|
Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUVIS CORP |
|
|
|
|
Registered Office : |
119, Nonhyeon-dong, Gangnam-gu, Seoul, Korea 12FL.,
Paros Tower 135-010 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
11.01.2000 |
|
|
|
|
Com. Reg. No.: |
215-81-98804 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Fibers |
|
|
|
|
No. of Employees : |
935 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 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 |
HUVIS CORP |
|
Registered Address |
119, Nonhyeon-dong, Gangnam-gu, Seoul, Korea |
|
Building |
12FL., Paros Tower |
|
Zip Code |
135-010 |
|
Tel |
+82-2-2189-4567 |
|
Fax |
+82-2-2189-4569 |
|
E-mail |
webmaster@huvis.com |
|
Website |
www.huvis.com |
|
Trading Address |
12FL., Paros Tower, 119, Nonhyeon-dong, Gangnam-gu,
Seoul, Korea |
|
Tel |
+82-2-2189-4567 |
|
Fax |
+82-2-2189-4569 |
|
Other Address-Jeonju Factory |
339, Palbokdong 2-ga, Deokjin-gu, Jeonju-si, Jeollabuk-do, Korea |
|
Tel |
+82-63-210-2114 |
|
Fax |
+82-63-210-2233 |
|
Other Address-Ulsan Factory |
600, Hwangseong-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-277-0121 |
|
Fax |
+82-52-277-0652 |
|
Other Address-Suwon Factory |
600, Jeongja-dong, Jangan-gu, Suwon-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-240-8171 |
|
Fax |
+82-31-245-3004 |
|
Other Address- R&D Center |
1690-1, Sinil-dong, Daedeok-gu, Daejeon, Korea |
|
Tel |
+82-42-930-4567 |
|
Fax |
+82-42-930-4569 |
|
Other Address-Busan Office |
830-136, Beomil 2-dong, Dong-gu, Busan, Korea |
|
Tel |
+82-51-631-5296 |
|
Fax |
+82-51-631-5240 |
|
Type |
Export |
|
Industry |
Manufacture of Synthetic Fibers |
|
Main Business |
Polyester Filament Yarn, Polyester Staple Fiber, Polyester Chip |
|
Established (mm/dd/yyyy) |
11/01/2000 |
The Subject owns the premises of Jeonju Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyester fibers(11151503) |
|
Sell |
Thermoplastic polyester(13111057) |
|
Sell |
Fibers(11151500) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Resins(13111000) |
|
Sell |
Polyester fibers(11151503) |
|
Buy |
Compounds and mixtures(12350000) |
|
Buy |
Alcohols or its substitutes(12352104) |
|
Name |
You Bae-Keun |
|
Address |
Suite 904-602, 525, Baekhyeon-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
10/14/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
172,500,000,000 |
||||||||||||||||||
|
Employees |
935 |
||||||||||||||||||
|
Formation |
Listed Company(Korea Stock Exchange : 079980) as of 02/23/2012 |
||||||||||||||||||
|
Bank Details |
Woori Bank-Jongno Branch |
||||||||||||||||||
|
Corporate Registered No. |
110111-2102070 |
||||||||||||||||||
|
Business Registered No. |
215-81-98804 |
||||||||||||||||||
|
Permit & Licenses |
05/2004 Obtained SEK Mark 09/2003 Obtained KT Mark (Fisto) 04/2001 Synthetic Fiber business division obtained Oeko-tex Standard
100, environmental certification of Europe. Int’l Trade No.: 11843667 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
11/11/2011 Moved to the present HQ address from Huvis Bldg., 151-7,
Samseong 1-dong, Gangnam-gu, Seoul, Korea 10/26/2011 Increased capital to 146,250,000,000 KRW from 143,750,000,000 KRW 08/01/2006 Increased capital to 143,750,000,000
KRW from 100,000,000,000 KRW 11/2004 Built R&D Center in Daejeon city 05/2004 Obtained SEK Mark 10/31/2003 Moved its headquarters to 151-7, Samseong-dong, Gangnam-gu,
