MIRA INFORM REPORT

 

 

Report Date :

05.10.2012

 

IDENTIFICATION DETAILS

 

Name :

AUTOLIV LIMITED

 

 

Registered Office :

436-1, Song-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

30.11.2000

 

 

Com. Reg. No.:

224-81-20635

 

 

Legal Form :

Limited Responsibility Company

 

 

Line of Business :

Manufacture of Other Parts and Accessories for Motor Vehicles

 

 

No. of Employees :

847

 

 

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 :

Moderate

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP

Source : CIA

Basic

 

Company Name

AUTOLIV LIMITED

(Ex. Company Name : AUTOLIV CORPORATION, “오토리브(주)”)

(Korean Company Name : “오토리브(유)”)

Registered Address

436-1, Song-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea

Zip Code

445-812

Tel

+82-31-379-6500

Fax

+82-31-379-6698~9

E-mail

sinjung.lee@autoliv.com

Website

www.autoliv.com

Trading Address

436-1, Song-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea

Tel

+82-31-379-6500

Fax

+82-31-379-6698~9

Other Address-Wonju Factory

5-30, Bangye-ri, Munmak-eup, Wonju-si, Gangwon-do, Korea

Tel

+82-33-730-2003

Fax

+82-33-730-2009

Type

Export/Import

Industry

Manufacture of Other Parts and Accessories for Motor Vehicles n. e. c.

  Main Business

Air Bag, Safety Belt

Established (mm/dd/yyyy)

11/30/2000

The Subject owns the premises of registered HQ address and Wonju Factory.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Airbags(25172101)

Sell

Safety harnesses or belts(46182306)

 

 

CEO’s

 

Name

Michael Author Haig

Address

Suite 103, 11-49, Hannam-dong, Yongsan-gu, Seoul, Korea

Date of Birth

04/22/1960

Title

President & CEO

Sex

Male

Nationality

USA

 

 

Profiles

 

Capital (KRW)

11,220,000,000

Employees

847

Formation

Limited Responsibility Company

Foreign Direct Investment Corporation

Bank Details

Citibank, Korea

Corporate Registered No.

134814-0001086 (from 141211-0018006)

Business Registered No.

224-81-20635

Permit & Licenses

Int’l Trade No.: 11878364

Shareholder Position

Name

Shares

%

AUTOLIV AB(SWEDEN)

2,244,000

100.00

TOTAL

2,244,000

100.00

Company History

11/30/2000 Incorporated as AUTOLIV MANDO CORPORATION

12/14/2000 Registered as Foreign Direct Investment Corporation

09/01/2002 Moved to the present HQ address from 2237, Bangye-ri, Munmak-eup, Wonju-si, Gangwon-do, Korea

09/04/2002 Moved to the present HQ address from 436-3, Song-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea

01/15/2007 Changed company name to the present name from AUTOLIV MANDO CORPORATION

02/05/2010 Agreed to acquire the production assets on Air bag/Saftey Belt business from Delphi Korea Ltd.(110111-0611437)

09/27/2010 Changed company type to Limited Responsibility Company from Private Company with Limited Liability

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Michael Author Haig

Male

USA

09/27/2010

Director

Mr.

Chang Ket Leong

Male

Malaysian

07/26/2012

Director

Mr.

Lasacsels Yobring

Male

Swedish

09/27/2010

Director

Mr.

Oh Sang-Soo

Male

Korean

01/15/2007

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

 

 

 

2009

178,522,631,812

130,378,922,347

8,426,655,623

2008

199,182,135,294

109,916,627,881

16,548,438,071

2007

233,216,810,244

111,879,741,517

38,187,916,813

2006

224,137,485,706

143,517,522,718

28,547,828,116

2005

163,956,570,634

104,278,637,255

28,810,957,711

 

Financial Description

 

Authorized Capital(KRW)

Not Applicable to Limited Responsibility Company

Paid-Up Capital(KRW)

11,220,000,000

Total Issued Shares

Not Applicable to Limited Responsibility Company

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Total Assets

130,378,922,347

109,916,627,881

111,879,741,517

Current Assets

93,933,727,664

72,717,781,838

71,843,774,766

-Quick Assets

72,524,003,421

47,047,607,940

50,388,819,466

-Inventories

 21,409,724,243

25,670,173,898

21,454,955,300

Fixed Assets

36,445,194,683

37,198,846,043

40,035,966,751

-Investment

401,975,000

2,000,000

2,000,000

-Tangibles

33,488,657,990

34,735,142,850

36,769,057,128

-Intangibles

89,409,993

65,233,493

92,981,593

-Others

2,465,151,700

2,396,469,700

3,171,928,030

Total Liabilities

45,970,504,859

33,934,866,016

42,446,417,723

Current Liabilities

43,804,619,489

31,819,691,361

40,005,581,748

Fixed Liabilities

2,165,885,370

2,115,174,655

2,440,835,975

Capital Stock

11,220,000,000

11,220,000,000

11,220,000,000

Capital Surplus

-　

-　

-　

Profit Surplus

73,188,417,488

64,761,761,865

58,213,323,794

Capital Adjustment

-　

-　

-　

Total Equity

84,408,417,488

75,981,761,865

69,433,323,794

Liab. & Shareholder’s Equity

130,378,922,347

109,916,627,881

111,879,741,517

 

