|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
SOLARPARK CO., LTD. |
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|
|
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Formerly Known As : |
SOLARPARK ENGINEERING CO., LTD |
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|
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Registered Office : |
855-1, Dunsan-ri, Bongdong-eup, Wanju-gun, |
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Country : |
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|
|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.03.2007 |
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Com. Reg. No.: |
130-86-26682 |
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|
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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 |
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No. of Employees : |
39 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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|
|
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
SOLARPARK CO.,
LTD. (Ex. Company
Name : SOLARPARK ENGINEERING CO., LTD., “(주)솔라파크엔지니어링”) (Korean Company
Name : “(주)솔라파크”) |
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Registered Address |
855-1, Dunsan-ri, Bongdong-eup, Wanju-gun,
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|
Zip Code |
565-902 |
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Tel |
+82-63-710-3000 |
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Fax |
+82-63-710-3001 |
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E-mail |
|
|
Trading Address |
21th Fl., GT Tower(East), 1317-23, Seocho
4-dong, Seocho-gu, (New Address System : 411, Seocho-daero,
Seocho-gu, |
|
Tel |
+82-2-2112-1871 |
|
Fax |
+82-2-2112-1849 |
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Type |
Export/Import |
|
Industry |
Manufacture of Other Electric Motors, Generators and Transformers |
|
Main Business |
Solar Module |
|
Established (mm/dd/yyyy) |
03/30/2007 |
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Activity |
Detailed Products (UNSPSC) |
|
Sell |
Solar Module |
|
Name |
Park Hyun-Woo |
|
Address |
|
|
Date of Birth |
09/05/1958 |
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Title |
President & CEO |
|
Sex |
Male |
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Nationality |
Korean |
|
Capital (KRW) |
37,500,000,000 |
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Employees |
39 |
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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 |
(*)The list is based as of 12/31/2011. |
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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 04/18/2011 Moved to the present HQ address
from 395, Songnae-dong, Sosa-gu, Bucheon-si, 09/15/2011 Changed company name to the
present name 04/18/2012 Moved
to the present HQ address registration from 21th Fl., GT
Tower(East), 1317-23, Seocho 4-dong, Seocho-gu, 04/23/2012 Increased the authorized shares to
5,000,000 shares from 1,200,000 shares 04/25/2012 Increased capital to 37,500,000,000
KRW from 3,000,000,000 KRW |
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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 |
|
Director |
Mr. |
Walberer Joerg |
Male |
German |
07/04/2011 |
|
Auditor |
Mr. |
Chae Ki-Sung |
Male |
Korean |
03/30/2007 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
66,764,415,792 |
116,329,540,870 |
-54,867,690,122 |
|
|
2010 |
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 |
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Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
37,500,000,000 |
|
Total Issues Shares |
3,750,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
116,329,540,870 |
64,935,840,270 |
61,353,809,981 |
|
Current Assets |
46,563,725,801 |
26,843,133,068 |
37,343,160,684 |
|
-Quick Assets |
41,619,006,829 |
25,903,803,668 |
37,329,330,684 |
|
-Inventories |
4,944,718,972 |
939,329,400 |
13,830,000 |
|
Fixed Assets |
69,765,815,069 |
38,092,707,202 |
24,010,649,297 |
|
-Investment |
65,882,356,966 |
37,865,815,545 |
17,691,047,551 |
|
-Tangibles |
374,278,351 |
58,264,207 |
46,357,250 |
|
-Intangibles |
83,149,752 |
24,283,945 |
3,167,631 |
|
-Others |
3,426,030,000 |
144,343,505 |
6,270,076,865 |
|
Total Liabilities |
148,941,034,575 |
44,373,685,888 |
54,231,197,015 |
|
Current Liabilities |
80,510,183,019 |
35,572,520,289 |
38,957,383,871 |
|
