MIRA
INFORM REPORT
|
Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KOREA KUMHO PETROCHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
16th Fl., Kumho Bldg, 57, Sinmunno 1-ga, Jongno-gu, Seoul, 110-713 |
|
|
|
|
Country : |
Korea |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
12.28.1970 |
|
|
|
|
Com. Reg. No.: |
102-81-31147 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Rubber |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
Basic
|
Company
Name |
KOREA KUMHO PETROCHEMICAL CO., LTD. |
|
Registered Address |
57, Sinmunno 1-ga, Jongno-gu, Seoul, Korea |
|
Building |
16th Fl., Kumho Bldg. |
|
Zip Code |
110-713 |
|
Tel |
+82-2-6303-3114 |
|
Fax |
+82-2-6303-3329 |
|
E-mail |
webmaster@kkpc.com;imskim@kkpc.com |
|
Website |
www.kkpc.com |
|
Trading Address |
16th Fl., Kumho Bldg., 57, Sinmunno 1-ga,
Jongno-gu, Seoul, Korea |
|
Tel |
+82-2-6303-3114 |
|
Fax |
+82-2-6303-3329 |
|
Other Address |
680, Sanggae-Dong, Nam-Gu, Ulsan, Korea |
|
Tel |
+82-52-259-6114 |
|
Fax |
+82-52-275-6547 |
|
Yeosu Factory (Synthetic Rubber) |
287-1, Pyeongyeo-dong, Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-688-3000 |
|
Fax |
+82-61-688-3166 |
|
Yeosu Factory (Rubber Chemicals) |
356, Hwachi-dong, Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-688-3920 |
|
Fax |
+82-61-685-5806 |
|
Ulsan Factory (Synthetic Resins) |
45-25, Seongnam-Dong, Nam-Gu, Ulsan, Korea |
|
Tel |
+82-52-279-8600 |
|
Fax |
+82-52-273-1148 |
|
Electronic Materials Division |
604, Namseong 1-ri, Sinchang-myeon, Asan-si, Chungcheongnam-do, Korea |
|
Tel |
+82-41-532-8657 |
|
Fax |
+82-41-532-8659 |
|
KKPC R&D Center |
57-1, Hwaam-Dong 1-Ga, Useong-Gu, Daejeon, Korea |
|
Tel |
+82-42-865-8600 |
|
Fax |
+82-42-862-5651 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Rubber |
|
Main
Business |
Latex, Polystyrene, Expanded Polystyrene Foam, Polyprophylene Glycol |
|
Sub Business |
Manufacture of Synthetic Resin and Other Plastic Materials |
|
Established (mm/dd/yyyy) |
12/28/1970 |
The Subject owns the
premises of Yeosu Factory (Synthetic Rubber), Yeosu Factory (Rubber Chemicals) and KKPC R&D Center.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Additives(12160000) |
|
Sell |
Styrene acrylonitrile resin(13111026) |
|
Sell |
Resins(13111000) |
|
Sell |
Polybutadiene BR(13101719) |
|
Sell |
Elastomers(13101700) |
|
Sell |
Styrene butadiene SBR(13101705) |
|
Sell |
Anti oxidants(12162200) |
|
Sell |
Acrylonitrile butadiene NBR(13101701) |
|
Sell |
Thermoplastic plastics(13102000) |
|
Sell |
Acrylonitrile butadiene styrene resin(13111004) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials |
|
Buy |
BD(Butadiene) |
|
Buy |
SM(Styrene Monomer) |
CEO’s
|
Name |
Park Chan-Koo |
|
Address |
- |
|
Date of Birth |
08/13/1945 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
142,239,665,000 KRW |
||||||||||||||||||||||||||||||
|
Employees |
1,000 |
||||||||||||||||||||||||||||||
|
Formation |
Listed Company (KOREA STOCK EXCHANGE :
011780 ) as of 01/22/1988 A company of Kumho Asiana Group |
||||||||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Jongro Branch |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0205975 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
102-81-31147 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
05/1994 ISO 9001 08/1995 ISO 14001 Int’l Trade No.: 852818 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
Dec
2005 Received the Korea Management Awards Nov.
2005 Received the Tower of US$1 Billion Export Award Aug.
2004 Overseas office opened in LA, U.S.A. Jun. 2004 Received the Environment
Management Award.(Ministry of Commerce, Industry and Energy.) Aug. 2003 Kumho Chemical Laboratory and
Yicheon Laboratory merged into Kumho Petrochemical R&D Center. Jun. 2003 Received the Environment
Management Award. Nov.
