|
Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHILIP MORRIS KOREA INC. |
|
|
|
|
Registered Office : |
10, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea, 25th Fl., One IFC Bldg., Zip Code 100-768 |
|
|
|
|
Country : |
South korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.03.1989 |
|
|
|
|
Com. Reg. No.: |
110-81-20980 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Tobacco Products |
|
|
|
|
No. of Employees |
647 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge 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 about half of GDP.
|
Source
: CIA |
|
Company Name |
PHILIP MORRIS
KOREA INC. (Korean Company Name : “한국필립모리스(주)”) |
|
Registered Address |
10, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea |
|
Building |
25th
Fl., One IFC Bldg. |
|
Zip Code |
100-768 |
|
Tel |
+82-2-3707-0700 |
|
Fax |
+82-2- 775 -9780 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
25th Fl., One IFC Bldg., 10,
Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea (Old Address System : 25th Fl., One IFC Bldg., 23, Yeouido-dong,
Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-3707-0700 |
|
Fax |
+82-2- 775 -9780 |
|
Other Address-Yangsan Factory |
467-5, Yusan-dong, Yangsan-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-380-6700 |
|
Fax |
+82-55-372-7033 |
|
Type |
Import/Export |
|
Industry |
Manufacturer
of Tobacco Products |
|
Sub
Business |
Wholesale
of Tobacco |
|
Main Business |
Tobacco,
Ash Tray & Lighter |
|
Established (mm/dd/yyyy) |
03/29/1989 |
The Subject Company
occupies the premises of registered HQ address and Yangsan Factory by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tobacco
and substitutes(50211500) |
|
Name |
Jung Il-Woo |
|
Address |
Suite 401, 74, Sapyeong-daero 6-gil,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
12/20/1962 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Russian |
|
Capital (KRW) |
30,204,000,000 |
|||||||||
|
Employees |
647 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign
Direct Investment Corporation |
|||||||||
|
Bank Details |
Citibank, Korea-Seoul Branch SC First Bank of Korea |
|||||||||
|
Corporate Registered No. |
110111-0620470 |
|||||||||
|
Business Registered No. |
110-81-20980 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 897275 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
03/29/1989 Incorporated as the present
name(“필립모리스코리아(주)”) 05/11/2001Moved to the present HQ address
from 84, Taepyeongno 1-ga, Jung-gu, Seoul, Korea 10/08/2001 Increased the authorized shares to 5,000,000 shares from
20,400 shares 05/09/2002 Increased capital to 30,204,000,000 KRW from 204,000,000 KRW 07/31/2002 Changed Korean company name to
the present name(“한국필립모리스(주)”) 01/19/1990 Registered as a Foreign Direct
Investment Corporation 2007 Busan Custom Office has investigated the subject for the fiscal
years(2003~2007)’ custom affairs. 07/18/2012
Moved to the present HQ address from 24th Fl., Seoul Finance Bldg., 84,
Taepyeongno 1-ga, Jung-gu, Seoul, Korea |
|||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Jung Il-Woo |
Male |
Korean |
06/20/2011 |
|
Director |
Mr. |
Kuali Andrea
Frentz |
Male |
German |
09/03/2012 |
|
Director |
Mr. |
Sauman
Anzela Luke |
Male |
UK |
05/14/2013 |
|
Auditor |
Mr. |
Kim
Byung-Cheol |
Male |
Korean |
03/27/2008 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
644,907,541,406 |
624,968,765,646 |
157,086,834,826 |
|
|
2012 |
579,040,821,261 |
485,910,822,608 |
118,818,368,077 |
|
2011 |
489,534,343,791 |
