|
Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
Posco Chemtech Co Limited |
|
|
|
|
Formerly Known As : |
POSCO REFRACTORIES & ENVIRONMENT CO.,
LTD.(POSREC) |
|
|
|
|
Registered Office : |
110, Sinhang-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea, Zip Code 790-836 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.05.1971 |
|
|
|
|
Com. Reg. No.: |
506-81-01452 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
·
Manufacturing
and selling of general
refractories, building and repairing furnaces ·
Subject
also engaged in environmental business ·
Manufacturer of Other Refractory Ceramic Products |
|
|
|
|
No. of Employees |
1,350 |
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 |
POSCO CHEMTECH CO., LTD. ((Ex. Company Name : POSCO REFRACTORIES & ENVIRONMENT CO.,
LTD.(POSREC, “(주)포스렉”)) (Korean Company Name : “(주)포스코켐텍”) |
|
Registered Address |
110, Sinhang-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Zip Code |
790-836 |
|
Tel |
+82-54-290-0114 |
|
Fax |
+82-54-292-3417 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
110, Sinhang-ro, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea (Old Address System : 1-143, Cheongnim-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea) |
|
Tel |
+82-54-290-0114 |
|
Fax |
+82-54-292-3417 |
|
Other
Address-Gwangyang Office |
1657-2, Taein-dong, Gwangyang-si, Jeollanam-do, Korea |
|
Tel |
+82-61-792-0610~1 |
|
Fax |
+82-61-792-8560 |
|
Type |
Export |
|
Industry |
·
Manufacturing
and selling of general
refractories, building and repairing furnaces ·
Subject
also engaged in environmental business ·
Manufacturer of Other Refractory Ceramic Products |
|
Main Business |
Shaped
Refractory, Unshaped Refractory, Clinkers |
|
Sub
Business |
Construction
of Industrial Plants |
|
Established (mm/dd/yyyy) |
05/13/1971 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Refractory
bricks(31371100) |
|
Sell |
Refractories(31370000) |
|
Name |
Kim Jin-Il |
|
Date of Birth |
02/01/1953 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
29,535,000,000 |
||||||||||||||||||
|
Employees |
1,350 |
||||||||||||||||||
|
Formation |
Listed Company(KOSDAQ : 003670) as of 10/31/2001 A Company of POSCO Group |
||||||||||||||||||
|
Bank Details |
Busan Bank-Pohang Branch Citibank, Korea |
||||||||||||||||||
|
Corporate Registered No. |
174611-0001947 |
||||||||||||||||||
|
Business Registered No. |
506-81-01452 |
||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 553942 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
05/13/1971 Incorporated as POHANG Industrial Furnace Co., Ltd. 03/1987 Changed company name to Pohang
Furnace Co., Ltd. 04/1993 Changed company name to Geoyang
Furnace Co., Ltd. 12/1994 Acquired Samhwa Hwasung
Co., Ltd., and changed company name to POSCO Furnace Equipment Co., Ltd. 04/2001 Changed company name to POSCO REFRACTORIES & ENVIRONMENT CO., LTD.(POSREC) 03/19/2010 Changed company name to the
present name |
||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
President
& CEO |
Mr. |
Kim Jin-Il |
Korean |
1953.02.01 |
Seoul National University, Korea |
|
Director |
Mr. |
Yoon Dong-Joon |
Korean |
1958.10 |
Sungsil University, Korea |
|
Executive
