|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
HONG DUK CO., LTD. |
|
|
|
|
Formerly Known as: |
HONG DUK INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
1854, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea, Zip Code 790-240 |
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|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
|
Date of Incorporation : |
02.02.1989 |
|
|
|
|
Com. Reg. No.: |
506-81-06520 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
|
|
|
No. of Employees : |
231 |
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 : |
Usually Correct |
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|
|
|
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 |
HONG DUK CO., LTD. (Ex. Company Name : HONG DUK INDUSTRIAL CO., LTD.,
“홍덕산업(주)”) (Korean Company
Name : “홍덕(주)”) |
|
Registered Address |
1854, Jangheung-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Zip Code |
790-240 |
|
Tel |
+82-54-271-6600 +82-54-271-9400 |
|
Fax |
+82-54-278-4668 +82-54-278-1410 |
|
Trading
Address |
20FL., Janggyo Bldg., 1, Janggyo-dong,
Jung-gu, Seoul, Korea |
|
Tel |
+82-2-316-6114 |
|
Fax |
+82-2-316-6115 |
|
Other
Address-2nd Factory |
553, Okmyeong-ri, Daesong-myeon, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-278-4691 |
|
Fax |
+82-54-278-4668 |
|
Other
Address-3rd Factory |
1855, Jangheung-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-271-9482 |
|
Type |
Export |
|
Industry |
Manufacture of Hot Rolled, Drawn and
Extruded Iron or Steel Products |
|
Main Business |
Bead Wire, Non-Financial Holding Companies |
|
Established (mm/dd/yyyy) |
02/02/1989 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Mechanical
wire(31151800) |
|
Sell |
Packaging
films(24141514) |
|
Sell |
Rod(30102400) |
|
Name |
Chun
Sung-Soo |
|
Address |
Rm.301, 1497, Jung-dong,
Haeundae-gu, Busan, Korea |
|
Date of Birth |
01/27/1951 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,750,000,000 |
||||||||||||||||||
|
Employees |
231 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares A
Company of KISWIRE GROUP |
||||||||||||||||||
|
Bank Details |
Citibank, Korea-Pohang Branch |
||||||||||||||||||
|
Corporate Registered No. |
174611-0007408 |
||||||||||||||||||
|
Business Registered No. |
506-81-06520 |
||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 892878 |
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|
Shareholder Position |
|
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|
Company History |
02/02/1989 Incorporated as the present name 05/01/2012 Changed company name to the
present name 07/01/2012 Acquired HONGDUK JUNGSUNHOLDINGS
CO., LTD., and HONGDUK STEEL CORD CO., LTD. |
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|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Chun Sung-Soo |
Male |
Korean |
02/22/2008 |
|
Director |
Mr. |
Hong Young-Cheol |
Male |
Korean |
03/25/1999 |
|
Director |
Mr. |
Hong Jong-Yeol |
Male |
Korean |
03/26/2009 |
|
Director |
Mr. |
Kim Han-Young |
Male |
Korean |
03/22/2011 |
|
Auditor |
Mr. |
Choi Soo-Sung |
Male |
Korean |
03/18/2005 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
58,314,426,185 |
514,234,918,880 |
