|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BASF company Ltd. |
|
|
|
|
Registered Office : |
373-15, Hwachi-dong, Yeosu-si, Jeollanam-do 555-280 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.12.1988 |
|
|
|
|
Com. Reg. No.: |
417-81-04858 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Basic Organic Petrochemicals |
|
|
|
|
No. of Employees : |
977 |
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 : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the world's 12th largest economy.
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. Korea's export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is likely
to face the challenges of balancing heavy reliance on exports with developing
domestic-oriented sectors, such as services. 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 |
BASF COMPANY LTD. (Korean Company Name : “한국바스프(주)”) |
|
Registered Address |
373-15, Hwachi-dong, Yeosu-si,
Jeollanam-do, Korea |
|
Zip Code |
555-280 |
|
Tel |
+82-61-680-7000 |
|
Fax |
+82-61-684-7260 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
14th Fl, Korea Chamber of Commerce &
Industry, 45, Namdaemunno 4-ga, Jung-gu, Seoul, Korea |
|
Tel |
+82-2-3707-3100 |
|
Fax |
+82-2-3707-3122 |
|
|
|
|
Other Address-Ulsan Site-Plastics Factory Ⅰ |
472-1, Sanggae-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-279-5800 |
|
Fax |
+82-52-272-4801 |
|
|
|
|
Other Address-Ulsan Site-Plastics Factory Ⅱ |
569-30, Yongyeon-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-279-9500 |
|
Fax |
+82-52-279-9501 |
|
|
|
|
Other Address-Ansan Factory |
607B-22, Banwol Industrial Complex, 631-3, Seonggok-dong, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-599-7513 |
|
Fax |
+82-31-599-7506 |
|
|
|
|
Other Address-Hwaseong Factory |
870, Yeocheon-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-278-2000 |
|
Fax |
+82-52-278-2001 |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Basic Organic Petrochemicals |
|
Main Business |
Styrofoam, L-Lysine, EPS, PS, ABS, MPI, TPI |
|
|
|
|
Established (mm/dd/yyyy) |
12/15/1988 |
The Subject owns the premises of registered
address/factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyurethane resins(13111061) |
|
Sell |
Polystyrene foam(13111308) |
|
Sell |
Acrylonitrile butadiene styrene resin(13111004) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Organic derivatives and substituted compounds(12352100) |
|
Sell |
Surfactants(12161900) |
|
Sell |
Inorganic compounds(12352300) |
|
Sell |
Pigments(12171600) |
|
Sell |
Other adhesives and sealants(31201600) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
|
Sell |
Plasticizers(12162000) |
|
Sell |
Inorganic compounds(12352300) |
|
Sell |
Organic peroxides(12352120) |
|
Name |
Shin Woo-Sung |
|
Address |
Suite 12-1306, 844, Sindang-dong,
Jung-gu, Seoul, Korea |
|
Date of Birth |
09/12/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
481,729,000,000 |
|||||||||
|
Employees |
977 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Korea Exchange Bank –Sales 1 Division |
|||||||||
|
Corporate Registered No. |
110111-0600860 |
|||||||||
|
Business Registered No. |
417-81-04858 |
|||||||||
|
Permit & Licenses |
05/1999 ISO 9001 Int’l Trade No.: 429296 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
