|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
HOSUNG MACHINERY INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
1256-11, Jeongwang 2-dong, Siheung-si, Gyeonggi-do, 2Da-113, Sihwa
Industrial Complex, Korea - 429-923 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
30.06.1987 |
|
|
|
|
Com. Reg. No.: |
133-81-22429 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Metal Cutting and Compressing Machines |
|
|
|
|
No. of Employees : |
31 |
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 – 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 |
HOSUNG MACHINERY INDUSTRIAL CO., LTD. (Korean Company Name : “호성기계공업(주)”) |
|
Registered Address |
1256-11, Jeongwang 2-dong, Siheung-si,
Gyeonggi-do, Korea |
|
Building |
2Da-113, Sihwa Industrial Complex |
|
Zip Code |
429-923 |
|
Tel |
+82-31-499-2400~4 |
|
Fax |
+82-31-499-2405 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
1256-9, Jeongwang 2-dong, Siheung-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-499-2400~4 |
|
Fax |
+82-31-499-2405 |
|
Type |
Export |
|
Industry |
Manufacture of Metal Cutting and Compressing Machines |
|
Main Business |
Forging Press, Billet Shear Press, C Type Trimming Press |
|
Established (mm/dd/yyyy) |
06/30/1987 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Hydraulic presses(27121500) |
|
Sell |
Hydraulic tools(27126100) |
|
Sell |
Bending machines(23101504) |
|
Sell |
Forging presses(23161504) |
|
Sell |
Workshop presses(23171622) |
|
Buy |
Drills(23153301) |
|
Buy |
Welders(23171508) |
|
Buy |
Circuit breakers(39121601) |
|
Buy |
Grinders(27111905) |
|
Buy |
Holding and clamping tools(27112100) |
|
Buy |
Form tools or toolbits(23153303) |
|
Name |
Jeong Jae-Seok |
|
Address |
Suite 1401-501, 329, Sinjeong-dong,
Yangcheon-gu, Seoul, Korea |
|
Date of Birth |
03/17/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
500,000,000 |
||||||||||||
|
Employees |
31 |
||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||
|
Bank Details |
Citibank, Korea-Cheolsan Dong Branch Industrial Bank of Korea |
||||||||||||
|
Corporate Registered No. |
1349110-002575 |
||||||||||||
|
Business Registered No. |
133-81-22429 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11135074 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
05/1985 Established as HOSUNG MACHINERY
CO. 06/30/1987 Incorporated as the present name 12/2005 Awarded US$ 1 Million Export Top
Prize 04/26/2007 Increased the authorized shares
to 200,000 shares from 80,000 shares 04/27/2007 Increased capital to 500,000,000
KRW from 300,000,000 KRW |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Jeong Jae-Seok |
Male |
Korean |
03/31/2005 |
|
Director |
Mr. |
Jung Jong-Ho |
Male |
Korean |
03/23/2009 |
|
Director |
M/S. |
Jeon Su-Ran |
Female |
Korean |
10/31/2011 |
|
Auditor |
M/S. |
Bae Bok-Rye |
Female |
Korean |
04/24/1995 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
16,136,750,153 |
22,028,298,523 |
882,072,287 |
|
|
2010 |
7,842,912,812 |
15,429,274,782 |
246,532,102 |
|
2009 |
4,352,419,530 |
12,545,933,077 |
151,169,146 |
|
Authorized Capital(KRW) |
1,000,000,000 |
|
Paid-Up Capital(KRW) |
500,000,000 |
|
Total Issued Shares |
100,000 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
22,028,298,523 |
15,429,274,782 |
12,545,933,077 |
|
Current Assets |
8,678,327,895 |
5,682,459,279 |
2,945,664,989 |
|
-Quick Assets |
7,380,487,289 |
3,377,245,063 |
1,749,761,649 |
|
-Inventories |
1,297,840,606 |
2,305,214,216 |
1,195,903,340 |
|
Fixed Assets |
13,349,970,628 |
9,746,815,503 |
9,600,268,088 |
|
-Investment |
138,000,000 |
231,000,000 |
75,500,000 |
|
-Tangibles |
13,206,028,228 |
9,509,873,103 |
9,519,825,688 |
|
-Intangibles |
5,942,400 |
5,942,400 |
4,942,400 |
|
Total Liabilities |
16,968,609,793 |
11,251,658,339 |
8,514,848,736 |
|
Current Liabilities |
9,115,693,657 |
6,645,332,140 |
3,578,332,201 |
|
Fixed Liabilities |
7,852,916,136 |
