|
Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PAIK KWANG INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
494-16, Imhae-ro, Gunsan-si, Jeollabuk-do,
Korea |
|
|
|
|
Country : |
Korea
(South) |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
25.11.1954 |
|
|
|
|
Com. Reg. No.: |
113-81-01094 |
|
|
|
|
Legal Form : |
Listed Company (Korea Stock Exchange: 001340) as of 06/10/1976 |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Inorganic Chemicals |
|
|
|
|
No. of Employees : |
224 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Korea
(South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
KOREA (SOUTH) - 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. South 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. South 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-Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge 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,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP.
|
Source
: CIA |
|
Company Name |
PAIK KWANG INDUSTRIAL CO., LTD. (Korean Company Name : “백광산업(주)”) |
|
Registered Address |
494-16, Imhae-ro, Gunsan-si, Jeollabuk-do,
Korea (Olds Address System : 31, Soryong-dong,
Gunsan-si, Jeollabuk-do, Korea) |
|
Zip Code |
573-879 |
|
Tel |
+82-63-450-1700 +82-63-467-0248 |
|
Fax |
+82-63-467-0247 |
|
E-mail |
jw.seo@pkic.co.kr; sj.bae@pkic.co.kr;
dy.lee@pkic.co.kr |
|
Website |
www.pkic.co.kr |
|
Trading Address |
San 55-1, Gocheok-dong, Guro-gu, Seoul,
Korea |
|
Tel |
+82-2-2612-0061 |
|
Fax |
+82-2-2612-9692 |
|
Other Address-Lysine Factory |
228-2, Soryong-dong, Gunsan-si,
Jeollabuk-do, Korea |
|
Tel |
+82-63-464-6172 |
|
Fax |
+82-63-464-6176 |
|
Other Address-Eumseong Factory |
307-1, Yupo-ri, Geumwang-eup, Eumseong-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-877-0248 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Basic Inorganic Chemicals |
|
Main Business |
Caustic Soda, Hydrochloric Acid, Chlor Alkali, Poly Aluminum Chloride,
D-Sorbitol, Lysine |
|
Established (mm/dd/yyyy) |
11/25/1954 |
The Subject owns
the premises of registered HQ address/Factory, Lysine Factory, Eumseong Factory and Seoul Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Inorganic hydroxides(12352305) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Inorganic metal salts(12352302) |
|
Sell |
Sorbitol(51211613) |
|
Sell |
Oxytetracycline(51101510) |
|
Sell |
Cooking or table salt(50171551) |
|
Name |
Kim Sung-Hoon |
|
Date of Birth |
03/28/1968 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
14,199,955,000 |
|||||||||||||||||||||
|
Employees |
224 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange:
001340) as of 06/10/1976 |
|||||||||||||||||||||
|
Bank Details |
Woori Bank-Youngdeungpo Branch Shinhan Bank Kookmin Bank Hana Bank Korea Development Bank Korea Exchange Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0003709 |
|||||||||||||||||||||
|
Business Registered No. |
113-81-01094 |
|||||||||||||||||||||
|
Permit & Licenses |
12/14/1996 ISO 9001 07/23/1997 ISO 9002 12/11/2007 ISO 9001 Int’l Trade No.: 872441 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
11/25/1954 Incorporated as PAIK KWANG PHARMACEUTICAL CO., LTD. 02/07/1981 Changed company name to PAIK KWANG CHEMICALS CO., LTD. 02/20/1990 Changed company
name to the present name 01/11/2008 Acquired land and
buildings in Soryong-dong, Gunsan-si, Jeollabuk-do, Korea from BASF Company
Limited(110111-0600860) at 25,390,800,000 KRW(USD 27,000,000) |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Kim Sung-Hoon |
