|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
POLYMIRAE CO., LTD. |
|
|
|
|
Registered Office : |
25, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul, Korea, 15th Fl., Hanjin Hae-un Bldg., Zip code 150-949 |
|
|
|
|
Country : |
South korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.09.2000 |
|
|
|
|
Com. Reg. No.: |
104-81-56367 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer 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 |
|
Status : |
Moderate |
|
|
|
|
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 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 |
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 |
|
|
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 |
|
Established (mm/dd/yyyy) |
09/01/2000 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polypropylene PP(13102022) |
|
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 |
|
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 |
|||||||||||||||
|
|
|
|
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 |
|
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 |
|
Main Products & Services |
PP(Polypropylene) |
|
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 |
(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) |
|
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) |
(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.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
UK Pound |
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
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.