MIRA
INFORM REPORT
|
Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KPI CO., LTD. |
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Registered Office : |
197-3, Gaya 2-dong, Busanjin-gu, Busan,
614-802, |
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Country : |
Korea |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
07.03.1970 |
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Com. Reg. No.: |
606-81-12069 |
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Legal Form : |
Company
Limited by Shares |
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Line of Business : |
Manufacture of Glass Fibers and Optical Glass |
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 |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
Basic
|
Company
Name |
KPI CO., LTD. |
|
Registered Address |
197-3, Gaya 2-dong, Busanjin-gu, Busan,
Korea |
|
Zip Code |
614-802 |
|
Tel |
+82-51-301-0144 |
|
Fax |
+82-51-301-3263 |
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E-mail |
jjmin@kangnamind.co.kr;dgkim@kangnamind.co.kr |
|
Website |
www.ekpi.co.kr |
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Trading Address / Seoul Office |
7th Fl., Gangnam Bldg., 1355-21,
Seocho-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-3473-5011~4 +82-2-3472-5730~5 |
|
Fax |
+82-2-581-0082 +82-2-3472-5736 |
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Other Address-Changwon Factory |
288, Bongsan-ri, Dong-eup, Changwon-si,
Gyeongsangnam-do, Korea |
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Tel |
+82-51-291-3181~3 |
|
Fax |
+82-55-291-3380 |
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Other Address-Jeonju Factory |
325-1, Palbokdong 1-ga, Deokjin-gu, Jeonju-si,
Jeollabuk-do, Korea |
|
Tel |
+82-63-210-4114 |
|
Fax |
+82-63-211-8881 |
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Other Address-Sihwa Factory |
5Ba-508, Sihwa Industrial Complex, 684-9, Seonggok-dong, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-499-2181~4 |
|
Fax |
+82-31-499-2187 |
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Type |
Export/Import |
|
Industry |
Manufacture of Glass Fibers and Optical Glass |
|
Main Business |
Glass Fibers, Stationery |
|
Sub Business |
Manufacture of Office and Artists' Materials |
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Established (mm/dd/yyyy) |
07/03/1970 |
The Subject owns the premises of Jeonju
Factory (26,562㎡) and Changwon Factory (19,051㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ball point pens(44121704) |
|
Sell |
Markers(44121708) |
|
Sell |
Felt pen(44121711) |
|
Sell |
Colored pencils(44121707) |
|
Sell |
Erasers(44121804) |
|
Sell |
Mechanical pencils(44121705) |
CEO’s
|
Name |
Hwang Seung-Kuk |
|
Address |
73-69, Dongbaik-dong, Giheung-gu,
Ypongin-si, Gyunggi-do, Korea |
|
Date of Birth |
01/15/1957 |
|
Title |
Preisdent & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
|
3,000,000,000 KRW |
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|
Employees |
207 |
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Formation |
Co., Ltd by shares A Company of
KUNSUL
CHEMICAL INDUSTRIAL CO., LTD |
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Bank Details |
Busan Bank-Bujeon Dong Branch Industrial Bank of Korea-Jeonbuk Bank Hana Bank-Gangnam Station Branch |
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Corporate Registered No. |
180111-0044535 |
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Business Registered No. |
606-81-12069 |
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Permit & Licenses |
10/27/1998 NT 11/24/1999 ISO 9002 08/20/2001 CE Int’l Trade No.: 761332 |
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Shareholder Position |
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Company History |
07/1970 Established as Kangnam Industrial
Co., Ltd. 06/1982 Acquired Kangnam Silup Co., Ltd. 04/1990 Acquired Composite Material
Business Division from KUNSUL CHEMICAL INDUSTRIAL CO., LTD 12/1994 Acquired Hyundai Ceramic Co., Ltd. 01/1995 Changed company name to Kangnam
Precision Co., Ltd. 05/1998 Closed ceramic tile factory 12/2002 Acquired Munhwa Inc. 04/10/2002 Moved to the present
address(HQ) from 588, Gaya 2-dong, Busanjin-gu, BUSAN, KOREA 01/2003 Changed company name to the
present name 02/2003 Established a factory in China -Munhwa Inc. Jan. 2003 Renamed to the present Name (KPI
CO., LTD. ) Nov. 2001 Elected Inno-Biz Small and
Medium Enterprises of Technical Innovation
Oct. 2001 Developed Excellent Art Pencil,
Nexpro 2b, 4b & 6b. Feb. 2000 Nominated as Technical
Competition Enterprise by Local Government.
