MIRA INFORM REPORT
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Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
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Name : |
WACKER CHEMICALS KOREA, INC. |
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Formerly Known As : |
WACKER POLYMER
KOREA, INC. |
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Registered Office : |
203-1, Seongam-dong, Nam-gu, Ulsan, Korea, Zip Code 680-140 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.05.1992 |
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Com. Reg. No.: |
120-81-58519 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Synthetic Resin and Other Plastic Materials |
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RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
WACKER CHEMICALS
KOREA, INC. (Korean Company Name : “(주)바커케미칼코리아”) |
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Registered Address |
203-1, Seongam-dong, Nam-gu, Ulsan, Korea |
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Zip Code |
680-140 |
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Tel |
+82-52-930-8400 |
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Fax |
+82-52-930-8484 |
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E-mail |
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Website |
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Trading Address |
14th Fl., Haeseong 2 Bldg., 942-10, Daechi
3-dong, Gangnam-gu, Seoul, Korea |
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Tel |
+82-2-6710-1200 |
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Fax |
+82-2-6710-1203 |
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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 |
VAE(Vinyl Acetate Ethylene), Cylinder Gases, Specialty Gases, Liquid
& Bulk Gases, Vinyl Acetate Ethylene Emulsion, PVAc Emulsion, EVCL Emulsion |
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Established (mm/dd/yyyy) |
05/15/1992 |
The Subject owns
the premises of registered HQ address.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Emulsions(12161804) |
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Sell |
Chemical
adhesives(31201601) |
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Buy |
Polyvinyl
alcohol(13111042) |
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Buy |
Ethylene(15111504) |
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Buy |
Ethylene vinyl
acetate resin(13111008) |
CEO’s
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Name |
Cho Han-Hyung |
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Address |
Rm.102-201, 320, Siheung-dong,
Sujeong-gu, Seongnam-si, Gyeonggi-do, Korea |
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Date of Birth |
08/19/1949 |
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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) |
11,000,000,000 |
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Employees |
117 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
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Bank Details |
The Hongkong and Shanghai Banking
Corporation Limited(HSBC)-Sinsa dong Branch |
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Corporate Registered No. |
110111-0857841 |
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Business Registered No. |
120-81-58519 |
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Permit & Licenses |
Int’l Trade No. : 53000572 |
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Shareholder Position |
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Company History |
05/15/1992 Incorporated as Korea Kobunja
Co., Ltd. 01/05/1994 Registered as a Foreign Direct
Investment Corporation 01/30/1996 Changed company name to Korea Air Products Co., Ltd. 01/02/2003 Moved to the present HQ address from 19FL., 100,
Gongpyeong-dong, Jongno-gu, Seoul, Korea 05/29/2004 Decreased capital to 7,000,000,000 KRW from 30,000,000,000
KRW 03/01/2008 Changed company name to WACKER POLYMER KOREA, INC. 06/01/2008 Changed company name to the
present name 06/19/2009 Increased capital to 11,000,000,000
KRW from 7,000,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Cho Han-Hyung |
Male |
Korean |
02/01/2008 |
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Director |
Mr. |
John M. Taka |
Male |
USA |
02/01/2008 |
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Director |
Mr. |
Thomas Koini |
Male |
Australian |
02/20/2009 |
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Director |
Mr. |
Jinrai Onell Gross |
Male |
French |
03/25/2011 |
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Auditor |
Mr. |
Cygreed Paist |
Male |
German |
03/25/2011 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
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65,475,336,483 |
62,411,974,164 |
5,129,665,052 |
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12/2009 |
62,154,817,837 |
38,012,415,795 |
6,318,253,130 |
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12/2008 |
12,275,268,806 |
37,752,606,454 |
3,156,942,992 |
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09/2007 |
46,606,738,843 |
36,952,721,617 |
(-)3,029,941,175 |
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09/2006 |
38,405,805,493 |
30,540,130,126 |
568,419,170 |
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09/2005 |
32,483,881,434 |
37,455,354,720 |
(-)1,720,767,047 |
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09/2004 |
31,009,073,512 |
36,718,701,760 |
(-)112,991,370 |
Financial Description
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Authorized Capital(KRW) |
100,000,000,000 |
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Paid-Up Capital(KRW) |
11,000,000,000 |
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Total Issued Shares |
1,100,000 |
Balance
Sheet
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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 |
62,411,974,164 |
38,012,415,795 |
37,752,606,454 |
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Current Assets |
39,185,020,145 |
24,398,801,844 |
22,636,568,551 |
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-Quick Assets |
32,372,402,601 |
21,310,590,541 |
20,059,570,382 |
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-Inventories |
6,812,617,544 |
3,088,211,303 |
2,576,998,169 |
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Fixed Assets |
23,226,954,019 |
13,613,613,951 |
15,116,037,903 |
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-Investment |
12,482,000 |
19,474,000 |
22,442,000 |
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-Tangibles |
15,136,709,189 |
13,236,436,623 |
14,807,437,623 |
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-Intangibles |
7,538,183,538 |
- |
286,158,280 |
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-Others |
539,579,292 |
357,703,328 |
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Total Liabilities |
40,934,226,360 |
21,664,333,043 |
31,689,821,632 |
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Current Liabilities |
40,168,714,837 |
20,941,845,057 |
30,957,508,136 |
