MIRA INFORM REPORT
|
Report Date : |
01.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAFARGE HALLA CEMENT CORPORATION |
|
|
|
|
Registered Office : |
225, Sangye-gil, Okgye-myeon, Gangneung-si, Gangwon-do, Korea 210-834 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
27.10.1998 |
|
|
|
|
Com. Reg. No.: |
226-81-22191 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Cement |
|
|
|
|
No. of Employees : |
506 |
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 – 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 |
LAFARGE HALLA CEMENT CORPORATION |
|
Registered Address |
280-1, Sangye-ri, Okgye-myeon, Gangneung-si, Gangwon-do, Korea (New Address System : 225, Sangye-gil, Okgye-myeon, Gangneung-si,
Gangwon-do, Korea) |
|
Zip Code |
210-834 |
|
Tel |
+82-33-534-1000 |
|
Fax |
+82-33-534-0716 |
|
E-mail |
manjoon.lee@kr.lafargehalla.com;yongjin.park@kr.lafarge.com |
|
Website |
www.lafargehalla.com |
|
Trading Address |
4th Fl., Rosedale Officetel, 724, Suseo-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-6902-3200 |
|
Fax |
+82-2-6902-3292 |
|
Other Address-Singi Factory |
23, Anui-ri, Singi-myeon, Samcheok-si, Gangwon-do, Korea |
|
Tel |
+82-33-540-0312 |
|
Fax |
+82-33-540-0319 |
|
Other Address-Gwangyang Factory |
1659-3, Taein-dong, Gwangyang-si, Jeollanam-do, Korea |
|
Tel |
+82-61-792-8291 |
|
Fax |
+82-61-792-8290 |
|
Other Address-Pohang Factory |
140-10, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-285-1751~3 |
|
Fax |
+82-54-285-1930 |
|
Other Address-Icheon Office |
358-4, Huan-ri, Hobeop-myeon, Icheon-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-632-3286 |
|
Fax |
+82-31-632-3287 |
|
Other Address-Maepo Office |
374-4, Noho-ri, Buyong-myeon, Cheongwon-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-269-2153 |
|
Fax |
+82-43-269-2852 |
|
Other Address-Samho Office |
1237-8, Sampo-ri, Samho-eup, Yeongam-gun, Jeollanam-do, Korea |
|
Tel |
+82-61-461-1415 |
|
Fax |
+82-61-461-1692 |
|
Other Address-Janghang Branch |
420-2, Sinchang-ri, Janghang-eup, Seocheon-gun, Chungcheongnam-do,
Korea |
|
Tel |
+82-41-956-7235 |
|
Fax |
+82-41-956-7237 |
|
Other Address-Uiwang Office |
71-3, I-dong, Uiwang-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-461-4288 |
|
Fax |
+82-31-461-4971 |
|
Other Address-Eumseong Office |
785-1, Pyeonggok 1-ri, Eumseong-eup, Eumseong-gun, Chungcheongbuk-do,
Korea |
|
Tel |
+82-43-872-4695 |
|
Fax |
+82-43-872-1937 |
|
Other Address-Jeju Office |
1007, Sangdae-ri, Hallim-eub, Jeju-si, Jeju-do, Korea |
|
Tel |
+82-64-796-7270 |
|
Fax |
+82-64-796-7290 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Cement |
|
Main Business |
Cement, Clinker |
|
Established (mm/dd/yyyy) |
10/27/1998 |
The Subject owns the premises of registered
HQ address, Singi Factory, Gwangyang Factory, Maepo Office and Samho Office.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cement(30111601) |
|
Name |
Michel Puchercos |
|
Address |
Suite 401, 200-16, UN village-gil, Yongsan-gu, Seoul, Korea |
|
Date of Birth |
10/02/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
French |
|
Capital (KRW) |
221,737,035,000 |
||||||||||||||||||
|
Employees |
506 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
||||||||||||||||||
|
Bank Details |
Shinhan Bank Korea Exchange Bank Woori Bank |
||||||||||||||||||
|
Corporate Registered No. |
141111-0012331 |
||||||||||||||||||
|
Business Registered No. |
226-81-22191 |
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|
Permit & Licenses |
11/2002 ISO 14001 Int’l Trade No.: 404486 |
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|
Shareholder Position |
|
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|
Company History |
10/27/1998 Incorporated as RH CEMENT CO.,
LTD. 12/1998 Acquired Cement Business from HALLA
