MIRA INFORM REPORT
|
Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KUMHO POLYCHEM CO., LTD. |
|
|
|
|
Registered Office : |
99, Supyo-dong, Jung-gu, Seoul, Korea, 8F, East Wing,
Signature Tower, Zip Code 100-230 |
|
|
|
|
Country : |
|
|
|
|
|
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 : |
Manufacturer 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
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 |
|
|
Website |
|
|
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 |
|
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) |
Trade Partners &
Competitors
|
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 |
(Activity &
Markets)
The subject
deals with the companies in China, Taiwan and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.