|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
POSCO CHEMTECH CO., LTD. |
|
|
|
|
Registered Office : |
1-143, Cheongnim-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea 790-836 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.05.1971 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Other Refractory Ceramic Products |
|
|
|
|
No. of Employees : |
1,358 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Usually Correct |
|
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 (31.03.2011) |
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 |
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 |
|
Tel |
+82-54-290-0114 |
|
Fax |
+82-54-292-3417 |
|
E-mail |
posrecweb@posrec.co.kr;think99@posrec.co.kr |
|
Website |
www.posrec.co.kr |
|
Trading Address |
1-143, Cheongnim-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-290-0114 |
|
Fax |
+82-54-292-3417 |
|
Other Address-Gwangyang Office |
1657-2, Taein-dong, Gwangyang-si,
Jeollanam-do, Korea |
|
Tel |
+82-61-792-0610~1 |
|
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 |
|
Date of Birth |
02/01/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
29,535,000,000 |
||||||||||||||||||
|
Employees |
1,358 |
||||||||||||||||||
|
Formation |
Listed Company(KOSDAQ : 003670) as of 10/31/2001 A Company of POSCO Group |
||||||||||||||||||
|
Bank Details |
Busan Bank-Pohang Branch Citibank, Korea |
||||||||||||||||||
|
Corporate Registered No. |
174611-0001947 |
||||||||||||||||||
|
Business Registered No. |
506-81-01452 |
||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 553942 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
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 |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Carer |
|
President & CEO |
Mr. |
Kim Jin-Il |
Korean |
1953.02.01 |
Ex. Vice President of POSCO |
|
Sr. Executive Director |
Mr. |
Lee Hee-Myung |
Korean |
1959.03 |
POSCO |
|
Sr. Executive Director |
Mr. |
Lee Ki-Chang |
Korean |
1959.02 |
POSCO |
|
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 |
|
1,292,356,397,163 |
533,401,758,480 |
78,553,652,845 |
|
|
(*)2011 |
1,186,622,662,490 |
479,615,361,821 |
92,391,379,400 |
|
(*)2010 |
756,053,098,966 |
371,159,500,484 |
57,190,514,740 |
|
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 |
(*)Figures are based
on the K-IFRS Accounting System.
|
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 |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
533,401,758,480 |
479,615,361,821 |
371,159,500,484 |
|
Current
Assets |
361,330,587,059 |
367,947,745,964 |
293,584,756,569 |
|
Cash & Cash Equivalents |
62,710,426,259 |
55,629,308,660 |
39,256,659,954 |
|
Current Financial Instruments |
73,267,456,950 |
81,244,866,888 |
51,894,692,247 |
|
Trade Receivables |
146,192,819,188 |
146,645,239,093 |
118,057,528,879 |
|
Inventories |
78,314,716,786 |
75,765,947,396 |
83,057,810,734 |
|
Other Current Assets |
845,167,876 |
8,662,383,927 |
1,318,064,755 |
|
Non-Current
Assets |
172,071,171,421 |
111,667,615,857 |
77,574,743,915 |
|
Tangibles |
94,209,446,359 |
85,749,594,041 |
58,266,069,772 |
|
Intangibles |
7,491,836,574 |
5,559,472,309 |
4,008,141,017 |
|
Investment_Subsidiaries |
61,610,607,452 |
12,359,767,749 |
9,029,767,771 |
|
Other Financial Assets |
8,504,043,570 |
6,757,571,487 |
4,659,498,720 |
|
Investment_Real Estates |
223,104,466 |
255,203,310 |
255,203,310 |
|
Other Non-Current Assets |
32,133,000 |
986,006,961 |
1,356,063,325 |
|
Total
Liabilities |
134,297,734,078 |
152,416,420,808 |
128,254,143,364 |
|
Current
Liabilities |
120,005,589,194 |
137,626,546,112 |
110,364,216,385 |
|
Trade Payables |
84,936,122,418 |
92,422,344,150 |
77,907,798,361 |
|
Debentures |
|
50,000,000 |
|
|
Other Current Financial Debts |
15,948,048,448 |
18,131,273,067 |
11,939,977,748 |
|
