MIRA INFORM REPORT
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Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BASF COMPANY LTD. |
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Registered Office : |
373-15, Hwachi-dong, Yeosu-si, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.12.1988 |
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Com. Reg. No.: |
417-81-04858 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacturer of Basic Organic Petrochemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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 |
BASF COMPANY LTD. (Korean Company Name : “한국바스프(주)”) |
|
Registered Address |
373-15, Hwachi-dong, Yeosu-si, |
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Zip Code |
555-280 |
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Tel |
+82-61-680-7000 |
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Fax |
+82-61-684-7260 |
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E-mail |
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Website |
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Trading Address |
14th |
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Tel |
+82-2-3707-3100 |
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Fax |
+82-2-3707-3122 |
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Other Address-Ulsan Site-Plastics Factory |
472-1, |
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Tel |
+82-52-279-5800 |
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Fax |
+82-52-272-4801 |
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Other Address-Ulsan Site-Plastics Factory |
569-30, |
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Tel |
+82-52-279-9500 |
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Fax |
+82-52-279-9501 |
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Other Address-Ansan Factory |
607B-22, Banwol Industrial Complex, 631-3, Seonggok-dong, Danwon-gu,
Ansan-si, |
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Tel |
+82-31-599-7513 |
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Fax |
+82-31-599-7506 |
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Other Address-Hwaseong Factory |
870, |
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Tel |
+82-52-278-2000 |
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Fax |
+82-52-278-2001 |
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Type |
Export/Import |
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Industry |
Manufacture of Basic Organic Petrochemicals |
|
Main Business |
Styrofoam, L-Lysine, EPS, PS, ABS, MPI, TPI |
|
Established (mm/dd/yyyy) |
12/15/1988 |
The Subject owns the premises of registered
address/factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyurethane resins(13111061) |
|
Sell |
Polystyrene foam(13111308) |
|
Sell |
Acrylonitrile butadiene styrene resin(13111004) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Organic derivatives and substituted compounds(12352100) |
|
Sell |
Surfactants(12161900) |
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Sell |
Inorganic compounds(12352300) |
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Sell |
Pigments(12171600) |
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Sell |
Other adhesives and sealants(31201600) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
|
Sell |
Plasticizers(12162000) |
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Sell |
Inorganic compounds(12352300) |
|
Sell |
Organic peroxides(12352120) |
CEO’s
|
Name |
Cho Chin-Wook |
|
Address |
A-401, 28-1, Jeongja-dong, Bundang-gu, Seongnam-si, |
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Date of Birth |
10/10/1952 |
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Title |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
464,650,000,000 |
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Employees |
883 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
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Bank Details |
Korea Exchange Bank –Sales 1 Division |
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Corporate Registered No. |
110111-0600860 |
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Business Registered No. |
417-81-04858 |
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Permit & Licenses |
05/1999 ISO 9001 Int’l Trade No.: 429296 |
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Shareholder Position |
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Company History |
