MIRA INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
PHILIP MORRIS KOREA INC. |
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Registered Office : |
84, Taepyeongno 1-ga, Jung-gu, Seoul, Korea, 24th Fl., Seoul Finance Bldg., Zip Code 100-768 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.03.1989 |
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Com. Reg. No.: |
110-81-20980 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacturer of Tobacco Products |
RATING & COMMENTS
|
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 |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Exists |
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South korea
|
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
PHILIP MORRIS KOREA INC. (Korean Company Name : “한국필립모리스(주)”) |
|
Registered
Address |
84,
Taepyeongno 1-ga, Jung-gu, Seoul, Korea |
|
Building |
24th Fl., Seoul Finance Bldg. |
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Zip Code |
100-768 |
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Tel |
+82-2-3707-0700 |
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Fax |
+82-2-
775 -9780 |
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E-mail |
seongmin.lim@pmintl.com |
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Website |
www.philipmorrisinternational.com |
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Trading Address |
24th
Fl., Seoul Finance Bldg., 84, Taepyeongno 1-ga, Jung-gu, Seoul, Korea |
|
Tel |
+82-2-3707-0700 |
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Fax |
+82-2-
775 -9780 |
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Other Address-Yangsan Factory |
467-5,
Yusan-dong, Yangsan-si, Gyeongsangnam-do, Korea |
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Tel |
+82-55-380-6700 |
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Fax |
+82-55-372-7033 |
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Type |
Import/Export |
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Industry |
Manufacture of Tobacco Products |
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Main Business |
Tobacco, Ash Tray, Lighter |
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Sub
Business |
Wholesale of Tobacco |
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Established (mm/dd/yyyy) |
03/29/1989 |
The Subject Company
occupies the premises of registered HQ address and Yangsan Factory by leasing base.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tobacco and substitutes(50211500) |
CEO’s
|
Name |
Jung Il-Woo |
|
Address |
Site A-1202, 48, Yeouido-dong,
Yeongdeungpo-gu, Seoul, Korea |
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Date of Birth |
12/20/1962 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Russian |
Profiles
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Capital (KRW) |
30,204,000,000 |
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Employees |
523 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
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Bank Details |
Citibank, Korea-Seoul Branch SC First Bank of Korea |
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Corporate Registered No. |
110111-0620470 |
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Business Registered No. |
110-81-20980 |
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Permit & Licenses |
Int’l Trade No.: 897275 |
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Shareholder Position |
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Company History |
03/29/1989 Incorporated as the present
name(“필립모리스코리아(주)”) 05/11/2001Moved to the present HQ address
from 84, Taepyeongno 1-ga, Jung-gu, Seoul, Korea 10/08/2001 Increased the authorized shares to 5,000,000 shares from
20,400 shares 05/09/2002 Increased capital to 30,204,000,000 KRW from 204,000,000 KRW 07/31/2002 Changed Korean company name to
the present name(“한국필립모리스(주)”) 01/19/1990 Registered as a Foreign Direct
Investment Corporation 2007 Busan Custom Office has investigated the subject for the fiscal
years(2003~2007)’ custom affairs. |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Jung Il-Woo |
Male |
Korean |
06/20/2011 |
|
Director |
Mr. |
Virgisstan
Islovaitis |
Male |
Lithuanian |
07/22/2010 |
|
Director |
Mr. |
Paul Norman
Genel |
Male |
Canadian |
03/24/2011 |
|
Auditor |
Mr. |
Kim
Byung-Cheol |
Male |
Korean |
