|
Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
HWASEUNG NETWORKS CO., LTD. |
|
|
|
|
Registered Office : |
11th Fl., Jangcheon Bldg. 1287-21, Yeonsan 5-dong,
Yeonje-gu, Busan, Korea 611-839 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.07.2006 |
|
|
|
|
Com. Reg. No.: |
607-81-77653 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Non-Specialized Goods |
|
|
|
|
No. of Employees : |
95 |
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 (31.03.2011) |
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 |
HWASEUNG NETWORKS CO., LTD. (Korean Company Name : “(주)화승네트웍스”) |
|
Registered Address |
1287-21, Yeonsan 5-dong, Yeonje-gu, Busan,
Korea |
|
Building |
11th Fl., Jangcheon Bldg. |
|
Zip Code |
611-839 |
|
Tel |
+82-51-850-0100 |
|
Fax |
+82-51-850-0101 |
|
E-mail |
stkim@hsnetw.com |
|
Website |
www.hsnetw.co.kr |
|
Trading Address |
19Fl., Gangnam Bldg., 1321, Seocho-dong,
Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-850-0100 |
|
Fax |
+82-2-850-0103 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Non-Specialized Goods |
|
Main Business |
Automotive Parts, Tour Services, Insurance Brokerage Services,
Logistics Services, International Trading Services, Purchasing Services,
Industrial Rubber Products |
|
Established (mm/dd/yyyy) |
07/06/2006 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tour arrangement services(90121501) |
|
Sell |
Travel agencies(90121502) |
|
Sell |
Transport arrangements(78141500) |
|
Sell |
International trade services(80151600) |
|
Sell |
Freight forwarders services(78141501) |
|
Name |
Bae Tae-Kyun |
|
Address |
Suite 203-204, 1661, Banyeo-dong,
Haeundae-gu, Busan, Korea |
|
Date of Birth |
09/20/1948 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
35,159,790,000 |
||||||||||||||||||||||||
|
Employees |
95 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by shares A Company of HWASEUNG GROUP |
||||||||||||||||||||||||
|
Bank Details |
Korea Exchange Bank Busan Bank Hana Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0560995 |
||||||||||||||||||||||||
|
Business Registered No. |
607-81-77653 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 12186341 |
||||||||||||||||||||||||
|
Shareholder Position |
(*)The list is based as of 12/31/2011. |
||||||||||||||||||||||||
|
Company History |
07/06/2006 Incorporated as the present name 06/18/2009 Increased capital to
26,000,000,000 KRW from 7,621,000,000 KRW 12/18/2009 increased the authorized shares
to 50,000,000 shares from 20,000,000 shares 12/29/2009 Increased capital to
42,666,665,000 KRW from 26,000,000,000 KRW 07/10/2012 Decreased capital to
26,000,000,000 KRW from 42,666,665,000 KRW 12/27/2012 Increased capital to
35,159,790,000 KRW from 26,000,000,000 KRW |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Bae Tae-Kyun |
Male |
Korean |
03/26/2010 |
|
Co-President & CEO |
Mr. |
Kang Sam-Nam |
Male |
Korean |
01/01/2010 |
|
Director |
Mr. |
Hyun Ji-Ho |
Male |
Korean |
02/02/2009 |
|
Director |
Mr. |
Lee Wan-Man |
Male |
Korean |
02/02/2009 |
|
Director |
Mr. |
Choi Yo-Hwui |
Male |
Korean |
03/13/2009 |
|
Auditor |
Mr. |
Park Dong-Ho |
Male |
Korean |
03/13/2009 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
828,033,866,636 |
266,355,906,573 |
4,016,057,979 |
|
|
2010 |
603,638,084,144 |
182,557,476,839 |
-12,864,913,077 |
|
2009 |
356,368,619,354 |
126,800,132,246 |
-1,801,717,832 |
|
2008 |
284,364,913,800 |
59,782,305,076 |
173,277,638 |
|
2007 |
164,705,428,546 |
33,131,862,930 |
2,123,661,545 |
