|
Report No. : |
306898 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KPIC CORPORATION |
|
|
|
|
Registered Office : |
39, Namdaemun-ro 5-gil, Jung-gu, Seoul,
Korea, 100-070 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.03.2005 |
|
|
|
|
Com. Reg. No.: |
104-81-93116 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Wholesale of Other Chemical Materials and Chemical Products |
|
|
|
|
No. of Employees : |
64 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 |
KPIC CORPORATION (Korean Company Name : “(주)케이피아이씨코포레이션”) |
|
Registered Address |
39, Namdaemun-ro 5-gil, Jung-gu, Seoul,
Korea |
|
Building |
Hosung Bldg. |
|
Zip Code |
100-070 |
|
Tel |
+82-2-757-7121 |
|
Fax |
+82-2-757-6167~8 |
|
E-mail |
mykim@kpicc.com;yhjeon@kpicc.com |
|
Website |
|
|
Trading Address |
Hosung Bldg., 39, Namdaemun-ro 5-gil,
Jung-gu, Seoul, Korea (Old Address System : Hosung Bldg., 117,
Sogong-dong, Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-3706-0841 |
|
Fax |
+82-2-3706-0864 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Wholesale of Other Chemical Materials and Chemical Products |
|
Main Business |
Petrochemicals, Polypropylene Resin |
|
Sub
Business |
Freight Transport Brokerage, Agency and Other Supporting Transport
Services |
|
Established (mm/dd/yyyy) |
03/28/2005 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Transport arrangements(78141500) |
|
Sell |
International trade services(80151600) |
|
Sell |
Freight forwarders services(78141501) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Polyethylene(13111016) |
|
Name |
Jang Seok-San |
|
Address |
Suite 211-1201, 10, Ichon-ro 71-gil,
Yongsan-gu, Seoul, Korea |
|
Date of Birth |
02/04/1963 |
|
Title |
Representative Director |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
451,150,000 |
||||||||||||
|
Employees |
64 |
||||||||||||
|
Formation |
Co., Ltd by shares A Company of KOREA PETRO CHEMICAL IND. |
||||||||||||
|
Bank Details |
Kookmin Bank-Taepyungro Branch Woori Bank Korea Exchange Bank |
||||||||||||
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Corporate Registered No. |
110111-3196056 |
||||||||||||
|
Business Registered No. |
104-81-93116 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 45348169 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
03/28/2005 Incorporated as the present name 07/02/2010 Decreased capital to 295,590,000 KRW from 300,000,000 KRW 07/18/2011 Moved to 4FL., S-Oil Bldg.,
471, Gongdeok-dong, Mapo-gu, Seoul, Korea from Rm. 1226, Haenam Bldg., 21, Bukchang-dong, Jung-gu, Seoul, Korea 12/06/2013 Acquired UNI-PEPP. LTD.(110111-1933913) 12/06/2013 Increased capital to 451,150,000 KRW
from 295,590,000 KRW 10/02/2014 Moved to the present HQ address
from 4FL.,
S-Oil Bldg., 471, Gongdeok-dong, Mapo-gu, Seoul, Korea |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Representative Director |
Mr. |
Jang Seok-San |
Male |
Korean |
03/28/2014 |
|
Auditor |
M/S. |
Kim Mi-Hyun |
Female |
Korean |
03/28/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
649,093,918,477 |
311,013,954,744 |
84,146,994,822 |
|
|
2012 |
765,912,980,006 |
154,057,608,490 |
9,297,052,110 |
|
2011 |
742,486,336,618 |
121,312,220,519 |
11,571,308,239 |
|
2010 |
755,052,552,862 |
90,804,644,988 |
9,977,009,865 |
|
2009 |
779,171,990,911 |
53,459,189,570 |
6,960,056,898 |
|
2008 |
442,942,534,295 |
30,264,084,448 |
2,007,149,085 |
|
2007 |
90,468,443,880 |
26,389,479,623 |
920,146,637 |
|
2006 |
101,036,720,764 |
16,109,014,087 |
7,099,901,080 |
|
Authorized Capital(KRW) |
1,200,000,000 |
|
Paid-Up Capital(KRW) |
451,150,000 |
|
Total Issued Shares |
90,230 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
311,013,954,744 |
154,057,608,490 |
121,312,220,519 |
|
Current Assets |
46,290,658,576 |
53,596,888,737 |
33,360,807,901 |
|
-Quick Assets |
40,906,570,432 |
49,736,384,593 |
29,667,684,125 |
|
-Inventories |
5,384,088,144 |
3,860,504,144 |
3,693,123,776 |
|
Fixed Assets |
264,723,296,168 |
100,460,719,753 |
87,951,412,618 |
|
-Investment |
257,798,768,346 |
94,892,608,816 |
86,117,444,266 |
|
-Tangibles |
4,442,240,935 |
3,714,674,779 |
152,164,523 |
|
-Intangibles |
9,650,834 |
11,791,667 |
14,881,667 |
|
-Others |
2,472,636,053 |
1,841,644,491 |
1,666,922,162 |
|
