|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
AHLSTROM KOREA CO., LTD. |
|
|
|
|
Registered Office : |
7, Geum-ri, Yuga-myeon, Dalseong-gun, Daegu, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.10.1987 |
|
|
|
|
Com. Reg. No.: |
514-81-06292 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Other Articles of Paper and Paperboard n.e.c. |
|
|
|
|
No. of Employees : |
112 |
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 – 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 |
AHLSTROM KOREA CO., LTD. (Korean Company Name : “(주)한국알스트롬”) |
|
Registered
Address |
7, Geum-ri, Yuga-myeon, Dalseong-gun, Daegu, Korea (New Address System : 75, Biseul-ro 96-gil, Yuga-myeon,
Dalseong-gun, Daegu, Korea) |
|
Zip Code |
711-882 |
|
Tel |
+82-53-611-0491 |
|
Fax |
+82-53-611-0493 |
|
E-mail |
daniel.min@ahlstrom.com |
|
Website |
www.ahlstrom.com |
|
Trading Address |
Rm.601, Kanglim Bldg., 448-7, Seongnae-dong, Gangdong-gu, Seoul, Korea |
|
Tel |
+82-2-3452-7314 |
|
Fax |
+82-2-3452-8316 |
|
Type |
Export |
|
Industry |
Manufacture of Other Articles of Paper and Paperboard
n.e.c. |
|
Main
Business |
Filter Paper |
|
Established
(mm/dd/yyyy) |
10/02/1987 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Filter papers(40161803) |
CEO’s
|
Name |
Roberto Boggio |
|
Address |
Suite
502-1503, 814-1, Janggi-dong, Dalseo-gu, Daegu, Korea |
|
Date of Birth |
07/15/1968 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Italian |
Profiles
|
Capital (KRW) |
18,004,000,000 |
|||||||||
|
Employees |
112 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Citibank,
Korea-Trade Center Branch 1Fl. Airport
Terminal, 159, Samseong 1-dong, Gangnam-gu, Seoul 135-090 Korea Tel:
+82-2-551-6300 |
|||||||||
|
Corporate
Registered No. |
174111-0002531 |
|||||||||
|
Business
Registered No. |
514-81-06292 |
|||||||||
|
Permit &
Licenses |
12/2000 Certified IS0 14000 for environmental management system qualified. 01/1999 Certified IS0 9001 & QS 9000 qualifications 12/1995 Certified IS0 9002 qualification Int’l Trade No.: 383246 |
|||||||||
|
Shareholder
Position |
|
|||||||||
|
Company
History |
10/02/1987
Incorporated as the present name 03/30/2007 Increased
the authorized shares to 4,000,000 shares from 800,000 shares 04/19/2007
Increased capital to 18,000,000,000 KRW from 8,000,000,000 KRW 11/27/2006 M&A with AHLSTROM SEOUL CO., LTD. 12/24/2008 Increased capital to 18,004,000,000 from 18,000,000,000 KRW |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Roberto Boggio |
Male |
Italian |
03/30/2007 |
|
Director |
Mr. |
Johnadan
Anderson |
Male |
Finland |
03/31/2013 |
|
Director |
Mr. |
Jarmosan Tala |
Male |
Finland |
03/31/2013 |
|
|
|
Jaricoi
Kkarainen |
Male |
Finland |
03/31/2013 |
|
Auditor |
Mr. |
Carolik Strom |
Male |
Finland |
03/31/2013 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
73,086,068,529 |
62,361,992,506 |
647,802,414 |
|
|
2011 |
74,298,475,813 |
63,718,218,040 |
5,593,261,851 |
|
