|
Report No. : |
318405 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BASF COMPANY LTD. |
|
|
|
|
Registered Office : |
284, Yeosusandan 2-Ro, Yeosu-Si,
Jeollanam-Do, Korea 555-280 |
|
|
|
|
Country : |
South Korea
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.12.1988 |
|
|
|
|
Com. Reg. No.: |
417-81-04858 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Basic Organic Petrochemicals |
|
|
|
|
No. of Employees : |
1,059 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
economic 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. A
system of close government and business ties, including directed credit and
import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea
Free Trade Agreement was ratified by both governments in 2011 and went into
effect in March 2012. Between 2012 and 2014, the economy experienced sluggish
growth because of external market slowdowns. The administration in 2015 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 the heavy reliance on
exports, which comprise about half of GDP.
|
Source
: CIA |
|
Company Name |
BASF COMPANY LTD. |
|
Registered Address |
284, Yeosusandan 2-ro, Yeosu-si,
Jeollanam-do, Korea (Old Address System : 373-15, Hwachi-dong,
Yeosu-si, Jeollanam-do, Korea) |
|
Building |
|
|
Zip Code |
555-280 |
|
Tel |
+82-61-680-7000 |
|
Fax |
+82-61-684-7260 |
|
E-mail |
nari.kim@partners.basf.com |
|
Website |
www.basf.co.kr;www.basf-korea.co.kr |
|
Trading Address |
14th Fl, Korea Chamber of Commerce & Industry,
39, Sejong-daero, Jung-gu, Seoul, Korea (Old Address System : 14th Fl, Korea
Chamber of Commerce & Industry, 45, Namdaemunno 4-ga, Jung-gu, Seoul,
Korea) |
|
Tel |
+82-2-3707-3100 |
|
Fax |
+82-2-3707-3122 |
|
Other Address-Ulsan Site-Plastics Factory Ⅰ |
472-1, Sanggae-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-279-5800 |
|
Fax |
+82-52-272-4801 |
|
Other Address-Ulsan Site-Plastics Factory Ⅱ |
569-30, Yongyeon-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-279-9500 |
|
Fax |
+82-52-279-9501 |
|
Other Address-Ansan Factory |
607B-22, Banwol Industrial Complex, 631-3, Seonggok-dong, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-599-7513 |
|
Fax |
+82-31-599-7506 |
|
Other Address-Hwaseong Factory |
870, Yeocheon-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-278-2000 |
|
Fax |
+82-52-278-2001 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Basic Organic Petrochemicals |
|
Main Business |
Styrofoam, L-Lysine, EPS, PS, ABS, MPI, TPI |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/15/1988 |
The Subject owns the premises of registered
address/factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyurethane resins(13111061) |
|
Sell |
Polystyrene foam(13111308) |
|
Sell |
Acrylonitrile butadiene styrene resin(13111004) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Organic derivatives and substituted compounds(12352100) |
|
Sell |
Surfactants(12161900) |
|
Sell |
Inorganic compounds(12352300) |
|
Sell |
Pigments(12171600) |
|
Sell |
Other adhesives and sealants(31201600) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
|
Sell |
Plasticizers(12162000) |
|
Sell |
Inorganic compounds(12352300) |
|
Sell |
Organic peroxides(12352120) |
|
Name |
Shin Woo-Sung |
|
Address |
Suite 12-1306, 844, Sindang-dong,
Jung-gu, Seoul, Korea |
|
Date of Birth |
09/12/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
516,625,420,000 |
|||||||||
|
Employees |
1,059 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Korea Exchange Bank –Sales 1 Division |
|||||||||
|
Corporate Registered No. |
110111-0600860 |
|||||||||
|