Accrued Income Tax |
12,068,158,605 |
19,145,493,367 |
10,980,675,803 |
|
Provisions |
853,038,379 |
|
|
|
Other Current Liabilities |
6,200,221,344 |
7,877,435,528 |
9,535,764,473 |
|
Non-Current
Liabilities |
14,292,144,884 |
14,789,874,696 |
17,889,926,979 |
|
Long-Term Borrowings |
50,000,000 |
|
50,000,000 |
|
Provision for Severance &
Retirement |
4,678,510,653 |
4,404,415,953 |
12,026,565,348 |
|
Deferred Income Tax Credit |
6,425,427,417 |
7,518,681,266 |
5,813,361,631 |
|
Other Finance Liabilities |
3,038,206,814 |
2,866,777,477 |
|
|
Other Provsions |
100,000,000 |
|
|
|
Capital
Stock |
29,535,000,000 |
29,535,000,000 |
29,535,000,000 |
|
Profit Surplus |
23,650,207,758 |
23,650,207,758 |
23,650,207,758 |
|
Capital Surplus |
345,918,816,644 |
274,013,733,255 |
189,720,149,362 |
|
Total Equity |
399,104,024,402 |
327,198,941,013 |
242,905,357,120 |
|
Liab. & Shareholder’s Equity |
533,401,758,480 |
479,615,361,821 |
371,159,500,484 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
1,292,356,397,163 |
1,186,622,662,490 |
756,053,098,966 |
|
Cost of Sold Goods |
1,140,194,835,593 |
1,015,051,985,792 |
644,831,650,243 |
|
Gross Profit |
152,161,561,570 |
171,570,676,698 |
111,221,448,723 |
|
Admin. Expenses |
54,178,929,759 |
46,208,994,943 |
34,447,402,733 |
|
Selling Expenses |
4,579,889,462 |
4,925,207,591 |
4,966,666,539 |
|
Operating Income |
93,402,742,349 |
120,436,474,164 |
71,807,379,451 |
|
Other Operating Income |
3,361,655,919 |
2,145,154,005 |
1,338,142,628 |
|
Other Operating Expenses |
2,321,293,207 |
5,516,817,413 |
3,254,205,742 |
|
Finance Income |
7,469,155,800 |
5,874,183,536 |
5,143,930,462 |
|
Finance Expenses |
1,449,613,708 |
1,529,558,975 |
775,496,187 |
|
Income Before Taxes |
100,462,647,153 |
121,409,435,317 |
74,259,750,612 |
|
Income Taxes Expenses |
21,908,994,308 |
29,018,055,917 |
17,069,235,872 |
|
Net Income |
78,553,652,845 |
92,391,379,400 |
57,190,514,740 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
66,035,350,508 |
90,484,782,555 |
56,363,772,777 |
|
Cash Flows from Operating |
90,344,969,316 |
104,780,546,624 |
62,271,299,474 |
|
Net Income |
78,553,652,845 |
92,391,379,400 |
57,190,514,740 |
|
Adjustment |
34,949,550,435 |
41,355,100,625 |
29,121,869,414 |
|
Changes in Asset/ & Liability |
-23,158,233,964 |
-28,965,933,401 |
-24,041,084,680 |
|
Interests Received |
4,978,387,108 |
4,055,799,476 |
3,078,273,837 |
|
Interests Paid |
-87,796,984 |
-3,851,877 |
-59,507,747 |
|
Dividends Received |
642,619,623 |
255,426,074 |
494,142,281 |
|
Income Taxes |
-29,842,828,555 |
-18,603,137,742 |
-9,420,435,068 |
|
Cash
Flows from Investing |
-53,331,878,909 |
-68,172,148,282 |
-53,663,549,507 |
|
Cash Inflow from Investing |
142,096,568,520 |
153,463,045,705 |
52,048,885,734 |
|
Cash Outflows for Investing |
-195,428,447,429 |
-221,635,193,987 |
-105,712,435,241 |
|
Cash
Flows from Financing |
-5,622,354,000 |
-5,907,000,000 |
-4,430,250,000 |
|
Cash Inflows from Financing |
3,287,014,884 |
|
|
|
Cash Outflows from Financing |
-8,909,368,884 |
-5,907,000,000 |
-4,430,250,000 |
|
Increase/Decrease
in Cash |
7,081,117,599 |
16,405,634,273 |
-1,730,026,730 |
|
Cash at
the Beginning of Year |
55,629,308,660 |
39,256,659,954 |
40,986,686,684 |
|
Cash at
the End of Year |
62,710,426,259 |
55,629,308,660 |
39,256,659,954 |
|
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) (86.87% held by the subject company) PT.KRAKATAU POSCO CHEMTECH CALCINATION (80.00% held by the subject company) POSGREEN COMPANY, LTD(204611-0032466) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
40,330 |
41,508 |
11,866 |
|
Domestic |
1,252,026 |
1,145,115 |
744,187 |
|
Total |
1,292,356 |
1,186,623 |
756,053 |
The Subject exports
to China and Japan. It also imports from China.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.