|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
KOREA HOUGHTON
CORPORATION |
|
|
|
|
Registered Office : |
322, Sindong-ri, Seonjang-myeon, Asan-si, Chungcheongnam-do |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.11.1980 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Lubricating Oils and Greases |
|
|
|
|
No. of Employees : |
228 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
South Korea |
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible growth
and global integration to become a high-tech industrialized economy. In the
1960s, GDP per capita was comparable with levels in the poorer countries of
Africa and Asia. In 2004, South Korea joined the trillion dollar club of world
economies, and currently is among the world's 20 largest economies. Initially,
a system of close government and business ties, including directed credit and
import restrictions, made this success possible. The government promoted the
import of raw materials and technology at the expense of consumer goods, and
encouraged savings and investment over consumption. The Asian financial crisis
of 1997-98 exposed longstanding weaknesses in South Korea''s development model
including high debt/equity ratios and massive short-term foreign borrowing. GDP
plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted
numerous economic reforms following the crisis, including greater openness to
foreign investment and imports. Growth moderated to about 4% annually between 2003
and 2007. With the global economic downturn in late 2008, South Korean GDP
growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began
to recover, in large part due to export growth, low interest rates, and an
expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South
Korea Free Trade Agreement was ratified by both governments and is projected to
go into effect in early 2012. The South Korean economy''s long term challenges
include a rapidly aging population, inflexible labor market, and heavy reliance
on exports - which comprise half of GDP.
Source : CIA
|
Company
Name |
KOREA HOUGHTON
CORPORATION (Korean Company
Name : ” (주)한국하우톤”) |
|
Registered Address |
322, Sindong-ri, Seonjang-myeon, Asan-si, Chungcheongnam-do,
Korea |
|
Zip Code |
336-893 |
|
Tel |
+82-41-541-8384~6 |
|
Fax |
+82-41-541-8387 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
322, Sindong-ri, Seonjang-myeon, Asan-si,
Chungcheongnam-do, Korea |
|
Tel |
+82-41-541-8384~6 |
|
Fax |
+82-41-541-8387 |
|
Other Address-Seoul Branch |
19th Fl., Korea Specialty Contractor Center, 395-70, Sindaebang 2-dong,
Dongjak-gu, Seoul, , Korea |
|
Tel |
+82-2-3284-3300 |
|
Fax |
+82-2-3284-3333~5 |
|
Other Address |
868, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-238-7431~4 |
|
Fax |
+82-52-238-7783 |
|
Other Address |
445-21, Wolpi-dong, Sangrok-gu,
Ansan-si, Gyeonggi-do, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Lubricating Oils and Greases |
|
Main Business |
Eco-friendly Cutting Fluids, Metal Cutting Fluids, Rust Preventives, Steel
and Aluminum Rolling Oils, Metal Forming Fluids, Drawing Oils, Synthetic
Lubricants, Heat Treatment Oils, Industrial Lubricant Fluids, Cleaners,
Grease Products, Engine Oil, Metal Surface Treatments, Waterborne
Coats/Paints, Specialty Resins |
|
Established (mm/dd/yyyy) |
11/10/1980 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Quenching oils(15121525) |
|
Sell |
Anti corrosion lubricant(15121802) |
|
Sell |
Grease(15121902) |
|
Sell |
Cutting oil(15121502) |
|
Sell |
Degreasing compounds(47131821) |
|
Sell |
Cleaning and disinfecting
solutions(47131800) |
|
Name |
Im Seok-Soon |