Fixed Liabilities |
68,430,851,556 |
8,801,165,599 |
15,273,813,144 |
|
Capital Stock |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
-37,306,652,202 |
17,561,037,920 |
4,195,233,516 |
|
Capital Adjustment |
1,695,158,497 |
1,116,462 |
-72,620,550 |
|
Total Equity |
-32,611,493,705 |
20,562,154,382 |
7,122,612,966 |
|
Liab. & Shareholder’s Equity |
116,329,540,870 |
64,935,840,270 |
61,353,809,981 |
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Current Liabilities |
80,510,183,019 |
35,572,520,289 |
38,957,383,871 |
|
Short-Term Borrowings |
24,410,152,000 |
5,000,000,000 |
- |
|
Current Portion of Long-Term Debts |
- |
150,000,000 |
150,000,000 |
|
Trade Payables |
6,791,639,339 |
27,067,021,295 |
35,688,413,000 |
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Account Payables |
34,812,219,138 |
856,220,185 |
2,250,841,097 |
|
Accrued Expenses |
2,746,585,009 |
1,331,157,008 |
867,157,164 |
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Withholdings |
49,833,453 |
1,309,555 |
972,610 |
|
VAT Withhold |
- |
200,000 |
- |
|
Advance Receipts |
11,699,754,080 |
- |
- |
|
Accrued Income Tax |
- |
1,166,612,246 |
- |
|
Fixed Liabilities |
68,430,851,556 |
8,801,165,599 |
15,273,813,144 |
|
Long-Term Borrowings |
25,313,830,000 |
8,713,830,000 |
15,223,153,341 |
|
Long-Term Account Payables |
42,673,187,087 |
- |
- |
|
Provision for Severance & Retirement |
736,390,443 |
189,525,063 |
103,862,926 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
66,764,415,792 |
145,437,924,056 |
37,944,258,788 |
|
Cost of Sold Goods |
79,870,203,724 |
136,112,978,271 |
35,370,061,979 |
|
Gross Profit |
-13,105,787,932 |
9,324,945,785 |
2,574,196,809 |
|
Selling & Admin. Expenses |
7,429,182,142 |
5,294,014,286 |
2,131,235,061 |
|
Operating Income |
-20,534,970,074 |
4,030,931,499 |
442,961,748 |
|
Non-Operating Income |
7,287,814,489 |
19,699,238,404 |
8,431,274,168 |
|
Non-Operating Expenses |
43,340,222,365 |
8,603,782,972 |
4,425,348,287 |
|
Income Before Taxes |
-56,587,377,950 |
15,126,386,931 |
4,448,887,629 |
|
Income Taxes Expenses |
-1,719,687,828 |
1,719,687,836 |
- |
|
Net Income |
-54,867,690,122 |
13,406,699,095 |
4,448,887,629 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-5,023,091,205 |
15,606,775,539 |
-956,519,033 |
|
-Net Income |
-54,867,690,122 |
13,406,699,095 |
4,448,887,629 |
|
-Exp. without Cash Outflow |
45,589,192,051 |
1,478,268,973 |
4,144,119,883 |
|
-Revenue without Cash Inflows |
-4,269,644,970 |
-12,915,262,205 |
-7,706,653,176 |
|
-Changes in Asset/ & Liability |
8,525,051,836 |
13,637,069,676 |
-1,842,873,369 |
|
Cash Flows from Investing |
-32,263,542,839 |
-12,435,360,291 |
-904,098,419 |
|
-Cash Inflow from Investing |
2,670,636,320 |
- |
110,000,000 |
|
-Cash Outflows for Investing |
-34,934,179,159 |
-12,435,360,291 |
-1,014,098,419 |
|
Cash Flows from Financing |
35,860,152,000 |
-1,509,323,341 |
1,828,614,850 |
|
-Cash Inflows from Financing |
65,617,582,000 |
16,566,380,000 |
6,424,893,109 |
|
-Cash Outflows from Financing |
-29,757,430,000 |
-18,075,703,341 |
-4,596,278,259 |
|
Increase/Decrease in Cash |
-1,426,482,044 |
1,662,091,907 |
-32,002,602 |
|
Cash at the Beginning of Year |
1,672,667,774 |
10,575,867 |
42,578,469 |
|
Cash at the End of Year |
246,185,730 |
1,672,667,774 |
10,575,867 |
(*)The Subject
needs to be monitored because Current Liabilities exceed Current Assets as much
as 33,946,000,000 KRW. Total Liabilities exceed total assets as much as
32,611,000,000 KRW, however, the subject is under impairment of capital due to
accumulated losses.
|
Main Products & Services |
Solar Module |
|
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, TEL:+82-62-949-7722 FAX:+82-62-949-7741 KPE CO., LTD. 1985-12, YEONSAN 2-DONG, YEONJE-GU, TEL:+82-51-865-1010 FAX:+82-51-868-3870 TG-ENERGY INC. 2ND FL., WONBANG BLDG., 717-4, SUSEO-DONG,
GANGNAM-GU, TEL:+82-2-6230-0100 FAX:+82-2-6243-0004 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SOLARPARK ME CO., LTD.(121111-0171587) (100.00% held by the Subject Company) SOLAR WORLD KOREA CO., LTD.(210111-0059983) (100.0% held by the Subject Company) ISA SPE+CONSTRUCTION GMBH (50.00% held by the Subject Company) ISA-SOLARPARK OPERATING GM (20.00% held by the Subject Company) |
|
Overseas Branch |
|
|
Cooperative |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity & Markets)
The Subject deals
with the companies in
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.29 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.