Director |
Mr. |
Noh Min-Yong |
Korean |
1963.10 |
Busan National University, Korea |
|
Auditor |
Mr. |
Lee Jong-Duck |
Korean |
1958.10 |
Youngnam University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
(*)2013 |
1,280,591,023,948 |
588,670,352,655 |
59,953,187,055 |
|
(*)2012 |
1,292,356,397,163 |
533,401,758,480 |
78,553,652,845 |
|
(*)2011 |
1,186,622,662,490 |
479,615,361,821 |
92,391,379,400 |
|
2010 |
756,053,098,966 |
355,865,343,802 |
56,082,879,935 |
|
2009 |
574,400,917,130 |
257,455,235,344 |
33,089,195,425 |
|
2008 |
446,939,291,376 |
233,414,681,198 |
25,180,724,257 |
|
2007 |
290,199,319,851 |
174,308,257,280 |
16,899,406,721 |
|
2006 |
268,957,364,912 |
155,513,726,878 |
14,297,348,736 |
|
2005 |
250,179,952,576 |
146,321,713,013 |
16,607,215,385 |
(*)Figures are based on
the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
29,535,000,000 |
|
Total Issued Shares |
5,907,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
588,670,352,655 |
533,401,758,480 |
479,615,361,821 |
|
Current Assets |
315,346,489,004 |
361,330,587,059 |
367,947,745,964 |
|
Cash & Cash Equivalents |
80,283,803,712 |
62,710,426,259 |
55,629,308,660 |
|
Current Financial Instruments |
48,264,127,485 |
73,267,456,950 |
81,244,866,888 |
|
Trade Receivables |
114,958,198,178 |
146,192,819,188 |
146,645,239,093 |
|
Inventories |
71,008,533,552 |
78,314,716,786 |
75,765,947,396 |
|
Other Current Assets |
831,826,077 |
845,167,876 |
8,662,383,927 |
|
Non-Current Assets |
273,323,863,651 |
172,071,171,421 |
111,667,615,857 |
|
Tangibles |
105,054,591,669 |
94,209,446,359 |
85,749,594,041 |
|
Intangibles |
11,267,886,271 |
7,491,836,574 |
5,559,472,309 |
|
Investment_Subsidiaries |
147,268,998,352 |
61,610,607,452 |
12,359,767,749 |
|
Other Financial Assets |
8,065,491,086 |
8,504,043,570 |
6,757,571,487 |
|
Trade Receivables |
89,199,914 |
|
|
|
Investment_Real Estates |
223,104,466 |
223,104,466 |
255,203,310 |
|
Other Non-Current Assets |
1,354,591,893 |
32,133,000 |
986,006,961 |
|
Total Liabilities |
139,398,623,927 |
134,297,734,078 |
152,416,420,808 |
|
Current Liabilities |
128,985,328,052 |
120,005,589,194 |
137,626,546,112 |
|
Trade Payables |
80,762,548,173 |
84,936,122,418 |
92,422,344,150 |
|
Debentures |
50,000,000 |
50,000,000 |
50,000,000 |
|
Other Current Financial Debts |
23,890,348,678 |
15,948,048,448 |
18,131,273,067 |
|
Accrued Income Tax |
11,173,544,156 |
12,068,158,605 |
19,145,493,367 |
|
Provisions |
785,143,300 |
853,038,379 |
|
|
Other Current Liabilities |
12,373,743,745 |
6,200,221,344 |
7,877,435,528 |
|
Non-Current Liabilities |
10,413,295,875 |
14,292,144,884 |
14,789,874,696 |
|
Confirmed Salaries |
|
4,678,510,653 |
4,404,415,953 |
|
Deferred Income Tax Credit |
6,001,179,710 |
6,425,427,417 |
7,518,681,266 |
|
Other
Non-Current Financial Debts |
4,362,116,165 |
3,038,206,814 |
2,866,777,477 |
|
Provisions |
|
100,000,000 |
|
|
Capital Stock |
29,535,000,000 |
29,535,000,000 |
29,535,000,000 |
|
Capital
Surplus |
21,132,372,492 |
23,650,207,758 |
23,650,207,758 |
|
Profit
Surplus |
398,604,356,236 |
345,918,816,644 |
274,013,733,255 |
|
Total
Equity |
449,271,728,728 |
399,104,024,402 |
327,198,941,013 |
|
Liab.
