|
Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
HIC CORPORATION |
|
|
|
|
Registered Office : |
1260-4, Anha-ri, Hallim-myeon, Gimhae-si, Gyeongsangnam-do, |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Date of Incorporation : |
29.01.2003 |
|
|
|
|
Com. Reg. No.: |
301-81-67301 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Articles Made from Metal Wires |
|
|
|
|
No. of Employees : |
18 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
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 is currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. 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
Basic
|
Company Name |
HIC CORPORATION (Korean Company Name : “(주)에이치아이씨”) |
|
Registered
Address |
1260-4, Anha-ri, Hallim-myeon, Gimhae-si,
Gyeongsangnam-do, Korea |
|
Building |
|
|
Zip Code |
621-872 |
|
Tel |
+82-55-346-2062 |
|
Fax |
+82-55-346-0479 |
|
E-mail |
admin@hookfiber.com;webmaster@hookfiber.com |
|
Website |
www.hookfiber.com |
|
Trading Address |
1260-4, Anha-ri, Hallim-myeon, Gimhae-si, Gyeongsangnam-do, Korea (New Address System : 260-30, Jangjae-ro, Hallim-myeon, Gimhae-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-346-2062 |
|
Fax |
+82-55-348-0710 |
|
Other Address |
132-7, Gamjeon-dong, Sasang-gu, Busan, Korea |
|
Tel |
+82-51-329-0213~4 |
|
Fax |
+82-51-311-0218 |
|
Type |
Export |
|
Industry |
Manufacture of Articles Made from Metal Wires |
|
Main Business |
Steel Fiber Reinforced Concrete |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
01/29/2003 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Mechanical wire(31151800) |
CEO’s
|
Name |
Kim Han-Sik |
|
Address |
Suite
106-1801, 265, Hyoyeol-ro, Buk-gu, Busan, Korea |
|
Date of Birth |
02/20/1957 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,999,990,500 |
|||||||||||||||||||||
|
Employees |
18 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||||||||
|
Bank Details |
Busan
Bank-Samgye Dong Branch |
|||||||||||||||||||||
|
Corporate
Registered No. |
154311-0014239 |
|||||||||||||||||||||
|
Business
Registered No. |
301-81-67301 |
|||||||||||||||||||||
|
Permit &
Licenses |
Int’l Trade No.: 45232334 |
|||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||
|
Company
History |
01/29/2003
Incorporated as Hook Fiber Co., Ltd. 05/18/2008
Split off the par value to 500 KRW from 5,000 KRW 06/26/2009
Increased capital to 3,999,990,500 KRW from 3,733,324,000 KRW 08/27/2009
Changed company name to the present name 10/26/2011
Increased capital to 15,000,000 shares from 10,000,000 shares 07/18/2012
Moved to the present HQ address from 1050, Myeongdong-ri, Hallim-myeon,
Gimhae-si, Gyeongsangnam-do, Korea |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Kim Han-Sik |
Male |
Korean |
11/07/2003 |
|
Director |
M/S. |
Sohn Jin-Hee |
Female |
Korean |
07/30/2004 |
|
Director |
Mr. |
Cho Keum-Ho |
Male |
Korean |
07/30/2004 |
|
Auditor |
Mr. |
Hong Jung-Keun |
Male |
Korean |
11/07/2006 |
|
Director |
Mr. |
Shin Sang-Bok |
Male |
Korean |
10/26/2011 |
|
Auditor |
Mr. |
Shim Kyu-Ho |
Male |
Korean |
08/29/2013 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
06/2013 |
37,006,512,717 |
27,114,730,707 |
853,759,811 |
|
06/2012 |
45,166,818,451 |
28,543,154,073 |
653,475,783 |
|
06/2011 |
43,286,425,433 |
36,463,640,214 |
-3,297,445,327 |
Financial Description
|
Authorized
Capital(KRW) |
5,000,000,000 |
|
Paid-Up
Capital(KRW) |
3,999,990,500 |
|
Total Issued
Shares |
7,999,981(Common
: 7,466,648 / Preferable : 533,333) |
|
Unit : Korean
Won |
As of
06/30/2013 |
As of
06/30/2012 |
As of
06/30/2011 |
|
Total Assets |
27,114,730,707 |
28,543,154,073 |
36,463,640,214 |
|
Current Assets |
14,238,812,941 |
16,455,285,888 |
22,070,774,748 |
|
-Quick Assets |
11,253,936,638 |
13,687,167,968 |
15,817,348,137 |
|
-Inventories |
2,984,876,303 |
2,768,117,920 |
6,253,426,611 |
|
Fixed Assets |
12,875,917,766 |
12,087,868,185 |
14,392,865,466 |
|
-Investment |
5,755,229,994 |
4,706,438,492 |
4,085,444,725 |
|
-Tangibles |
6,053,374,893 |
6,270,458,176 |
9,896,661,135 |
|
-Intangibles |
16,506,659 |
57,165,297 |
100,259,606 |
|
Total
Liabilities |
20,176,545,955 |
22,605,502,610 |
29,055,479,497 |
|
Current
Liabilities |
20,102,320,545 |
22,605,502,610 |
29,050,695,435 |
