MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
LG DOW POLYCARBONATE LTD. |
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Registered Office : |
762-1, Jungheung-dong, Yeosu-si,
Jeollanam-do 555-805 |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.05.1999 |
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Com. Reg. No.: |
417-81-17601 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Manufacture of Synthetic Resin and Other Plastic Materials |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Basic
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Company
Name |
LG DOW
POLYCARBONATE LTD. |
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Registered Address/Factory |
762-1, Jungheung-dong, Yeosu-si, Jeollanam-do,
Korea |
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Zip Code |
555-805 |
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Tel |
+82-61-680-6602 |
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Fax |
+82-61-680-6604 |
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E-mail |
mjkimn@lgchem.com |
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Website |
www.lgdow.com |
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Trading Address |
9FL., Hana Securities Bldg., 23-3,
Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea |
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Tel |
+82-2-3771-2625 |
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Fax |
+82-2-3771-2627 |
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Type |
Export/Import |
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Industry |
Manufacture of Synthetic Resin and Other Plastic Materials |
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Main Business |
Polycarbonate |
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Established (mm/dd/yyyy) |
01/05/1999 |
The Subject owns the
premises of registered HQ address/Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Polycarbonate PC(13102013) |
CEO’s
|
Name |
Hong Hak-Pyo |
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Address |
2-1, Banpo-dong, Seocho-gu, Seoul, Korea |
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Date of Birth |
05/18/1957 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
140,515,700,000 KRW |
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Employees |
100 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation A Company of LG GROUP |
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Bank Details |
Tokyo Mitsubishi Citibank Korea HSBC |
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Corporate Registered No. |
206211-0014519 |
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Business Registered No. |
417-81-17601 |
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Permit & Licenses |
Int’l Trade No.: 30038004 |
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Shareholder Position |
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Company History |
01/05/1999
Incorporated as the present name 07/01/2001 Completed the Yeosu Factory 07/06/2004 Increased the authorized shares
to 14,051,570 shares from 10,548,170 shares 06/22/2004 Increased capital to
140,515,700,000 KRW from 105,481,700,000 KRW 09/01/2007 Completed the Yeosu 2nd
Factory |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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Co-President & CEO |
Mr. |
Hong Hak-Pyo |
Male |
Korean |
08/07/2007 |
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Co-President & CEO |
Mr. |
Tim J. Wu |
Male |
Australian |
04/30/2007 |
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Director |
Mr. |
Mark Rammert |
Male |
USA |
01/03/2002 |
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Director |
Mr. |
Lee Eui-Joon |
Male |
Korean |
01/03/2005 |
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Director |
Mr. |
Ruchiano Poli |
Male |
Swiss |
07/07/2006 |
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Director |
Mr. |
Kim Wan-Je |
Male |
Korean |
07/07/2006 |
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Director |
Mr. |
Kim Bong-Soo |
Male |
Korean |
08/07/2007 |
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Director |
Mr. |
Oh Jang-Soo |
Male |
Korean |
06/02/2008 |
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Auditor |
Mr. |
Jeon Hyo-Jeong |
Male |
Korean |
04/30/2008 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
259,509,483,148 |
337,702,741,199 |
(-)8,812,799,448 |
|
|
2006 |
222,173,787,731 |
257,748,613,707 |
16,762,775,830 |
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2005 |
316,612,350,938 |
259,153,659,989 |
50,886,936,316 |
|
2004 |
240,642,722,312 |
240,727,637,038 |
21,121,230,097 |
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2003 |
164,959,567,065 |
241,283,008,508 |
(-)22,166,309,976 |
Financial Description
Unit: KRW
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Authorized Capital |
