|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUMHO POLYCHEM CO., LTD. |
|
|
|
|
Registered Office : |
99, Supyo-dong, Jung-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.06.1985 |
|
|
|
|
Com. Reg. No.: |
104-81-34515 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Rubber |
|
|
|
|
No. of Employees : |
163 |
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 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
|
|
|
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 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, and is currently the world's 12th largest economy.
Initially, a system of close government and business ties, including directed
credit and import restrictions, 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 6.9% in 1998, and then recovered by 9% in
1999-2000. 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. Korea''s export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is
likely to face the challenges 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, and heavy reliance on exports - which comprise half of GDP
Source
: CIA
Basic
|
Company Name |
KUMHO POLYCHEM CO., LTD. (Korean Company Name : “금호폴리켐(주)”) |
|
Registered
Address |
99, Supyo-dong, Jung-gu, Seoul, Korea |
|
Building |
8F, East Wing, Signature Tower |
|
Zip Code |
100-230 |
|
Tel |
+82-2-6303-3801 |
|
Fax |
+82-2-6303-3812 |
|
E-mail |
yoo1128@polychem.co.kr;webmaster@polychem.co.kr |
|
Website |
www.polychem.co.kr |
|
Trading Address |
8F, East Wing, Signature Tower, 99, Supyo-dong, Jung-gu, Seoul, Korea (New Address System : 100, Cheonggyecheon-ro, Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-6303-3801 |
|
Fax |
+82-2-6303-3812 |
|
Other Address-Yeocheon Factory |
144-6, Wolha-dong, Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-688-2711 |
|
Fax |
+82-61-688-2899 |
|
Type |
Export |
|
Industry |
Manufacture of Synthetic Rubber |
|
Main Business |
Athylenpropylene Rubber, Synthetic Rubber |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
06/05/1985 |
The Subject owns
the premises of Yeocheon Factory.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Rubber compound(13101607) |
CEO’s
|
Name |
Park Chan-Gu |
|
Address |
12, Itaewon-ro
55ga-gil, Yongsan-gu, Seoul, Korea |
|
Date of Birth |
08/13/1948 |
|
Title |
Co-President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
21,500,000,000 |
||||||||||||
|
Employees |
163 |
||||||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation A company of KUMHO ASIANA BUSINESS GROUP |
||||||||||||
|
Bank Details |
Woori
Bank-Sales 1 Division Korea
Development Bank Shinhan Bank Korea Exchange
Bank |
||||||||||||
|
Corporate
Registered No. |
110111-0400533 |
||||||||||||
|
Business
Registered No. |
104-81-34515 |
||||||||||||
|
Permit &
Licenses |
11/20/1993 Obtained
ISO 9002 05/24/1994 Obtained
ISO 9001 09/30/1996 Obtained
ISO 14001 12/06/2000 Obtained KOSHA 2000 certificate 10/17/2000 Obtained OHSAS 18001 certificate 01/27/2006 Obtained ISO 9001 by DNV 01/27/2006 Obtained ISO 14001 by DNV Int’l Trade No.: 548029 |
||||||||||||
|
Shareholder
Position |
|
||||||||||||
|
Company
History |
06/05/1985
Incorporated as KUMHO EP RUBBER CO., LTD. as a JV between KOREA SYNTHETIC
RUBBER INDUSTRIES CO., LTD. and JAPAN SYNTHETIC RUBBER CO., LTD. 1986 Completed
construction of the Yeochon plant 1986 Signed an
agreement for technology licensing for 1st expansion (20,000MT/Yr) with Japan
Synthetic Rubber Co., Ltd. 01/09/1987 Registered as a Foreign Direct Investment Corporation 1988 Signed an
agreement for stock sales and modified JV (Korea Kumho Petrochemical Co.,
Ltd., Japan Synthetic Rubber, Co., Ltd. and Exxon Chemical Co., Ltd.) 1988 Signed an
