MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CHO
KWANG PAINT LTD. |
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Registered Office : |
379-1,
Samnak-dong, Sasang-gu, Busan, Korea |
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Country : |
Korea |
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Financials (as on) : |
31.09.2006 |
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Date of Incorporation : |
16.01.1967 |
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Legal Form : |
Listed Company ( KSE : 004910) |
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Line of Business : |
Manufacture
of General Paints and Similar Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
Information
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Company Name |
Cho Kwang Paint
Ltd. |
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Address |
379-1, Samnak-dong,
Sasang-gu, BUSAN, KOREA |
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Zip Code |
617-826 |
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Tel |
+82-51-304-7701 |
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Fax |
+82-51-304-7744 |
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E-mail |
webmaster@ckpc.co.kr |
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Website |
www.ckpc.co.kr |
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Seoul Sales
Office |
212-35, Ichon
2-dong, Yongsan-gu, SEOUL, KOREA |
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Tel |
+82-2-707-1890 |
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Fax |
+82-2-715-5579 |
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Daegu Sales
Office |
1096,
Nowondong 3-ga, Buk-gu, DAEGU, KOREA |
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Tel |
+82-53-356-5125 |
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Fax |
+82-53-356-5124 |
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Daejeon Sales
Office |
329-1,
Sangseo-dong, Daedeok-gu, DAEJEON, KOREA |
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Tel |
+82-42-933-0264 |
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Fax |
+82-42-933-0269 |
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Eumseong Factory |
36,
Daepung-ri, Daeso-myeon, Eumseong-gun, CHUNGCHEONGBUK-DO, KOREA |
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Tel |
+82-43-530-1500 |
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Incheon Sales
Office |
5th
Fl., Chongkundang Bldg., 441, Sipjeong 2-dong, Bupyeong-gu, INCHEON, KOREA |
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Tel |
+82-32-421-2040 |
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Fax |
+82-32-421-2045 |
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Type |
Export/Import |
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Industry |
Manufacture
of General Paints and Similar Products |
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Main Business |
Architecture
Paint, Wood Paint, Powder Coating Paint, PVDF, Automotive Paint, UV Paint,
Vanish, Resin |
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Established |
01/16/1967 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
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Sell |
Pigment
paints(31211503) |
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Sell |
Paints
and primers(31211500) |
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Buy |
Paint
or varnish thinners(31211803) |
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Buy |
Epoxy(13111001) |
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Buy |
Organic
derivatives and substituted compounds(12352100) |
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Buy |
Styrene Monomer |
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Buy |
P.G |
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Buy |
T.D.I |
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Buy |
Toluene |
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Buy |
Xylene |
Others
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Name |
Lee
Dae-Eun |
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Address |
- |
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Date of
Birth |
07/14/1950 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital |
6,400,000,000 KRW |
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Employees |
360 |
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Formation |
listed Company ( KSE : 004910) |
Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Remarks |
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Chairman |
Mr. |
Yang Sung-Min |
Korean |
1944.07.30 |
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President & CEO |
Mr. |
Lee Dae-Eun |
Korean |
1950.07.14 |
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Director |
Mr. |
Yang Sung-Ho |
Korean |
1946.10.14 |
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Director |
Mr. |
Kim Ha-Ok |
Korean |
1948.09.15 |
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Outside Director |
Mr. |
Hwang Jin-Ho |
Korean |
1935.02.11 |
Seoul
National University |
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Outside Director |
Mr. |
Jo Im-Jae |
Korean |
1954.01.23 |
Prof.
