|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOLARPARK KOREA CO., LTD. |
|
|
|
|
Formerly Known As : |
SOLARPARK CO., LTD. |
|
|
|
|
Registered Office : |
855-1, Dunsan-ri, Bongdong-eup, Wanju-gun, Jeollabuk-do, Korea, Zip
Code 565-902 |
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|
|
|
Country : |
South korea |
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|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.04.2008 |
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|
|
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Com. Reg. No.: |
402-81-78800 |
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|
|
|
Legal Form : |
Co., Ltd by shares |
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|
|
|
Line of Business : |
Manufacturer of Other Electric Motors, Generators and Transformers |
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|
|
|
No. of Employees : |
273 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 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 |
|
Company
Name |
SOLARPARK KOREA
CO., LTD. (Ex. Company
Name : SOLAR WORLD KOREA CO., LTD., 솔라월드코리아(주)) (Ex. Company
Name : SOLARPARK CO., LTD., 솔라파크(주)) (Korean Company
Name : 솔라파크코리아(주)) |
|
Registered Address |
855-1, Dunsan-ri, Bongdong-eup, Wanju-gun,
Jeollabuk-do, Korea |
|
Zip Code |
565-902 |
|
Tel |
+82-63-710-3000 |
|
Fax |
+82-63-710-3001 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
855-1, Dunsan-ri, Bongdong-eup, Wanju-gun,
Jeollabuk-do, Korea |
|
Tel |
+82-63-710-3000 |
|
Fax |
+82-63-710-3001 |
|
Other Address-Branch |
16FL., Gangnam Finance Center, 737,
Yeoksam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-2112-1855 |
|
Fax |
+82-2-2112-1849 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Electric Motors, Generators and Transformers |
|
Main Business |
Materials for Solar Battery
Module, Solar Power System, Solar Module,
Solar Power Plant |
|
Established (mm/dd/yyyy) |
04/17/2008 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Solar generators(26111607) |
|
Sell |
Rechargeable batteries(26111701) |
|
Sell |
Materials for Solar Power System |
|
Name |
Park Hyun-Woo |
|
Address |
Suite 201-203, 961, Mok-dong,
Yangcheon-gu, Seoul, Korea |
|
Date of Birth |
09/05/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
46,475,000,000 |
|||||||||
|
Employees |
273 |
|||||||||
|
Formation |
Co., Ltd by shares Venture Business Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Shinhan Bank Deutsche Bank |
|||||||||
|
Corporate Registered No. |
210111-0059983 |
|||||||||
|
Business Registered No. |
402-81-78800 |
|||||||||
|
Permit & Licenses |
Intl Trade No.: 30641932 |
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Shareholder Position |
|
|||||||||
|
Company History |
04/17/2008 Incorporated as the present name 04/28/2008 Registered as a Foreign Direct
Investment Corporation 12/17/2009 Designated as a Venture Business 12/29/2008 Moved to the present HQ address
from 857-4, Seosin-dong, Wansan-gu, Jeonju-si, Jeonbuk, Korea 08/05/2009 Increased the authorized shares to 185,900,000 shares from
4,000,000 shares 08/07/2009 Increased capital to 46,475,000,000 KRW from 21,845,000,000
KRW 06/29/2011 Changed company name to SOLARPARK CO., LTD. 09/15/2011 Changed company name to SOLARPARK KOREA CO., LTD. 07/03/2012 The Subject has been closed after merged with SOLARPARK CO., LTD.(121111-0156414). |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Park Hyun-Woo |
Male |
Korean |
04/17/2008 |
|
Co-President & CEO |
Mr. |
Joerg Walberer |
Male |
German |
04/17/2008 |
|
Director |
Mr. |
Lee Jong-Kook |
Male |
Korean |
04/20/2010 |
|
Auditor |
Mr. |
Chae Ki-Sung |
Male |
Korean |
04/17/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
210,635,475,158 |
192,836,009,315 |
-31,282,222,252 |
|
|
2010 |
454,013,634,762 |
212,492,862,648 |
17,517,095,191 |
|
2009 |
297,760,242,141 |
219,837,903,167 |
15,093,328,460 |
|
2008 |
5,989,830,000 |
74,898,853,500 |
-2,579,628,474 |
|
Authorized Capital(KRW) |
1,859,000,000,000 |
|
Paid-Up Capital(KRW) |
46,475,000,000 |
|
Total Issues Shares |
4,647,500 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
192,836,009,315 |
212,492,862,648 |
219,837,903,167 |
|
Current Assets |
64,130,132,495 |
143,971,566,568 |
170,702,794,554 |
|
-Quick Assets |
32,442,515,597 |
110,100,698,610 |
85,012,179,017 |
|
-Inventories |
31,687,616,898 |
33,870,867,958 |
85,690,615,537 |
|
Fixed Assets |
128,705,876,820 |
68,521,296,080 |
49,135,108,613 |
|
-Investment |
10,000,000 |
10,000,000 |
351,268,000 |
|
-Tangibles |
85,429,084,379 |
67,402,659,811 |
48,146,214,912 |
|
-Intangibles |
469,959,354 |
635,562,794 |
609,606,409 |
|
-Others |
42,796,833,087 |
473,073,475 |
28,019,292 |
|
Total Liabilities |
155,322,521,460 |
