MIRA INFORM REPORT
|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
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Name : |
POSCO CHEMTECH CO., LTD. |
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Formerly Known As : |
POSCO REFRACTORIES & ENVIRONMENT CO., LTD.(POSREC) |
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Registered Office : |
1-143, Cheongnim-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea, Zip Code 790-836 |
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Country : |
South Korea |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
13.05.1971 |
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Com. Reg. No.: |
506-81-01452 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Other Refractory Ceramic Products |
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No. of Employees
: |
1301 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
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 |
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Company
Name |
POSCO CHEMTECH CO., LTD. ((Ex. Company Name : POSCO
REFRACTORIES & ENVIRONMENT CO., LTD.(POSREC, “(주)포스렉”)) (Korean Company Name : “(주)포스코켐텍”) |
|
Registered Address |
1-143, Cheongnim-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Zip Code |
790-836 |
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Tel |
+82-54-290-0114 |
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Fax |
+82-54-292-3417 |
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E-mail |
posrecweb@posrec.co.kr;think99@posrec.co.kr |
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Website |
www.posrec.co.kr |
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Trading Address |
1-143, Cheongnim-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-290-0114 |
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Fax |
+82-54-292-3417 |
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Other Address-Gwangyang Office |
1657-2, Taein-dong, Gwangyang-si,
Jeollanam-do, Korea |
|
Tel |
+82-61-792-0610~1 |
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Fax |
+82-61-792-8560 |
|
Type |
Export |
|
Industry |
Manufacture of Other Refractory Ceramic Products |
|
Main Business |
Shaped Refractory, Unshaped Refractory, Clinkers |
|
Sub
Business |
Construction of Industrial Plants |
|
Established (mm/dd/yyyy) |
05/13/1971 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Refractory bricks(31371100) |
|
Sell |
Refractories(31370000) |
|
Name |
Kim Jin-Il |
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Date of Birth |
02/01/1953 |
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Title |
President & CEO |
|
Sex |
Male |
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Nationality |
Korean |
|
Capital (KRW) |
29,535,000,000 |
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|
Employees |
1,301 |
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Formation |
Listed Company(KOSDAQ : 003670) as of 10/31/2001 A Company of POSCO Group |
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Bank Details |
Busan Bank-Pohang Branch Citibank, Korea |
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Corporate Registered No. |
174611-0001947 |
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Business Registered No. |
506-81-01452 |
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Permit & Licenses |
Int’l Trade No.: 553942 |
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Shareholder Position |
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Company History |
05/13/1971 Incorporated as POHANG Industrial Furnace Co., Ltd. 03/1987 Changed company name to Pohang
Furnace Co., Ltd. 04/1993 Changed company name to Geoyang
Furnace Co., Ltd. 12/1994 Acquired Samhwa Hwasung
Co., Ltd., and changed company name to POSCO Furnace Equipment Co., Ltd. 04/2001 Changed company name to POSCO REFRACTORIES & ENVIRONMENT CO., LTD.(POSREC) 03/19/2010 Changed company name to the
present name |
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Jin-Il |
Korean |
1953.02.01 |
- |
|
Sr. Executive Director |
Mr. |
Song Jae-Hyun |
Korean |
1953.12.21 |
Chungbuk National University, Korea |
|
Executive Director |
Mr. |
Yoo Kyu-Sik |
Korean |
1956.12.20 |
Postech, Korea |
|
Outside Director |
Mr. |
Nam In-Sik |
Korean |
1950.01.21 |
Vice President of Postech, Korea |
|
Auditor |
Mr. |
Kang Dae-Hee |
Korean |
1955.11.26 |
Dankuk University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,186,622,662,490 |
479,615,361,821 |
92,391,379,400 |
|
|
(*)09/2011 |
868,498,167,467 |
441,893,756,903 |
68,236,629,626 |
|
2010 |
756,053,098,966 |
355,865,343,802 |
56,082,879,935 |
|
2009 |
574,400,917,130 |
257,455,235,344 |
33,089,195,425 |
|
2008 |
446,939,291,376 |
233,414,681,198 |
25,180,724,257 |
|
2007 |
290,199,319,851 |
174,308,257,280 |
16,899,406,721 |
|
2006 |
268,957,364,912 |
155,513,726,878 |
14,297,348,736 |
|
2005 |
250,179,952,576 |
146,321,713,013 |
16,607,215,385 |
(*)09/2011 ‘s figures are based on the K-IFRS Accounting System.
(*) The financials
(2011) are released by the subject company as tentative figures as of 01/26/2012.
