|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
HANSOL CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
8-2, Garakbon-dong, Songpa-gu, Seoul, Korea, 8th Fl.,
Jungang Daily News Bldg., Zip
Code 138-716 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.03.1980 |
|
|
|
|
Com. Reg. No.: |
102-81-34955 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Inorganic Chemicals |
|
|
|
|
No. of Employees : |
316 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company
Name |
HANSOL
CHEMICAL CO., LTD. (Korean
Company Name : “(주)한솔케미칼”) |
|
Registered Address |
8-2,
Garakbon-dong, Songpa-gu, |
|
Building |
8th Fl., Jungang Daily News Bldg. |
|
Zip Code |
138-716 |
|
Tel |
+82-2-2152-2399 |
|
Fax |
+82-2-2152-2391~2 |
|
E-mail |
jerry@hansol.co.kr;rodjang@hansol.com;chan@hansol.com;chan@hansol.com |
|
Website |
|
|
Trading Address |
8th Fl., Jungang Daily News Bldg., 8-2,
Garakbon-dong, Songpa-gu, Seoul, Korea |
|
Tel |
+82-2-2152-2399 |
|
Fax |
+82-2-2152-2391~2 |
|
Other Address-Ulsan Factory |
231,
|
|
Tel |
+82-52-259-8000 |
|
Fax |
+82-52-267-2644 |
|
Other Address-Jeonju Factory |
816, Yongam-ri, Bongdong-eup, Wanju-gun, Jeollabuk-do 565-900 |
|
Tel |
+82-63-260-8114 |
|
Fax |
+82-263-261-7237 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Basic Inorganic Chemicals |
|
Main Business |
Hydrogen Peroxide, Latex, Benzoyl Peroxide, Sodium Hydrosulphite,
Adhesives for Paper, Adhesives for Wood, Fixing Agent, Wet Strength Agent, Retention
Aid, Alkaline Sizing Agent, Chelating Agent, Micro Capsule, Insolubilizer,
Urea Formaldehyde, Benzoyl Peroxide, Pharmaceutical Fine Chemical |
|
Established (mm/dd/yyyy) |
03/13/1980 |
The Subject owns
the premises of Ulsan Factory and Jeonju Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Resins(13111000) |
|
Sell |
Films(13111200) |
|
Sell |
TMP(Trimethylol propane) |
|
Sell |
Benzoyl peroxide(51101525) |
|
Sell |
Urea formaldehyde(13111027) |
|
Sell |
Curing agents(12162300) |
|
Sell |
Bleaches(47131807) |
|
Sell |
Inorganic peroxides(12352304) |
|
Sell |
Latex rubber(13101501) |
|
Name |
Park Won-Hwan |
|
Date of Birth |
05/08/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
56,475,975,000 |
|||||||||||||||||||||||||||
|
Employees |
316 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company ( A Company of Hansol Group |
|||||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Teheranro Branch Nonghyup Bank Kookmin Bank |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0270895 |
|||||||||||||||||||||||||||
|
Business Registered No. |
102-81-34955 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
01/1989 KS 11/09/2005 ISO 9001 11/09/2005 ISO 14001 Int’l Trade No.: 802923 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
03/1980 Incorporated
as Korea Peroxide Co., Ltd. 12/1985 Renamed
company to Youngwoo chemical Co., Ltd 05/1989 Listed
on the Korean Stock Exchange Market 05/1994 Affiliated
to Hansol conglomerate 12/1995 Renamed
company to Hansol Chemical Co., Ltd. 01/2000 Renamed
company to Hansol Chemience Co., Ltd. 01/2000 Established
Pharmaceutical Fine Chemical R&D center 02/2001 Expanded
THP factory) 09/2001 Expanded
SB-LATEX factory 10/2001 Expanded
new regeneration process of hydrogen peroxide factory 04/2002 Consecutive
3,340days accident-free operation in Jeonju, 10/2002 Established
joint venture on ink cartridge factory in 04/2003 Designated
Bulk Good Manufacturing Practice awarding Korea Food & Drug
Administration 06/2003 Established
joint venture of Trimethylolpropane business with Perstorp 09/2003 Designated
