|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RHODIA SILICA KOREA CO., LTD |
|
|
|
|
Registered Office : |
587-37, Hagik 1-dong, Nam-gu, Incheon, Korea 402-865 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.04.1975 |
|
|
|
|
Com. Reg. No.: |
214-86-02130 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Inorganic Chemicals |
|
|
|
|
No. of Employees : |
71 |
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 : |
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 |
RHODIA SILICA KOREA
CO., LTD. (Korean Company
Name : “로디아실리카코리아(주)”) |
|
Registered Address |
587-37, Hagik 1-dong, Nam-gu, Incheon,
Korea |
|
Zip Code |
402-865 |
|
Tel |
+82-32-870-6228 |
|
Fax |
+82-32-870-6219 |
|
E-mail |
hyog.ma@ap.rhodia.com |
|
Website |
www.rhodia.co.kr |
|
Trading Address |
587-37, Hagik 1-dong, Nam-gu, Incheon,
Korea |
|
Tel |
+82-32-870-6228 |
|
Fax |
+82-32-870-6219 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Basic Inorganic Chemicals |
|
Main Business |
White Carbon, Sodium Silicate, Silica |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
04/11/1975 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Inorganic metal salts(12352302) |
|
Sell |
Carbon C(12141908) |
|
Name |
Kim Jin-Chul |
|
Address |
Suite 905-302, 525, Baekhyeon-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
04/28/1953 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
12,989,050,000 |
|||||||||
|
Employees |
71 |
|||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Shinhan Bank Korea Exchange Bank Hana Bank Citibank, Korea-Yeoksam Station Branch |
|||||||||
|
Corporate Registered No. |
110111-0179394 |
|||||||||
|
Business Registered No. |
214-86-02130 |
|||||||||
|
Permit & Licenses |
1994 ISO 9002 by DNV Int’l Trade No.: 767257 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
04/11/1975 Incorporated as Hanbul Chemical
Co., ltd. 12/15/1975 Registered as a Foreign Direct
Investment Corporation 1978 Changed company name to Rhone- Poulenc Korea Co., Ltd. 03/1996 Changed company name to Ko Poulenc Co., Ltd. 04/1998 Changed company name to Rhodia Ko Poulenc Co., Ltd. 07/2000 Changed company name to the present name 06/18/2001 Moved to the present HQ address from 1321, Seocho-dong,
Seocho-gu, Seoul, Korea |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Kim Jin-Chul |
Male |
Korean |
10/22/2007 |
|
Co-President & CEO |
Mr. |
Li Hong-Sun |
Male |
Chinese |
09/25/2009 |
|
Co-President & CEO |
Mr. |
Pyung Seok-Koo |
Male |
Korean |
03/20/2011 |
|
Director |
Mr. |
Michael E. Bird |
Male |
French |
03/27/2004 |
|
Director |
Mr. |
Philip Eve Marrero |
Male |
French |
10/19/2010 |
|
Director |
Mr. |
Thomas Harold Banner |
Male |
USA |
10/19/2010 |
|
Auditor |
Mr. |
Yian Edward Brown |
Male |
UK |
09/10/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
90,923,528,113 |
48,242,085,737 |
5,678,033,410 |
|
|
2010 |
91,957,699,525 |
52,452,622,950 |
11,041,922,662 |
|
2009 |
78,069,032,056 |
50,822,077,159 |
8,769,530,776 |
|
2008 |
73,924,730,179 |
53,768,307,609 |
7,381,821,403 |
|
2007 |
59,649,674,850 |
48,831,008,984 |
(-)1,858,422,735 |
|
2006 |
57,041,727,893 |
53,014,605,830 |
(-)3,082,393,243 |
|
Authorized Capital(KRW) |
75,000,000,000 |
|
Paid-Up Capital(KRW) |
12,989,050,000 |
|
Total Issues Shares |
2,597,810 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
48,242,085,737 |
52,452,622,950 |
50,822,077,159 |
|
Current Assets |
15,900,042,607 |
19,463,084,833 |
16,732,812,368 |
|
-Quick Assets |
13,041,798,967 |
15,458,901,329 |
12,950,768,442 |
|
-Inventories |
2,858,243,640 |
4,004,183,504 |
3,782,043,926 |
|
Fixed Assets |
32,342,043,130 |
32,989,538,117 |
34,089,264,791 |
|
-Investment |
519,693,950 |
533,804,765 |
560,013,469 |
|
-Tangibles |
30,939,469,180 |
31,562,853,352 |
32,734,736,447 |
|
-Intangibles |
882,880,000 |
892,880,000 |
1,634,875 |
|
-Others |
|
|
792,880,000 |
|
Total Liabilities |
22,872,598,984 |
22,361,169,607 |
17,172,546,478 |
|
Current Liabilities |
22,872,598,984 |
22,350,618,531 |
17,161,816,493 |
|
Fixed Liabilities |
