MIRA INFORM REPORT

 

 

Report Date :           

10.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SK GLOBAL CHEMICAL CO., LTD.

 

 

Registered Office :

99, Seorin-dong, Jongno-gu, Seoul, Korea, Zip Code 110-110

 

 

Country :

South korea

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

04.01.2011

 

 

Com. Reg. No.:

101-86-60116

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacture of Petroleum Products, Chemicals, Lubricants

 

 

No. of Employees :

1,154

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

New Company

 

 

Payment Behaviour :

No Complaints

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South Korea

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

SK GLOBAL CHEMICAL CO., LTD.

(Korean Company Name : “에스케이종합화학(주)”)

Registered Address

99, Seorin-dong, Jongno-gu, Seoul, Korea

Zip Code

110-110

Tel

+82-2-2121-5114

Fax

+82-2-2121-7001

E-mail

markij@sk.com;dw@sk.com

Website

www.skglobalchemical.com

Trading Address

99, Seorin-dong, Jongno-gu, Seoul, Korea

Tel

+82-2-2121-5114

Fax

+82-2-2121-7001

Other Address-R&D Center

140-1, Wonchon-dong, Yuseong-gu, Daejeon, Korea

Tel

+82-42-866-7301

Fax

+82-42-866-7302

Other Address-Ulsan Complex

110, Gosa-dong, Nam-gu, Ulsan, Korea

Tel

+82-52-208-2114

Fax

+82-52-208-2002

Type

Export/Import

Industry

Manufacture of Petroleum Products, Chemicals, Lubricants

  Main Business

LLDPE, HDPE, PP, Performance Rubber, Benzene, Toluene, Xylene, Para-Xylene, Styrene Monomer, Performance Chemicals

Established (mm/dd/yyyy)

01/04/2011

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Polystyrene PS(13102026)

Sell

High Density Polyethylene HDPE(13102017)

Sell

Amines or imines or its substitutes(12352116)

Sell

Elastomers(13101700)

Sell

Polyethylene(13111016)

Sell

Chemistry reagents or solutions(41116105)

Sell

Polystyrene PS(13102026)

Sell

Aromatic or heterocyclic compounds(12352005)

Sell

Low Density Polyethylene LDPE(13102018)

 

CEO’s

 

Name

Cha Hwa-Youb

Address

Suite 608-305, 911, Mok-dong, Yangcheon-gu, Seoul, Korea

Date of Birth

02/21/1959

Title

President & CEO

Sex

Male

Nationality

Korean

 

Education

1977  Graduated from Inchang High School

1983  B.S. Chemical Engineering, Sogang Univ.

 

Career

1983  Joined Korea Oil Corporation Division

2000  Head of PP Sales Team, SK Chemical Division

2004  Head of SK Chemical Business Planning Headquarters (Managing Director)

2009  Head of SK Energy Corporate Culture Headquarters & Head of HR Division(Executive Director)

2010  Head of SK Energy CIC Olefin Business Headquarters (Executive Director)

2011  SK global chemical CEO & President

 

 

Profiles

 

Capital (KRW)

130,000,000,000

Employees

1,154

Formation

Co., Ltd by Shares

A Company of SK Group

Bank Details

Hana Bank

Korea Exchange Bank

Corporate Registered No.

110111-4505975

Business Registered No.

101-86-60116

Permit & Licenses

Int’l Trade No.: 30682803

Shareholder Position

Name

Shares

%

SK INNOVATION CO., LTD.(110111-3710385)

26,000,000

100.00

TOTAL

26,000,000

100.00

Company History

01/04/2011 Incorporated after spin off from SK ENERGY CO., LTD., has been spin off into the existing company, SK INNOVATION CO., LTD.(110111-3710385), and newly established companies, the Subject Company and SK ENERGY CO., LTD.(110111-4505967)

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Cha Hwa-Youb

Male

Korean

01/04/2011

Director

Mr.

Kim Kyung-Bae

Male

Korean

01/04/2011

Director

Mr.

Koo Ja-Young

Male

USA

01/04/2011

Director

Mr.

Cha Jin-Seok

Male

Korean

01/04/2011

Director

Mr.

Hur Jin

Male

Korean

01/04/2011

Auditor

Mr.

