MIRA INFORM REPORT
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Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
HONG DUK INDUSTRIAL CO., LTD |
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Registered Office : |
1854, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea, Zip Code 790-240 |
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Country : |
South Korea |
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|
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.02.1989 |
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Com. Reg. No.: |
506-81-06520 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
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No. of Employees
: |
231 |
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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Company
Name |
HONG DUK
INDUSTRIAL CO., LTD. (Korean Company Name : “홍덕산업(주)”) |
|
Registered Address |
1854, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
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Zip Code |
790-240 |
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Tel |
+82-54-271-6600 +82-54-271-9400 |
|
Fax |
+82-54-278-4668 +82-54-278-1410 |
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Trading
Address |
20FL., Janggyo Bldg., 1, Janggyo-dong,
Jung-gu, Seoul, Korea |
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Tel |
+82-2-316-6114 |
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Fax |
+82-2-316-6115 |
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Other
Address-2nd Factory |
553, Okmyeong-ri, Daesong-myeon, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
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Tel |
+82-54-278-4691 |
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Fax |
+82-54-278-4668 |
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Other
Address-3rd Factory |
1855, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
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Tel |
+82-54-271-9482 |
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Type |
Export |
|
Industry |
Manufacture
of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
Main Business |
Bead
Wire |
|
Established (mm/dd/yyyy) |
02/02/1989 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Mechanical
wire(31151800) |
|
Sell |
Packaging
films(24141514) |
|
Sell |
Rod(30102400) |
|
Name |
Chun
Sung-Soo |
|
Address |
Rm.301, 1497, Jung-dong,
Haeundae-gu, Busan, Korea |
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Date of Birth |
01/27/1951 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
3,750,000,000 |
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Employees |
231 |
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Formation |
Co., Ltd by shares A
Company of KISWIRE GROUP |
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Bank Details |
Citibank, Korea-Pohang Branch |
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Corporate Registered No. |
174611-0007408 |
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Business Registered No. |
506-81-06520 |
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Permit & Licenses |
Int’l
Trade No.: 892878 |
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Shareholder Position |
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Company History |
02/02/1989 Incorporated as the present name |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President
& CEO |
Mr. |
Chun Sung-Soo |
Male |
Korean |
02/22/2008 |
|
Director |
Mr. |
Hong Young-Cheol |
Male |
Korean |
03/25/1999 |
|
Director |
Mr. |
Hong Jong-Yeol |
Male |
Korean |
03/26/2009 |
|
Director |
Mr. |
Kim Han-Young |
Male |
Korean |
03/22/2011 |
|
Auditor |
Mr. |
Choi Soo-Sung |
Male |
Korean |
03/18/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
187,504,146,068 |
225,488,704,430 |
21,712,682,614 |
|
|
2009 |
140,149,728,998 |
196,185,749,766 |
18,563,265,937 |
|
2008 |
158,026,306,129 |
168,683,533,107 |
30,261,786,011 |
|
2007 |
102,799,229,337 |
120,588,270,134 |
9,169,537,607 |
|
2006 |
103,903,500,124 |
111,991,266,763 |
8,221,631,767 |
|
2005 |
109,368,720,803 |
98,011,409,490 |
10,299,586,122 |
|
2004 |
94,323,375,751 |
93,554,842,516 |
8,638,303,833 |
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Authorized Capital(KRW) |
5,000,000,000 |
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Paid-Up Capital(KRW) |
3,750,000,000 |
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Total Issued Shares |
750,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2010 |
As of
12/31/2009 |
As of
12/31/2008 |
|
Total Assets |
225,488,704,430 |
196,185,749,766 |
168,683,533,107 |
|
Current Assets |
89,500,360,130 |
89,510,929,539 |
81,569,856,599 |
|
-Quick
Assets |
71,674,660,627 |
75,733,597,031 |
66,067,734,700 |
|
-Inventories |
17,825,699,503 |
13,777,332,508 |
15,502,121,899 |
|
Fixed
Assets |
135,988,344,300 |
106,674,820,227 |
87,113,676,508 |
|
-Investment |
86,826,295,842 |
69,458,897,600 |
58,185,048,186 |
|
-Tangibles |
48,425,261,038 |
36,617,135,207 |
28,329,912,902 |
|
-Intangibles |
736,787,420 |
598,787,420 |
598,715,420 |
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Total Liabilities |
38,881,651,866 |
35,748,652,834 |
31,079,976,410 |
|
Current Liabilities |
25,375,622,306 |
25,303,266,437 |
22,961,382,747 |
|
Fixed Liabilities |
13,506,029,560 |
10,445,386,397 |
8,118,593,663 |
|
Capital Stock |
3,750,000,000 |
3,750,000,000 |
3,750,000,000 |
|
Capital Surplus |
9,729,971,767 |
9,729,971,767 |
8,471,670,951 |
|
Profit Surplus |
158,618,280,227 |
136,905,597,613 |
118,342,331,676 |