new labor-management culture awarding Ministry of Labor in 10/2003 Completed
joint venture factory of ink cartridge in 03/2004 Renamed
company to Hansol Chemical Co., Ltd. 06/2004 Acquired
INNOPTIX Co., Ltd. 09/2004 Received
the Minister's Award from Ministry of Commerce, Industry and Energy for
productivity improvement in Ulsan Plant 04/2005 Expanded
half pure Hydrogen Peroxide plant in 09/2006 Consecutive
5520 days accident-free operation in 12/2007 Acquired
C&P Chemical Co.,Ltd 12/2008 Update
the Credit Rating (BBB0 → BBB+) 02/2009 Moved to the present HQ address |
|||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Park Won-Hwan |
Korean |
1954.05.08 |
|
|
Director |
Mr. |
Cho Dong-Hyuck |
Korean |
1950.11.22 |
|
|
Director |
Mr. |
Shim Byung-Sub |
Korean |
1965.06.20 |
|
|
Outside Director |
Mr. |
Lee Joon-Haeng |
Korean |
1960.10.10 |
|
|
Auditor |
Mr. |
Cho Yong-Kwang |
Korean |
1951.05.03 |
|
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
278,623,403,000 |
304,880,910,000 |
13,311,992,000 |
|
|
(*)2010 |
228,250,587,000 |
252,155,500,000 |
14,130,749,000 |
|
2009 |
192,376,780,000 |
199,337,702,000 |
16,959,424,000 |
|
2008 |
190,168,994,000 |
180,507,244,000 |
3,159,769,000 |
|
2007 |
157,934,388,723 |
190,563,710,819 |
5,286,916,106 |
|
2006 |
154,626,000,938 |
187,921,821,032 |
11,338,886,237 |
|
2005 |
164,774,204,000 |
199,920,288,000 |
12,303,753,000 |
|
2004 |
161,892,863,000 |
193,123,644,000 |
10,060,139,000 |
(*)2010 and 2011 ‘s figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
150,000,000,000 |
|
Paid-Up Capital(KRW) |
56,475,975,000 |
|
Total Issues Shares |
11,295,195 |
Balance
Sheet
|
|||
|
Unit : Thousand Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
304,880,910 |
252,155,500 |
|
|
Current Assets |
90,276,171 |
64,513,920 |
|
|
Cash & Cash
Equivalents |
803,706 |
667,377 |
|
|
Current Financial
Instruments |
|
600,000 |
|
|
Trade Receivables
& Other Receivables |
69,812,687 |
50,732,610 |
|
|
Inventories |
19,520,377 |
12,394,050 |
|
|
Other Finance Assets |
34,728 |
29,438 |
|
|
Other Current Assets |
104,673 |
90,445 |
|
|
Non-Current Assets |
214,604,739 |
187,641,580 |
|
|
Non-Current Financial
Instruments |
23,000 |
23,000 |
|
|
Marketable Financial
Instruments |
35,093,617 |
42,877,016 |
|
|
Investment_Subsidiaries |
11,944,364 |
11,944,364 |
|
|
Investment_Related
Companies |
16,338,364 |
16,338,364 |
|
|
Tangibles |
141,504,896 |
109,526,040 |
|
|
Intangibles |
7,992,990 |
6,000,345 |
|
|
Other Finance Assets |
1,707,508 |
870,420 |
|
|
Other Non-Current
Assets |
|
62,031 |
|
|
Total
Liabilities |
159,372,009 |
110,997,086 |
|
|
Current
Liabilities |
97,449,729 |
61,823,583 |
|
|
Trade Payables & Other
Payables |
61,845,288 |
35,741,278 |
|
|
Short-Term Borrowings |
14,422,440 |
20,831,424 |
|
|
Current Portion of Debentures |
|
|
|
|
Current Portion of Long-Term
Borrowings |
18,800,000 |
|
|
|
Deferred Income Tax Credit |
1,119,258 |
4,076,240 |
|
|
Other Financial Debts |
18,300 |
16,326 |
|
|
Other Current Liabilities |
1,244,443 |
1,158,315 |
|
|
Non-Current
Liabilities |
61,922,280 |
49,173,503 |
|
|
Debentures |
39,838,444 |
|
|
|
Long-Term Borrowings |
15,000,000 |
33,800,000 |
|
|
Provision for Severance &
Retirement |
|
8,086,807 |
|
|
Deferred Income Tax Credit |
7,038,836 |
7,150,143 |
|
|
Provisions for Repairing |
45,000 |
42,345 |
|
|
Other Financial Debts |
|
94,208 |
|
|
Capital
Stock |
56,475,975 |
56,475,975 |
|
|
Capital Surplus |
15,206,719 |
14,879,387 |
|
|
Others |
18,836,166 |
23,347,218 |
|
|
Profit Surplus |
54,990,041 |
