|
Report Date : |
19.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SK GLOBAL CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
99, Seorin-dong, Jongno-gu, Seoul, Korea
110-110 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
01.04.2011 |
|
|
|
|
Com. Reg. No.: |
101-86-60116 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Petroleum Products,
Chemicals, Lubricants |
|
|
|
|
No. of Employees : |
1,188 |
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 |
SK GLOBAL CHEMICAL CO., LTD. |
|
Registered Address |
99, Seorin-dong, Jongno-gu, Seoul, Korea |
|
Zip Code |
110-110 |
|
Tel |
+82-2-2121-5114 |
|
Fax |
+82-2-2121-7001 |
|
E-mail |
markij@sk.com;dw@sk.com |
|
Website |
www.skglobalchemical.com |
|
Trading Address |
99, Seorin-dong, Jongno-gu, Seoul, Korea |
|
Tel |
+82-2-2121-5114 |
|
Fax |
+82-2-2121-7001 |
|
Other Address-R&D Center |
140-1, Wonchon-dong, Yuseong-gu, Daejeon, Korea |
|
Tel |
+82-42-866-7301 |
|
Fax |
+82-42-866-7302 |
|
Other Address-Ulsan Complex |
110, Gosa-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-208-2114 |
|
Fax |
+82-52-208-2002 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Petroleum Products,
Chemicals, Lubricants |
|
Main Business |
LLDPE, HDPE, PP, Performance Rubber, Benzene, Toluene, Xylene,
Para-Xylene, Styrene Monomer, Performance Chemicals |
|
Established (mm/dd/yyyy) |
01/04/2011 |
The Subject owns the premises of registered
HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polystyrene PS(13102026) |
|
Sell |
High Density Polyethylene HDPE(13102017) |
|
Sell |
Amines or imines or its substitutes(12352116) |
|
Sell |
Elastomers(13101700) |
|
Sell |
Polyethylene(13111016) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Polystyrene PS(13102026) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Low Density Polyethylene LDPE(13102018) |
|
Name |
Cha Hwa-Youb |
|
Address |
Suite 608-305, 911, Mok-dong,
Yangcheon-gu, Seoul, Korea |
|
Date of Birth |
02/21/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Education
1977
Graduated from Inchang High School
1983
B.S. Chemical Engineering, Sogang Univ.
Career
1983
Joined Korea Oil Corporation Division
2000
Head of PP Sales Team, SK Chemical Division
2004
Head of SK Chemical Business Planning Headquarters (Managing Director)
2009
Head of SK Energy Corporate Culture Headquarters & Head of HR
Division(Executive Director)
2010
Head of SK Energy CIC Olefin Business Headquarters (Executive Director)
2011
SK global chemical CEO & President
|
Capital (KRW) |
130,000,000,000 |
|||||||||
|
Employees |
1,188 |
|||||||||
|
Formation |
Co., Ltd by Shares A Company of SK Group |
|||||||||
|
Bank Details |
Hana Bank Korea Exchange Bank |
|||||||||
|
Corporate Registered No. |
110111-4505975 |
|||||||||
|
Business Registered No. |
101-86-60116 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 30682803 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
01/04/2011 Incorporated after spin off from
SK ENERGY
CO., LTD., has been spin off into the existing
company, SK INNOVATION CO., LTD.(110111-3710385),
and newly established companies, the Subject Company and SK ENERGY CO.,
LTD.(110111-4505967) |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Cha Hwa-Youb |
Male |
Korean |
02/21/1959 |
|
Director |
Mr. |
Kim Bong-Young |
Male |
Korean |
07/25/1957 |
|
Director |
Mr. |
Koo Ja-Young |
Male |
USA |
12/07/1947 |
|
Director |
Mr. |
Cha Jin-Seok |
Male |
Korean |