Apr. 1998 Nominated as Potential Small
Enterprise for World Cup Event by Local Government. Nov. 1995 Awarded Exportation of 5millions
US Dollars Per Year. Oct. 1991 Completed & Opened Munhwa
Co., Ltd Factory in Beijing, China. Nov. 1974 Opened Ball Point Pen Factory
& Started to Produce. May. 1949 Began to Produce
Pencil.(Established Munhwa Pencil Co., Ltd Brand Named Carmel) |
The Subject Company has been newly started in
the end of 2002 from Kangnam Industrial Co., Ltd and Munhwa Inc. Since 1970,
The Subject has produced a variety of materials like glass fiber cloth, carbon
textile, SMC & BMC, etc. And the subject has
acquired Munhwa Inc. which has produced pencils and various kinds of writing
instruments since 1949.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Hwang Seung-Kuk |
Male |
Korean |
03/25/1999 |
|
Director |
Mr. |
Hwang Sung-Ho |
Male |
Korean |
03/25/1999 |
|
Director |
Mr. |
Ahn Young-Ho |
Male |
Korean |
03/19/2001 |
|
Director |
Mr. |
Nam Jae-Hyun |
Male |
Korean |
03/19/2001 |
|
Director |
Mr. |
Kim Kei-Sung |
Male |
Korean |
03/19/2001 |
|
Director |
Mr. |
Choi Nam-Tae |
Male |
Korean |
12/26/2002 |
|
Director |
Mr. |
Lee Sang-Gun |
Male |
Korean |
12/26/2002 |
|
Director |
Mr. |
Jeong Kyung-Seok |
Male |
Korean |
12/26/2005 |
|
Auditor |
Mr. |
Seo Dae-Won |
Male |
Korean |
12/26/2002 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2007 |
69,109,377,603 |
47,970,442,066 |
2,489,811,189 |
|
2006 |
60,067,268,423 |
46,071,539,680 |
1,811,867,464 |
|
59,655,413,472 |
44,602,628,423 |
1,746,857,253 |
|
|
2004 |
68,784,856,355 |
46,792,942,483 |
2,276,094,703 |
Financial Description
Unit: KRW
|
Authorized
Capital |
7,500,000,000 |
|
Paid-Up
Capital |
3,000,000,000 |
|
Total Issues Shares |
600,000 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
47,970,442,066 |
46,071,539,680 |
44,602,628,423 |
|
Current Assets |
22,770,063,625 |
21,321,910,176 |
19,867,211,394 |
|
-Quick Assets |
14,003,979,769 |
11,163,224,699 |
11,161,037,062 |
|
-Inventories |
8,766,083,856 |
10,158,685,477 |
8,706,174,332 |
|
Fixed Assets |
25,200,378,441 |
24,749,629,504 |
24,735,417,029 |
|
-Investment |
4,005,688,391 |
3,267,501,751 |
3,693,043,051 |
|
-Tangibles |
18,891,102,635 |
19,016,883,039 |
18,925,466,169 |
|
-Intangibles |
1,864,679,415 |
1,990,703,714 |
2,116,907,809 |
|
-Others |
438,908,000 |
474,541,000 |
|
|
Total Liabilities |
25,989,645,494 |
26,580,544,297 |
26,926,943,204 |
|
Current Liabilities |
24,455,068,550 |
24,981,786,123 |
25,591,136,222 |
|
Fixed Liabilities |
1,534,576,944 |
1,598,758,174 |
1,335,806,982 |
|
Capital Stock |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Capital Surplus |
3,116,655,434 |
3,116,655,434 |
3,116,655,434 |
|
Profit Surplus |
15,834,790,518 |
13,344,979,329 |
11,533,111,865 |
|
Capital Adjustment |
29,350,620 |
29,360,620 |
25,917,920 |
|
Total Equity |
21,980,796,572 |
19,490,995,383 |
17,675,685,219 |
|
Liab. &
Shareholder’s Equity |
47,970,442,066 |
46,071,539,680 |
44,602,628,423 |
|
Current
Liabilities |
24,455,068,550 |
24,981,786,123 |
25,591,136,222 |
|
Trade Payables |
7,784,021,380 |
7,153,968,693 |
6,371,922,744 |
|
Short-Term Borrowings |
14,789,634,483 |
16,019,578,586 |
17,690,578,014 |
|
Account Payables |
543,023,603 |
701,024,193 |
495,507,236 |
|
Advance Receipts |
71,297,294 |
266,851,583 |
118,489,599 |
|
Withholdings |
48,060,236 |
43,392,636 |
50,469,156 |
|
Accrued Expenses |
466,927,518 |
359,014,658 |
369,679,252 |
|
Current Portion of Long-Term Debts |
49,200,000 |
87,000,000 |
117,600,000 |
|
Accrued Income Tax |
628,604,036 |
291,655,774 |
307,590,221 |
|
Guarantee Deposit Withhold |
74,300,000 |
59,300,000 |
69,300,000 |
|
Fixed
Liabilities |
1,534,576,944 |
1,598,758,174 |
1,335,806,982 |
|
Long-Term Borrowings |
202,800,000 |
132,000,000 |
219,000,000 |
|
Provision for Severance & Retirement |
