|
Report No. : |
346522 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
OWENS CORNING
KOREA CO., LTD. |
|
|
|
|
Registered Office : |
156, Gongdan 3-gil, Gimcheon-si, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.05.1990 |
|
|
|
|
Com. Reg. No.: |
510-81-02033 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Subject is manufacture of glass fibers and optical glass |
|
|
|
|
No. of Employee : |
278 |
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 |
OWENS CORNING
KOREA CO., LTD. (Korean Company
Name : “한국오웬스코닝(주)”) |
|
Registered Address |
156, Gongdan 3-gil, Gimcheon-si,
Gyeongsangbuk-do, Korea (Old Address System : 1013-1,
Eungmyeong-dong, Kimcheon-si, Gyeongsangbuk-do, Korea) |
|
Building |
|
|
Zip Code |
39537 |
|
Tel |
+82-54-429-5757 +82-54-439-5724 +82-54-429-5714 |
|
Fax |
+82-54-433-7432 |
|
E-mail |
yhkim@owenscorning.com |
|
Website |
www.owenscorning.co.kr |
|
Trading Address |
18FL., Ilsong Bldg., 157-37,
Samseong-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-2050-7400 |
|
Fax |
+82-2-2050-7409 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Glass Fibers and Optical Glass |
|
Main Business |
Fiber Glass, Chopped Strand, Multi End Roving, Single End Roving,
Wet-use Chopped Strand Mat, Wonen Roving, Roving Cloth |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/15/1990 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Fiber straps(31151903) |
|
Sell |
Glass fibers(11151512) |
|
Buy |
Stone(11111600) |
|
Buy |
Emulsions(12161804) |
|
Buy |
Silica sand(11111701) |
|
Buy |
Semi precious stones(54121600) |
|
Buy |
Limestone(11111608) |
|
Name |
Song Sang-Ho |
|
Address |
Suite 103-1002, 417, Samseong-ro,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
01/21/1962 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
69,430,000,000 |
|||||||||||||||
|
Employees |
278 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation(Netherlands) |
|||||||||||||||
|
Bank Details |
Shinhan Bank-Sunnung Branch Korea Development Bank |
|||||||||||||||
|
Corporate Registered No. |
171311-0001996 |
|||||||||||||||
|
Business Registered No. |
510-81-02033 |
|||||||||||||||
|
Permit & Licenses |
12/13/2000 ISO 9002 09/11/2001 ISO 14001 Int’l Trade No.: 910183 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
05/15/1990 Incorporated as Lucky Fiber
Glass Co., Ltd. 12/23/1992 Registered as a Foreign Direct
Investment Corporation(K0003136) 03/03/1993 Changed company name to Lucky Owens Corning Co., Ltd. 01/25/1995 Changed company name to LG Owens Corning Co., Ltd. 03/10/1999 Changed company name to the present name |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Song Sang-Ho |
Male |
Korean |
03/28/2015 |
|
Director |
Mr. |
Alan Ray Foster |
Male |
USA |
03/27/2015 |
|
Director |
Mr. |
Paul Wei |
Male |
USA |
12/10/2013 |
|
Auditor |
Mr. |
You Ji-Young |
Male |
Korean |
03/18/2011 |
|
Auditor |
Mr. |
Jian Yong Lur |
Male |
Chinese |
03/28/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
117,342,306,741 |
114,269,606,426 |
2,759,546,366 |
|
|
2013 |
120,991,173,544 |
