MIRA INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
HANKUK GLASS INDUSTRIES INC. |
|
|
|
|
Registered Office : |
33, Seorin-dong, Jongno-gu, Seoul, Korea, 15th Fl., Yeongpung Bldg.,
Zip Code 110-752 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
25.03.1957 |
|
|
|
|
Com. Reg. No.: |
116-81-00115 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Plate Glass |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company Name |
HANKUK GLASS
INDUSTRIES INC. (Korean Company
Name : “한국유리공업(주)”) |
|
Registered Address |
33, Seorin-dong, Jongno-gu, Seoul, Korea |
|
Building |
15th Fl., Yeongpung Bldg. |
|
Zip Code |
110-752 |
|
Tel |
+82-2-3706-9114 |
|
Fax |
+82-2-3706-9363 |
|
E-mail |
|
|
Website |
www.hanglas.co.kr |
|
Trading Address |
15th Fl., Yeongpung Bldg., 33,
Seorin-dong, Jongno-gu, Seoul, Korea |
|
Tel |
+82-2-3706-9114 |
|
Fax |
+82-2-3706-9363 |
|
Other Address-Busan Factory |
345, Ilgwang-myeon, Gijang-gun, Busan,
Korea |
|
Tel |
+82-51-720-4214 |
|
Fax |
+82-51-721-5697 |
|
Other Address-Gunsan Factory |
77, Soryong-dong, Gunsan-si, Jeollabuk-do,
Korea |
|
Tel |
+82-63 -460-4251 |
|
Fax |
+82-63-462-2151 |
|
Other Address-Daejeon Sales Office |
20-1, Yongjeon-dong, Dong-gu, Daejeon, Korea |
|
Tel |
+82-42-623-4539 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Plate Glass |
|
Main Business |
Flat Glass, Pair Glass, Automotive Safety Glass, Specialty Glass |
|
Established
(mm/dd/yyyy) |
03/25/1957 |
The Subject owns
the premises of Busan Factory and Gunsan Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Glass products(30171700) |
|
Sell |
Float glass(30171708) |
|
Sell |
Safety glass(30171707) |
CEO’s
|
Name |
Lee Nam-Geun |
|
Date of Birth |
09/08/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
52,672,135,000 |
|||||||||||||||||||||
|
Employees |
501 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea stock Exchange : 002000) as of 06/27/1969 Foreign Direct Investment Corporation |
|||||||||||||||||||||
|
Bank Details |
Korea Development Bank-HQ Office |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0027345 |
|||||||||||||||||||||
|
Business Registered No. |
116-81-00115 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 984676 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
03/25/1957 Incorporated as the present name 04/1971 Registered as a Foreign Direct
Investment Corporation |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
Chairman & CEO |
Mr. |
H. Shoeibi |
French |
1969.08.24 |
-Superieur de Physique et Chimie Industrielles de Paris,
Engineer -President of Flat Glass Sector Asia-Pacific Region |
|
President & CEO |
Mr. |
Lee Nam-Geun |
Korean |
1950.09.08 |
Seoul National University, Korea |
|
Director |
Mr. |
Jan Piere Floris |
French |
1948.07.09 |
- |
|
Director |
Mr. |
Immanuel Norman |
French |
1971.03.19 |
-.Ecole Polytechnique |
|
Director |
Mr. |
Burnoa Deribang |
French |
1961.09.09 |
-.Ecole Nationale des Ponts et Chaussees Colorado
University, Science Civil Engineering, M.S-.CEO Saint-Gobain Glass Worldwide |
|
Outside Director |
Mr. |
Philip Ttiro |
French |
1959.07 |
-Graduated from ESSEC -Heidrick & Struggles Seoul