agreement for a technology license with Exxon Chemical Co., Ltd. 1989 Completed
construction of the 1st plant expansion 1989 Started
Business 1993 Received
ISO 9002 certification 1994 Received
ISO 9001 certification 1994 Received
BS 7750 certification 1995 Signed an
Agreement for a KP-II Plant Technology License 1996 Received
ISO 14001 certification 05/01/1997
Changed the company’s name to Kumho Polychem Co., Ltd. 1997 Held the
KP-II Plant construction completion ceremony (50,000MT/Yr) 2000 Received
ISO 18001 certification 2000 Received
KOSHA 2000 certification 03/27/2001
Increased the authorized shares to 12,000,000 shares from 4,000,000 shares 11/06/2001
Increased capital to 30,000,000,000 KRW from 15,000,000,000 KRW 06/11/2002
Decreased capital to 24,000,000,000 KRW from 30,000,000,000 KRW 03/27/2003
Decreased capital to 21,500,000,000 KRW from 24,000,000,000 KRW 2005 Signed an
Agreement for Stock Transaction and JV Modification (Korea Kumho
Petrochemical Co., Ltd. and Japan Synthetic Rubber Co., Ltd.). 2005 Changed
shareholding (Kumho Petrochemical : JSR = 50:50) 2006 Received
the patent for EP(D)M production process technology <Patent Name>: High
yield EP(D)M manufacturing method and yield control method, and EP(D)M
recovery method 2007 3rd
expansion construction completion ceremony (80,000MT/Yr) 2007 Selected
as an excellent quality business (for 8 consecutive years) 11/2007
Awarded USD 100 Million Export Tower in the 44th International Trading Day 09/07/2008 Moved to the present HQ address from 57, Sinmunno 1-ga, Jongno-gu, Seoul, Korea 09/01/2012 Moved to the present HQ address from 20th Fl.,
Kumho Asiana Main Bldg., 115, Sinmunno 1-ga, Jongno-gu, Seoul, Korea |
||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Co-President & CEO |
Mr. |
Park Chan-Gu |
Male |
Korean |
04/27/2012 |
|
Co-President & CEO |
Mr. |
Wakabayashi Takashi |
Male |
Japanese |
06/15/2012 |
|
Director |
Mr. |
Kim Sung-Chae |
Male |
Korean |
06/15/2012 |
|
Director |
Mr. |
Kawasaki
Koichi |
Male |
Japanese |
06/16/2008 |
|
Director |
Mr. |
Koshiba
Mitsunobu |
Male |
Japanese |
06/17/2011 |
|
Director |
Mr. |
Han Dong-Hwa |
Male |
Korean |
07/19/2010 |
|
Auditor |
Mr. |
Hirano Hayata |
Male |
Japanese |
06/15/2012 |
|
Auditor |
Mr. |
Lim Kyung-Jin |
Male |
Korean |
03/07/2013 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
430,827,352,166 |
402,274,646,624 |
105,648,252,677 |
|
|
(*)2011 |
403,243,061,120 |
308,647,190,756 |
110,629,567,944 |
|
(*)2010 |
309,805,563,351 |
215,220,666,911 |
54,384,460,467 |
|
2009 |
219,001,945,770 |
159,634,856,497 |
21,695,848,327 |
|
2008 |
204,491,335,877 |
153,916,504,724 |
9,667,634,155 |
|
2007 |
151,482,919,960 |
134,196,824,121 |
4,814,410,180 |
|
2006 |
143,249,207,329 |
108,829,517,839 |
11,048,313,789 |
|
2005 |
129,916,865,273 |
81,204,422,939 |
17,568,304,688 |
|
2004 |
110,680,354,635 |
61,447,096,136 |
4,718,277,521 |
|
2003 |
99,325,824,880 |
61,964,578,036 |
6,328,211,894 |
(*)Figures are based on the K-IFRS
Accounting System.
|
Authorized
Capital(KRW) |
60,000,000,000 |
|
Paid-Up
Capital(KRW) |
21,500,000,000 |
|
Total Issues
Shares |
4,300,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total
Assets |
402,274,646,624 |
308,647,190,756 |
215,220,666,911 |
|
Current
Assets |
162,144,930,275 |
155,672,077,829 |
108,130,505,440 |
|
Inventories |
71,996,710,984 |
60,012,294,931 |
41,231,288,476 |
|
Trade
Receivables |
29,247,874,198 |
26,351,801,170 |
23,077,849,746 |
|
Other
Receivables |
4,842,004,327 |
18,850,360,683 |
3,883,020,069 |
|
Cash
& Cash Equivalents |
55,415,745,141 |
49,909,961,550 |
39,350,325,377 |
|
Other
Current Assets |
