|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
POLYMIRAE CO., LTD. |
|
|
|
|
Registered Office : |
25, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.09.2000 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Resin and Other Plastic Materials |
|
|
|
|
No. of Employees : |
144 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
-- |
NB |
New Business |
-- |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Basic
|
Company Name |
POLYMIRAE CO., LTD. (Korean Company Name : “폴리미래(주)”) |
|
Registered
Address |
25, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul, Korea |
|
Building |
15th Fl., Hanjin Hae-un Bldg. |
|
Zip Code |
150-949 |
|
Tel |
+82-2-2167-8911 |
|
Fax |
+82-2-2167-8929 |
|
E-mail |
jhe.park@polymirae.com;juy.kim@polymirae.com;sh.choi@polymirae.com |
|
Website |
www.polymirae.com |
|
Trading Address |
15th Fl., Hanjin Hae-un Bldg., 25, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul, Korea (Old Address System : 15th Fl., Hanjin Hae-un Bldg., 25-11, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-2167-8911 |
|
Fax |
+82-2-2167-8929 |
|
Other Address-Yeocheon Factory |
48, Hwachi-dong, Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-688-6455 |
|
Fax |
+82-61-688-6636 |
|
Other Address-Yongsung Factory |
753, Jungheung-dong,
Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-688-7531 |
|
Fax |
+82-61-688-7529 |
|
Other Address-Pyeongyeo Factory |
551, Pyeongyeo-Dong,
Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-689-4211 |
|
Fax |
+82-61-689-4251 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Resin and Other Plastic Materials |
|
Main
Business |
Polyolefins |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
09/01/2000 |
The Subject
Company occupies the premises of registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Polypropylene PP(13102022) |
CEO’s
|
Name |
Jan Lukabresha |
|
Address |
Suite 401,
253, UN village-gil, Yongsan-gu, Seoul, Korea |
|
Date of Birth |
03/31/1968 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Italian |
Profiles
|
Capital (KRW) |
37,996,100,000 |
|||||||||||||||
|
Employees |
144 |
|||||||||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||||||||
|
Bank Details |
Hana
Bank-Gangseo Corporate Finance Branch |
|||||||||||||||
|
Corporate
Registered No. |
110111-2062266 |
|||||||||||||||
|
Business Registered
No. |
104-81-56367 |
|||||||||||||||
|
Permit &
Licenses |
11/2000 ISO 9002 Int’l Trade No.: 11822693 |
|||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||
|
Company
History |
09/01/2000
Incorporated as the present name 06/01/2001 moved
to the present HQ address from 1-170, Sunhwa-dong, Jung-gu, Seoul,
Korea 10/28/2003
Increased the authorized shares to 7,599,220 from 3,753,260 shares 10/30/2003
Increased capital to 37,996,100,000 KRW from 18,766,300,000 KRW 09/01/2004 Acquired POLYMIRAE SALES CO., LTD.(110111-2583379) 12/2004
Awarded US$400 Million Export Top Prize |
|||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Jan Lukabresha |
Male |
Italian |
01/01/2014 |
|
Director |
Mr. |
Ailin Keiko
Kuida |
Male |
USA |
01/01/2012 |
|
Director |
Mr. |
Oh Kyu-Seok |
Male |
Italian |
01/01/2012 |
|
Director |
Mr. |
Kim Bang-Hyun |
Male |
Korean |
01/01/2012 |
|
Director |
Mr. |
Zefri Carl
Hojis |
Male |
USA |
03/01/2012 |
|
