MIRA
INFORM REPORT
|
Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HYUNDAI CORPORATION |
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|
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Registered Office : |
226, Sinmunno 1-ga, Jongno-gu, Seoul, 10FL~12FL., Hungkuk Life
Insurance Bldg.110-786 |
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Country : |
Korea |
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Financials (as on) : |
09.30.2007 |
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Date of Incorporation : |
12.08.1976 |
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Com. Reg. No.: |
101-81-16269 |
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|
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Legal Form : |
Listed Company |
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Line of Business : |
Wholesale of Non-Specialized Goods |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exists |
Basic
|
Company
Name |
HYUNDAI CORPORATION |
|
Registered Address |
226, Sinmunno 1-ga, Jongno-gu, Seoul,
Korea |
|
Building |
10FL~12FL., Hungkuk Life Insurance Bldg. |
|
Zip Code |
110-786 |
|
Tel |
+82-2-390-1114 |
|
Fax |
+82-2-390-1101 |
|
E-mail |
|
|
Website |
www.hyundaicorp.co.kr |
|
Trading Address |
10FL~12FL., Hungkuk Life Insurance Bldg.,
226, Sinmunno 1-ga, Jongno-gu, Seoul, Korea |
|
Tel |
+82-2-390-1114 |
|
Fax |
+82-2-390-1101 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Non-Specialized Goods |
|
Main Business |
Ships, Plants, Electronic Products, Automobiles, Industrial Machinery,
Petrochemicals, Steel Products, Internet Solutions |
|
Sub Business |
Resources Development |
|
Established (mm/dd/yyyy) |
12/08/1976 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Commercial marine craft(25111500) |
|
Sell |
Industrial process machinery and equipment and supplies(23150000) |
|
Sell |
Steel(11101704) |
|
Sell |
International trade(93171600) |
|
Sell |
Oil and gas exploration services(71110000) |
|
Sell |
Information Technology Broadcasting and Telecommunications(43000000) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
CEO’s
|
Name |
Noh Young Don |
|
Address |
- |
|
Date of Birth |
09/16/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
111,649,010,000 KRW |
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|
Employees |
269 |
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|
Formation |
Listed Company( KOREA STOCK EXCHANGE :
011760 ) as of 12/01/1977 |
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|
Bank Details |
Korea Exchange Bank Kei-Dong Branch |
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|
Corporate Registered No. |
110111-0205850 |
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|
Business Registered No. |
101-81-16269 |
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|
Permit & Licenses |
Int’l Trade No.: 770237 |
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|
Shareholder Position |
(*) As of 12/26/2006, Korea Credit
Guarantee Fund has increased its shares to 2,318,332 (10.38%) from 1,619,332
(7.25%). |
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|
Company History |
06/2005 Officially launched Qingdao Hyundai
Shipbuilding 03/2004 CEO Mark Juhn in office 11/2000 Awarded US$ 25 billion Export Tower
on Trade Day, 2000 11/1998 Awarded US$ 15 billion Export Tower
on Trade Day, 1998 05/1997 Awarded ‘The Best Enterprise' prize
by the Korea Management Association 03/1996 Introduced Korea's first outside
director system 11/1995 Awarded US$ 10 billion Export Tower
on Trade Day, 1995 11/1991 Awarded US$ 7 billion Export Tower
on Trade Day, 1991 04/1990 Began building Bekasi Industrial
Complex, Korea’s first overseas industrial complex in Indonesia 07/1984 Discovered Oil in Marib, Yemen 11/1983 Awarded US$ 3 billion Export Tower
in the 20th anniversary of Export Day 10/1981 Succeeded in bituminous coal
development in Drayton, Australia, Korea's first overseas resource
development project. 12/1980 Awarded US$ 1 billion Export Tower
on the 17th anniversary of Export Day 02/1978 Designated as a general trading
company 12/1977 Awarded US$300 million Export Tower
on the 14th anniversary of Export Day 12/08/1976 Founded Hyundai Corporation |
12/26/2006 Agreed
to prolong the periods of for Normalizing Management with the creditors
09/16/2003 Signed
MOU for Normalizing Management with the creditors.