|
Address |
Suite 102-706, 713, Sindaebang-dong,
Dongjak-gu, Seoul, Korea |
|
Date of Birth |
06/17/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
858,480,000 |
||||||||||||
|
Employees |
228 |
||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
||||||||||||
|
Bank Details |
Kookmin Bank Korea Development Bank Korea Exchange Bank-Yoido Nam Branch |
||||||||||||
|
Corporate Registered No. |
120111-0010124 |
||||||||||||
|
Business Registered No. |
122-81-30079 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 827018 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
11/10/1980 Incorporated as the present name 04/16/2002 Moved to the present HQ address
from 553-2, Hyoseong-dong, Gyeyang-gu, Incheon, Korea |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Im Seok-Soon |
Male |
Korean |
02/25/2004 |
|
Co-President & CEO |
Mr. |
Kim Kwang-Soon |
Male |
Korean |
03/17/2002 |
|
Director |
Mr. |
Piat Kouski |
Male |
USA |
03/31/2009 |
|
Director |
Mr. |
CY Lai |
Male |
USA |
03/31/2009 |
|
Auditor |
Mr. |
Choi Joon-Ki |
Male |
Korean |
03/31/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
164,475,398,842 |
104,656,193,514 |
8,490,020,629 |
|
|
2010 |
134,220,057,796 |
93,219,902,673 |
10,741,921,815 |
|
2009 |
99,843,026,547 |
80,412,803,691 |
7,685,939,519 |
|
2008 |
101,595,712,929 |
77,655,037,657 |
3,526,678,897 |
|
2007 |
81,681,468,828 |
64,528,680,565 |
4,100,015,620 |
Financial
Description
|
Authorized Capital(KRW) |
1,000,000,000 |
|
Paid-Up Capital(KRW) |
858,480,000 |
|
Total Issues Shares |
171,696 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
104,656,193,514 |
93,219,902,673 |
80,412,803,691 |
|
Current Assets |
66,346,429,813 |
58,534,964,697 |
47,531,194,853 |
|
-Quick Assets |
47,216,381,016 |
41,059,103,861 |
32,984,661,967 |
|
-Inventories |
19,130,048,797 |
17,475,860,836 |
14,546,532,886 |
|
Fixed Assets |
38,309,763,701 |
34,684,937,976 |
32,881,608,838 |
|
-Investment |
20,109,130,436 |
18,584,934,520 |
17,782,943,133 |
|
-Tangibles |
12,428,237,151 |
12,294,413,435 |
12,022,689,485 |
|
-Intangibles |
2,270,321,415 |
244,638,422 |
283,585,021 |
|
-Others |
3,502,074,699 |
3,560,951,599 |
2,792,391,199 |
|
Total Liabilities |
47,096,258,455 |
41,586,258,551 |
37,553,259,747 |
|
Current Liabilities |
40,774,029,632 |
34,871,030,374 |
28,760,695,716 |
|
Fixed Liabilities |
6,322,228,823 |
6,715,228,177 |
8,792,564,031 |
|
Capital Stock |
858,480,000 |
858,480,000 |
858,480,000 |
|
Capital Surplus |
2,571,329,983 |
2,571,329,983 |
2,571,329,983 |
|
Profit Surplus |
52,625,637,918 |
47,135,617,289 |
38,425,695,474 |
|
Capital Adjustment |
1,504,487,158 |
1,068,216,850 |
1,004,038,487 |
|
Total Equity |
57,559,935,059 |
51,633,644,122 |
42,859,543,944 |
|
Liab. & Shareholder’s Equity |
104,656,193,514 |
93,219,902,673 |
80,412,803,691 |
|
Current Liabilities |
40,774,029,632 |
34,871,030,374 |
28,760,695,716 |
|
Trade Payables |
16,005,270,332 |
13,076,510,452 |
8,678,223,699 |
|
Account Payables |
509,760,454 |
71,020,202 |
2,015,162 |
|
Accrued Expenses |
1,915,705,158 |
1,232,484,191 |
1,196,345,090 |
|
Short-Term Borrowings |
19,000,000,000 |
16,500,000,000 |
16,000,000,000 |
|
Advance Receipts |
594,052,194 |
111,686,382 |
61,144,982 |
|
Withholdings |
180,364,090 |
183,117,800 |
142,699,600 |
|
VAT Withhold |
407,496,265 |
303,883,531 |
368,906,674 |
|
Accrued Income Tax |
193,391,139 |
1,501,173,436 |
1,049,178,929 |
|
Current Portion of Long-Term Borrowings |
1,965,990,000 |
1,879,154,380 |
941,935,180 |
|
Current Portion of Long-Term Borrowings-Foreign Currency |
|
|
308,246,400 |
|
Leasehold Deposit Received |
