MIRA
INFORM REPORT
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Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SK CORPORATION |
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Registered Office : |
Yamato Life Insurance Bldg 8F, 1-1-7
Uchisaiwaicho Chiyodaku Tokyo 100-0011 |
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Country : |
Japan |
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Date of Incorporation : |
Aug 2003 |
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Legal Form : |
Branch Office |
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Line of Business : |
Import, export,
wholesale of petroleum & petrochemical products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 26
millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name
SK CORPORATION (TOKYO BRANCH)
REGD NAME
SK KK
MAIN OFFICE
Yamato Life Insurance Bldg 8F, 1-1-7 Uchisaiwaicho Chiyodaku Tokyo 100-0011 JAPAN
Tel: 03-3591-0533
Fax: 03-3591-3073
URL : http://www.skcorp.com
E-Mail address: hblee@skcorp.com
ACTIVITIES
Import, export,
wholesale of petroleum & petrochemical products
BRANCHES
Nil
OFFICERS
H B LEE, PRES
(resident Korean)*
*.. He will be
replaced by K I Kim soon.
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,500 M*
PAYMENTS REGULAR CAPITAL KRW 653 B**
TREND STEADY WORTH KRW
8,455 B**
STARTED 2003 EMPLOYES 10
*..
Estimated only
**..
Of the parent, SK Corp, Korea
COMMENT
TRADING FIRM SPECIALIZING IN PETROLEUM PRODUCTS, WHOLLY OWNED BY SK CORPORATION, KOREA.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 26 MILLION, GUARANTEED BY THE KOREAN PARENT, SK CORPORATION.
HIGHLIGHTS
The subject company was established by SK Corporation, petroleum & petrochemical refinery, Seoul, Korea, as its marketing base in Japan. The subject firm imports, exports and wholesales oil and petrochemicals, other products, as agent for the parent. Operations cover Japan and S/E Asian countries. Domestic clients include oil refineries, petrochemical mfrs, traders, other, nationwide. The firm does not disclose its managerial and financial information and all the information contained here have been verbally collected from the firm’s treasurer, unless otherwise mentioned.
FINANCIAL INFORMATION
The sales volume for Dec/2005 fiscal term is understood amounted to Yen 1,500 million, a 3% up from Yen 1,450 million in the previous term. Oil & petrochemical demand increased, says the treasurer. The net profit is believed posted at around Yen 60 million. All the figures have been estimated by us, based on the telephone conversation, and are not confirmed or verified by reliable sources, as the firm does not release any of its financials. The only released figure is Yen 103 million pretax profits for Dec/2004 as disclosed from the Taxation Office.
For the term just ended Dec 2006 the net profit is estimated posted at Yen 65 million, on a 10% rise in turnover, to Yen 1,650 million. This target figure is only estimated from the conversation with the treasurer.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit, as based on the declared financial figures, is estimated at Yen 26 million, on 30 days, provided that any and all credits to be fully guaranteed by the Korean parent, SK Corporation.
REGISTRATION
Date Registered: Aug 2003
Legal Status: Branch Office
Capital: KRW 653 billion
Major shareholders (%): SK
Corporation, Korea* (100)
*.. Oil/petrochemical refinery,
99 Seorin-dong Jongno-gu Seoul 110-110, capital KRW 653
billion, turnover (Dec/2005) KRW 21,914 billion, operating profit KRW 1,205
billion, ordinary profit KRW 2,210 billion, net profit KRW 1,686 billion, total
assets KRW 19,411 billion, net worth KRW 8,445 billion. (3Q 2006 results just released): sales KRW 17,541 billion,
net profit KRW 1,233 billion.
Credit Ratings: Moody’s: Baa3;
Korean domestic (NICE): AA0 (Corporate Bond); A1 (CP).
Nothing detrimental
is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales petroleum & petrochemical products, as agent for the parent, SK Corporation, Korea (--100%).
Clients: Oil
refineries, wholesalers, trading houses, other.
No. of accounts: 50
Domestic areas of
activities: Nationwide
Suppliers: [Oil refineries]
Supplied wholly from the parent, SK Corporation, and group firms
Payment record:
Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Korea Exchange Bank (Tokyo)
Mizuho Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
NOT AVAILABLE
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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