387,017,621,588 |
94,001,280,103 |
|
2010 |
489,534,343,791 |
387,017,621,588 |
94,001,280,103 |
|
2009 |
433,463,242,921 |
303,758,646,334 |
74,779,920,270 |
|
2008 |
356,578,630,856 |
258,690,547,183 |
61,094,097,616 |
|
2007 |
278,589,438,964 |
166,839,315,910 |
31,724,233,991 |
|
2006 |
223,466,545,238 |
172,212,071,315 |
10,635,110,740 |
|
2005 |
232,622,581,973 |
158,867,765,098 |
15,251,128,969 |
|
2004 |
245,702,476,003 |
226,319,259,676 |
15,104,588,829 |
|
2003 |
196,936,822,182 |
147,474,576,090 |
1,758,351,733 |
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
30,204,000,000 |
|
Total Issues Shares |
3,020,400 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
624,968,765,646 |
485,910,822,608 |
387,017,621,588 |
|
Current Assets |
338,229,604,455 |
284,204,886,337 |
288,428,945,507 |
|
-Quick
Assets |
242,047,199,995 |
233,680,072,374 |
248,096,593,328 |
|
-Inventories |
96,182,404,460 |
50,524,813,963 |
40,332,352,179 |
|
Fixed
Assets |
286,739,161,191 |
201,705,936,271 |
98,588,676,081 |
|
-Investment |
136,696,168 |
229,743,391 |
232,293,558 |
|
-Tangibles |
248,982,861,280 |
166,776,165,660 |
89,197,171,477 |
|
-Intangibles |
37,619,603,743 |
34,700,027,220 |
9,159,211,046 |
|
Total Liabilities |
422,575,930,820 |
321,786,454,531 |
247,524,874,787 |
|
Current Liabilities |
400,640,348,026 |
304,107,075,120 |
233,310,944,478 |
|
Fixed Liabilities |
21,935,582,794 |
17,679,379,411 |
14,213,930,309 |
|
Capital Stock |
30,204,000,000 |
30,204,000,000 |
30,204,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
172,188,834,826 |
133,920,368,077 |
109,288,746,801 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
202,392,834,826 |
164,124,368,077 |
139,492,746,801 |
|
Liab. & Shareholder’s Equity |
624,968,765,646 |
485,910,822,608 |
387,017,621,588 |
|
Current Liabilities |
400,640,348,026 |
304,107,075,120 |
233,310,944,478 |
|
Trade
Payables |
47,398,856,961 |
23,910,499,465 |
18,501,201,071 |
|
Short-Term Borrowings |
94,098,768,826 |
- |
|
|
Account
Payables |
36,828,050,355 |
26,754,883,003 |
20,066,706,788 |
|
Withholdings |
1,695,197,469 |
1,457,448,975 |
777,046,575 |
|
VAT
Withhold |
25,155,367,681 |
34,286,353,113 |
30,421,688,567 |
|
Accrued
Expenses |
19,214,644,221 |
10,573,824,812 |
5,637,352,756 |
|
Accrued Tabaco Taxes |
66,947,473,917 |
102,041,431,000 |
57,690,121,790 |
|
Accrued Education Taxes |
33,473,736,958 |
51,020,715,500 |
28,845,060,895 |
|
Accrued Wastes Imposition |
7,354,028,366 |
6,395,165,801 |
5,966,873,425 |
|
Accrued Nation Health Promotion
Fund |
36,972,551,898 |
26,587,878,000 |
31,860,067,260 |
|
Accrued Income Tax |
31,397,184,377 |
21,078,875,451 |
33,544,825,351 |
|
Derivatives |
104,486,997 |
- |
|
|
Fixed Liabilities |
21,935,582,794 |
17,679,379,411 |
14,213,930,309 |
|
Provision for Severance &
Retirement |
21,174,615,041 |
16,875,043,121 |
13,750,348,991 |
|
Long-Term Accrued Expenses |
1,192,055,564 |
1,216,470,931 |
868,188,321 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
644,907,541,406 |
579,040,821,261 |
489,534,343,791 |
|
Cost of Sold Goods |
244,356,721,107 |
221,863,945,575 |
180,904,144,694 |
|
Gross Profit |
400,550,820,299 |
357,176,875,686 |
308,630,199,097 |
|
Selling & Admin. Expenses |
203,014,046,670 |
203,651,451,159 |
175,368,235,370 |
|
Operating Income |
197,536,773,629 |
153,525,424,527 |
133,261,963,727 |
|
Non-Operating Income |
13,303,287,244 |
12,955,971,566 |
9,713,469,048 |
|
Non-Operating Expenses |
6,233,549,448 |
9,749,651,571 |
4,035,095,615 |