The Subject Company
is a multinational trading company based in Korea. Its trading business is
comprised of seven divisions. The ship division organizes, coordinates,
finances and brokers ship-related businesses. The plant division manufactures
industrial facilities such as power, chemical and marine, and various small- to
mid-sized plants. The machinery division supplies machinery and electrical
equipment for use in major industrial sectors, markets automobiles and
automotive goods, and sells construction equipment. The automobile and rolling
stocks division deals with passenger cars, commercial vehicles, special purpose
vehicles, military vehicles, engines, automobile parts and rolling stocks and
railing equipment. The steel division is engaged in the domestic steel and
metal industry. The information and telecommunication division focuses on infrastructure,
systems integration and e-commerce in information technology products. The
chemical division supplies petrochemical products.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Edu & Career |
|
President & CEO |
Mr. |
Noh Young-Don |
Korean |
1953.09.16 |
Education |
|
Sr. Executive Director |
Mr. |
Kim Jong-Won |
Korean |
1955.11.12 |
- |
|
Outside Director |
Mr. |
Noh Ock-Sup |
Korean |
1949.02.12 |
Education |
|
Outside Director |
Mr. |
Shin Kyung-Hwan |
Korean |
1951.07.25 |
Education |
|
Outside Director |
Mr. |
Oh Se-Hern |
Korean |
1959.12.23 |
서울지방검찰청 |
|
Auditor |
Mr. |
Ahn Bog-Gyu |
Korean |
1951.10.20 |
Education |
Financials Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
1,107,962,869,531 |
427,980,852,776 |
48,653,443,173 |
|
|
2005 |
1,248,325,164,540 |
306,149,400,878 |
23,892,263,347 |
|
2004 |
1,796,247,064,533 |
367,892,458,691 |
34,521,417,849 |
|
2003 |
1,308,743,819,448 |
381,429,217,505 |
(-)210,980,136,663 |
Financial
Description Unit: KRW
|
Authorized
Capital |
7,500,000,000,000 |
|
Paid-Up
Capital |
111,649,010,000 |
|
Total Issues Shares |
22,329,802 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
546,294,826,878 |
427,980,852,776 |
339,722,323,169 |
|
Current Assets |
297,892,750,363 |
214,550,759,185 |
165,831,596,423 |
|
-Quick Assets |
268,076,879,877 |
181,950,098,305 |
131,062,890,881 |
|
-Inventories |
29,815,870,486 |
32,600,660,880 |
34,768,705,542 |
|
Fixed Assets |
248,402,076,515 |
213,430,093,591 |
173,890,726,746 |
|
-Investment |
217,039,800,210 |
189,262,866,668 |
157,282,828,223 |
|
-Tangibles |
3,441,116,096 |
5,819,515,824 |
9,812,398,508 |
|
-Intangibles |
397,292,249 |
418,608,581 |
341,504,064 |
|
-Others |
27,523,867,960 |
17,929,102,518 |
6,453,995,951 |
|
Total Liabilities |
366,371,312,751 |
284,140,824,979 |
247,780,956,405 |
|
Current Liabilities |
220,242,433,350 |
142,716,644,868 |
98,920,454,307 |
|
Fixed Liabilities |
146,128,879,401 |
141,424,180,111 |
148,860,502,098 |
|
Capital Stock |
111,649,010,000 |
111,649,010,000 |
111,649,010,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
80,676,539,057 |
48,653,443,173 |
(-)207,356,603,764 |
|
Capital Adjustment |
(-)12,402,034,930 |
(-)16,462,425,376 |
187,648,960,528 |
|
Total Equity |
179,923,514,127 |
143,840,027,797 |
91,941,366,764 |
|
Liab. & Shareholder’s Equity |
546,294,826,878 |
427,980,852,776 |
339,722,323,169 |
|
Current
Liabilities |
220,242,433,350 |
142,716,644,868 |