112,511,947,233 |
|
|
2010 |
200,496,000,456 |
261,971,279,268 |
13,701,884,707 |
|
2009 |
188,238,118,158 |
225,488,704,430 |
21,712,682,614 |
|
2008 |
158,026,306,129 |
168,683,533,107 |
30,261,786,011 |
|
2007 |
102,799,229,337 |
120,588,270,134 |
9,169,537,607 |
|
2006 |
103,903,500,124 |
111,991,266,763 |
8,221,631,767 |
|
2005 |
109,368,720,803 |
98,011,409,490 |
10,299,586,122 |
|
2004 |
94,323,375,751 |
93,554,842,516 |
8,638,303,833 |
|
Authorized Capital(KRW) |
5,000,000,000 |
|
Paid-Up Capital(KRW) |
9,415,410,000 |
|
Total Issued Shares |
1,883,082 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2011 |
As of
12/31/2010 |
As of
12/31/2009 |
|
Total Assets |
514,234,918,880 |
261,971,279,268 |
225,488,704,430 |
|
Current Assets |
125,429,608,468 |
126,667,609,357 |
89,500,360,130 |
|
-Quick
Assets |
125,429,608,468 |
100,530,518,960 |
71,674,660,627 |
|
-Inventories |
- |
26,137,090,397 |
17,825,699,503 |
|
Fixed
Assets |
388,805,310,412 |
135,303,669,911 |
135,988,344,300 |
|
-Investment |
325,242,803,441 |
90,702,311,646 |
86,826,295,842 |
|
-Tangibles |
63,555,106,971 |
42,294,995,025 |
48,425,261,038 |
|
-Intangibles |
7,400,000 |
2,306,363,240 |
736,787,420 |
|
Total Liabilities |
19,799,783,221 |
56,930,938,369 |
38,881,651,866 |
|
Current Liabilities |
5,040,930,170 |
43,040,663,054 |
25,375,622,306 |
|
Fixed Liabilities |
14,758,853,051 |
13,890,275,315 |
13,506,029,560 |
|
Capital Stock |
9,415,410,000 |
3,750,000,000 |
3,750,000,000 |
|
Capital Surplus |
253,650,521,866 |
9,729,971,767 |
9,729,971,767 |
|
Profit Surplus |
286,549,142,559 |
174,037,195,326 |
158,618,280,227 |
|
Capital Adjustment |
-55,179,938,766 |
17,523,173,806 |
14,508,800,570 |
|
Total Equity |
494,435,135,659 |
205,040,340,899 |
186,607,052,564 |
|
Liab. & Shareholder’s Equity |
514,234,918,880 |
261,971,279,268 |
225,488,704,430 |
|
Current
Liabilities |
5,040,930,170 |
43,040,663,054 |
25,375,622,306 |
|
Trade Payables |
- |
33,523,307,306 |
10,543,070,628 |
|
Account Payables |
- |
1,401,152,722 |
7,571,009,934 |
|
Withholdings |
192,788,000 |
41,083,875 |
51,192,555 |
|
Accrued Expenses |
1,211,540 |
1,150,872,814 |
1,187,784,749 |
|
Other Guarantee Deposits |
1,230,000,000 |
2,269,200,000 |
2,274,000,000 |
|
Advance Receipts |
- |
32,713,855 |
276,618,277 |
|
Current Portion of Deferred Income Tax
Credit |
2,812,679,224 |
2,217,221,705 |
1,625,164,199 |
|
Accrued Income Tax |
804,251,406 |
2,218,522,749 |
1,816,463,691 |
|
Derivatives |
- |
186,588,028 |
30,318,273 |
|
Fixed
Liabilities |
14,758,853,051 |
13,890,275,315 |
13,506,029,560 |
|
Provision for Severance & Retirement |
66,254,310 |
2,221,934,090 |
2,530,327,660 |
|
Deferred Income Tax Credit |
14,727,996,797 |
13,284,955,134 |
12,775,383,509 |
Income Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2011 |
As of
12/31/2010 |
As of
12/31/2009 |
|
Sales |
58,314,426,185 |
200,496,000,456 |
188,238,118,158 |
|
Cost of Sold Goods |
48,229,874,119 |
173,685,969,984 |
160,352,699,226 |
|
Gross Profit |
10,084,552,066 |
26,810,030,472 |
27,885,418,932 |
|
Selling & Admin. Expenses |
5,646,751,371 |
13,359,015,489 |
12,353,964,113 |
|
Operating Income |