- |
10,551,076 |
10,729,985 |
|
Capital Stock |
12,989,050,000 |
12,989,050,000 |
12,989,050,000 |
|
Capital Surplus |
3,387 |
3,387 |
3,387 |
|
Profit Surplus |
12,380,433,366 |
17,102,399,956 |
20,660,477,294 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
25,369,486,753 |
30,091,453,343 |
33,649,530,681 |
|
Liab. & Shareholder’s Equity |
48,242,085,737 |
52,452,622,950 |
50,822,077,159 |
|
Current Liabilities |
22,872,598,984 |
22,350,618,531 |
17,161,816,493 |
|
Trade Payables |
8,402,137,435 |
10,199,774,314 |
7,612,055,268 |
|
Short-Term Borrowings |
7,250,000,000 |
4,273,771,703 |
87,655,291 |
|
Account Payables |
1,851,156,875 |
1,629,649,763 |
2,855,052,477 |
|
Advance Receipts |
26,980,919 |
13,101,895 |
62,852,507 |
|
Withholdings |
219,671,984 |
278,804,666 |
150,851,396 |
|
Accrued Expenses |
4,516,553,758 |
3,806,236,278 |
3,740,547,132 |
|
Accrued Income Tax |
583,636,004 |
2,123,709,115 |
2,627,597,887 |
|
Derivatives |
22,462,009 |
25,570,797 |
25,204,535 |
|
Fixed Liabilities |
- |
10,551,076 |
10,729,985 |
|
Provision for Severance & Retirement |
- |
10,551,076 |
10,729,985 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
90,923,528,113 |
91,957,699,525 |
78,069,032,056 |
|
Cost of Sold Goods |
66,477,798,669 |
62,469,289,634 |
51,740,081,351 |
|
Gross Profit |
24,445,729,444 |
29,488,409,891 |
26,328,950,705 |
|
Selling & Admin. Expenses |
16,347,563,183 |
15,046,156,731 |
14,056,557,937 |
|
Operating Income |
8,098,166,261 |
14,442,253,160 |
12,272,392,768 |
|
Non-Operating Income |
3,028,782,862 |
3,801,644,182 |
3,196,704,376 |
|
Non-Operating Expenses |
3,728,256,778 |
3,832,996,630 |
3,879,351,526 |
|
Income Before Taxes |
7,398,692,345 |
14,410,900,712 |
11,589,745,618 |
|
Income Taxes Expenses |
1,720,658,935 |
3,368,978,050 |
2,820,214,842 |
|
Net Income |
5,678,033,410 |
11,041,922,662 |
8,769,530,776 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
9,839,449,318 |
12,429,091,541 |
17,302,459,648 |
|
-Net Income |
5,678,033,410 |
11,041,922,662 |
8,769,530,776 |
|
-Exp. without Cash Outflow |
3,979,063,120 |
4,201,063,650 |
5,318,506,943 |
|
-Revenue without Cash Inflows |
-172,470,815 |
-1,217,717,791 |
-194,789,034 |
|
-Changes in Asset/ & Liability |
354,823,603 |
-1,596,176,980 |
3,409,210,963 |
|
Cash Flows from Investing |
-2,376,670,620 |
-2,015,207,953 |
-1,571,514,419 |
|
-Cash Inflow from Investing |
117,572,704 |
1,307,755,088 |
156,158,324 |
|
-Cash Outflows for Investing |
-2,494,243,324 |
-3,322,963,041 |
-1,727,672,743 |
|
Cash Flows from Financing |
-7,423,771,703 |
-10,413,883,588 |
-15,730,945,229 |
|
-Cash Inflows from Financing |
2,976,228,297 |
4,186,116,412 |
35,877,991,539 |
|
-Cash Outflows from Financing |
-10,400,000,000 |
-14,600,000,000 |
-51,608,936,768 |
|
Increase/Decrease in Cash |
39,006,995 |
- |
- |
|
Cash at the Beginning of Year |
- |
- |
- |
|
Cash at the End of Year |
39,006,995 |
- |
- |
|
Main Products & Services |
White Carbon, Sodium Silicate, Silica |
|
Competitors |
EVONIK CARBON BLACK KOREA CO., LTD. 350, WOLNAE-DONG, YEOSU-SI, JEOLLANAM-DO,
KOREA TEL:+82-61-690-5114 FAX:+82-61-690-5280 OCI CO., LTD. 50, SOGONG-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-727-9500 FAX:+82-2-773-0615 KYUNGWOO CORPORATION RM. 910, WOOLIM E-BIZ CENTER 2-CHA, 16,
YANGPYEONG-DONG 3-GA, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2164-8380 FAX:+82-2-2164-8384 |
|
Affiliates |
RHODIA KOREA LTD.(110111-0661193) RHODIA POLYAMIDE CO.,
LTD.(110111-1643059) RHODIA ENERGY ASIA PACIFIC CO., LTD.(110111-3300128 ex. RHODIA ENERGY KOREA CO.,
LTD.) |
|
Corporate Ownership |
RHODIA SA(FRANCE) |
|
Major Shareholders |
RHODIA SA(FRANCE) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) CHARTIS HOME ASSURANCE COMPANY KOREA -License Agreement RHODIA OPERATIONS(FRANCE) |
The Subject deals
with the companies in China, France, Japan, Malaysia, Philippines and Vietnam.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
UK Pound |
1 |
Rs.84.59 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.