|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOLVAY SILICA KOREA CO., LTD. |
|
|
|
|
Formerly Known As : |
RHODIA SILICA KOREA CO., LTD. |
|
|
|
|
Registered Office : |
267, Dokbae-ro, Nam-gu, Incheon, 402-865 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.11.1975 |
|
|
|
|
Com. Reg. No.: |
214-86-02130 |
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|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Other Basic Inorganic Chemicals |
|
|
|
|
No of Employees : |
71 |
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 : |
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 – 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
North Korea, one of the world's
most centrally directed and least open economies, faces chronic economic
problems. Industrial capital stock is nearly beyond repair as a result of years
of underinvestment, shortages of spare parts, and poor maintenance. Large-scale
military spending draws off resources needed for investment and civilian
consumption. Industrial and power output have stagnated for years at a fraction
of pre-1990 levels. Frequent weather-related crop failures aggravated chronic
food shortages caused by on-going systemic problems, including a lack of arable
land, collective farming practices, poor soil quality, insufficient
fertilization, and persistent shortages of tractors and fuel. Large-scale
international food aid deliveries as well as aid from China has allowed the
people of North Korea to escape widespread starvation since famine threatened
in 1995, but the population continues to suffer from prolonged malnutrition and
poor living conditions. Since 2002, the government has allowed private "farmers'
markets" to begin selling a wider range of goods. It also permitted some
private farming - on an experimental basis - in an effort to boost agricultural
output. In December 2009, North Korea carried out a redenomination of its
currency, capping the amount of North Korean won that could be exchanged for
the new notes, and limiting the exchange to a one-week window. A concurrent
crackdown on markets and foreign currency use yielded severe shortages and
inflation, forcing Pyongyang to ease the restrictions by February 2010. In
response to the sinking of the South Korean destroyer Cheonan and the shelling
of Yeonpyeong Island, South Korea's government cut off most aid, trade, and
bilateral cooperation activities, with the exception of operations at the Kaesong
Industrial Complex. In 2012, KIM Jong Un's first year of leadership, the North
displayed increased focus on the economy by renewing its commitment to special
economic zones with China, negotiating a new payment structure to settle its
$11 billion Soviet-era debt to Russia, and purportedly proposing new
agricultural and industrial policies to boost domestic production. The North
Korean government often highlights its goal of becoming a "strong and
prosperous" nation and attracting foreign investment, a key factor for
improving the overall standard of living. Nevertheless, firm political control
remains the government's overriding concern, which likely will inhibit
fundamental reforms of North Korea's current economic system.
|
Source
: CIA |
|
Company
Name |
SOLVAY SILICA KOREA CO., LTD. (Ex. Company
Name : RHODIA SILICA KOREA CO., LTD.,) |
|
Registered Address |
267, Dokbae-ro, Nam-gu, Incheon, Korea |
|
Zip Code |
402-865 |
|
Tel |
+82-32-870-6228 |
|
Fax |
+82-32-870-6219 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
267, Dokbae-ro, Nam-gu, Incheon, Korea (Old Address System : 587-37, Hagik 1-dong,
Nam-gu, Incheon, Korea) |
|
Tel |
+82-32-870-6228 |
|
Fax |
+82-32-870-6219 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Basic Inorganic Chemicals |