04/11/1963 |
|
Director |
Mr. |
Kim Kyung-Won |
Male |
Korean |
10/23/1960 |
|
Auditor |
Mr. |
You Sung-Hyun |
Male |
Korean |
08/20/1962 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
11,876,065,322,000 |
5,197,941,926,000 |
438,539,883,000 |
|
|
2011 |
17,217,145,192,000 |
5,232,175,625,000 |
466,515,342,000 |
|
Authorized Capital(KRW) |
520,000,000,000 |
|
Paid-Up Capital(KRW) |
130,000,000,000 |
|
Total Issues Shares |
26,000,000 |
|
Balance Sheet |
|||
|
Unit : Thousand Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
5,197,941,926 |
5,232,175,625 |
|
|
Current Assets |
2,853,699,766 |
3,052,839,995 |
|
|
Cash & Cash Equivalents |
780,227,909 |
657,930,935 |
|
|
Other Finance Assets |
12,000,000 |
42,000,000 |
|
|
Guarantee Deposits |
4,433,518 |
3,432,555 |
|
|
Trade Receivables |
1,479,519,950 |
1,820,542,343 |
|
|
Accrued Receivables |
32,077,298 |
13,659,843 |
|
|
Unearned Profits |
5,369,283 |
2,109,096 |
|
|
Short-Term Loans |
2,700,000 |
3,000,000 |
|
|
Advance Payments |
67,189,847 |
44,827,880 |
|
|
Advance Expenses |
5,248,146 |
3,182,252 |
|
|
Derivatives |
2,221,040 |
204,179 |
|
|
Inventories |
462,712,775 |
461,950,912 |
|
|
Non-Current Assets |
2,344,242,160 |
2,179,335,630 |
|
|
Other Current Assets |
22,500 |
22,500 |
|
|
Marketable Financial Instruments |
58,151,513 |
57,790,993 |
|
|
Guarantee Deposits |
1,047,694 |
4,821,766 |
|
|
Investment_Related Companies |
412,705,105 |
297,852,714 |
|
|
Tangibles |
1,864,520,888 |
1,813,051,238 |
|
|
Intangibles |
7,770,429 |
5,770,143 |
|
|
Other Non-Current Assets |
24,031 |
26,276 |
|
|
Total Liabilities |
2,745,969,017 |
2,969,852,475 |
|
|
Current Liabilities |
1,759,813,699 |
1,593,052,892 |
|
|
Trade Payables |
882,294,605 |
945,887,130 |
|
|
Short-Term Borrowings |
248,722,530 |
381,119,390 |
|
|
Current Portion of Long-Term
Debts |
399,898,629 |
50,393,677 |
|
|
Account Payables |
11,126,024 |
7,586,688 |
|
|
Advance Receipts |
15,075,606 |
7,152,285 |
|
|
Withholdings |
13,699,630 |
9,646,236 |
|
|
Accrued Expenses |
113,723,115 |
132,974,781 |
|
|
Accrued Income Tax |
73,604,049 |
58,217,164 |
|
|
Derivatives |
1,669,511 |
75,541 |
|
|
Non-Current Liabilities |
986,155,318 |
1,376,799,583 |
|
|
Debentures & Long-Term
Borrowings |
961,556,699 |
1,365,871,714 |
|
|
Provision for Severance &
Retirement |
9,356,213 |
4,400,094 |
|
|
Finance Guarantee Debts |
- |
2,132 |
|
|
Derivatives |
2,270,571 |
2,014,500 |
|
|
Deferred Income Tax Credit |
12,971,835 |
4,511,143 |
|
|
Capital Stock |
130,000,000 |
130,000,000 |
|
|
Capital Surplus |
1,671,123,574 |
1,671,123,574 |
|
|
Capital Adjustment |
-2,063,011 |
-2,063,011 |
|
|
Others |
2,141,909 |
497,907 |
|
|
Profit Surplus |
650,770,437 |
462,764,680 |
|
|
Total Equity |
2,451,972,909 |
2,262,323,150 |
|
|
Liab. & Shareholder’s Equity |
5,197,941,926 |
5,232,175,625 |
|
|
Income Statement |
|||
|
Unit : Thousand Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
11,876,065,322 |
17,217,145,192 |
|
|
Cost of Sold Goods |
11,053,717,158 |
16,181,917,191 |
|
|
Gross Profit |
822,348,164 |
1,035,228,001 |
|
|
Selling & Admin. Expenses |
223,139,068 |
346,013,895 |
|
|
Other Operating Income |
102,875,822 |
260,194,236 |
|
|
Other Operating Expenses |
105,388,271 |
224,301,970 |
|
|
Operating Income |
596,696,647 |
725,106,372 |
|
|
Non-Operating Income |
-26,899,674 |
-112,367,723 |
|
|
Income Before Taxes |
569,796,974 |
612,738,649 |
|
|
Income Taxes Expenses |