03/27/2008 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
489,534,343,791 |
387,017,621,588 |
94,001,280,103 |
|
|
2009 |
433,463,242,921 |
303,758,646,334 |
74,779,920,270 |
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2008 |
356,578,630,856 |
258,690,547,183 |
61,094,097,616 |
|
2007 |
278,589,438,964 |
166,839,315,910 |
31,724,233,991 |
|
2006 |
223,466,545,238 |
172,212,071,315 |
10,635,110,740 |
|
2005 |
232,622,581,973 |
158,867,765,098 |
15,251,128,969 |
|
2004 |
245,702,476,003 |
226,319,259,676 |
15,104,588,829 |
|
2003 |
196,936,822,182 |
147,474,576,090 |
1,758,351,733 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
30,204,000,000 |
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Total Issues Shares |
3,020,400 |
Balance
Sheet
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Unit : Million Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
387,017,621,588 |
303,758,646,334 |
258,690,547,183 |
|
Current Assets |
288,428,945,507 |
250,799,686,070 |
204,009,736,329 |
|
-Quick Assets |
248,096,593,328 |
220,826,093,889 |
174,753,423,325 |
|
-Inventories |
40,332,352,179 |
29,973,592,181 |
29,256,313,004 |
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Fixed Assets |
98,588,676,081 |
52,958,960,264 |
54,680,810,854 |
|
-Investment |
232,293,558 |
369,323,962 |
- |
|
-Tangibles |
89,197,171,477 |
43,406,566,191 |
47,064,590,952 |
|
-Intangibles |
9,159,211,046 |
9,183,070,111 |
7,616,219,902 |
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Total Liabilities |
247,524,874,787 |
185,383,144,068 |
158,103,465,187 |
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Current Liabilities |
233,310,944,478 |
173,695,465,963 |
148,942,741,035 |
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Fixed Liabilities |
14,213,930,309 |
11,687,678,105 |
9,160,724,152 |
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Capital Stock |
30,204,000,000 |
30,204,000,000 |
30,204,000,000 |
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Capital Surplus |
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Profit Surplus |
109,288,746,801 |
88,171,502,266 |
70,383,081,996 |
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Capital Adjustment |
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Total Equity |
139,492,746,801 |
118,375,502,266 |
100,587,081,996 |
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Liab. & Shareholder’s Equity |
387,017,621,588 |
303,758,646,334 |
258,690,547,183 |
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Current Liabilities |
233,310,944,478 |
173,695,465,963 |
148,942,741,035 |
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Trade Payables |
18,501,201,071 |
16,442,731,004 |
16,422,050,424 |
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Account Payables |
20,066,706,788 |
19,754,552,694 |
16,842,283,664 |
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Withholdings |
777,046,575 |
942,430,384 |
811,665,760 |
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VAT Withhold |
30,421,688,567 |
27,833,723,801 |
22,401,592,576 |
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Accrued Expenses |
5,637,352,756 |
5,104,119,418 |
5,062,979,738 |
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Accrued Tabaco Taxes |
57,690,121,790 |
40,559,091,674 |
32,378,686,540 |
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Accrued Education Taxes |
28,845,060,895 |
20,279,545,837 |
16,189,343,270 |
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Accrued Wastes Imposition |
5,966,873,425 |
4,921,094,903 |
3,917,884,818 |
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Accrued Nation Health Promotion
Fund |
31,860,067,260 |
22,415,811,000 |
17,884,110,480 |
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Accrued Income Tax |
33,544,825,351 |
15,442,365,248 |
17,032,143,765 |
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Fixed Liabilities |
14,213,930,309 |
11,687,678,105 |
9,160,724,152 |
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Provision for Severance &
Retirement |
13,750,348,991 |
11,226,229,171 |
8,978,804,147 |
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Long-Term Accrued Expenses |
868,188,321 |
860,618,735 |
587,629,721 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
489,534,343,791 |
433,463,242,921 |
356,578,630,856 |
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Cost of Sold Goods |
180,904,144,694 |