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Capital Adjustment |
14,508,800,570 |
10,051,527,552 |
7,039,554,070 |
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Total Equity |
186,607,052,564 |
160,437,096,932 |
137,603,556,697 |
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Liab. & Shareholder’s Equity |
225,488,704,430 |
196,185,749,766 |
168,683,533,107 |
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Current
Liabilities |
25,375,622,306 |
25,303,266,437 |
22,961,382,747 |
|
Trade Payables |
10,543,070,628 |
10,923,675,886 |
11,622,822,584 |
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Account Payables |
7,571,009,934 |
9,207,779,684 |
1,049,033,118 |
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Withholdings |
51,192,555 |
76,444,795 |
30,506,440 |
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Accrued Expenses |
1,187,784,749 |
881,672,240 |
599,285,538 |
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Other Guarantee Deposits |
2,274,000,000 |
2,274,000,000 |
2,271,600,000 |
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Advance Receipts |
276,618,277 |
294,715,738 |
84,165,679 |
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Current Portion of Deferred Income Tax
Credit |
1,625,164,199 |
996,573,039 |
- |
|
Accrued Income Tax |
1,816,463,691 |
648,405,055 |
7,303,969,388 |
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Derivatives |
30,318,273 |
- |
- |
|
Fixed
Liabilities |
13,506,029,560 |
10,445,386,397 |
8,118,593,663 |
|
Provision for Severance & Retirement |
2,530,327,660 |
2,394,137,350 |
2,074,702,260 |
|
Deferred Income Tax Credit |
12,775,383,509 |
10,058,895,507 |
7,937,603,866 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2010 |
As of
12/31/2009 |
As of
12/31/2008 |
|
Sales |
187,504,146,068 |
140,149,728,998 |
158,026,306,129 |
|
Cost of Sold Goods |
160,352,699,226 |
116,359,443,296 |
121,539,940,278 |
|
Gross Profit |
27,151,446,842 |
23,790,285,702 |
36,486,365,851 |
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Selling & Admin. Expenses |
12,353,964,113 |
12,055,994,654 |
10,420,942,955 |
|
Operating Income |
14,797,482,729 |
11,734,291,048 |
26,065,422,896 |
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Non-Operating Income |
14,211,278,936 |
17,068,981,500 |
18,048,455,033 |
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Non-Operating Expenses |
2,852,737,919 |
5,207,709,123 |
5,699,941,282 |
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Income Before Taxes |
26,156,023,746 |
23,595,563,425 |
38,413,936,647 |
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Income Taxes Expenses |
4,443,341,132 |
5,032,297,488 |
8,152,150,636 |
|
Net Income |
21,712,682,614 |
18,563,265,937 |
30,261,786,011 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2010 |
As of 12/31/2009 |
As of
12/31/2008 |
|
Cash Flows from Operating |
15,022,802,796 |
27,199,228,258 |
19,603,802,746 |
|
-Net Income |
21,712,682,614 |
18,563,265,937 |
30,261,786,011 |
|
-Exp. without Cash Outflow |
10,003,957,559 |
7,534,528,321 |
7,005,976,129 |
|
-Revenue without Cash Inflows |
-9,835,675,744 |
-12,671,155,369 |
-9,759,412,152 |
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-Changes in Asset/ & Liability |
-6,858,161,633 |
13,772,589,369 |
-7,904,547,242 |
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Cash Flows from Investing |
-21,156,675,144 |
-26,327,795,775 |
-13,746,747,345 |
|
-Cash Inflow from Investing |
19,330,685,622 |
16,012,274,832 |
13,152,637,980 |
|
-Cash Outflows for Investing |
-40,487,360,766 |
-42,340,070,607 |
-26,899,385,325 |
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Cash Flows from Financing |
- |
- |
- |
|
-Cash Inflows from Financing |
- |
- |
- |
|
-Cash Outflows from Financing |
- |
- |
- |
|
Increase/Decrease in Cash |
-6,133,872,348 |
871,432,483 |
5,857,055,401 |
|
Cash at the Beginning of Year |
17,477,775,827 |
16,606,343,344 |
10,749,287,943 |
|
Cash at the End of Year |
11,343,903,479 |
17,477,775,827 |
16,606,343,344 |
|
Main Products & Services |
Bead
Wire |
|
Competitors |
K＆J CORPORATION RM. 407, USEONG PETITE OFFICETEL, 1600-9, SEOCHO-DONG,
SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3474-4451 FAX:+82-2-3474-4454 PLASCO LTD. RM. 603, JOYANG BLDG., 45, MUGYO-DONG,
JUNG-GU, SEOUL, KOREA TEL:+82-2-752-0866 FAX:+82-2-752-1158 HONGDUK STEEL CORD CO., LTD. 758, DAEGAK-RI, DAESONG-MYEON, NAM-GU,
POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-271-9400 FAX:+82-54-278-4720 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
KISWIRE CO., LTD.(180111-0001220) TREFIL ARBED KISWIRE LTD.(184511-0000296) HONGDUK ENGINEERING CO.,
LTD.(181211-0011664) HONGDUK INDUSTRIAL CO.,
LTD.(174611-0007408) HONGDUK STC CO., LTD.(191411-0002154) HONGDUK STEELCORD CO., LTD.(174611-0015485) (5.5% held by the subject company) HONG DUCK FINE CORD LTD.(194311-0001048) (2.86% held by the subject company) HONGDUK CABLE CO., LTD.(180111-0079219) (8.33% held by the subject company) |
|
Affiliates-Overseas |
QINGDAO TAK LTD.(CHINA) YANGTZE TAK(NANTONG) LTD. (CHINA) ARCELOR PINE BLUFF, INC. KISWIRE SHANGHAI CO., LTD. KISWIRE AMERICA KISWIRE SDN.BHD KISWIRE CORD SDN.BHD KT(S) CO., LTD. KISWIRE SINGAPORE LTD (Ex. KISWIRE
TRADING(S)) (46.9% held by the subject company) |
|
Corporate Ownership |
KISWIRE CO.,
LTD.(180111-0001220) |
|
Major Shareholders |
KISWIRE CO., LTD.(180111-0001220) |
|
Cooperative Enterprise |
-Insured Company DONGBU
INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
Not Available.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
UK Pound |
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.