2002 Overseas office opened in Frankfurt, Germany. Oct.
2002 Overseas office opened in Guangzhou, China. Jan.
2002 Took over chemical business division of Kumho Development,
Inc. Jan.
2001 Merged with Kumho Chemicals, Inc. Oct. 2000 Shanghai Kumho Sunny Plastics
Co., Ltd. established. Aug.
2000 OHSAS 18001 certification acquired. Jun.
2000 Recognized among the top 50 companies with superior quality
competitiveness. Aug.
1999 Recognized among the top 50 companies with superior quality
competitiveness. Nov.
1998 Asan plant (Electronic materials division) launched. Jul.
1997 Overseas subsidiary established in LA, U.S.A. Jul.
1997 Combined heat & power plant in Yeosu built. Mar.
1997 Kumho Chemicals, Inc. enlisted as an affiliated company. Mar. 1997 Contact of introducing
Polycarbonate technology. Dec.
1996 Designated as an environmentally friendly company. Aug. 1995 ISO 14001 certification
acquired. Mar. 1995 Opended Kumho Life &
Environmental Science Laboratory in Gwangju. Oct.
1994 Plastic compounding technology introduced. Aug. 1994 Thermoplastic elastomer (SBS)
production started. May. 1994 ISO 9001 certification
acquired. Feb.
1994 Kumho Chemical Laboratories opened in Daedeok Technovalley. May.
1993 Overseas office in Jakarta, Indonesia opened. May. 1992 Established BD plant.(Ulsan
50,000MT) Aug.
1990 UC Plant in Yeosu launched. Mar. 1989 Kumho Mitsui Chemicals, Inc.
established. Dec.
1988 Multi-purpose BR plant launched.
Dec.
1987 Korea Kumho Petrochemical Co., Ltd. shares offered publicly. Nov.
1987 Kumho P&B Chemical, Inc. established. Nov. 1987 Kumho Monsanto, Inc.
established. Jun.
1985 Kumho Polychem Co., Ltd. established. Jun. 1985 Kumho Petrochemical Research
Center established. Jun.
1985 Korea Synthetic Rubber Industries Co., Ltd. and Korea Kumho
Chemicals, Inc. merged. Company name changed to Korea Kumho
Petrochemical Co., Ltd. Mar. 1984 SBR Latex plant launched. (Ulsan)
Dec. 1983 NBR production initiated. Aug. 1982 HSR production initiated. Mar. 1980 BR plant launched. (Yeosu
25,000MT) Oct. 1979 BD plant launched. (Yeosu
50,000MT) Jun.
1973 Sales started. Apr.
1973 SBR plant launched. (Ulsan 25,000MT) Dec. 1970 Korea Synthetic Rubber Industries
Co., Ltd. established. |
The Subject Company
is a Korea-based company engaged in the manufacturing of synthetic rubber and
resins. The Company provides three categorized products: synthetic rubber,
synthetic resins and rubber chemicals. Synthetic rubber products include
styrene butadiene rubber, thermoplastic elastomer, acryronitrile butadiene,
polybutadiene rubber and other products, which are used for the manufacturing
of tires, shoes, rubber hoses, belts and industrial rubber products. Synthetic
resin products include polystyrene, expandable polystyrene,
styrene-acrylonitrite and other products, which are used in toys, cosmetic
receptacles, cassettes, humidifiers, home appliances, disposable cups and other
products. Rubber chemicals encompass antioxidant products used for belt,
insulated cables and packaging products under the Kumanox trade name;
vulcanization accelerators used for industrial rubber, and other products. It
also provides electronic chemicals such as photoresist.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Group Chairman & CEO |
Mr. |
Park Sam-Koo |
Korean |
1948.03.19 |
Ohio University, USA |
|
Chairman & CEO |
Mr. |
Park Chan-Koo |
Korean |
1945.08.13 |
Yonsei University |
|
President & CEO |
Mr. |
Ki Ok |
Korean |
1949.07.20 |
Sungkyunkwan University |
|
Outside Director |
Mr. |
Kim Kwang-Doo |
Korean |
1947.08.05 |
Hawaii University |
|
Outside Director |
