|
Report No. : |
346480 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KUMHO MITSUI CHEMICALS CORP. |
|
|
|
|
Registered Office : |
100, Cheonggyecheon-ro, Jung-gu, Seoul |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
03.02.1989 |
|
|
|
|
Com. Reg. No.: |
102-81-31282 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Petrochemical Products. |
|
|
|
|
No. of Employee : |
171 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and business ties, including directed credit and import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 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 the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.
|
Source
: CIA |
Basic
|
Company Name |
KUMHO MITSUI CHEMICALS CORP. |
|
Registered Address |
100, Cheonggyecheon-ro, Jung-gu, Seoul,
Korea |
|
Building |
11FL., Signature Towers East Annex |
|
Zip Code |
04542 |
|
Tel |
+82-2-6961-3791~2 |
|
Fax |
+82-2-6961-3779 |
|
E-mail |
master@kmci.co.kr |
|
Website |
www.kmci.co.kr |
|
Trading Address |
11FL., Signature Towers East Annex, 100,
Cheonggyecheon-ro, Jung-gu, Seoul, Korea (Old Address System : 11FL., Signature Towers
East Annex, 99, Supyo-dong, Jung-gu, Seoul, Korea) |
|
Tel |
+82–2–6961–3750 |
|
Fax |
+82–2–6961–3779 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Petrochemical Products |
|
Main Business |
MDI (Methylene Diphenyl Diisocyanate) |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/02/1989 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Thermoplastic plastics(13102000) |
|
Name |
Park Chan-Koo |
|
Address |
12, Itaewon-ro 55ra-gil, Yongsan-gu, Seoul,
Korea |
|
Date of Birth |
08/13/1948 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
35,000,000,000 |
||||||||||||
|
Employees |
171 |
||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||
|
Bank Details |
Shinha Bank Woori Bank-Hoihyun Dong Branch Korea Exchange Bank Korea Development Bank Mitsui-Sumitomo Bank Tokyo Mitsubishi UFJ Bank |
||||||||||||
|
Corporate Registered No. |
110111-0612980 |
||||||||||||
|
Business Registered No. |
102-81-31282 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 526168 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
03/02/1989 Incorporated as KUMHO MITSUI
DOAS CORP. 03/21/1996 Increased the authorized shares
to 5,000,000 shares from 3,000,000 shares 10/01/1997 Changed company name to the
present name 01/16/2005 Decreased capital to 35,000,000,000
KRW from 50,000,000,000 KRW 09/01/2012 Moved to the present HQ address
from 115, Sinmunno 1(il)-ga, Jongno-gu,Seoul, Korea |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Park Chan-Koo |
Male |
Korean |
03/22/2010 |
|
President & CEO |
Mr. |
Ando Sinji |
Male |
Japanese |
03/12/2015 |
|
Director |
Mr. |
Kim Sung-Chae |
Male |
Korean |
03/22/2010 |
|
Director |
Mr. |
Han Dong-Hwa |
Male |
Korean |
03/14/2013 |
|
Director |
Mr. |
Koshibe Minoru |
Male |
Japanese |
07/10/2015 |
|
Director |
Mr. |
Hiruma Makoto |
Male |
Japanese |
07/10/2015 |
|
Auditor |
Mr. |
Kim Min-Ho |
Male |
Korean |
01/08/2015 |
|
Auditor |
Mr. |
Makita Kohichiro |
Male |
Japanese |
07/10/2015 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
632,564,653,393 |
410,142,115,209 |
16,125,877,591 |
|
2013 |
664,117,455,347 |
395,746,779,632 |
28,050,044,714 |
|
2012 |
545,052,962,560 |
408,241,576,447 |
18,371,982,817 |
|
2011 |
414,876,238,156 |
390,801,048,665 |
7,019,907,293 |
|
2010 |
381,894,399,469 |
357,251,120,968 |
11,141,988,629 |
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
35,000,000,000 |
|
Total Issued Shares |
3,500,000 |
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
410,142,115,209 |
395,746,779,632 |
408,241,576,447 |
|
Current Assets |
153,007,526,869 |
135,455,920,299 |
136,214,165,225 |
|
Inventories |
32,289,304,144 |
32,273,632,558 |
34,284,494,065 |
|
Derivatives |
29,014,978 |
- |
|
|
Trade Receivables |
110,415,562,819 |
94,958,987,121 |
91,086,843,393 |
|
Other Receivables |
4,524,803,278 |
3,877,719,890 |
2,524,808,830 |
|
Cash & Cash Equivalents |
5,269,753,145 |
3,973,426,670 |
7,946,114,564 |
|
Other Current Assets |
479,088,505 |
372,154,060 |
371,904,373 |
|
Non-Current Assets |
257,134,588,340 |
260,290,859,333 |
272,027,411,222 |
|
Tangibles |
250,719,041,627 |
254,282,708,481 |
256,788,567,731 |
|
Intangibles |
1,394,511,330 |
1,473,511,330 |
6,870,441,907 |
|
Deferred Income Tax Assets |
1,407,460,486 |
1,133,436,917 |
3,848,425,658 |
|
Derivatives |
