MIRA
INFORM REPORT
|
Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
HALLA CLIMATE CONTROL CORPORATION |
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Registered Office : |
1689-1, Sinil-dong, Daedeok-gu, Daejeon - 306-230 |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
03/11/1986 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Air Conditioning and Control Machines |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Basic
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Company
Name |
HALLA CLIMATE CONTROL
CORPORATION |
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Registered Address |
1689-1, Sinil-dong, Daedeok-gu, |
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Zip Code |
306-230 |
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Tel |
+82-42-930-6114 |
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Fax |
+82-42-930-6129 |
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E-mail |
webmaster@mail.hcc.co.kr |
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Website |
www.hcc.co.kr |
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Trading Address |
15FL., C-Dong, Daelim Acrovill, 467-6,
Dogok 2-dong, Gangnam-gu, |
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Tel |
+82-2-3458-5510 |
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Fax |
+82-2-3498-5510 |
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231-9, |
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Tel |
+82-52-228-2010 |
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Fax |
+82-52-228-2119 |
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Pyeong Taek Factory |
344-1, Manho-ri, Poseung-eup, Pyeongtaek-si, |
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Tel |
+82-31-680-7614 |
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Fax |
+82-31-680-7981 |
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Type |
Export/Import |
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Industry |
Manufacture of Air Conditioning and Control Machines |
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Main Business |
Air Conditioner, Cooling Module, Compressor, Radiator, Heater |
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Established (mm/dd/yyyy) |
03/11/1986 |
The Subject owns the premises of registered HQ
address/Factory(191,400m2), Pyeong Taek Factory (69,300m2) and Ulsan Factory
(30,215m2).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air conditioners(40101701) |
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Sell |
System boards processors interfaces or
modules(43201500) |
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Sell |
Radiators(40101801) |
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Sell |
Heating equipment and parts and
accessories(40101800) |
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Sell |
Blowers(40101601) |
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Sell |
Transportation components and
systems(25170000) |
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Sell |
Microcontrollers(32101628) |
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Sell |
Capacitors(32121500) |
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Sell |
Evaporative coolers(40101703) |
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Sell |
Compressors(40151600) |
CEO’s
|
Name |
Shin Young-Ju |
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Date of Birth |
01/10/1945 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
53,380,000,000 KRW |
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Employees |
1,671 |
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Formation |
Listed Company ( Foreign Direct Investment Corporation by |
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Bank Details |
Korea Exchange Bank-HQ |
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Corporate Registered No. |
134711-0002206 |
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Business Registered No. |
306-81-24501 |
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Permit & Licenses |
10/1994 ISO 9001 01/1997 QS 9001 07/1997 ISO 14001 12/2005 KT Int’l Trade No.: 870624 |
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Shareholder Position |
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Company History |
02/2007 Selected as Supplier of the Year (VE
Area) from Hyundai - Kia Automotive Group
02/2007 VASI (A subsidiary in 12/2006 Selected as 'The most reliable
company' by KCEOA ( 11/2006 Won 900 million Export Tower Award
from the government 09/2006 Won the Sustainable Green
Management Award from KMA for three consecutive years 05/2006 Dedicated HCC 04/2006 Selected as Best Partners by