of Dong Ah University |
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Auditor |
Mr. |
Jang Eung-Chan |
Korean |
1933.03.31 |
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Auditor |
Mr. |
Kim Young-Kil |
Korean |
1940.01.10 |
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Financials
Unit: KRW
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Year |
Sales |
Assets |
Net income |
|
2005 |
110,847,507,702 |
93,625,405,133 |
8,621,690,323 |
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2004 |
102,316,883,436 |
89,374,633,176 |
(-)311,094,936 |
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2003 |
91,156,382,608 |
87,181,148,124 |
2,865,326,052 |
Financial
Description
Unit: KRW
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Authorized
Capital |
15,000,000,000 |
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Paid-Up
Capital |
6,400,000,000 |
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Total Issues Shares |
12,800,000 |
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Balance
Sheet Unit : Million Korean Won |
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As of
09/31/2006 |
As of
12/31/2005 |
As of
12/31/2004 |
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Total Assets |
99,245 |
93,625 |
89,375 |
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Current Assets |
46,744 |
41,862 |
38,886 |
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-Quick
Assets |
29,800 |
26,455 |
22,479 |
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-Inventories |
16,944 |
15,407 |
16,407 |
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Fixed
Assets |
52,501 |
51,763 |
50,489 |
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-Investment |
17,487 |
16,367 |
15,476 |
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-Tangibles |
34,815 |
35,104 |
34,530 |
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-Intangibles |
199 |
292 |
483 |
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Total Liabilities |
47,531 |
45,168 |
48,500 |
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Current Liabilities |
42,349 |
41,055 |
45,229 |
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Fixed Liabilities |
5,182 |
4,113 |
3,271 |
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Capital Stock |
6,400 |
6,400 |
6,400 |
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Capital Surplus |
13,021 |
13,021 |
13,021 |
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Profit Surplus |
40,682 |
37,502 |
29,931 |
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Capital Adjustment |
-8,389 |
-8,466 |
-8,477 |
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Total Equity |
51,714 |
48,457 |
40,875 |
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Liab. & Shareholder’s Equity |
99,245 |
93,625 |
89,375 |
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Income Statement Unit : Million Korean Won |
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As of
09/31/2006 |
As of
12/31/2005 |
As of
12/31/2004 |
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Sales |
87,109 |
110,847 |
102,317 |
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Cost of Sold Goods |
69,487 |
88,555 |
86,377 |
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Gross Profit |
17,622 |
22,292 |
15,940 |
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Selling
& Admin. Expenses |
11,125 |
14,187 |
13,018 |
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Operating Income |
6,497 |
8,105 |
2,922 |
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Non-Operating Income |
1,968 |
5,434 |
1,408 |
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Non-Operating expenses |
2,069 |
2,997 |
5,521 |
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Ordinary Income |
6,396 |
10,542 |
-1,189 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
6,396 |
10,542 |
-1,189 |
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Income Taxes Expenses |
1,641 |
1,920 |
-878 |
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Net Income |
4,755 |
8,622 |
-311 |
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Bank Details |
Woori Bank Busan Branch |
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Corporate
Registered No. |
180111-0007088 |
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Business
Registered No. |
606-81-00205 |
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Permit &
Licenses |
05/1992 KS Mark 02/1973 Ks Mark 04/1976 KS Mark 09/29/1998 KS Mark 03/2002 IECQ 08/19/2004 KS Mark 04/01/2005 KS Mark 06/15/2005 ISO 9001 06/15/2005 ISO 14001 Int’l Trade No.: 302564 |
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Shareholder
Position |
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Company
History |
Mar. 1947 Founded Chokwang Paint Company Jan. 1967 Changed to an incorporated
company and established as Chokwang Co., Inc. Dec. 1976 Went public with Initial Public
Offering (IPO) Jan. 1981 Contracted technical cooperation
with DeSoto Inc. in U.S.A. for manufacturing metal plates and coil coatings Mar. 1982 Contracted technical cooperation
with A/S Jotun Grouppen Co. in Norway for manufacturing marine and heavy-duty
protective coatings Oct. 1983 Contracted technical cooperation
with Libert Freres Co. in Belgium for manufacturing powder coatings June. 1984 Contracted technical
cooperation with Silvam Co. in Italy for manufacturing wood coatings Mar. 1985 Completed construction of the
second plant at Yangsan (for both marine and powder coatings) Feb. 1988 Exported manufacturing
technology of marine and coil coatings to P.T. Safe Guard Nusantara Co. in
Indonesia for marine and coil coatings Feb. 1990 Contracted technical cooperation
with Circa Co. in Italy for manufacturing wood coatings Feb. 1992 Established a subsidiary
company, Chokwang-Jotun Inc., with Jotun Co. in Norway Sep. 1994 Contracted technical cooperation
with Glasurit of Basf Group in Germany for manufacturing automobile refinish
coatings Apr. 1996 Completed construction of the
third plant in Eumseong, Chungbuk Province (for both wood and powder
coatings) Nov. 1996 Contracted technical cooperation
with Candis Co. in Italy for manufacturing multi-color texture coat Mar. 1997 Marked the 50th anniversary of
Chokwang Co. Sep. 1998 Acquired KS (Korean Industrial
Standard) Marks for Eumseong Plant from the Korean Government Nov. 1999 Acquired ISO 9001 Certificate
for Busan Plant from IQNet July. 2000 Recognized as a top-50 company
with competitive product quality by the Ministry of Commerce, Industry and Energy.