4,606,326,199 |
4,936,516,535 |
|
Capital Stock |
500,000,000 |
500,000,000 |
500,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
1,584,172,257 |
702,099,970 |
555,567,868 |
|
Capital Adjustment |
2,975,516,473 |
2,975,516,473 |
2,975,516,473 |
|
Total Equity |
5,059,688,730 |
4,177,616,443 |
4,031,084,341 |
|
Liab. & Shareholder’s Equity |
22,028,298,523 |
15,429,274,782 |
12,545,933,077 |
|
Current Liabilities |
9,115,693,657 |
6,645,332,140 |
3,578,332,201 |
|
Trade Payables |
5,768,843,121 |
2,867,875,772 |
1,546,842,545 |
|
Account Payables |
296,938,445 |
802,606,945 |
7,601,480 |
|
Withholdings |
36,569,370 |
17,098,950 |
11,122,820 |
|
VAT Withhold |
|
|
4,084,942 |
|
Advance Receipts |
1,298,970,000 |
1,483,634,245 |
73,228,370 |
|
Short-Term Borrowings |
880,000,000 |
880,000,000 |
1,560,000,000 |
|
Accrued Income Tax |
73,197,013 |
15,717,870 |
22,173,800 |
|
Accrued Expenses |
38,009,708 |
25,760,358 |
136,878,244 |
|
Current Portion of Long-Term Debts |
723,166,000 |
552,638,000 |
216,400,000 |
|
Fixed Liabilities |
7,852,916,136 |
4,606,326,199 |
4,936,516,535 |
|
Long-Term Borrowings |
7,451,249,000 |
4,272,002,000 |
4,618,000,000 |
|
Provision for Severance & Retirement |
409,338,274 |
342,216,667 |
327,217,448 |
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
16,136,750,153 |
7,842,912,812 |
4,352,419,530 |
|
Cost of Sold Goods |
13,678,226,854 |
6,353,235,557 |
3,367,403,476 |
|
Gross Profit |
2,458,523,299 |
1,489,677,255 |
985,016,054 |
|
Selling & Admin. Expenses |
1,252,771,135 |
989,676,441 |
735,111,309 |
|
Operating Income |
1,205,752,164 |
500,000,814 |
249,904,745 |
|
Non-Operating Income |
106,100,468 |
92,152,772 |
172,742,072 |
|
Non-Operating Expenses |
342,730,762 |
318,382,294 |
246,782,541 |
|
Income Before Taxes |
969,121,870 |
273,771,292 |
175,864,276 |
|
Income Taxes Expenses |
87,049,583 |
27,239,190 |
24,695,130 |
|
Net Income |
882,072,287 |
246,532,102 |
151,169,146 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
2,914,628,059 |
2,689,337,124 |
551,770,227 |
|
-Net Income |
882,072,287 |
246,532,102 |
151,169,146 |
|
-Exp. without Cash Outflow |
1,290,864,229 |
1,099,429,317 |
605,068,617 |
|
-Revenue without Cash Inflows |
-999,000 |
-9,697,695 |
-99,999,000 |
|
-Changes in Asset/ & Liability |
742,690,543 |
1,353,073,400 |
-104,468,536 |
|
Cash Flows from Investing |
-5,909,056,504 |
-2,280,955,587 |
-3,466,406,428 |
|
-Cash Inflow from Investing |
3,021,400,199 |
2,488,303,182 |
1,372,834,870 |
|
-Cash Outflows for Investing |
-8,930,456,703 |
-4,769,258,769 |
-4,839,241,298 |
|
Cash Flows from Financing |
3,349,775,000 |
-789,760,000 |
3,383,600,000 |
|
-Cash Inflows from Financing |
4,280,000,000 |
450,000,000 |
3,900,000,000 |
|
-Cash Outflows from Financing |
-930,225,000 |
-1,239,760,000 |
-516,400,000 |
|
Increase/Decrease in Cash |
355,346,555 |
-381,378,463 |
468,963,799 |
|
Cash at the Beginning of Year |
200,082,401 |
581,460,864 |
112,497,065 |
|
Cash at the End of Year |
555,428,956 |
200,082,401 |
581,460,864 |
|
Main Products & Services |
Forging Press, Billet Shear Press, C Type Trimming Press |
|
Competitors |
DONGHAE MACHINERY MANUFACTURING CO., LTD. 11B-7L, MADO INDUSTRIAL COMPLEX, 676-4,
SSANGSONG-RI, MADO-MYEON, HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-355-8540~3 FAX:+82-31-355-8547 MYUNG JIN MACHINERY CO., LTD. 3DA-623, SIHWA INDUSTRIAL COMPLEX, 1283-10,
JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-498-4530 FAX:+82-31-499-4538 WONSHIN MACHINERY CO., LTD. 4DA-109-1, SIHWA INDUSTRIAL COMPLEX,
660-18, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-431-6161 FAX:+82-31-431-6177 |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
The Subject exports
to India.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.70 |
|
UK Pound |
1 |
Rs.82.78 |
|
Euro |
1 |
Rs.71.42 |
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.