You Sung-Hyun

Male

Korean

01/04/2011

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

09/2011

13,255,073,328,000

5,315,466,420,000

407,763,717,000

 

 

Financial Description

 

Authorized Capital(KRW)

520,000,000,000

Paid-Up Capital(KRW)

130,000,000,000

Total Issues Shares

26,000,000

 

 

Balance Sheet

 

Unit : Thousand Korean Won

01/01/2011~09/30/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

5,315,466,420

 

 

Current Assets

3,188,803,377

 

 

Cash & Cash Equivalents

744,965,975

 

 

Other Finance Assets

12,000,000

 

 

Guarantee Deposits

3,324,402

 

 

Trade Receivables

1,808,358,925

 

 

Accrued Receivables

37,507,265

 

 

Unearned Profits

1,389,467

 

 

Short-Term Loans

1,405,000

 

 

Advance Payments

109,421,411

 

 

Advance Expenses

4,399,786

 

 

Derivatives

4,291,828

 

 

Inventories

461,739,318

 

 

Non-Current Assets

2,126,663,043

 

 

Other Current Assets

22,500

 

 

Marketable Financial Instruments

16,128,820

 

 

Guarantee Deposits

4,554,391

 

 

Investment_Related Companies

297,795,239

 

 

Tangibles

1,802,440,793

 

 

Intangibles

5,681,398

 

 

Other Non-Current Assets

39,902

 

 

Total Liabilities

3,218,533,958

 

 

Current Liabilities

1,726,120,940

 

 

Trade Payables

926,964,576

 

 

Short-Term Borrowings

383,420,637

 

 

Current Portion of Long-Term Debts

179,759,609

 

 

Account Payables

9,201,582

 

 

Advance Receipts

12,953,892

 

 

Withholdings

18,622,443

 

 

Accrued Expenses

139,335,373

 

 

Accrued Income Tax

54,177,891

 

 

Derivatives

1,684,937

 

 

Non-Current Liabilities

1,492,413,018

 

 

Debentures & Long-Term Borrowings

1,370,753,057

 

 

Provision for Severance & Retirement

23,095,321

 

 

Finance Guarantee Debts

10,937

 

 

Deferred Income Tax Credit

95,275,643

 

 

Derivatives

3,278,060

 

 

Capital Stock

130,000,000

 

 

Capital Surplus

1,566,029,549

 

 

Others

-1,499,601

 

 

Profit Surplus

402,402,514

 

 

Total Equity

2,096,932,462

 

 

Liab. & Shareholder’s Equity

5,315,466,420

 

 

 

 

Income Statement

 

Unit : Thousand Korean Won

01/01/2011~09/30/2011

As of 12/31/2010

As of 12/31/2009

Sales

13,255,073,328

 

 

Cost of Sold Goods

12,437,342,269

 

 

Gross Profit

817,731,059

 

 

Selling & Admin. Expenses

-243,176,321

 

 

Other Operating Income

237,474,540

 

 

Other Operating Expenses

-179,282,872

 

 

Operating Income

632,746,406

 

 

Non-Operating Income

-96,804,848

 

 

Income Before Taxes

535,941,558

 

 

Income Taxes Expenses

128,177,841

 

 

Net Income

407,763,717

 

 

 

Cash Flows

 

Unit : Thousand Korean Won

01/01/2011~09/30/2011

As of 12/31/2010

As of 12/31/2009

Operating Activities Cash Flows

623,534,888

 

 

Net Income

407,763,717

 

 

Adjustment

332,898,375

 

 

Interests Received

4,775,143

 

 

Interests Paid

-62,068,582

 

 

Income Taxes

-59,833,765

 

 

Cash Flows from Investing

-87,540,158

 

 

Cash Flows from Financing

-74,267,616

 

 

Increase/Decrease in Cash

461,727,114

 

 

Cash at the Beginning of Year

283,238,861

 

 

Cash at the End of Year

744,965,975

 

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

Olefin Division

Aromatics Division

Performance Chemicals

Polymer

EPDM

 

 

Trade Partners & Competitors

 

Competitors

GS-CALTEX CORPORATION (110111-0078819)

GS GANGNAM TOWER, 679, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2005-1114  FAX:+82-2-2005-6051

 

S-OIL CORPORATION(110111-0189955)

