|
Report No. : |
324313 |
|
Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
EXAX INC. |
|
|
|
|
Registered Office : |
556, Nongong-ro, Nongong-eup, Dalseong-gun, Daegu 711-855 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
22.12.1999 |
|
|
|
|
Com. Reg. No.: |
114-81-93374 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of All Other Chemical Products n.e.c. |
|
|
|
|
No of Employees : |
164 |
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 – 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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
Basic
|
Company Name |
EXAX INC. (Korean Company Name : “(주)이그잭스”) |
|
Registered Address |
556, Nongong-ro, Nongong-eup,
Dalseong-gun, Daegu, Korea (Old Address System : 29-106, Bonri-ri, Nongong-eup, Dalseong-gun,
Daegu, Korea) |
|
Building |
|
|
Zip Code |
711-855 |
|
Tel |
+82-54-465-7395 |
|
Fax |
+82-54-461-7392 |
|
E-mail |
parkjun@exax.co.kr;chokh@exax.co.kr |
|
Website |
www.exax.co.kr |
|
Trading
Address |
Rm.1801, Ace Hiend Tower 3 Cha, 145, Gasan digital 1-ro, Geumcheon-gu,
Seoul, Korea (Old
Address System : Rm.1801, Ace Hiend Tower 3 Cha, 371-50, Gasan-dong, Geumcheon-gu,
Seoul, Korea) |
|
Tel |
+82-70-8680-0987 +82-2-6959-2176 |
|
Fax |
+82-2-3283-5580 |
|
Other
Address-Cheonan Factory |
50, 2gongdan 7-gil, Seobuk-gu, Cheonan-si,
Chungcheongnam-do, Korea (Old Address System : 9-2, Chaam-dong, Seobuk-gu, Cheonan-si,
Chungcheongnam-do, Korea) |
|
Tel |
+82-41-410-7777 |
|
Fax |
+82-41-410-7899 |
|
Other
Address-Factory |
55, 2gongdan 7-gil, Seobuk-gu, Cheonan-si,
Chungcheongnam-do, Korea (Old
Address System : 624-5, Eopseong-dong, Seobuk-gu,
Cheonan-si, Chungcheongnam-do, Korea) |
|
Tel |
+82-41-412-7777 |
|
Fax |
+82-41-412-7799 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of All Other Chemical Products n.e.c. |
|
Main Business |
Fine
Chemical, NFC Antenna, Cleaning Detergent, Soda, RFID(Radio frequency
identification) Tag, BOE(Buffered Oxide Etchant), OCR(Optical Clear Resin),
ACF, Column Spacer, UV Resin, Electronics Materials |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/22/1999 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Resins(13111000) |
|
Sell |
Chemistry
reagents or solutions(41116105) |
|
Sell |
Polyurethane
resins(13111061) |
CEO’s
|
Name |
Cho
Keun-Ho |
|
Address |
|
|
Date of Birth |
07/1947 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
4,596,295,500 |
|||||||||||||||||||||||||||||||||
|
Employees |
164 |
|||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 060230) as of 06/25/2002 Venture
Business |
|||||||||||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank Industrial Bank of Korea Kookmin Bank Daegu Bank Hana Bank Korea Development Bank |
|||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-1833486 |
|||||||||||||||||||||||||||||||||
|
Business Registered No. |
114-81-93374 |
|||||||||||||||||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 13023605 |
|||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||
|
Company History |
12/22/1999 Incorporated as ILDONG CHEMICAL CO., LTD. 04/20/2000 Designated as a Venture Business 11/26/2007 Designated as an INNO-BIZ Company 01/01//2007 Changed company y name to the present name. 10/30/2010 Acquired SC THINK GREEN CO.,
LTD. 11/06/2013 Acquired GlobRF Co.,
Ltd.(110111-4120525) 02/09/2015 Moved to the present HQ address from 310, Gongdan 2-dong,
Gumi-si, Gyeongsangbuk-do, Korea 04/06/2015
Designated as a Venture Business again |