Business Registered No. |
417-81-04858 |
|||||||||
|
Permit & Licenses |
05/1999 ISO 9001 Int’l Trade No.: 429296 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
1954 Entered Korea
as FOHAG(Far East Trading Company) 1980 Established
as Hyosung BASF 1982 Established
BASF KOREA CO., LTD. 12/1988
Established HANYANG BASF URETHANE CO., LTD. 12/1997 Changed
company name to BASF URETHANE KOREA CO., LTD. 03/1998 Changed
company name to BASF KOREA STILENIX CO., LTD. 05/1998 Acquired
Lysine Business Division from Daesang Corporation 12/1998 Acquired
Polyol Business Division from Dong Sung Chemical Co., Ltd. 12/1998 Changed
company name to the present name with the acquisition of BASF URETHANE KOREA
CO., LTD., BASF KOREA STILENIX CO., LTD. and BASF KOREA CO., LTD. 11/2000 Awarded
US$500 Million Export Top Prize 06/2001 Acquired
SK Evertech's SM Factory 10/2001
Increased capital to 404,650,000,000 KRW from 354,650,000,000 KRW 05/2003 Acquired
Engineering Plastic Business Division from Honeywell 04/2005 Acquired
BASF AGRO KOREA CO., LTD. 10/2006 Acquired
the operation part of BASF Resin Co., Ltd. 07/31/2007
Increased the authorized shares to 94,930,000 shares from 80,930,000 KRW 01/2008 Sold Gunsan
Factory(Lysine: 228, Soryong-dong, Gunsan-si, Jeollabuk-do, Korea) to
PAIKKWANG INDUSTRIAL CO., LTD.(110111-0003709) at USD27,000,000. 05/21/2009
increased capital to 464,650,000,000 KRW from 404,650,000,000
KRW 08/03/2009
Decided to sell Ulsan SM Factory to SK ENERGY CO., LTD.(110111-3710385) 02/01/2010
Acquired CIBA SPECIALTY CHEMICALS KOREA LTD.(110111-0714406) and DAIHAN SWISS
CHEMICAL CORP.(110111-0307325) 01/01/2011 Split
off KS Divisions, and transferred to STYROLUTION KOREA LTD.(230111-0148328) 01/01/2012
Acquired COGNIS KOEA LTD.(110111-2865090) 08/31/2012
Increased the authorized shares to 100,930,000 shares from 94,930,000 shares 09/14/2012
Increased capital to 481,729,000,000 KRW from 464,650,000,000 KRW 03/18/2014
Increased the authorized shares to 106,930,000 shares from 100,930,000 shares 03/26/2014
Increased capital to 516,625,420,000 KRW from 481,729,000,000 KRW |
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Shin Woo-Sung |
Male |
Korean |
03/02/2009 |
|
Director |
Mr. |
Goparan Philei |
Male |
South African |
06/01/2013 |
|
Director |
Mr. |
Bernhart Quintergellen |
Male |
Germany |
09/01/2014 |
|
Auditor |
Mr. |
Wolfro Light |
Male |
German |
05/01/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2,062,540,549,272 |
1,241,930,687,265 |
64,984,174,133 |
|
|
(*)2013 |
2,261,706,378,661 |
1,290,365,566,991 |
125,126,408,833 |
|
2012 |
2,052,377,984,864 |
1,150,358,533,984 |
111,286,722,605 |
|
2011 |
1,981,901,124,110 |
1,314,309,031,536 |
228,920,128,968 |
|
2010 |
2,905,643,816,960 |
1,328,755,510,275 |
277,702,346,311 |
|
2009 |
2,182,467,001,023 |
1,131,492,742,826 |
252,650,621,415 |
|
2008 |
2,409,606,875,106 |
1,005,708,769,659 |
90,382,545,153 |
|
2007 |
2,154,041,355,519 |
1,154,047,696,907 |
179,289,618,386 |
|
2006 |
1,908,768,117,693 |
1,236,191,744,609 |
169,881,499,330 |
|
2005 |
2,088,248,977,659 |
1,326,167,222,613 |
128,075,379,460 |
|
2004 |
1,960,457,253,117 |
1,454,917,869,412 |
47,803,170,535 |
|
2003 |
1,383,330,951,764 |
1,461,689,186,845 |
(-)24,016,453,546 |
(*) Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
534,650,000,000 |
|
Paid-Up Capital(KRW) |
516,625,420,000 |
|
Total Issues Shares |
103,325,084 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
1,241,930,687,265 |
1,290,365,566,991 |
1,150,358,533,984 |
|
Current Assets |
709,020,847,065 |
802,431,941,417 |
733,480,244,193 |
|
Cash
