|
Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
STYROLUTION KOREA LTD. |
|
|
|
|
Registered Office : |
143, |
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|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
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|
|
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Date of Incorporation : |
29.09.2008 |
|
|
|
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Com. Reg. No.: |
610-81-94885 |
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|
|
|
Legal Form : |
Co., Ltd by Shares |
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|
|
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Line of Business : |
Manufacture of Synthetic Rubber and Plastics Materials |
|
|
|
|
No. of Employees |
178 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. South 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. South 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-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
STYROLUTION KOREA LTD. (Korean Company Name : “한국스티롤루션(주)”) |
|
Registered
Address |
143, Sanggae-ro, Nam-gu, Ulsan, Korea (Old Address System : 472-9, Sanggae-dong, Nam-gu, Ulsan, Korea) |
|
Building |
|
|
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 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Rubber and Plastics Materials |
|
Main Business |
SM, PS, ABS,
SBC, Copolymer |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
09/29/2008 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Organic derivatives and substituted compounds(12352100) |
CEO’s
|
Name |
Lee Jong-Hoo |
|
Address |
Suite 209-401,
185, Naejeong-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
01/23/1963 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
63,800,000,000 |
|||||||||
|
Employees |
178 |
|||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
HSBC |
|||||||||
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Corporate
Registered No. |
230111-0148328 |
|||||||||
|
Business Registered
No. |
610-81-94885 |
|||||||||
|
Permit &
Licenses |
Int’l Trade No.: 30680883 |
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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) 10/04/2011 Registered as a Foreign Direct Investment Corporation 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 |
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|
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Management
|
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 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
1,145,118,268,629 |
244,914,691,081 |
9,400,399,639 |
|
|
2012 |
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 |
Financial Description
|
Authorized
Capital(KRW) |
63,800,000,000 |
|
Paid-Up
Capital(KRW) |
63,800,000,000 |
|
Total Issues
Shares |
63,800,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
244,914,691,081 |
249,953,696,655 |
285,327,618,004 |
|
Current Assets |
175,528,235,289 |
174,494,794,671 |
201,237,106,232 |
|
-Quick Assets |
118,978,788,259 |
97,012,246,256 |
145,877,584,080 |
|
-Inventories |
56,549,447,030 |
77,482,548,415 |
55,359,522,152 |
|
Fixed Assets |
69,386,455,792 |
75,458,901,984 |
84,090,511,772 |
|
-Investment |
5,295,220,900 |
5,332,827,180 |
5,464,282,689 |
|
-Tangibles |
63,217,223,473 |
69,473,866,025 |
77,379,263,051 |
|
-Intangibles |
4,287,148 |
4,108,537 |
7,481,210 |
|
-Others |
869,724,271 |
648,100,242 |
1,239,484,822 |
|
Total
Liabilities |
166,218,556,124 |
180,671,221,337 |
249,221,048,900 |
|
Current Liabilities |
166,218,362,460 |
159,245,812,387 |
248,606,812,320 |
|
Fixed
Liabilities |
193,664 |
21,425,408,950 |
614,236,580 |
|
Capital Stock |
63,800,000,000 |
63,800,000,000 |
30,050,000,000 |
|
Capital
Surplus |
|
|
|
|
Profit Surplus |
14,868,054,957 |
5,467,655,318 |
5,939,569,104 |
|
Capital
Adjustment |
28,080,000 |