Mr. |
Lee Soo-Kil |
Korean |
1940.09.29 |
Seoul National University |
|
Outside Director |
Mr. |
Kim Young-Il |
Korean |
1945.01.25 |
Yonsei University |
|
Outside Director |
Mr. |
Min Seung-Ki |
Korean |
1948.04.28 |
Yonsei University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2,124,530,864,841 |
2,869,033,566,479 |
134,180,659,465 |
|
|
2006 |
1,753,034,692,190 |
2,614,577,899,995 |
87,712,455,632 |
|
2005 |
1,709,311,674,769 |
1,973,569,879,865 |
121,408,851,727 |
|
2004 |
1,507,747,920,038 |
1,626,702,597,163 |
134,469,476,517 |
|
2003 |
1,198,939,587,721 |
1,415,344,107,691 |
21,013,673,907 |
Financial Description
Unit: KRW
|
Authorized
Capital |
250,000,000,000 |
|
Paid-Up
Capital |
142,239,665,000 |
|
Total Issues Shares |
28,447,933 |
Balance
Sheet
|
Unit : Thousand Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
3,113,949,771 |
2,863,951,350 |
2,614,577,900 |
|
Current Assets |
657,996,046 |
489,062,354 |
461,754,105 |
|
-Quick Assets |
370,089,280 |
231,678,763 |
218,791,245 |
|
-Inventories |
287,906,766 |
257,383,591 |
242,962,860 |
|
Fixed Assets |
2,455,953,725 |
2,374,888,996 |
2,152,823,795 |
|
-Investment |
1,574,758,537 |
1,573,282,896 |
1,511,510,121 |
|
-Tangibles |
806,576,355 |
726,948,068 |
576,053,319 |
|
-Intangibles |
45,966,991 |
46,657,738 |
44,729,101 |
|
-Others |
28,651,842 |
28,000,294 |
20,531,254 |
|
Total Liabilities |
2,261,545,849 |
1,985,037,670 |
1,841,655,671 |
|
Current Liabilities |
824,966,701 |
712,860,740 |
795,094,500 |
|
Fixed Liabilities |
1,436,579,148 |
1,272,176,930 |
1,046,561,171 |
|
Capital Stock |
142,239,665 |
142,239,665 |
142,239,665 |
|
Capital Surplus |
292,122,391 |
291,995,280 |
303,449,200 |
|
Profit Surplus |
427,430,469 |
438,794,518 |
320,823,931 |
|
Capital Adjustment |
-9,388,603 |
5,884,217 |
6,409,433 |
|
Total Equity |
852,403,922 |
878,913,680 |
772,922,229 |
|
Liab. & Shareholder’s Equity |
3,113,949,771 |
2,863,951,350 |
2,614,577,900 |
|
Current Liabilities |
824,966,701 |
712,860,740 |
795,094,500 |
|
Trade Payables |
231,955,745 |
200,569,831 |
183,208,993 |
|
Short-Term Borrowings |
130,861,532 |
179,346,285 |
282,072,529 |
|
Account Payables |
147,575,886 |
107,492,304 |
84,251,781 |
|
Advance Receipts |
3,447,156 |
2,640,999 |
614,614 |
|
Withholdings |
2,880,632 |
2,543,182 |
2,721,029 |
|
Tax Withhold |
342,182 |
539,864 |
661,955 |
|
Accrued Expenses |
11,259,383 |
19,274,255 |
11,198,223 |
|
Accrued Income Tax |
30,530,330 |
35,269,453 |
20,037,764 |
|
Current Portion of Long-Term Account Payables |
954,522 |
901,368 |
1,341,310 |
|
Current Portion of Long-Term Debts |
245,281,930 |
164,092,380 |
208,869,868 |
|
Unearned Income |
100,061 |
103,608 |
117,844 |
|
Guarantee Deposit Withhold |
25,900 |
25,900 |
27,300 |
|
Accrued Dividends |
17,301,731 |
9,011 |
7,840 |
|
Derivatives |
2,658,497 |
138,153 |
4,034 |
|
Fixed Liabilities |
1,436,579,148 |
1,272,176,930 |
1,046,561,171 |
|
Debentures |
390,000,000 |
460,000,000 |
520,000,000 |
|
Debentures-Foreign Currency |
|
28,146,000 |
|
|
Exchangeable Debentures |
11,663,100 |
12,665,500 |
99,089,410 |
|
Long-Term Borrowings |
778,770,640 |
503,602,660 |
159,195,040 |
|
Long-Term Borrowings/Foreign Currency |
141,219,762 |
133,601,271 |
130,297,388 |
|
Provision for Severance & Retirement |
60,780,154 |
58,838,954 |
53,108,200 |
|
Long-Term Guarantee Deposit Withhold |
107,754 |
107,754 |
107,754 |
|
Long-Term Account Payables |
2,039,666 |
2,156,011 |
|
|
Derivatives |
13,382,623 |
23,115,545 |
18,290,229 |
|
Deferred Income Tax |
77,695,667 |
89,392,049 |
113,179,479 |
Income
Statement
|