|
Main Business |
White Carbon, Sodium Silicate, Silica |
|
Established (mm/dd/yyyy) |
04/11/1975 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Inorganic metal salts(12352302) |
|
Sell |
Carbon C(12141908) |
|
Name |
Kim Jin-Chul |
|
Address |
Suite 905-302, 525, Baekhyeon-dong, Bundang-gu,
Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
04/28/1953 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
12,989,050,000 |
|||||||||
|
Employees |
71 |
|||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Shinhan Bank Korea Exchange Bank Hana Bank Citibank, Korea-Yeoksam Station Branch |
|||||||||
|
Corporate Registered No. |
110111-0179394 |
|||||||||
|
Business Registered No. |
214-86-02130 |
|||||||||
|
Permit & Licenses |
1994 ISO 9002 by DNV Int’l Trade No.: 767257 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
04/11/1975 Incorporated as Hanbul Chemical
Co., ltd. 12/15/1975 Registered as a Foreign Direct
Investment Corporation 1978 Changed company name to Rhone- Poulenc Korea Co., Ltd. 03/1996 Changed company name to Ko Poulenc Co., Ltd. 04/1998 Changed company name to Rhodia Ko Poulenc Co., Ltd. 07/2000 Changed company name to RHODIA SILICA KOREA CO., LTD 06/18/2001 Moved to the present HQ address from 1321, Seocho-dong,
Seocho-gu, Seoul, Korea 09/02/2013 Changed company name to the present name |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Kim Jin-Chul |
Male |
Korean |
10/22/2007 |
|
Co-President & CEO |
Mr. |
Li Hong-Sun |
Male |
Chinese |
09/25/2009 |
|
Co-President & CEO |
Mr. |
Pyung Seok-Koo |
Male |
Korean |
03/20/2011 |
|
Director |
Mr. |
Michael E. Bird |
Male |
French |
03/27/2004 |
|
Director |
Mr. |
Philip Eve Marrero |
Male |
French |
10/19/2010 |
|
Director |
Mr. |
Thomas Harold Banner |
Male |
USA |
10/19/2010 |
|
Auditor |
Mr. |
Yian Edward Brown |
Male |
UK |
09/10/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
75,169,524,876 |
41,229,808,070 |
3,420,826,019 |
|
|
2011 |
90,923,528,113 |
48,242,085,737 |
5,678,033,410 |
|
2010 |
91,957,699,525 |
52,452,622,950 |
11,041,922,662 |
|
2009 |
78,069,032,056 |
50,822,077,159 |
8,769,530,776 |
|
2008 |
73,924,730,179 |
53,768,307,609 |
7,381,821,403 |
|
2007 |
59,649,674,850 |
48,831,008,984 |
(-)1,858,422,735 |
|
2006 |
57,041,727,893 |
53,014,605,830 |
(-)3,082,393,243 |
|
Authorized Capital(KRW) |
75,000,000,000 |
|
Paid-Up Capital(KRW) |
12,989,050,000 |
|
Total Issues Shares |
2,597,810 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
41,229,808,070 |
48,242,085,737 |
52,452,622,950 |
|
Current Assets |
10,385,549,863 |
15,900,042,607 |
19,463,084,833 |
|
-Quick Assets |
7,945,052,967 |
13,041,798,967 |
15,458,901,329 |
|
-Inventories |
2,440,496,896 |
2,858,243,640 |
4,004,183,504 |
|
Fixed Assets |
30,844,258,207 |
32,342,043,130 |
32,989,538,117 |
|
-Investment |
508,347,965 |
519,693,950 |
533,804,765 |
|
-Tangibles |
30,273,030,242 |
30,939,469,180 |
31,562,853,352 |
|
-Intangibles |
62,880,000 |
882,880,000 |
892,880,000 |
|
Total Liabilities |
12,439,495,298 |
22,872,598,984 |
22,361,169,607 |
|
Current Liabilities |
12,434,495,298 |
22,872,598,984 |
22,350,618,531 |
|
Fixed Liabilities |
5,000,000 |
- |
10,551,076 |
|
Capital Stock |
12,989,050,000 |
12,989,050,000 |
12,989,050,000 |
|
Capital Surplus |
3,387 |
3,387 |
3,387 |
|
Profit Surplus |
15,801,259,385 |
12,380,433,366 |
17,102,399,956 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
28,790,312,772 |
25,369,486,753 |
30,091,453,343 |
|
Liab. & Shareholder’s Equity |
41,229,808,070 |
48,242,085,737 |
52,452,622,950 |
|
Current Liabilities |
12,434,495,298 |
22,872,598,984 |
22,350,618,531 |
|
Trade Payables |
5,363,202,064 |
8,402,137,435 |
10,199,774,314 |
|
Short-Term Borrowings |