Seoul from 77-1, Garak-dong, Songpa-gu, Seoul, Korea 09/2003 Obtained KT Mark (Fisto) 12/2001 Held a signing ceremony for the establishment of a joint
venture plant to manufacture staple products in Zigong, Sichuan, China. 11/2001 Staple'LMF' selected as the world's top product by the
Ministry of Commerce, Industry and Energy 08/2001 Newly established 'Research Institute II' 04/2001 Synthetic Fiber business division obtained Oeko-tex Standard
100, environmental certification of Europe. 11/01/2000 Huvis officially launched; President and CEO Cho Min-ho
assumed office. 07/2000 Held signing ceremony for the establishment of a separate
corporation, integrating the chemical textile divisions of Samyang and SK
Chemical. |
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
You Bae-Keun |
Korean |
1959.10.14 |
Kyunghee University, Korea |
|
Director |
Mr. |
Moon Sung-Hwan |
Korean |
1953.12.04 |
Seoul National University, Korea |
|
Director |
Mr. |
Lee Moon-Seok |
Korean |
1954.04.09 |
Kyunghee University, Korea |
|
Outside Director / Auditor |
Mr. |
Lee Myung-Rae |
Korean |
1949.11.19 |
Yonsei University, Korea |
|
Outside Director / Auditor |
Mr. |
Kim Kyung-Won |
Korean |
1944.11.27 |
Yonsei University, Korea |
|
Outside Director / Auditor |
Mr. |
Sung Je-Hwan |
Korean |
1953.08.14 |
PH.D., of Cornell Univ., USA |
|
Supervisor of HQ Office |
Mr. |
Han Chan-Hyuck |
Korean |
1956.03.14 |
- |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
975,660,938,194 |
708,913,961,677 |
44,057,919,290 |
|
|
(*)2011 |
1,386,699,369,618 |
673,513,547,571 |
62,351,780,404 |
|
(*)2010 |
1,125,337,046,277 |
616,500,646,481 |
15,698,106,871 |
|
2009 |
952,464,339,603 |
558,259,933,928 |
3,574,128,424 |
|
2008 |
942,378,377,574 |
595,346,357,376 |
(-)26,919,275,941 |
|
2007 |
899,909,051,340 |
582,876,597,640 |
(-)40,888,565,109 |
|
2006 |
786,208,135,240 |
639,822,609,958 |
(-)117,004,930,591 |
|
2005 |
876,813,565,920 |
743,430,513,560 |
(-)24,231,603,083 |
|
2004 |
1,074,203,592,682 |
795,724,879,151 |
(-)33,536,243,989 |
|
2003 |
981,061,545,872 |
794,191,963,887 |
2,709,914,079 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
400,000,000,000 |
|
Paid-Up Capital(KRW) |
172,500,000,000 |
|
Total Issues Shares |
34,500,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
708,913,961,677 |
673,513,547,571 |
616,500,646,481 |
|
Current Assets |
391,491,152,413 |
360,131,006,608 |
316,128,387,737 |
|
Cash & Cash Equivalents |
60,234,598,697 |
28,929,158,614 |
25,460,007,689 |
|
Current Financial Instruments |
37,000,000,000 |
|
|
|
Trade Receivables |
141,317,163,436 |
144,349,543,338 |
136,461,351,143 |
|
Other Receivables |
28,377,522,437 |
57,671,141,167 |
40,127,447,470 |
|
Derivatives |
37,109,973 |
11,258,751 |
1,106,683 |
|
Inventories |
121,626,887,923 |
126,996,778,090 |
110,893,123,787 |
|
Deferred Income Tax Assets |
|
26,778,752 |
41,519,135 |
|
Other Current Assets |
2,897,869,947 |
2,146,347,896 |
3,143,831,830 |
|
Non-Current Assets |
317,422,809,264 |
313,382,540,963 |
300,372,258,744 |
|
Tangibles |
297,054,162,639 |
285,048,209,446 |
274,124,491,867 |
|
Intangibles |
4,722,943,041 |
4,927,912,330 |
5,675,407,321 |
|
Investment_Related Companies |
12,274,203,958 |
12,274,203,958 |
12,274,203,958 |
|
