|
Report No. : |
328992 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BASF COMPANY LTD. |
|
|
|
|
Registered Office : |
284, Yeosusandan 2-ro, Yeosu-si, Jeollanam-do, |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
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 Employee : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
KOREA (SOUTH) 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. 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 slow growth due to sluggish domestic consumption and investment. 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. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.
|
Source
: CIA |
Basic
|
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 |
Management
|
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 |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
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. |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
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.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ANK |
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.