109,075,118,152 |
852,770,380 |
|
2012 |
125,129,800,713 |
109,818,358,738 |
4,525,759,877 |
|
2011 |
115,825,106,655 |
107,888,400,705 |
6,718,237,597 |
|
2010 |
110,450,578,197 |
105,099,284,622 |
5,239,212,333 |
|
2009 |
97,332,795,858 |
96,390,551,505 |
-4,059,202,761 |
|
2008 |
103,309,467,449 |
104,161,557,334 |
10,798,798,822 |
|
2007 |
83,765,551,643 |
96,161,008,508 |
-7,345,985,728 |
|
2006 |
89,202,013,106 |
93,632,634,253 |
1,933,377,274 |
|
2005 |
89,829,741,159 |
96,450,150,790 |
4,586,970,123 |
|
Authorized Capital(KRW) |
88,900,000,000 |
|
Paid-Up Capital(KRW) |
69,430,000,000 |
|
Total Issues Shares |
6,943,000(Common : 5,553,000 / Preferable : 1,390,000) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
114,269,606,426 |
109,075,118,152 |
109,818,358,738 |
|
Current Assets |
49,654,240,787 |
41,670,531,331 |
61,346,693,565 |
|
-Quick Assets |
25,447,754,393 |
26,027,138,401 |
46,458,849,129 |
|
-Inventories |
24,206,486,394 |
15,643,392,930 |
14,887,844,436 |
|
Fixed Assets |
64,615,365,639 |
67,404,586,821 |
48,471,665,173 |
|
-Investment |
133,351,200 |
138,947,190 |
132,396,273 |
|
-Tangibles |
59,462,180,725 |
61,413,006,462 |
42,032,770,852 |
|
-Intangibles |
2,826,536,117 |
3,466,506,557 |
4,106,476,997 |
|
-Others |
2,193,297,597 |
2,386,126,612 |
2,200,021,051 |
|
Total Liabilities |
33,078,241,727 |
30,643,299,819 |
26,966,583,512 |
|
Current Liabilities |
30,330,074,071 |
27,680,211,972 |
23,818,794,433 |
|
Fixed Liabilities |
2,748,167,656 |
2,963,087,847 |
3,147,789,079 |
|
Capital Stock |
69,430,000,000 |
69,430,000,000 |
69,430,000,000 |
|
Capital Surplus |
3,873,649,999 |
3,873,649,999 |
3,873,649,999 |
|
Profit Surplus |
7,887,714,700 |
5,128,168,334 |
9,548,125,227 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
81,191,364,699 |
78,431,818,333 |
82,851,775,226 |
|
Liab. & Shareholder’s Equity |
114,269,606,426 |
109,075,118,152 |
109,818,358,738 |
|
Current
Liabilities |
30,330,074,071 |
27,680,211,972 |
23,818,794,433 |
|
Short-Term
Borrowings |
1,000,000,000 |
- |
|
|
Trade Payables |
14,599,873,319 |
10,968,342,591 |
11,998,033,594 |
|
Account Payables |
8,718,474,687 |
12,176,413,393 |
6,553,056,573 |
|
Accrued Expenses |
4,437,147,485 |
3,951,963,680 |
3,783,804,860 |
|
Advance Receipts |
4,192,232 |
3,240,851 |
12,744,454 |
|
Withholdings |
496,107,496 |
402,748,189 |
308,382,670 |
|
Current Portion of Finance Lease Debts |
193,478,563 |
177,503,268 |
162,847,035 |
|
Accrued Income Tax |
880,800,289 |
- |
999,925,247 |
|
Fixed
Liabilities |
2,748,167,656 |
2,963,087,847 |
3,147,789,079 |
|
Provision for Severance & Retirement |
2,140,015 |
23,581,642 |
30,779,605 |
|
Finance Lease Debts |
2,746,027,641 |
2,939,506,205 |
3,117,009,474 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
117,342,306,741 |
120,991,173,544 |
125,129,800,713 |
|
Cost of Sold Goods |
106,261,483,927 |
112,514,184,579 |
111,295,951,833 |
|
Gross Profit |
11,080,822,814 |
8,476,988,965 |
13,833,848,880 |
|
Selling & Admin. Expenses |
7,300,976,624 |
6,958,372,546 |
7,899,993,230 |
|