140,515,700,000 |
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Paid-Up Capital |
140,515,700,000 |
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Total Issues Shares |
14,051,570 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Total Assets |
337,702,741,199 |
257,748,613,707 |
259,153,659,989 |
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Current Assets |
83,208,277,883 |
57,265,661,100 |
93,314,178,590 |
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-Quick Assets |
48,760,386,480 |
38,958,610,967 |
76,705,373,066 |
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-Inventories |
34,447,891,403 |
18,307,050,133 |
16,608,805,524 |
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Fixed Assets |
254,494,463,316 |
200,482,952,607 |
165,839,481,399 |
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-Investment |
894,632,545 |
310,448,806 |
32,226,949,267 |
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-Tangibles |
228,113,591,509 |
171,126,796,980 |
133,612,532,132 |
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-Intangibles |
25,486,239,262 |
29,045,706,821 |
- |
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Total Liabilities |
189,069,476,475 |
99,378,336,509 |
117,700,742,623 |
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Current Liabilities |
77,383,111,792 |
46,636,781,811 |
68,795,645,663 |
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Fixed Liabilities |
111,686,364,683 |
52,741,554,698 |
48,905,096,960 |
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Capital Stock |
140,515,700,000 |
140,515,700,000 |
140,515,700,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
8,887,193,748 |
17,699,993,196 |
1,588,053,366 |
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Capital Adjustment |
-769,629,024 |
154,584,002 |
(-)650,836,000 |
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Total Equity |
148,633,264,724 |
158,370,277,198 |
141,452,917,366 |
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Liab. & Shareholder’s Equity |
337,702,741,199 |
257,748,613,707 |
259,153,659,989 |
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Current
Liabilities |
77,383,111,792 |
46,636,781,811 |
68,795,645,663 |
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Trade Payables |
35,893,529,848 |
21,221,825,055 |
23,507,328,588 |
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Short-Term Borrowings |
26,514,456,410 |
- |
- |
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Current Portion of Long-Term
Borrowings |
2,514,842,500 |
- |
34,166,666,667 |
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Accrued Income Tax |
- |
3,789,752,117 |
835,400,270 |
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Account Payables |
10,354,648,817 |
21,194,794,416 |
8,706,247,080 |
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Accrued Expenses |
587,443,157 |
231,321,215 |
1,334,787,028 |
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Withholdings |
241,253,052 |
193,893,150 |
145,094,560 |
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Deferred Income Tax |
- |
301,923 |
99,593,105 |
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Others |
1,359,387,722 |
4,893,935 |
528,365 |
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Fixed
Liabilities |
111,686,364,683 |
52,741,554,698 |
48,905,096,960 |
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Long-Term Borrowings |
108,474,657,500 |
50,127,200,000 |
45,900,960,688 |
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Provision for Severance & Retirement |
3,644,324,838 |
3,212,108,463 |
3,059,204,472 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Sales |
259,509,483,148 |
222,173,787,731 |
316,612,350,938 |
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Cost of Sold Goods |
242,347,948,771 |
182,183,774,224 |
234,958,696,988 |
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Gross Profit |
17,161,534,377 |
39,990,013,507 |
81,653,653,950 |
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Selling &
Admin. Expenses |
23,152,403,962 |
17,646,414,667 |
24,085,301,710 |
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Operating Income |
(-)5,990,869,585 |
22,343,598,840 |
57,568,352,240 |
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Non-Operating Income |
1,658,387,819 |
3,591,323,208 |
3,048,206,509 |
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Non-Operating expenses |
4,224,705,586 |
5,045,837,665 |
9,024,223,026 |
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Ordinary Income |
(-)8,557,187,352 |
20,889,084,383 |
51,592,335,723 |
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Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)8,557,187,352 |
20,889,084,383 |
51,592,335,723 |
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Income Taxes Expenses |
255,612,096 |
