MIRA INFORM
REPORT
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Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SOLARPARK CO., LTD. |
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Formerly Known As : |
SOLARPARK ENGINEERING CO., LTD. |
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Registered Office : |
1317-23, Seocho 4-dong, Seocho-gu, Seoul, Korea, 21th Fl., GT Tower, Zip code 137-856 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.03.2007 |
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Com. Reg. No.: |
130-86-26682 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Other Electric Motors, Generators and Transformers |
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 |
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
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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 |
SOLARPARK CO.,
LTD. (Ex. Company
Name : SOLARPARK ENGINEERING CO., LTD., “(주)솔라파크엔지니어링”) (Korean Company
Name : “(주)솔라파크”) |
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Registered Address |
1317-23, Seocho 4-dong, Seocho-gu, Seoul,
Korea |
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Building |
21th Fl., GT Tower |
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Zip Code |
137-856 |
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Tel |
+82-2-2112-1871 |
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Fax |
+82-2-2112-1849 |
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E-mail |
sales@solarworld-korea.com |
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Trading Address |
16th Fl., GFC Bldg., 737, Yeoksam 1-dong,
Gangnam-gu, Seoul, Korea |
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Tel |
+82-2-2112-1871 |
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Fax |
+82-2-2112-1849 |
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Type |
Export/Import |
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Industry |
Manufacture of Other Electric Motors, Generators and Transformers |
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Main Business |
Solar Module |
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Established (mm/dd/yyyy) |
03/30/2007 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Solar Module |
CEO’s
|
Name |
Park Hyun-Woo |
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Address |
Rm.802, 1494-4, Seocho-dong,
Seocho-gu, Seoul, Korea |
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Date of Birth |
09/05/1958 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
3,000,000,000 |
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Employees |
15 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Shinhan Bank Kookmin Bank Woori Bank |
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Corporate Registered No. |
121111-0156414 |
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Business Registered No. |
130-86-26682 |
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Permit & Licenses |
Int’l Trade No.: 30664195 |
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Shareholder Position |
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Company History |
03/30/2007 Incorporated as SOLARPARK
ENGINEERING CO., LTD. 11/26/2009 Increased the authorized shares
to 1,200,000 shares from 120,000 shares 11/27/2009 Increased capital to
3,000,000,000 KRW from 300,000,000 KRW 08/10/2010 Changed company name to the
present name 04/18/2011 Moved to the present HQ address
from 395, Songnae-dong, Sosa-gu, Bucheon-si, Gyeonggi-do,
Korea |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Park Hyun-Woo |
Male |
Korean |
03/30/2007 |
|
Director |
Mr. |
Lee Jong-Kook |
Male |
Korean |
03/301/2010 |
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Director |
Mr. |
Kim Kwan-Ki |
Male |
Korean |
03/31/2007 |
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Auditor |
Mr. |
Chae Ki-Sung |
Male |
Korean |
03/30/2007 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
145,437,924,056 |
64,935,840,270 |
13,406,699,095 |
|
|
2009 |
37,944,258,788 |
61,353,809,981 |
4,448,887,629 |
|
2008 |
19,414,122,180 |
19,584,839,606 |
-298,843,760 |
Financial Description
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Authorized Capital(KRW) |
12,000,000,000 |
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Paid-Up Capital(KRW) |
3,000,000,000 |
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Total Issues Shares |
300,000 |
Balance
Sheet
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|||
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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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Total Assets |
64,935,840,270 |
61,353,809,981 |
19,584,839,606 |
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Current Assets |
26,843,133,068 |
37,343,160,684 |
602,745,306 |
|
-Quick Assets |
25,903,803,668 |
37,329,330,684 |
588,915,306 |
|
-Inventories |
939,329,400 |
13,830,000 |
13,830,000 |
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Fixed Assets |
38,092,707,202 |
24,010,649,297 |
18,982,094,300 |
|
-Investment |
37,865,815,545 |
17,691,047,551 |
12,533,002,434 |
|
-Tangibles |
58,264,207 |
46,357,250 |
62,738,249 |
|
-Intangibles |
24,283,945 |
3,167,631 |
- |
|
-Others |
144,343,505 |
6,270,076,865 |
6,386,353,617 |
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Total Liabilities |
44,373,685,888 |
54,231,197,015 |
19,601,177,119 |
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Current Liabilities |
35,572,520,289 |
38,957,383,871 |
3,381,995,535 |
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Fixed Liabilities |
8,801,165,599 |
15,273,813,144 |
16,219,181,584 |
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Capital Stock |
3,000,000,000 |
3,000,000,000 |
300,000,000 |
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Capital Surplus |
- |
- |
- |
|
Profit Surplus |
17,561,037,920 |
4,195,233,516 |
-253,654,113 |
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Capital Adjustment |
1,116,462 |
-72,620,550 |
-62,683,400 |
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Total Equity |
20,562,154,382 |
7,122,612,966 |
-16,337,513 |