& Cash Equivalents |
51,882,711,136 |
184,934,841,790 |
|
|
Trade
Receivables & Other Receivables |
406,382,977,261 |
390,221,599,700 |
|
|
Inventories |
223,722,484,482 |
201,319,744,566 |
200,668,721,295 |
|
Other
Current Assets |
25,227,267,434 |
20,177,547,137 |
|
|
Derivatives |
1,805,406,752 |
5,778,208,224 |
|
|
Non-Current Assets |
532,909,840,200 |
487,933,625,574 |
416,878,289,791 |
|
Tangibles |
498,584,828,706 |
455,277,084,200 |
372,134,317,612 |
|
Intangibles |
13,482,414,825 |
14,778,673,010 |
9,991,760,513 |
|
Marketable
Financial Instruments |
15,710,000 |
704,210,000 |
|
|
Other
Financial Assets |
14,966,037,032 |
16,908,979,339 |
|
|
Other
Non-Current Assets |
4,302,175,909 |
151,700,000 |
|
|
Derivatives |
1,558,673,728 |
112,979,025 |
|
|
Total Liabilities |
424,279,622,125 |
445,260,681,516 |
376,830,567,640 |
|
Current Liabilities |
321,856,676,789 |
342,754,311,549 |
334,706,478,453 |
|
Trade
Payables & Other Payables |
307,359,942,004 |
323,574,102,796 |
287,354,397,962 |
|
Other
Current Financial Debts |
810,355,996 |
641,403,692 |
4,662,309,452 |
|
Other
Current Liabilities |
9,893,627,478 |
18,318,133,151 |
1,843,913,009 |
|
Derivatives |
3,792,751,311 |
220,671,910 |
98,022,872 |
|
Non-Current Liabilities |
102,422,945,336 |
102,506,369,967 |
42,124,089,187 |
|
Long-Term
Trade Payables & Other Payables |
757,268,398 |
1,371,761,717 |
|
|
Long-Term
Borrowings |
61,868,160,000 |
67,758,431,000 |
32,007,476,000 |
|
Other
Non-Current Financial Debts |
8,659,894,993 |
9,470,250,989 |
|
|
Other
Non-Current Liabilities |
2,397,527,574 |
2,766,377,970 |
3,135,228,366 |
|
Provisions |
4,371,840,000 |
4,788,069,000 |
4,673,658,000 |
|
Confirmed
Salaries |
15,097,431,666 |
12,123,855,521 |
|
|
Provision
for Severance & Retirement |
5,741,986,054 |
- |
|
|
Derivatives |
1,871,903,525 |
436,120,084 |
398,994,668 |
|
Deferred
Income Tax Credit |
1,656,933,126 |
3,791,503,686 |
|
|
Capital Stock |
516,625,420,000 |
481,729,000,000 |
481,729,000,000 |
|
Capital
Surplus |
21,082,235,095 |
21,252,527,905 |
57,849,361,812 |
|
Others |
-16,864,608,281 |
-13,202,186,623 |
369,525,000 |
|
Profit
Surplus |
296,808,018,326 |
355,325,544,193 |
233,580,079,532 |
|
Total
Equity |
817,651,065,140 |
845,104,885,475 |
773,527,966,344 |
|
Liab.
& Shareholder’s Equity |
1,241,930,687,265 |
1,290,365,566,991 |
1,150,358,533,984 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
2,062,540,549,272 |
2,261,706,378,661 |
2,052,377,984,864 |
|
Cost
of Sold Goods |
1,820,704,512,027 |
1,949,850,754,288 |
1,746,507,466,982 |
|
Gross
Profit |
241,836,037,245 |
311,855,624,373 |
305,870,517,882 |
|
Selling
& Admin. Expenses |
178,040,973,607 |
185,871,258,436 |
171,945,940,033 |
|
Operating
Income |
63,795,063,638 |
125,984,365,937 |
133,924,577,849 |
|
Other
Net Income |
19,559,713,134 |
5,821,735,861 |
|
|
Other
Income |
82,901,801,916 |
54,007,636,328 |
|
|
Other
Expenses |
-63,342,088,782 |
-48,185,900,467 |
|
|
Net
Finance Income |
-20,211,118,553 |
11,489,128,590 |
|
|
Finance
Income |
8,769,821,163 |
27,804,346,861 |
|
|
Finance
Expenses |
-28,980,939,716 |
-16,315,218,271 |
|
|
Income
Before Taxes |
63,143,658,219 |
143,295,230,388 |
137,763,876,282 |
|
Income
Taxes Expenses |
-1,840,515,914 |
18,168,821,555 |
26,477,153,677 |
|
Net
Income |
64,984,174,133 |
125,126,408,833 |
111,286,722,605 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
40,808,815,467 |
207,171,581,434 |
-25,528,481,332 |
|
Cash
Flows from Operating |
50,316,990,981 |
226,558,203,538 |
|
|
-Net
Income |
64,984,174,133 |
125,126,408,833 |
111,286,722,605 |
|
-Exp.