1954 Entered Korea as FOHAG(Far East
Trading Company) 1980 Established as Hyosung BASF 1982 Established BASF KOREA CO., LTD. 12/1988 Established HANYANG BASF URETHANE
CO., LTD. 12/1997 Changed company name to BASF
URETHANE KOREA CO., LTD. 03/1998 Changed company name to BASF KOREA
STILENIX CO., LTD. 05/1998 Acquired Lysine Business Division
from Daesang Corporation 12/1998 Acquired Polyol Business Division
from Dong Sung Chemical Co., Ltd. 12/1998 Incorporated as BASF KOREA CO.,
LTD with the acquisition of BASF URETHANE KOREA CO., LTD., BASF KOREA
STILENIX CO., LTD. and BASF KOREA CO., LTD. 11/2000 Awarded US$500 Million Export Top
Prize 06/2001 Acquired SK Evertech's SM Factory 10/2001 Increased capital to
404,650,000,000 KRW from 354,650,000,000 KRW 05/2003 Acquired Engineering Plastic
Business Division from Honeywell 04/2005 Acquired BASF AGRO KOREA CO., LTD. 10/2006 Acquired the operation part of
BASF Resin Co., Ltd. 07/31/2007 Increased the authorized shares
to 94,930,000 shares from 80,930,000 KRW 01/2008 Sold Gunsan Factory(Lysine: 228,
Soryong-dong, Gunsan-si, Jeollabuk-do, Korea) to PAIKKWANG INDUSTRIAL CO.,
LTD.(110111-0003709) at USD27,000,000. 05/21/2009 increased capital to
464,650,000,000 KRW from 404,650,000,000 KRW 08/03/2009 Decided to sell Ulsan SM
Factory to SK ENERGY CO., LTD.(110111-3710385) 02/01/2010 Acquired CIBA SPECIALTY
CHEMICALS KOREA LTD.(110111-0714406) and DAIHAN SWISS CHEMICAL
CORP.(110111-0307325) 01/01/2011 Split off KS Divisions, and
transferred to STYROLUTION KOREA LTD.(230111-0148328) 01/01/2012 Acquired COGNIS KOEA
LTD.(110111-2865090) 08/31/2012 Increased the authorized shares
to 100,930,000 shares from 94,930,000 shares 09/14/21012 Increased capital to
481,729,000,000 KRW from 464,650,000,000 KRW |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Shin Woo-Sung |
Male |
Korean |
03/02/2009 |
|
Director |
Mr. |
Georg Gotbrat |
Male |
German |
08/01/2007 |
|
Director |
Mr. |
Saoriul Rikedu
Borg |
Male |
German |
11/01/2009 |
|
Director |
Mr. |
Jacob Nielson |
Male |
Swedish |
05/01/2011 |
|
Auditor |
Mr. |
Wolfro Light |
Male |
German |
05/01/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2,052,377,984,864 |
1,150,358,533,984 |
111,286,722,605 |
|
|
2011 |
1,981,901,124,110 |
1,314,309,031,536 |
228,920,128,968 |
|
2010 |
2,905,643,816,960 |
1,328,755,510,275 |
277,702,346,311 |
|
2009 |
2,182,467,001,023 |
1,131,492,742,826 |
252,650,621,415 |
|
2008 |
2,409,606,875,106 |
1,005,708,769,659 |
90,382,545,153 |
|
2007 |
2,154,041,355,519 |
1,154,047,696,907 |
179,289,618,386 |
|
2006 |
1,908,768,117,693 |
1,236,191,744,609 |
169,881,499,330 |
|
2005 |
2,088,248,977,659 |
1,326,167,222,613 |
128,075,379,460 |
|
2004 |
1,960,457,253,117 |
1,454,917,869,412 |
47,803,170,535 |
|
2003 |
1,383,330,951,764 |
1,461,689,186,845 |
(-)24,016,453,546 |
|
Authorized Capital(KRW) |
504,650,000,000 |
|
Paid-Up Capital(KRW) |
481,729,000,000 |
|
Total Issues Shares |
96,345,800 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
1,150,358,533,984 |
1,314,309,031,536 |
1,328,755,510,275 |
|
Current Assets |
733,480,244,193 |
909,231,830,642 |
837,893,786,409 |
|
-Quick Assets |
532,811,522,898 |
751,182,225,062 |
621,441,550,163 |
|
-Inventories |
200,668,721,295 |
158,049,605,580 |
216,452,236,246 |
|
Fixed Assets |
416,878,289,791 |
