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MIRA INFORM REPORT
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Report No. : |
505149 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
KUMHO P&B
CHEMICALS INC. |
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Registered Office : |
218, Yeosusandan 2-ro, Yeosu-si, Jeollanam-do, 59611 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
10.07.2000 |
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Com. Reg. No.: |
417-81-21425 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
·
Manufacture of Basic Organic Petrochemicals,
Phenol, Acetone, Bisphenol-A, MIBK, Epoxy, AMS ·
Wholesale of Other Chemical Materials and
Chemical Products |
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|
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No. of Employees : |
276 |
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 : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
|
Company Name |
KUMHO P&B
CHEMICALS INC. |
|
Registered Address |
218, Yeosusandan 2-ro, Yeosu-si,
Jeollanam-do, Korea (Old Address System : 319, Hwachi-dong, Yeosu-si,
Jeollanam-do, Korea) |
|
Building |
|
|
Zip Code |
59611 |
|
Tel |
+82-61-688-3500 |
|
Fax |
+82-61-688-3505 |
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E-mail |
yjk@kpb.co.kr |
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Website |
www.kpb.co.kr |
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Trading Address |
8th Fl., Signature Towers East Bldg., 100,
Cheonggyecheon-ro, Jung-gu, Seoul, Korea (Old Address System : 8th Fl., Signature
Towers East Bldg., 99, Supyo-dong, Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-6961-3425 |
|
Fax |
+82-2-6961-3490 |
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Other Address-2nd Factory |
46-53, Yeosusandan 2-ro, Yeosu-si, Jeollanam-do,
Korea |
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Tel |
+82-61-688-3700 |
|
Fax |
|
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Type |
Export/Import |
|
Industry |
Manufacture of Basic Organic
Petrochemicals |
|
Main Business |
Phenol, Acetone, Bisphenol-A, MIBK, Epoxy, AMS |
|
Sub
Business |
Wholesale of Other Chemical Materials and Chemical Products |
|
Established (mm/dd/yyyy) |
07/10/2000 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Phenols or its substitutes or
derivatives(12191503) |
|
Sell |
Epoxy(13111001) |
|
Sell |
Ethers or its substitutes(12352112) |
|
Sell |
Organic derivatives and substituted
compounds(12352100) |
CEO’s
|
Name |
Moon Dong-Joon |
|
Date of Birth |
10/20/1954 |
|
Title |
Vice President & CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
143,712,000,000 |
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Employees |
276 |
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Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation A Company of Kumho Asiana Group |
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Bank Details |
Woori Bank-HQ Office KEB Hana Bank Shinhan Bank |
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Corporate Registered No. |
206211-0018313 |
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Business Registered No. |
417-81-21425 |
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Permit & Licenses |
Int’l Trade No.: 985534 |
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Shareholder Position |
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Company History |
07/10/2000 Incorporated as the present name 04/17/2006 Split off the par value to 5,000
KRW from 10,000 KRW 04/17/2006 Increased the authorized shares to
44,000,000 shares from 22,000,000 shares 01/25/2007 Increased capital to
143,712,000,000 KRW from 121,332,000,000 KRW |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Vice President & CEO |
Moon Dong-Joon |
Korean |
10/20/1954 |
10/20/1954 |
|
Director |
Park Chan-Koo |
Korean |
08/13/1948 |
03/16/2002 |
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Director |
Park Joo-Hyung |
Korean |
01/07/1980 |
01/01/2016 |
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Director |
Otani Hoshiro |
Japanese |
12/30/1962 |
04/17/2017 |