Unit : Thousand Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
651,111,914 |
2,124,530,865 |
1,753,034,692 |
|
Cost of Sold Goods |
555,168,461 |
1,812,401,731 |
1,541,711,684 |
|
Gross Profit |
95,943,453 |
312,129,134 |
211,323,008 |
|
Selling & Admin. Expenses |
42,570,166 |
151,375,889 |
124,401,062 |
|
Operating Income |
53,373,287 |
160,753,245 |
86,921,946 |
|
Non-Operating Income |
42,894,629 |
155,903,554 |
130,489,745 |
|
Non-Operating expenses |
86,106,568 |
139,610,410 |
104,769,810 |
|
Ordinary Income |
10,161,348 |
177,046,389 |
112,641,881 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
10,161,348 |
177,046,389 |
112,641,881 |
|
Income Taxes Expenses |
2,662,497 |
42,865,730 |
32,949,910 |
|
Net Income |
7,498,851 |
134,180,659 |
79,691,971 |
Cash
Flows
|
Unit : Thousand Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from
Operating |
(-)32,367,382 |
168,913,095 |
67,982,317 |
|
-Net Income |
7,498,851 |
134,180,659 |
79,691,971 |
|
-Exp.
without Cash Outflow |
72,729,433 |
105,416,759 |
101,344,176 |
|
-Revenue
without Cash Inflows |
(-)35,158,952 |
(-)140,625,652 |
(-)107,340,186 |
|
-Changes in
Asset/ & Liability |
(-)77,436,714 |
69,941,329 |
(-)5,713,644 |
|
Cash Flows
from Investing |
(-)164,205,862 |
(-)309,036,429 |
(-)853,377,829 |
|
-Cash Inflow
from Investing |
504,911 |
69,880,715 |
104,137,212 |
|
-Cash Outflows
for Investing |
(-)164,710,773 |
(-)378,917,144 |
(-)957,515,041 |
|
Cash Flows
from Financing |
207,304,511 |
148,432,981 |
616,451,796 |
|
-Cash
Inflows from Financing |
1,085,360,100 |
2,726,799,224 |
3,121,703,897 |
|
-Cash Outflows
from Financing |
(-)878,055,589 |
(-)2,578,366,243 |
(-)2,505,252,101 |
|
Increase/Decrease
in Cash |
10,731,267 |
8,309,647 |
(-)168,943,716 |
|
Cash at the
Beginning of Year |
11,388,365 |
3,078,718 |
172,022,434 |
|
Cash at the End of Year |
22,119,632 |
11,388,365 |
3,078,718 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Synthetic Rubber BR, SBR, LBR, S-SBR, NBR, HSR, TPE, SBR
Latex, PAG Synthetic Plastics ABS, PS, EPS, SAN, PPG Rubber Chemicals Antiaxidant, Vulcanization Accelerator,
Others Electronic Chemicals Stripper, Photoregist, BARC, PAG Brand Name: KOSYN, KUMANOX, KUMAC, Barc |
|||||||||||||||||||||
|
Production
Capacity (Thousand
M/T) |
|
Trade
Partners
|
Customers |
Synthetic Rubber: Paper Manufacturer,
Carpet Manufacturers Synthetic Plastics: Electric/Electronics
Parts Manufacturers, Car Manufacturers, Construction Companies Rubber Chemicals: Tire Manufacturers,
Rubber/ Synthetic Rubber Parts Manufacturers Sales Channel Domestic : Factory → End-User
(Tire, Shoe Manufacturers) Export : Direct : Factory → Overseas
End-User (Master L/C) Local : Factory → Overseas
End-User (Local L/C) Conditions Domestic : Chas & Credit Export : Irrevocable L/C Base, T/T |
|
Competitors |
The subject is ranked as the 1st player in Synthetic
Rubber in terms of domestic market share. |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
Total 25 companies KUMHO POLYCHEM CO., LTD.(110111-0400533) KUMHO MITSUI CHEMICALS,
INS.(110111-0612980) KUMHO P&B CHEMICALS,
INC.(206211-0018313) KUMHO INDUSTRIAL CO., LTD(110111-0134877) KUMHO RENT-A-CAR. INC(110111-0513253) ASIANA LEISURE CO., LTD(110111-0773552) KUMHO RESORT CO., LTD(134511-0105856) ASIANA AIRLINE INC.(110111-0562804) KOREA INTEGRATED FREIGHT TERMINAL
CO.,LTD(110111-0853576) HONAM INTEGRATED FREIGHT TERMINAL
CO.,LTD(135111-0054050) JUNG-BU INTEGRATED FREIGHT TERMINAL
CO.,LTD.(110111-3284158) KUMHO TRADING CO., INC.(110111-2079641) SEOUL EXPRESS BUS TERMINAL KUMHO TERMINAL ASIANAIDT,INC.(110111-0801848) ASIANA ABACUS , INC.(110111-3010925) ASIANA AIRPORT DEVELOPMENT CO.,