Office Managing Partner -Korn/Ferry International Seoul
Office Senior Client Partner |
|
Outside Director |
Mr. |
Choi Young-Ik |
Korean |
1963.06.04 |
Washington University, USA |
|
Auditor |
Mr. |
Jung Jung-Il |
Korean |
1940.05.15 |
- |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
88,907,520,872 |
646,745,781,953 |
8,583,370,328 |
|
|
2010 |
353,017,520,957 |
667,535,335,527 |
30,280,215,245 |
|
2009 |
309,822,051,222 |
600,719,614,799 |
(-)20,095,103,232 |
|
2008 |
292,656,073,346 |
675,782,377,349 |
(-)11,113,718,884 |
|
2007 |
277,062,714,570 |
670,584,494,901 |
(-)20,378,650,026 |
|
2006 |
251,831,658,380 |
699,197,875,716 |
(-)537,068,788 |
|
2005 |
280,231,652,564 |
710,696,709,754 |
1,949,742,825 |
|
2004 |
315,908,369,459 |
729,615,173,663 |
18,135,325,537 |
Financial Description
|
Authorized Capital(KRW) |
120,000,000,000 |
|
Paid-Up Capital(KRW) |
52,672,135,000 |
|
Total Issues Shares |
10,534,427(Common : 10,079,660 / Preferable ; 454,767) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
646,745,781,953 |
658,425,175,817 |
|
|
Current
Assets |
228,421,991,109 |
232,381,100,979 |
|
|
Cash & Cash Equivalents |
97,678,114,687 |
121,159,082,981 |
|
|
Trade Receivables & Other
Receivables |
63,269,443,431 |
62,256,624,006 |
|
|
Advance Payments |
242,107,920 |
265,685,752 |
|
|
Derivatives |
12,587,471 |
42,007,019 |
|
|
Prepaid Expenses |
1,304,302,179 |
1,158,979,069 |
|
|
Inventories |
65,915,435,421 |
47,498,722,152 |
|
|
Non-Current
Assets |
418,323,790,844 |
426,044,074,838 |
|
|
Marketable Financial Instruments |
18,952,908,801 |
19,107,860,161 |
|
|
Investment_Related Companies |
177,562,016,211 |
177,562,016,211 |
|
|
Tangibles |
212,752,234,317 |
220,506,967,651 |
|
|
Intangibles |
2,438,810,601 |
2,489,870,298 |
|
|
Long-Term
Trade Receivables & Other Receivables |
2,528,464,973 |
2,522,864,973 |
|
|
Other
Long-Term Prepaid Expenses |
148,961,158 |
212,131,250 |
|
|
Deferred Income Tax Assets |
3,940,394,783 |
3,642,364,294 |
|
|
Total Liabilities |
121,661,226,619 |
133,576,209,475 |
|
|
Current Liabilities |
87,920,928,209 |
97,389,655,699 |
|
|
Trade Payables |
34,548,307,216 |
32,838,076,552 |
|
|
Account
Payables |
37,225,427,207 |
43,917,390,382 |
|
|
Advance
Receipts |
3,994,760,518 |
10,509,739,543 |
|
|
VAT Withhold |
251,582,292 |
1,945,345,190 |
|
|
Accrued Expenses |
6,826,570,675 |
2,841,354,823 |
|
|
Accrued Income Tax |
4,824,174,309 |
4,983,318,905 |
|
|
Derivatives |
167,589,424 |
87,417,995 |
|
|
Other
Current Financial Debts |
82,516,568 |
267,012,309 |
|
|
Non-Current Liabilities |
33,740,298,410 |
36,186,553,776 |
|
|
Provision for Severance & Retirement |
3,336,311,064 |
0 |
|
|
Other Long-Term Salaries |
3,641,394,363 |
9,682,426,666 |
|
|
Guarantee Deposit Withhold |
11,534,931,033 |
11,731,286,765 |
|
|
Other Provisions |
3,692,925,492 |
3,660,895,421 |
|
|
Deferred Income Tax Credit |
11,534,736,458 |
11,111,944,924 |
|
|
Capital
Stock |
69,882,185,000 |
69,882,185,000 |
|
|
Capital Surplus |
71,305,322,633 |
71,305,322,633 |
|
|
Profit Surplus |
66,371,130,546 |
66,014,679,493 |
|
|
Others |
317,525,917,155 |
317,646,779,216 |
|
|
Total Equity |
525,084,555,334 |
524,848,966,342 |
|
|
Liab.
