|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAE FITTING
CO., LTD. |
|
|
|
|
Registered Office : |
1202-5, Jisa-dong, Gangseo-gu, Busan, Korea 618-230 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.04.1996 |
|
|
|
|
Com. Reg. No.: |
606-81-60601 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
|
|
|
No. of Employees : |
37 |
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 – 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 |
|
Company Name |
HYUNDAE FITTING
CO., LTD. (Trade Name :
HDFCO) (Korean Company
Name : “(주)현대피팅”) |
|
Registered Address |
1202-5, Jisa-dong, Gangseo-gu, Busan,
Korea |
|
Zip Code |
618-230 |
|
Tel |
+82-51-831-0891~5 |
|
Fax |
+82-51-831-0896 |
|
E-mail |
hdfco@hdfco.co.kr |
|
Website |
www.hdfco.co.kr |
|
Trading Address |
Rm.501, Secho Town Trapalace, 1327,
Seocho-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-521-2345 |
|
Fax |
+82-2-521-2344 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
Main Business |
Fitting, Flange |
|
Established (mm/dd/yyyy) |
04/08/1996 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe fittings(40142300) |
|
Sell |
Pipe flanges(40142400) |
|
Name |
Ha Meang-Sung |
|
Address |
Suite 116-2301, 176-30, Yongho-dong,
Nam-gu, Busan, Korea |
|
Date of Birth |
01/21/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000 |
||||||||||||||||||
|
Employees |
37 |
||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Gyungnam Bank-Noksan Branch Industrial Bank of Korea Korea Exchange Bank |
||||||||||||||||||
|
Corporate Registered No. |
1801110-202597 |
||||||||||||||||||
|
Business Registered No. |
606-81-60601 |
||||||||||||||||||
|
Permit & Licenses |
10/2003 ISO 9001 02/2009 ISO 9001 Int’l Trade No.: 12059948 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
02/1992 Established as Hyundae Fitting
Industry Co.(Sole Proprietorship) 04/08/1996 Incorporated as the present name 12/01/2007 Moved to the present HQ address from
1646-4, Songjeong-Dong, Kangseo-Gu, Busan, Korea |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Ha Meang-Sung |
Male |
Korean |
04/08/2002 |
|
Director |
Mr. |
Park Je-Yoon |
Male |
Korean |
04/08/2002 |
|
Director |
Mr. |
Kim Hae-Soo |
Male |
Korean |
04/08/2002 |
|
Auditor |
Mr. |
Jung Young-Soo |
Male |
Korean |
04/08/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
32,946,787,934 |
41,186,207,868 |
6,219,209,968 |
|
|
2011 |
22,096,619,864 |
35,587,814,826 |
3,443,303,822 |
|
2010 |
12,561,916,312 |
23,251,005,302 |
1,447,963,403 |
|
Authorized Capital(KRW) |
400,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000 |
|
Total Issued Shares |
10,000 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
41,186,207,868 |
35,587,814,826 |
23,251,005,302 |
|
Current Assets |
29,096,842,486 |
27,831,444,187 |
18,128,448,425 |
|
-Quick Assets |
27,488,660,166 |
26,364,340,571 |
16,750,457,881 |
|
-Inventories |
1,608,182,320 |
1,467,103,616 |
1,377,990,544 |
|
Fixed Assets |
12,089,365,382 |
7,756,370,639 |
5,122,556,877 |
|
-Investment |
5,345,483,440 |
1,744,266,030 |
1,622,247,730 |
|
-Tangibles |
5,997,982,169 |
5,330,708,609 |
3,053,103,147 |
|
-Intangibles |
745,899,773 |
681,396,000 |
447,206,000 |
|
Total Liabilities |
16,064,203,838 |
16,685,020,764 |
7,791,515,062 |
|
Current Liabilities |
16,064,203,838 |
14,659,874,972 |
4,811,031,714 |
|
Fixed Liabilities |
- |
2,025,145,792 |
2,980,483,348 |
|
Capital Stock |
100,000,000 |
100,000,000 |
100,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
25,022,004,030 |
18,802,794,062 |
15,359,490,240 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