1,550,000,000 |
7,250,000,000 |
4,273,771,703 |
|
Account Payables |
1,528,577,779 |
1,851,156,875 |
1,629,649,763 |
|
Advance Receipts |
92,281,224 |
26,980,919 |
13,101,895 |
|
Withholdings |
239,612,343 |
219,671,984 |
278,804,666 |
|
Accrued Expenses |
3,368,702,899 |
4,516,553,758 |
3,806,236,278 |
|
Accrued Income Tax |
279,590,213 |
583,636,004 |
2,123,709,115 |
|
Derivatives |
12,528,776 |
22,462,009 |
25,570,797 |
|
Fixed Liabilities |
5,000,000 |
- |
10,551,076 |
|
Provision for Severance & Retirement |
5,000,000 |
- |
10,551,076 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
75,169,524,876 |
90,923,528,113 |
91,957,699,525 |
|
Cost of Sold Goods |
56,660,081,506 |
66,477,798,669 |
62,469,289,634 |
|
Gross Profit |
18,509,443,370 |
24,445,729,444 |
29,488,409,891 |
|
Selling & Admin. Expenses |
14,241,003,727 |
16,347,563,183 |
15,046,156,731 |
|
Operating Income |
4,268,439,643 |
8,098,166,261 |
14,442,253,160 |
|
Non-Operating Income |
1,805,374,383 |
3,028,782,862 |
3,801,644,182 |
|
Non-Operating Expenses |
2,017,701,974 |
3,728,256,778 |
3,832,996,630 |
|
Income Before Taxes |
4,056,112,052 |
7,398,692,345 |
14,410,900,712 |
|
Income Taxes Expenses |
635,286,033 |
1,720,658,935 |
3,368,978,050 |
|
Net Income |
3,420,826,019 |
5,678,033,410 |
11,041,922,662 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
6,920,100,100 |
9,839,449,318 |
12,429,091,541 |
|
-Net Income |
3,420,826,019 |
5,678,033,410 |
11,041,922,662 |
|
-Exp. without Cash Outflow |
3,780,389,832 |
3,979,063,120 |
4,201,063,650 |
|
-Revenue without Cash Inflows |
-268,351,805 |
-172,470,815 |
-1,217,717,791 |
|
-Changes in Asset/ & Liability |
-12,763,946 |
354,823,603 |
-1,596,176,980 |
|
Cash Flows from Investing |
-1,219,942,444 |
-2,376,670,620 |
-2,015,207,953 |
|
-Cash Inflow from Investing |
957,947,985 |
117,572,704 |
1,307,755,088 |
|
-Cash Outflows for Investing |
-2,177,890,429 |
-2,494,243,324 |
-3,322,963,041 |
|
Cash Flows from Financing |
-5,700,000,000 |
-7,423,771,703 |
-10,413,883,588 |
|
-Cash Inflows from Financing |
1,550,000,000 |
2,976,228,297 |
4,186,116,412 |
|
-Cash Outflows from Financing |
-7,250,000,000 |
-10,400,000,000 |
-14,600,000,000 |
|
Increase/Decrease in Cash |
157,656 |
39,006,995 |
- |
|
Cash at the Beginning of Year |
39,006,995 |
- |
- |
|
Cash at the End of Year |
39,164,651 |
39,006,995 |
- |
|
Main Products & Services |
White Carbon, Sodium Silicate, Silica |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Competitors |
EVONIK CARBON BLACK KOREA CO., LTD. 350, WOLNAE-DONG, YEOSU-SI, JEOLLANAM-DO,
KOREA TEL:+82-61-690-5114 FAX:+82-61-690-5280 OCI CO., LTD. 50, SOGONG-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-727-9500 FAX:+82-2-773-0615 KYUNGWOO CORPORATION RM. 910, WOOLIM E-BIZ CENTER 2-CHA, 16,
YANGPYEONG-DONG 3-GA, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2164-8380 FAX:+82-2-2164-8384 |
|
Affiliates |
RHODIA KOREA LTD.(110111-0661193) RHODIA POLYAMIDE CO., LTD.(110111-1643059) RHODIA ENERGY ASIA PACIFIC CO., LTD.(110111-3300128 EX. RHODIA ENERGY KOREA CO.,
LTD.) SOLVAY KOREA CO., LTD.( 230111-0114139) DAEHAN SOLVAY SPECIALTY CHEMICALS CO., LTD.(161411-0000822) SOLVAY SPECIALTY POLYMERS KOREA COMPANY LTD.(110111-1176802) |
|
Corporate Ownership |
RHODIA SA(FRANCE) |
|
Major Shareholders |
RHODIA SA(FRANCE) |
|
Cooperative Enterprise |
-Insured Company HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) -License Agreement RHODIA OPERATIONS(FRANCE) |
The Subject deals
with the companies in China, France, Japan, Malaysia, Philippines and Vietnam.
News Clipping
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.27 |
|
|
1 |
Rs. 103.66 |
|
Euro |
1 |
Rs. 85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.