Total Liabilities |
34,910,019,040 |
44,542,642,306 |
26,872,918,369 |
|
Current Liabilities |
26,284,715,118 |
34,122,018,988 |
16,413,638,816 |
|
Fixed Liabilities |
8,625,303,922 |
10,420,623,318 |
10,459,279,553 |
|
Capital Stock |
451,150,000 |
295,590,000 |
295,590,000 |
|
Capital Surplus |
81,067,418,218 |
- |
|
|
Profit Surplus |
195,162,081,199 |
113,243,834,977 |
52,980,828,993 |
|
Capital Adjustment |
-576,713,713 |
-4,024,458,793 |
41,162,883,157 |
|
Total Equity |
276,103,935,704 |
109,514,966,184 |
94,439,302,150 |
|
Liab. & Shareholder’s Equity |
311,013,954,744 |
154,057,608,490 |
121,312,220,519 |
|
Current
Liabilities |
26,284,715,118 |
34,122,018,988 |
16,413,638,816 |
|
Trade Payables |
23,170,390,111 |
31,117,185,549 |
12,670,216,805 |
|
Withholdings |
70,172,380 |
53,338,110 |
40,962,430 |
|
Advance Receipts |
627,900,907 |
1,428,741,939 |
1,420,424,981 |
|
Account
Payables |
295,573,847 |
383,118,395 |
151,656,633 |
|
Accrued Expenses |
87,877,359 |
174,485,676 |
53,221,150 |
|
Accrued Income Tax |
598,335,617 |
965,149,319 |
2,067,264,704 |
|
Deferred
Income Tax Credit |
1,434,464,897 |
- |
9,892,113 |
|
Fixed
Liabilities |
8,625,303,922 |
10,420,623,318 |
10,459,279,553 |
|
Leasehold
Deposit Received |
11,434,200 |
- |
51,898,500 |
|
Deferred
Income Tax Credit |
8,613,869,722 |
10,420,623,318 |
10,407,381,053 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
649,093,918,477 |
765,912,980,006 |
742,486,336,618 |
|
Cost of Sold Goods |
635,798,659,693 |
749,482,285,748 |
725,219,478,819 |
|
Gross Profit |
13,295,258,784 |
16,430,694,258 |
17,266,857,799 |
|
Selling & Admin. Expenses |
7,494,522,191 |
6,906,398,783 |
6,260,659,725 |
|
Operating Income |
5,800,736,593 |
9,524,295,475 |
11,006,198,074 |
|
Non-Operating Income |
117,545,692,137 |
7,573,003,775 |
11,836,915,297 |
|
Non-Operating Expenses |
31,536,319,519 |
5,685,734,602 |
7,595,970,115 |
|
Income Before Taxes |
91,810,109,211 |
11,411,564,648 |
15,247,143,256 |
|
Income Taxes Expenses |
7,663,114,389 |
2,114,512,538 |
3,675,835,017 |
|
Net Income |
84,146,994,822 |
9,297,052,110 |
11,571,308,239 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-2,959,409,014 |
16,607,194,764 |
-4,163,289,051 |
|
-Net Income |
84,146,994,822 |
9,297,052,110 |
11,571,308,239 |
|
-Exp. without Cash Outflow |
26,929,199,820 |
808,610,450 |
145,503,509 |
|
-Revenue without Cash Inflows |
-111,744,925,725 |
-2,158,730,637 |
-3,235,881,817 |
|
-Changes in Asset/ & Liability |
-2,290,677,931 |
8,660,262,841 |
-12,644,218,982 |
|
Cash Flows from Investing |
-366,092,470 |
-5,071,914,731 |
-1,290,393,999 |
|
-Cash Inflow from Investing |
18,181,818 |
5,378,716,535 |
105,296,500 |
|
-Cash Outflows for Investing |
-384,274,288 |
-10,450,631,266 |
-1,395,690,499 |
|
Cash Flows from Financing |
-2,392,759,325 |
- |
- |
|
-Cash Inflows from Financing |
1,335,989,275 |
- |
- |
|
-Cash Outflows from Financing |
-3,728,748,600 |
- |
- |
|
Increase/Decrease in Cash |
-5,718,260,809 |
11,535,280,033 |
-5,453,683,050 |
|
Cash at the Beginning of Year |
26,469,112,416 |
14,933,832,383 |
20,387,515,433 |
|
Cash at the End of Year |
20,750,851,607 |
26,469,112,416 |
14,933,832,383 |
|
Main Products & Services |
Petrochemicals Polypropylene Resin Freight Transport Brokerage Agency and Other Supporting Transport Services |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
KOREA PETRO CHEMICAL IND CO.,LTD.(110111-0024698) UNI-PEPP. LTD.(110111-1933913) |
|
Competitors |
YOUNG CHEON LOGISTICS CO., LTD. 4TH FL., YEONGCHEON BLDG., 33-2, GONGHANG-DONG,
GANGSEO-GU, SEOUL, KOREA TEL:+82-2-3663-9009 FAX:+82-2-3665-3004 AGILITY LTD. 2ND FL., YEOLRIN BLDG., 1666-3, SEOCHO
1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-539-9411 FAX:+82-2-539-2071 AIRSTAR INTERNATIONAL CO., LTD. 2ND FL., SEOYEONG BLDG., 367-9,
SEOGYO-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-333-3933 FAX:+82-2-323-5700 |
|
Affiliates |
KOREA PETRO CHEMICAL IND CO.,LTD.(110111-0024698) (31.81% held by the subject company) TCS1 CO., LTD.(170111-0401852) (13.89% held by the subject company) |
|
Subsidiary |
ATMAN PTE.LTD. (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
The Subject exports
to China and USA
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.