265-9381 COSMO CHEMICAL CO., LTD. 1534-5, SEOCHO 3-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-32-451-6100 FAX:+82-32-451-6119 FOOSUNG CO., LTD. 427-9, NOHA-RI, PALTAN-MYEON, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-495-7243 FAX:+82-31-491-1649 |
|
Affiliates |
MIWON COMMERCIAL CO., LTD.(130111-0007707) TAEKWANG FINE CHEMICAL CO.,
LTD.(120111-0052142) ASIA STABILIZERS CO., LTD.(ASCL: 134711-0016596) MIWON SPECIALTY
CHEMICAL CO., LTD.(210111-0063190) MISUNG TRADING CO., LTD.(134111-0025929) MISUNG TOTAL CORPORATION(180111-0167832) MIWHA LOGISTICS CO., LTD.(230111-0072014) MIWOO SILUP CO., LTD.(KOREA) MIWON EOD CO., LTD.(161411-0023544) QIDONG QINGYUN FINE CHEMICAL CO.,
LTD.(CHINA) MIWON NORTH AMERICA. INC.(USA) MIWON EUROPE GMBH(GERMANY) MIWON SPAIN S.L.U.(SPAIN) MIWON AUSTRIA F&E GMBH(AUSTRIA) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
|
Sales/ Unit :Thousand KRW |
09/2015 |
2014 |
2013 |
|
Export |
63,471,743 |
84,243,915 |
83,945,289 |
|
Domestic |
47,731,741 |
67,562,868 |
60,301,365 |
|
Total |
111,203,484 |
151,806,783 |
144,246,654 |
Not Available.
No.
----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
KRW |
1 |
Rs.0.056 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NIT |
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.