642,595,625 |
547,659,495 |
588,021,772 |
|
Non-Current
Assets |
240,129,716,349 |
152,975,112,927 |
107,090,161,471 |
|
Tangibles |
234,044,093,222 |
147,343,619,038 |
101,970,951,835 |
|
Intangibles |
3,828,258,200 |
3,802,538,656 |
3,456,294,624 |
|
Other Receivables |
2,257,364,927 |
1,828,955,233 |
1,641,426,088 |
|
Other
Non-Current Assets |
|
|
21,488,924 |
|
Total
Liabilities |
95,592,162,338 |
85,740,487,617 |
80,221,930,554 |
|
Current
Liabilities |
85,692,843,362 |
73,572,628,233 |
67,232,396,987 |
|
Trade Payables |
20,524,325,417 |
19,857,853,737 |
16,049,077,554 |
|
Other Payables |
36,259,737,713 |
18,405,651,506 |
13,749,117,342 |
|
Short-Term
Borrowings |
11,968,907,177 |
10,007,157,040 |
22,512,256,358 |
|
Derivatives |
|
|
159,484,037 |
|
Accrued
Income Tax |
16,679,261,525 |
24,913,425,180 |
13,772,226,691 |
|
Other
Current Liabilities |
260,611,530 |
388,540,770 |
990,235,005 |
|
Non-Current
Liabilities |
9,899,318,976 |
12,167,859,384 |
12,989,533,567 |
|
Other Payables |
1,442,015,420 |
2,702,015,420 |
3,769,940,420 |
|
Long-Term
Borrowings |
3,714,500,000 |
4,064,000,000 |
5,124,000,000 |
|
Deferred
Income Tax Credit |
1,785,959,299 |
1,694,039,626 |
1,624,139,597 |
|
Confirmed
Salaries |
2,471,803,692 |
3,398,773,837 |
2,166,602,195 |
|
Long-Term Accrued Expenses |
485,040,565 |
309,030,501 |
304,851,355 |
|
Capital
Stock |
21,500,000,000 |
21,500,000,000 |
21,500,000,000 |
|
Capital
Surplus |
1,559,108,425 |
1,559,108,425 |
1,559,108,425 |
|
Others |
|
|
-22,384,149 |
|
Profit
Surplus |
283,623,375,861 |
199,847,594,714 |
111,962,012,081 |
|
Total
Equity |
306,682,484,286 |
222,906,703,139 |
134,998,736,357 |
|
Liab.
& Shareholder’s Equity |
402,274,646,624 |
308,647,190,756 |
215,220,666,911 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
430,827,352,166 |
403,243,061,120 |
309,805,563,351 |
|
Cost
of Sold Goods |
277,051,392,352 |
245,369,321,451 |
223,200,648,757 |
|
Gross
Profit |
153,775,959,814 |
157,873,739,669 |
86,604,914,594 |
|
Selling
& Admin. Expenses |
18,525,082,421 |
15,990,320,982 |
14,950,503,487 |
|
Operating
Income |
135,250,877,393 |
141,883,418,687 |
1,783,758,290 |
|
Other
Income |
1,623,158,935 |
3,492,909,095 |
2,534,427,335 |
|
Other
Expenses |
3,399,972,401 |
4,005,395,197 |
70,903,742,062 |
|
Finance
Income |
3,388,248,345 |
2,558,813,718 |
1,996,442,149 |
|
Finance
Expenses |
625,009,218 |
1,018,804,045 |
2,242,585,715 |
|
Income
Before Taxes |
136,237,303,054 |
142,910,942,258 |
70,657,598,496 |
|
Income
Taxes Expenses |
30,589,050,377 |
32,281,374,314 |
16,273,138,029 |
|
Net
Income |
105,648,252,677 |
110,629,567,944 |
54,384,460,467 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of 12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Operating
Activities Cash Flows |
111,258,110,956 |
117,988,795,746 |
78,964,830,984 |
|
Cash
Flows from Operating |
147,874,342,281 |
137,969,967,463 |
87,049,201,395 |
|
Net
Income |
105,648,252,677 |
110,629,567,944 |
|
|
Interests
Received |
2,254,390,233 |
1,479,026,954 |
710,653,540 |
|
Interests
Paid |
-258,242,912 |
-779,932,746 |
-1,661,753,817 |
|
Income
Taxes |
-38,612,378,646 |
-20,680,265,925 |
-7,133,270,134 |
|
Cash
Flows from Investing |
-85,919,994,304 |
-72,378,057,021 |
-29,570,502,418 |
|
Cash
Flows from Financing |
-19,829,699,945 |
-35,067,116,755 |
-24,878,219,411 |
|
Increase/Decrease
in Cash |
5,508,416,707 |
10,543,621,970 |
24,516,109,155 |
|
Cash
at the Beginning of Year |
49,909,961,550 |
39,350,325,377 |
14,834,436,455 |
|
Cash
at the End of Year |
55,415,745,141 |
49,909,961,550 |
39,350,325,377 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Ethylene-Propylene