LTD.(110111-1412496) INCHEON AIRPORT ENERGY CO.,
LTD.(110111-1415408) KUMHO PFV1 KUMHO PFV1 ASSETS MANAGEMENT CHUNGJUBORAMAE CO., LTD.(110111-3348524) KUMHO INVESTMENT BANK(200111-0000954) KUMHO LIFE INSURANCE CO.,
LTD.(200111-0014608) KUMHO TIRE CO., INC.(110111-2810590) |
|
Overseas Office |
Jakarta Office Shenzhen
Office Shanghai
Office LA Office |
Sales by
Region (Activity & Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
1,342,098 |
1,018,382 |
949,663 |
|
Domestic |
782,433 |
734,653 |
759,759 |
|
Total |
2,124,531 |
1,753,035 |
1,709,312 |
The Subject deals with the companies in USA,
Asia and Europe.
Synthetic Rubber :
The subject exports to South East Asia, USA, China, Middle East and Europe.
Synthetic Plastics
: The Subject exports to USA, China and Europe.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
02/15/2005 |
|
Plexis America LP |
The Subject and others(4) |
Infringement of patent |
U$20,000,000 |
Proceeding |
|
|
|
|
|
Domestically total 4 cases |
1,589 |
Proceeding |
News
Clipping
Kumho Petrochemical set to double earnings
Korea Herald :11/13/2007
Korea Kumho Petrochemical Co. will double its annual turnover to 4
trillion won ($4.4 billion) in five years by consistently expanding its facilities
and tapping new businesses, CEO Kee Ock said yesterday.
He said during his first press conference in Seoul that the company aims
to be first in the synthetic rubber and special chemicals markets by 2010.
Kee also showed keen interest in the field of electronic chemicals,
which he said will grow quickly with the soaring demand from emerging markets.
"Electronic chemicals account for only 0.3 percent of our
sales," the CEO said.
"But this is what I really want to do."
He stressed that Japanese firms nearly monopolize the local electronics
components market.
The 58 year-old executive also said that the company is set to advance
into the construction materials market soon.
Daewoo Engineering & Construction Co., the newly-acquired affiliate
of the Kumho Asiana Group, will help Kumho Petrochemical tap the market in the
coming years, Kee said.
This expansive strategy comes in the context of the rosy outlook for the
petrochemicals industry.
The sizzling Chinese and Indian economies have been guzzling plastics
and chemical products in recent years, driving up the profit margins of
petrochemicals.
Industry watchers estimated that the upbeat mood will continue for some
years to come.
Kumho Petrochemical predicted that its 2007 revenues and operating income
will hit record highs of 2.1 trillion won and 170 billion won, respectively, up
20 and 96 percent from a year earlier.
By Ko Kyoung-tae (kkt@heraldm.com)
Kumho Asiana Rises to 9th Largest Group, Beating Hanjin
MAEIL NEWSPAPER : 04/16/2007
Kumho Asiana Group became the 9th largest corporate group in Korea,
beating rival companies such as Doosan, Hanhwa and Hyundai Heavy Industries.
According to the Fair Trade Commission (FTC) and business circles on
Monday, which released corporate ranking in Korea in terms of assets as of the
end of 2006, Kumho Asiana Group increased its assets by 9.9 trillion won to
reach 22.9 trillion won through its acquisition of Daewoo Construction Co. last
year.
Kumho Asiana was ranked 13th with 13 trillion in assets in 2005, while
the group jumped four steps to the 9th, successively beating Doosan Group,
Hanwha Group and Hyundai Heavy Industries and Hanjin Group.
Hanjin recorded 22.2 trillion won in assets, up 1.5 trillion won from
the previous year, but sagged to the tenth amid Kumho Asiana's strides.
