MIRA
INFORM REPORT
|
Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
HANCHANG HIGH METAL CO., LTD. |
|
|
|
|
Registered Office : |
80-8, Yeorak-ri, Dong-myeon, Yangsan-si,
Gyeongsangnam-do, Korea 626-824 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
|
Date of Incorporation : |
21.12.2000 |
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|
|
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Com. Reg. No.: |
606-81-64868 |
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|
|
|
Legal Form : |
Co., Ltd by Shares |
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|
|
|
Line of Business : |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
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|
|
|
No. of Employees : |
26 |
RATING & COMMENTS
|
MIRAs 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 September 30, 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
basic Information
|
Company
Name |
HANCHANG HIGH METAL CO., LTD. (Korean company Name : 한창하이메탈(주)) |
|
Registered Address |
80-8, Yeorak-ri, Dong-myeon, Yangsan-si,
Gyeongsangnam-do, Korea |
|
Zip Code |
626-824 |
|
Tel |
+82-55-381-6537 |
|
Fax |
+82-55-381-3530 |
|
E-mail |
hanchangmetal@hanmail.net |
|
Website |
www.hanchang21.com |
|
Trading Address |
Rm.1010, Sambu Renaissance, 281, Yangpyeong-dong 4-ga, Yeongdeungpo-gu, Seoul, Korea |
|
Tel |
+82-2-2671-6591~2 |
|
Fax |
+82-2-2671-6597 |
|
Type |
Export |
|
Industry |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
Main Business |
Steel Pipe |
|
Established (mm/dd/yyyy) |
12/21/2000 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe(40142100) |
CEOs
|
Name |
Choi Jin-Hyuk |
|
Address |
Suite 201-1805, 1465-3, Geoje-dong,
Yeonje-gu, Busan, Korea |
|
Date of Birth |
11/19/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
400,000,000 |
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|
Employees |
26 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Industrial Bank of Korea-Noksan Industrialo
Complex Branch |
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Corporate Registered No. |
180111-0346030 |
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Business Registered No. |
606-81-64868 |
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Permit & Licenses |
11/03/2006 ISO 9001 Intl Trade No.: 12185894 |
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Shareholder Position |
(*)The above list is based as of
12/31/2010. |
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|
Company History |
06/15/1996 Established as TICO Trading
Co.(Sole Proprietorship) 02/01/1998 Changed company name to Hanchang
Metal Co. 12/21/2000 Incorporated as the present name 11/30/2006 Awarded US$ 1 Million Export Top
Prize 03/01/2008 Moved to the present HQ address
from 1735-13, Songjeong-dong, Gangseo-gu, Busan, Korea 07/15/2011 Increased capital to 400,000,000
KRW from 200,000,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Choi Jin-Hyuk |
Male |
Korean |
12/21/2003 |
|
Director |
M/S. |
Jung Jong-Soon |
Female |
Korean |
12/26/2000 |
|
Auditor |
M/S. |
Lee Sun-Hee |
Female |
Korean |
12/12/2002 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
30,260,405,897 |
23,362,423,087 |
761,399,444 |
|
|
2009 |
29,742,352,215 |
20,341,566,269 |
1,177,831,427 |
|
2008 |
30,928,472,992 |
18,031,255,701 |
1,241,494,819 |
Financial Description
|
Authorized Capital(KRW) |
1,000,000,000 |
|
Paid-Up Capital(KRW) |
400,000,000 |
|
Total Issued Shares |
40,000 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
23,362,423,087 |
20,341,566,269 |
18,031,255,701 |
|
Current Assets |
17,222,067,453 |
14,932,667,541 |
12,971,991,403 |
|
-Quick Assets |
5,661,779,675 |
5,646,766,479 |
4,949,092,611 |
|
-Inventories |
11,560,287,778 |
9,285,901,062 |
8,022,898,792 |
|
Fixed Assets |
6,140,355,634 |
5,408,898,728 |
5,059,264,298 |
|
-Investment |
798,707,597 |
601,378,000 |
296,353,600 |
|
-Tangibles |
4,749,550,537 |
4,578,775,228 |
4,610,997,077 |
|
-Intangibles |
592,097,500 |
228,745,500 |
151,913,621 |
|
Total Liabilities |
17,411,877,684 |
15,152,420,310 |
14,019,941,169 |
|
Current Liabilities |
14,066,905,684 |
10,595,460,124 |
8,813,738,390 |
|
Fixed Liabilities |
3,344,972,000 |
4,556,960,186 |
5,206,202,779 |