It can be changeable by the Auditors confirmation.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
29,535,000,000 |
|
Total Issued Shares |
5,907,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
441,893,756,903 |
371,159,500,484 |
|
|
Current
Assets |
339,966,845,519 |
293,584,756,569 |
|
|
Cash & Cash Equivalents |
36,597,141,866 |
39,256,659,954 |
|
|
Current Financial Instruments |
82,000,320,514 |
51,894,692,247 |
|
|
Trade Receivables |
141,316,063,977 |
118,057,528,879 |
|
|
Inventories |
78,543,984,207 |
83,057,810,734 |
|
|
Other Current Assets |
1,509,334,955 |
1,318,064,755 |
|
|
Non-Current
Assets |
101,926,911,384 |
77,574,743,915 |
|
|
Tangibles |
75,699,917,281 |
58,266,069,772 |
|
|
Intangibles |
5,699,467,863 |
4,008,141,017 |
|
|
Investment_Subsidiaries |
12,359,767,749 |
9,029,767,771 |
|
|
Other Financial Assets |
6,819,976,888 |
4,659,498,720 |
|
|
Investment_Real Estates |
255,203,310 |
255,203,310 |
|
|
Other Non-Current Assets |
1,092,578,293 |
1,356,063,325 |
|
|
Total
Liabilities |
139,480,963,035 |
128,254,143,364 |
|
|
Current
Liabilities |
119,255,007,765 |
110,364,216,385 |
|
|
Trade Payables |
76,745,922,909 |
77,907,798,361 |
|
|
Other Current Financial Debts |
13,424,796,965 |
11,939,977,748 |
|
|
Accrued Income Tax |
15,244,065,685 |
10,980,675,803 |
|
|
Other Current Liabilities |
13,840,222,206 |
9,535,764,473 |
|
|
Non-Current
Liabilities |
20,225,955,270 |
17,889,926,979 |
|
|
Long-Term Borrowings |
50,000,000 |
50,000,000 |
|
|
Provision for Severance &
Retirement |
13,073,249,976 |
12,026,565,348 |
|
|
Deferred Income Tax Credit |
4,191,130,391 |
5,813,361,631 |
|
|
Other Liabilities |
2,911,574,903 |
0 |
|
|
Capital
Stock |
29,535,000,000 |
29,535,000,000 |
|
|
Profit Surplus |
249,227,586,110 |
189,720,149,362 |
|
|
Capital Surplus |
23,650,207,758 |
23,650,207,758 |
|
|
Total Equity |
302,412,793,868 |
242,905,357,120 |
|
|
Liab. & Shareholder’s Equity |
441,893,756,903 |
371,159,500,484 |
|
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
355,865,343,802 |
257,455,235,344 |
233,414,681,198 |
|
Current Assets |
293,537,603,449 |
209,786,290,533 |
190,997,795,647 |
|
-Quick Assets |
210,479,792,715 |
156,365,978,501 |
124,580,110,292 |
|
-Inventories |
83,057,810,734 |
53,420,312,032 |
66,417,685,355 |
|
Fixed Assets |
62,327,740,353 |
47,668,944,811 |
42,416,885,551 |
|
-Investment |
12,276,768,521 |
7,778,802,781 |
5,870,423,869 |
|
-Tangibles |
42,896,296,460 |
33,657,275,251 |
30,518,882,762 |
|
-Intangibles |
1,904,201,928 |
2,673,386,329 |
2,462,277,823 |
|
-Others |
5,250,473,444 |
3,559,480,450 |
3,565,301,097 |
|
Total Liabilities |
120,929,845,346 |
74,372,603,447 |
78,686,432,128 |
|
Current Liabilities |
107,223,856,111 |
62,523,073,690 |
66,267,977,143 |
|
Fixed Liabilities |
13,705,989,235 |
11,849,529,757 |
12,418,454,985 |
|
Capital Stock |
29,535,000,000 |
29,535,000,000 |
29,535,000,000 |
|
Capital Surplus |
23,650,207,758 |
23,650,207,758 |
23,650,207,758 |
|
Profit Surplus |
180,738,576,804 |
129,085,946,869 |
100,427,001,444 |
|
Capital Adjustment |
1,011,713,894 |
811,477,270 |
1,116,039,868 |
|
Total Equity |
234,935,498,456 |
183,082,631,897 |
154,728,249,070 |
|
Liab. & Shareholder’s Equity |
355,865,343,802 |
257,455,235,344 |
233,414,681,198 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
868,498,167,467 |
|
|
|
Cost of Sold Goods |
745,099,810,245 |
|
|
|
Gross Profit |
123,398,357,222 |
|
|
|
Admin. Expenses |
31,587,464,626 |
|
|
|
Selling Expenses |
3,752,603,948 |
|
|
|
Other Operating Income |
1,618,306,265 |
|
|
|
Other Operating Expenses |