However, Hanjin is expected to retake its previous ninth place in the
ranking of conglomerates as it recently acquired 2.4 trillion won worth of
treasury stocks in S-Oil. This will make the company's overall assets reach
24.6 trillion won.
In the retail industry, E·Land Group, which took over Carrefour last
year, sharply increased its assets by 2.6 trillion won and leaped in the
ranking from the 46th to the 26th. The company beat its big rival, Hyundai
Department Store.
Meanwhile, Kolon and Hyosung, two rival groups in the petrochemical
industry, have exchanged their places, as well.
Kolon scored 4.9 trillion won in assets, a 500 billion won rise from a
year earlier, and ascended from the 32nd to the 28th in the ranking, while
Hyosung, which increased its assets by 100 billion won, fell from the 29th to
the 33rd.
Among automakers, Hyundai Motor Group with 66.2 trillion won in assets
and GM Daewoo Auto Company with 7.3 trillion won revealed a wide gap in the
ranking, the 2nd and the 21st, respectively, and Hyundai Heavy Industries (20.6
trillion won, 11th), Daewoo Shipbuilding & Marine Engineering (6.1 trillion
won, 22nd) and STX (5.9 trillion won, 24th) among shipbuilders were included in
the list.
[Sun-young Park]
Korean group buying Kazakh gas field share
JoongangIlbo & Joins.com :12/12/2006
[JoongangIlbo]A Korea National Oil Corp.-led
group bought 50 percent of a Kazakh gas field and will begin exploration next year,
allowing Asia’s fourth-largest economy to secure supplies amid surging
competition for the fuel.
The Korean group agreed on Nov. 18 to buy
the stake in South Karpovsky field from Kazakhstan’s Meridian LLP, Korea’s
Ministry of Commerce, Industry and Energy said in a statement yesterday. The
Kazakh government approved the sale and handed over joint operating rights on
Dec. 1, the statement said.
Korea, which imports almost all of its oil,
is trying to diversify its energy after Dubai crude, Korea’s benchmark, climbed
to a record $72.70 a barrel in July.
The gas field in northwestern Kazakhstan
holds an estimated 46 million metric tons of liquefied natural gas, yesterday’s
statement said. If the reserves are proven, it will meet Korea’s current annual
LNG imports of 23 million tons, the statement said.
Korea Nation, the state-run resource
explorer, has 17.5 percent of the Korean stake; GS Holdings Corp. has 12.5
percent; Keangnam Enterprises Ltd. holds 7.5 percent; Korea Kumho Petrochemical
Co. has 5 percent; and Hyundai Heavy Industries Co. owns 5 percent.
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. -
Kumho Petrochemical Raises Stakes in Subsidiaries
KOREA TIMES: 02-12-2006
By Kim Yon-se /Staff Reporter
Kumho Asiana Group is restructuring its cross-unit shareholding
structure in a move to create a holding firm of the group.
Kumho Petrochemical is expected to emerge as the holding firm of Kumho
Asiana Group as it is actively purchasing stakes in affiliates, analysts said.
Last Friday, Kumho Industrial sold its 32.14-percent stake in Kumho
Tires, or 22.6 million shares worth 340 billion won to Kumho Petrochemical.
The petrochemical unit has already played as the de facto holding firm
of Kumho Asiana under group chairman Park Sam-koo’s commitment to the revamping
of the intra-group shareholding structure.
Kumho Petrochemical holds a 42.49 percent stake in Kumho Industrial,
49.51 percent in Kumho Rent-A-Car, 31.74 percent in Kumho Life Insurance, 14.61
percent in Asiana Airlines and 39.7 percent in Kumho P&B.
Chairman Park and his families and relatives hold a 40.25 percent stake
in the petrochemical unit.
Kumho Asiana Group is planning to take over Daewoo Engineering & Construction.
Kumho Industrial, the construction unit of the group, is believed to have sold
its stake in Kumho Tires to raise funds for its bid for Daewoo Engineering.
Kumho is one of the competitive potential buyers of Daewoo Construction
placed in the auction market. Hanwha and Doosan Group are also competing to
take over Daewoo Engineering.
The nation’s 10th largest group has announced its new corporate identity
(CI) on the occasion of the 60th anniversary of the group’s foundation, and the
new CI will be applied to all its affiliates.
The new symbol combines Kumho’s initial and Asiana’s image of wings with
multicolored stripes. The color is red, which has always been used for the
group’s CIs.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.39 |
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%)