|
|
1,158,659,752 |
|
Long-Term Trade Receivables |
562,196,997 |
774,245,515 |
976,004,334 |
|
Other Long-Term Receivables |
3,051,377,900 |
2,626,957,090 |
2,385,311,840 |
|
Total Liabilities |
229,544,342,575 |
219,212,879,272 |
253,748,660,483 |
|
Current Liabilities |
147,757,572,351 |
129,371,637,169 |
181,604,341,549 |
|
Trade Payables |
43,674,140,663 |
46,842,572,205 |
47,175,485,377 |
|
Other Payables |
15,497,020,590 |
14,642,063,621 |
16,403,540,227 |
|
Short-Term Borrowings |
86,338,227,226 |
63,897,021,006 |
113,636,037,968 |
|
Derivatives |
7,355,000 |
- |
|
|
Deferred Income Tax Credit |
1,748,722,573 |
3,871,740,696 |
4,170,442,724 |
|
Other Current Liabilities |
492,106,299 |
118,239,641 |
218,835,253 |
|
Non-Current Liabilities |
81,786,770,224 |
89,841,242,103 |
72,144,318,934 |
|
Long-Term Borrowings |
76,159,569,771 |
84,900,917,978 |
65,130,250,000 |
|
Derivatives |
2,041,469,482 |
2,600,817,375 |
4,096,260,164 |
|
Confirmed Salaries |
3,180,267,543 |
1,898,482,391 |
2,360,680,072 |
|
Long-Term Accrued Expenses |
405,463,428 |
441,024,359 |
557,128,698 |
|
Capital Stock |
35,000,000,000 |
35,000,000,000 |
35,000,000,000 |
|
Capital Surplus |
27,019,634 |
27,019,634 |
27,019,634 |
|
Others |
-775,307,448 |
-679,902,581 |
-1,131,212,222 |
|
Profit Surplus |
146,346,060,448 |
142,186,783,307 |
120,597,108,552 |
|
Total Equity |
180,597,772,634 |
176,533,900,360 |
154,492,915,964 |
|
Liab. & Shareholder’s Equity |
410,142,115,209 |
395,746,779,632 |
408,241,576,447 |
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
632,564,653,393 |
664,117,455,347 |
545,052,962,560 |
|
Cost of Sold Goods |
590,833,567,041 |
605,598,999,482 |
503,207,024,536 |
|
Gross Profit |
41,731,086,352 |
58,518,455,865 |
41,845,938,024 |
|
Selling & Admin. Expenses |
13,709,895,806 |
14,557,469,133 |
11,524,034,104 |
|
Operating Income |
28,021,190,546 |
43,960,986,732 |
30,321,903,920 |
|
Other Income |
8,094,698,574 |
7,116,081,487 |
5,209,530,729 |
|
Other Expenses |
9,601,812,524 |
10,213,878,588 |
7,829,681,296 |
|
Finance Income |
2,815,349,687 |
5,312,989,222 |
12,971,814,890 |
|
Finance Expenses |
8,813,875,275 |
10,119,089,888 |
19,032,564,094 |
|
Income Before Taxes |
20,515,551,008 |
36,057,088,965 |
21,641,004,149 |
|
Income Taxes Expenses |
4,389,673,417 |
8,007,044,251 |
3,269,021,332 |
|
Net Income |
16,125,877,591 |
28,050,044,714 |
18,371,982,817 |
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
18,525,360,451 |
48,696,005,970 |
10,079,709,693 |
|
Cash Flows from Operating |
29,378,526,014 |
60,007,744,705 |
17,897,502,496 |
|
Interests Received |
157,011,279 |
151,165,906 |
254,387,757 |
|
Interests Paid |
-4,676,978,363 |
-5,455,256,191 |
-6,152,250,113 |
|
Income Tax |
-6,333,198,479 |
-6,007,648,450 |
-1,919,930,447 |
|
Cash Flows from Investing |
-19,190,292,107 |
-16,390,143,833 |
-42,972,922,606 |
|
Cash Flows from Financing |
1,959,402,272 |
-36,279,839,809 |
14,977,494,348 |
|
Increase/Decrease in Cash |
1,296,326,475 |
-3,972,687,894 |
-17,919,857,035 |
|
Cash at the Beginning of Year |
3,973,426,670 |
7,946,114,564 |
25,865,971,599 |
|
Cash at the End of Year |
5,269,753,145 |
3,973,426,670 |
7,946,114,564 |
|
Main Products & Services |
MDI Production Capacity : 200,000ton/Yr. |
|
Detailed Products Spec. |
-- |
|
Technologies Acquired |
-- |
|
Suppliers |
-- |
|
Customers |
-- |
|
Competitors |
FINETEC CORP. 345, BOCHE-RI, MIYANG-MYEON, ANSEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-677-7000 FAX:+82-31-677-7007 KUKDO CHEMICAL CO., LTD. 345-35, GASAN-DONG, GEUMCHEON-GU, SEOUL,
KOREA TEL:+82-2-3282-1400 FAX:+82-2-869-0101 HOSUNG CHEMEX CO., LTD. 18TH FL., SAMHWA BLDG., 144-17, SAMSEONG
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3450-4200 FAX:+82-2-553-5922 |
|
Affiliates |
KUMHO P&B CHEMICALS, INC.(206211-0018313) KUMHO TRADING CO., INC.(110111-2079641) KUMHO ASIANA MAIN TOWER CO., INC.(110111-3207712) |
|
Overseas Office |
-- |
|
Liaison Office |
-- |
|
Overseas Branch |
-- |
|
Joint Venture |
-- |
|
Subsidiary |
-- |
|
Corporate Ownership |
KUMHO PETRO CHEMICAL CO.,
LTD.(110111-0205975) MITSUI CHEMICALS, INC.(JAPAN) |
|
Major Shareholders |
KUMHO PETRO CHEMICAL CO.,
LTD.(110111-0205975) MITSUI CHEMICALS, INC.(JAPAN) |
|
Cooperative Enterprise |
-Technical Support from MITSUI CHEMICALS, INC.(JAPAN) |
The Subject deals with the companies in
Japan.
No.
----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.