98,920,454,307 |
|
Trade Payables |
194,708,353,966 |
118,980,352,281 |
79,459,958,554 |
|
Short-Term Borrowings-Foreign
Currency |
1,263,380,839 |
- |
- |
|
Account Payables |
13,025,508,857 |
14,033,543,603 |
8,033,656,334 |
|
Advance Receipts |
7,555,045,954 |
2,743,958,714 |
4,006,143,807 |
|
Unearned Income |
4,676,066 |
202,293,400 |
286,865,448 |
|
Withholdings |
1,502,867,638 |
1,203,829,305 |
1,487,338,036 |
|
Guarantee Deposit Withhold |
93,026,883 |
94,226,883 |
238,310,863 |
|
Accrued Expenses |
1,786,127,453 |
5,036,107,281 |
2,895,498,180 |
|
Accrued Dividends |
26,667,760 |
26,667,760 |
26,667,760 |
|
Provision for Sales Guarantee |
70,404,346 |
384,215,838 |
338,455,325 |
|
Current Portion of Long-Term
debts |
- |
- |
2,147,560,000 |
|
Others |
206,373,588 |
11,449,803 |
- |
|
Fixed
Liabilities |
146,128,879,401 |
141,424,180,111 |
148,860,502,098 |
|
Debentures |
62,700,000,000 |
62,700,000,000 |
62,700,000,000 |
|
Long-Term Borrowings-Foreign
Currency |
79,258,499,245 |
76,148,014,098 |
85,092,789,084 |
|
Provision for Severance &
Retirement |
7,604,459,762 |
6,451,567,102 |
6,253,562,667 |
|
Provision for Contingent Loss |
- |
- |
1,562,870,000 |
Income
Statement
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
1,205,898,592,936 |
1,107,962,869,531 |
1,248,325,164,540 |
|
Cost of Sold Goods |
1,161,623,525,347 |
1,058,388,148,652 |
1,189,567,925,558 |
|
Gross Profit |
44,275,067,589 |
49,574,720,879 |
58,757,238,982 |
|
Selling & Admin. Expenses |
27,381,453,602 |
31,301,314,212 |
37,972,417,132 |
|
Operating Income |
16,893,613,987 |
18,273,406,667 |
20,784,821,850 |
|
Non-Operating Income |
46,581,926,763 |
69,222,041,309 |
56,028,802,525 |
|
Non-Operating expenses |
30,061,690,894 |
58,712,187,203 |
52,921,361,028 |
|
Ordinary Income |
33,413,849,856 |
28,783,260,773 |
23,892,263,347 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
33,413,849,856 |
28,783,260,773 |
23,892,263,347 |
|
Income Taxes Expenses |
(-)7,378,358,800 |
(-)19,870,182,400 |
- |
|
Net Income |
40,792,208,656 |
48,653,443,173 |
23,892,263,347 |
Cash
Flows
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
23,679,297,906 |
33,219,811,982 |
62,112,442,129 |
|
-Net Income |
40,792,208,656 |
48,653,443,173 |
23,892,263,347 |
|
-Exp. without Cash Outflow |
17,375,878,504 |
24,415,475,013 |
28,099,211,767 |
|
-Revenue
without Cash Inflows |
(-)26,897,726,727 |
(-)35,257,464,733 |
(-)31,083,479,849 |
|
-Changes in
Asset/ & Liability |
(-)7,591,062,527 |
(-)4,591,641,471 |
41,204,446,864 |
|
Cash Flows
from Investing |
(-)48,301,084,067 |
(-)51,622,633,197 |
(-)42,073,393,717 |
|
-Cash Inflow
from Investing |
56,541,604,974 |
19,952,399,635 |
79,273,257,929 |
|
-Cash
Outflows for Investing |
(-)104,842,689,041 |
(-)71,575,032,832 |
(-)121,346,651,646 |
|
Cash Flows from Financing |
1,200,689,550 |
(-)4,512,852,565 |
5,320,531,979 |
|
-Cash
Inflows from Financing |
1,272,574,551 |
178,965,810 |
44,801,449,171 |
|
-Cash
Outflows from Financing |
(-)71,885,001 |
(-)4,691,818,375 |
(-)39,480,917,192 |
|
Increase/Decrease
in Cash |
(-)23,421,096,611 |
(-)22,915,673,780 |
25,359,580,391 |
|
Cash at the
Beginning of Year |
33,481,411,514 |
56,397,085,294 |
31,037,504,903 |
|
Cash at the End of Year |
10,060,314,903 |
33,481,411,514 |
