|
Report Date : |
23.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
STYROLUTION KOREA LTD. |
|
|
|
|
Registered Office : |
143, Sanggae-ro, Nam-gu, Ulsan, 680-180 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.09.2008 |
|
|
|
|
Com. Reg. No.: |
610-81-94885 |
|
|
|
|
Legal Form : |
Company Limited by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Synthetic Rubber and Plastics Materials |
|
|
|
|
No of Employees : |
173 |
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 – 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 |
|
Company
Name |
STYROLUTION KOREA LTD. |
|
Registered Address |
143, Sanggae-ro, Nam-gu, Ulsan, Korea (Old Address System : 472-9, Sanggae-dong,
Nam-gu, Ulsan, Korea) |
|
Zip Code |
680-180 |
|
Tel |
+82-52-279-5800 |
|
Fax |
+82-52-272-4801 |
|
E-mail |
incheol.jeong@basf.com |
|
Website |
www.styrolution.com |
|
Trading
Address |
5FL., Landmark Tower, 308, Gangnam-daero,
Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-6322-7777 |
|
Fax |
+82-2-3707-7730 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Synthetic Rubber and Plastics Materials |
|
Main
Business |
SM, PS, ABS, SBC |
|
Established (mm/dd/yyyy) |
09/29/2008 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Chemicals
including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Organic
derivatives and substituted compounds(12352100) |
|
Name |
Lee Jong-Hoo |
|
Address |
Suite 119-1702, 42, Naejeong-ro
166beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
01/23/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
63,800,000,000 |
|||||||||
|
Employees |
173 |
|||||||||
|
Formation |
Co.,
Ltd by Shares |
|||||||||
|
Bank Details |
HSBC |
|||||||||
|
Corporate Registered No. |
230111-0148328 |
|||||||||
|
Business Registered No. |
610-81-94885 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 30680883 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
09/29/2008 Incorporated as BASF STYRENICS
KOREA LTD. 07/02/2010 Changed company name to the
present name 12/01/2010 Increased the authorized shares
to 30,050,000 shares from 200,000 shares 12/29/2010 Increased capital to
30,050,000,000 KRW from 50,000,000 KRW 01/01/2011
Acquired KS Business from BASF COMPANY LTD.(
110111-0600860) 02/01/2012 Increased the authorized shares
to 63,800,000 shares from 30,050,000 shares 02/10/2012 Increased
capital to 63,800,000,000 KRW from 30,050,000,000
KRW 04/19/2013 Moved to the trading address
from 3F, Korea Chamber of Commerce, 45,
Namdaemunno 4(sa)-ga, Jung-gu, Seoul, Korea |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President
& CEO |
Mr. |
Lee Jong-Hoo |
Male |
Korean |
06/01/2012 |
|
Director |
Mr. |
Jang Hyung-Tae |
Male |
Korean |
10/14/2010 |
|
Director |
Mr. |
Kim Sang-Tae |
Male |
Korean |
10/01/2011 |
|
Auditor |
Mr. |
Jit Teng Tan |
Male |
Malaysian |
10/01/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,066,426,648,086 |
249,953,696,655 |
-471,913,786 |
|
|
2011 |
1,160,344,177,953 |
285,327,618,004 |
6,110,509,115 |
|
2010 |
- |
29,887,212,789 |
-153,377,700 |
|
Authorized Capital(KRW) |
63,800,000,000 |
|
Paid-Up Capital(KRW) |
63,800,000,000 |
|
Total Issues Shares |
63,800,000 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
249,953,696,655 |
285,327,618,004 |
29,887,212,789 |
|
Current Assets |
174,483,226,671 |
201,237,106,232 |
29,884,712,789 |
|
-Quick
Assets |
97,000,678,256 |
145,877,584,080 |
29,884,712,789 |
|
-Inventories |
77,482,548,415 |
55,359,522,152 |
- |
|
Fixed
Assets |
75,470,469,984 |
84,090,511,772 |
2,500,000 |
|
-Investment |
5,344,395,180 |
5,464,282,689 |
2,500,000 |
|
-Tangibles |
69,473,866,025 |
77,379,263,051 |
- |
|
-Intangibles |
4,108,537 |
7,481,210 |
- |
|
-Others |
648,100,242 |
1,239,484,822 |
- |
|
Total Liabilities |
180,671,221,337 |
249,221,048,900 |
8,152,800 |
|
Current Liabilities |
159,245,812,387 |
248,606,812,320 |
8,152,800 |
|
Fixed Liabilities |
21,425,408,950 |
614,236,580 |
- |
|
Capital Stock |
63,800,000,000 |
30,050,000,000 |