without Cash Outflow |
69,120,550,159 |
90,642,756,766 |
64,810,500,865 |
|
-Revenue
without Cash Inflows |
-19,694,681,732 |
-12,014,955,730 |
-7,822,627,368 |
|
-Changes
in Asset/ & Liability |
-64,093,051,579 |
22,803,993,669 |
-193,803,077,434 |
|
Interests
Received |
3,360,299,968 |
5,243,713,613 |
|
|
Dividends
Received |
8,341,000 |
841,000 |
|
|
Interests
Paid |
-4,256,959,551 |
-4,355,698,780 |
|
|
Income
Taxes |
-8,619,856,931 |
-20,275,477,937 |
|
|
Cash Flows from Investing |
-84,224,319,534 |
-50,898,953,020 |
-71,556,717,355 |
|
Cash
Inflow from Investing |
3,691,048,649 |
1,103,734,376 |
13,668,352,606 |
|
Cash
Outflows for Investing |
-87,915,368,183 |
-52,002,687,396 |
-85,225,069,961 |
|
Cash Flows from Financing |
-89,416,976,501 |
-67,040,293,736 |
-173,726,587,200 |
|
Cash
Inflows from Financing |
34,726,127,190 |
34,652,908,000 |
34,382,621,800 |
|
Cash
Outflows from Financing |
-124,143,103,691 |
-101,693,201,736 |
-208,109,209,000 |
|
Increase/Decrease in Cash |
-133,052,130,654 |
89,232,334,678 |
-270,811,785,887 |
|
Cash at the Beginning of Year |
184,934,841,790 |
95,702,507,112 |
366,529,512,776 |
|
Cash at the End of Year |
51,882,711,136 |
184,934,841,790 |
95,717,726,889 |
|
Main Products & Services |
-Thermoplastics Business EPS, PS, ABS, SM, Engineering plastics
production and sales -Polyurethane Business MDI, TDI, Polyol production and sales -Chemicals & Performance Products
Business PolyTHK, BDO/THF, Fiber raw materials,
Petrochemicals, Intermediates, Textile Chemicals, Leather Chemicals, Pigment
& Dyestuff for industry, Specialty Chemicals, Acrylic Monomer &
Polymer, Paper Chemicals -Fine Chemicals Business Animal Nutrition, Lysine Byproducts,
Cosmetics, Pharmaceuticals, Food Ingredients, Aroma Chemicals for flavor and
fragrance, Agro chemical products |
|
Suppliers |
BASF
AKTIENGESELLSCHAFT(CATALYST) HANWHA
PETROCHEMICALS CO., LTD.(CHLORINE, NITRIC ACID & CAUSTIC SODA) PAIKKWANG INDUSTRIAL
CO.,LTD.(110111-0003709: CHLORINE, CAUSTIC SODA) HUCHEMSFINECHEMICALCORPORATION(110111-2611906
: NITRIC ACID) AIR LIQUIDE KOREA CO., LTD.(110111-1232216
: CARBON MONOXIDE, HYDROGEN) HEIN
CORPORATION(180111-0049915 : FORMALDEHYDE) SAMYANG
CHEMICAL CO., LTD.(110111-0568878 : FORMALDEHYDE) SKC(ETHYLENE) |
|
Customers |
BASF
AKTIENGESELLSCHAFT BASF SOUTH
EAST ASIA PTE. LTD. |
|
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 |
|
Affiliates |
BASF SE BASF SOUTH EAST ASIA PTE. LTD. |
|
Joint Venture |
|
|
Subsidiary |
CIBA SPECIALTY CHEMICALS KOREA LTD.(110111-0714406) (100.0% held by the subject company) DAIHAN SWISS CHEMICAL CORP.(110111-0307325) (100.0% held by the subject company) COGNIS KOEA LTD.(110111-2865090) (100.0% held by the subject company) |
|
Corporate Ownership |
BASF SE BASF BETEILIGUNGSGESELLSCHAFT GMBH |
|
Major Shareholders |
BASF BETEILIGUNGSGESELLSCHAFT GMBH CARL-BOSCH STRAßE 38, 67056 LUDWIGSHAFEN,
GERMANY TEL: 49-621-60-0 FAX: 49-621-60-42525 |
|
Cooperative Enterprise |
-TECHNICAL SUPPORT & ENGINEERING
SUPPORT MITSUBISHI CHEMICAL CORPORATION BASF SE |
The Subject deals with the companies in Germany.
No.
-----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.