Current Liabilities

43,804,619,489

31,819,691,361

40,005,581,748

Trade Payables

31,360,189,379

20,491,059,377

28,446,163,308

Account Payables

2,070,083,496

1,497,698,644

1,643,074,190

Advance Receipts

1,264,565,231

47,670,704

117,534,907

Withholdings

103,128,515

101,962,383

115,165,058

Accrued Expenses

6,941,047,223

6,485,842,389

6,316,245,085

Accrued Income Tax

975,804,100

2,348,310,119

2,570,287,200

Provision for Sales Guarantee

1,089,801,545

847,147,745

797,112,000

Fixed Liabilities

2,165,885,370

2,115,174,655

2,440,835,975

Provision for Severance & Retirement

2,165,885,370

2,115,174,655

2,440,835,975

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Sales

178,522,631,812

199,182,135,294

233,216,810,244

Cost of Sold Goods

146,015,728,842

158,338,807,260

165,238,182,096

Gross Profit

32,506,902,970

40,843,328,034

67,978,628,148

Selling & Admin. Expenses

21,906,335,194

25,677,081,308

26,119,522,858

Operating Income

10,600,567,776

15,166,246,726

41,859,105,290

Non-Operating Income

2,175,150,709

6,739,177,290

1,287,435,498

Non-Operating Expenses

2,154,570,548

638,786,559

658,779,106

Income Before Taxes

10,621,147,937

21,266,637,457

42,487,761,682

Income Taxes Expenses

2,194,492,314

4,718,199,386

4,299,844,869

Net Income

8,426,655,623

16,548,438,071

38,187,916,813

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Cash Flows from Operating

20,061,679,531

21,387,901,485

36,514,931,993

-Net Income

8,426,655,623

16,548,438,071

38,187,916,813

-Exp. without Cash Outflow

6,520,961,195

7,804,251,380

5,378,230,725

-Revenue without Cash Inflows

-48,554,062

-1,166,871,006

-87,442,035

-Changes in Asset/ & Liability

5,162,616,775

-1,797,916,960

-6,963,773,510

Cash Flows from Investing

-26,228,495,844

-5,598,898,099

-16,322,322,691

-Cash Inflow from Investing

336,229,593

1,101,798,892

1,102,087,974

-Cash Outflows for Investing

-26,564,725,437

-6,700,696,991

-17,424,410,665

Cash Flows from Financing

-

-10,000,000,000

-58,000,000,000

-Cash Inflows from Financing

-

-

16,000,000,000

-Cash Outflows from Financing

-

-10,000,000,000

-74,000,000,000

Increase/Decrease in Cash

-6,166,816,313

5,789,003,386

-37,807,390,698

Cash at the Beginning of Year

16,827,697,045

11,038,693,659

48,846,084,357

Cash at the End of Year

10,660,880,732

16,827,697,045

11,038,693,659

 

 

Products, Technologies, Services Description

 

Main Products & Services

Air Bag, Safety Belt

 

 

Trade Partners & Competitors

 

Competitors

KSC CO., LTD.

977-3, GEUMSAN-RI, WAEGWAN-EUP, CHILGOK-GUN, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-972-3000  FAX:+82-54-972-0333

 

CHANG-IL MACHINE CO., LTD.

61-13, PALYONG-DONG, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-297-2333  FAX:+82-55-292-2497

 

HYUNDAI MOBIS CO., LTD.

23TH FL., ING TOWER, 679-4, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2018-5114  FAX:+82-2-2018-6000

 

TRW

TAKATA

TOKAI RIKA

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

AUTOLIV ASP INC.

Corporate Ownership

AUTOLIV INC

AUTOLIV AB

Major Shareholders

 

Cooperative Enterprise

-Insured Company

HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893)

 

-Technical support from

AUTOLIV DEVELOPMENT AB

 

-Management Consulting Services from

AUTOLIV AB

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in Sweden.

 

 

Court Action

 

No.

 

News Clipping

 

---

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.97

UK Pound

1

Rs.83.67

Euro

1

Rs.67.19

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

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