405,077,200,894 |
490,861,723,866 |
|
-Investment |
19,923,515,839 |
31,850,827,515 |
57,371,472,107 |
|
-Tangibles |
372,134,317,612 |
347,097,818,824 |
401,212,097,817 |
|
-Intangibles |
9,991,760,513 |
10,971,470,483 |
13,978,047,361 |
|
-Others |
14,828,695,827 |
15,157,084,072 |
18,300,106,581 |
|
Total Liabilities |
376,830,567,640 |
460,653,502,597 |
455,130,792,650 |
|
Current Liabilities |
334,706,478,453 |
436,177,268,194 |
444,467,855,649 |
|
Fixed Liabilities |
42,124,089,187 |
24,476,234,403 |
10,662,937,001 |
|
Capital Stock |
481,729,000,000 |
464,650,000,000 |
464,650,000,000 |
|
Capital Surplus |
57,849,361,812 |
57,935,544,012 |
54,587,882,666 |
|
Profit Surplus |
233,580,079,532 |
330,402,565,927 |
353,939,114,959 |
|
Capital Adjustment |
369,525,000 |
667,419,000 |
447,720,000 |
|
Total Equity |
773,527,966,344 |
853,655,528,939 |
873,624,717,625 |
|
Liab. & Shareholder’s Equity |
1,150,358,533,984 |
1,314,309,031,536 |
1,328,755,510,275 |
|
Current
Liabilities |
334,706,478,453 |
436,177,268,194 |
444,467,855,649 |
|
Trade
Payables |
287,354,397,962 |
242,470,695,355 |
362,230,593,162 |
|
Account
Payables |
4,662,309,452 |
116,214,759,233 |
11,943,842,974 |
|
Advance
Receipts |
1,843,913,009 |
446,362,714 |
1,419,063,408 |
|
Withholdings |
1,260,573,010 |
1,310,981,636 |
1,612,915,431 |
|
Accrued
Expenses |
21,944,818,162 |
24,951,556,559 |
28,735,487,443 |
|
Accrued
Income Tax |
17,173,593,590 |
45,104,155,333 |
37,816,381,245 |
|
Unearned
Income |
368,850,396 |
- |
|
|
Derivatives |
98,022,872 |
5,477,255,014 |
709,571,986 |
|
Deferred
Income Tax |
- |
201,502,350 |
- |
|
Fixed
Liabilities |
42,124,089,187 |
24,476,234,403 |
10,662,937,001 |
|
Long-Term
Borrowings |
32,007,476,000 |
15,986,870,000 |
- |
|
Provision for Recovery |
|
|
500,200,001 |
|
Other
Provisions |
4,673,658,000 |
5,807,530,000 |
8,582,595,000 |
|
Provision
for Severance & Retirement |
23,642,436,985 |
23,631,657,139 |
23,016,040,809 |
|
Leasehold Deposit Received |
130,000,000 |
130,000,000 |
130,000,000 |
|
Long-Term
Unearned Income |
3,135,228,366 |
- |
|
|
Derivatives |
398,994,668 |
- |
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
2,052,377,984,864 |
1,981,901,124,110 |
2,905,643,816,960 |
|
Cost of Sold Goods |
1,746,507,466,982 |
1,706,808,999,316 |
2,392,539,656,229 |
|
Gross Profit |
305,870,517,882 |
275,092,124,794 |
513,104,160,731 |
|
Selling & Admin. Expenses |
171,945,940,033 |
172,039,598,822 |
213,830,746,347 |
|
Operating Income |
133,924,577,849 |
103,052,525,972 |
299,273,414,384 |
|
Non-Operating Income |
62,405,518,956 |
252,726,394,423 |
117,270,505,685 |
|
Non-Operating Expenses |
58,566,220,523 |
60,518,204,766 |
112,202,545,620 |
|
Income Before Taxes |
137,763,876,282 |
295,260,715,629 |
304,341,374,449 |
|
Income Taxes Expenses |
26,477,153,677 |
66,340,586,661 |
26,639,028,138 |
|
Net Income |
111,286,722,605 |
228,920,128,968 |
277,702,346,311 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
-31,208,945,875 |
188,317,496,165 |
313,389,137,392 |
|
-Net Income |
111,286,722,605 |
228,920,128,968 |
277,702,346,311 |
|
-Exp. without Cash Outflow |
64,810,500,865 |
60,162,295,649 |
80,764,828,324 |
|
-Revenue without Cash Inflows |
-7,822,627,368 |
-177,893,546,952 |
-11,182,093,178 |
|
-Changes in Asset/ & Liability |