Male |
Korean |
1968.03.28 |
|
Outside Director |
Mr. |
ParkJae-Hyun |
Male |
Korean |
1966.02.10 |
|
Director |
Mr. |
Kim Jong-Eui |
Male |
Korean |
1941.02.10 |
|
Auditor |
Mr. |
Park Jae-Man |
Male |
Korean |
1966.09. |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
149,060,745,341 |
453,264,172,037 |
-18,037,345,865 |
|
|
(*)2013 |
384,095,759,492 |
502,627,238,417 |
-39,444,996,159 |
|
(*)2012 |
403,984,893,218 |
485,691,345,316 |
1,161,248,972 |
|
(*)2011 |
373,321,899,066 |
406,572,541,667 |
6,960,686,853 |
|
(*)2010 |
351,384,749,421 |
362,197,082,632 |
22,340,866,594 |
|
(*)2009 |
312,348,584,024 |
333,855,972,177 |
11,890,583,680 |
|
2008 |
230,861,022,913 |
223,411,687,569 |
8,744,902,018 |
|
2007 |
85,460,111,160 |
94,436,114,770 |
3,495,242,199 |
|
2006 |
89,855,127,218 |
84,225,545,188 |
4,698,492,589 |
|
2005 |
90,450,505,526 |
79,362,760,085 |
5,248,083,005 |
|
2004 |
74,626,882,973 |
74,400,647,892 |
3,353,336,199 |
|
2003 |
75,733,343,687 |
73,008,379,913 |
4,315,197,119 |
(*)Figures are based on
the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
75,000,000,000 |
|
Paid-Up Capital(KRW) |
14,199,955,000 |
|
Total Issues Shares |
2,839,991 |
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
453,264,172,037 |
502,627,238,417 |
485,691,345,316 |
|
Current Assets |
96,487,488,549 |
132,879,825,929 |
130,003,874,823 |
|
Cash & Cash Equivalents |
7,600,261,253 |
14,409,512,686 |
17,824,903,264 |
|
Other Current Financial Instruments |
|
|
1,148,000,000 |
|
Trade Receivables & Other Receivables |
52,246,107,361 |
69,967,648,619 |
71,779,658,950 |
|
Deferred Income Tax |
9,754,110 |
36,687,330 |
379,907,787 |
|
Other Current Non-Financial Instruments |
2,206,089,237 |
2,334,891,079 |
2,882,590,062 |
|
Inventories |
34,425,276,588 |
46,131,086,215 |
35,988,814,760 |
|
Non-Current Assets |
356,776,683,488 |
369,747,412,488 |
355,687,470,493 |
|
Other Non-Current Financial Instruments |
2,401,907,539 |
2,240,938,419 |
654,810,454 |
|
Investment_Related Companies |
|
|
4,475,187,077 |
|
Long-Term Trade Receivables & Other Receivables |
1,976,071,393 |
2,220,881,074 |
1,199,182,393 |
|
Investment_Real Estates |
1,615,608,790 |
1,627,981,434 |
1,652,726,722 |
|
Tangibles |
347,058,279,164 |
359,623,570,997 |
343,047,937,368 |
|
Intangibles |
1,004,304,899 |
1,130,884,289 |
1,385,720,840 |
|
Other Investment |
138,041,093 |
138,041,093 |
138,041,093 |
|
Other Non-Current Non-Financial Instruments |
2,582,470,610 |
2,765,115,182 |
3,133,864,546 |
|
Total Liabilities |
308,060,345,458 |
339,390,106,378 |
282,816,150,797 |
|
Current Liabilities |
215,939,175,545 |
234,556,291,231 |
160,383,549,116 |
|
Trade Payables & Other Payables |
27,931,515,131 |
46,992,611,979 |
46,367,408,876 |
|
Short-Term Borrowings |
144,225,554,384 |
135,086,071,245 |
73,622,288,676 |
|
Other Current Non-Finance Liabilities |
2,167,161,470 |
2,079,601,257 |
1,762,112,285 |
|
Current Portion of Long-Term Borrowings |
41,614,944,560 |
50,398,006,750 |
38,631,739,279 |
|
Non-Current Liabilities |
92,121,169,913 |
104,833,815,147 |
122,432,601,681 |
|
Long-Term Borrowings |
65,779,338,974 |
80,394,189,114 |
98,598,518,044 |
|
Deferred Income Tax Credit |
22,535,365,173 |
22,535,365,173 |
22,843,956,136 |
|
Confirmed Salaries |
2,429,809,294 |
1,609,260,860 |
890,127,501 |
|
Long-Term Trade Payables & Other Payables |
1,376,656,472 |
295,000,000 |
100,000,000 |
|
Capital Stock |
15,605,620,500 |
15,605,620,500 |
14,885,645,000 |
|
Capital Surplus |
45,503,150,400 |
45,503,150,400 |
45,503,150,400 |
|
Capital Adjustment |