|
Fixed
Liabilities |
74,225,410 |
- |
4,784,062 |
|
Capital Stock |
3,999,990,500 |
3,999,990,500 |
3,999,990,500 |
|
Capital
Surplus |
3,730,471,410 |
3,730,471,410 |
3,730,471,410 |
|
Profit Surplus |
-2,846,365,261 |
-3,700,125,072 |
-4,353,600,855 |
|
Capital
Adjustment |
2,054,088,103 |
1,907,314,625 |
4,031,299,662 |
|
Total Equity |
6,938,184,752 |
5,937,651,463 |
7,408,160,717 |
|
Liab. &
Shareholder’s Equity |
27,114,730,707 |
28,543,154,073 |
36,463,640,214 |
|
Current
Liabilities |
20,102,320,545 |
22,605,502,610 |
29,050,695,435 |
|
Trade Payables |
4,538,420,325 |
4,459,434,714 |
3,873,343,338 |
|
Short-Term Borrowings |
14,489,881,455 |
17,207,669,945 |
24,263,713,690 |
|
Account Payables |
589,316,725 |
617,206,500 |
370,241,725 |
|
Accrued Expenses |
94,162,863 |
69,101,982 |
287,691,854 |
|
Advance Receipts |
147,204,548 |
2,921,948 |
1,700,948 |
|
Withholdings |
9,788,560 |
7,772,930 |
21,693,090 |
|
VAT Withhold |
233,546,069 |
241,394,591 |
232,310,790 |
|
Fixed
Liabilities |
74,225,410 |
- |
4,784,062 |
|
Provision for Severance & Retirement |
74,225,410 |
- |
9,551,362 |
|
Unit : Korean
Won |
As of
06/30/2013 |
As of
06/30/2012 |
As of
06/30/2011 |
|
Sales |
37,006,512,717 |
45,166,818,451 |
43,286,425,433 |
|
Cost of Sold
Goods |
33,158,165,924 |
41,927,572,332 |
41,152,445,649 |
|
Gross Profit |
3,848,346,793 |
3,239,246,119 |
2,133,979,784 |
|
Selling &
Admin. Expenses |
2,959,432,466 |
3,218,489,460 |
3,376,858,799 |
|
Operating
Income |
888,914,327 |
20,756,659 |
-1,242,879,015 |
|
Non-Operating
Income |
1,873,864,218 |
2,858,491,689 |
1,573,087,972 |
|
Non-Operating
Expenses |
1,909,018,734 |
2,225,772,565 |
3,627,654,284 |
|
Income Before
Taxes |
853,759,811 |
653,475,783 |
-3,297,445,327 |
|
Income Taxes
Expenses |
- |
- |
- |
|
Net Income |
853,759,811 |
653,475,783 |
-3,297,445,327 |
|
Unit : Korean
Won |
As of
06/30/2013 |
As of
06/30/2012 |
As of
06/30/2011 |
|
Cash Flows
from Operating |
3,188,250,596 |
4,547,616,602 |
1,185,591,602 |
|
-Net Income |
853,759,811 |
653,475,783 |
-3,297,445,327 |
|
-Exp. without
Cash Outflow |
941,412,265 |
582,638,985 |
2,929,428,754 |
|
-Revenue
without Cash Inflows |
-1,017,039,757 |
-2,326,317,136 |
-108,067,051 |
|
-Changes in
Asset/ & Liability |
2,410,118,277 |
5,637,818,970 |
1,661,675,226 |
|
Cash Flows
from Investing |
155,208,575 |
2,495,611,093 |
-3,438,791,851 |
|
-Cash Inflow
from Investing |
6,416,240,825 |
10,167,684,000 |
5,594,490,737 |
|
-Cash Outflows
for Investing |
-6,261,032,250 |
-7,672,072,907 |
-9,033,282,588 |
|
Cash Flows
from Financing |
-2,856,187,607 |
-7,058,338,092 |
2,134,955,575 |
|
-Cash Inflows
from Financing |
10,434,604,906 |
16,961,748,848 |
55,721,100,805 |
|
-Cash Outflows
from Financing |
-13,290,792,513 |
-24,020,086,940 |
-53,586,145,230 |
|
Increase/Decrease
in Cash |
487,271,564 |
-15,110,397 |
-118,244,674 |
|
Cash at the
Beginning of Year |
33,575,843 |
48,686,240 |
166,930,914 |
|
Cash at the
End of Year |
520,847,407 |
33,575,843 |
48,686,240 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Steel Fiber Reinforced Concrete |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
MANHO ROPE
& WIRE CO., LTD. 1660-11,
SONGJEONG-DONG, GANGSEO-GU, BUSAN, KOREA TEL:+82-51-601-0300 FAX:+82-51-442-1162 KOSWIRE CO.,
LTD. 121-6,
SAMNAK-DONG, SASANG-GU, BUSAN, KOREA TEL:+82-51-301-1617 FAX:+82-51-301-1619 KOS LIMITED 131-1,
YUSAN-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-389-1050~6 FAX:+82-55-389-1057 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Subsidiary |
HIC STEEL & NAILS CO., LTD(195511-0107429) (100.0% held by the subject company) TOP FIBER CO., LTD.(195511-0101710) (100.0% held by the subject company) HIC STEEL CO., LTD.(285011-0171491) (100.0% held by the subject company) BEIJING
HOAEHEE INTERNATIONAL TRADE CO., LTD, CHINA) (100.0% held by the subject company) DANGSAN HOAEHEE
INTERNATIONAL TRADE CO., LTD. CHINA) (100.0% held by the subject company) HIC FIBERS INC. (100.0% held by the subject company) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
Changwon District Court, Korea |
The Subject Company |
Big Fiber Co., Ltd.(Korea) |
Claim for Compensation form Damages |
234,816,000 |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.