45TH FL., KOREA LIFE INSURANCE 63 BLDG., 60, YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3772-5151  FAX:+82-2-786-4030

 

HYUNDAI OILBANK CO., LTD.(110111-0090558)

640-6. DAEJUK-RI, DAESAN-EUP, SEOSAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-660-5114  FAX:+82-41-660-5111

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

SK PETROCHEMICAL CO., LTD.(135811-0120906)

(100.0% held by the subject company)

 

GREEN IS CO., LTD.(134811-0195562)

(84.31% held by the subject company)

 

AROCHEMI CO., LTD.(110111-4499954)

(50.01% held by the subject company)

 

SHANGHAI GAOQIAO- SK SOLVENT CO., LTD.

(50.0% held by the subject company)

 

ZHEJIANG SHENXIN SK PACKAGING CO., LTD.

(25.0% held by the subject company)

 

SK GLOBAL CHEMICAL (CHINA) HOLDING CO., LTD.

(100.0% held by the subject company)

 

SK GLOBAL CHEMICA AMERICAS, INC.

(100.0% held by the subject company)

 

SK ENERGY INTERNATIONAL TRADING (SHANGHAI) CO., LTD.

(3.04% held by the subject company)

 

SK GLOBAL CHEMICAL SINGAPORE PTE. LTD.

(100.0% held by the subject company)

 

HANJU CORPORATION(181211-0007663)

(7.38% held by the subject company)

 

HYUNDAI ENGINEERING PLASTICS CO., LTD(165011-0006768)

(4.99% held by the subject company)

 

SK IIS PTE. LTD.

(16.67% held by the subject company)

Affiliates-Domestic

SK TELECOM CO., LTD.(110111-0371346)

SK C&C CO., LTD.(110111-0769583)

SK TELINK, CORP.(110111-1533599)

INNOACE CO., LTD(110111-2104026)

PAXNET, INC.(110111-1698830)

IHQ, INC.(110111-0042393)

AIRCROSS CO., LTD.(110111-2121765)

TU MEDIA CORPORATION(110111-2907826)

SK COMMUNICATIONS CO., LTD.(110111-1322885)

COMMERCE PLANET CO., LTD.(110111-1416133)

F&U CREDIT INFORMATION CO., LTD.(135311-0003300)

SK WYVERNS CO., LTD(120111-0217366)

SK HOLDINGS CO., LTD.(110111-0022816)

SK ENGINEERING & CONSTRUCTION CO., LTD.(110111-0038805)

SK TELESYS CO., LTD.(110111-1405897)

LOEN ENTERTAINMENT, INC.(134111-0010706)

INFOSEC CO., LTD(110111-2007858)

INDEPENDENCE CO., LTD.(110111-2010116)

SKC MEDIA CO., LTD.(161511-0076377)

IFILM CORPORATION(110111-2857451)

SK BROADBAND CO., LTD.(110111-1466659)

CU MEDIA. INC.(110111-2031477)

NTREEV SOFT CO., LTD.(110111-2906456)

SK I-MEDIA CO., LTD.(110111-3505851)

IPLATFORM, INC(110111-3638917)

NURI SOLUTION CO., LTD.(110111-1866213)

HANAROMEDIA INC.(110111-3292664)

HANARO DREAM INCORPORATED(110111-2183343)

BROADBAND D&M CO., LTD.(110111-1509269)

NOWON JOEUN TELECOM CO., LTD.(110111-3655218)

MIRACLE INFORMATION & TELECOMMUNICATION CO., LTD.(120111-0433491)

ENCAR NETWORKS LTD.(110111-2125270)

SK MARKETING & COMPANY CO., LTD.(110111-3874066)

Affiliates-Domestic

QC I&T CO., LTD.(110111-3675381)

QL KWANAK CO., LTD.(110111-3826140)

QL DONGJAK CO., LTD.(110111-3729740)

QL SEOCHO CO., LTD.(110111-3729807)

QL YONGSAN CO., LTD.(110111-3761023)

QL YANGCHEON CO., LTD.(110111-3729609)

SK NETWORKS CO., LTD.(130111-0005199)

SK SHIPPING CO., LTD.(110111-0311392)

MRO KOREA CO., LTD(110111-2016940)

SK D&D CO., LTD.(110111-3001685)