1954 Entered 1980 Established as Hyosung BASF 1982 Established BASF KOREA CO., LTD. 12/1988 Established HANYANG BASF URETHANE
CO., LTD. 12/1997 Changed company name to BASF
URETHANE KOREA CO., LTD. 03/1998 Changed company name to BASF KOREA
STILENIX CO., LTD. 05/1998 Acquired Lysine Business Division
from Daesang Corporation 12/1998 Acquired Polyol Business Division
from Dong Sung Chemical Co., Ltd. 12/1998 Incorporated as BASF KOREA CO.,
LTD with the acquisition of BASF URETHANE KOREA CO., LTD., BASF KOREA
STILENIX CO., LTD. and BASF KOREA CO., LTD. 11/2000 Awarded US$500 Million Export Top
Prize 06/2001 Acquired SK Evertech's SM Factory 10/2001 Increased capital to
404,650,000,000 KRW from 354,650,000,000 KRW 05/2003 Acquired Engineering Plastic
Business Division from Honeywell 04/2005 Acquired BASF AGRO KOREA CO., LTD. 10/2006 Acquired the operation part of
BASF Resin Co., Ltd. 07/31/2007 Increased the authorized shares
to 94,930,000 shares from 80,930,000 KRW 01/2008 Sold Gunsan Factory(Lysine: 228,
Soryong-dong, Gunsan-si, 05/21/2009 increased capital to
464,650,000,000 KRW from 404,650,000,000 KRW 08/03/2009 Decided to sell Ulsan SM
Factory to SK ENERGY CO., LTD.(110111-3710385) 02/01/2010 Acquired CIBA SPECIALTY
CHEMICALS KOREA LTD.(110111-0714406) and DAIHAN SWISS CHEMICAL
CORP.(110111-0307325) |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Cho Chin-Wook |
Male |
Korean |
07/01/2006 |
|
President & CEO |
Mr. |
Shin Woo-Sung |
Male |
Korean |
03/02/2009 |
|
Director |
Mr. |
Georg Gotbrat |
Male |
German |
08/01/2007 |
|
Director |
Mr. |
Saoriul Rikedu Borg |
Male |
German |
11/01/2009 |
|
Auditor |
Mr. |
Tobias Drat |
Male |
German |
07/31/2007 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2,182,467,001,023 |
1,131,492,742,826 |
252,650,621,415 |
|
|
2008 |
2,409,606,875,106 |
1,005,708,769,659 |
90,382,545,153 |
|
2007 |
2,154,041,355,519 |
1,154,047,696,907 |
179,289,618,386 |
|
2006 |
1,908,768,117,693 |
1,236,191,744,609 |
169,881,499,330 |
|
2005 |
2,088,248,977,659 |
1,326,167,222,613 |
128,075,379,460 |
|
2004 |
1,960,457,253,117 |
1,454,917,869,412 |
47,803,170,535 |
|
2003 |
1,383,330,951,764 |
1,461,689,186,845 |
(-)24,016,453,546 |
Financial Description
|
Authorized Capital(KRW) |
474,650,000,000 |
|
Paid-Up Capital(KRW) |
464,650,000,000 |
|
Total Issues Shares |
92,930,000 |
Balance Sheet
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Total Assets |
1,131,492,742,826 |
1,005,708,769,659 |
1,154,047,696,907 |
|
Current Assets |
624,467,263,771 |
505,919,392,208 |
606,333,358,985 |
|
-Quick Assets |
490,761,618,368 |
354,058,237,176 |
424,136,480,135 |
|
-Inventories |
133,705,645,403 |
151,861,155,032 |
182,196,878,850 |
|
Fixed Assets |
507,025,479,055 |
499,789,377,451 |
547,714,337,922 |
|
-Investment |
64,510,601,474 |
30,714,629,893 |
42,497,024,503 |
|
-Tangibles |
410,360,929,883 |
422,943,125,740 |
465,709,149,343 |
|
-Intangibles |
12,705,739,847 |
14,129,576,418 |
15,098,183,135 |
|
-Others |
19,448,207,851 |
32,002,045,400 |
24,409,980,941 |
|
Total Liabilities |
336,326,111,529 |
441,035,389,777 |
334,348,670,178 |
|
Current Liabilities |
313,578,736,480 |
418,253,890,973 |
318,179,571,635 |
|
Fixed Liabilities |
22,747,375,049 |
22,781,498,804 |
16,169,098,543 |
|
Capital Stock |
464,650,000,000 |
404,650,000,000 |
404,650,000,000 |
|
Capital Surplus |
24,498,419,649 |
24,498,419,649 |
24,668,992,649 |
|
Profit Surplus |
305,919,151,648 |
135,434,480,233 |
390,271,284,080 |
|
Capital Adjustment |
99,060,000 |
90,480,000 |
108,750,000 |
|
Total Equity |
795,166,631,297 |
564,673,379,882 |
819,699,026,729 |
|
Liab. & Shareholder’s Equity |
1,131,492,742,826 |
1,005,708,769,659 |
1,154,047,696,907 |
|
Current
Liabilities |
313,578,736,480 |
418,253,890,973 |
318,179,571,635 |
|
Trade
Payables |
278,975,971,331 |
124,635,870,114 |
197,183,975,997 |
|
Short-Term
Borrowings |
- |
150,900,000,000 |
46,910,000,000 |
|
Account
Payables |
10,930,641,163 |
5,684,885,361 |
4,839,288,697 |
|
Advance
Receipts |
1,962,034,623 |
2,565,936,893 |
328,122,801 |
|
Withholdings |
826,209,193 |
1,506,982,353 |
1,943,677,694 |
|
Accrued
Expenses |
20,883,880,170 |
37,989,230,850 |
30,407,835,911 |
|
Accrued
Income Tax |
- |
22,221,697,153 |
30,952,200,997 |
|
Derivatives |
- |
72,749,288,249 |
5,614,469,538 |
|
Fixed
Liabilities |
22,747,375,049 |
22,781,498,804 |
16,169,098,543 |
|
Provision for Recovery |
5,890,796,998 |
7,106,000,000 |
- |
|
Other
Provisions |
6,591,705,000 |
- |
- |
|
Provision
for Severance & Retirement |
41,171,212,480 |
46,921,063,110 |
47,193,961,130 |
|