-808,650,687 |
-807,914,867 |
-806,529,867 |
|
Profit Surplus |
4,976,116,072 |
23,052,826,655 |
63,515,073,012 |
|
Others |
79,927,590,294 |
79,883,449,351 |
79,777,855,974 |
|
Total Equity |
145,203,826,579 |
163,237,132,039 |
202,875,194,519 |
|
Liab. & Shareholder’s Equity |
453,264,172,037 |
502,627,238,417 |
485,691,345,316 |
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
149,060,745,341 |
384,095,759,492 |
403,984,893,218 |
|
Cost of Sold Goods |
144,355,312,049 |
372,742,653,889 |
347,714,785,981 |
|
Gross Profit |
4,705,433,292 |
11,353,105,603 |
56,270,107,237 |
|
Selling & Admin. Expenses |
21,117,334,126 |
49,532,711,195 |
43,305,708,703 |
|
Operating Income |
-16,411,900,834 |
-38,179,605,592 |
12,964,398,534 |
|
Other Income |
4,072,209,077 |
9,025,080,025 |
7,226,306,386 |
|
Other Expenses |
2,204,678,117 |
5,467,290,495 |
8,083,739,852 |
|
Finance Income |
115,584,207 |
301,073,087 |
336,808,404 |
|
Finance Expenses |
3,608,560,198 |
6,209,154,174 |
5,967,411,045 |
|
Profits from Investment on Related Companies |
|
869,470,632 |
1,259,637,191 |
|
Income Before Taxes |
-18,037,345,865 |
-39,660,426,517 |
7,735,999,618 |
|
Income Taxes Expenses |
|
-215,430,358 |
1,843,079,290 |
|
Income from Continuous Business |
-18,037,345,865 |
-39,444,996,159 |
5,892,920,328 |
|
Income from Stopped Business |
|
|
-4,731,671,356 |
|
Net Income |
-18,037,345,865 |
-39,444,996,159 |
1,161,248,972 |
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
4,986,224,669 |
-16,415,006,060 |
12,022,708,544 |
|
Cash Flows from Operating |
8,249,774,736 |
-10,782,738,944 |
18,437,865,273 |
|
Interests Paid |
-3,379,134,274 |
-6,116,138,887 |
-5,063,318,664 |
|
Interests Received |
75,284,207 |
273,589,965 |
360,053,028 |
|
Dividends Received |
40,300,000 |
28,000,000 |
16,800,000 |
|
Income Taxes |
|
182,281,806 |
-1,728,691,093 |
|
Cash Flows from Investing |
850,829,681 |
-45,857,769,452 |
-86,413,809,887 |
|
Cash Flows from Financing |
-12,646,289,900 |
58,882,925,829 |
81,704,895,393 |
|
Increase/Decrease in Cash |
-6,809,251,433 |
-3,415,390,578 |
7,310,639,356 |
|
Cash at the Beginning of Year |
14,409,512,686 |
17,824,903,264 |
10,514,263,908 |
|
Cash at the End of Year |
7,600,261,253 |
14,409,512,686 |
17,824,903,264 |
|
Main Products & Services |
Caustic Soda, Chlor-Alkali, Poly Aluminum Chloride, D-Sorbitol, Lysine |
|
Customers |
SAMSUNG GENERAL CHEMICALS CO., LTD.(161411-0001243) HANWHA CHEMICAL CORPORATION(110111-0360935) LG PETROCHEMICAL CO., LTD(110111-0226905) DC CHEMICAL CO.,LTD(174611-0000981) |
|
Competitors |
HANWHA CHEMICAL CORPORATION(110111-0360935) DC CHEMICAL CO.,LTD(174611-0000981) LG CHEM LTD(110111-2207995) SAMSUNG FINE CHEMICALS CO.,
LTD(181211-0000013) UNID CO.,LTD(110111-0275069) KOREA FINE CHEMICAL CO.,LTD(110111-0234859) KG CHEMICAL CORPORATION(124311-0008999) |
|
Affiliates |
SANGWON IML CO., LTD. SANG WON COMMERCIAL
CO.,LTD(124411-0000026) JIN HAN CO.,
LTD(131311-0034705) |
|
Subsidiary |
PAIK KWANG IML CO., LTD. (100.0% held by the subject company) NANOWIN CO, LTD(130111-0058164) (60.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HANWHA NON-LIFE INSURANCE CO.,
LTD.(110111-0006456) |
|
Sales/ Unit :Thousand KRW |
06/2014 |
2013 |
2012 |
|
Export |
61,828,343 |
190,857,635 |
215,607,566 |
|
Domestic |
87,232,402 |
193,238,124 |
188,377,327 |
|
Total |
149,060,745 |
384,095,759 |
403,984,893 |
The Subject imports from Australia. It also deals with the companies in
Asia, Europe, North America, and Africa.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.