Other Non-Current Assets |
857,164,000 |
4,292,282,087 |
2,889,601,391 |
|
Other Financial Assets |
1,946,345,555 |
2,346,025,248 |
4,156,604,814 |
|
Deferred Income Tax Assets |
567,990,071 |
4,493,907,894 |
1,251,949,393 |
|
Total Liabilities |
364,180,111,028 |
436,056,936,012 |
444,437,506,034 |
|
Current Liabilities |
342,855,299,124 |
409,849,641,101 |
412,598,154,642 |
|
Trade Payables |
253,778,115,805 |
293,437,169,219 |
232,377,122,946 |
|
Other Payables |
25,477,526,262 |
26,081,520,045 |
22,711,300,859 |
|
Short-Term Borrowings |
57,211,027,569 |
73,907,608,874 |
131,276,314,063 |
|
Current Portion of Debentures |
|
9,981,287,006 |
19,686,761,754 |
|
Current Portion of Long-Term
Debts |
13,200,000 |
|
361,550,000 |
|
Derivatives |
1,440,682,384 |
|
|
|
Other Financial Liabilities |
2,611,361,251 |
2,785,307,741 |
2,968,123,147 |
|
Other Current Liabilities |
2,323,385,853 |
3,656,748,216 |
3,216,981,873 |
|
Non-Current Liabilities |
21,324,811,904 |
26,207,294,911 |
31,839,351,392 |
|
Debentures |
|
|
9,874,564,470 |
|
Long-Term Borrowings |
851,800,000 |
264,000,000 |
264,000,000 |
|
Other Non-Current Financial Debts |
|
|
400,800,000 |
|
Provision for Severance &
Retirement |
17,308,536,515 |
23,264,075,649 |
19,177,384,202 |
|
Other Non-Current Liabilities |
3,164,475,389 |
2,679,219,262 |
2,122,602,720 |
|
Capital Stock |
172,500,000,000 |
146,250,000,000 |
143,750,000,000 |
|
Capital Surplus |
40,257,319,800 |
3,288,000,000 |
|
|
Profit Surplus |
131,976,530,849 |
87,918,611,559 |
28,313,140,447 |
|
Total Equity |
344,733,850,649 |
237,456,611,559 |
172,063,140,447 |
|
Liab. & Shareholder’s Equity |
708,913,961,677 |
673,513,547,571 |
616,500,646,481 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
975,660,938,194 |
1,386,699,369,618 |
1,125,337,046,277 |
|
Cost of Sold Goods |
875,668,640,436 |
1,245,773,556,108 |
991,914,152,695 |
|
Gross Profit |
99,992,297,758 |
140,925,813,510 |
133,422,893,582 |
|
Other Operating Income |
9,862,599,651 |
26,074,837,947 |
25,297,253,389 |
|
Selling Expenses |
39,302,409,776 |
49,569,302,575 |
64,198,237,969 |
|
Admin. Expenses |
14,280,396,938 |
28,415,735,379 |
23,105,614,691 |
|
Other Operating Expenses |
7,093,689,041 |
21,591,192,548 |
38,150,352,835 |
|
Operating Income |
49,178,401,654 |
67,424,420,955 |
33,265,941,476 |
|
Finance Income |
2,324,679,884 |
2,145,701,730 |
532,372,210 |
|
Finance Expenses |
1,912,223,631 |
9,621,349,902 |
11,223,123,514 |
|
Income Before Taxes |
49,590,857,907 |
59,948,772,783 |
22,575,190,172 |
|
Income Taxes Expenses |
5,532,938,617 |
-2,403,007,621 |
6,877,083,301 |
|
Net Income |
44,057,919,290 |
62,351,780,404 |
15,698,106,871 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
49,080,937,053 |
113,751,928,285 |
70,757,210,406 |
|
Cash Flows from Operating |
44,057,919,290 |
62,351,780,404 |
15,698,106,872 |
|
Net Income |
5,324,078,276 |
58,250,841,763 |
65,606,225,791 |
|
Interests Received |
1,188,141,502 |
897,055,618 |
73,433,307 |
|
Interests Paid |
-1,349,642,357 |
-7,747,749,500 |
-10,620,555,564 |
|
Income Taxes |
-139,559,658 |
- |
- |
|
Cash Flows from Investing |
-54,899,235,465 |
-38,340,522,171 |
-8,910,160,574 |
|
Cash Flows from Financing |
37,123,738,495 |
-71,942,255,189 |
-40,698,154,304 |
|
Increase/Decrease in Cash |
31,305,440,083 |