Operating Income |
3,779,846,190 |
1,518,616,419 |
5,933,855,650 |
|
Non-Operating Income |
1,523,658,522 |
2,344,063,393 |
2,139,086,856 |
|
Non-Operating Expenses |
1,779,356,374 |
2,775,440,700 |
2,268,428,191 |
|
Income Before Taxes |
3,524,148,338 |
1,087,239,112 |
5,804,514,315 |
|
Income Taxes Expenses |
764,601,972 |
234,468,732 |
1,278,754,438 |
|
Net Income |
2,759,546,366 |
852,770,380 |
4,525,759,877 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
8,226,030,038 |
4,204,787,526 |
10,250,825,420 |
|
-Net Income |
2,759,546,366 |
852,770,380 |
4,525,759,877 |
|
-Exp. without Cash Outflow |
9,383,560,306 |
7,142,744,271 |
6,380,606,909 |
|
-Revenue without Cash Inflows |
-135,598,076 |
-248,714,576 |
-103,938,541 |
|
-Changes in Asset/ & Liability |
-3,781,478,558 |
-3,542,012,549 |
-551,602,825 |
|
Cash Flows from Investing |
-9,137,728,085 |
-3,434,234,042 |
-16,164,672,853 |
|
-Cash Inflow from Investing |
660,590,350 |
15,216,769,442 |
72,130,479 |
|
-Cash Outflows for Investing |
-9,798,318,435 |
-18,651,003,484 |
-16,236,803,332 |
|
Cash Flows from Financing |
822,496,731 |
-5,435,574,309 |
-6,513,037,313 |
|
-Cash Inflows from Financing |
79,700,000,000 |
18,000,000,000 |
- |
|
-Cash Outflows from Financing |
-78,877,503,269 |
-23,435,574,309 |
-6,513,037,313 |
|
Increase/Decrease in Cash |
89,201,316 |
4,665,020,825 |
12,426,884,746 |
|
Cash at the Beginning of Year |
2,233,646,991 |
6,898,667,816 |
19,325,552,562 |
|
Cash at the End of Year |
2,144,445,675 |
2,233,646,991 |
6,898,667,816 |
|
Main Products & Services |
Fiber Glass, Chopped Strand, Multi End Roving, Single End Roving,
Wet-use Chopped Strand Mat, Wonen Roving, Roving Cloth |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
KOREA INDUSTRIAL GASES LTD.(124311-0002719) OWENS CORNING TOLEDO (USA) |
|
Customers |
LG CHEM LTD.(110111-2207995) LG HAUSYS,LTD.(110111-4071207) |
|
Competitors |
HANKUK FIBER GLASS CO., LTD. 181-1, YONGJI-RI, BUBUK-MYEON, MIRYANG-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-355-0081 FAX:+82-55-353-4924 KPI CO., LTD. 197-3, GAYA 2-DONG, BUSANJIN-GU, BUSAN,
KOREA TEL:+82-51-898-3746 FAX:+82-51-898-3749 SK CHEMICALS CO., LTD. 600, JEONGJA 1-DONG, JANGAN-GU, SUWON-SI,
GYEONGGI-DO, KOREA TEL:+82-31-245-3131 FAX:+82-31-247-2004 |
|
Affiliates |
OWENS CORNING TOLEDO (USA) OWENS CORNING AUSTRALIA PTY LIMITED OC NL INVEST COOPERATIEF U.A. LG CHEM LTD.(110111-2207995) LG HAUSYS,LTD.(110111-4071207) LG CHEM. (TIANJIN) ENGINEERING LG CHEMICAL CHINA |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
OWENS CORNING TOLEDO(USA) OWENS CORNING KOHOLD B.V. |
|
Major Shareholders |
OWENS CORNING KOHOLD B.V. |
|
Cooperative Enterprise |
-Exclusive Domestic Production & Sales
Rights OC NL INVEST COOPERATIEF U.A. -Insured Company LIG INSURANCE CO., LTD(110111-0017859) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
SALES BY REGION (ACTIVITY & MARKETS)
The Subject deals
with the companies in Australia, Japan, USA and Europe.
COURT ACTION
No.
NEWS CLIPPING
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.