46,455,834 |
|
|
Total Equity |
145,508,901 |
141,158,414 |
|
|
Liab. & Shareholder’s Equity |
304,880,910 |
252,155,500 |
|
|
Balance Sheet |
|||
|
Unit : Thousand Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
252,305,799 |
199,337,702 |
180,507,244 |
|
Current Assets |
64,297,439 |
41,942,257 |
33,786,485 |
|
-Quick Assets |
51,903,389 |
29,514,785 |
22,006,306 |
|
-Inventories |
12,394,050 |
12,427,472 |
11,780,179 |
|
Fixed Assets |
188,008,360 |
157,395,445 |
146,720,759 |
|
-Investment |
74,780,607 |
49,894,183 |
40,048,042 |
|
-Tangibles |
109,506,116 |
104,948,326 |
103,634,130 |
|
-Intangibles |
2,759,186 |
1,629,566 |
1,303,428 |
|
-Others |
962,451 |
923,370 |
1,735,159 |
|
Total Liabilities |
109,232,979 |
84,804,291 |
72,711,529 |
|
Current Liabilities |
60,667,576 |
76,282,493 |
55,003,505 |
|
Fixed Liabilities |
48,565,403 |
8,521,798 |
17,708,024 |
|
Capital Stock |
56,475,975 |
56,475,975 |
56,475,975 |
|
Capital Surplus |
27,166,897 |
27,248,288 |
27,166,897 |
|
Profit Surplus |
48,884,512 |
37,947,346 |
24,296,632 |
|
Capital Adjustment |
10,545,436 |
-7,138,198 |
-143,789 |
|
Total Equity |
143,072,820 |
114,533,411 |
107,795,715 |
|
Liab. & Shareholder’s Equity |
252,305,799 |
199,337,702 |
180,507,244 |
Income
Statement
|
|||
|
Unit : Thousand Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
278,623,403 |
228,250,587 |
|
|
Cost of Sold Goods |
235,139,177 |
188,429,777 |
|
|
Gross Profit |
43,484,226 |
39,820,810 |
|
|
Selling Expenses |
8,040,462 |
7,995,484 |
|
|
Admin. Expenses |
11,375,879 |
11,534,051 |
|
|
Other Income & Losses |
75,282 |
-520 |
|
|
Other Operating Income |
2,979,544 |
4,461,390 |
|
|
Other Operating
Expenses |
4,431,212 |
1,615,981 |
|
|
Operating Income |
22,691,499 |
23,136,164 |
|
|
Finance Income |
231,466 |
247,006 |
|
|
Finance Expenses |
5,249,776 |
3,157,252 |
|
|
Income Before Taxes |
17,673,189 |
20,225,918 |
|
|
Income Taxes Expenses |
4,361,198 |
6,095,169 |
|
|
Net Income |
13,311,992 |
14,130,749 |
|
|
Income Statement |
|||
|
Unit : Thousand Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
228,250,587 |
192,376,780 |
190,168,994 |
|
Cost of Sold Goods |
188,406,304 |
154,956,432 |
161,601,783 |
|
Gross Profit |
39,844,283 |
37,420,348 |
28,567,211 |
|
Selling & Admin. Expenses |
19,511,057 |
18,839,285 |
17,730,055 |
|
Operating Income |
20,333,226 |
18,581,063 |
10,837,156 |
|
Non-Operating Income |
5,735,074 |
5,024,538 |
3,764,093 |
|
Non-Operating Expenses |
4,768,125 |
4,789,870 |
10,039,026 |
|
Income Before Taxes |
21,300,175 |
18,815,731 |
4,562,223 |
|
Income Taxes Expenses |
6,220,610 |
1,856,307 |
1,402,454 |
|
Net Income |
15,079,565 |
16,959,424 |
3,159,769 |
Cash
Flows
|
|||
|
Unit : Thousand Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating Activities Cash Flows |
11,938,130 |
21,917,922 |
|
|
Net Income |
13,311,992 |
14,130,749 |
|
|
Adjustment |
16,512,227 |
13,590,295 |
|
|
Changes in Asset/ & Liability |
-11,446,936 |
-5,764,558 |
|
|
Interests Received |
48,348 |
127,625 |
|
|
Interests Paid |
-3,159,816 |
-2,901,446 |
|
|
Dividends Received |
2,697,519 |
4,283,264 |
|
|
Income Taxes |
-6,025,204 |
-1,548,007 |
|
|
Cash Flows from
Investing |
-41,236,592 |
-14,718,327 |
|
|
Cash Flows from
Financing |
29,431,900 |
-16,327,940 |
|
|
Increase/Decrease in Cash |
133,437 |
-9,128,346 |
|
|
Cash at the Beginning of Year |
667,377 |
9,782,666 |
|
|
Cash at the End of Year |
803,706 |
667,377 |
|
|
Cash Flows |
|||
|
Unit : Thousand Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-5,332,469 |