2010 |
73,258,208,387 |
63,291,840,297 |
5,956,423,812 |
|
2009 |
58,247,684,710 |
57,552,893,418 |
6,687,081,918 |
|
2008 |
50,564,216,791 |
54,156,601,553 |
1,254,771,790 |
|
2007 |
48,382,179,096 |
56,686,979,757 |
(-)6,185,706,912 |
|
2006 |
39,288,353,030 |
55,174,419,951 |
(-)11,707,851,319 |
|
2005 |
35,844,236,252 |
55,594,238,194 |
(-)4,908,720,602 |
|
2004 |
39,511,938,158 |
54,036,539,596 |
1,046,635,260 |
|
2003 |
36,243,683,148 |
35,799,699,058 |
2,747,211,483 |
Financial Description
|
Authorized
Capital(KRW) |
40,000,000,000 |
|
Paid-Up
Capital(KRW) |
18,004,000,000 |
|
Total Issued
Shares |
1,800,400(Common
: 1,700,400 / Preferable : 100,000) |
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
62,361,992,506 |
63,718,218,040 |
63,291,840,297 |
|
Current Assets |
22,966,403,173 |
19,870,211,459 |
20,323,497,005 |
|
-Quick Assets |
18,493,777,240 |
13,838,532,240 |
14,965,605,292 |
|
-Inventories |
4,472,625,933 |
6,031,679,219 |
5,357,891,713 |
|
Fixed Assets |
39,395,589,333 |
43,848,006,581 |
42,968,343,292 |
|
-Investment |
2,000,000 |
2,000,000 |
2,160,000 |
|
-Tangibles |
38,276,903,212 |
42,541,080,269 |
41,571,256,980 |
|
-Intangibles |
1,000 |
82,418,312 |
82,418,312 |
|
-Others |
1,116,685,121 |
1,222,508,000 |
1,312,508,000 |
|
Total Liabilities |
18,134,300,603 |
19,972,393,551 |
25,139,277,659 |
|
Current
Liabilities |
16,873,429,922 |
17,268,835,475 |
23,027,442,232 |
|
Fixed
Liabilities |
1,260,870,681 |
2,703,558,076 |
2,111,835,427 |
|
Capital Stock |
18,004,000,000 |
18,004,000,000 |
18,004,000,000 |
|
Capital
Surplus |
9,996,000,000 |
9,996,000,000 |
9,996,000,000 |
|
Profit Surplus |
16,227,691,903 |
15,745,824,489 |
10,152,562,638 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
44,227,691,903 |
43,745,824,489 |
38,152,562,638 |
|
Liab. &
Shareholder’s Equity |
62,361,992,506 |
63,718,218,040 |
63,291,840,297 |
|
Current
Liabilities |
16,873,429,922 |
17,268,835,475 |
23,027,442,232 |
|
Trade
Payables |
15,600,139,644 |
16,271,276,461 |
15,704,388,916 |
|
Account
Payables |
37,343,901 |
16,040,017 |
8,175,606 |
|
Short-Term
Borrowings |
|
|
6,132,617,260 |
|
Withholdings |
104,520,394 |
110,628,142 |
115,719,621 |
|
Accrued
Expenses |
1,090,169,215 |
743,342,400 |
771,217,909 |
|
Advance
Receipts |
28,456,335 |
8,077,840 |
84,026,591 |
|
Derivatives |
12,800,433 |
119,470,615 |
211,296,329 |
|
Fixed
Liabilities |
1,260,870,681 |
2,703,558,076 |
2,111,835,427 |
|
Provision
for Severance & Retirement |
1,138,824,670 |
2,618,724,821 |
3,174,087,146 |
|
Accrued
Expenses |
122,046,011 |
84,833,255 |
- |
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
73,086,068,529 |
74,298,475,813 |
73,258,208,387 |
|
Cost of Sold
Goods |
62,241,232,436 |
58,361,988,435 |
56,430,673,407 |
|
Gross Profit |
10,844,836,093 |
15,936,487,378 |
16,827,534,980 |
|
Selling &
Admin. Expenses |
10,339,818,317 |
9,627,744,827 |
10,094,762,694 |
|
Operating
Income |
505,017,776 |
6,308,742,551 |