2,922,070,419 |
|
|
|
Operating Income |
86,754,524,494 |
|
|
|
Finance Income |
4,417,796,666 |
|
|
|
Finance Expenses |
1,201,692,897 |
|
|
|
Income Before Taxes |
89,970,628,263 |
|
|
|
Income Taxes Expenses |
21,733,998,637 |
|
|
|
Net Income |
68,236,629,626 |
|
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
756,053,098,966 |
574,400,917,130 |
446,939,291,376 |
|
Cost of Sold Goods |
646,255,402,109 |
502,317,683,250 |
384,433,680,054 |
|
Gross Profit |
109,797,696,857 |
72,083,233,880 |
62,505,611,322 |
|
Selling & Admin. Expenses |
39,607,220,938 |
30,596,077,272 |
30,408,156,208 |
|
Operating Income |
70,190,475,919 |
41,487,156,608 |
32,097,455,114 |
|
Non-Operating Income |
6,462,742,395 |
5,639,905,427 |
7,985,112,597 |
|
Non-Operating Expenses |
4,198,444,730 |
4,414,726,899 |
5,646,527,149 |
|
Income Before Taxes |
72,454,773,584 |
42,712,335,136 |
34,436,040,562 |
|
Income Taxes Expenses |
16,371,893,649 |
9,623,139,711 |
9,255,316,305 |
|
Net Income |
56,082,879,935 |
33,089,195,425 |
25,180,724,257 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
57,651,376,716 |
|
|
|
Cash Flows from Operating |
72,080,289,340 |
|
|
|
Net Income |
68,236,629,626 |
|
|
|
Adjustment |
29,478,710,338 |
|
|
|
Changes in Asset/ & Liability |
-25,635,050,624 |
|
|
|
Interests Received |
2,976,790,760 |
|
|
|
Interests Paid |
-190,520,703 |
|
|
|
Dividends Received |
255,426,074 |
|
|
|
Income Taxes |
-17,470,608,755 |
|
|
|
Cash Flows
from Investing |
-54,403,894,804 |
|
|
|
Cash Inflow from Investing |
87,841,517,547 |
|
|
|
Cash Outflows for Investing |
-142,245,412,351 |
|
|
|
Cash
Flows from Financing |
-5,907,000,000 |
|
|
|
Cash Inflows from Financing |
0 |
|
|
|
Cash Outflows from Financing |
-5,907,000,000 |
|
|
|
Increase/Decrease
in Cash |
-2,659,518,088 |
|
|
|
Cash at
the Beginning of Year |
39,256,659,954 |
|
|
|
Cash at
the End of Year |
36,597,141,866 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
55,848,805,046 |
36,959,211,154 |
11,535,702,682 |
|
-Net Income |
56,082,879,935 |
33,089,195,425 |
25,180,724,257 |
|
-Exp. without Cash Outflow |
18,223,299,798 |
14,488,600,510 |
12,716,485,194 |
|
-Revenue without Cash Inflows |
-817,666,440 |
-1,043,859,045 |
-1,861,589,605 |
|
-Changes in Asset/ & Liability |
-17,639,708,247 |
-9,574,725,736 |
-24,499,917,164 |
|
Cash Flows from Investing |
-53,148,581,776 |
-14,915,663,511 |
8,656,625,124 |
|
-Cash Inflow from Investing |
47,923,366,575 |
17,723,014,957 |
33,218,949,765 |
|
-Cash Outflows for Investing |
-101,071,948,351 |
-32,638,678,468 |
-24,562,324,641 |
|
Cash Flows from Financing |
-4,430,250,000 |
-4,430,250,000 |
-4,430,250,000 |
|
-Cash Inflows from Financing |
0 |
50,000,000 |
0 |
|
-Cash Outflows from Financing |
-4,430,250,000 |
-4,480,250,000 |
-4,430,250,000 |
|
Increase/Decrease in Cash |
-1,730,026,730 |
17,613,297,643 |
15,762,077,806 |
|
Cash at the Beginning of Year |
40,986,686,684 |
23,373,389,041 |
7,611,311,235 |
|
Cash at the End of Year |
39,256,659,954 |
40,986,686,684 |
23,373,389,041 |
|
Main Products & Services |
Manufacturing and selling of general
refractories, building and repairing furnaces, environmental business Manufacturing Refractories * Basic Refractories (135 excluding MgO-C
Bricks) * Clinkers (5 excluding SSMD) * Unshaped Refractories (53 excluding Spray
type) * Acid, neutral and special Refractories Maintenance work for Steel Mill Industrial
Furnaces * Repairing Blast Furnaces(Dismantling,
blasting and building works) * Designing and manufacturing various
industrial furnaces Engineering and manufacturing various
