|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HEARTYCHEM CORP. |
|
|
|
|
Registered Office : |
Rm. 1806, Korea Trade Tower, 159-1, Samseong 1-dong, Gangnam-gu,
Seoul, Korea 135-729 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.08.1995 |
|
|
|
|
Com. Reg. No.: |
105-81-73938 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Synthetic Rubber and Plastics Materials |
|
|
|
|
No. of Employees : |
28 |
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 |
HEARTYCHEM CORP. (Korean Company
Name : “(주)하티켐”) |
|
Registered Address |
159-1, Samseong 1-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
Rm. 1806, Korea Trade Tower |
|
Zip Code |
135-729 |
|
Tel |
+82-2-6000-0886 |
|
Fax |
+82-2-6000-0888 |
|
E-mail |
hearty@hearty.co.kr |
|
Website |
www.hearty.co.kr |
|
Trading Address |
Rm. 1806, Korea Trade Tower, 159-1,
Samseong 1-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-6000-0886 |
|
Fax |
+82-2-6000-0888 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Synthetic Rubber and Plastics Materials |
|
Main Business |
Synthetic Rubbers, Plastics, Polyurethane |
|
Established (mm/dd/yyyy) |
08/18/1995 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Rubber compound(13101607) |
|
Sell |
Processed and synthetic rubber(13101600) |
|
Sell |
Chemicals including Bio Chemicals and Gas
Materials(12000000) |
|
Name |
Kim Hyung-Kon |
|
Address |
Suite 109-603, 120, Irwon-ro, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
08/10/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
450,000,000 |
|||||||||||||||
|
Employees |
28 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
Korea Exchange Bank-Int’l Trade Branch SC First Bank of Korea Kookmin Bank Woori Bank |
|||||||||||||||
|
Corporate Registered No. |
110111-1187601 |
|||||||||||||||
|
Business Registered No. |
105-81-73938 |
|||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11278485 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
08/18/1995 Incorporated as HEARTY &C CORP. 09/04/1999 Moved to the present HQ address
from 538, Dohwa-dong, Mapo-gu, Seoul, Korea 09/15/2000 Changed company name to the
present name 11/2001 Awarded US$1
Million Export Top Prize 12/26/2008 Increased the authorized shares
to 5,000,000 shares from 20,000 shares 11/2008 Awarded
US$20 Million Export Top Prize 12/30/2008 Increased capital to 450,000,000
KRW from 50,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Hyung-Kon |
Male |
Korean |
03/25/2008 |
|
Director |
M/S. |
Kim Mi-Kyung |
Female |
Korean |
08/29/2001 |
|
Director |
Mr. |
Cho Hyun-Il |
Male |
Korean |
01/08/2010 |
|
Auditor |
Mr. |
Cho Hyun-Jung |
Male |
Korean |
03/21/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
255,911,205,712 |
25,657,009,257 |
2,538,859,298 |
|
|
2010 |
174,626,810,011 |
15,613,794,894 |
2,335,523,519 |
|
2009 |
83,438,751,991 |
14,194,541,177 |
2,180,925,964 |
|
2008 |
130,767,902,888 |
9,858,885,423 |
4,035,414,244 |
|
2007 |
51,955,825,996 |
7,362,859,919 |
524,212,489 |
|
2006 |
- |
- |
- |
|
2005 |
28,525,000,000 |
3,459,000,000 |
115,000,000 |
Financial
Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
450,000,000 |
|
Total Issues Shares |
45,000 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
25,657,009,257 |
15,613,794,894 |
14,194,541,177 |
|
Current Assets |
22,701,967,673 |
12,282,952,428 |
11,197,004,369 |
|
-Quick Assets |
20,173,739,371 |
11,085,164,054 |
9,994,150,910 |
|
-Inventories |
2,528,228,302 |
1,197,788,374 |
1,202,853,459 |
|
Fixed Assets |
2,955,041,584 |
3,330,842,466 |
2,997,536,808 |
|
-Investment |
540,399,270 |
746,129,590 |
463,097,690 |
|
-Tangibles |
2,070,658,604 |
2,160,148,766 |
2,305,595,208 |
|
-Intangibles |
343,983,710 |
424,564,110 |
228,843,910 |
|
Total Liabilities |
15,590,589,366 |
7,112,205,261 |
7,223,150,963 |
|
Current Liabilities |
14,861,426,391 |
6,637,936,630 |
6,843,137,491 |
|
Fixed Liabilities |
729,162,975 |
474,268,631 |
380,013,472 |
|
Capital Stock |