|
Income Before Taxes |
204,606,511,425 |
156,731,744,522 |
138,940,337,160 |
|
Income Taxes Expenses |
47,519,676,599 |
37,913,376,445 |
44,939,057,057 |
|
Net Income |
157,086,834,826 |
118,818,368,077 |
94,001,280,103 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of 12/31/2012 |
As of
12/31/2011 |
|
Cash Flows from Operating |
23,515,402,746 |
216,063,342,305 |
74,005,755,780 |
|
-Net Income |
157,086,834,826 |
118,818,368,077 |
94,001,280,103 |
|
-Exp. without Cash Outflow |
19,251,675,852 |
12,908,630,287 |
9,478,093,686 |
|
-Revenue without Cash Inflows |
-3,372,106 |
-73,945,069 |
-63,255,198 |
|
-Changes in Asset/ & Liability |
-152,819,735,826 |
84,410,289,010 |
-29,410,362,811 |
|
Cash Flows from Investing |
-95,252,508,112 |
-81,809,274,308 |
-63,835,471,413 |
|
-Cash Inflow from Investing |
3,741,627,663 |
4,500,361,269 |
1,598,669,208 |
|
-Cash Outflows for Investing |
-98,994,135,775 |
-86,309,635,577 |
-65,434,140,621 |
|
Cash Flows from Financing |
-24,719,599,251 |
-94,186,746,801 |
-72,884,035,568 |
|
-Cash Inflows from Financing |
94,098,768,826 |
- |
- |
|
-Cash Outflows from Financing |
-118,818,368,077 |
-94,186,746,801 |
-72,884,035,568 |
|
Increase/Decrease in Cash |
-96,456,704,617 |
40,067,321,196 |
-62,713,751,201 |
|
Cash at the Beginning of Year |
96,681,289,755 |
56,613,968,559 |
119,327,719,760 |
|
Cash at the End of Year |
224,585,138 |
96,681,289,755 |
56,613,968,559 |
|
Main Products & Services |
Tobacco,
Ash Tray & Lighter |
|
Suppliers |
PHILIP MORRIS PRODUCTS S. A. PHILIP MORRIS LIMITED PHILIP MORRIS PHILIPPINES MANUFACTURING
INC. |
|
Customers |
SAMYANG INT'L CO., LTD.(110111-0424848) OKSAN DISTRIBUTION CO.,
LTD.(110111-1426108) YOUNG DISTRIBUTION CO.,
LTD.(110111-0213530) HANMI COMMERCIAL CO., LTD.(180111-0078203 ) |
|
Competitors |
BRITISH
AMERICAN TOBACCO KOREA MANUFACTURING LTD. 4-1B, JINSA
LOCAL INDUSTRIAL COMPLEX, 889, YUCHEON-RI, SANAM-MYEON, SACHEON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-851-7500 FAX:+82-55-851-7699 WOORI
TOBACCO CORPORATION 11-1,
SEULHANG-RI, GODAE-MYEON, DANGJIN-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-355-6565 FAX:+82-41-355-7447 OCSAN
DISTRIBUTION CO., LTD. B1, BOHEON
BLDG., 84-2, JAE-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-901-2701~2 FAX:+82-2-744-8113 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Corporate Ownership |
PHILIP MORRIS INTERNATIONAL INC.(USA) PHILIP
MORRIS BRANDS SARL(SWISS) |
|
Major Shareholders |
PHILIP
MORRIS BRANDS SARL(SWISS) |
|
Cooperative Enterprise |
-Brand Agreement PHILIP MORRIS PRODUCTS S.A. PHILIP MORRIS GLOBAL BRANDS INC CTPM INTERNATIONAL S.A. -Supply Agreement PHILIP MORRIS PRODUCTS S. A. PHILIP MORRIS LIMITED PHILIP MORRIS PHILIPPINES MANUFACTURING
INC. -Contract Manufacturing Agreement PHILIP MORRIS PRODUCTS S.A. -Service Agreement PHILIP MORRIS INTERNATIONAL MANAGEMENT SA -Display Place Leasing KOREA SEVEN CO., LTD.(110111-0899976) -Transportation Service KCTC.(110111-0149446) -Insured Company HYUNDAI
MARINE & FIREINSURANCE CO., LTD.(110111-0035893) |
(Activity & Markets)
The Subject imports
from USA.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
Tax
Tribunal |
The Subject Company |
National Tax Service |
Applied for Reviewing |
- |
Proceeding |
|
|
Busan
District Court |
The Subject Company |
National Custom Service |
Cancellation on Imposed penalties |
- |
Proceeding |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared by
: |
MNL |
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.