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Auditor |
Kim Min-Ho |
Korean |
03/31/1967 |
01/01/2017 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,233,632,089,422 |
878,557,004,826 |
12,297,366,086 |
|
|
2016 |
897,781,303,806 |
874,420,397,858 |
21,042,923,410 |
|
2015 |
839,345,737,914 |
855,743,339,237 |
18,009,196,326 |
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2014 |
1,108,420,244,427 |
870,553,331,816 |
8,908,597,557 |
|
2013 |
1,036,775,649,033 |
820,771,825,847 |
-28,963,414,120 |
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2012 |
1,124,250,692,966 |
761,079,509,758 |
4,443,836,103 |
|
2011 |
1,265,073,181,562 |
725,643,813,439 |
125,957,332,314 |
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2010 |
1,099,176,097,199 |
642,113,204,865 |
142,681,062,907 |
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2009 |
784,396,229,889 |
620,074,023,442 |
13,527,586,693 |
Financial Description
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Authorized Capital(KRW) |
220,000,000,000 |
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Paid-Up Capital(KRW) |
143,712,000,000 |
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Total Issued Shares |
28,742,400 |
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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 |
878,557,004,826 |
874,420,397,858 |
855,743,339,237 |
|
Current
Assets |
286,678,334,638 |
250,395,261,880 |
224,496,519,135 |
|
Inventories |
98,287,082,854 |
88,332,594,053 |
94,721,104,560 |
|
Current
Marketable Financial Instruments |
141,600,000 |
271,360,000 |
- |
|
Trade
Receivables |
166,506,959,604 |
143,192,118,526 |
97,323,095,062 |
|
Other
Receivables |
4,606,447,129 |
3,532,227,480 |
4,129,851,005 |
|
Income
Taxes |
- |
- |
110,236,560 |
|
Cash
& Cash Equivalents |
15,504,393,628 |
13,381,600,008 |
27,023,837,483 |
|
Other
Current Assets |
1,631,851,423 |
1,685,361,813 |
1,188,394,465 |
|
Non-Current
Assets |
591,878,670,188 |
624,025,135,978 |
631,246,820,102 |
|
Tangibles |
542,486,447,666 |
572,446,831,944 |
549,712,102,555 |
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Intangibles |
1,366,032,237 |
2,096,661,770 |
2,917,511,303 |
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Investment_Related
Companies |
43,080,415,125 |
43,080,415,125 |
43,080,415,125 |
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Deferred
Income Tax Assets |
3,030,106,909 |
5,065,217,981 |
6,320,830,174 |
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Marketable
Financial Instruments |
500,000,000 |
- |
27,954,378,000 |
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Other
Receivables |
1,415,668,251 |
1,336,009,158 |
1,261,582,945 |
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Total
Liabilities |
395,891,789,337 |
406,731,055,729 |
397,013,854,758 |
|
Current
Liabilities |
276,703,937,022 |
277,561,450,213 |
211,183,063,581 |
|
Trade
Payables |
82,304,066,557 |
63,822,591,389 |
53,517,452,129 |
|
Other
Payables |
47,283,725,873 |
32,924,186,204 |
45,841,806,176 |
|
Accrued
Income Tax |
809,149,838 |
353,577,163 |
- |
|
Short-Term
Borrowings |
139,165,853,801 |
174,742,984,315 |
110,802,088,280 |
|
Provisions |
5,915,710,111 |
5,301,910,914 |
851,675,441 |
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Other
Current Liabilities |
1,225,430,842 |
416,200,228 |
170,041,555 |
|
Non-Current
Liabilities |
119,187,852,315 |
129,169,605,516 |
185,830,791,177 |
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Long-Term
Trade Payables & Other Payables |
707,518,627 |
1,013,462,879 |
1,020,275,339 |
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Long-Term
Borrowings |
109,279,030,212 |
112,466,691,165 |
168,813,987,353 |
|
Derivatives |
1,691,833,891 |
- |
- |
|
Provision
for Severance & Retirement |
7,509,469,585 |
15,689,451,472 |
15,996,528,485 |
|
Capital
Stock |
143,712,000,000 |
143,712,000,000 |
143,712,000,000 |
|
Others |
3,732,203,341 |
3,758,593,776 |
14,672,217,120 |
|
Profit
Surplus |
335,221,012,148 |
320,218,748,353 |
300,345,267,359 |
|
Total
Equity |
482,665,215,489 |
467,689,342,129 |
458,729,484,479 |
|
Liab.