& Shareholder’s Equity |
646,745,781,953 |
658,425,175,817 |
|
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
667,535,335,527 |
600,719,614,799 |
675,782,377,349 |
|
Current Assets |
237,050,328,273 |
220,579,108,395 |
234,073,558,516 |
|
-Quick Assets |
189,551,606,121 |
175,994,160,210 |
153,260,620,706 |
|
-Inventories |
47,498,722,152 |
44,584,948,185 |
80,812,937,810 |
|
Fixed Assets |
430,485,007,254 |
380,140,506,404 |
441,708,818,833 |
|
-Investment |
234,828,986,793 |
186,950,285,207 |
224,743,114,986 |
|
-Tangibles |
190,431,153,940 |
188,068,967,268 |
204,001,102,225 |
|
-Intangibles |
790,529,443 |
757,167,371 |
787,399,554 |
|
-Others |
4,434,337,078 |
4,364,086,558 |
12,177,202,068 |
|
Total Liabilities |
127,459,925,234 |
88,985,188,749 |
114,626,454,319 |
|
Current Liabilities |
95,797,650,762 |
61,898,095,668 |
77,254,460,255 |
|
Fixed Liabilities |
31,662,274,472 |
27,087,093,081 |
37,371,994,064 |
|
Capital Stock |
69,882,185,000 |
69,882,185,000 |
69,882,185,000 |
|
Capital Surplus |
382,517,791,201 |
382,517,791,201 |
382,517,791,201 |
|
Profit Surplus |
62,905,850,086 |
33,720,189,716 |
75,262,284,609 |
|
Capital Adjustment |
24,769,584,006 |
25,614,260,133 |
33,493,662,220 |
|
Total Equity |
540,075,410,293 |
511,734,426,050 |
561,155,923,030 |
|
Liab. &
Shareholder’s Equity |
667,535,335,527 |
600,719,614,799 |
675,782,377,349 |
|
Current Liabilities |
95,797,650,762 |
61,898,095,668 |
77,254,460,255 |
|
Trade Payables |
32,838,076,552 |
23,976,878,367 |
38,072,751,511 |
|
Account Payables |
43,917,390,382 |
28,667,350,937 |
31,678,463,184 |
|
Advance Receipts |
10,509,739,543 |
3,171,332,499 |
2,574,789,195 |
|
VAT Withhold |
1,945,345,190 |
3,276,179,158 |
504,615,361 |
|
Accrued Expenses |
1,249,349,886 |
2,341,886,352 |
2,797,471,985 |
|
Accrued Income Tax |
4,983,318,905 |
0 |
669,147,155 |
|
Derivatives |
87,417,995 |
13,030,219 |
653,554,206 |
|
Other Current Liabilities |
267,012,309 |
451,438,136 |
303,667,658 |
|
Fixed Liabilities |
31,662,274,472 |
27,087,093,081 |
37,371,994,064 |
|
Provision for Severance & Retirement |
17,488,158,720 |
21,280,378,828 |
25,270,950,485 |
|
Guarantee Deposit Received |
11,731,286,765 |
11,643,817,308 |
13,318,383,160 |
|
Provision for Long-Term Products Guarantee |
1,470,832,748 |
1,673,661,308 |
2,341,908,713 |
|
Provision for Forest Recovery |
2,190,062,673 |
2,113,656,990 |
2,063,493,000 |
|
Non-Current Portion of Deferred Income Tax
Credit |
7,647,618,514 |
4,400,960,886 |
12,119,952,860 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
88,907,520,872 |
|
|
|
Cost of Sold Goods |
69,747,700,114 |
|
|
|
Gross Profit |
19,159,820,758 |
|
|
|
Selling & Admin. Expenses |
11,827,017,113 |
|
|
|
Other Operating Income |