& Shareholder’s Equity |
588,670,352,655 |
533,401,758,480 |
479,615,361,821 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
1,280,591,023,948 |
1,292,356,397,163 |
1,186,622,662,490 |
|
Cost of Sold Goods |
1,148,716,473,571 |
1,140,194,835,593 |
1,015,051,985,792 |
|
Gross Profit |
131,874,550,377 |
152,161,561,570 |
171,570,676,698 |
|
Admin. Expenses |
51,300,068,620 |
54,178,929,759 |
46,208,994,943 |
|
Selling Expenses |
3,779,238,218 |
4,579,889,462 |
4,925,207,591 |
|
Operating Income |
76,795,243,539 |
93,402,742,349 |
120,436,474,164 |
|
Other Income |
2,447,388,527 |
3,361,655,919 |
2,145,154,005 |
|
Other Expenses |
3,529,575,216 |
2,321,293,207 |
5,516,817,413 |
|
Finance Income |
3,654,266,512 |
7,469,155,800 |
5,874,183,536 |
|
Finance Expenses |
1,008,864,607 |
1,449,613,708 |
1,529,558,975 |
|
Income Before Taxes |
78,358,458,755 |
100,462,647,153 |
121,409,435,317 |
|
Income Taxes Expenses |
18,405,271,700 |
21,908,994,308 |
29,018,055,917 |
|
Net Income |
59,953,187,055 |
78,553,652,845 |
92,391,379,400 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating
Activities Cash Flows |
116,305,972,816 |
66,035,350,508 |
90,484,782,555 |
|
Cash Flows from Operating |
132,966,332,293 |
90,344,969,316 |
104,780,546,624 |
|
Net Income |
59,953,187,055 |
78,553,652,845 |
92,391,379,400 |
|
Adjustment |
40,962,135,246 |
34,949,550,435 |
41,355,100,625 |
|
Changes in Asset/ & Liability |
32,051,009,992 |
-23,158,233,964 |
-28,965,933,401 |
|
Interests Received |
3,396,031,507 |
4,978,387,108 |
4,055,799,476 |
|
Interests Paid |
-98,971,094 |
-87,796,984 |
-3,851,877 |
|
Dividends Received |
275,250,000 |
642,619,623 |
255,426,074 |
|
Income Taxes |
-20,232,669,890 |
-29,842,828,555 |
-18,603,137,742 |
|
Cash
Flows from Investing |
-83,250,245,018 |
-53,331,878,909 |
-68,172,148,282 |
|
Cash Inflow from Investing |
74,154,516,114 |
142,096,568,520 |
153,463,045,705 |
|
Cash Outflows for Investing |
-157,404,761,132 |
-195,428,447,429 |
-221,635,193,987 |
|
Cash
Flows from Financing |
-15,478,834,000 |
-5,622,354,000 |
-5,907,000,000 |
|
Cash Inflows from Financing |
|
3,287,014,884 |
|
|
Cash Outflows from Financing |
-15,478,834,000 |
-8,909,368,884 |
-5,907,000,000 |
|
Increase/Decrease
in Cash |
17,576,893,798 |
7,081,117,599 |
16,405,634,273 |
|
Cash at
the Beginning of Year |
62,710,426,259 |
55,629,308,660 |
39,256,659,954 |
|
Cash at
the End of Year |
80,283,803,712 |
62,710,426,259 |
55,629,308,660 |
|
Main Products & Services |
Manufacturing and selling of general
refractories, building and repairing furnaces Subject also engaged in environmental
business Manufacturing Refractories * Basic Refractories (135 excluding MgO-C
Bricks) * Clinkers (5 excluding SSMD) * Unshaped Refractories (53 excluding Spray
type) * Acid, neutral and special Refractories Maintenance work for Steel Mill Industrial
Furnaces * Repairing Blast Furnaces(Dismantling,
blasting and building works) * Designing and manufacturing various
industrial furnaces Engineering and manufacturing various
industrial furnaces * Furnaces for the still industry : Heating
Furnaces, Heat Treatment Furnaces * Furnaces for non-ferrous metals : Melting
Furnaces, Plating Furnaces * Furnaces for the ceramic industry : S/K,
T/K,RHK, Super high temperature
Firing Furnaces *Incinerators : Ash Melting Incinerators Environment enhancement products * SSEFREMA : Anti Red Tide chemicals and
marine sediment improvement chemicals * SUMAG : Acidic waste water neutralizer * GUNMAG : Air environmental chemicals * WATRAMAG : Water treatment additives * Flue-gas desulfurization facilities :
Flue-gas desulfurization facilities manufacturing and work Fertilizers * ALGAEMAG : Algae elimination additives
(rivers, lakes) * MAGVITA : Hydroxide dolomitic fertilizer Inorganic additives * Non-flammable additives, Ferrite Brand Name : MgO-C |
|
Customers |
POSCO(174611-0000741) |
|
Competitors |
CHOSUN REFRACTORIES
CO.,LTD.(201111-0000440) DONGKUK REFRACTORIES & STEEL CO.,
LTD.(195511-0069249) KOREA REFRACTORIES CO.,LTD.(184611-0000319) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
POSCO(174611-0000741) POSCO COATED
& COLOR STEEL CO., LTD.(174611-0006492) POSCO
ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSDATA CO.,
LTD.(110111-0658637) POSCO
REFRACTORIES & ENVIRONMENT CO., LTD.(174611-0001947) SAMJUNG
PACKING AND ALUMINUM CO., LTD.(174611-0000866) POS-A.C.