|
2006 |
19,219,611,908 |
19,870,497,601 |
512,399,518 |
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
35,159,790,000 |
|
Total Issued Shares |
7,031,958 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
266,355,906,573 |
182,557,476,839 |
126,800,132,246 |
|
Current Assets |
232,742,354,301 |
146,271,017,149 |
95,514,193,149 |
|
-Quick Assets |
182,362,359,049 |
132,345,536,136 |
82,965,823,683 |
|
-Inventories |
50,379,995,252 |
13,925,481,013 |
12,548,369,466 |
|
Fixed Assets |
33,613,552,272 |
36,286,459,690 |
31,285,939,097 |
|
-Investment |
30,972,219,471 |
33,385,054,175 |
30,384,386,184 |
|
-Tangibles |
802,716,946 |
283,059,285 |
230,146,913 |
|
-Intangibles |
269,423,418 |
302,225,000 |
1,200,000 |
|
-Others |
1,569,192,437 |
2,316,121,230 |
670,206,000 |
|
Total Liabilities |
211,280,804,232 |
128,451,779,944 |
65,109,650,899 |
|
Current Liabilities |
209,161,311,012 |
127,201,283,228 |
59,276,747,084 |
|
Fixed Liabilities |
2,119,493,220 |
1,250,496,716 |
5,832,903,815 |
|
Capital Stock |
42,666,665,000 |
42,666,665,000 |
42,666,665,000 |
|
Capital Surplus |
17,129,782,744 |
17,129,782,744 |
17,129,782,744 |
|
Profit Surplus |
-9,049,507,043 |
-12,465,565,082 |
-999,347,935 |
|
Capital Adjustment |
4,328,161,640 |
6,774,814,233 |
894,685,668 |
|
Total Equity |
55,075,102,341 |
54,105,696,895 |
61,690,481,347 |
|
Liab. & Shareholder’s Equity |
266,355,906,573 |
182,557,476,839 |
126,800,132,246 |
|
Current Liabilities |
209,161,311,012 |
127,201,283,228 |
59,276,747,084 |
|
Trade Payables |
153,457,425,587 |
70,958,177,922 |
48,520,456,637 |
|
Short-Term Borrowings |
40,000,000,000 |
45,263,661,143 |
8,482,706,480 |
|
Account Payables |
1,723,713,979 |
1,227,701,723 |
1,284,206,061 |
|
Advance Receipts |
719,998,180 |
2,117,002,153 |
559,874,425 |
|
Withholdings |
74,647,418 |
977,758,320 |
296,473,780 |
|
Accrued Expenses |
303,987,052 |
72,880,913 |
60,711,629 |
|
Guarantee Deposit Withhold |
5,552,860,112 |
- |
- |
|
Accrued Income Tax |
2,831,731,613 |
1,953,578,661 |
- |
|
Deferred Income Tax |
- |
136,616,952 |
72,318,072 |
|
Current Portion of Debentures |
4,500,000,000 |
4,500,000,000 |
- |
|
Fixed Liabilities |
2,119,493,220 |
1,250,496,716 |
5,832,903,815 |
|
Debentures |
- |
- |
4,500,000,000 |
|
Provision for Severance & Retirement |
2,950,296,490 |
1,820,187,960 |
1,396,234,460 |
|
Deferred Income Tax Credit |
- |
- |
350,012,754 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
828,033,866,636 |
603,638,084,144 |
356,368,619,354 |
|
Cost of Sold Goods |
790,839,554,899 |
568,387,418,866 |
333,525,217,073 |
|
Gross Profit |
37,194,311,737 |
35,250,665,278 |
22,843,402,281 |
|
Selling & Admin. Expenses |
17,481,556,947 |
14,481,509,904 |
12,898,010,083 |
|
Operating Income |
19,712,754,790 |
20,769,155,374 |
9,945,392,198 |
|
Non-Operating Income |
13,465,272,086 |
7,203,394,150 |
5,341,287,152 |
|
Non-Operating Expenses |
27,790,966,735 |
38,725,182,213 |
16,928,237,850 |
|
Income Before Taxes |
5,387,060,141 |
-10,752,632,689 |
-1,641,558,500 |
|
Income Taxes Expenses |
1,371,002,162 |
2,112,280,388 |
160,159,332 |
|
Net Income |
4,016,057,979 |
-12,864,913,077 |
-1,801,717,832 |
Cash
Flows
|
|||
|
Unit :
Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows
from Operating |
9,167,861,472 |
-3,356,238,748 |
-23,323,270,192 |
|
-Net Income |
4,016,057,979 |
-12,864,913,077 |
-1,801,717,832 |
|
-Exp. without
Cash Outflow |
15,924,012,353 |
27,142,781,984 |
3,629,610,805 |
|
-Revenue
without Cash Inflows |