VCCB(Visteon Climate Control Beijing Corp.)and 04/2006 Won the order of J68 radiators for
automobiles (succession product of J48) from Mazda 03/2006 Received the Q-1 Award
Certificate' the best quality grade of Ford Motor Company 12/2005 Selected as the Most reliable
Company Award from KCEOA ( 12/2005 Acquired KT mark from Ministry of
Science and Technologys 12/2005 Won 800 Billion Dollar Export
Tower Award from Ministry of Commerce,Industry & Energy 11/2005 Won 800 Billion Dollar Export
Tower Award from Ministry of Commerce,Industry & Energy 10/2005 Won Jang Young Sil Award for Wave
Blade Fan and Sawtooth-type shroud 10/2005 Won the Sustainable Green
Management Award from KMA( 06/2005 Selected as one of the Most
Respected 30 Korean Companies by Dong-A ilbo newspaper for two consecutive
years 04/2005 First export of DCX DH, FORD U251
FS18(for 4.0L engine) 12/2004 Reached one trillion won of
sales 11/2004 Awarded “ 10/2004 Selected as one of 200 Best Under
a Billion in the world by Forbes, a 09/2003 Selected as a "Best Under a
Billion for 2003" by Forbes 06/2003 Shipped Radiators to Mazda 05/2003 Commenced shipments of Compressors
to Daimler Chrysler 04/2003 Newly developed Condenser was
honored with Jang Young-Shil Award 03/2003 Earned ISO/TS 16949:2002 03/2003 Chosen as the "Supplier of
the Year in 2002" by Hyundai & Kia
03/2003 Conferred Industrial Service Merit
Order, 10/2002 Selected as a "Best Under a
Billion for 2002" by Forbes 08/2002 Signed Compressor supply contracts
with Daimler Chrysler 05/2002 Commenced commercial production of
FEM 04/2002 Approved new investment for
VS-Compressors 04/2002 HCC's Compressors were selected as
the "Next-Generation Best Products" in 2002 03/2002 Selected as a Best Quality Management
01/2002 Honored as the "Best Safety
Supplier" by GM 11/2001 Received 6-Sigma Grand Prize 07/2001 Dedicated 01/2001 HCC Thailand was selected as a
"Supplier of the Year in 2000" By GM Thailand 08/2000 Production of compressors exceeded
the 10 million mark 04/2000 Acquired the Grand Prize for Value
Management 07/1999 Selected as an
environment-friendly enterprise by government
03/1999 Visteon became HCC's major
shareholder 04/1998 Selected as a "Supplier of
the Year in 1997" by GM"
07/1997 Earned ISO 14001 certification for
environmental management system 01/1997 Earned Big-3 QS 9000 Quality
Certification 10/1996 Received Grand Award for
Technology and Management 10/1996 Established HCC 07/1996 Listed on Korean Stock Market/
Established HCC 02/1996 Dedicated Daejeon Plant 12/1995 Awarded Grand Prize for
Outstanding Globalization Projects 11/1994 Awarded Grand Prize for Personnel
Development 10/1994 Acquired ISO 9001
certification 04/1994 Dedicated Compressor Clutch
plant 11/1993 Honored with US$100 Mil. 12/1991 Received the Q1 Award, the best
quality standard from Ford. 10/1990 Completed Compressor plant 11/1990 Received US$50 Mil. 06/1989 Established HCC 04/1989 Established 06/1987 Started commercial production of
Radiators for Hyundai Motor's Excel 05/1986 Started construction of an
Aluminum Radiator plant 03/1986 Incorporated Halla Climate Control
Corp., a joint venture between Ford Motor Company and Mando Machinery Co. |
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The Subject Company
is engaged in the original equipment manufacture (OEM) of automotive
air-conditioning systems and modules. The Company principally produces and
distributes radiators, air conditioners, heat exchangers, compressors and
module products such as cooling modules and front end modules. During the year
ended December 31, 2006, the air conditioners and modules accounted for
approximately 38% and 21% of total sales, respectively. The Company’s major
clients include Hyundai Motor Company, Kia Motors, Ssangyong Motors, Mando
Climate Control Corp., Ford, General Motors, Mazda and Chrysler. The Company
has three domestic factories and has overseas operations in North America,
Europe and
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Shin Young-Ju |
Korean |
'45. 1.10 |
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|
Vice President |
Mr. |
Won Seok-Dong |
Korean |
'51. 9. 6 |
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Director |
Mr. |
Donald Stabins |
- |
'58. 1. 5. |
MBA, |
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Director |
Mr. |
Joy Greenway |
- |
'60. 6.22 |
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Director |
Mr. |
Robert Perlashi |
- |
'51. 4.14 |
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Outside Director |
Mr. |
Baik Mann-Ki |
- |
'54. 1. 5 |
MBA, |
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Outside Director |
Mr. |
David M. Roden |
- |
'54.12. 7 |
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Auditor |