25,122,004,030 |
18,902,794,062 |
15,459,490,240 |
|
Liab. & Shareholder’s Equity |
41,186,207,868 |
35,587,814,826 |
23,251,005,302 |
|
Current Liabilities |
16,064,203,838 |
14,659,874,972 |
4,811,031,714 |
|
Trade Payables |
3,741,370,696 |
3,702,854,744 |
2,176,662,068 |
|
Account Payables |
275,563,045 |
75,538,981 |
50,919,065 |
|
Advance Receipts |
- |
56,859,528 |
- |
|
Withholdings |
79,769,560 |
59,614,040 |
30,493,850 |
|
VAT Withhold |
52,483,158 |
367,569,560 |
- |
|
Accrued Expenses |
120,139,467 |
116,886,735 |
89,866,805 |
|
Accrued Income Tax |
1,610,810,115 |
138,563,260 |
373,885,623 |
|
Short-Term Borrowings |
10,184,067,797 |
10,141,988,124 |
2,089,204,303 |
|
Fixed Liabilities |
- |
2,025,145,792 |
2,980,483,348 |
|
Long-Term Borrowings |
- |
2,000,000,000 |
- |
|
Provision for Severance & Retirement |
- |
26,707,292 |
2,982,044,848 |
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
32,946,787,934 |
22,096,619,864 |
12,561,916,312 |
|
Cost of Sold Goods |
24,198,644,365 |
15,425,965,974 |
6,848,945,267 |
|
Gross Profit |
8,748,143,569 |
6,670,653,890 |
5,712,971,045 |
|
Selling & Admin. Expenses |
2,727,317,273 |
2,422,266,612 |
3,900,418,987 |
|
Operating Income |
6,020,826,296 |
4,248,387,278 |
1,812,552,058 |
|
Non-Operating Income |
2,510,361,241 |
916,151,029 |
720,762,974 |
|
Non-Operating Expenses |
526,960,784 |
1,510,139,207 |
292,292,626 |
|
Income Before Taxes |
8,004,226,753 |
3,654,399,100 |
2,241,022,406 |
|
Income Taxes Expenses |
1,785,016,785 |
211,095,278 |
793,059,003 |
|
Net Income |
6,219,209,968 |
3,443,303,822 |
1,447,963,403 |
Cash Flows
|
|||
|
Unit : Korean
Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows
from Operating |
5,397,699,536 |
3,200,728,744 |
3,379,220,446 |
|
-Net Income |
6,219,209,968 |
3,443,303,822 |
1,447,963,403 |
|
-Exp.
without Cash Outflow |
775,418,480 |
1,619,650,460 |
2,004,937,169 |
|
-Revenue
without Cash Inflows |
-1,007,709,945 |
-65,001,781 |
-182,032,566 |
|
-Changes in
Asset/ & Liability |
-589,218,967 |
-1,797,223,757 |
108,352,440 |
|
Cash Flows
from Investing |
-2,402,202,887 |
-13,117,048,322 |
-926,069,382 |
|
-Cash Inflow
from Investing |
35,057,468,672 |
25,560,531,790 |
30,240,911,465 |
|
-Cash
Outflows for Investing |
-37,459,671,559 |
-38,677,580,112 |
-31,166,980,847 |
|
Cash Flows
from Financing |
-1,544,343,589 |
9,763,456,173 |
-2,589,832,952 |
|
-Cash
Inflows from Financing |
8,125,931,571 |
15,063,974,590 |
4,482,250,398 |
|
-Cash
Outflows from Financing |
-9,670,275,160 |
-5,300,518,417 |
-7,072,083,350 |
|
Increase/Decrease
in Cash |
1,451,153,060 |
-152,863,405 |
-136,681,888 |
|
Cash at the
Beginning of Year |
3,491,511,378 |
3,644,374,783 |
3,781,056,671 |
|
Cash at the
End of Year |
4,942,664,438 |
3,491,511,378 |
3,644,374,783 |
|
Main Products & Services |
Fitting, Flange |
|
Competitors |
KPC CORPORATION(170111-0019605) 301-7, GAKSAN-DONG, DONG-GU, DAEGU, KOREA TEL:+82-53-962-4839 FAX:+82-53-962-6383 HYUNDAI TITANIUM(110111-1115488) 67B-13L, NAMDONG INDUSTRIAL COMPLEX, 628, GOJAN-DONG,
NAMDONG-GU, INCHEON, KOREA TEL:+82-32-813-0114 FAX:+82-32-813-9114 ALL MET CO., LTD.(135511-0129780) 2MA-507-1, SIHWA INDUSTRIAL COMPLEX,
2092-13, JEONGWANG 2-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-496-9611 FAX:+82-31-496-9612 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
The Subject deals
with the companies in India and China.
No.
----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.23 |
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.