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MIRA INFORM REPORT
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Report No. : |
502847 |
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Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
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Name : |
KPIC CORPORATION |
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Registered Office : |
39, Namdaemun-ro 5-gil, Jung-gu, Seoul, Korea, Hosung Bldg., 04526 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
28.03.2005 |
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Com. Reg. No.: |
104-81-93116 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
·
Wholesale of Other Chemical Materials and
Chemical Products, Petrochemicals, Polypropylene Resin, ·
Freight Transport Brokerage, Agency and Other
Supporting Transport Services |
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No. of Employees : |
60 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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|
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea| |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
Source
: CIA |
Basic
Information
Basic
|
Company Name |
KPIC CORPORATION |
|
Registered Address |
39, Namdaemun-ro 5-gil, Jung-gu, Seoul,
Korea |
|
Building |
Hosung Bldg. |
|
Zip Code |
04526 |
|
Tel |
+82-2-757-7121 |
|
Fax |
+82-2-757-6167~8 |
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E-mail |
mykim@kpicc.com;yhjeon@kpicc.com |
|
Website |
www.kpicc.com |
|
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 |
Detailed Products
|
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) |
CEO’s
|
Name |
Jang Seok-San |
|
Date of Birth |
02/04/1963 |
|
Title |
President & CEO |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,000,000,000 |
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Employees |
60 |
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Formation |
Co., Ltd by shares A Company of KOREA PETRO CHEMICAL IND. |
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Bank Details |
Kookmin Bank-Taepyungro Branch Woori Bank Shinhan Bank KEB Hana Bank |
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Corporate Registered No. |
110111-3196056 |
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Business Registered No. |
104-81-93116 |
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Permit & Licenses |
Int’l Trade No.: 45348169 |
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Shareholder Position |
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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 03/23/2017 Increased the authorized shares to
10,000,000 shares from 240,000 shares 03/23/2017 Increased capital to 5,000,000,000 KRW from 451,150,000 KRW |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Jang Seok-San |
Korean |
02/04/1963 |
03/23/2017 |
|
Director |
Cho Young-Ho |
Korean |
08/20/1961 |
03/23/2017 |
|
Director |
Lee Sang-Ho |
Korean |
12/08/1963 |
03/23/2017 |
|
Auditor |
Kim Mi-Hyun |
Korean |
10/26/1959 |
03/28/2005 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,147,100,987,949 |
355,360,383,427 |
9,713,538,610 |
|
|
2016 |
1,021,511,589,796 |
388,075,984,173 |
12,094,406,769 |
|
2015 |
1,075,006,977,143 |
347,902,097,474 |
10,175,001,300 |
|
2014 |
1,041,713,166,727 |
321,958,948,084 |
12,539,042,499 |
|
2013 |
614,239,227,656 |
274,419,935,933 |
14,816,003,374 |
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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 |
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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 |
Financial
Description
|
Authorized Capital(KRW) |
50,000,000,000 |
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Paid-Up Capital(KRW) |
5,000,000,000 |
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Total Issued Shares |
1,000,000 |
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Balance Sheet |
|||
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Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
355,360,383,427 |
388,075,984,173 |
347,902,097,474 |
|
Current
Assets |
100,672,091,767 |
133,794,218,022 |
99,557,541,395 |
|
Cash
& Cash Equivalents |
16,982,640,261 |
40,108,212,217 |
27,948,372,466 |
|
Trade
Receivables |
80,606,175,954 |
87,498,443,414 |
67,142,964,726 |
|
Other
Current Assets |
283,483,554 |
211,166,953 |
87,550,587 |
|
Inventories |
1,747,792,779 |
5,976,395,438 |
4,378,653,616 |
|
Assets
to be Sold |
1,051,999,219 |
- |
|
|
Non-Current
Assets |
254,688,291,660 |
254,281,766,151 |
248,344,556,079 |
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Other
Non-Financial Assets |
61,809,361 |
67,694,906 |
92,385,919 |
|
Investment_Subsidiaries |
224,153,735,542 |
221,143,432,411 |
218,289,247,181 |
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Investment_Related
Companies |
- |
1,282,827,352 |
1,282,827,352 |
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Marketable
Financial Instruments |
3,196,055,841 |
3,536,524,188 |
- |
|
Investment_Real
Estates |
7,216,116,286 |
7,654,899,115 |
7,730,919,573 |
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Tangibles |
16,797,363,699 |
17,379,090,848 |
17,673,243,389 |
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Intangibles |
3,263,210,931 |
3,217,297,331 |
3,275,932,665 |
|
Total
Liabilities |
85,792,998,550 |
123,306,863,285 |
92,175,679,071 |
|
Current
Liabilities |
78,008,586,978 |
115,576,683,097 |
84,372,015,121 |
|
Trade
Payables |
51,645,437,863 |
84,949,227,648 |
54,079,512,422 |
|
Short-Term
Borrowings |
21,948,783,444 |
27,112,959,624 |
27,464,588,192 |
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Other
Current Financial Debts |
190,134,362 |
296,301,479 |
107,024,195 |
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Other
Current Liabilities |
3,537,490,701 |
2,227,488,740 |
1,012,971,935 |
|
Deferred
Income Tax Credit |
686,740,608 |
990,705,606 |
1,707,918,377 |
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Non-Current
Liabilities |
7,784,411,572 |
7,730,180,188 |
7,803,663,950 |
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Other
Non-Current Financial Debts |
571,500,000 |
571,500,000 |
621,500,000 |
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Deferred
Income Tax Credit |
7,212,911,572 |
7,158,680,188 |
7,182,163,950 |
|
Capital
Stock |
5,000,000,000 |
451,150,000 |
451,150,000 |
|
Capital
Surplus |
122,332,314,500 |
126,881,164,500 |
126,881,164,500 |
|
Others |
-26,738,905 |
-74,114,284 |
- |
|
Profit
Surplus |
142,261,809,282 |
137,510,920,672 |
128,394,103,903 |
|
Total
Equity |
269,567,384,877 |
264,769,120,888 |
255,726,418,403 |
|
Liab.
