|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
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Name : |
HEESUNG METAL LTD. |
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Formerly Known As : |
HEESNG METAL INDUSTRY CO., LTD. |
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Registered Office : |
548-1, Gajwa 3-dong, Seo-gu, Incheon, Korea, Zip Code 404-817 |
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Country : |
South Korea |
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|
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Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
01.05.1974 |
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Com. Reg. No.: |
137-81-00577 |
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|
|
|
Legal Form : |
Co., Ltd by Shares |
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|
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Line of Business : |
Manufacturer of other electronic valves, tubes and electronic components |
|
|
|
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No. of Employees : |
466 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
|
Company
Name |
HEESUNG METAL
LTD. (Korean Company Name : “희성금속(주)”) |
|
Registered Address |
548-1, Gajwa 3-dong, Seo-gu, Incheon, Korea |
|
Zip Code |
404-817 |
|
Tel |
+82-32-578-1151 |
|
Fax |
+82-32-581-4029 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
9th Fl., Burim Bldg., 42, Euljiro 1-ga, Jung-gu, Seoul, Korea |
|
Tel |
+82-32-578-1151 |
|
Fax |
+82-2-757-3160 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Other Electronic Valves, Tubes and Electronic Components |
|
Main Business |
Bonding
Wire, Electrical Contact Points, Gold Bonding Wire, Silver Alloy Wire
,Magnetron, Brazing Alloy, ITO Target |
|
Established (mm/dd/yyyy) |
05/01/1974 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Electrical contacts(39121522) |
|
Sell |
Solder(23171509) |
|
Sell |
Welding wire(23171510) |
|
Sell |
Magnetrons(32141003) |
|
Sell |
Connecting leads or wires(39121435) |
|
Sell |
Silver Ag(12141740) |
|
Sell |
Packaging tape(31201517) |
|
Sell |
Electronic component parts and raw materials and
accessories(32131000) |
|
Sell |
Lead(11101714) |
|
Sell |
Compounds and mixtures(12350000) |
|
Name |
Kwon
Young-Je |
|
Date of Birth |
11/1952 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,065,700,000 |
|||||||||||||||||||||
|
Employees |
466 |
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Formation |
Co., Ltd by Shares Foreign
Direct Investment Corporation |
|||||||||||||||||||||
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Bank Details |
Shinhan Bank-Mygyo Corporate Finance Branch |
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Corporate Registered No. |
120111-0003567 |
|||||||||||||||||||||
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Business Registered No. |
137-81-00577 |
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Permit & Licenses |
02/2002 QS 9000 05/2006 ISO 9001 05/2006 ISO 14001 Int’l
Trade No.: 934798 |
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Shareholder Position |
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Company History |
05/01/1974 Incorporated as HEESNG METAL
INDUSTRY CO., LTD. 05/07/1975 Registered as a Foreign Direct
Investment Corporation 08/1996 Changed company name to the present
name 11/2007 Awarded US$ 200 Million Export Top
Prize 12/2012 Awarded US$ 600 Million Export Top
Prize |
|||||||||||||||||||||
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Chairman
& CEO |
Mr. |
Koo Bon-Neung |
Male |
Korean |
1949.03 |
|
President
& CEO |
Mr. |
Kwon Young-Je |
Male |
Korean |
1952.11 |
|
Vice
President & CFO |
Mr. |
Cho Eon-Joon |
Male |
Korean |
1953.07 |
|
Sr.
Executive Director |
Mr. |
Shin Dong-Yeol |
Male |
Korean |
1953.07 |
|
Sr.