Director |
Mr. |
Ju Yong-Yoon |
Male |
Korean |
09/01/2012 |
|
Director |
Mr. |
Lee Man Heung |
Male |
Chinese |
12/20/2012 |
|
Director |
Mr. |
Kim Jae-Yool |
Male |
Korean |
01/01/2014 |
|
Auditor |
Mr. |
Sohn Han-Zip |
Male |
Korean |
01/02/2012 |
|
Auditor |
Mr. |
Lee Dong-Ik |
Male |
Korean |
03/16/2009 |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
909,109,239,577 |
223,106,365,268 |
-6,524,410,095 |
|
|
2011 |
1,117,358,740,851 |
271,528,874,921 |
14,328,174,583 |
|
2010 |
1,099,939,224,478 |
317,048,731,962 |
28,566,815,018 |
|
2009 |
845,073,918,552 |
288,018,345,656 |
39,917,831,697 |
|
2008 |
920,706,670,984 |
164,175,867,624 |
15,649,872,459 |
|
2007 |
803,273,500,517 |
268,892,783,648 |
36,413,554,704 |
|
2006 |
684,021,953,068 |
215,347,967,269 |
4,358,754,447 |
|
2005 |
654,448,430,112 |
242,256,339,517 |
12,133,022,393 |
|
2004 |
624,249,613,064 |
279,538,784,790 |
21,195,041,016 |
Financial Description
|
Authorized
Capital(KRW) |
37,996,100,000 |
|
Paid-Up
Capital(KRW) |
37,996,100,000 |
|
Total Issues
Shares |
7,599,220 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
223,106,365,268 |
271,528,874,921 |
317,048,731,962 |
|
Current Assets |
154,733,732,271 |
192,786,646,281 |
226,499,447,238 |
|
-Quick Assets |
110,188,544,426 |
149,124,278,792 |
187,143,625,328 |
|
-Inventories |
44,545,187,845 |
43,662,367,489 |
39,355,821,910 |
|
Fixed Assets |
68,372,632,997 |
78,742,228,640 |
90,549,284,724 |
|
-Investment |
5,230,208,188 |
5,313,908,695 |
5,289,462,463 |
|
-Tangibles |
53,211,472,023 |
64,430,368,986 |
75,705,325,736 |
|
-Intangibles |
3,143,953,542 |
3,678,091,226 |
4,194,059,089 |
|
-Others |
6,786,999,244 |
5,319,859,733 |
5,360,437,436 |
|
Total
Liabilities |
143,383,614,384 |
178,080,456,486 |
210,928,488,110 |
|
Current
Liabilities |
142,693,047,691 |
177,824,168,948 |
210,790,524,216 |
|
Fixed
Liabilities |
690,566,693 |
256,287,538 |
137,963,894 |
|
Capital Stock |
37,996,100,000 |
37,996,100,000 |
37,996,100,000 |
|
Capital
Surplus |
27,084,293,134 |
27,084,293,134 |
27,084,293,134 |
|
Profit Surplus |
14,642,357,750 |
28,368,025,301 |
41,039,850,718 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
79,722,750,884 |
93,448,418,435 |
106,120,243,852 |
|
Liab. &
Shareholder’s Equity |
223,106,365,268 |
271,528,874,921 |
317,048,731,962 |
|
Current
Liabilities |
142,693,047,691 |
177,824,168,948 |
210,790,524,216 |
|
Trade Payables |
131,623,557,123 |
161,645,116,825 |
191,463,018,089 |
|
Account Payables |
8,156,314,861 |
11,923,254,550 |
8,668,027,076 |
|
Advance Receipts |
495,208,948 |
107,287,483 |
32,101,075 |
|
Withholdings |
150,478,796 |
96,760,240 |
196,060,547 |
|
Accrued Expenses |
2,104,225,986 |
2,420,847,499 |
3,723,416,664 |
|
Accrued Income Tax |
- |
1,630,902,351 |
6,590,225,051 |
|
Derivatives |
163,261,977 |
- |
- |
|
Deferred Income Tax Credit |
- |
- |
117,675,714 |
|
Fixed
Liabilities |
690,566,693 |
256,287,538 |
137,963,894 |
|
Provision for Severance & Retirement |
690,566,693 |
256,287,538 |
137,963,894 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
909,109,239,577 |
1,117,358,740,851 |
1,099,939,224,478 |
|
Cost of Sold
Goods |
871,049,129,851 |
1,045,243,275,209 |
1,001,936,320,978 |
|
Gross Profit |
38,060,109,726 |
72,115,465,642 |
98,002,903,500 |
|
Selling & Admin.