|
Capital Stock |
200,000,000 |
200,000,000 |
200,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
5,750,545,403 |
4,989,145,959 |
3,811,314,532 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
5,950,545,403 |
5,189,145,959 |
4,011,314,532 |
|
Liab. & Shareholders Equity |
23,362,423,087 |
20,341,566,269 |
18,031,255,701 |
|
Current Liabilities |
14,066,905,684 |
10,595,460,124 |
8,813,738,390 |
|
Trade Payables |
3,886,801,326 |
4,541,510,272 |
1,442,509,739 |
|
Short-Term Borrowings |
8,101,548,784 |
3,424,228,645 |
6,517,666,502 |
|
Advance Receipts |
441,646,836 |
422,088,057 |
257,912,699 |
|
Account Payables |
228,762,601 |
122,541,349 |
95,940,988 |
|
Accrued Expenses |
153,975,977 |
81,611,997 |
68,662,908 |
|
Accrued Income Tax |
88,781,100 |
326,105,205 |
291,450,889 |
|
Withholdings |
32,691,060 |
24,838,599 |
23,397,700 |
|
VAT Withhold |
- |
- |
6,196,965 |
|
Current Portion of Long-Term Debts |
1,132,698,000 |
1,652,536,000 |
110,000,000 |
|
Fixed
Liabilities |
3,344,972,000 |
4,556,960,186 |
5,206,202,779 |
|
Long-Term Borrowings |
3,060,972,000 |
3,922,464,000 |
4,575,000,000 |
|
Leasehold Deposit Received |
- |
400,000,000 |
400,000,000 |
|
Provision for Severance & Retirement |
284,000,000 |
240,505,320 |
236,921,719 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
30,260,405,897 |
29,742,352,215 |
30,928,472,992 |
|
Cost of Sold Goods |
25,930,754,883 |
26,235,295,005 |
26,709,088,728 |
|
Gross Profit |
4,329,651,014 |
3,507,057,210 |
4,219,384,264 |
|
Selling & Admin. Expenses |
2,763,840,043 |
1,558,606,584 |
1,340,751,276 |
|
Operating Income |
1,565,810,971 |
1,948,450,626 |
2,878,632,988 |
|
Non-Operating Income |
505,058,926 |
896,825,018 |
1,650,935,129 |
|
Non-Operating Expenses |
1,070,325,983 |
1,334,664,712 |
2,842,071,609 |
|
Income Before Taxes |
1,000,543,914 |
1,510,610,932 |
1,687,496,508 |
|
Income Taxes Expenses |
239,144,470 |
332,779,505 |
446,001,689 |
|
Net Income |
761,399,444 |
1,177,831,427 |
1,241,494,819 |
Cash
Flows
|
Unit : Korean
Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
-2,545,730,203 |
2,721,935,856 |
-2,957,437,977 |
|
-Net Income |
761,399,444 |
1,177,831,427 |
1,241,494,819 |
|
-Exp.
without Cash Outflow |
436,184,636 |
292,092,074 |
517,382,155 |
|
-Revenue
without Cash Inflows |
-76,440,663 |
-40,115,331 |
-1,473,522,792 |
|
-Changes in
Asset/ & Liability |
-3,666,873,620 |
1,292,127,686 |
-3,242,792,159 |
|
Cash Flows
from Investing |
-991,638,729 |
226,434,403 |
18,689,524 |
|
-Cash Inflow
from Investing |
1,380,595,610 |
2,101,087,492 |
3,619,468,739 |
|
-Cash
Outflows for Investing |
-2,372,234,339 |
-1,874,653,089 |
-3,600,779,215 |
|
Cash Flows
from Financing |
2,933,316,786 |
-2,170,047,308 |
2,859,849,191 |
|
-Cash
Inflows from Financing |
16,749,403,011 |
17,581,895,617 |
24,474,497,993 |
|
-Cash
Outflows from Financing |
-13,816,086,225 |
-19,751,942,925 |
-21,614,648,802 |
|
Increase/Decrease
in Cash |
-604,052,146 |
778,322,951 |
-78,899,262 |
|
Cash at the Beginning
of Year |
873,435,003 |
95,112,052 |
174,011,314 |
|
Cash at the
End of Year |
269,382,857 |
873,435,003 |
95,112,052 |
Products, Technologies, Services Description
|
Main Products & Services |
Steel Pipe |
Trade Partners & Competitors
|
Customers |
SAMSUNG HEAVY INDUSTRIES CO., LTD. SEONGHWA INDUSTRIAL CO., LTD. DOOSAN HEAVY INDUSTRIES CO., LTD. SEENTEC BNB SUNGWON CO., LTD.(124311-0006349) |
|
Competitors |
WORLD STEEL PIPE CO., LTD. 391-12, SEOKSU 1-DONG, MANAN-GU, ANYANG-SI,
GYEONGGI-DO, KOREA TEL:+82-2-893-3040 FAX:+82-2-893-3042 MS PIPE CO., LTD. 1353-1, MUNDEOK-RI, OCHEON-EUP, NAM-GU,
POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-278-3611 FAX:+82-54-278-0106 SE JIN STEEL PIPE CO., LTD. SEMI INDUSTRIAL COMPLEX, 323-4, JINAE-DONG,
GIMHAE-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-323-8303 FAX:+82-55-323-5377 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
Sales by Region
(Activity &
Markets)
The Subject exports
to Kuwait, Bahrain, India, Norway and Sweden.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.66 |
|
|
1 |
Rs.77.72 |
|
Euro |
1 |
Rs.64.63 |
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 SCs 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.