4,126,308,553 |
705,399,407 |
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Net Income |
(-)8,812,799,448 |
16,762,775,830 |
50,886,936,316 |
Cash
Flows
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
(-)10,927,215,072 |
50,816,068,328 |
72,188,349,640 |
|
-Net Income |
(-)8,812,799,448 |
16,762,775,830 |
50,886,936,316 |
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-Exp. without Cash Outflow |
26,070,054,810 |
21,350,028,020 |
21,899,609,112 |
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-Revenue without Cash Inflows |
(-)1,389,709,175 |
(-)596,429,040 |
(-)1,047,583,984 |
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-Changes in
Asset/ & Liability |
(-)26,794,761,259 |
13,299,693,518 |
449,388,196 |
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Cash Flows
from Investing |
(-)78,660,913,742 |
(-)55,083,249,187 |
(-)877,571,663 |
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-Cash Inflow
from Investing |
470,183,286 |
141,641,569 |
149,000,723 |
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-Cash
Outflows for Investing |
(-)79,131,097,028 |
(-)55,224,890,756 |
(-)1,026,572,386 |
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Cash Flows
from Financing |
87,374,806,410 |
(-)30,050,848,000 |
(-)32,819,345,422 |
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-Cash
Inflows from Financing |
87,374,806,410 |
49,949,152,000 |
- |
|
-Cash
Outflows from Financing |
- |
(-)80,000,000,000 |
(-)32,819,345,422 |
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Increase/Decrease in Cash |
(-)2,187,731,081 |
(-)34,318,028,859 |
38,491,432,555 |
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Cash at the Beginning of Year |
4,174,221,872 |
38,492,250,731 |
818,176 |
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Cash at the End of Year |
1,986,490,791 |
4,174,221,872 |
38,492,250,731 |
Products, Technologies, Services
Description
|
Main Products & Services |
Polycarbonate Brand Name : CALIBRE |
|
Annual Production Capacity |
80,000 Ton |
Trade
Partners
|
Suppliers |
LG CHEM LTD(110111-2207995) SERVEONE(110111-2411520) SUMITOMO DOW LTD. |
|
Customers |
LG CHEM LTD(110111-2207995) LG ELECTRONICS INC.(110111-2487050) DOW TAIWAN SUMITOMO DOW LTD. DOW CHEMICAL PACIFIC LTD. TDCC DOW CHEMICAL INTERNATIONAL ROFAN SERVICE INC. DOW ENGINEERING COMPANY DOW CHEMICAL KOREA LTD. DOW CHEMICAL (MALAYSIA) SDN. BHD |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
LG CORP.(110111-0003543) LG ELECTRONICS INC.(110111-2487050) LG DISPLAY CO., LTD.(110111-0393134) LG MICRON LTD.(175311-0001075) HIPLAZA CO., LTD(131111-0028801) HI BUSINESS LOGISTICS(110111-2921701) SYSTEM AIR-CON ENGINEERING
INCORPORATION(110111-3371989) SILTRON INCORPORATED(175311-0001348) LUSEM CO., LTD.(176011-0038073) LG CHEM LTD(110111-2207995) LG INNOTEK CO., LTD.(110111-0192180) LG HOUSEHOLD & HEALTH CARE
LTD(110111-2208000) COCA-COLA BEVERAGE CO.,
LTD.(110111-1342130) LG LIFE SCIENCES, LTD.(110111-2581183) LG MMA CORPORATION(206211-0001805) LG TELECOM CO., LTD.(110111-1296676) CS LEADER CO., LTD.(110111-2271924) AIN TELE SERVICE CO., LTD.(180111-0367581) LG DACOM CORPORATION(110111-0315948) LG POWERCOM CORPORATION(110111-1863889) DACOM CROSSING CORPORATION(110111-2234683) DACOM MULTIMEDIA INTERNET
CORPORATION(110111-1905441) LG CNS CO., LTD.(110111-0516695) LG N SYS CO., LTD.(110111-2397027) V-ENS CO., LTD.(120111-0334897) BIZTECH&EKTIMO CO. LTD.(110111-2689507) UCESS PARTNERS CO., LTD(110111-3798026) SERVE ONE CO., LTD.(110111-2411520) LG INTERNATIONAL CORP.(110111-0004632) TWIN WINE CO., LTD.(110111-3791129) KOREA COMMERCIAL VEHICLE CO.,
LTD.(200111-0105200) LG SOLAR ENERGY INC.(110111-3759408) LG MANAGEMENT DEVELOPMENT
INSTITUTE(110111-0423494) LG SPORTS CO., LTD.(110111-0359300) JIHEUNG CO., LTD. C TECH CO., LTD. |
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Overseas Office |
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Liaison Office |
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Overseas Branch |
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Joint Venture |
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Subsidiary |
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Corporate Ownership |
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Major Shareholders |
LG CHEM LTD(110111-2207995) 24TH FL., LG TWIN TOWER EAST ANNEX, 20,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3773-5114 FAX:+82-2-3773-7933 |
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Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD(110111-0017859) -Technology License Agreement THE DOW
CHEMICAL COMPANY (TDCC) |
Sales by
Region (Activity &
Markets)
The Subject deals with the companies in Australia, Taiwan, Malaysia,
Philippines, Singapore, Indonesia, Japan, China and India.
Court
Action
No.
News Clipping
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)