|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
WACKER CHEMICALS
KOREA, INC. |
|
|
|
|
Registered Office : |
203-1, Seongam-dong, Nam-gu, Ulsan |
|
|
|
|
Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
15.05.1992 |
|
|
|
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Com. Reg. No.: |
110111-0857841 |
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|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Resin and Other Plastic Materials |
|
|
|
|
No. of Employees : |
126 |
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 |
WACKER CHEMICALS
KOREA, INC. (Korean Company Name
: “(주)바커케미칼코리아”) |
|
Registered Address |
203-1, Seongam-dong, Nam-gu, Ulsan, Korea |
|
Zip Code |
680-140 |
|
Tel |
+82-52-930-8400 |
|
Fax |
+82-52-930-8484 |
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E-mail |
|
|
Website |
|
|
Trading Address |
3FL., S-Dong, 231, Pangyoyeok-ro,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Tel |
+82-2-6710-1200 |
|
Fax |
+82-2-6710-1203 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Resin and Other Plastic Materials |
|
Main Business |
VAE(Vinyl Acetate Ethylene), Cylinder Gases, Specialty Gases, Liquid
& Bulk Gases, Vinyl Acetate Ethylene Emulsion, PVAc Emulsion, EVCL Emulsion |
|
Established (mm/dd/yyyy) |
05/15/1992 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Emulsions(12161804) |
|
Sell |
Chemical
adhesives(31201601) |
|
Buy |
Polyvinyl
alcohol(13111042) |
|
Buy |
Ethylene(15111504) |
|
Buy |
Ethylene vinyl
acetate resin(13111008) |
|
Name |
Cho Han-Hyung |
|
Address |
Rm.102-201, 320, Siheung-dong,
Sujeong-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
08/19/1949 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
16,000,000,000 |
|||||||||
|
Employees |
126 |
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|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
The Hongkong and Shanghai Banking Corporation
Limited(HSBC)-Sinsa Dong Branch |
|||||||||
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Corporate Registered No. |
110111-0857841 |
|||||||||
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Business Registered No. |
120-81-58519 |
|||||||||
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Permit & Licenses |
Int’l Trade No. : 53000572 |
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Shareholder Position |
|
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|
Company History |
05/15/1992 Incorporated as Korea Kobunja
Co., Ltd. 01/05/1994 Registered as a Foreign Direct
Investment Corporation 01/30/1996 Changed company name to Korea Air Products Co., Ltd. 01/02/2003 Moved to the present HQ address
from 19FL., 100, Gongpyeong-dong, Jongno-gu, Seoul, Korea 05/29/2004 Decreased capital to
7,000,000,000 KRW from 30,000,000,000 KRW 03/01/2008
Changed company name to WACKER
POLYMER KOREA, INC. 06/01/2008
Changed company name to the present name 06/19/2009
Increased capital to 11,000,000,000 KRW from 7,000,000,000 KRW 12/07/2012
Increased capital to 16,000,000,000 KRW from 11,000,000,000 KRW |
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|
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Cho Han-Hyung |
Male |
Korean |
02/01/2008 |
|
Director |
Mr. |
John M. Taka |
Male |
USA |
02/01/2008 |
|
Director |
Mr. |
Thomas Koini |
Male |
Australian |
02/20/2009 |
|
Director |
Mr. |
Jinrai Onell
Gross |
Male |
French |
03/25/2011 |
|
Director |
Mr. |
Anophon
Darertz |
Male |
German |
03/25/2010 |
|
Director |
Mr. |
Earnst Bund
Pahali |
Male |
German |
12/14/2011 |
|
Auditor |
Mr. |
Cygreed
Paist |
Male |
German |
03/25/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
102,945,633,561 |
68,948,343,543 |
3,143,193,511 |
|
|
(*)12/2010 |
65,475,336,483 |
62,224,845,540 |
5,028,652,227 |
|
12/2009 |
62,154,817,837 |
38,012,415,795 |
6,318,253,130 |
|
12/2008 |
12,275,268,806 |
37,752,606,454 |
3,156,942,992 |
|
09/2007 |
46,606,738,843 |
36,952,721,617 |
-3,029,941,175 |
|
09/2006 |
38,405,805,493 |
30,540,130,126 |
568,419,170 |
|
09/2005 |
32,483,881,434 |
37,455,354,720 |
-1,720,767,047 |
|
09/2004 |
31,009,073,512 |
36,718,701,760 |
-112,991,370 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
16,000,000,000 |
|
Total Issued Shares |
1,600,000 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
68,948,343,543 |
62,224,845,540 |
|
|
Current
Assets |
45,282,155,121 |
38,935,514,327 |
|
|
Cash & Cash Equivalents |
6,544,544,036 |
6,002,161,433 |
|
|
Trade Receivables & Other
Receivables |
28,758,921,956 |
25,376,611,918 |
|
|
Other Current Assets |
1,121,722,259 |
744,123,432 |
|
|
Inventories |
8,856,966,870 |
6,812,617,544 |
|
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Non-Current
Assets |
23,666,188,422 |
23,289,331,213 |
|
|
Non-Current Financial Instruments |
3,000,000 |
3,000,000 |
|
|
Long-Term Trade Receivables &
Other Receivables |
510,034,048 |
439,148,280 |
|
|
Tangibles |
15,453,484,884 |
15,136,709,189 |
|
|
Intangibles |
7,262,413,485 |
7,236,059,218 |
|
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Deferred Income Tax Assets |
437,256,005 |
474,414,526 |
|
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Total
Liabilities |
44,708,411,832 |
41,128,107,340 |
|
|
Current
Liabilities |
44,028,940,952 |
40,435,738,924 |
|
|
Trade Payables & Other
Payables |
20,629,871,570 |
11,662,282,258 |
|
|
Short-Term Borrowings |
22,700,000,000 |
27,700,000,000 |
|
|
Accrued Income Tax |
597,778,684 |
997,002,719 |
|
|
Other Current Liabilities |
101,290,698 |
76,453,947 |
|
|
Non-Current
Liabilities |
679,470,880 |
692,368,416 |
|
|
Provision for Severance &
Retirement |
679,470,880 |
692,368,416 |
|
|
Capital
Stock |
11,000,000,000 |
11,000,000,000 |
|
|
Profit Surplus |
13,239,931,711 |
10,096,738,200 |
|
|
Total Equity |
24,239,931,711 |
21,096,738,200 |
|
|
Liab. & Shareholder’s Equity |
68,948,343,543 |
62,224,845,540 |
|
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
102,945,633,561 |
65,475,336,483 |
|
|
Cost of Sold Goods |
84,152,981,205 |
47,973,054,079 |
|
|
Gross Profit |
18,792,652,356 |
17,502,282,404 |
|
|
Selling & Admin.