Executive Director |
Mr. |
Yoon Won-Kyu |
Male |
Korean |
1957.06 |
|
Director |
Mr. |
岡本英彌 |
Male |
Japanese |
1957.12 |
|
Director |
Mr. |
沼井 芳典 |
Male |
Japanese |
1946.11 |
|
Director |
Mr. |
田苗 明 |
Male |
Japanese |
1953.02 |
|
Director |
Mr. |
高齊 均 |
Male |
Japanese |
1951.03 |
|
Auditor |
Mr. |
Koo Bon-Sik |
Male |
Korean |
1958.06 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2012 |
827,701,098,204 |
464,674,076,977 |
16,965,292,348 |
|
2011 |
1,038,058,666,097 |
392,328,366,404 |
26,538,457,802 |
|
2010 |
958,331,801,051 |
338,675,097,316 |
26,257,939,070 |
|
Authorized Capital(KRW) |
9,000,000,000 |
|
Paid-Up Capital(KRW) |
3,065,700,000 |
|
Total Issued Shares |
613,140 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
464,674,076,977 |
392,328,366,404 |
338,675,097,316 |
|
Current Assets |
342,562,113,488 |
278,031,307,301 |
232,462,398,523 |
|
-Quick
Assets |
134,927,763,730 |
106,879,054,448 |
95,157,867,416 |
|
-Inventories |
207,634,349,758 |
171,152,252,853 |
137,304,531,107 |
|
Fixed
Assets |
122,111,963,489 |
114,297,059,103 |
106,212,698,793 |
|
-Investment |
63,258,926,137 |
60,231,107,213 |
54,475,964,245 |
|
-Tangibles |
52,943,587,419 |
49,273,751,950 |
47,575,072,982 |
|
-Intangibles |
1,925,200,401 |
796,583,961 |
183,976,914 |
|
-Others |
3,984,249,532 |
3,995,615,979 |
3,977,684,652 |
|
Total Liabilities |
292,701,097,991 |
237,246,246,706 |
208,289,156,110 |
|
Current Liabilities |
247,913,596,504 |
225,810,567,013 |
187,951,993,715 |
|
Fixed Liabilities |
44,787,501,487 |
11,435,679,693 |
20,337,162,395 |
|
Capital Stock |
3,065,700,000 |
3,065,700,000 |
3,065,700,000 |
|
Capital Surplus |
8,132,277,945 |
8,132,277,945 |
8,132,277,945 |
|
Profit Surplus |
157,947,704,206 |
142,055,406,858 |
117,138,298,789 |
|
Capital Adjustment |
2,827,296,835 |
1,828,734,895 |
2,049,664,472 |
|
Total Equity |
171,972,978,986 |
155,082,119,698 |
130,385,941,206 |
|
Liab. & Shareholder’s Equity |
464,674,076,977 |
392,328,366,404 |
338,675,097,316 |
|
Current Liabilities |
247,913,596,504 |
225,810,567,013 |
187,951,993,715 |
|
Trade Payables |
109,127,436,032 |
111,167,069,643 |
109,070,520,457 |
|
Short-Term Borrowings |
129,800,000,000 |
94,700,000,000 |
54,200,000,000 |
|
Account Payables |
2,138,877,923 |
9,021,533,171 |
10,901,698,569 |
|
Accrued Expenses |
2,207,988,645 |
6,228,399,057 |
4,050,433,357 |
|
Accrued Income Tax |
2,444,175,061 |
2,679,151,512 |
5,601,209,996 |
|
Advance Receipts |
515,364,597 |
367,971,270 |
1,166,711,362 |
|
Unearned Income |
1,027,064,871 |
1,057,507,147 |
2,472,797,283 |
|
Withholdings |
593,639,737 |
529,447,674 |
466,703,754 |
|
Derivatives |
59,049,638 |
59,487,539 |
21,918,937 |
|
Fixed Liabilities |
44,787,501,487 |
11,435,679,693 |
20,337,162,395 |
|
Long-Term Borrowings |
30,000,000,000 |
- |
10,000,000,000 |
|
Provision for Severance & Retirement |
18,892,403,778 |
16,708,604,230 |
13,809,429,532 |
|
Non-Current Portion of Deferred Income Tax Credit |
9,114,959,339 |
8,352,514,146 |
7,113,603,231 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
827,701,098,204 |
