MIRA INFORM
REPORT
|
Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HEARTYCHEM CORP |
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Formerly Known As : |
HEARTY &C CORP. |
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Registered Office : |
159-1, Samseong 1-dong, Gangnam-gu, Seoul, Korea, Rm. 1806, Korea Trade Tower, Zip Code 135-729 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.08.1995 |
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Com. Reg. No.: |
105-81-73938 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Wholesale of Synthetic Rubber and Plastics Materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company Name |
HEARTYCHEM CORP. (Korean Company
Name : “(주)하티켐”) |
|
Registered Address |
159-1, Samseong 1-dong, Gangnam-gu, Seoul,
Korea |
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Building |
Rm. 1806, Korea Trade Tower |
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Zip Code |
135-729 |
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Tel |
+82-2-6000-0886 |
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Fax |
+82-2-6000-0888 |
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E-mail |
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Website |
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Trading Address |
Rm. 1806, Korea Trade Tower, 159-1,
Samseong 1-dong, Gangnam-gu, Seoul, Korea |
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Tel |
+82-2-6000-0886 |
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Fax |
+82-2-6000-0888 |
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Type |
Export/Import |
|
Industry |
Wholesale of Synthetic Rubber and Plastics Materials |
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Main Business |
Synthetic Rubbers, Plastics, Polyurethane |
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Established (mm/dd/yyyy) |
08/18/1995 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Rubber compound(13101607) |
|
Sell |
Processed and synthetic rubber(13101600) |
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Sell |
Chemicals including Bio Chemicals and Gas
Materials(12000000) |
CEO’s
|
Name |
Kim Hyung-Kon |
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Address |
Suite 103-1302, 719, Irwon-dong,
Gangnam-gu, Seoul, Korea |
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Date of Birth |
08/10/1966 |
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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 (KRW) |
450,000,000 |
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Employees |
24 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Korea Exchange Bank-Int’l Trade Branch SC First Bank of Korea Kookmin Bank Woori Bank |
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Corporate Registered No. |
110111-1187601 |
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Business Registered No. |
105-81-73938 |
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Permit & Licenses |
Int’l Trade No.: 11278485 |
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Shareholder Position |
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Company History |
08/18/1995 Incorporated as HEARTY &C CORP. 09/04/1999 Moved to the present HQ address
from 538, Dohwa-dong, Mapo-gu, Seoul, Korea 09/15/2000 Changed company name to the
present name 11/2001 Awarded US$1
Million Export Top Prize 12/26/2008 Increased the authorized shares
to 5,000,000 shares from 20,000 shares 11/2008 Awarded
US$20 Million Export Top Prize 12/30/2008 Increased capital to 450,000,000
KRW from 50,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Hyung-Kon |
Male |
Korean |
03/25/2008 |
|
Director |
M/S. |
Kim Mi-Kyung |
Female |
Korean |
08/29/2001 |
|
Director |
Mr. |
Cho Hyun-Il |
Male |
Korean |
01/08/2010 |
|
Auditor |
Mr. |
Cho Young-Deok |
Male |
Korean |
08/25/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
174,626,810,011 |
15,613,794,894 |
2,335,523,519 |
|
|
2009 |
83,438,751,991 |
14,194,541,177 |
2,180,925,964 |
|
2008 |
130,767,902,888 |
9,858,885,423 |
4,035,414,244 |
|
2007 |
51,955,825,996 |
7,362,859,919 |
524,212,489 |
|
2006 |
- |
- |
- |
|
2005 |
28,525,000,000 |
3,459,000,000 |
115,000,000 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
450,000,000 |
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Total Issues Shares |
45,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
15,613,794,894 |
14,194,541,177 |
9,858,885,423 |
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Current Assets |
12,282,952,428 |
11,197,004,369 |
9,582,154,462 |
|
-Quick Assets |
11,085,164,054 |
9,994,150,910 |
9,456,520,117 |
|
-Inventories |
1,197,788,374 |
1,202,853,459 |
125,634,345 |
|
Fixed Assets |
3,330,842,466 |
2,997,536,808 |
276,730,961 |
|
-Investment |
746,129,590 |
463,097,690 |
45,500,000 |
|
-Tangibles |
2,160,148,766 |
2,305,595,208 |
38,539,651 |
|
-Intangibles |
424,564,110 |
228,843,910 |
- |
|
-Others |
|
|
192,691,310 |
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Total Liabilities |
7,112,205,261 |
7,223,150,963 |
4,737,127,903 |
|
Current Liabilities |
6,637,936,630 |
6,843,137,491 |
4,302,558,076 |
|
Fixed Liabilities |
474,268,631 |
380,013,472 |
434,569,827 |
|
Capital Stock |
450,000,000 |