Leasehold Deposit Received |
130,000,000 |
130,000,000 |
- |
Income Statement
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Sales |
2,182,467,001,023 |
2,409,606,875,106 |
2,154,041,355,519 |
|
Cost of Sold Goods |
1,709,131,631,096 |
1,971,290,688,309 |
1,745,285,735,290 |
|
Gross Profit |
473,335,369,927 |
438,316,186,797 |
408,755,620,229 |
|
Selling & Admin. Expenses |
186,109,268,509 |
217,669,623,210 |
180,352,458,917 |
|
Operating Income |
287,226,101,418 |
220,646,563,587 |
228,403,161,312 |
|
Non-Operating Income |
119,076,603,225 |
339,700,576,507 |
66,202,673,363 |
|
Non-Operating Expenses |
126,172,897,579 |
465,772,465,958 |
60,318,686,456 |
|
Income, Before Taxes, from
Continuous Business |
280,129,807,064 |
94,574,674,136 |
234,287,148,219 |
|
Income Taxes Expenses,
Continuous Business |
27,479,185,649 |
4,192,128,983 |
45,601,703,001 |
|
Income from Continuous
Business |
252,650,621,415 |
90,382,545,153 |
188,685,445,218 |
|
Income from Stopped Business |
- |
- |
(-)9,395,826,832 |
|
Net Income |
252,650,621,415 |
90,382,545,153 |
179,289,618,386 |
Cash Flows
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Cash Flows from Operating |
393,590,822,200 |
334,811,152,472 |
274,730,358,392 |
|
-Net Income |
252,650,621,415 |
90,382,545,153 |
179,289,618,386 |
|
-Exp. without Cash Outflow |
92,291,116,252 |
360,668,079,901 |
131,775,400,363 |
|
-Revenue without Cash Inflows |
(-)45,062,614,471 |
(-)139,467,636,266 |
(-)55,859,572,501 |
|
-Changes in Asset/ & Liability |
93,711,699,004 |
23,228,163,684 |
19,524,912,144 |
|
Cash Flows from Investing |
(-)134,538,459,418 |
(-)49,503,583,404 |
(-)53,795,462,762 |
|
-Cash Inflow from Investing |
17,182,425,235 |
15,114,386,400 |
8,557,868,538 |
|
-Cash Outflows for Investing |
(-)151,720,884,653 |
(-)64,617,969,804 |
(-)62,353,331,300 |
|
Cash Flows from Financing |
(-)173,065,950,000 |
(-)275,095,922,000 |
(-)240,691,600,000 |
|
-Cash Inflows from Financing |
60,000,000,000 |
346,381,000,000 |
46,810,000,000 |
|
-Cash Outflows from Financing |
(-)233,065,950,000 |
(-)621,476,922,000 |
(-)287,501,600,000 |
|
Increase/Decrease in Cash |
85,986,412,782 |
10,211,647,068 |
(-)19,756,704,370 |
|
Cash at the Beginning of Year |
21,380,658,869 |
11,169,011,801 |
30,925,716,171 |
|
Cash at the End of Year |
107,367,071,651 |
21,380,658,869 |
11,169,011,801 |
Products, Technologies, Services Description
|
Main Products & Services |
-Thermoplastics Business EPS, PS, ABS, SM, Engineering plastics
production and sales -Polyurethane Business MDI, TDI, Polyol production and sales -Chemicals & Performance Products
Business PolyTHK, BDO/THF, Fiber raw materials,
Petrochemicals, Intermediates, Textile Chemicals, Leather Chemicals, Pigment
& Dyestuff for industry, Specialty Chemicals, Acrylic Monomer &
Polymer, Paper Chemicals -Fine Chemicals Business Animal Nutrition, Lysine Byproducts,
Cosmetics, Pharmaceuticals, Food Ingredients, Aroma Chemicals for flavor and
fragrance, Agro chemical products |
Trade Partners & Competitors
|
Suppliers |
BASF AKTIENGESELLSCHAFT(CATALYST) HANWHA PETROCHEMICALS CO., LTD.(CHLORINE,
NITRIC ACID & CAUSTIC SODA) HUCHEMSFINECHEMICALCORPORATION(110111-2611906 : NITRIC ACID) AIR LIQUIDE KOREA CO., LTD.(110111-1232216 : CARBON MONOXIDE,
HYDROGEN) HEIN CORPORATION(180111-0049915 :
FORMALDEHYDE) SAMYANG CHEMICAL CO., LTD.(110111-0568878 :
FORMALDEHYDE) SKC(ETHYLENE) |
|
Customers |
BASF AKTIENGESELLSCHAFT BASF |
|
Competitors |
SAMSUNG TOTAL PETROCHEMICALS CO., LTD. 411-1, DOKGOT-RI, DAESAN-EUP, SEOSAN-SI, TEL:+82-41-660-6114 FAX:+82-41-681-4812 HONAM PETROCHEMICAL CORPORATION 11TH FL., TEL:+82-2-829-4114 FAX:+82-2-843-1010 SAM NAM PETROCHEMICAL CO., LTD. 4TH FL., SAMYANG CO. BLDG., 263,
YEONJI-DONG, JONGNO-GU, TEL:+82-2-740-7450~1 FAX:+82-2-745-4225 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
BASF SE BASF |
|
Subsidiary |
CIBA SPECIALTY CHEMICALS KOREA LTD.(110111-0714406) (100.0% held by the subject company) DAIHAN SWISS CHEMICAL CORP.(110111-0307325) (100.0% held by the subject company) |
|
Corporate Ownership |
BASF SE BETEILIGUNGSGESELLSCHAFT GMBH |
|
Major Shareholders |
BASF BETEILIGUNGSGESELLSCHAFT GMBH CARL-BOSCH STRAßE 38, 67056 TEL: 49-621-60-0 FAX: 49-621-60-42525 |
|
Cooperative |
-Technical Support & Engineering
Support MITSUBISHI CHEMICAL CORPORATION BASF SE |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.17 |
|
|
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
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 |
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.