3,542,783,376 |
|
|
|
Other Operating Expenses |
1,344,642,666 |
|
|
|
Operating Income |
9,530,944,355 |
|
|
|
Finance Income |
1,539,237,132 |
|
|
|
Finance Expenses |
235,751,192 |
|
|
|
Income Before Taxes |
10,834,430,295 |
|
|
|
Income Taxes Expenses |
2,251,059,967 |
|
|
|
Net Income |
8,583,370,328 |
|
|
|
Income
Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
353,017,520,957 |
309,822,051,222 |
292,656,073,346 |
|
Cost of Sold Goods |
282,448,862,814 |
276,812,580,009 |
259,090,052,133 |
|
Gross Profit |
70,568,658,143 |
33,009,471,213 |
33,566,021,213 |
|
Selling & Admin. Expenses |
48,380,368,684 |
39,078,049,767 |
39,892,289,288 |
|
Operating Income |
22,188,289,459 |
-6,068,578,554 |
-6,326,268,075 |
|
Non-Operating Income |
21,821,398,379 |
18,263,908,322 |
37,804,779,914 |
|
Non-Operating Expenses |
6,832,079,026 |
35,876,459,069 |
38,001,871,313 |
|
Income Before Taxes |
37,177,608,812 |
-23,681,129,301 |
-6,523,359,474 |
|
Income Taxes Expenses |
6,897,393,567 |
-3,586,026,069 |
4,590,359,410 |
|
Net Income |
30,280,215,245 |
-20,095,103,232 |
-11,113,718,884 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
-29,331,674,234 |
|
|
|
Net Income |
8,583,370,328 |
|
|
|
Interests Received |
688,841,509 |
|
|
|
Dividends Received |
13,792,500 |
|
|
|
Income Taxes |
-2,251,354,219 |
|
|
|
Cash
Flows from Investing |
5,850,705,940 |
|
|
|
Cash
Flows from Financing |
- |
|
|
|
Increase/Decrease
in Cash |
-23,480,968,294 |
|
|
|
Cash at
the Beginning of Year |
121,159,082,981 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
74,314,262,762 |
41,559,020,460 |
-1,709,777,862 |
|
-Net Income |
30,280,215,245 |
-20,095,103,232 |
-11,113,718,884 |
|
-Exp. without Cash Outflow |
34,232,372,594 |
44,453,025,210 |
54,736,373,959 |
|
-Revenue without Cash Inflows |
-12,752,679,040 |
-3,746,204,176 |
-17,609,784,026 |
|
-Changes in Asset/ & Liability |
22,554,353,963 |
20,947,302,658 |
-27,722,648,911 |
|
Cash Flows from Investing |
-54,614,145,756 |
12,263,500,405 |
29,019,728,413 |
|
-Cash Inflow from Investing |
10,657,604,773 |
41,117,815,047 |
167,557,474,655 |
|
-Cash Outflows for Investing |
-65,271,750,529 |
-28,854,314,642 |
-138,537,746,242 |
|
Cash Flows from Financing |
-1,023,508,915 |
-2,551,000,830 |
-7,818,214,330 |
|
-Cash Inflows from Financing |
0 |
0 |
0 |
|
-Cash Outflows from Financing |
-1,023,508,915 |
-2,551,000,830 |
-7,818,214,330 |
|
Increase/Decrease in Cash |
18,676,608,091 |
51,271,520,035 |
19,491,736,221 |
|
Cash at the Beginning of Year |
102,482,474,890 |
51,210,954,855 |
31,719,218,634 |
|
Cash at the End of Year |
121,159,082,981 |
102,482,474,890 |
51,210,954,855 |
Products, Technologies, Services Description
|
Main Products & Services |