based rubbers(EP(D)M) |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
KOREA KUMHO
PETRO CHEMICAL CO., LTD.(110111-0205975) |
|
Competitors |
SHIN-ETSU
SILICONE KOREA CO., LTD. RM. 904, DANAM
BLDG., 120, NAMDAEMUNNO 5-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-775-9691
FAX:+82-2-775-9690 CHO YANG
CORPORATION 111-1,
ANPYEONG-RI, HOBEOP-MYEON, ICHEON-SI, GYEONGGI-DO, KOREA TEL:+82-31-638-4220 FAX:+82-31-636-8015 DYM CO., LTD. 624-2,
EOPSEONG-DONG, SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-621-6250 FAX:+82-41-621-8420 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
KUMHO INDUSTRIAL CO., LTD(110111-0134877) KOREA KUMHO PETRO CHEMICAL CO., LTD(110111-0205975) DAEWOO ENGINEERING & CONSTRUCTION CO., LTD.(110111-2137895) KUMHO TIRE CO., LTD.(110111-2810590) ASIANA AIRLINES INC.(110111-0562804) KOREA EXPRESS CO., LTD(110111-0006167) KUMHO TRADING CO., LTD.(110111-2079641) KUMHO RENT-A-CAR CO., LTD.(110111-0513253) KUMHO MITSUI CHEMICALS, INS.(110111-0612980) KUMHO LIFE INSURANCE CO., LTD.(200111-0014608) KUMHO POLYCHEM CO., LTD.(110111-0400533) KUMHO P&B CHEMICALS, INC.(206211-0018313) KUMHO ASIANA MAIN TOWER CO., LTD.(110111-3207712) SEOUL EXPRESS BUS TERMINAL CO., LTD.(110111-0187644) ASIANAIDT, INC.(110111-0801848) ASIANA AIRPORT DEVELOPMENT CO., LTD.(110111-1412496) ASIANA ABACUS , INC.(110111-3010925) INCHEON AIRPORT ENERGY CO., LTD.(110111-1415408) JUNG-BU INTEGRATED FREIGHT TERMINAL CO., LTD.(110111-3284158) CHUNGJU BORAMAE CO., LTD.(110111-3348524) KUMHO TERMINAL CO., LTD.(200111-0231418) KUMHO RESORT CO., LTD(134511-0105856) GK FIXED LINK CORP(180111-0443224) AAS AIRPORT SERVICES. INC(110111-0562713) KUMHO AUTOLEASE, INC.(110111-3626970) ILSAN GRAND BRIDGE CORP.(110111-2576192) SOUTHWEST COAST LEISURE COMPANY(205511-0024878) GREEN ANSEONG ENVIRO CO., LTD(110111-3780833) SONGNISAN EXPRESS CO., LTD.(150111-0000286) THE KOREA EXPRESS TERMINAL CO., LTD.(110111-1726227) KOREA EXPRESS INFORMATION TECHNOLOGY CO., LTD(110111-2230417) GWANGYANG WEST CONTAINER TERMINAL CO., LTD.(110111-3547514) DAEHAN YONGYOK CO., LTD. KOREA INTEGRATED FREIGHT TERMINAL CO., LTD(110111-0853576) BUSAN EAST CONTAINER TERMINAL CO., LTD.(180111-0101252) PECT NEW CONTAINER TERMINAL CO., LTD.(180111-0449579) DONG SEOK LOGISTICS CO., LTD.(144711-0009135) TERMINAL OPERATING CO., LTD OF MASAN PORT-PIER 4(194211-0035362) BUSAN GAMMAN CONTAINER TERMINAL CO., LTD.(180111-0560234) BND CO., LTD.(164811-0005799) ULSAN PORT OPERATING CO., LTD.(230111-0057769) INCHEON SOUTH TERMINAL OPERATION COMPANY(120111-0426305) KE-CATI LOGISTICS CO., LTD(204611-0024273) CNK WORLD LOGISTICS CO., LTD(110111-3638496) AIR BUSAN CO., LTD(180111-0605121) HANGANG TOWN(110111-3937260) |
|
Affiliates-Overseas |
JSR TRADING
CO., LTD DW ARABIA LTD. DW
CONSTRUCTION PHILIPPINE INC. DW ENG &
CON POLAND LTD. DW NIGERIA
LTD. UNION DW ENG
& CON LTD. DAEWOO-HANEL
CORP. DAEWOO E &
C IRAN PRUGIO
SAKHALIN LTD. HECO(HELVETIA
ENERGY COMPANY GMBH) AL-HIDAYAH-DAEWOO
DEVELOPMENT SDN.BHD DW AMERICA
DEVEL'T INC. DW ENG &
CON.(M) SDN BHD DW
POWER(INDIA) LTD. MEGAWORLD-DW
CO. (BEIJING
LUFTHANSA CENTER CO. DAEHA CO.,
LTD. GUILIN DW
HOTEL CO., LTD. GULF
ENG.CONST. & CONTRACT THT
DEVELOPMENT CO.,LTD DAEWOO TRIPOLI
INVESTMENT & DEVELOPMENT CO. KUMHO HOLDINGS
(H.K.) CO., LTD |
|
Major
Shareholders |
KOREA KUMHO
PETRO CHEMICAL CO., LTD.(110111-0205975) JSR
CORPORATION(JAPAN) |
|
Cooperative
Enterprise |
- Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) -Technical Support Agreement with EXXON MOBIL
CHEMICAL COMPANY |
Sales by Region
(Activity & Markets)
The subject
deals with the companies in China, Taiwan and USA.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.