OK CASHBAG SERVICE CO., LTD.(110111-1873432)

SK NETWORKS SERVICE CO., LTD.(135811-0141788)

BROADBAND TS CO., LTD.(281111-0119401)

BROADBAND CS CO., LTD.(110111-1592595)

BROADBAND SEOUL CS CO., LTD.(110111-3558842)

BROADBAND BUSAN CS CO., LTD.(180111-0573774)

BROADBAND GYEONGGI CS CO., LTD.(134111-0147575)

BROADBAND GWANGJU CS CO., LTD.(200111-0233050)

ANTS CO., LTD.(151111-0031058)

ULLEUNG DEEP SEA WATER CO., LTD(110111-3224724)

WS TRADING CO., LTD.(110111-3448712)

SK SECURITIES CO., LTD(110111-0037112)

SOLMICS CO., LTD.(134711-0014631)

UB CARE CO., LTD.(110111-1105364)

MECHARONICS CO., LTD.(120111-0233338)

ULLEUNG MINERAL CO., LTD.(110111-2602244)

WALKERHILL INC.(110111-0142854)

REAL BEST CO., LTD.(180111-0612027)

SK LUBRICANTS CO., LTD.(110111-4191815)

Affiliates-Overseas

SK AUSTRALIA PTY. LTD.

SK AUSTRALIA(TOGARA)

SK AUSTRALIA(WYONG)

SK DO BRASIL, LTDA

SK E&P CO. LTD.

SK ENERGY INTERNATIONAL PTE LTD.

SK ENERGY EUROPE LTD.

SK CHINA HOLDING CO.LTD.

SK INSURANCE (BERMUDA) LTD

SK ENERGY ROAD INVESTMENT

SK E&P ASIA LIMITED

SK CORPORATION HONG KONG INVESTMENT

CELTIC OIL LIMITED

SK ENERGY CANADA LIMITED

SK USA, INC.

SHANGHAI GAOQIAO-SK SOLVENT

DZP (DE ZWARTE PONK B.V.)

SKC INC

ZHEJIANG SHENXIN SK PACKAGING CO. LTD.

SK CHINA CO. LTD.

Overseas Branch

BEIJING, CHINA BRANCH

26F, SK TOWER, NO6 JIA, JIANGUOMENWAI AVENUE, BEIJING, CHINA

TEL:+86-10-5920-5660

 

SHANGHAI, CHINA BRANCH

RM 801, MAXDO CENTER, 8-XINGYI RD. SHANGHAI. CHINA

TEL:+86-21-6197-0242/0252

 

GUNGZHOU, CHINA BRANCH

ROOM 2504, HNA BUILDING, NO. 8 LINHE ZHONG ROAD, TIANHE DISTRICT, GUANGZHOU, GUANGDONG PROVINCE, CHINA

TEL:+86-20-8510-0301

 

NORTH AMERICA, HOUSTON BRANCH

1300 POST OAK BLVD., STE #425, HOUSTON, TEXAS, USA 77056

TEL:+1-713-850-0005

 

SINGAPORE BRANCH

4 SHENTON WAY #11 - 02/04 SGX CENTRE TWO SINGAPORE 068807

TEL:+65-6232-9381, 9367

 

TOKYO BRANCH

NBF HIBIYA BLDG. 8F, 1-1-7, UCHISAIWAI-CHO, CHIYODA-KU, TOKYO 100-0011, JAPAN

TEL:+81-3-3591-0343

 

DUBAI BRANCH

SUITE NO. 1702, FESTIVAL CITY OFFICE TOWER, MARSA AL KHOR, PO BOX 9389 DUBAI, UAE

TEL:+971-4-232-9371

 

LIMA BRANCH

CALLE AMADOR MERINO REYNA NO. 267 OF.702 EDIFICIO "PARQUE PLAZA" SAN ISIDRO, LIMA 27, PERU

TEL:+51-1-719-1080

 

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit :Mil KRW

06/2011

2010

2009

Export

         8,753,104

 

 

Domestic

         5,264,275

 

 

Others

         3,204,115

 

 

Total

        17,221,494

 

 

The Subject deals with the companies in USA, Australia, China, Indonesia, India and Vietnam.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

---

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.46

UK Pound

1

Rs.86.27

Euro

1

Rs.69.40

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.