14,820,000 |
117,000,000 |
|
Total Equity |
78,696,134,957 |
69,282,475,318 |
36,106,569,104 |
|
Liab. &
Shareholder’s Equity |
244,914,691,081 |
249,953,696,655 |
285,327,618,004 |
|
Current
Liabilities |
166,218,362,460 |
159,245,812,387 |
248,606,812,320 |
|
Trade Payables |
154,953,068,192 |
121,043,511,891 |
133,402,282,205 |
|
Short-Term Borrowings |
- |
25,805,741,762 |
102,085,252,055 |
|
Advance Receipts |
1,377,236,880 |
276,565,221 |
1,892,272,857 |
|
Withholdings |
180,304,613 |
294,247,101 |
373,236,331 |
|
Accrued Expenses |
6,654,534,546 |
10,718,534,310 |
8,888,331,843 |
|
Accrued Income Taxes |
2,109,870,150 |
37,608,353 |
- |
|
Derivatives |
438,765,247 |
645,219,190 |
634,466,082 |
|
Other Provisions |
504,582,832 |
424,384,559 |
1,330,970,947 |
|
Fixed
Liabilities |
193,664 |
21,425,408,950 |
614,236,580 |
|
Long-Term
Borrowings |
- |
21,422,000,000 |
- |
|
Provision for Severance & Retirement |
6,288,391,100 |
5,708,696,950 |
4,635,866,600 |
|
Deferred Income Tax Credit |
188,200 |
3,408,950 |
33,000,000 |
|
Other Non-Current Liabilities |
|
|
581,236,580 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
1,145,118,268,629 |
1,066,426,648,086 |
1,160,344,177,953 |
|
Cost of Sold
Goods |
1,077,578,398,430 |
1,007,161,118,096 |
1,083,647,783,909 |
|
Gross Profit |
67,539,870,199 |
59,265,529,990 |
76,696,394,044 |
|
Selling &
Admin. Expenses |
53,172,286,877 |
56,124,758,646 |
65,043,776,563 |
|
Operating
Income |
14,367,583,322 |
3,140,771,344 |
11,652,617,481 |
|
Non-Operating
Income |
25,627,399,715 |
26,486,701,010 |
43,613,972,811 |
|
Non-Operating
Expenses |
27,984,399,799 |
30,523,406,323 |
47,914,538,902 |
|
Income Before
Taxes |
12,010,583,238 |
-895,933,969 |
7,352,051,390 |
|
Income Taxes
Expenses |
2,610,183,599 |
-424,020,183 |
1,241,542,275 |
|
Net Income |
9,400,399,639 |
-471,913,786 |
6,110,509,115 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows
from Operating |
53,580,993,030 |
17,317,851,619 |
46,586,232,367 |
|
-Net Income |
9,400,399,639 |
-471,913,786 |
6,110,509,115 |
|
-Exp. without
Cash Outflow |
13,763,532,519 |
19,476,383,677 |
32,892,099,467 |
|
-Revenue
without Cash Inflows |
-997,694,487 |
-4,475,228,250 |
-1,188,628,660 |
|
-Changes in
Asset/ & Liability |
31,414,755,359 |
2,788,609,978 |
8,772,252,445 |
|
Cash Flows
from Investing |
-6,193,572,965 |
-9,186,154,436 |
-7,437,266,247 |
|
-Cash Inflow
from Investing |
407,463,000 |
41,722,370 |
113,679,360 |
|
-Cash Outflows
for Investing |
-6,601,035,965 |
-9,227,876,806 |
-7,550,945,607 |
|
Cash Flows
from Financing |
-47,227,741,762 |
-19,006,096,974 |
-46,530,118,693 |
|
-Cash Inflows
from Financing |
- |
611,794,769,116 |
100,023,305,154 |
|
-Cash Outflows
from Financing |
-47,227,741,762 |
-630,800,866,090 |
-146,553,423,847 |
|
Increase/Decrease
in Cash |
159,678,303 |
-10,874,399,791 |
-7,381,152,573 |
|
Cash at the
Beginning of Year |
10,015,375,262 |
20,889,775,053 |
28,270,927,626 |
|
Cash at the
End of Year |
10,175,053,565 |
10,015,375,262 |
20,889,775,053 |
Products, Technologies,
Services Description
|
Main Products
& Services |
SM, PS, ABS,
SBC |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
|
|
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 |
Related Parties
(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 |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate
Ownership |
STYROLUTION
HOLDING GMBH STYROLUTION
GROUP GMBH |
|
Major
Shareholders |
STYROLUTION
GROUP GMBH |
|
Cooperative
Enterprise |
-Technical
Support & Engineering Supply Agreement with STYROLUTION GMBH -Insured Company HYUNDAI MARINE & FIRE INSURANCE CO.,
LTD.(110111-0035893) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
2013 |
2012 |
2011 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject deals with the companies in Germany.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.