CEMENT CO., LTD. 01/14/2000 Changed company name to the present name 01/25/2000 Registered as a Foreign Direct
Investment Corporation 05/07/2004 Decreased capital to
221,737,035,000 KRW from 226,460,000,000 KRW |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Michel Puchercos |
Male |
French |
01/29/2009 |
|
Director |
Mr. |
Silvang Garno |
Male |
French |
03/30/2012 |
|
Director |
Mr. |
Fredrick Viyon |
Male |
French |
03/30/2012 |
|
Director |
Mr. |
Wig Bacel Donbreval |
Male |
French |
03/30/2012 |
|
Director |
Mr. |
Pablichio Olivares |
Male |
French |
03/30/2012 |
|
Auditor |
M/S. |
Lee Hee-Sook |
Female |
Korean |
03/29/2009 |
Mr. Michel Puchercos
-Ecole Polytechnique (1976)
-Ecole Nationale du Genie Rural, des Eaux et des Forets (National School
of Rural Engineering, Waterways and Forests) (1981)
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
75,836,110,848 |
526,861,145,611 |
-2,849,066,651 |
|
|
2012 |
402,499,788,268 |
531,611,745,594 |
29,436,675,497 |
|
2011 |
375,594,489,526 |
500,547,979,422 |
-28,757,135,986 |
|
2010 |
345,480,312,226 |
507,250,215,002 |
-14,920,340,319 |
|
2009 |
394,324,503,241 |
424,468,027,658 |
-13,504,758,194 |
|
2008 |
364,298,220,254 |
483,801,781,406 |
-9,746,864,525 |
|
2007 |
335,172,949,511 |
477,122,509,000 |
-11,378,798,726 |
|
2006 |
342,586,712,387 |
469,445,093,908 |
-2,973,565,869 |
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
221,737,035,000 |
|
Total Issued Shares |
44,347,407 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
526,861,145,611 |
531,611,745,594 |
500,547,979,422 |
|
Current Assets |
169,096,066,112 |
180,693,867,788 |
137,708,453,730 |
|
-Quick Assets |
124,635,222,874 |
135,111,223,501 |
100,965,664,334 |
|
-Inventories |
44,460,843,238 |
45,582,644,287 |
36,742,789,396 |
|
Fixed Assets |
357,765,079,499 |
350,917,877,806 |
362,839,525,692 |
|
-Investment |
9,642,188,725 |
6,861,571,635 |
8,373,507,410 |
|
-Tangibles |
307,390,345,212 |
305,051,906,226 |
313,934,926,960 |
|
-Intangibles |
37,025,912,839 |
35,192,230,678 |
36,259,166,568 |
|
-Others |
3,706,632,723 |
3,812,169,267 |
4,271,924,754 |
|
Total Liabilities |
173,508,227,526 |
175,328,933,891 |
171,566,115,871 |
|
Current Liabilities |
112,655,691,941 |
114,679,030,594 |
105,231,911,049 |
|
Fixed Liabilities |
60,852,535,585 |
60,649,903,297 |
66,334,204,822 |
|
Capital Stock |
221,737,035,000 |
221,737,035,000 |
221,737,035,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
60,771,859,089 |
63,620,925,740 |
34,184,250,243 |
|
Capital Adjustment |
70,844,023,996 |
70,924,850,963 |
73,060,578,308 |
|
Total Equity |
353,352,918,085 |
356,282,811,703 |
328,981,863,551 |
|
Liab. & Shareholder’s Equity |
526,861,145,611 |
531,611,745,594 |
500,547,979,422 |
|
Current Liabilities |
112,655,691,941 |
114,679,030,594 |
105,231,911,049 |
|
Trade Payables |
40,675,960,565 |
40,093,630,722 |
49,401,749,991 |
|
Account Payables |
42,748,142,225 |
46,419,010,181 |
41,060,336,654 |
|
Accrued Expenses |
3,357,907,230 |
3,085,295,624 |
3,235,773,008 |
|
Accrued Dividends |
685,660 |
685,660 |
685,660 |
|
Advance Receipts |
1,123,140,161 |
1,413,888,235 |
2,758,119,082 |
|
Unearned Income |
670,038,423 |
8,631,690 |
217,161,621 |
|
Withholdings |
1,325,121,325 |
622,111,742 |
1,222,454,543 |
|
Accrued Income Tax |
6,372,270,996 |
5,658,273,922 |
1,452,323,169 |
|
Current Portion of Long-Term Debts |
3,534,084,500 |
4,238,909,500 |
5,025,209,500 |
|
Current Portion of Long-Term Lease Debts |
959,870,451 |
938,593,318 |
858,097,821 |
|
Derivatives |
204,452,707 |
|
|
|
Provisions for Disaster Recovery |
11,684,017,698 |
12,200,000,000 |
|
|
Fixed Liabilities |
60,852,535,585 |
60,649,903,297 |
66,334,204,822 |
|
Long-Term Borrowings |
5,454,197,500 |
5,968,976,500 |
10,187,686,000 |
|
Provision for Severance & Retirement |