178,859,897,453 |
132,234,631,181 |
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Gross Profit |
308,630,199,097 |
254,603,345,468 |
224,343,999,675 |
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Selling & Admin. Expenses |
175,368,235,370 |
159,875,776,612 |
139,544,694,654 |
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Operating Income |
133,261,963,727 |
94,727,568,856 |
84,799,305,021 |
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Non-Operating Income |
9,713,469,048 |
8,420,452,332 |
9,867,836,774 |
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Non-Operating Expenses |
4,035,095,615 |
4,556,414,185 |
9,929,505,819 |
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Income Before Taxes |
138,940,337,160 |
98,591,607,003 |
84,737,635,976 |
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Income Taxes Expenses |
44,939,057,057 |
23,811,686,733 |
23,643,538,360 |
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Net Income |
94,001,280,103 |
74,779,920,270 |
61,094,097,616 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
74,005,755,780 |
87,166,680,878 |
93,808,118,581 |
|
-Net Income |
94,001,280,103 |
74,779,920,270 |
61,094,097,616 |
|
-Exp. without Cash Outflow |
9,478,093,686 |
9,059,647,203 |
8,382,290,890 |
|
-Revenue without Cash Inflows |
-63,255,198 |
-295,836,444 |
-1,611,157,648 |
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-Changes in Asset/ & Liability |
-29,410,362,811 |
3,622,949,849 |
25,942,887,723 |
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Cash Flows from Investing |
-63,835,471,413 |
-16,939,889,015 |
1,958,827,802 |
|
-Cash Inflow from Investing |
1,598,669,208 |
10,534,246,703 |
5,747,761,632 |
|
-Cash Outflows for Investing |
-65,434,140,621 |
-27,474,135,718 |
-3,788,933,830 |
|
Cash Flows from Financing |
-72,884,035,568 |
-56,991,500,000 |
-17,000,000,000 |
|
-Cash Inflows from Financing |
- |
- |
- |
|
-Cash Outflows from Financing |
-72,884,035,568 |
-56,991,500,000 |
-17,000,000,000 |
|
Increase/Decrease in Cash |
-62,713,751,201 |
13,235,291,863 |
78,766,946,383 |
|
Cash at the Beginning of Year |
119,327,719,760 |
106,092,427,897 |
27,325,481,514 |
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Cash at the End of Year |
56,613,968,559 |
119,327,719,760 |
106,092,427,897 |
Products, Technologies, Services Description
|
Main Products & Services |
Cigarettes |
Trade Partners & Competitors
|
Suppliers |
PHILIP MORRIS PRODUCTS S. A. PHILIP MORRIS LIMITED PHILIP MORRIS PHILIPPINES MANUFACTURING
INC. |
|
Customers |
SAMYANG INT'L CO., LTD.(110111-0424848) OKSAN DISTRIBUTION CO.,
LTD.(110111-1426108) YOUNG DISTRIBUTION CO.,
LTD.(110111-0213530) HANMI COMMERCIAL CO., LTD.(180111-0078203 ) |
|
Competitors |
BRITISH AMERICAN TOBACCO KOREA
MANUFACTURING LTD. 4-1B, JINSA LOCAL INDUSTRIAL COMPLEX, 889,
YUCHEON-RI, SANAM-MYEON, SACHEON-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-851-7500 FAX:+82-55-851-7699 WOORI TOBACCO CORPORATION 11-1, SEULHANG-RI, GODAE-MYEON,
DANGJIN-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-355-6565 FAX:+82-41-355-7447 OCSAN DISTRIBUTION CO., LTD. B1, BOHEON BLDG., 84-2, JAE-DONG,
JONGNO-GU, SEOUL, KOREA TEL:+82-2-901-2701~2 FAX:+82-2-744-8113 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Corporate Ownership |
PHILIP MORRIS INTERNATIONAL INC.(USA) PHILIP MORRIS BRANDS SARL(SWISS) |
|
Major Shareholders |
PHILIP MORRIS BRANDS SARL(SWISS) |
|
Cooperative Enterprise |
-Brand Agreement PHILIP MORRIS PRODUCTS S.A. -Supply Agreement PHILIP MORRIS PRODUCTS S. A. PHILIP MORRIS LIMITED PHILIP MORRIS PHILIPPINES MANUFACTURING
INC. -Contract Manufacturing Agreement PHILIP MORRIS PRODUCTS S.A. -Service Agreement PHILIP MORRIS INTERNATIONAL MANAGEMENT SA -Display Place Leasing KOREA SEVEN CO., LTD.(110111-0899976) -Transportation Service KCTC.(110111-0149446) -Insured Company HYUNDAI MARINE & FIREINSURANCE CO., LTD.(110111-0035893) |
Sales by Region
(Activity & Markets)
The Subject imports
from USA.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
Seokam Co., Ltd. |
The Subject Company |
Transferring Land & Buidling |
778 |
Proceeding |
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
|
UK Pound |
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
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 |
|
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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.