& Shareholder’s Equity |
878,557,004,826 |
874,420,397,858 |
855,743,339,237 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
1,233,632,089,422 |
897,781,303,806 |
839,345,737,914 |
|
Cost
of Sold Goods |
1,186,882,681,998 |
861,989,579,287 |
805,592,760,816 |
|
Gross
Profit |
46,749,407,424 |
35,791,724,519 |
33,752,977,098 |
|
Selling
& Admin. Expenses |
18,669,120,595 |
17,754,615,331 |
16,350,763,076 |
|
Operating
Income |
28,080,286,829 |
18,037,109,188 |
17,402,214,022 |
|
Other
Income |
10,412,513,755 |
31,227,419,027 |
17,386,621,855 |
|
Other
Expenses |
16,008,411,002 |
15,389,069,392 |
8,766,419,376 |
|
Finance
Income |
6,410,210,617 |
3,852,422,128 |
4,316,942,133 |
|
Finance
Expenses |
12,985,643,687 |
10,621,277,581 |
7,546,714,393 |
|
Income
Before Taxes |
15,908,956,512 |
27,106,603,370 |
22,792,644,241 |
|
Income
Taxes Expenses |
3,611,590,426 |
6,063,679,960 |
4,783,447,915 |
|
Net
Income |
12,297,366,086 |
21,042,923,410 |
18,009,196,326 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating Activities Cash Flows |
69,956,809,934 |
30,858,545,012 |
114,151,882,759 |
|
Cash
Flows from Operating |
80,867,698,754 |
41,375,779,050 |
120,249,756,461 |
|
Net
Income |
12,297,366,086 |
21,042,923,410 |
18,009,196,326 |
|
Adjustment |
82,161,263,465 |
59,732,099,536 |
48,199,776,472 |
|
Changes
in Asset/ & Liability |
-13,590,930,797 |
-39,399,243,896 |
54,040,783,663 |
|
Interests
Paid |
-9,296,649,201 |
-9,801,404,991 |
-9,786,043,408 |
|
Interests
Received |
262,143,471 |
220,380,808 |
3,727,247,296 |
|
Income
Taxes |
-1,876,383,090 |
-936,209,855 |
-39,077,590 |
|
Cash
Flows from Investing |
-31,252,284,952 |
-51,079,068,890 |
-103,270,245,543 |
|
Cash
Flows from Financing |
-36,580,679,873 |
6,578,286,441 |
-25,675,409,329 |
|
Increase/Decrease
in Cash |
2,123,845,109 |
-13,642,237,437 |
-14,793,772,113 |
|
Cash
at the Beginning of Year |
13,381,600,008 |
27,023,837,483 |
41,750,413,542 |
|
Cash
at the End of Year |
15,504,393,628 |
13,381,600,008 |
27,023,837,483 |
Products, Technologies, Services
Description
|
Main Products & Services |
Phenol, Acetone, Bisphenol-A, MIBK, Epoxy, AMS Brand Name : KER |
Trade
Partners & Competitors
|
Suppliers |
SUMITOMO(JAPAN) SAMSUNG FINE CHEMICALS CO., LTD.(181211-0000013) YEOCHUN NCC CO., LTD.(110111-1839096) |
|
Customers |
|
|
Competitors |
KOLON INDUSTRIES, INC. 10TH FL., KOLON TOWER, 1-23, BYEORYANG-DONG,
GWACHEON-SI, GYEONGGI-DO, KOREA TEL:+82-2-3677-3515 FAX:+82-2-3677-3539 WOOJIN COPOLYMER CO., LTD. 1DA-409, SIHWA INDUSTRIAL COMPLEX, 1252-10,
JEONGWANG 3-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-499-1921 FAX:+82-31-499-1925 KANGNAM CHEMICAL CO., LTD. 9TH FL., GANGNAM BLDG., 1355-21, SEOCHO
2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3415-8000 FAX:+82-2-3473-3262 |
|
|
|
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
YEOSU PETROCHEMICAL LOGISTICS CORPORATION(206211-0032909) NIPPON STEEL & SUMIKIN CHEMICAL CO.,
LTD.(JAPAN) KUMHO POLYCHEM CO., LTD.(110111-0400533) KUMHO MITSUI CHEMICALS, INC.(110111-0612980) KUMHO TERMINAL AND LOGISITICS COMPANY(206211-0039707) |
|
Joint Venture |
JIANGSU KUMHO YANGNONG CHEMICAL CO., LTD. (50.00% held by the subject company) |
|
Subsidiary |
KUMHO TRADING CO., INC.(110111-2079641) (56.25% held by the subject company) |
|
Corporate Ownership |
KUMHO PETROCHEMICAL CO.,
LTD.(110111-0205975) |
|
Major Shareholders |
KUMHO PETROCHEMICAL CO.,
LTD.(110111-0205975) |
|
Cooperative Enterprise |
|
Sales
by Region (Activity & Markets)
|
Sales/ Unit :Mil KRW |
2017 |
2016 |
2015 |
|
Export |
667,522 |
422,336 |
284,341 |
|
Domestic |
566,110 |
475,445 |
555,004 |
|
Total |
1,233,632 |
897,781 |
839,345 |
Not Available.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
KUMHO INDUSTRIAL CO.,LTD.(110111-0134877) |
The Subject Company |
Not existing debts |
- |
Filed as of 09/11/2013 2nd round is proceeding |
News
Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
|
KRW |
1 |
INR 0.062 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.