CO., LTD.(174611-0003448) POSCO
ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSCO
RESEARCH INSTITUTE(110111-1042350) POSTEEL(110111-0344591) POSCO
SPECIALTY STEEL CO., LTD. (194211-0025248) POSMEC(POSCO
MACHINERY & ENGINEERING CO., LTD.)(174611-0012176) POSCO
TERMINAL CO., LTD.(204611-0017575) POSTECH
VENTURE CAPITAL COOPERATION (174611-0029080) POSMATE CO.,
LTD.(110111-0739841) POSCO POWER
CORPORATION(110111-1829576) SNNC CO.,
LTD.(204611-0023415) PHP CO.,
LTD.(120111-0421545) POSBRO(110111-3528986) SUWON GREEN
ENVIRONMENT CORPORATION(134811-0133794) POSCORE CO.,
LTD.(134811-0003343) RIZTECH BIZ
CO., LTD. POSWITH CO.,
LTD.(171711-0075927) P&R CO.,
LTD. UITRANS CO.,
LTD.(110111-3792309) BASYS
INDUSTRY CO. LTD.(110111-0954647) UNIVERSAL
STUDIOS RESORT DEVELOPMENT CORPORATION(134811-0167222) METAPOLIS
CO., LTD.(134811-0094475) SEOUNG GWANG
CO., LTD.(120111-0222844) CHEONGNA IBT
CO., LTD.(120111-0454520) POHANG FEUL CELL
CO., LTD.(171711-0076256) MEGA
ASSET CO., LTD.(161511-0097480) DAEWOOENGINEERING
COMPANY CO., LTD.(110111-0203268) (*)The below
companies has been newly joined as affiliated companies to POSCO GROUP in
2010. POS ECO HOUSING CO., LTD.( 171711-0085893) DAKOS CO., LTD.(131111-0246297) MAPO HYBROAD PARKING CO.,
LTD.(110111-4250140) GWANGYANG FSC CO., LTD.(204611-0031385) POSPLATE CO., LTD.(204611-0031252) POS CALCIUM CO., LTD.(171711-0086180) (70.0% held by the subject company) |
|
Joint Venture |
YOUNGKU POCHEOL FURNACE
EQUIPMENT CO., LTD.(CHINA) (25.0% held by the subject company) YONYEONG YOUNGWON POCHEOL FURNACE CO.,
LTD.(CHINA) (35.0% held by the subject company) JANGAHANG POHANG FURNACE EQUIPMENT CO., LTD.(CHINA) (50.0%
held by the subject company) |
|
Subsidiary |
POSCALCIUM COMPANY, LTD.(171711-0086180) POSGREEN COMPANY, LTD(204611-0032466) PT.KRAKATAU POSCO CHEMTECH CALCINATION(INDONESIA) PT.KRAKATAU POS-CHEM DONG-SUH CHEMICAL(INDONESIA) YOUNGKU POHANG TRADE(YPT)CO., LTD.(CHINA) |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
28,158 |
11,866 |
11,202 |
|
Domestic |
840,340 |
744,187 |
563,199 |
|
Total |
868,498 |
756,053 |
574,401 |
The Subject exports
to China and Japan. It also imports from China.
No.
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.