56,397,085,294 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Export: Autos, Ships, Plant & relevant
materials, Electric & Electronic products, Machines, Parts,
Petrochemicals, Metal and Steel Products, other commodities. Import: Petroleum, Coal, Steel, Aluminum,
Nonferrous Metals, Electronic and Auto Parts, Machines and Parts, other
export-use raw materials and facility materials. Resource Development Business: - Current Profitable Projects : Oil in
Marib Yemen, Oman LNG, Ras Laffan LNG in Qatar,
Drayton coal mine in Australia - Project on Investigation/Exploring :
Irkutsk PNG - Developing Projects : 11-2 Gas Block in
Vietnam, Yemen LNG Others: Shipbuilding Business, overseas marketing
support for domestic venture companies, real estate development business (i.e Industry Complex Development in
Indonesia), Distribution and etc. |
Organization Structure
|
Customers |
PAK SUZUKI
MOTOR-PAKISTAN SETWELL
SCIENCE & TECHNOLOGY-CHINA SOUTHERN
CALIFORNIA-USA HYDRO
ONE-CANADA MAN INDUSTRIES
LTD-INDIA NEBRASKA CITY
POWER PARTNERS-USA CITY OF
ANAHEIM-USA KAR-AVRASYA
OIL & GAS SERVICES-TURKEY AEKIA S.A.
-ECUADOR AL-JAZIRAH
GATE-GERMANY PAK SUZUKI
MOTOR-PAKISTAN PAKISTAN
STEEL-PAKISTAN POWER
LINK-AUSTRIA MAN
INDUSTRIES-INDIA STONE &
WEBSTER-CANADA JSC
AVTOVAZ-RUSSIA ATTIEH
STEEL-SAUDI ARABIA INTERSIDER-ITALY TAKENAKA-JAPAN SNC
LAVALIN-CANADA KAR-AVRASYA
OIL & GAS SERVICES-TURKEY CHINA SOUTHERN
AIRLINES-CHINA STONE &
WEBSTER-CANADA UNITED STAINLESS
STEEL COMPANY-BAHRAIN RELIANCE
PETROLEUM LIMITED-INDIA PETROCHEMICAL
INDUSTRIES-IRAN SUNCOR ENERGY
INC-CANADA ISOICO-IRAN ALSTOM POWER
CENTRASLE-FRANCE INTERSIDER-ITALY HYDRO
ONE-CANADA NATIONAL
GRID-USA SOUTHERN
CALIFORNIA EDISON-USA GRAM CAR CARRIERS-NORWAY ATTIEH
STEEL-SAUDI ARABIA MAN
INDUSTRIES-INDIA TAIWAN
MARITIME TRANSPORTATION-TAIWAN PENGLAI
ZHONGBAI JINGLU SHIP INDUSTRY-CHINA PACIFIC GAS
& ELECTRIC-USA TAIWAN
MARITIME TRANSPORTATION-TAIWAN RZGA-RUSSIA Sales Channel Direct
Sales(Export, Domestic) : 98.52% Acting as an
agent(Fee Sales) : 1.48% Condition Export : L/C,
USANCE, D/A Import: Direct
Importing, Indirect importing through the agents |
|
Competitors |
SAMSUNG
CORPORATION DAEWOO
INTERNATIONAL LG INT’L
CORPORATION SSANGYONG CORPORATION SK NETWORKS HYOSUNG
CORPORATION |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
KOLNG(20.0% held by the subject company) POS METAL CO., LTD. (20.0% held by the
subject company) PTHD INDU SEV. CO. (30.0% held by the
subject company) HYUNDAI SPORTS INTERNATIONAL |
|
Overseas Branch |
POS-HYUNDAI STEEL MFG. (I) PVT.LTD F-70, SIPCOT INDI. PARK, IRUNGATTUKOTTAI,
NH-4, BANGALORE HIGHWAY, SRIPERUMBUDUR, KANCHIPURAM DT. - 602 105. |
|
Join Venture |
PT. HYUNDAI INTI DEVELOPMENT |
|
Subsidiary |
HYUNDAI CORP. U.S.A.(100.0% held by the
subject company) HYUNDAI CANADA INC. (100.0% held by the
subject company) HYUNDAI SANGSA H.K., LTD. (100.0% held by
the subject company) HYUNDAI CORP. EUROPE GMBH(100.0% held by
the subject company) HYUNDAI JAPAN CO., LTD. (100.0% held by the
subject company) HYUNDAI AUSTRALIA PTY., LTD. (100.0% held
by the subject company) HYUNDAI CORP. U.K., LTD. (100.0% held by
the subject company) HYUNDAI SINGAPORE PTE., LTD. (100.0% held
by the subject company) POS HYUNDAI STEEL MFG. (71.0% held by the
subject company) PTHD INTI. DEVE.(55.0% held by the subject
company) QINGDAO HYUNDAI SHIPBUILDING CO.