450,000,000 |
450,000,000 |
450,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
9,727,066,301 |
8,088,207,003 |
6,652,683,484 |
|
Capital Adjustment |
-110,646,410 |
-36,617,370 |
-131,293,270 |
|
Total Equity |
10,066,419,891 |
8,501,589,633 |
6,971,390,214 |
|
Liab. & Shareholder’s Equity |
25,657,009,257 |
15,613,794,894 |
14,194,541,177 |
|
Current
Liabilities |
14,861,426,391 |
6,637,936,630 |
6,843,137,491 |
|
Trade Payables |
10,116,826,688 |
4,116,892,018 |
5,257,980,826 |
|
Short-Term
Borrowings |
2,068,469,751 |
700,000,000 |
700,000,000 |
|
Account Payables |
1,519,529,193 |
1,065,999,763 |
579,431,539 |
|
Accrued Income Tax |
685,361,170 |
373,248,670 |
100,020,580 |
|
Advance Receipts |
281,166,958 |
278,300,089 |
104,385,706 |
|
Withholdings |
190,072,631 |
103,496,090 |
101,318,840 |
|
Fixed
Liabilities |
729,162,975 |
474,268,631 |
380,013,472 |
|
Provision for Severance &
Retirement |
729,162,975 |
474,268,631 |
380,013,472 |
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
255,911,205,712 |
174,626,810,011 |
83,438,751,991 |
|
Cost of Sold Goods |
237,120,220,871 |
159,761,036,071 |
75,750,220,095 |
|
Gross Profit |
18,790,984,841 |
14,865,773,940 |
7,688,531,896 |
|
Selling & Admin. Expenses |
14,462,974,581 |
11,828,441,955 |
5,060,242,621 |
|
Operating Income |
4,328,010,260 |
3,037,331,985 |
2,628,289,275 |
|
Non-Operating Income |
3,473,136,043 |
3,031,133,326 |
1,933,805,020 |
|
Non-Operating Expenses |
4,248,856,768 |
3,045,813,142 |
1,687,754,391 |
|
Income Before Taxes |
3,552,289,535 |
3,022,652,169 |
2,874,339,904 |
|
Income Taxes Expenses |
1,013,430,237 |
687,128,650 |
693,413,940 |
|
Net Income |
2,538,859,298 |
2,335,523,519 |
2,180,925,964 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
582,248,649 |
3,406,449,790 |
771,652,898 |
|
-Net Income |
2,538,859,298 |
2,335,523,519 |
2,180,925,964 |
|
-Exp. without Cash Outflow |
1,262,915,647 |
415,106,721 |
218,426,149 |
|
-Revenue without Cash Inflows |
-80,265,361 |
-103,785,233 |
-263,888,556 |
|
-Changes in Asset/ & Liability |
-3,139,260,935 |
759,604,783 |
-1,363,810,659 |
|
Cash Flows from Investing |
-638,877,572 |
-1,805,585,089 |
-3,379,049,859 |
|
-Cash Inflow from Investing |
4,128,300,000 |
5,602,680,285 |
1,901,582,018 |
|
-Cash Outflows for Investing |
-4,767,177,572 |
-7,408,265,374 |
-5,280,631,877 |
|
Cash Flows from Financing |
468,469,751 |
-900,000,000 |
500,000,000 |
|
-Cash Inflows from Financing |
2,628,469,751 |
703,800,000 |
700,000,000 |
|
-Cash Outflows from Financing |
-2,160,000,000 |
-1,603,800,000 |
-200,000,000 |
|
Increase/Decrease in Cash |
411,840,828 |
700,864,701 |
-2,107,396,961 |
|
Cash at the Beginning of Year |
1,436,355,253 |
735,490,552 |
2,842,887,513 |
|
Cash at the End of Year |
1,848,196,081 |
1,436,355,253 |
735,490,552 |
|
Main Products & Services |
Synthetic Rubber Reprocess Rubbers Detergent Chemicals Feed Additives Non-Ferrous Metal Products Other Chemicals Nitrogen Fertilizers Phosphate Fertilizers Potash Fertilizers NP/NK/NPK Fertilizers |
|
Competitors |
DYM CO., LTD. 624-2, EOPSEONG-DONG, SEOBUK-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-621-6250 FAX:+82-41-621-8420 JUNGWOO TRADING CO., LTD. 869-11, EOGOK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-386-5003 FAX:+82-55-364-1778 HUMADE CORPORATION RM. 2310, MASTERS TOWER BLDG., 553, DOHWA
1-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3275-5155~8 FAX:+82-2-3275-5157 |
|
Affiliates |
HEARTYCHEM ASIA LTD.(HONG KONG) RM.4206, FAREAST FINANCIAL CENTER, 16,
HARCOURT ROAD, ADMIRALTY, HONG KONG TEL:+852-2861-1761 FAX:+852-2861-1760 THE EIGHT H CORPORATION(110111-4384246) (48.6% held by the subject company) FLOGIS INTERNATIONAL CORP.(110111-3954230) |
The Subject exports
to China, Taiwan, Indonesia, Italy and Japan, and it imports from Russia.
Not Available.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.84.48 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.