Aug. 2000 Opened an office in Beijing,
China Jan. 2001 Acquired Type Approval of
Welding Shop Primer from the Korean Register of Shipping (KR) Mar. 2001 Acquired ISO 9001 Certificate
for Eumseong Plant from IQNet Jan. 2002 Acquired “utummi” for
water-based paints from KSA (Korean Standard Association) Mar. 2002 Acquired ISO 14001 Certificate Oct. 2002 Contracted technical cooperation
with Sirca Co. in Italy for manufacturing wood coatings and unsaturated
polyester resin Feb. 2003 Acquired Type Approval of
Anti-acid Paint from the Korean Register of Shipping (KR) Mar. 2003 Obtains the fire protection
coating(paint) the form authentication by the South Korea Fire Equipment
Inspection Corporation. June. 2003 Obtained Eco Label from Korea
Environmental Labelling Association. Oct. 10 Selected a special company of part
& material from the Ministry of Commerce, Industry and Energy. Apr. 2004 Unsaturated Polyester Resin
obtained FDA certification from Food Drug Administration(FDA) May. 2004 Interni interior(zero VOC)
obtained HB(Healthy Building) mark of excellent grade from Korea Air cleaning
Researching Association. June. 2004 U.V paints and Power paints
obtained Eco label from Korea Environmental Labelling Association. June. 2004 Tied up technical cooperation
with FUJIKURA KASEI in Japan from Plastic paints. June. 2004 Selected quality management
excellent award from Busan metropolitan city. |
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Products, Technologies, Services
Description
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Main Products & Services |
Petrochemical raw materials Inorganic chemical & fertilizer Architectural Paints Interior paints Floor Coat & Water Floor Paints Wood Coating paints Industrial Coating Paints Plastic Coating & Auto-Refinish Coatings Powder Coatings Heavy Duty Coatings DIY Paints |
Trade
Partners
|
Suppliers |
Daelim Corporation GS Caltex Aekyung Petrochemical Daehung CS Kukdo Chemical Jinyang Corporation Glasuit |
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Competitors |
KCC DPI Samhwa Paint Industrial Kunsul Chemical Industrial |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
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Overseas
Office |
Beijing(China) Office 39f-5, no. 58, keelung road, sec. 2, taipei,
taiwan, r. o. c. TEL: +86-10-6468-4021 FAX +86-10-8451-4300 E-Mail: kongyp@ckpc.co.kr |
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Joint
Venture |
Chokwang
Jotun Ltd. (The subject and JOTUN A/S-Norway have invested with 50%:50%.) |
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Cooperative
Enterprise |
BASF LACKE + FARBEN AG (Germany) N.V OXYPLAST (Belgium) SIRCA S.P.A (ITALY) FUJIKURA KASEI(JAPAN) |
Sales by
Region (Activity &
Markets)
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Sales/ Unit :Mil KRW |
2005 |
2004 |
2003 |
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Export |
5,939 |
2,992 |
2,843 |
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Domestic |
104,908 |
99,325 |
88,313 |
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Total |
110,847 |
102,317 |
91,156 |
News
Clipping
CEOs
Increase Stock Holdings to Defend Management
KOREA
TIMES: 04-24-2003
By Cho
Hyung-kwon /Staff Reporter
Major
shareholders of conglomerates and medium-sized companies are rushing to
increase their stock holdings in an effort to stave off possible takeover bids.