4,437,800,695 |
13,451,014,983 |
15,531,454,819 |
|
Non-Operating Income |
120,752,563,224 |
8,353,606,789 |
13,477,306,846 |
|
Non-Operating Expenses |
12,908,820,295 |
3,811,401,771 |
2,852,737,919 |
|
Income Before Taxes |
112,281,543,624 |
17,993,220,001 |
26,156,023,746 |
|
Income Taxes Expenses |
-230,403,609 |
4,291,335,294 |
4,443,341,132 |
|
Net Income |
112,511,947,233 |
13,701,884,707 |
21,712,682,614 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2011 |
As of
12/31/2010 |
As of
12/31/2009 |
|
Cash Flows from Operating |
-3,922,006,614 |
25,832,253,426 |
15,022,802,796 |
|
-Net Income |
112,511,947,233 |
13,701,884,707 |
21,712,682,614 |
|
-Exp. without Cash Outflow |
14,503,635,250 |
11,122,345,395 |
10,003,957,559 |
|
-Revenue without Cash Inflows |
-118,916,233,999 |
-4,431,344,923 |
-9,835,675,744 |
|
-Changes in Asset/ & Liability |
-12,021,355,098 |
5,439,368,247 |
-6,858,161,633 |
|
Cash Flows from Investing |
2,603,595,148 |
-22,878,014,591 |
-21,156,675,144 |
|
-Cash Inflow from Investing |
41,080,178,231 |
21,191,264,573 |
19,330,685,622 |
|
-Cash Outflows for Investing |
-38,476,583,083 |
-44,069,279,164 |
-40,487,360,766 |
|
Cash Flows from Financing |
-9,239,386,595 |
- |
- |
|
-Cash Inflows from Financing |
- |
- |
- |
|
-Cash Outflows from Financing |
-9,239,386,595 |
- |
- |
|
Increase/Decrease in Cash |
-10,557,798,061 |
2,954,238,835 |
-6,133,872,348 |
|
Cash at the Beginning of Year |
14,298,142,314 |
11,343,903,479 |
17,477,775,827 |
|
Cash at the End of Year |
3,740,344,253 |
14,298,142,314 |
11,343,903,479 |
|
Main Products & Services |
Bead
Wire |
|
Competitors |
K＆J CORPORATION RM. 407, USEONG PETITE OFFICETEL, 1600-9, SEOCHO-DONG,
SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3474-4451 FAX:+82-2-3474-4454 PLASCO LTD. RM. 603, JOYANG BLDG., 45, MUGYO-DONG,
JUNG-GU, SEOUL, KOREA TEL:+82-2-752-0866 FAX:+82-2-752-1158 HONGDUK STEEL CORD CO., LTD. 758, DAEGAK-RI, DAESONG-MYEON, NAM-GU,
POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-271-9400 FAX:+82-54-278-4720 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
KISWIRE CO., LTD.(180111-0001220) TREFIL ARBED KISWIRE LTD.(184511-0000296) HONGDUK ENGINEERING CO.,
LTD.(181211-0011664) HONGDUK STC CO., LTD.(191411-0002154) HONGDUK STEELCORD CO., LTD.(174611-0015485) (5.5% held by the subject company) HONG DUCK FINE CORD LTD.(194311-0001048) (2.86% held by the subject company) HONGDUK CABLE CO., LTD.(180111-0079219) (8.33% held by the subject company) |
|
Affiliates-Overseas |
QINGDAO TAK LTD.(CHINA) YANGTZE TAK(NANTONG) LTD. (CHINA) ARCELOR PINE BLUFF, INC. KISWIRE SHANGHAI CO., LTD. KISWIRE AMERICA KISWIRE SDN.BHD KISWIRE CORD SDN.BHD KT(S) CO., LTD. KISWIRE SINGAPORE LTD (Ex. KISWIRE
TRADING(S)) (46.9% held by the subject company) |
|
Subsidiary |
DAHU INTERNATIONAL LTD. (100.00% held by the subject company) HONGDUK JAPAN (100.00% held by the subject company) KSSB (35.82% held by the subject company) |
|
Corporate Ownership |
KISWIRE CO., LTD.(180111-0001220) |
|
Major Shareholders |
KISWIRE CO., LTD.(180111-0001220) |
|
Cooperative Enterprise |
-Insured Company DONGBU
INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.