131,257,091 |
146,223,307 |
|
|
Net Income |
438,539,883 |
466,515,342 |
|
|
Cash Flows |
|||
|
Unit : Thousand Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
761,321,368 |
756,899,379 |
|
|
Net Income |
438,539,883 |
466,515,342 |
|
|
Adjustment |
470,571,195 |
424,216,532 |
|
|
Dividends Received |
1,082,323 |
|
|
|
Interests Received |
14,726,540 |
9,508,419 |
|
|
Interests Paid |
-55,962,423 |
-83,277,782 |
|
|
Income Taxes |
-107,636,150 |
-60,063,132 |
|
|
Cash Flows from Investing |
-209,279,802 |
-199,423,638 |
|
|
Cash Flows from Financing |
-429,738,824 |
-182,670,522 |
|
|
Increase/Decrease in Cash |
122,302,742 |
374,692,074 |
|
|
Cash at the Beginning of Year |
657,930,935 |
283,238,861 |
|
|
Cash at the End of Year |
780,227,907 |
657,930,935 |
|
|
Main Products & Services |
Olefin Division Aromatics Division Performance Chemicals Polymer EPDM |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
GS-CALTEX CORPORATION (110111-0078819) GS GANGNAM TOWER, 679, YEOKSAM 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2005-1114 FAX:+82-2-2005-6051 S-OIL CORPORATION(110111-0189955) 45TH FL., KOREA LIFE INSURANCE 63 BLDG.,
60, YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3772-5151 FAX:+82-2-786-4030 HYUNDAI OILBANK CO., LTD.(110111-0090558) 640-6. DAEJUK-RI, DAESAN-EUP, SEOSAN-SI,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-660-5114 FAX:+82-41-660-5111 |
|
Affiliates-Domestic |
SK PETROCHEMICAL CO., LTD.(135811-0120906) (100.0% held by the subject company) GREEN IS CO., LTD.(134811-0195562) (84.31% held by the subject company) AROCHEMI CO., LTD.(110111-4499954) (50.01% held by the subject company) SHANGHAI GAOQIAO- SK SOLVENT CO., LTD. (50.0% held by the subject company) ZHEJIANG SHENXIN SK PACKAGING CO., LTD. (25.0% held by the subject company) SK GLOBAL CHEMICAL (CHINA) HOLDING CO., LTD. (100.0% held by the subject company) SK GLOBAL CHEMICA AMERICAS, INC. (100.0% held by the subject company) SK ENERGY INTERNATIONAL TRADING (SHANGHAI) CO.,
LTD. (3.04% held by the subject company) SK GLOBAL CHEMICAL SINGAPORE PTE. LTD. (100.0% held by the subject company) HANJU CORPORATION(181211-0007663) (7.38% held by the subject company) HYUNDAI ENGINEERING PLASTICS CO., LTD(165011-0006768) (4.99% held by the subject company) SK IIS PTE. LTD. (16.67% held by the subject company) |
|
Affiliates-Domestic |
SK TELECOM CO., LTD.(110111-0371346) SK C&C CO., LTD.(110111-0769583) SK TELINK, CORP.(110111-1533599) INNOACE CO., LTD(110111-2104026) PAXNET, INC.(110111-1698830) IHQ, INC.(110111-0042393) AIRCROSS CO., LTD.(110111-2121765) TU MEDIA CORPORATION(110111-2907826) SK COMMUNICATIONS CO., LTD.(110111-1322885) COMMERCE PLANET CO., LTD.(110111-1416133) F&U CREDIT INFORMATION CO.,
LTD.(135311-0003300) SK WYVERNS CO., LTD(120111-0217366) SK HOLDINGS CO., LTD.(110111-0022816) SK ENGINEERING & CONSTRUCTION CO., LTD.(110111-0038805) SK TELESYS CO., LTD.(110111-1405897) LOEN ENTERTAINMENT, INC.(134111-0010706) INFOSEC CO., LTD(110111-2007858) INDEPENDENCE CO., LTD.(110111-2010116) SKC MEDIA CO., LTD.(161511-0076377) IFILM CORPORATION(110111-2857451) SK BROADBAND CO., LTD.(110111-1466659) CU MEDIA. INC.(110111-2031477) NTREEV SOFT CO., LTD.(110111-2906456) SK I-MEDIA CO., LTD.(110111-3505851) IPLATFORM, INC(110111-3638917) NURI SOLUTION CO., LTD.(110111-1866213) HANAROMEDIA INC.(110111-3292664) HANARO DREAM INCORPORATED(110111-2183343) BROADBAND D&M CO., LTD.(110111-1509269) NOWON JOEUN TELECOM CO.,