-1,591,857,164 |
-541,740,372 |
-1,204,399,073 |
|
-Changes in
Asset/ & Liability |
-9,180,351,696 |
-17,092,367,283 |
-23,946,764,092 |
|
Cash Flows
from Investing |
261,010,995 |
-36,641,380,750 |
-25,695,099,612 |
|
-Cash Inflow
from Investing |
2,015,233,590 |
9,187,040,314 |
1,141,700,800 |
|
-Cash
Outflows for Investing |
-1,754,222,595 |
-45,828,421,064 |
-26,836,800,412 |
|
Cash Flows
from Financing |
-5,863,661,083 |
36,180,954,723 |
54,295,037,217 |
|
-Cash
Inflows from Financing |
3,000,000,000 |
76,643,816,758 |
99,655,480,802 |
|
-Cash
Outflows from Financing |
-8,863,661,083 |
-40,462,862,035 |
-45,360,443,585 |
|
Increase/Decrease
in Cash |
3,565,211,384 |
-3,816,664,775 |
5,276,667,413 |
|
Cash at the Beginning of Year |
2,945,559,912 |
6,762,224,687 |
1,485,557,274 |
|
Cash at the End of Year |
6,510,771,296 |
2,945,559,912 |
6,762,224,687 |
|
Main Products & Services |
Automotive Parts, Tour Services, Insurance Brokerage Services,
Logistics Services, International Trading Services, Purchasing Services,
Industrial Rubber Products |
|
Suppliers |
SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) DONGBU INSURANCE CO., LTD.(110111-0095285) HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) HUNG THINH, MAI THAO, DONG NAL, DONG PHU,
HOA BINH, PHU RIENG, LINH ANH, BIGMEXCO,MINH TAN, BINH LONG, TAY NINH |
|
Customers |
HS MATERIAL CO., LTD.(184511-0014213) HWASEUNG CORPORATION(180111-0003383) HS R&A CO., LTD.(184511-0001252) |
|
Competitors |
MODE TOUR NETWORK CO., LTD. RM. 501, BAEKNAM BLDG., 188-3, EULJIRO
1-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-728-8000 FAX:+82-2-2021-7803 YOUNG CHEON LOGISTICS CO., LTD. 4TH FL., YEONGCHEON BLDG., 33-2,
GONGHANG-DONG, GANGSEO-GU, SEOUL, KOREA TEL:+82-2-3663-9009 FAX:+82-2-3665-3004 AGILITY LTD. 2ND FL., YEOLRIN BLDG., 1666-3, SEOCHO
1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-539-9411 FAX:+82-2-539-2071 AIRSTAR INTERNATIONAL CO., LTD. 2ND FL., SEOYEONG BLDG., 367-9,
SEOGYO-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-333-3933 FAX:+82-2-323-5700 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
HS INDUSTRIES CO., LTD.(180111-0004323) HS R&A CO., LTD.(184511-0001252) HS MATERIAL CO., LTD.(184511-0014213) HS CLIMATE CONTROL INDUSTRIES CO.,
LTD.(124311-0012841) HWASEUNG CORPORATION(180111-0003383) (25.43% held by the subject company) HWASEUNG EXWILL CO., LTD.(180111-0588442) HS T&C CORPORATION(180111-0015825) HWASEUNG NETWORKS CO., LTD.(180111-0560995) |
|
Affiliates-Overseas |
HSI AUTOMOTIVES LTD(INDIA) HWASEUNG MOTOR PARTS(TAECHANG) CO.,
LTD.(CHINA) HWASEUNG SPECIAL RUBBER(TAECHANG) CO.,
LTD.(CHINA) HWAYOUNG MOTOR PARTS(TAECHANG) CO.,
LTD.(CHINA) HWASEUNG VINA CO.,LTD(VIETNAM) HS AUTOMOTIVE ALABAMA. INC(USA) HWASEUNG MATERIAL INDIA PRIVATE LIMITED
(INDIA) BEIJING HECHENG R&A VEHICLE PARTS
CO.,LTD(CHINA) HS VIETNAM CHEMICAL CO., LTD(VIETNAM) HS VUNG TAU CO., LTD(VIETNAM) HSLS RUBBER INDUSTRIES SDN.BHD.(MALAYSIA) HWASEUNG HONG KONG CO., LTD.(HONG KONG) JANGCHEON JEHWA DAIRYEN CO., LTD.(CHINA) HS VIETNAM NETWORKS CO.,LTD(VIETNAM) HWASEUNG(SHANGHAI) INT,L TRADE
CO,.LTD.(CHINA) HWASEUNG NETWORKS AMERICA CORP(USA) (30.06% held by the subject company) |
|
Subsidiary |
HWASEUNG NETWORKS(INDIA) (100.0% held by the subject company) |
|
Corporate Ownership |
HS R&A CO., LTD.(184511-0001252) |
(Activity &
Markets)
The Subject exports
to East Europe, Middle East, Asia, North America, and South America.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.