3,154,731,194 |
3,144,713,318 |
3,021,167,007 |
|
Leasehold Deposit Received |
250,000,000 |
280,000,000 |
260,000,000 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
69,109,377,603 |
60,067,268,423 |
59,655,413,472 |
|
Cost of Sold Goods |
58,281,434,397 |
50,373,430,811 |
49,922,318,088 |
|
Gross Profit |
10,827,943,206 |
9,693,837,612 |
9,733,095,384 |
|
Selling & Admin. Expenses |
6,676,362,444 |
6,526,526,155 |
6,301,468,237 |
|
Operating Income |
4,151,580,762 |
3,167,311,457 |
3,431,627,147 |
|
Non-Operating Income |
561,744,398 |
688,490,379 |
592,572,947 |
|
Non-Operating expenses |
1,388,660,348 |
1,578,703,716 |
1,900,240,803 |
|
Ordinary Income |
3,324,664,812 |
2,277,098,120 |
2,123,959,291 |
|
Special Income |
|
|
|
|
Income Before Taxes |
3,324,664,812 |
2,277,098,120 |
2,123,959,291 |
|
Income Taxes Expenses |
834,853,623 |
465,230,656 |
377,102,038 |
|
Net Income |
2,489,811,189 |
1,811,867,464 |
1,746,857,253 |
Cash
Flows
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
2,464,331,012 |
1,748,820,722 |
6,277,737,205 |
|
-Net Income |
2,489,811,189 |
1,811,867,464 |
1,746,857,253 |
|
-Exp. without Cash Outflow |
2,200,480,045 |
2,047,733,304 |
2,406,480,235 |
|
-Revenue
without Cash Inflows |
(-)61,585,744 |
(-)181,146,521 |
(-)59,122,095 |
|
-Changes in
Asset/ & Liability |
(-)2,164,374,478 |
(-)1,929,633,525 |
2,183,521,812 |
|
Cash Flows
from Investing |
(-)1,121,408,252 |
(-)709,082,498 |
(-)1,071,757,514 |
|
-Cash Inflow
from Investing |
433,504,487 |
1,473,180,488 |
895,526,289 |
|
-Cash
Outflows for Investing |
(-)1,554,912,739 |
(-)2,182,262,986 |
(-)1,967,283,803 |
|
Cash Flows
from Financing |
(-)1,208,402,052 |
(-)1,779,081,488 |
(-)4,410,711,825 |
|
-Cash
Inflows from Financing |
36,634,459,041 |
43,382,691,906 |
50,772,752,305 |
|
-Cash Outflows
from Financing |
(-)37,842,861,093 |
(-)45,161,773,394 |
(-)55,183,464,130 |
|
Increase/Decrease
in Cash |
134,520,708 |
(-)739,343,264 |
795,267,866 |
|
Cash at the
Beginning of Year |
1,884,712,951 |
2,624,056,215 |
1,828,788,349 |
|
Cash at the End of Year |
2,019,233,659 |
1,884,712,951 |
2,624,056,215 |
Products, Technologies, Services
Description
|
Main
Products & Services |
The Subject manufactures SILICA Fabric, SMC(Sheet
Molding Compound) and BMC(Bulk Molding Compound). The Subject is the importer and distributor
of Du Pont, Dow Chemicals, Engerhard, Basf, Omya and Bor. The Subject also produces the hi-tech
composite materials made by Glass Fibers, Carbon fabrics, Silica Fabrics,
Aramid Fiber, PE Fiber, and Fiber bag. The Subject produces the staionery
including ball point pens, gel ink pens, roller ball pens, markers and
mechanical pencils. |
Trade
Partners
|
Suppliers |
DU PONT-USA DOW CHEMICALS-USA ENGERHARD-USA BASF,-GERMANY OMYA-SWEDEN BOR.-RUSSIA |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
KUNSUL CHEMICAL INDUSTRIAL
CO.,LTD(180111-0003391) KANG NAM CORPORATION(180111-0054667) KANG NAM CHEMICAL CO., LTD(110111-0101264) KANG NAM GUNYOUNG CO., LTD.(110111-0328412) KDK AUTOMATIC COATINGS CO.,
LTD(110111-0601701) BOKWANG CO., LTD.(170111-0062604) CHUNGSAN BIOTECH CO., LTD. KANGNAM I-TECH |
|
Subsidiary |
KUN SHAN KPI CO., LTD (100.0% held by the subject company) ASIA KANGNAM CO., LTD (48.6% held by the subject company) |
|
Cooperative Enterprise |
SSAMJI-KOREA (USAGE ON CHARACTERS-DDALGI) SANTRO GRAPHICS LTD. (USAGE ON
CHARACTERS-BANG ON THE DOOR) |
Sales by
Region (Activity & Markets)
|
Sales/ Unit : KRW |
2007 |
2006 |
2005 |
|
Export |
18,319,180,196 |
16,022,547,580 |
16,022,547,580 |
|
Domestic |
48,979,787,049 |
41,621,028,554 |
41,621,028,554 |
|
Total |
1,810,410,358 |
60,067,268,423 |
60,067,268,423 |
The Subject imports from USA, Germany, Sweden and Russia.
Court
Action
No.
News
Clipping
--
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)