& Shareholder’s Equity |
355,360,383,427 |
388,075,984,173 |
347,902,097,474 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
1,147,100,987,949 |
1,021,511,589,796 |
1,075,006,977,143 |
|
Cost of Sold Goods |
1,124,051,736,816 |
997,528,692,081 |
1,050,232,685,589 |
|
Gross Profit |
23,049,251,133 |
23,982,897,715 |
24,774,291,554 |
|
Selling & Admin. Expenses |
17,074,582,417 |
15,591,132,615 |
14,378,420,843 |
|
Operating Income |
5,974,668,716 |
8,391,765,100 |
10,395,870,711 |
|
Other Income |
684,734,468 |
223,445,075 |
310,659,177 |
|
Other Expenses |
1,042,323,633 |
36,036,204 |
57,548,928 |
|
Finance Income |
18,986,412,997 |
20,717,578,512 |
15,653,910,281 |
|
Finance Expenses |
13,760,739,883 |
15,008,398,641 |
12,156,912,670 |
|
Income Before Taxes |
10,842,752,665 |
14,288,353,842 |
14,145,978,571 |
|
Income Taxes Expenses |
1,129,214,055 |
2,193,947,073 |
3,970,977,271 |
|
Net Income |
9,713,538,610 |
12,094,406,769 |
10,175,001,300 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating Activities Cash Flows |
-10,204,188,120 |
22,264,788,555 |
1,277,058,472 |
|
Cash Flows from Operating |
-15,574,788,475 |
20,272,338,456 |
1,897,812,697 |
|
Interests Received |
209,574,193 |
170,652,504 |
64,006,132 |
|
Interests Paid |
-1,563,623,888 |
-1,236,112,845 |
-636,302,105 |
|
Income Taxes |
-1,392,309,950 |
-2,913,739,560 |
-3,564,379,110 |
|
Dividends Received |
8,116,960,000 |
5,971,650,000 |
3,515,920,858 |
|
Cash Flows from Investing |
-2,739,386,634 |
-7,006,332,903 |
-1,470,564,011 |
|
Cash Flows from Financing |
-10,126,826,180 |
-3,329,218,568 |
4,557,614,718 |
|
Increase/Decrease in Cash |
-23,070,400,934 |
11,929,237,084 |
4,364,109,179 |
|
Cash at the Beginning of Year |
40,108,212,217 |
27,948,372,466 |
23,372,517,249 |
|
Cash at the End of Year |
16,982,640,261 |
40,108,212,217 |
27,948,372,466 |
Products,
Technologies, Services Description
|
Main Products & Services |
Petrochemicals Polypropylene Resin Freight Transport Brokerage Agency and Other Supporting Transport Services |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners
& Competitors
|
Suppliers |
|
|
Customers |
KOREA PETRO CHEMICAL IND CO.,LTD.(110111-0024698) UNI-PEPP. LTD.(110111-1933913) KOSPOL CO., LTD.(110111-2282426) HYOSUNG CORPORATION(110111-0030497) MARUBENI CORPORATION INTERCHEM PTE LTD MITSUI AND CO LTD MITSUBISHI CORPORATION GUANGZHOU TOP AND IDEAL LOGISTICS SERVICE CO LTD NINGBO GREAT SOUTHEAST WANXAING S&T CO LTD |
|
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 |
|
|
|
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
TCS1 CO., LTD.(170111-0401852) (13.89% held by the subject company) A-ONE CORPORATION(110111-5103538) ODFJELL TERMINAL KOREA CO., LTD.(230111-0074200) HANJU CORPORTATION(181211-0007663) KPIC DAWN POLYMER (SHANGHAI) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
KOREA PETRO CHEMICAL IND CO.,LTD.(110111-0024698) (32.63% held by the subject company) KOREA AIR-TECH CO., LTD.(230111-0114452) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit : Thousand KRW |
2017 |
2016 |
2015 |
|
Export |
1,058,291,856 |
962,037,366 |
1,019,370,787 |
|
Domestic |
88,809,132 |
59,474,224 |
55,636,190 |
|
Total |
1,147,100,988 |
1,021,511,590 |
1,075,006,977 |
The Subject exports
to China and USA
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.99 |
|
|
1 |
INR 90.96 |
|
Euro |
1 |
INR 79.51 |
|
KRW |
1 |
INR 0.061 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.