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MIRA
INFORM REPORT
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Report No. : |
500725 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
JMC CORPORATION |
|
|
|
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Registered Office : |
71, Ijin-ro, Onsan-eup, Ulju-gun, Ulsan,
Korea, 44998 |
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|
|
|
Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2017 |
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|
|
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Date of Incorporation : |
29.03.1991 |
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|
|
|
Com. Reg. No.: |
610-81-11996 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Organic Chemicals of 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,
SULFO, Saccharin |
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|
|
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No. of Employees : |
215 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
Source
: CIA |
Basic
Information
Basic
|
Company Name |
JMC CORPORATION |
|
Registered Address |
71, Ijin-ro, Onsan-eup, Ulju-gun, Ulsan,
Korea (Old Address System : 125, Hwasan-ri,
Onsan-eup, Ulju-gun, Ulsan, Korea) |
|
Building |
|
|
Zip Code |
44998 |
|
Tel |
+82-52-231-5755~6 |
|
Fax |
+82-52-238-9210 |
|
E-mail |
kmg@jmcmail.co.kr;teo7@jmcmail.co.kr |
|
Website |
www.jmcfinechem.com |
|
Trading Address |
571, Gonghang-daero, Gangseo-gu, Seoul, Korea (Old Address System : 277-1,
Yeomchang-dong, Gangseo-gu, Seoul, Korea) |
|
Tel |
+82-2-3660-8614 |
|
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, SULFO, Saccharin |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/29/1991 |
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 |
|
Date of Birth |
11/25/1968 |
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,990,000,000 |
|||||||||||||||
|
Employees |
215 |
|||||||||||||||
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Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
KEB Hana Bank-Kangseo Branch Woori Bank-Ulsan Central Branch Citi Bank, Korea Shinhan Bank |
|||||||||||||||
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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 |
|||||||||||||||
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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 |
Detailed Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Jung Won-Sik |
Korean |
11/25/1968 |
06/27/2013 |
|
Director |
Cho Sung-Yong |
Korean |
11/04/1968 |
05/10/2008 |
|
Director |
Lee Sang-Ho |
Korean |
01/17/1967 |
03/15/2017 |
|
Director |
Kim Dong-Kil |
Korean |
03/03/1938 |
02/19/2010 |
|
Director |
Kim Heung-Joon |
Korean |
06/14/1967 |
02/19/2010 |
|
Auditor |
Park Joon-Young |
Korean |
01/24/1968 |
02/19/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
74,291,908,599 |
95,845,506,435 |
3,008,146,246 |
|
|
2016 |
71,710,275,739 |
88,492,420,635 |
5,646,739,145 |
|
2015 |
65,527,206,143 |
84,371,979,926 |
5,246,025,098 |
|
2014 |
65,118,481,997 |
78,203,617,215 |
683,279,934 |
|
2013 |
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 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
95,845,506,435 |
88,492,420,635 |
84,371,979,926 |
|
Current Assets |
39,907,560,390 |
36,654,114,906 |
34,943,245,050 |
|
Cash
& Cash Equivalents |
5,932,068,082 |
8,004,955,644 |
7,497,319,206 |
|
Current
Financial Instruments |
- |
60,000,000 |
- |
|
Trade
Receivables & Other Receivables |
10,658,404,691 |
9,734,900,527 |
8,680,813,377 |
|
Inventories |
16,831,569,728 |
17,773,157,601 |
18,290,673,741 |
|
Other
Financial Assets |
5,000,000,000 |
- |
|
|
Other
Current Assets |
1,176,249,834 |
1,081,101,134 |
474,438,726 |
|
Deferred
Income Tax Assets |
309,268,055 |
- |
|
|
Non-Current Assets |
55,937,946,045 |
51,838,305,729 |
49,428,734,876 |
|
Non-Current
Financial Instruments |
2,000,000 |
2,000,000 |
2,000,000 |
|
Marketable
Financial Instruments |
300,000 |
300,000 |
300,000 |
|
Tangibles |
54,184,450,299 |
50,132,823,587 |
48,232,583,856 |
|
Intangibles |
669,722,946 |
683,094,742 |
236,153,220 |
|
Other
Financial Assets |
1,081,472,800 |
1,020,087,400 |
957,697,800 |
|
Total Liabilities |
24,879,574,479 |
18,116,372,675 |
18,069,251,845 |
|
Current Liabilities |
18,833,569,724 |
11,784,706,600 |
11,517,244,104 |
|
Trade
Payables & Other Payables |
5,151,712,251 |
5,253,628,301 |
4,352,633,035 |
|
Short-Term
Borrowings |
8,288,404,809 |
96,849,190 |
86,807,725 |
|
Current
Ong-Term Debts |
99,200,000 |
82,250,000 |
2,076,600,000 |
|
Other
Current Financial Debts |
3,819,526,335 |
3,253,172,936 |
2,933,179,710 |
|
Accrued
Income Taxes |
- |
1,152,867,245 |
915,846,848 |
|
Other
Current Liabilities |
1,474,726,329 |
1,945,938,928 |
1,152,176,786 |
|
Non-Current Liabilities |
6,046,004,755 |
6,331,666,075 |
6,552,007,741 |
|
Long-Term
Borrowings |
188,350,000 |
298,850,000 |
381,100,000 |
|
Deferred
Income Tax Credit |
4,491,984,267 |
4,440,443,044 |
4,636,193,138 |
|
Provision for Severance & Retirement |
1,365,670,488 |
1,582,373,031 |
1,524,714,603 |
|
Leasehold
Deposit Received |
- |
10,000,000 |
10,000,000 |
|
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 |
66,791,136,354 |
66,201,252,358 |
62,127,932,479 |
|
Total
Equity |
70,965,931,956 |
70,376,047,960 |
66,302,728,081 |
|
Liab.