30,050,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
5,467,655,318 |
5,939,569,104 |
-170,940,011 |
|
Capital Adjustment |
14,820,000 |
117,000,000 |
- |
|
Total Equity |
69,282,475,318 |
36,106,569,104 |
29,879,059,989 |
|
Liab. & Shareholder’s Equity |
249,953,696,655 |
285,327,618,004 |
29,887,212,789 |
|
Current Liabilities |
159,245,812,387 |
248,606,812,320 |
8,152,800 |
|
Trade Payables |
121,043,511,891 |
133,402,282,205 |
- |
|
Short-Term Borrowings |
25,805,741,762 |
102,085,252,055 |
- |
|
Account Payables |
|
|
8,152,800 |
|
Advance Receipts |
276,565,221 |
1,892,272,857 |
- |
|
Withholdings |
294,247,101 |
373,236,331 |
- |
|
Accrued Expenses |
10,718,534,310 |
8,888,331,843 |
- |
|
Accrued Income Taxes |
37,608,353 |
- |
|
|
Derivatives |
645,219,190 |
634,466,082 |
- |
|
Other Provisions |
424,384,559 |
1,330,970,947 |
- |
|
Fixed Liabilities |
21,425,408,950 |
614,236,580 |
- |
|
Long-Term Borrowings |
21,422,000,000 |
- |
|
|
Provision for Severance & Retirement |
5,708,696,950 |
4,635,866,600 |
- |
|
Deferred Income Tax Credit |
3,408,950 |
33,000,000 |
- |
|
Other Non-Current Liabilities |
- |
581,236,580 |
- |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
1,066,426,648,086 |
1,160,344,177,953 |
- |
|
Cost of Sold Goods |
1,007,161,118,096 |
1,083,647,783,909 |
- |
|
Gross Profit |
59,265,529,990 |
76,696,394,044 |
- |
|
Selling & Admin. Expenses |
56,632,374,285 |
65,043,776,563 |
153,397,700 |
|
Operating Income |
2,633,155,705 |
11,652,617,481 |
-153,397,700 |
|
Non-Operating Income |
26,994,316,649 |
43,613,972,811 |
20,000 |
|
Non-Operating Expenses |
30,523,406,323 |
47,914,538,902 |
- |
|
Income Before Taxes |
-895,933,969 |
7,352,051,390 |
-153,377,700 |
|
Income Taxes Expenses |
-424,020,183 |
1,241,542,275 |
- |
|
Net Income |
-471,913,786 |
6,110,509,115 |
-153,377,700 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
17,317,851,619 |
46,586,232,367 |
-1,759,014,063 |
|
-Net Income |
-471,913,786 |
6,110,509,115 |
-153,377,700 |
|
-Exp. without Cash Outflow |
19,476,383,677 |
32,892,099,467 |
- |
|
-Revenue without Cash Inflows |
-4,475,228,250 |
-1,188,628,660 |
- |
|
-Changes in Asset/ & Liability |
2,788,609,978 |
8,772,252,445 |
-1,605,636,363 |
|
Cash Flows from Investing |
-9,186,154,436 |
-7,437,266,247 |
- |
|
-Cash Inflow from Investing |
41,722,370 |
113,679,360 |
- |
|
-Cash Outflows for Investing |
-9,227,876,806 |
-7,550,945,607 |
- |
|
Cash Flows from Financing |
-19,006,096,974 |
-46,530,118,693 |
30,000,000,000 |
|
-Cash Inflows from Financing |
611,794,769,116 |
100,023,305,154 |
30,000,000,000 |
|
-Cash Outflows from Financing |
-630,800,866,090 |
-146,553,423,847 |
- |
|
Increase/Decrease in Cash |
-10,874,399,791 |
-7,381,152,573 |
28,240,985,937 |
|
Cash at the Beginning of Year |
20,889,775,053 |
28,270,927,626 |
29,941,689 |
|
Cash at the End of Year |
10,015,375,262 |
20,889,775,053 |
28,270,927,626 |
|
Main Products & Services |
SM, PS, ABS, SBC |
|
Competitors |
SAMSUNG TOTAL PETROCHEMICALS CO., LTD. 411-1, DOKGOT-RI, DAESAN-EUP, SEOSAN-SI,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-660-6114 FAX:+82-41-681-4812 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 SAM NAM PETROCHEMICAL CO., LTD. 4TH FL., SAMYANG CO. BLDG., 263,
YEONJI-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-740-7450~1 FAX:+82-2-745-4225 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
BASF COMPANY LTD.(110111-0600860) CIBA SPECIALTY CHEMICALS KOREA LTD.(110111-0714406) DAIHAN SWISS CHEMICAL CORP.(110111-0307325) BASF AKTIENGESELLSCHAFT BASF SOUTH EAST ASIA PTE. LTD. STYROLUTION
POLYMERS |
|
Corporate Ownership |
STYROLUTION HOLDING GMBH STYROLUTION GROUP GMBH |
|
Major Shareholders |
STYROLUTION GROUP GMBH |
|
Cooperative Enterprise |
-Technical Support & Engineering Supply
Agreement with STYROLUTION
GMBH |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.92 |
|
|
1 |
Rs. 101.98 |
|
Euro |
1 |
Rs. 83.92 |
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.