- |
10,000,000 |
10,000,000 |
|
Sales Deposit Received |
2,000,000 |
2,000,000 |
2,000,000 |
|
Fixed Liabilities |
6,322,228,823 |
6,715,228,177 |
8,792,564,031 |
|
Long-Term Borrowings |
4,211,330,000 |
3,749,514,560 |
4,398,031,540 |
|
Long-Term Borrowings-Foreign Currency |
|
|
1,530,723,600 |
|
Leasehold Deposit Received |
145,000,000 |
145,000,000 |
155,000,000 |
|
Provision for Severance & Retirement |
10,636,370,419 |
10,299,442,703 |
8,777,849,566 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
164,475,398,842 |
134,220,057,796 |
99,843,026,547 |
|
Cost of Sold Goods |
138,709,780,920 |
108,640,961,826 |
79,014,661,476 |
|
Gross Profit |
25,765,617,922 |
25,579,095,970 |
20,828,365,071 |
|
Selling & Admin. Expenses |
17,571,196,912 |
15,235,750,933 |
13,400,594,029 |
|
Operating Income |
8,194,421,010 |
10,343,345,037 |
7,427,771,042 |
|
Non-Operating Income |
3,267,351,169 |
4,011,249,643 |
3,400,648,544 |
|
Non-Operating expenses |
1,826,835,890 |
1,547,569,050 |
1,827,970,369 |
|
Income Before Taxes |
9,634,936,289 |
12,807,025,630 |
9,000,449,217 |
|
Income Taxes Expenses |
1,144,915,660 |
2,065,103,815 |
1,314,509,698 |
|
Net Income |
8,490,020,629 |
10,741,921,815 |
7,685,939,519 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
1,722,011,632 |
4,722,448,458 |
3,778,030,266 |
|
-Net Income |
8,490,020,629 |
10,741,921,815 |
7,685,939,519 |
|
-Exp. without Cash Outflow |
4,253,993,364 |
3,094,942,651 |
3,774,023,147 |
|
-Revenue without Cash Inflows |
-2,120,244,201 |
-2,877,297,312 |
-2,119,205,292 |
|
-Changes in Asset/ & Liability |
-8,901,758,160 |
-6,237,118,696 |
-5,562,727,108 |
|
Cash Flows from Investing |
-2,385,031,054 |
-1,529,515,005 |
1,154,586,131 |
|
-Cash Inflow from Investing |
5,058,537,954 |
2,095,335,394 |
12,028,610,868 |
|
-Cash Outflows for Investing |
-7,443,569,008 |
-3,624,850,399 |
-10,874,024,737 |
|
Cash Flows from Financing |
48,651,060 |
-3,060,283,580 |
-5,592,981,460 |
|
-Cash Inflows from Financing |
15,000,000,000 |
24,902,025,970 |
11,116,554,200 |
|
-Cash Outflows from Financing |
-14,951,348,940 |
-27,962,309,550 |
-16,709,535,660 |
|
Increase/Decrease in Cash |
-614,368,362 |
132,649,873 |
-660,365,063 |
|
Cash at the Beginning of Year |
4,228,069,295 |
4,095,419,422 |
4,755,784,485 |
|
Cash at the End of Year |
3,613,700,933 |
4,228,069,295 |
4,095,419,422 |
Products,
Technologies, Services Description
|
Main Products & Services |
Eco-friendly Cutting Fluids, Metal Cutting Fluids, Rust Preventives,
Steel and Aluminum Rolling Oils, Metal Forming Fluids, Drawing Oils, Synthetic
Lubricants, Heat Treatment Oils, Industrial Lubricant Fluids, Cleaners,
Grease Products, Engine Oil, Metal Surface Treatments, Waterborne
Coats/Paints, Specialty Resins |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners &
Competitors
|
Customers |
VALVOLINE KOREA CO., LTD.(181211-0008257) |
|
Competitors |
HANKOOK SHELL OIL CO., LTD.(180111-0002591) KUKDONG
OIL & CHEMICALS CO., LTD.
(184511-0001335) KOREA PETRO INDUSTRIAL CO.,
LTD(110111-0048490) |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
TECTYL OIL & CHEMICALS (INDIA) PVT. LTD. (100.0% held by the subject company) DAITTO HOUGHTON CO., LTD.(174611-0011805) (49.98% held by the subject company) DH CHEMICAL CO., LTD. (100.0% held by the subject company) SHANGHAI TERRYDUCK CHEMICALS CO.,
LTD.(CHINA) (19.0% held by the subject company) KOREA OIL SERVICE CO., LTD.(110111-3808982) |
|
Cooperative Enterprise |
-Technical Support from EFHCO. INC. |
The subject deals
with the companies in China.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.