31,309,308,700 |
29,941,581,474 |
29,525,105,659 |
|
Other Provisions |
10,892,872,565 |
10,702,291,129 |
9,950,641,681 |
|
Leasehold Deposit Received |
414,862,313 |
414,362,313 |
416,958,120 |
|
Guarantee Deposit |
823,700,000 |
843,700,000 |
983,700,000 |
|
Long-Term Lease Debts |
8,960,825,630 |
9,208,921,193 |
10,147,514,511 |
|
Deferred Income Tax Credit |
3,299,772,377 |
3,873,074,188 |
5,475,350,951 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
75,836,110,848 |
402,499,788,268 |
375,594,489,526 |
|
Cost of Sold Goods |
71,024,532,327 |
332,705,973,528 |
359,393,461,568 |
|
Gross Profit |
4,811,578,521 |
69,793,814,740 |
16,201,027,958 |
|
Selling & Admin. Expenses |
8,336,878,376 |
32,877,960,779 |
38,211,816,416 |
|
Operating Income |
-3,525,299,855 |
36,915,853,961 |
-22,010,788,458 |
|
Non-Operating Income |
1,185,404,381 |
19,278,340,480 |
6,415,075,782 |
|
Non-Operating Expenses |
1,372,529,478 |
27,040,741,090 |
11,801,865,035 |
|
Income Before Taxes |
-3,712,424,952 |
29,153,453,351 |
-27,397,577,711 |
|
Income Taxes Expenses |
-863,358,301 |
-283,222,146 |
1,359,558,275 |
|
Net Income |
-2,849,066,651 |
29,436,675,497 |
-28,757,135,986 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
8,351,758,617 |
51,937,595,888 |
19,167,583,674 |
|
-Net Income |
-2,849,066,651 |
29,436,675,497 |
-28,757,135,986 |
|
-Exp. without Cash Outflow |
7,132,451,289 |
46,474,729,762 |
32,764,274,657 |
|
-Revenue without Cash Inflows |
-25,366,096 |
-928,945,083 |
-1,881,824,425 |
|
-Changes in Asset/ & Liability |
4,093,740,075 |
-23,044,864,288 |
17,042,269,428 |
|
Cash Flows from Investing |
-9,039,349,887 |
-14,244,715,050 |
-13,392,896,315 |
|
-Cash Inflow from Investing |
2,559,377,002 |
2,006,967,094 |
5,385,118,823 |
|
-Cash Outflows for Investing |
-11,598,726,889 |
-16,251,682,144 |
-18,778,015,138 |
|
Cash Flows from Financing |
-1,673,048,840 |
-6,818,788,860 |
-6,801,118,860 |
|
-Cash Inflows from Financing |
|
|
|
|
-Cash Outflows from Financing |
-1,673,048,840 |
-6,818,788,860 |
-6,801,118,860 |
|
Increase/Decrease in Cash |
-2,360,640,110 |
30,874,091,978 |
-1,026,431,501 |
|
Cash at the Beginning of Year |
49,625,535,636 |
18,751,443,658 |
19,777,875,159 |
|
Cash at the End of Year |
47,264,895,526 |
49,625,535,636 |
18,751,443,658 |
|
Main Products & Services |
Cement, Clinker |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
HYUNDAI OIL REFINERY CO., LTD.(110111-0090558) NAMHAE CHEMICAL CORPORATION(110111-0164717) OXBOW |
|
Customers |
|
|
Competitors |
SSANGYONG CEMENT INDUSTRIAL CO., LTD. SSANG-YONG BLDG., 24-1, JEODONG 2-GA,
JUNG-GU, SEOUL, KOREA TEL:+82-2-2270-5114 FAX:+82-2-2275-7040 HANIL CEMENT CO., LTD. 15TH FL., UDEOK BLDG., 832-2, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-531-7000 FAX:+82-2-531-7113 TONG YANG CEMENT CORPORATION ALPHA BLDG., 70, SEORIN-DONG, JONGNO-GU,
SEOUL, KOREA TEL:+82-2-3770-3000 FAX:+82-2-3770-3305 |
|
Affiliates |
LAFARGE S.A. LAKO LTD.(141111-0027009) POSFINE CO., LTD.(204611-0030668) CEMENTIA TRADING CO. LAFARGE ASIA SDN BHD LAFARGE CEMENT LIMITED LIABLITY COMPANY LAFARGE SHUI ON(BEIJING) LAFARGE SURMA CEMENT MALAYAN CEMENT BERHAD PT.SEMEN ANDALAS INDONESIA |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
LAFARGE S.A. FINANCIERE LAFARGE |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Franchise Agreement with LAFARGE S.A. -Insured Company HYUNDAIMARINE&FIREINSURANCECO.,LTD.(110111-0035893) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
|
Sales/ Unit :Mil KRW |
03/2013 |
2012 |
2011 |
|
Export |
- |
38,902 |
17,999 |
|
Domestic |
75,836 |
363,598 |
50,284 |
|
Total |
75,836 |
402,500 |
68,283 |
The Subject deals with the companies in China
and Taiwan.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.97 |
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.