32,333,485 |
17,105,409 |
|
-Net Income |
15,079,565 |
16,959,424 |
3,159,769 |
|
-Exp. without Cash Outflow |
9,382,478 |
12,063,805 |
15,361,742 |
|
-Revenue without Cash Inflows |
-4,975,497 |
-4,611,407 |
-3,273,585 |
|
-Changes in Asset/ & Liability |
-24,819,015 |
7,921,663 |
1,857,483 |
|
Cash Flows from Investing |
-14,756,265 |
-15,646,507 |
-7,591,162 |
|
-Cash Inflow from Investing |
85,328,999 |
3,474,770 |
1,597,775 |
|
-Cash Outflows for Investing |
-100,085,264 |
-19,121,277 |
-9,188,937 |
|
Cash Flows from Financing |
10,973,445 |
-7,525,728 |
-9,472,442 |
|
-Cash Inflows from Financing |
117,082,485 |
30,173,021 |
18,004,889 |
|
-Cash Outflows from Financing |
-106,109,040 |
-37,698,749 |
-27,477,331 |
|
Increase/Decrease in Cash |
-9,115,289 |
9,161,250 |
41,805 |
|
Cash at the Beginning of Year |
9,782,666 |
621,416 |
579,611 |
|
Cash at the End of Year |
667,377 |
9,782,666 |
621,416 |
|
Main Products & Services |
Hydrogen Peroxide SB-Latex Fixing Agent Wet Strength Agent Retention Aid Alkaline Sizing Agent Chelating Agent Micro Capsule Insolubilizer Organic Coagulant Polyacrylamide Decolorizing Agent Benzoyl Peroxide Sodium Hydrosulfite Dye Sublimation Ribbon Inkjet Printer Ink Brand Name : Hitex, Han-Floc, Superox |
||||||||||||||||
|
Annual Production Capacity (Unit : 1,000 Ton) |
|
|
Suppliers |
SAMSUNG FINE CHEMICALS CO., LTD.(181211-0000013) HONAM PETRO CHEMICAL CORPORATION(110111-0193196) HUCHEMSFINECHEMICALCORPORATION(110111-2611906) LS-NIKKO COPPER INC.(230111-0058436) |
|
Customers |
HANSOL PAPER CO., LTD.(110111-0017867) HANSOL HOMEDECO CO., LTD.(110111-0825624) SAMYOUNG PURE CHEMICALS CO., LTD.(110111-0655378) JEONJU PAPER CORPORATION(210111-0022435) TECHNOSEMICHEM CO., LTD.(110111-0610083) |
|
Competitors |
KOREA KUMHO PETRO CHEMICAL CO.,
LTD.(110111-0205975) ULSAN PACIFIC CHEMICAL
CORP.(110111-0011309) LG CHEM LTD.(110111-2207995) DONG HWA ENTERPRISE CO.,
LTD.(160111-0018104) |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
HANSOL HOMEDECO CO.,LTD.(110111-0825624) HANSOL PAPER CO., LTD.(110111-0017867) HANSOL CONSTRUCTION
CO.,LTD.(110111-2664400) HANSOL DEVELOPMENT CO.,
LTD.(141211-0005540) HANSOL LCD INC.(110111-0004682) HANSOL CSN CO.,LTD(110111-0150659) HANSOL EME CO., LTD.(160111-0123185) INNOWAVE CO.,LTD(110111-2296253) HANSOL PNS CO.,LTD. (110111-0175970) SEOUL PAPER CO., LTD.(110111-0990609) CNP CHEMICAL CO., LTD.(124411-0043349) E-SERVICE CO.,LTD.(284311-0011634) HANSOL LIGHTING INC.(110111-3626003) SEOUL PAPER CO.,LTD.(110111-0990609) MUNGYEONG ESCO CO.,LTD.(131311-0079553) HANSOL INTICUBE CO., LTD.(110111-2915605) MAUL SOUP CO., LTD.(110111-3858078) ARTONE PAPER MFG. CO., LTD.(134811-0000034) ULSAN ESCO CO., LTD.(230111-0147122) SAMYOUNG PURE CHEMICALS CO.,
LTD.(110111-0655378) (49.0% held by the subject company) |
|
Affiliates-Overseas |
GLOBAL FIBRES INC. HANSOL C. K. FIBERS HANSOL HONG KONG HANSOL P.I. HANSOL KOPRI HANSOL ELECTRONICS BRIGHTECH CO., LTD. HANSOL LCD HANSOL GOLD POINT LLC. HANSOL CSN LOGISTICS INDIA PRIVATE LIMITED TIANJIN C&P CHEMICAL CO., LTD. TIANJIN OPTOWAVE CO., LTD. |
|
Subsidiary |
INNOPTIX CO., LTD.(110111-2296253) (69.91% held by the subject company) DAEYOUNG POLYMERS.CO., LTD.(124411-0043349) (90.0% held by the subject company) |
|
Cooperative |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2011 |
2010 |
2009 |
|
Export |
29,746 |
26,785 |
23,833 |
|
Domestic |
248,878 |
201,466 |
168,543 |
|
Total |
278,623 |
228,251 |
192,377 |
The subject deals
with the companies in
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.