6,732,772,286 |
|
Non-Operating
Income |
1,548,658,489 |
2,216,566,674 |
2,153,862,831 |
|
Non-Operating
Expenses |
1,889,087,462 |
2,932,047,374 |
2,930,211,305 |
|
Income Before
Taxes |
164,588,803 |
5,593,261,851 |
5,956,423,812 |
|
Income Taxes
Expenses |
-483,213,611 |
- |
- |
|
Net Income |
647,802,414 |
5,593,261,851 |
5,956,423,812 |
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
5,919,752,752 |
8,180,395,435 |
6,931,736,225 |
|
-Net Income |
647,802,414 |
5,593,261,851 |
5,956,423,812 |
|
-Exp. without
Cash Outflow |
7,269,945,966 |
1,084,413,613 |
1,492,744,497 |
|
-Revenue
without Cash Inflows |
-201,539,829 |
-132,668,045 |
-166,296,547 |
|
-Changes in
Asset/ & Liability |
-1,796,455,799 |
1,635,388,016 |
-351,135,537 |
|
Cash Flows
from Investing |
-2,119,159,135 |
-879,063,273 |
-2,374,007,613 |
|
-Cash Inflow
from Investing |
- |
145,160,000 |
5,431,817 |
|
-Cash Outflows
for Investing |
-2,119,159,135 |
-1,024,223,273 |
-2,379,439,430 |
|
Cash Flows
from Financing |
- |
-6,132,617,260 |
-3,820,746,270 |
|
-Cash Inflows
from Financing |
- |
- |
6,132,617,260 |
|
-Cash Outflows
from Financing |
- |
-6,132,617,260 |
-9,953,363,530 |
|
Increase/Decrease
in Cash |
3,800,593,617 |
1,168,714,902 |
736,982,342 |
|
Cash at the
Beginning of Year |
2,251,555,285 |
1,082,840,383 |
345,858,041 |
|
Cash at the
End of Year |
6,052,148,902 |
2,251,555,285 |
1,082,840,383 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Filter Paper |
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
YOUNG CHANG
CO., LTD. 1029-2, HOGYE
1-DONG, DONGAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-452-2180 FAX:+82-31-452-9853 TERRY CORPORATION 674-11,
CHOBU-RI, MOHYEON-MYEON, CHEOIN-GU, YONGIN-SI, GYEONGGI-DO, KOREA TEL:+82-31-339-6393 FAX:+82-31-339-6395 ZENO CHEM
KOREA LTD. RM. 1809,
RENAISSNACE TOWER BLDG., 456, GONGDEOK-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-715-5377 FAX:+82-2-715-5878 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
AHLSTROM
CORPORATION AHLSTROM TURIN
S.P.A. MATHI CANAVESE AHLSTROM
INDONESIA AHLSTROM JAPAN
INC. AHLSTROM
LOUVIERA LTDA AHLSTROM
NONWOVENS LLC AHLSTROM(WUXI)
TECHNICAL TEX AHLSTROM
CHIRNSIDE LTD AHLSTROM
SPECIALTIES BUSINESS AREA
EF AHLSTROM ASIA
HOLDINGS PTE AHLSTROM SOUTH
AFRICA AHLSTROM
HOLDING GMBH AHLSTROM
BARCELONA AHLSTROM
CHANTRAINE AHLSTROM TURIN
S.P.A ASCOLI AHLSTROM
NORDIC OY AHLSTROM
FILTRATION LLC AHLSTROM
BRIGNOUD AHLSTROM
LABELPACK LARGRE |
|
Corporate
Ownership |
AHLSTROM
CORPORATION |
|
Major
Shareholders |
AHLSTROM
CORPORATION P.O. BOX 329,
FIN-00101 HELSINKI, ETELÄESPLANADI 14, FIN-00130 HELSINKI, FINLAND TEL:+358 (0)10
888 0 FAX:+358 (0)10 888 4709 |
|
Cooperative
Enterprise |
-Insured
Company HYUNDAI MARINE
& FIRE INSURANCE CO., LTD.(110111-0035893) -License Agreement on using Technologies and Brands with AHLSTROM CORPORATION -Service Agreement with AHLSTROM CORPORATION |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.