|||||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President
& CEO |
Mr. |
Cho Keun-Ho |
Korean |
1947.07 |
Kyungbuk National University, Korea |
|
President |
Mr. |
Kim Jae-Hyun |
Korean |
1955.02 |
KAIST, Korea |
|
Outside
Director |
Mr. |
Moon Doo-Kyung |
Korean |
1960.05 |
Tokyo Technical College, Japan |
|
Auditor |
Mr. |
Kim Hong-Ki |
Korean |
1948.06 |
Inha University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
03/2015 |
13,533,719,568 |
65,299,787,893 |
-1,068,475,277 |
|
2014 |
77,415,043,145 |
67,677,562,770 |
-11,912,839,528 |
|
2013 |
72,119,355,992 |
86,200,929,232 |
4,113,465,032 |
|
2012 |
55,336,591,534 |
54,063,020,906 |
3,657,863,504 |
|
2011 |
45,700,350,407 |
67,154,301,655 |
-17,881,460,448 |
|
2010 |
38,268,074,969 |
86,044,268,279 |
-17,117,135,150 |
Financial
Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
4,596,295,500 |
|
Total Issued Shares |
9,192,591 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
65,299,787,893 |
67,677,562,770 |
86,200,929,232 |
|
Current Assets |
17,957,614,133 |
20,112,341,995 |
26,193,363,788 |
|
Cash & Cash
Equivalents |
440,953,687 |
312,790,976 |
66,881,798 |
|
Trade Receivables
& Other Receivables |
11,933,948,307 |
13,958,515,933 |
15,420,342,125 |
|
Other Financial
Assets |
912,000,000 |
901,000,000 |
3,032,598,133 |
|
Inventories |
4,577,842,414 |
4,855,051,228 |
6,680,869,995 |
|
Deferred Income Tax
Assets |
6,050,990 |
6,023,290 |
35,154,250 |
|
Other Current Assets |
86,818,735 |
78,960,568 |
957,517,487 |
|
Non-Current Assets |
47,342,173,760 |
47,565,220,775 |
60,007,565,444 |
|
Long-Term Trade
Receivables & Other Long-Term Receivables |
1,047,625,636 |
1,117,735,636 |
838,502,000 |
|
Other Financial
Assets |
784,012,720 |
587,067,948 |
307,076,488 |
|
Investment_Related
Companies |
206,983,561 |
206,983,561 |
1,744,734,916 |
|
Tangibles |
36,104,868,720 |
36,543,401,812 |
47,549,878,870 |
|
Intangibles |
6,606,178,849 |
6,517,527,544 |
6,769,987,115 |
|
Deferred Income Tax
Assets |
2,592,504,274 |
2,592,504,274 |
2,797,386,055 |
|
Total
Liabilities |
56,102,344,817 |
58,887,091,716 |
69,689,436,645 |
|
Current Liabilities |
35,310,165,043 |
38,228,654,814 |
54,353,529,554 |
|
Trade Payables &
Other Payables |
12,037,556,651 |
14,880,572,941 |
12,838,453,116 |
|
Short-Term Borrowings |
22,462,686,579 |
22,978,401,974 |
40,782,897,466 |
|
Other Current
Liabilities |
809,921,813 |
369,679,899 |
732,178,972 |
|
Non-Current Liabilities |
20,792,179,774 |
20,658,436,902 |
15,335,907,091 |
|
Long-Term Borrowings |
19,490,083,649 |
19,396,055,397 |
14,392,115,747 |
|
Long-Term Trade
Payables & Other Long-Term Payables |
|
60,000,000 |
90,000,000 |
|
Confirmed Salaries |
1,296,084,140 |
1,196,369,520 |
847,779,359 |
|
Other Non-Current
Liabilities |
6,011,985 |
6,011,985 |
6,011,985 |
|
Capital Stock |
4,596,295,500 |
4,344,849,500 |
3,801,520,500 |
|
Capital Surplus |
24,559,828,761 |
23,413,077,639 |
20,414,932,711 |
|
Others |
-14,442,130,025 |
-14,519,380,202 |
-15,411,429,660 |
|
Profit Surplus |
-5,516,551,160 |
-4,448,075,883 |
7,706,469,036 |
|
Total Equity |
9,197,443,076 |
8,790,471,054 |
16,511,492,587 |
|
Liab. &
Shareholder’s Equity |
65,299,787,893 |
67,677,562,770 |
86,200,929,232 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
13,533,719,568 |
77,415,043,145 |
72,119,355,992 |
|
Cost of Sold Goods |
10,875,070,752 |
62,436,539,327 |
59,702,126,205 |
|
Gross Profit |
2,658,648,816 |
14,978,503,818 |
12,417,229,787 |
|
Selling & Admin.