& Shareholder’s Equity |
95,845,506,435 |
88,492,420,635 |
84,371,979,926 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
74,291,908,599 |
71,710,275,739 |
65,527,206,143 |
|
Cost of Sold Goods |
64,117,115,354 |
59,723,274,254 |
54,095,411,432 |
|
Gross Profit |
10,174,793,245 |
11,987,001,485 |
11,431,794,711 |
|
Selling & Admin. Expenses |
5,652,313,422 |
5,165,558,897 |
5,111,624,440 |
|
Operating Income |
4,522,479,823 |
6,821,442,588 |
6,320,170,271 |
|
Finance Income |
57,309,516 |
51,852,443 |
52,925,975 |
|
Finance Expenses |
90,943,546 |
27,509,203 |
67,502,377 |
|
Other Income |
1,339,754,484 |
1,626,857,987 |
1,294,157,142 |
|
Other Expenses |
2,274,361,835 |
1,325,598,779 |
976,270,054 |
|
Income Before Taxes |
3,554,238,442 |
7,147,045,036 |
6,623,480,957 |
|
Income Taxes Expenses |
546,092,196 |
1,500,305,891 |
1,377,455,859 |
|
Net Income |
3,008,146,246 |
5,646,739,145 |
5,246,025,098 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating Activities Cash Flows |
4,504,364,969 |
9,468,296,061 |
5,389,392,697 |
|
Net Income |
3,008,146,246 |
5,646,739,145 |
5,246,025,098 |
|
Adjustment |
4,570,615,630 |
5,072,358,664 |
4,810,476,911 |
|
Changes in Asset/ & Liability |
-1,226,878,733 |
72,719,553 |
-4,481,932,157 |
|
Interests Received |
57,309,516 |
51,852,443 |
53,521,865 |
|
Income Taxes |
-1,904,827,690 |
-1,375,373,744 |
-238,699,020 |
|
Cash Flows from Investing |
-11,913,686,662 |
-5,600,700,010 |
-3,563,196,230 |
|
Cash Flows from Financing |
5,772,662,073 |
-3,370,867,738 |
-458,200,252 |
|
Increase/Decrease in Cash |
-1,636,659,620 |
496,728,313 |
1,367,996,215 |
|
Cash at the Beginning of Year |
8,004,955,644 |
7,497,319,206 |
5,943,108,586 |
|
Cash at the End of Year |
5,932,068,082 |
8,004,955,644 |
7,497,319,206 |
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 |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners
& Competitors
|
Suppliers |
|
|
Customers |
|
|
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 |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
KYUNG-IN SYNTHETIC
CORPORATION(120111-0005703) |
|
Corporate Ownership |
KYUNG-IN SYNTHETIC
CORPORATION(120111-0005703) |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit : KRW |
2017 |
2016 |
2015 |
|
Export |
63,039,614,373 |
59,024,088,943 |
51,436,074,629 |
|
Domestic |
11,252,294,226 |
12,686,186,796 |
14,091,131,514 |
|
Total |
74,291,908,599 |
71,710,275,739 |
65,527,206,143 |
The Subject deals with the companies in Germany, Italy, Japan,
Netherlands and USA.
Court Action
No Records.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.80 |
|
|
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
|
KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.