3,469,150,925 |
21,148,895,528 |
|
Cash at the Beginning of Year |
28,929,158,614 |
25,460,007,689 |
4,311,112,161 |
|
Cash at the End of Year |
60,234,598,697 |
28,929,158,614 |
25,460,007,689 |
|
Main Products & Services |
PSF, Polyester Staple Fiber PFY, Polyester Filament Yarn |
|
Detailed Products Spec. |
Polyester Filament Yarn - Wool: MARKY-1,2, MOXIE, RENOVA-1,2,7,
RENOVA-6, CENO, CEY - Silk: JUNE-1,2, MONO, PRY - Linen: CELESTO, LINACEO-1,2,3, New
LINACEO - Microfiber1: ISOL-1,2, ISOL-S, ISOL-C,
ISOL-E, ISOL-K - Microfiber2: NCD, FPN, PN - For Pile & Fleece: GENTOS, PUD/PUB,
SDF, WINPOL - Stretch: SSY (FISTO), PWPY, ESSE (FISE) - Performance: ESPOL, ESPOL-stretch,
ESPOL-cool, MIRAWAVE-cool Coolever - Quick absorbing - Moisture management - Easy to care - Soft touch Mirawave (Multifunctional yarn for health
and comfort) - Anti-bacterial - Far-infrared radiation / Heat retention UV-protection - Special Use: LOMELA (LOM-C), NOSPA, WSP Polyester Staple Fiber - Spinning: FRE-ZEROXY, POPOP, ABF,
MICRO-FIBER, APF, Dope-Dyed, ZEROXY, MIRAWAVE, TRIROBAL, PHF - Stuffing/Padding: Conjugate - Wadding: LMF - Non Woven: ZEROXY, HPF, Napoly, FLOFA,
NyLON-PRIME, RAYPOL, MICRO-SPLIT, HCT/HSFC, HSF - Industrial - Hygiene/Health: O-LMF Chip - Textile: SD, SB - Bottle: BL, BB |
|
Technologies Acquired |
|
|
Suppliers |
SAMNAM PETROCHEMICAL CO., LTD.(110111-0557061) SK PETROCHEMICAL CO., LTD.(135811-0120906) SAMSUNG PETROCHEMICAL CO., LTD.(181211-0000435) SABIC |
|
Customers |
SK CHEMICALS CO., LTD.(130111-0005727) SAM YANG SA CO., LTD.(140111-0003032) |
|
Competitors |
WOONGJIN CHEMICAL CO., LTD.(174811-0000151) HYOSUNG CORPORATION(110111-0030497) TK CHEMICAL CORPORATION(110111-3783457) JIANGYIN SANFANGXIANG RELIANCE INDUSTRIES YIZHENG HUVIS NAN YA YUANDONG FAR EASTERN TUNTEX WELLMAN |
|
Affiliates |
SICHUAN HUVIS CO., LTD. (95.0% held by the subject company) XINMIN GUARD, DAAN DISTRICT, ZIGONG,
SICHUAN, CHINA TEL:+86-813-8000 GUANGZHOU HUVIS YOUNGSUNG FIBER CO.,
LTD.(CHINA) (30.0% held by the subject company) RM.2105, EAST TOWER YANGCHENG INTERNATIONAL
COMMERCIAL CENTER, NO. 122, TI YU DONG ROAD, GUANGZHOU, CHINA TEL:+86-20-3887-2510 |
|
Overseas Office |
SICHUAN HUVIS CO., LTD. (95.0% held by the subject company) XINMIN GUARD, DAAN DISTRICT, ZIGONG, SICHUAN,
CHINA TEL:+86-813-8000 CHEONGDU OFFICE B-2, 1601, FENGDE INTERNATIONAL PLAZA,
NO.6, HANGKONG RD., WUHOU, DISTRICT, CHENGDU, CHINA TEL:+86-28-8526-6067 GUANGZHOU HUVIS YOUNGSUNG FIBER CO.,
LTD.(CHINA) (30.0% held by the subject company) RM.2105, EAST TOWER YANGCHENG INTERNATIONAL
COMMERCIAL CENTER, NO. 122, TI YU DONG ROAD, GUANGZHOU, CHINA TEL:+86-20-3887-2510 SHANGHAI OFFICE RM.2003, SHENG GAO INTERNATIONAL TOWER, NO.
137, XIANXIA ROAD, SHANGHAI, CHINA TEL:+86-21-5204-4588 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
SAMYANG HOLDINGS CORPORATION(110111-0026181) SK SYNTEC CO., LTD.(131411-0232597) |
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
716,834 |
1,050,757 |
872,949 |
|
Domestic |
258,827 |
335,943 |
252,388 |
|
Total |
975,661 |
1,386,699 |
1,125,337 |
The Subject exports to China, Germany and
USA.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company |
|
435,481,700 |
Proceeding |
|
|
|
The Subject Company |
|
|
71,500,000 |
Proceeding |
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.