Mr. |
Kim Ki-Won |
Korean |
'47. 1. 1 |
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Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
1,376,418,919,609 |
1,001,857,479,586 |
83,084,326,254 |
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2005 |
1,207,860,999,278 |
905,813,902,785 |
92,042,509,424 |
|
2004 |
1,126,506,708,042 |
803,458,000,004 |
114,043,070,094 |
|
2003 |
930,670,360,264 |
685,540,726,452 |
88,533,366,176 |
Financial Description
Unit: KRW
|
Authorized Capital |
225,000,000,000 |
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Paid-Up Capital |
53,380,000,000 |
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Total Issues Shares |
106,760,000 |
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Balance Sheet |
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Unit : Korean Won |
01/01/2007~06/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
988,049,687,960 |
1,001,857,479,586 |
905,813,902,785 |
|
Current Assets |
499,220,586,494 |
505,211,495,185 |
426,885,372,352 |
|
-Quick Assets |
438,598,807,077 |
457,262,435,668 |
380,435,365,248 |
|
-Inventories |
60,621,779,417 |
47,949,059,517 |
46,450,007,104 |
|
Fixed Assets |
488,829,101,466 |
496,645,984,401 |
478,928,530,433 |
|
-Investment |
128,651,630,132 |
118,102,428,444 |
98,121,848,775 |
|
-Tangibles |
349,004,294,346 |
365,638,717,514 |
367,669,293,635 |
|
-Intangibles |
2,132,848,818 |
2,140,258,758 |
2,283,211,966 |
|
-Others |
9,040,328,170 |
10,764,579,685 |
10,854,176,057 |
|
Total Liabilities |
312,915,031,119 |
346,614,014,394 |
304,184,441,871 |
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Current Liabilities |
289,280,693,659 |
323,911,680,473 |
270,424,009,925 |
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Fixed Liabilities |
23,634,337,460 |
22,702,333,921 |
33,760,431,946 |
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Capital Stock |
53,380,000,000 |
53,380,000,000 |
53,380,000,000 |
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Capital Surplus |
48,060,000,000 |
48,060,000,000 |
48,060,000,000 |
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Profit Surplus |
563,011,604,878 |
549,038,277,260 |
500,117,151,006 |
|
Capital Adjustment |
10,683,051,963 |
4,765,187,932 |
72,309,908 |
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Total Equity |
675,134,656,841 |
655,243,465,192 |
601,629,460,914 |
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Liab. & Shareholder’s Equity |
988,049,687,960 |
1,001,857,479,586 |
905,813,902,785 |
|
Current
Liabilities |
289,280,693,659 |
323,911,680,473 |
270,424,009,925 |
|
Trade Payables |
206,057,040,870 |
232,564,698,210 |
173,617,215,416 |
|
Account Payables |
49,302,044,643 |
63,666,192,309 |
78,727,116,951 |
|
Advance Receipts |
414,986,357 |
553,759,061 |
723,339,925 |
|
Withholdings |
863,144,170 |
1,893,464,220 |
2,103,903,043 |
|
Accrued Expenses |
16,953,239,481 |
9,140,032,970 |
5,313,653,633 |
|
Accrued Income Tax |
15,218,302,804 |
15,837,604,740 |
9,906,803,187 |
|
Derivatives |
- |
- |
1,977,770 |
|
Others |
471,935,334 |
255,928,963 |
30,000,000 |
|
Fixed
Liabilities |
23,634,337,460 |
22,702,333,921 |
33,760,431,946 |
|
Long-Term Account Payables |
5,049,611,637 |
7,224,697,344 |
13,805,315,981 |
|
Provision for Severance &
Retirement |
6,440,725,823 |
1,934,636,577 |
1,370,259,313 |
|
Provision for Long-Term
Products Guarantee |
12,144,000,000 |
13,543,000,000 |
15,811,000,000 |
|
Deferred Income Tax Credit |
- |
- |
2,773,856,652 |
|
Income Statement |
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Unit : Korean Won |
01/01/2007~06/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
738,127,952,154 |
1,376,418,919,609 |
1,207,860,999,278 |
|
Cost of Sold Goods |
637,322,522,787 |
1,198,774,026,375 |
1,027,380,033,915 |
|
Gross Profit |
100,805,429,367 |
177,644,893,234 |
180,480,965,363 |
|
Selling & Admin. Expenses |
62,174,811,307 |
107,659,198,326 |
110,552,439,673 |
|
Operating Income |
38,630,618,060 |
69,985,694,908 |
69,928,525,690 |
|
Non-Operating Income |
29,744,146,058 |
52,884,874,877 |
53,701,178,946 |
|
Non-Operating expenses |
5,569,529,847 |
18,860,887,878 |
13,897,970,800 |
|
Ordinary Income |
62,805,234,271 |
104,009,681,907 |
109,731,733,836 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
62,805,234,271 |
104,009,681,907 |
109,731,733,836 |
|
Income Taxes Expenses |
16,803,906,653 |
20,925,355,653 |
17,689,224,412 |
|
Net Income |
46,001,327,618 |
83,084,326,254 |
92,042,509,424 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2007~06/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
24,046,198,770 |
175,854,035,429 |
75,047,762,800 |
|
-Net Income |
46,001,327,618 |