Expenses |
3,182,098,381 |
15,563,457,507 |
8,369,699,060 |
|
Operating Income |
-523,449,565 |
-584,953,689 |
4,047,530,727 |
|
Other Income |
158,606,178 |
1,282,387,295 |
2,039,961,982 |
|
Other Expenses |
139,984,284 |
9,273,738,356 |
3,576,001,534 |
|
Finance Income |
27,860,846 |
108,928,586 |
725,263,543 |
|
Finance Expenses |
591,508,452 |
3,473,770,151 |
2,889,561,715 |
|
Income Before Taxes |
-1,068,475,277 |
-11,941,146,315 |
347,193,003 |
|
Income Taxes Expenses |
|
-28,306,787 |
-3,766,272,029 |
|
Net Income |
-1,068,475,277 |
-11,912,839,528 |
4,113,465,032 |
Cash Flows
|
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Cash Flows from Operating |
86,810,531 |
4,539,125,034 |
649,946,987 |
|
-Net Income |
604,554,815 |
6,858,442,739 |
1,869,753,442 |
|
-Exp. without Cash Outflow |
1,280,531 |
43,840,202 |
41,431,474 |
|
-Revenue without Cash Inflows |
-519,024,815 |
-2,392,288,867 |
-1,265,888,552 |
|
-Changes in Asset/ & Liability |
|
29,130,960 |
4,650,623 |
|
Cash Flows from Investing |
-915,578,081 |
2,035,848,618 |
-21,839,441,421 |
|
-Cash Inflow from Investing |
72,110,000 |
17,009,732,622 |
1,291,842,822 |
|
-Cash Outflows for Investing |
-987,688,081 |
-14,973,884,004 |
-23,131,284,243 |
|
Cash Flows from Financing |
860,035,727 |
-6,056,670,041 |
21,096,305,250 |
|
-Cash Inflows from Financing |
2,825,451,146 |
36,979,900,607 |
45,143,061,654 |
|
-Cash Outflows from Financing |
-1,965,415,419 |
-43,036,570,648 |
-24,046,756,404 |
|
Increase/Decrease in Cash |
31,268,177 |
518,303,611 |
-93,123,390 |
|
Cash at the Beginning of Year |
585,185,409 |
66,881,798 |
160,005,188 |
|
Cash at the End of Year |
616,453,586 |
585,185,409 |
66,881,798 |
|
Main Products & Services |
Fine
Chemical, NFC Antenna, Cleaning Detergent, Soda, RFID(Radio frequency identification)
Tag, BOE(Buffered Oxide Etchant), OCR(Optical Clear Resin), ACF, Column
Spacer, UV Resin, Electronics Materials |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
KSTECHNOLOGY CO., LTD.(134711-0015928) PAIKKWANG
INDUSTRIAL CO., LTD.(110111-0003709) |
|
Customers |
SAMSUNG
ELECTRONICS CO., LTD.(130111-0006246) |
|
Competitors |
KUMHO P&B CHEMICALS, INC. 319, HWACHI-DONG, YEOSU-SI, JEOLLANAM-DO,
KOREA TEL:+82-61-688-3500 FAX:+82-61-688-3505 HEXION SPECIALTY CHEMICALS KOREA CO., LTD. 580-3, HWASAN-RI, ONSAN-EUP, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-231-5046 FAX:+82-52-231-5028 DOW CHEMICAL KOREA LTD. 20TH FL., CITY AIR TOWER, 159-9, SAMSEONG 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3490-0700 FAX:+82-2-3490-4305 |
|
Affiliates |
ILDONG CHEMICAL CO., LTD.(174111-0008240) EXAX TELECOM CO., LTD.(176011-0049616) (15.2%
held by the subject company) |
|
Overseas Office |
CHINA OFFICE TAIRAN INDUSTRY&TRADING PLACE, FUTIAN
AREA SHENZHEN, CHINA |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DAEDUCK ENVIRONMENT INDUSTRY CO., LTD.(190111-0070025) (100.0% held by the subject company) EXAX VINA CO., LTD. (100.0% held by the subject company) YEN PHONG INDUSTRIAL ZONE, LONG CHAU
COMMUNE, YEN PHONG DISTRICT, BAC NINH PROVINCE, VIETNAM |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
03/2015 |
2014 |
2013 |
|
Export |
8,341 |
48,730 |
35,019 |
|
Domestic |
6,471 |
28,363 |
37,100 |
|
Total |
14,812 |
77,093 |
72,119 |
The Subject exports
to North America, Europe, China and India.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.94 |
|
|
1 |
Rs. 98.63 |
|
Euro |
1 |
Rs. 69.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.