industrial furnaces * Furnaces for the still industry : Heating
Furnaces, Heat Treatment Furnaces * Furnaces for non-ferrous metals : Melting
Furnaces, Plating Furnaces * Furnaces for the ceramic industry : S/K, T/K,RHK,
Super high temperature Firing
Furnaces *Incinerators : Ash Melting Incinerators Environment enhancement products * SSEFREMA : Anti Red Tide chemicals and
marine sediment improvement chemicals * SUMAG : Acidic waste water neutralizer * GUNMAG : Air environmental chemicals * WATRAMAG : Water treatment additives * Flue-gas desulfurization facilities :
Flue-gas desulfurization facilities manufacturing and work Fertilizers * ALGAEMAG : Algae elimination additives
(rivers, lakes) * MAGVITA : Hydroxide dolomitic fertilizer Inorganic additives * Non-flammable additives, Ferrite Brand Name : MgO-C |
|
Customers |
POSCO(174611-0000741) |
|
Competitors |
CHOSUN REFRACTORIES
CO.,LTD.(201111-0000440) DONGKUK REFRACTORIES & STEEL CO.,
LTD.(195511-0069249) KOREA REFRACTORIES CO.,LTD.(184611-0000319) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
POSCO(174611-0000741) POSCO COATED
& COLOR STEEL CO., LTD.(174611-0006492) POSCO
ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSDATA CO.,
LTD.(110111-0658637) POSCO
REFRACTORIES & ENVIRONMENT CO., LTD.(174611-0001947) SAMJUNG
PACKING AND ALUMINUM CO., LTD.(174611-0000866) POS-A.C.
CO., LTD.(174611-0003448) POSCO
ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSCO
RESEARCH INSTITUTE(110111-1042350) POSTEEL(110111-0344591) POSCO
SPECIALTY STEEL CO., LTD. (194211-0025248) POSMEC(POSCO
MACHINERY & ENGINEERING CO., LTD.)(174611-0012176) POSCO
TERMINAL CO., LTD.(204611-0017575) POSTECH
VENTURE CAPITAL COOPERATION (174611-0029080) POSMATE CO.,
LTD.(110111-0739841) POSCO POWER
CORPORATION(110111-1829576) SNNC CO.,
LTD.(204611-0023415) PHP CO.,
LTD.(120111-0421545) POSBRO(110111-3528986) SUWON GREEN
ENVIRONMENT CORPORATION(134811-0133794) POSCORE CO.,
LTD.(134811-0003343) RIZTECH BIZ
CO., LTD. POSWITH CO.,
LTD.(171711-0075927) P&R CO.,
LTD. UITRANS CO.,
LTD.(110111-3792309) BASYS
INDUSTRY CO. LTD.(110111-0954647) UNIVERSAL
STUDIOS RESORT DEVELOPMENT CORPORATION(134811-0167222) METAPOLIS
CO., LTD.(134811-0094475) SEOUNG GWANG
CO., LTD.(120111-0222844) CHEONGNA IBT
CO., LTD.(120111-0454520) POHANG FEUL
CELL CO., LTD.(171711-0076256) MEGA
ASSET CO., LTD.(161511-0097480) DAEWOOENGINEERING
COMPANY CO., LTD.(110111-0203268) (*)The below
companies has been newly joined as affiliated companies to POSCO GROUP in
2010. POS ECO HOUSING CO., LTD.( 171711-0085893) DAKOS CO., LTD.(131111-0246297) MAPO HYBROAD PARKING CO.,
LTD.(110111-4250140) GWANGYANG FSC CO., LTD.(204611-0031385) POSPLATE CO., LTD.(204611-0031252) POS CALCIUM CO., LTD.(171711-0086180) (70.0% held by the subject company) |
|
Joint Venture |
YOUNGKU POCHEOL FURNACE
EQUIPMENT CO., LTD.(CHINA) (25.0% held by the subject company) YONYEONG YOUNGWON POCHEOL FURNACE CO.,
LTD.(CHINA) (35.0% held by the subject company) JANGAHANG POHANG FURNACE EQUIPMENT CO., LTD.(CHINA) (50.0% held by the subject company) |
|
Subsidiary |
POSCALCIUM COMPANY, LTD.(171711-0086180) POSGREEN COMPANY, LTD(204611-0032466) |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
28,158 |
11,866 |
11,202 |
|
Domestic |
840,340 |
744,187 |
563,199 |
|
Total |
868,498 |
756,053 |
574,401 |
The Subject exports
to China and Japan. It also imports from China.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
UK Pound |
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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 |
|
---- |
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.