1,038,058,666,097 |
958,331,801,051 |
|
Cost of Sold Goods |
794,051,394,535 |
992,377,244,143 |
916,350,622,377 |
|
Gross Profit |
33,649,703,669 |
45,681,421,954 |
41,981,178,674 |
|
Selling & Admin. Expenses |
11,175,924,977 |
16,756,252,206 |
14,404,558,530 |
|
Operating Income |
22,473,778,692 |
28,925,169,748 |
27,576,620,144 |
|
Non-Operating Income |
17,535,417,852 |
23,435,185,154 |
25,687,067,115 |
|
Non-Operating Expenses |
17,627,544,369 |
18,792,987,550 |
20,667,905,010 |
|
Income Before Taxes |
22,381,652,174 |
33,567,367,352 |
32,595,782,249 |
|
Income Taxes Expenses |
5,416,359,826 |
7,028,909,550 |
6,337,843,179 |
|
Net Income |
16,965,292,348 |
26,538,457,802 |
26,257,939,070 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
-44,335,434,396 |
-27,992,616,298 |
9,911,987,547 |
|
-Net Income |
16,965,292,348 |
26,538,457,802 |
26,257,939,070 |
|
-Exp. without Cash Outflow |
11,057,590,613 |
12,218,358,112 |
12,096,889,271 |
|
-Revenue without Cash Inflows |
-5,911,085,477 |
-9,653,076,410 |
-11,691,289,347 |
|
-Changes in Asset/ & Liability |
-66,447,231,880 |
-57,096,355,802 |
-16,751,551,447 |
|
Cash Flows from Investing |
-8,825,048,244 |
-7,128,385,219 |
-11,054,569,621 |
|
-Cash Inflow from Investing |
2,563,148,142 |
3,660,630,411 |
5,524,176,715 |
|
-Cash Outflows for Investing |
-11,388,196,386 |
-10,789,015,630 |
-16,578,746,336 |
|
Cash Flows from Financing |
64,027,005,000 |
29,427,005,000 |
6,430,290,000 |
|
-Cash Inflows from Financing |
79,100,000,000 |
84,700,000,000 |
64,200,000,000 |
|
-Cash Outflows from Financing |
-15,072,995,000 |
-55,272,995,000 |
-57,769,710,000 |
|
Increase/Decrease in Cash |
10,866,522,360 |
-5,693,996,517 |
5,287,707,926 |
|
Cash at the Beginning of Year |
1,353,856,627 |
7,047,853,144 |
1,760,145,218 |
|
Cash at the End of Year |
12,220,378,987 |
1,353,856,627 |
7,047,853,144 |
|
Main Products & Services |
Bonding
Wire, Electrical Contact Points, Gold Bonding Wire, Silver Alloy Wire
,Magnetron, Brazing Alloy, ITO Target |
|
Competitors |
HEESUNG ELECTRONICS LTD(110111-0031396) HEESUNG CATALYSTS
CORPORATION(130111-0010619) HESUNG PRECISION LTD.(194211-0001595) HEESUNG PMTECH CORPORATION(131411-0159311) HEE SUNG MATERIAL LTD.(110111-3251082) SAMBO ENGINEERING & CONSTRUCTION CO.,
LTD.(180111-0055722) HEESUNG CHEMICAL LTD.(110111-0215037) KLEANNARA CO., LTD.(110111-0063779) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Subsidiary |
HEESUNG METAL (HONG KONG) LONG HUA TOWN BAO ANZONE SHENSHEN,GUANGDONG, CHINA (100.0% held by the subject company) HEESUNG METAL TIANJIN CO., LTD.(CHINA) LXINJISHU CHANYE PARK,TIANJIN, CHINA (100.0%
held by the subject company) |
(Activity & Markets)
|
Sales/ Unit
: KRW |
2012 |
2011 |
2010 |
|
Export |
610,504,425,019 |
837,408,568,609 |
747,331,041,242 |
|
Domestic |
217,196,673,185 |
200,650,097,488 |
211,000,759,809 |
|
Total |
827,701,098,204 |
1,038,058,666,097 |
958,331,801,051 |
The Subject deals
with the companies in USA and Asia.
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
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.