83,084,326,254 |
92,042,509,424 |
|
-Exp. without Cash Outflow |
48,725,436,083 |
78,538,917,431 |
78,227,918,198 |
|
-Revenue
without Cash Inflows |
(-)9,694,344,496 |
(-)15,569,413,671 |
(-)22,755,133,822 |
|
-Changes in
Asset/ & Liability |
(-)60,986,220,435 |
29,800,205,415 |
(-)72,467,531,000 |
|
Cash Flows
from Investing |
(-)48,416,047,748 |
(-)92,283,461,479 |
(-)37,591,144,485 |
|
-Cash Inflow
from Investing |
96,588,855,350 |
286,921,413,172 |
101,122,897,276 |
|
-Cash
Outflows for Investing |
(-)145,004,903,098 |
(-)379,204,874,651 |
(-)138,714,041,761 |
|
Cash Flows from Financing |
(-)31,338,000,000 |
(-)33,937,271,037 |
(-)35,973,120,000 |
|
-Cash
Inflows from Financing |
690,000,000 |
6,326,978,733 |
5,000,000 |
|
-Cash Outflows
from Financing |
(-)32,028,000,000 |
(-)40,264,249,770 |
(-)35,978,120,000 |
|
Increase/Decrease
in Cash |
(-)55,707,848,978 |
49,633,302,913 |
1,483,498,315 |
|
Cash at the
Beginning of Year |
83,399,534,559 |
33,766,231,646 |
32,282,733,331 |
|
Cash at the
End of Year |
27,691,685,581 |
83,399,534,559 |
33,766,231,646 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Air Conditioner, Cooling Module, Compressor, Radiator, Heater Brand Name: HMC |
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Annual Production Capacity (Unit: 100 Million KRW) |
|
Trade Partners
|
Suppliers |
FOOSUNG PRECISION IND.CO.,LTD.( 134811-0023854) LOTTE ALUMINUM CO., LTD.( 110111-0003121) KAMCO(150111-0016811) SIEMENS VDO CO., LTD. MACQUARIE CAPITAL |
|
Customers |
HYUNDAI MOTOR COMPANY KIA MOTORS CO., LTD. FORD GENERAL MOTORS DAIMLER CHRYSLER MAZDA |
|
Competitors |
DOOWON CLIMATE
CONTROL.CO.,LTD(134811-0012386) KOREA DELPHI AOTOMOTIVE SYSTEMS
CORP.(110111-0384117) The Subject has been ranked as 1st
player(47%:Domestic Market Shares in 2005) in domestic market. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
VASI (6.1% held by the subject company) DUCKYANG INDUSTRY CO.,LTD FUCHANG CLIMATE SYSTEMS LTD. VISTEON AUTOMOTIVE SYSTEMS INDIA PRIVATE
LIMITED VISTEON UK LIMITED VISTEON VISTEON SISTEMAS AUTOMOTIVAS LTDA. CLIMATE SYSTEMS INDIA LIMITED VISTEON JAPAN, LTD. VISTEON CLIMATE CONTROL ( VISTEON ENGINE CONTROL SYSTEM CO., LTD. VISTEON VISTEON CLIMATE CONTROL SYSTEMS LIMITED HALLA CLIMATE SYSTEMS ALABAMA INC. VISTEON COCLISA S.A. DE C.V. VISTEON AUTOPAL VISTEON CORPORATION VISTEON DEURSCHLAND VISTEON BASILDON VISTEON SYATEMS LLC FORD MOTOR PHILIPPINES INC. FORD MOTOR COMPANY FORD MOTOR COMPANY MAZDA MOTOR CORPORATION |
|
Subsidiary |
HCC (100% held by the subject company) HCC (90% held by the subject company) HCC (72.1% held by the subject company) Visteon (100% held by the subject company) HCC (100% held by the subject company) |
|
Cooperative |
Bosch Automotive Systems Co. is providing
the technology on Cooling Fan & Shroud Assembly. |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
962,822 |
888,640 |
835,759 |
|
Domestic |
413,597 |
319,221 |
290,748 |
|
Total |
1,376,419 |
1,207,861 |
1,126,507 |
The Subject exports to
Court Action
No.
News Clipping
Foreigners invest in solid firms
JoongangIlbo & Joins.com:04/24/2007
Local companies with high foreign equity ownership perform better
financially and are more stable, according to the Korea Exchange.After an
analysis of the 2006 performance of 527 companies whose fiscal year ends in
December, the stock exchange said 48 listed companies whose equity is owned 40
percent or more by foreign institutions had a ratio of operating profit to net
sales equal to 9.7 percent.
That ratio was higher than the average of all 527 companies, 6.6
percent.
The 333 companies with less than 10 percent foreign ownership had a
ratio of 3.2 percent.
The analysis excludes financial companies and companies whose shares are
under special supervision, and is based on the level of foreign ownership on
April 18.
The ratio of debt to equity was also lower, at 60 percent, for companies
with significant foreign equity ownership.
The debt to equity ratio for companies with less than 10 percent foreign
equity ownership was 112 percent.Companies with high foreign equity ownership
accounted for 56 percent of the net profits of the 527 companies, or 21.5
trillion won ($22.6 billion).“Foreign investors seem to take fundamentals
seriously such as financial performance and stability,” said an official at the
stock exchange.
According to the Korea Exchange, Halla Climate Control Corp. had the
highest foreign equity ownership at 84 percent, followed by Ssangyong Motor Co.
at 80.7 percent and Hankuk Glass Industries Co. at 79 percent.By Limb Jae-un
Staff Writer [jbiz91@joongang.co.kr] -
Copyrights ⓒ JoongangIlbo & Joins.com, All rights reserved. -
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)