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Fixed Liabilities |
765,511,523 |
722,487,986 |
732,313,496 |
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Capital Stock |
11,000,000,000 |
11,000,000,000 |
7,000,000,000 |
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Capital Surplus |
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Profit Surplus |
10,477,747,804 |
5,381,037,952 |
-937,215,178 |
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Capital Adjustment |
- |
-32,955,200 |
- |
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Total Equity |
21,477,747,804 |
16,348,082,752 |
6,062,784,822 |
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Liab. & Shareholder’s Equity |
62,411,974,164 |
38,012,415,795 |
37,752,606,454 |
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Current Liabilities |
40,168,714,837 |
20,941,845,057 |
30,957,508,136 |
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Trade Payables |
8,862,726,572 |
7,694,118,791 |
4,352,386,843 |
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Short-Term Borrowings |
27,700,000,000 |
10,045,680,000 |
23,981,087,966 |
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Account Payables |
1,111,755,233 |
1,419,696,424 |
1,354,680,890 |
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Accrued Expenses |
1,420,776,366 |
825,023,081 |
1,168,976,869 |
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Accrued Income Tax |
997,002,719 |
755,752,648 |
- |
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Advance Receipts |
4,153,250 |
1,063,992 |
954,808 |
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Withholdings |
72,300,697 |
87,362,892 |
99,420,760 |
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Derivatives |
- |
113,147,229 |
- |
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Fixed Liabilities |
765,511,523 |
722,487,986 |
732,313,496 |
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Provision for Severance & Retirement |
765,511,523 |
722,487,986 |
732,313,496 |
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 |
65,475,336,483 |
62,154,817,837 |
12,275,268,806 |
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Cost of Sold Goods |
47,998,641,711 |
44,614,259,162 |
9,120,641,777 |
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Gross Profit |
17,476,694,772 |
17,540,558,675 |
3,154,627,029 |
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Selling & Admin. Expenses |
11,207,724,466 |
9,089,796,680 |
2,544,911,479 |
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Operating Income |
6,268,970,306 |
8,450,761,995 |
609,715,550 |
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Non-Operating Income |
3,686,234,143 |
6,867,602,683 |
5,466,473,650 |
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Non-Operating Expenses |
3,527,265,470 |
7,367,866,377 |
2,919,246,208 |
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Income Before Taxes |
6,427,938,979 |
7,950,498,301 |
3,156,942,992 |
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Income Taxes Expenses |
1,298,273,927 |
1,632,245,171 |
- |
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Net Income |
5,129,665,052 |
6,318,253,130 |
3,156,942,992 |
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 |
6,198,204,667 |
9,442,218,615 |
3,376,660,054 |
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-Net Income |
5,129,665,052 |
6,318,253,130 |
3,156,942,992 |
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-Exp. without Cash Outflow |
4,278,455,683 |
6,694,082,975 |
2,461,550,301 |
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-Revenue without Cash Inflows |
-1,754,828,647 |
-4,355,887,537 |
-3,470,939,483 |
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-Changes in Asset/ & Liability |
-1,455,087,421 |
785,770,047 |
1,229,106,244 |
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Cash Flows from Investing |
-24,094,472,243 |
-880,040,117 |
2,489,253,468 |
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-Cash Inflow from Investing |
824,144,449 |
1,982,051,453 |
2,628,853,468 |
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-Cash Outflows for Investing |
-24,918,616,692 |
-2,862,091,570 |
-139,600,000 |
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Cash Flows from Financing |
17,897,500,000 |
-9,338,453,166 |
-1,022,123,689 |
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-Cash Inflows from Financing |
30,700,000,000 |
3,967,044,800 |
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-Cash Outflows from Financing |
-12,802,500,000 |
-13,305,497,966 |
-1,022,123,689 |
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Increase/Decrease in Cash |
1,232,424 |
-776,274,668 |
4,843,789,833 |
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Cash at the Beginning of Year |
6,000,929,009 |
6,777,203,677 |
1,933,413,844 |
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Cash at the End of Year |
6,002,161,433 |
6,000,929,009 |
6,777,203,677 |
Products, Technologies, Services Description
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Main Products & Services |
VAE(Vinyl Acetate Ethylene) |
Trade Partners & Competitors
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Competitors |
DAE HEUNG INDUSTRIAL CO., LTD. 560-1, CHEONGYONG-RI, SAMSEONG-MYEON,
EUMSEONG-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-878-5281 FAX:+82-43-877-2139 DONGAM CO., LTD. 672-8, YONG-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-944-1907 FAX:+82-62-944-1908 SEOKWANG E.V.A CO., LTD. 431-11, YULSAENG-RI, DAEGOT-MYEON,
GIMPO-SI, GYEONGGI-DO, KOREA TEL:+82-31-989-8306 FAX:+82-31-989-8305 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
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Affiliates |
KOREA INDUSTRIAL GASES LTD.(124311-0002719) WACKER CHEMIE AG WACKER CHEMICAL CORPORATION DRAWIN VERTRIEBS GMBH WACKER ASAHIKASEI SILICONE CO., LTD. WACKER CHEMICALS TRADING(SHANGHAI) CO.,
LTD. WACKER METROARK CHEMICALS PVT. LTD. WACKER CHEMICALS AUSTRALIA PTY. LTD. WACKER CHEMICALS M.E. FZE. WACKER CHEMICALS S.A. PTE. LTD. WACKER CHEMIE INDIA PVT. LTD. WACKER SCHOTT SOLAR VERTRIEBS GMBH WACKER CHEMICALS (ZHANGJIAGANG) CO., LTD. |
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Corporate Ownership |
WACKER CHEMIE AG WACKER CHEMICALS FINANCE B.V. |
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Major Shareholders |
WACKER CHEMICALS FINANCE B.V. |
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Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) -IT Related Service from WACKER CHEMIE AG -Technical Support & Market
Research/Marketing Services from WACKER CHEMICAL CORPORATION |
Sales by Region
(Activity & Markets)
The Subject deals
with the companies in China, USA, Africa, and South East Africa.
Court Action
No.
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.87 |
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UK Pound |
1 |
Rs.78.11 |
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Euro |
1 |
Rs.68.36 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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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.