143,697,152,541 |
160,984,196,021 |
|
Current Liabilities |
146,826,703,658 |
132,173,707,273 |
143,040,960,960 |
|
Fixed Liabilities |
8,495,817,802 |
11,523,445,268 |
17,943,235,061 |
|
Capital Stock |
46,475,000,000 |
46,475,000,000 |
46,475,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
-8,961,512,145 |
22,349,138,107 |
12,513,699,986 |
|
Capital Adjustment |
- |
-28,428,000 |
-134,992,840 |
|
Total Equity |
37,513,487,855 |
68,795,710,107 |
58,853,707,146 |
|
Liab. & Shareholders Equity |
192,836,009,315 |
212,492,862,648 |
219,837,903,167 |
|
Current Liabilities |
146,826,703,658 |
132,173,707,273 |
143,040,960,960 |
|
Trade Payables |
37,034,454,222 |
51,823,498,561 |
74,719,437,361 |
|
Short-Term Borrowings |
77,675,796,328 |
62,155,065,090 |
2,430,522,489 |
|
Current Portion of Long-Term Debts |
10,533,332,000 |
7,200,000,000 |
22,067,000,000 |
|
Account Payables |
15,974,674,992 |
4,138,050,710 |
7,200,000,000 |
|
Accrued Expenses |
539,293,122 |
1,104,578,117 |
242,031,917 |
|
Advance Receipts |
1,113,134,497 |
4,453,389,346 |
35,636,938,154 |
|
Withholdings |
71,493,885 |
13,270,065 |
133,700,500 |
|
Accrued Income Tax |
3,884,524,612 |
1,285,855,384 |
611,330,539 |
|
Fixed Liabilities |
8,495,817,802 |
11,523,445,268 |
17,943,235,061 |
|
Long-Term Borrowings |
7,566,665,000 |
10,600,000,000 |
17,800,000,000 |
|
Provision for Severance & Retirement |
929,152,802 |
923,445,268 |
143,235,061 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
210,635,475,158 |
454,013,634,762 |
297,760,242,141 |
|
Cost of Sold Goods |
217,697,429,227 |
422,381,089,456 |
275,303,727,154 |
|
Gross Profit |
-7,061,954,069 |
31,632,545,306 |
22,456,514,987 |
|
Selling & Admin. Expenses |
11,063,902,741 |
12,802,092,926 |
6,045,541,045 |
|
Operating Income |
-18,125,856,810 |
18,830,452,380 |
16,410,973,942 |
|
Non-Operating Income |
10,552,485,498 |
19,647,653,490 |
11,241,446,461 |
|
Non-Operating Expenses |
19,115,237,756 |
19,681,227,107 |
11,687,136,424 |
|
Income Before Taxes |
-26,688,609,068 |
18,796,878,763 |
15,965,283,979 |
|
Income Taxes Expenses |
4,593,613,184 |
1,279,783,572 |
871,955,519 |
|
Net Income |
-31,282,222,252 |
17,517,095,191 |
15,093,328,460 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-1,827,268,543 |
-11,012,764,280 |
-12,491,705,016 |
|
-Net Income |
-31,282,222,252 |
17,517,095,191 |
15,093,328,460 |
|
-Exp. without Cash Outflow |
30,483,956,757 |
7,920,265,307 |
6,210,830,556 |
|
-Revenue without Cash Inflows |
-753,963,315 |
-619,669,631 |
-573,077,943 |
|
-Changes in Asset/ & Liability |
-275,039,733 |
-35,830,455,147 |
-33,222,786,089 |
|
Cash Flows from Investing |
-13,673,515,166 |
-25,082,912,264 |
-29,994,499,814 |
|
-Cash Inflow from Investing |
993,729,168 |
22,300,130 |
1,774,535 |
|
-Cash Outflows for Investing |
-14,667,244,334 |
-25,105,212,394 |
-29,996,274,349 |
|
Cash Flows from Financing |
15,435,590,889 |
25,336,035,259 |
43,543,623,960 |
|
-Cash Inflows from Financing |
73,108,261,281 |
62,178,127,489 |
46,687,373,960 |
|
-Cash Outflows from Financing |
-57,672,670,392 |
-36,842,092,230 |
-3,143,750,000 |
|
Increase/Decrease in Cash |
65,192,820 |
10,759,641,285 |
1,057,419,130 |
|
Cash at the Beginning of Year |
169,758,932 |
10,929,400,217 |
9,721,981,087 |
|
Cash at the End of Year |
104,566,112 |
169,758,932 |
10,779,400,217 |
|
Main Products & Services |
Materials for Solar Battery
Module, Solar Power System, Solar Module,
Solar Power Plant |
|
Customers |
SOLARWORLD AG(GERMANY) DEUTSCHE CELL GMBH, FREIBERG |
|
Competitors |
CONTRON CORPORATION RM. 210, DAERYUNG TECHNO TOWER 8-CHA,
481-11, GASAN-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-3218-5700 FAX:+82-2-517-9033 JOEUN ENERGY CO., LTD. 2ND FL., 628-2, AHYEON-DONG, MAPO-GU, SEOUL,
KOREA TEL:+82-2-393-6789 FAX:+82-2-393-8589 ETASOLAR LTD. BI-2103, GYEONGBUK TECHNO PARK POST, 300,
SAMPUNG-DONG, GYEONGSAN-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-53-813-8501 FAX:+82-53-813-8502 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SEOUL OCEAN AQUARIUM CO., LTD.(110111-1686257) GOCHANG SOLARPARK CO., LTD.(110111-3601980) INMEC CO., LTD.(KOREA) SOLARPARK CO., LTD.(121111-0156414) |
|
Corporate Ownership |
SOLARPARK CO., LTD.(121111-0156414) |
|
Major Shareholders |
SOLARPARK CO., LTD.(121111-0156414) |
|
Cooperative Enterprise |
SOLARWORLD AG MARTIN-LUTHER-KING-STR. 24, 53175 BONN
GERMANY TEL:+49-228-559 20 0 FAX:+49-228-559 20 99 -Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) LIG INSURANCE CO., LTD.(110111-0017859) |
(Activity &
Markets)
The Subject exports
to Germany and Norway.
Not Available.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
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 SCs 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.