LTD.(110111-3655218) MIRACLE INFORMATION & TELECOMMUNICATION
CO., LTD.(120111-0433491) ENCAR NETWORKS LTD.(110111-2125270) SK MARKETING & COMPANY CO., LTD.(110111-3874066) |
|
Affiliates-Domestic |
QC I&T CO., LTD.(110111-3675381) QL KWANAK CO., LTD.(110111-3826140) QL DONGJAK CO., LTD.(110111-3729740) QL SEOCHO CO., LTD.(110111-3729807) QL YONGSAN CO., LTD.(110111-3761023) QL YANGCHEON CO., LTD.(110111-3729609) SK NETWORKS CO., LTD.(130111-0005199) SK SHIPPING CO., LTD.(110111-0311392) MRO KOREA CO., LTD(110111-2016940) SK D&D CO., LTD.(110111-3001685) OK CASHBAG SERVICE CO., LTD.(110111-1873432) SK NETWORKS SERVICE CO., LTD.(135811-0141788) BROADBAND TS CO., LTD.(281111-0119401) BROADBAND CS CO., LTD.(110111-1592595) BROADBAND SEOUL CS CO., LTD.(110111-3558842) BROADBAND BUSAN CS CO., LTD.(180111-0573774) BROADBAND GYEONGGI CS CO., LTD.(134111-0147575) BROADBAND GWANGJU CS CO., LTD.(200111-0233050) ANTS CO., LTD.(151111-0031058) ULLEUNG DEEP SEA WATER CO., LTD(110111-3224724) WS TRADING CO., LTD.(110111-3448712) SK SECURITIES CO., LTD(110111-0037112) SOLMICS CO., LTD.(134711-0014631) UB CARE CO., LTD.(110111-1105364) MECHARONICS CO., LTD.(120111-0233338) ULLEUNG MINERAL CO., LTD.(110111-2602244) WALKERHILL INC.(110111-0142854) REAL BEST CO., LTD.(180111-0612027) SK LUBRICANTS CO., LTD.(110111-4191815) |
|
Affiliates-Overseas |
SK AUSTRALIA PTY. LTD. SK AUSTRALIA(TOGARA) SK AUSTRALIA(WYONG) SK DO BRASIL, LTDA SK E&P CO. LTD. SK ENERGY INTERNATIONAL PTE LTD. SK ENERGY EUROPE LTD. SK CHINA HOLDING CO.LTD. SK INSURANCE (BERMUDA) LTD SK ENERGY ROAD INVESTMENT SK E&P ASIA LIMITED SK CORPORATION HONG KONG INVESTMENT CELTIC OIL LIMITED SK ENERGY CANADA LIMITED SK USA, INC. SHANGHAI GAOQIAO-SK SOLVENT DZP (DE ZWARTE PONK B.V.) SKC INC ZHEJIANG SHENXIN SK PACKAGING CO. LTD. SK CHINA CO. LTD. |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
BEIJING, CHINA BRANCH 26F, SK TOWER, NO6 JIA, JIANGUOMENWAI
AVENUE, BEIJING, CHINA TEL:+86-10-5920-5660 SHANGHAI, CHINA BRANCH RM 801, MAXDO CENTER, 8-XINGYI RD.
SHANGHAI. CHINA TEL:+86-21-6197-0242/0252 GUNGZHOU, CHINA BRANCH ROOM 2504, HNA BUILDING, NO. 8 LINHE ZHONG
ROAD, TIANHE DISTRICT, GUANGZHOU, GUANGDONG PROVINCE, CHINA TEL:+86-20-8510-0301 NORTH AMERICA, HOUSTON BRANCH 1300 POST OAK BLVD., STE #425, HOUSTON,
TEXAS, USA 77056 TEL:+1-713-850-0005 SINGAPORE BRANCH 4 SHENTON WAY #11 - 02/04 SGX CENTRE TWO
SINGAPORE 068807 TEL:+65-6232-9381, 9367 TOKYO BRANCH NBF HIBIYA BLDG. 8F, 1-1-7, UCHISAIWAI-CHO,
CHIYODA-KU, TOKYO 100-0011, JAPAN TEL:+81-3-3591-0343 DUBAI BRANCH SUITE NO. 1702, FESTIVAL CITY OFFICE TOWER,
MARSA AL KHOR, PO BOX 9389 DUBAI, UAE TEL:+971-4-232-9371 LIMA BRANCH CALLE AMADOR MERINO REYNA NO. 267 OF.702
EDIFICIO "PARQUE PLAZA" SAN ISIDRO, LIMA 27, PERU TEL:+51-1-719-1080 |
|
Joint Venture |
|
|
Subsidiary |
SK PETROCHEMICAL CO., LTD.(135811-0120906) (100.0% held by the subject company) SK GLOBAL CHEMICAL (CHINA) HOLDING CO., LTD. SK GLOBAL CHEMICAL INTERNATIONAL TRADING (SHANGHAI) CO., LTD. SK GLOBAL CHEMICAL SINGAPORE PTE, LTD. SK INTERNATIONAL INVESTMENT SINGAPORE PTE., LTD. |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
06/2011 |
2010 |
2009 |
|
Export |
8,753,104 |
|
|
|
Domestic |
5,264,275 |
|
|
|
Others |
3,204,115 |
|
|
|
Total |
17,221,494 |
|
|
The Subject deals with the companies in USA,
Australia, China, Indonesia, India and Vietnam.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.