-199,483,541,977 |
77,128,618,500 |
-33,895,944,065 |
|
Cash Flows from Investing |
-65,876,252,812 |
265,015,351,640 |
-40,775,653,144 |
|
-Cash Inflow from Investing |
13,668,352,606 |
317,884,392,187 |
15,523,951,271 |
|
-Cash Outflows for Investing |
-79,544,605,418 |
-52,869,040,547 |
-56,299,604,415 |
|
Cash Flows from Financing |
-173,726,587,200 |
-236,118,634,000 |
-230,665,256,928 |
|
-Cash Inflows from Financing |
34,382,621,800 |
16,338,044,000 |
- |
|
-Cash Outflows from Financing |
-208,109,209,000 |
-252,456,678,000 |
-230,665,256,928 |
|
Increase/Decrease in Cash |
-270,811,785,887 |
217,214,213,805 |
41,948,227,320 |
|
Cash at the Beginning of Year |
366,529,512,776 |
149,315,298,971 |
107,367,071,651 |
|
Cash at the End of Year |
95,717,726,889 |
366,529,512,776 |
149,315,298,971 |
|
Main Products & Services |
-Thermoplastics Business EPS, PS, ABS, SM, Engineering plastics
production and sales -Polyurethane Business MDI, TDI, Polyol production and sales -Chemicals & Performance Products
Business PolyTHK, BDO/THF, Fiber raw materials,
Petrochemicals, Intermediates, Textile Chemicals, Leather Chemicals, Pigment
& Dyestuff for industry, Specialty Chemicals, Acrylic Monomer &
Polymer, Paper Chemicals -Fine Chemicals Business Animal Nutrition, Lysine Byproducts,
Cosmetics, Pharmaceuticals, Food Ingredients, Aroma Chemicals for flavor and
fragrance, Agro chemical products |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
BASF AKTIENGESELLSCHAFT(CATALYST) HANWHA PETROCHEMICALS CO., LTD.(CHLORINE,
NITRIC ACID & CAUSTIC SODA) PAIKKWANG INDUSTRIAL CO.,LTD.(110111-0003709: CHLORINE, CAUSTIC
SODA) HUCHEMSFINECHEMICALCORPORATION(110111-2611906 : NITRIC ACID) AIR LIQUIDE KOREA CO., LTD.(110111-1232216 : CARBON MONOXIDE,
HYDROGEN) HEIN CORPORATION(180111-0049915 :
FORMALDEHYDE) SAMYANG CHEMICAL CO., LTD.(110111-0568878 :
FORMALDEHYDE) SKC(ETHYLENE) |
|
Customers |
BASF AKTIENGESELLSCHAFT BASF SOUTH EAST ASIA PTE. LTD. |
|
Competitors |
SAMSUNG TOTAL PETROCHEMICALS CO., LTD. 411-1, DOKGOT-RI, DAESAN-EUP, SEOSAN-SI,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-660-6114 FAX:+82-41-681-4812 HONAM PETROCHEMICAL CORPORATION 11TH FL., LOTTE GWANAK TOWER, 395-67,
SINDAEBANG 2-DONG, DONGJAK-GU, SEOUL, KOREA TEL:+82-2-829-4114 FAX:+82-2-843-1010 SAM NAM PETROCHEMICAL CO., LTD. 4TH FL., SAMYANG CO. BLDG., 263,
YEONJI-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-740-7450~1 FAX:+82-2-745-4225 |
|
Affiliates |
BASF SE BASF SOUTH EAST ASIA PTE. LTD. |
|
Subsidiary |
CIBA SPECIALTY CHEMICALS KOREA LTD.(110111-0714406) (100.0% held by the subject company) DAIHAN SWISS CHEMICAL CORP.(110111-0307325) (100.0% held by the subject company) COGNIS KOEA LTD.(110111-2865090) (100.0% held by the subject company) |
|
Corporate Ownership |
BASF SE BETEILIGUNGSGESELLSCHAFT GMBH |
|
Major Shareholders |
BASF BETEILIGUNGSGESELLSCHAFT GMBH CARL-BOSCH STRAßE 38, 67056 LUDWIGSHAFEN,
GERMANY TEL: 49-621-60-0 FAX: 49-621-60-42525 |
|
Cooperative Enterprise |
-Technical Support & Engineering
Support MITSUBISHI CHEMICAL CORPORATION BASF SE |
The Subject deals with the companies in Germany.
No.
----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.89 |
|
|
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
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.