Flat Glass Automotive Glass Specialty Glass Brand Name : HANGLAS |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
HANKUK SECKURIT LIMITED(120111-0008294) (49.94% held by the subject company) 55 SORYONG-DONG, GUNSAN, JEOLLABUK-DO, KOREA TEL:+82-63-469-2315 FAX:+82-63-469-2324 HANKUK HANLSO CO., LTD.(120111-0164351) (100.00% held by the subject company) 585-14 GAJWA-DONG, SEO-GU, INCHEON, KOREA TEL : +82-32-580-0371 FAX:+82-32-580-0319 CHEIL GLASS INDUSTRY CO., LTD.(120111-0019267) (30.00% held by the subject company) |
|
Overseas Office |
SAINT-GOBAIN HANGLAS NANJING INC. (50.00% held by the subject company) XISHANQIAO ZHONGHUAMENWAI NANJING 210041
CHINA TEL:+(025) 2406635 FAX:+(025) 2407422 SAINT-GOBAIN SEKURIT HANGLAS POLSKA SP.ZO.O (12.00% held by the subject company) UL. SZKLARSKA 27 68-205 ZARY, POLAND TEL:+48-32-295-3330 FAX:+48-32-295-3399 KUNSHAN YONGXIN GLASSWARE CO., LTD. 222 KUNTAI ROAD, KUNSHAN CITY, JIANGSU
PROVINCE, CHINA TEL:+86-520-766-1077 FAX:+86-520-766-4219 SAINT-GOBAIN HANGLAS SEKURIT (SHANGHAI)
CO., LTD. (50.00% held by the subject company) NO.18 WENJING ROAD, MINHANG ECON. &
TECH. DEVELP. ZONE SHANGHAI, CHINA TEL:+86-21-6463-0016 FAX:+86-21-6463-0061 SAINT-GOBAIN HANGLAS CLFG QINGDAO INC. 201, LIAOHE RD, 266500, ECONOMIC &
TECHNICAL DEVELOPMENT ZONE QINGDAO , SHANDONG PROVINCE, CHINA TEL:+86-532-690-9923 FAX:+86-532-690-8866 SAINT-GOBAIN HANGLAS (SHANHAI) CONSULTING
CO., LTD. (50.00% held by the subject company) RM. 1717, OCEAN TOWER, 550, YAN AN DONG RD.
HUANG PU SHANGHAI, 20001, CHINA TEL:+86-21-63611076 FAX:+86-21-63603779 SAINT-GOBAIN HANGLAS (JAPAN) KK 3-7, KOJIMACHI, CHIYODA-KU, TOKYO,
102-0083, JAPAN TEL:+81-3-52750889 FAX:+86-3-52750913 YONGXIN GLASS (60.0% held by the subject company) |
|
Subsidiary |
HANKUK HANLSO CO., LTD.(120111-0164351) (100.00% held by the subject company) 585-14 GAJWA-DONG, SEO-GU, INCHEON, KOREA TEL : 82-32-580-0371 FAX:+82-32-580-0319 KUNSHAN YONGXIN GLASSWARE CO., LTD. 222 KUNTAI ROAD, KUNSHAN CITY, JIANGSU
PROVINCE, CHINA TEL:+86-520-766-1077 FAX:+86-520-766-4219 |
|
Corporate Ownership |
COMPAGNIE DE SAINT-GOBAIN SOFIAG |
|
Cooperative Enterprise |
-Technical Support from PILKINGTON PLC(UK) BOC TECH LTD AIRCO, YNC RESEARCH FRONTIERS INC. PPG INDUSTRIES INC. SAINT-GOBAIN VITRAGE S.A |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
03/2011 |
2010 |
2009 |
|
Export |
13,256 |
26,028 |
14,267 |
|
Domestic |
75,652 |
326,990 |
295,555 |
|
Total |
88,908 |
353,018 |
309,822 |
The Subject deals
with the companies in China and Japan.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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 |
|
---- |
NB |
New Business |
---- |
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.