Expenses |
14,566,791,898 |
11,395,561,475 |
|
|
Other Operating
Expenses |
- |
1,656,522 |
|
|
Operating Income |
4,225,860,458 |
6,105,064,407 |
|
|
Non-Operating Income |
709,680,128 |
674,021,503 |
|
|
Finance Income |
29,784,302 |
844,331,640 |
|
|
Finance Expenses |
984,075,185 |
1,423,951,447 |
|
|
Income Before Taxes |
3,981,249,703 |
6,199,466,103 |
|
|
Income Taxes Expenses |
838,056,192 |
1,170,813,876 |
|
|
Net Income |
3,143,193,511 |
5,028,652,227 |
|
|
Sales |
102,945,633,561 |
65,475,336,483 |
|
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
8,661,433,140 |
5,955,509,276 |
|
|
Net Income |
3,143,193,511 |
5,028,652,227 |
|
|
Adjustment |
5,025,876,742 |
3,736,215,230 |
|
|
Changes in Asset/ & Liability |
2,721,120,809 |
-1,321,621,761 |
|
|
Income Taxes |
-1,200,121,706 |
-1,416,442,686 |
|
|
Interests Paid |
-1,058,420,518 |
-100,713,925 |
|
|
Interests Received |
29,784,302 |
29,420,191 |
|
|
Cash Flows from Investing |
-3,119,050,537 |
-23,850,342,931 |
|
|
Cash Flows from Financing |
-5,000,000,000 |
17,897,500,000 |
|
|
Increase/Decrease in Cash |
542,382,603 |
2,666,345 |
|
|
Cash at the Beginning of Year |
6,002,161,433 |
6,000,929,009 |
|
|
Cash at the End of Year |
6,544,544,036 |
6,002,161,433 |
|
Products,
Technologies, Services Description
|
Main Products & Services |
VAE(Vinyl Acetate Ethylene) |
Trade Partners
& Competitors
|
Competitors |
DAE HEUNG INDUSTRIAL CO., LTD. 560-1, CHEONGYONG-RI, SAMSEONG-MYEON,
EUMSEONG-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-878-5281 FAX:+82-43-877-2139 DONGAM CO., LTD. 672-8, YONG-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-944-1907 FAX:+82-62-944-1908 SEOKWANG E.V.A CO., LTD. 431-11, YULSAENG-RI, DAEGOT-MYEON,
GIMPO-SI, GYEONGGI-DO, KOREA TEL:+82-31-989-8306 FAX:+82-31-989-8305 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KOREA INDUSTRIAL GASES LTD.(124311-0002719) WACKER CHEMIE AG WACKER CHEMICAL CORPORATION DRAWIN VERTRIEBS GMBH WACKER ASAHIKASEI SILICONE CO., LTD. WACKER CHEMICALS TRADING(SHANGHAI) CO.,
LTD. WACKER METROARK CHEMICALS PVT. LTD. WACKER CHEMICALS AUSTRALIA PTY. LTD. WACKER CHEMICALS M.E. FZE. WACKER CHEMICALS S.A. PTE. LTD. WACKER CHEMIE INDIA PVT. LTD. WACKER SCHOTT SOLAR VERTRIEBS GMBH WACKER CHEMICALS (ZHANGJIAGANG) CO., LTD. |
|
Corporate Ownership |
WACKER CHEMIE AG WACKER CHEMICALS FINANCE B.V. |
|
Major Shareholders |
WACKER CHEMICALS FINANCE B.V. |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) -IT Related Service from WACKER CHEMIE AG -Technical Support & Market
Research/Marketing Services from WACKER CHEMICAL CORPORATION |
The Subject deals
with the companies in China, USA, Africa, and South East Africa.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.