Expenses |
45,767,755,778 |
53,119,560,736 |
58,791,938,783 |
|
Operating
Income |
-7,707,646,052 |
18,995,904,906 |
39,210,964,717 |
|
Non-Operating
Income |
10,687,184,349 |
18,891,446,675 |
24,094,787,041 |
|
Non-Operating
Expenses |
10,981,797,924 |
19,039,917,879 |
27,027,016,523 |
|
Income Before
Taxes |
-8,002,259,627 |
18,847,433,702 |
36,278,735,235 |
|
Income Taxes
Expenses |
-1,477,849,532 |
4,519,259,119 |
7,711,920,217 |
|
Net Income |
-6,524,410,095 |
14,328,174,583 |
28,566,815,018 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
-9,870,027,202 |
7,325,672,508 |
41,203,076,629 |
|
-Net Income |
-6,524,410,095 |
14,328,174,583 |
28,566,815,018 |
|
-Exp. without
Cash Outflow |
16,601,833,904 |
16,800,071,111 |
16,506,970,322 |
|
-Revenue
without Cash Inflows |
-939,095,870 |
-251,204,918 |
-1,876,745,129 |
|
-Changes in
Asset/ & Liability |
-19,008,355,141 |
-23,551,368,268 |
-1,993,963,582 |
|
Cash Flows
from Investing |
-3,749,793,070 |
-3,662,285,578 |
-3,429,479,435 |
|
-Cash Inflow
from Investing |
592,574,532 |
624,353,717 |
944,371,622 |
|
-Cash Outflows
for Investing |
-4,342,367,602 |
-4,286,639,295 |
-4,373,851,057 |
|
Cash Flows from
Financing |
-6,500,000,000 |
-27,000,000,000 |
-35,000,000,000 |
|
-Cash Inflows
from Financing |
- |
- |
- |
|
-Cash Outflows
from Financing |
-6,500,000,000 |
-27,000,000,000 |
-35,000,000,000 |
|
Increase/Decrease
in Cash |
20,119,820,272 |
23,336,613,070 |
2,773,597,194 |
|
Cash at the
Beginning of Year |
27,038,469,347 |
50,375,082,417 |
47,601,485,223 |
|
Cash at the
End of Year |
6,918,649,075 |
27,038,469,347 |
50,375,082,417 |
Products, Technologies,
Services Description
|
Main Products
& Services |
PP(Polypropylene) |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
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 KOLON GLOTECH
INC. 8TH FL., KOLON
TOWER, 1-23, BYEORYANG-DONG, GWACHEON-SI, GYEONGGI-DO, KOREA TEL:+82-2-3677-5771~5 FAX:+82-2-3677-5901 KC & A
CORPORATION 4TH FL.,
SOOSAN BLDG., 205-5, NONHYEON 1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3440-4200 FAX:+82-2-545-4807 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAELIM
INDUSTRIAL CO., LTD.(110111-0084915) DAELIM CORPORATION(110111-1081093) YEOCHUN NCC CO., LTD.(110111-1839096) LYONDELLBASELL INDUSTRIES N.V. BASELL
INTERNATIONAL HOLDINGS B.V.(NETHERLANDS) |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate
Ownership |
LYONDELLBASELL INDUSTRIES N.V. BASELL
INTERNATIONAL HOLDINGS B.V.(NETHERLANDS) |
|
Major
Shareholders |
DAELIM
INDUSTRIAL CO., LTD.(110111-0084915) |
|
Cooperative
Enterprise |
-Insured
Company LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Thousand KRW |
2012 |
2011 |
2010 |
|
Export |
479,198,165 |
681,527,620 |
782,379,478 |
|
Domestic |
431,431,377 |
436,678,327 |
319,007,619 |
|
Others |
-1,520,302 |
-847,206 |
-1,447,873 |
|
Total |
909,109,240 |
1,117,358,741 |
1,099,939,224 |
The Subject
deals with the companies in China, Italy, Japan and Philippines.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
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.