LTD.(80.0% held by the subject company) HYUNDAI YEMEN LNG COMPANY LTD.(51.0% held
by the subject company) |
|
Cooperative Enterprise |
MISTEAL-FRANCE AEKIA S.A -ECUADOR BP SINGAPORE PTE-SINGAPORE TOHOKU ELECTRIC POWER-JAPAN PAK SUZUKI MOTOR-PAKISTAN BEIQI FOTON-USA EMIRATES AIRLINE-ARAB EMIRATE |
Overseas Office
- Hyundai
Corp. (U.S.A.), 300 Sylvan Avenue, Englewood Cliffs, NJ 07632, U.S.A.
- Hyundai
Corp.(U.S.A.) Western Division, 879 W., 190th St., #580, Gardena, CA 90248,
U.S.A.
- Hyundai
Canada Inc., 75 Frontenac Drive, Markham, Ont L3R 6H2, Canada
- Hyundai
Corp., Calle 98, No. 9-03, Torre Sancho, Oficina 1001, Bogota D.C., Colombia
- Hyundai
Corp.,Nueva De Lyon 096, Oficina 301,Providencia,Santiago,Chile
- Hyundai
Corp. Europe GmbH, Mergenthaller Allee 77, D-65760 Eschborn/ts., Germany
- Hyundai
Corporation, 71, Avenue Foch, 75116 Paris Cedex, France
- Plaza
Spring Giz Bldg.,Kat : 1, No. 21, Meydan Street, Ayazaga Maslak, lstanbul,
Turkey
- AL
DANA CENTER #609, MAKTOUM ST.,P.O.BOX 22034, DUBAI, U.A.E.
- 3
FLOOR, NO.7, SABA BLVD. AFRICA AVENUE, TEHRAN,IRAN
- #506,
Landmark Building, 8 North Dongsanhuan Road,Chaoyang District, Beijing, China
- Hyundai
Corp. Qingdao Office, Room 1707, Merchants Bank Tower, 36th. Hongkong Central
Road, Qingdao, China (Post Code : 266071)
- #1701
Shanghai Int'l Trade Center 2201, Yan-An Road (West), Shanghai, China
- Room
No.4208, Citic Plaza Office Tower, 233 Tianhe North Road, Tianhe District,
Guangzhou 510620, Peoples Republic of China
- Hyundai
Corporation H.K. Room 3201-2, Great Eagle Centre, 23 Harbour Road, Wan Chai,
Hong Kong
- Room
1425, No.144, Sec 3, Min Chuan E.RD.,Taipei, Taiwan
- Hyundai
Japan Co., Ltd., Yamato Seimei Bldg. 11F., 1-7 Uchisaiwaicho 1-Chome,
Chiyoda-ku, Tokyo, 100-0011 Japan
- Hyundai
Japan Co., Ltd. Osaka Br., #702 Yuseigojyokai-Shinsaibashi Bldg., 3-11-18,
Minami Senba Chuo-Ku, Osaka, Japan
- Hyundai
Singapore Pte., Ltd., 7 Temasek Boulevard, #40-01A, Suntec City Tower 1,
Singapore
- Bri
II Building, 21st floor, Suite 2103A, JL. Jend. Sudirman KAV. 44-46 Jakarta
10210 Indonesia
- Box
55, Lot WO5-B1, 5th Floor, West Block, Wisma Selangor Dredging, 142-C Jalan
Ampang, 50450 Kuala Lumpur, Malaysia
- Unit
1208, Cityland Pasong Tamo Tower, 2210 Don Chino Roces Avenue, Makati City
- Saigon
Centre Building 11th Floor, 65 Le Loi Street, District 1, Hochiminh City,
Vietnam
- Hyundai
Corporation, New Delhi liaison office A- 5 Apartments, The Qutab, Shaheed Jeet
Singh Marg New Delhi 110016, India
- 5th
Fl. State Life Building No. 11, Abdullah Haroon Road, Karachi, Pakistan
- FORTUNE
TOWERS (5th Floor),27/29, ADEYEMO ALAKIJA STREET,VICTORIA ISLAND, LAGOS,
- Suite
504, Level 5 815 Pacific Highway Chatswood, NSW 2067 Australia
- Office 1604, World Trade Center Entrance #3, Krasnopresnenskaya nab.