450,000,000 |
450,000,000 |
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Capital Surplus |
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Profit Surplus |
8,088,207,003 |
6,652,683,484 |
4,671,757,520 |
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Capital Adjustment |
-36,617,370 |
-131,293,270 |
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Total Equity |
8,501,589,633 |
6,971,390,214 |
5,121,757,520 |
|
Liab. &
Shareholder’s Equity |
15,613,794,894 |
14,194,541,177 |
9,858,885,423 |
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Current
Liabilities |
6,637,936,630 |
6,843,137,491 |
4,302,558,076 |
|
Trade Payables |
4,116,892,018 |
5,257,980,826 |
2,342,368,741 |
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Short-Term
Borrowings |
700,000,000 |
700,000,000 |
- |
|
Account Payables |
1,065,999,763 |
579,431,539 |
- |
|
Accrued Income Tax |
373,248,670 |
100,020,580 |
1,535,801,465 |
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Advance Receipts |
278,300,089 |
104,385,706 |
6,010,850 |
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Withholdings |
103,496,090 |
101,318,840 |
418,377,020 |
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Fixed
Liabilities |
474,268,631 |
380,013,472 |
434,569,827 |
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Provision for Severance & Retirement |
474,268,631 |
380,013,472 |
434,569,827 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
174,626,810,011 |
83,438,751,991 |
130,767,902,888 |
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Cost of Sold Goods |
159,761,036,071 |
75,750,220,095 |
107,275,781,176 |
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Gross Profit |
14,865,773,940 |
7,688,531,896 |
23,492,121,712 |
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Selling & Admin. Expenses |
11,828,441,955 |
5,060,242,621 |
19,818,204,100 |
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Operating Income |
3,037,331,985 |
2,628,289,275 |
3,673,917,612 |
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Non-Operating Income |
3,031,133,326 |
1,933,805,020 |
6,462,104,833 |
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Non-Operating Expenses |
3,045,813,142 |
1,687,754,391 |
4,479,472,616 |
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Income Before Taxes |
3,022,652,169 |
2,874,339,904 |
5,656,549,829 |
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Income Taxes Expenses |
687,128,650 |
693,413,940 |
1,621,135,585 |
|
Net Income |
2,335,523,519 |
2,180,925,964 |
4,035,414,244 |
Cash
Flows
|
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|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
3,406,449,790 |
771,652,898 |
3,596,494,595 |
|
-Net Income |
2,335,523,519 |
2,180,925,964 |
4,035,414,244 |
|
-Exp.
without Cash Outflow |
415,106,721 |
218,426,149 |
2,216,074,666 |
|
-Revenue
without Cash Inflows |
-103,785,233 |
-263,888,556 |
-166,209,696 |
|
-Changes in
Asset/ & Liability |
759,604,783 |
-1,363,810,659 |
-2,488,784,619 |
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Cash Flows
from Investing |
-1,805,585,089 |
-3,379,049,859 |
-1,107,928,969 |
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-Cash Inflow
from Investing |
5,602,680,285 |
1,901,582,018 |
472,225,259 |
|
-Cash
Outflows for Investing |
-7,408,265,374 |
-5,280,631,877 |
-1,580,154,228 |
|
Cash Flows
from Financing |
-900,000,000 |
500,000,000 |
- |
|
-Cash
Inflows from Financing |
703,800,000 |
700,000,000 |
400,000,000 |
|
-Cash
Outflows from Financing |
-1,603,800,000 |
-200,000,000 |
-400,000,000 |
|
Increase/Decrease
in Cash |
700,864,701 |
-2,107,396,961 |
2,488,565,626 |
|
Cash at the
Beginning of Year |
735,490,552 |
2,842,887,513 |
354,321,887 |
|
Cash at the End of Year |
1,436,355,253 |
735,490,552 |
2,842,887,513 |
Products, Technologies, Services Description
|
Main Products & Services |
Synthetic Rubber Reprocess Rubbers Detergent Chemicals Feed Additives Non-Ferrous Metal Products Other Chemicals Nitrogen Fertilizers Phosphate Fertilizers Potash Fertilizers NP/NK/NPK Fertilizers |
Trade Partners & Competitors
|
Competitors |
DYM CO.,
LTD. 624-2,
EOPSEONG-DONG, SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-621-6250 FAX:+82-41-621-8420 JUNGWOO
TRADING CO., LTD. 869-11,
EOGOK-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-386-5003 FAX:+82-55-364-1778 HUMADE CORPORATION RM. 2310,
MASTERS TOWER BLDG., 553, DOHWA 1-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3275-5155~8 FAX:+82-2-3275-5157 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
HEARTYCHEM ASIA LTD.(HONG KONG) RM.4206, FAREAST FINANCIAL CENTER, 16,
HARCOURT ROAD, ADMIRALTY, HONG KONG TEL:+852-2861-1761 FAX:+852-2861-1760 THE EIGHT H CORPORATION(110111-4384246) (45.0% held by the subject company) |
Sales by Region
(Activity & Markets)
The Subject exports
to China, Taiwan, Indonesia, Italy and Japan, and it imports from Russia.
Court Action
Not Available.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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 |
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NB |
New Business |
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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.