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Liab. & Shareholder’s Equity |
64,935,840,270 |
61,353,809,981 |
19,584,839,606 |
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Current Liabilities |
35,572,520,289 |
38,957,383,871 |
3,381,995,535 |
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Short-Term Borrowings |
5,000,000,000 |
- |
- |
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Current Portion of Long-Term Debts |
150,000,000 |
150,000,000 |
- |
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Trade Payables |
27,067,021,295 |
35,688,413,000 |
120,004,668 |
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Account Payables |
856,220,185 |
2,250,841,097 |
2,872,979,355 |
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Accrued Expenses |
1,331,157,008 |
867,157,164 |
167,214,441 |
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Withholdings |
1,309,555 |
972,610 |
10,595,290 |
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VAT Withhold |
200,000 |
- |
- |
|
Accrued Income Tax |
1,166,612,246 |
- |
211,201,781 |
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Fixed Liabilities |
8,801,165,599 |
15,273,813,144 |
16,219,181,584 |
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Long-Term Borrowings |
8,713,830,000 |
15,223,153,341 |
16,203,643,800 |
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Provision for Severance & Retirement |
189,525,063 |
103,862,926 |
65,537,784 |
Income
Statement
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|||
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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 |
145,437,924,056 |
37,944,258,788 |
19,414,122,180 |
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Cost of Sold Goods |
136,112,978,271 |
35,370,061,979 |
17,480,053,109 |
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Gross Profit |
9,324,945,785 |
2,574,196,809 |
1,934,069,071 |
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Selling & Admin. Expenses |
5,294,014,286 |
2,131,235,061 |
861,007,836 |
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Operating Income |
4,030,931,499 |
442,961,748 |
1,073,061,235 |
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Non-Operating Income |
19,699,238,404 |
8,431,274,168 |
457,202,144 |
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Non-Operating Expenses |
8,603,782,972 |
4,425,348,287 |
1,625,343,993 |
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Ordinary Income |
15,126,386,931 |
4,448,887,629 |
-95,080,614 |
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Special Income |
- |
- |
- |
|
Income Before Taxes |
15,126,386,931 |
4,448,887,629 |
-95,080,614 |
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Income Taxes Expenses |
1,719,687,836 |
- |
203,763,146 |
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Net Income |
13,406,699,095 |
4,448,887,629 |
-298,843,760 |
Cash
Flows
|
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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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Cash Flows from Operating |
15,606,775,539 |
-956,519,033 |
-2,803,318,309 |
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-Net Income |
13,406,699,095 |
4,448,887,629 |
-298,843,760 |
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-Exp. without Cash Outflow |
1,478,268,973 |
4,144,119,883 |
1,512,451,941 |
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-Revenue without Cash Inflows |
-12,915,262,205 |
-7,706,653,176 |
-396,333,327 |
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-Changes in Asset/ & Liability |
13,637,069,676 |
-1,842,873,369 |
-3,620,593,163 |
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Cash Flows from Investing |
-12,435,360,291 |
-904,098,419 |
-13,479,241,489 |
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-Cash Inflow from Investing |
- |
110,000,000 |
- |
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-Cash Outflows for Investing |
-12,435,360,291 |
-1,014,098,419 |
-13,479,241,489 |
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Cash Flows from Financing |
-1,509,323,341 |
1,828,614,850 |
15,055,391,153 |
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-Cash Inflows from Financing |
16,566,380,000 |
6,424,893,109 |
16,203,643,800 |
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-Cash Outflows from Financing |
-18,075,703,341 |
-4,596,278,259 |
-1,148,252,647 |
|
Increase/Decrease in Cash |
1,662,091,907 |
-32,002,602 |
1,227,168,645 |
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Cash at the Beginning of Year |
10,575,867 |
42,578,469 |
1,269,747,114 |
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Cash at the End of Year |
1,672,667,774 |
10,575,867 |
42,578,469 |
Products, Technologies, Services Description
|
Main Products & Services |
Solar Module |
Trade Partners & Competitors
|
Suppliers |
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides the vehicle
Leasing Services to the subject company. |
|
Competitors |
SYMPHONY ENERGY CO., LTD. 671-2, YONG-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-949-7722 FAX:+82-62-949-7741 KPE CO., LTD. 1985-12, YEONSAN 2-DONG, YEONJE-GU, BUSAN,
KOREA TEL:+82-51-865-1010 FAX:+82-51-868-3870 TG-ENERGY INC. 2ND FL., WONBANG BLDG., 717-4, SUSEO-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-6230-0100 FAX:+82-2-6243-0004 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SOLARPARK ME CO., LTD.(121111-0171587) (50.00% held by the Subject Company) SOLAR WORLD KOREA CO., LTD.(210111-0059983) (23.50% held by the Subject Company) DS TRADING CO., LTD.(KOREA) (100.0% held by the Subject Company) GOCHANG SOLARPARK CO., LTD.(110111-3601980) ISA SPE+CONSTRUCTION GMBH (50.00% held by the Subject Company) PT.SOLARPARK INDONESIA |
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Overseas Branch |
Germany Office Bettendorf Street 111 A, Freiburg, Saxon,
Germany |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Sales by Region
(Activity & Markets)
The Subject deals
with the companies in Germany.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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 |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.