12, 123610, Moscow, Russia
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
1,091,923 |
1,195,912 |
1,714,749 |
|
Domestic |
16,040 |
52,413 |
81,498 |
|
Total |
1,107,963 |
1,248,325 |
1,796,247 |
The subject exports 99% among total sales and imports the raw materials for
export (1%) from Japan for Hyundai Group Affiliates.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
The subject (4 cases) |
|
|
US$15,487,000 |
Proceeding |
|
|
|
|
The subject (4 cases) |
|
US$43,343,000 |
Proceeding |
News
Clipping
Creditors to Bail Out Hyundai Corp.
KOREA TIMES: 03-23-2003
By Seo Jee-yeon /Staff Reporter
Creditors have decided to bail out Hyundai Corp. now in financial
trouble.
General trading companies, once regarded as the spearheads of the
nation’s export drive, are facing a crisis in the face of changing business
environment, Hyundai Corporation president Park won-jin said.
He made the remark Saturday at the annual shareholders meeting in Seoul.
Its capital was in the negative zone by 57.3 billion won last year.
It is no coincidence that SK Global, general trading arm of the fourth
largest conglomerate, was hit by an accounting scandal. It inflated its
earnings to make its balance sheet brighter.
Park said, ``In a broad context, the crisis of Hyundai Corporation and
SK Global is caused by a radical change in the business environment and other
general trading arms are exposed to the same kind of crisis.’’
Following the currency crisis in late 1997, relationship between
subsidiaries of large conglomerates became loose and each subsidiary is
launching independent export teams. Thus general trading arms of big businesses
have been losing their role as export agents, he said.
Park said Hyundai Corp. is turning its eyes to the domestic market for
new income sources, including the distribution business, to offset its export
losses. Creditors of Hyundai Corp. have decided to bail out the troubled
general trading company.
According to the Korea International Trade Association, general trading
companies accounted for 37 percent of the nation’s total exports in 2001, down
from 47 percent in 2000.
In the case of SK Global, 60 percent of total sales came from energy or
information technology businesses, both of which have nothing to do with
exports.
About 85 percent of Hyundai Corp. sales came from exports but
profitability is quite low.
Samsung Corporation expanded its construction business and LG Corporation
is expanding the fashion distribution business.
Hyundai Corp. Faces Cash Flow Problem
KOREA TIMES: 03-21-2003
By Cho Hyung-kwon /Staff Reporter
The Korea Stock Exchange (KSE) advised investors to be prudent about
investing in Hyundai Corp. stocks as its capital is in the red by 50 billion
won ($40 million).
It said Hyundai Corp.’s operating loss was 161 billion won last year,
far larger than its capital of 111 billion won.
The KSE ordered the general trading company to recapitalize by the end
of this month. Its failure to do so will result in blacklisting the firm’s
shares as issues to be supervised on the KSE trading, it said.
Last month, Hyundai Corp. announced that it posted 7 billion won in net
profit last year. But a new audit revealed that its losses amounted to 83
billion won last year with assets of 665 billion won and debts of 722 billion
won.
Hyundai Corporation said the losses were mainly due to the insolvent
bonds from overseas worth 78 billion won, which was not reflected in the 2001
fiscal year.
Its minority shareholders made a strong protest against its bad
management.
Hyundai’s stock price tumbled to the daily limit of 15 percent yesterday
to 535 won.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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%)