Since
the SK Corp. incident, major shareholders have increased their stakes to defend
the management of their companies and are on high alert for hostile mergers and
acquisitions.
On
Wednesday, Hanwha Group chairman Kim Seung-yon bought 2.5 million shares, or
3.31 percent, of Hanwha Corp., increasing his stake to 16.29 percent from 12.95
percent.
Hanwha
Corp. is regarded as the flagship firm of the Hanwha Group. Hanwha Corp. has a
42.65 percent stake in Hanwha Chemical Corp., which owns Korea Life Insurance,
Hanwha Stores, Hanwha Securities and other subsidiaries.
``As was
well illustrated in the controversy between SK Corp. and Crest Securities,
there is a higher demand for improved corporate governance and transparency by
foreign investors,’’ an official from the group said. Major shareholders are
increasing their stakes to strengthen the managerial rights and defend their
companies from takeover bids.’’
The
recent share buybacks by large companies such as Samsung Electronics are also
regarded attempts to stabilize management.
``The
potential listing of Samsung Life Insurance, which is the largest local
shareholder of Samsung Electronics, could weaken the control of group chairman
Lee Kun-hee over the life insurer,’’ according to Media Equitables, an equity
information provider. ``This in turn could seriously affect the management of
Samsung Electronics.’’
``Instead
of giving out dividends to minority shareholders, Samsung Electronics has been
very active in share buyback programs, which strengthens the control of major
shareholders by reducing the number of outstanding shares,’’ it added.
This
trend is not limited to large corporations. HwaSung Industrial CEO Lee In-jung
bought 13,000 shares on Tuesday to increase his stake to 11.31 percent from
11.21 percent.
Shindaeyang
Paper president Kwon Hyuk-hong bought additional shares to enlarge his holdings
to 33.48 percent from 30.95 percent.
Other
firms such as SeRim Paper, Korea Tender and Chokwang Paint also saw increases
in holdings by major shareholders.
Market
analysts believed companies are likely to continue to buy back shares or
increase the stakes of major shareholders to defend and secure their management
from possible takeover bids.
Shares
Traded Below Par Rise
KOREA
TIMES: 2002/09/25
By Cho
Hyo-young /Staff Reporter
Many
stocks have been found to suffer more than 50-percent losses or have their
current prices skid below face value due to the recent instability in the Korea
Composite Stock Price Index (KOSPI).
The
Korea Stock Exchange (KSE) reported yesterday that a total of 144 stocks did
not reach par as of Sept. 24 when the key stock index slipped to the lowest
point of the year, while 37 shares trimmed more than 50- percent gains since
April 18, when the benchmark KOSPI hit the year’s high of 937.61.
During
then, Kabool plunged 69.2 percent to 1,915 won, while 11 other issues,
including Boohung, Daerim Fishery, Hynix Semiconductor, Anam Electronics, Korea
Exchange Bank Credit Card, Kodenshi Korea, Kemongsa Publishing, Chokwang Paint
and Lavora, posted an over 60 percent slide in stock prices.
Hyundai
Mipo Dockyard, Korea Line Corp., Doosan and Dongbu Insurance also saw their
shares dive by more than 50 percent.
The
number of shares traded below their face value reached 144 as of Sept. 24, when
the KOSPI sagged to a year-to-date low, up from 87 on April 18.
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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