|
Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI WELDING
CO., LTD. |
|
|
|
|
Registered Office : |
157-37, Samseong 1-dong, Gangnam-gu, Seoul |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.09.1975 |
|
|
|
|
Com. Reg. No.: |
214-81-24202 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Other Fabricated and Processed Metal Products n.e.c |
|
|
|
|
No. of Employees : |
795 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
HYUNDAI WELDING
CO., LTD. |
|
Registered Address |
157-37, Samseong 1-dong, Gangnam-gu, Seoul, Korea |
|
Building |
16th
Fl., Ilsong Bldg. |
|
Zip Code |
135-880 |
|
Tel |
+82-2-6230-6010~2 |
|
Fax |
+82-2-598-6928 |
|
E-mail |
matthew@hyundaiwelding.com;grkim@hyundaiwelding.com |
|
Website |
www.hdweld.co.kr |
|
Trading
Address |
16th Fl., Ilsong Bldg., 157-37, Samseong
1-dong, Gangnam-gu, Seoul, Korea (New ASddress System : 507, Teheran-ro, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-6230-6010~2 |
|
Fax |
+82-2-598-6928 |
|
Other
Address-Icheon Factory |
9-2, Saeum-dong, Icheon-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-636-3100 |
|
Fax |
+82-31-636-3957 |
|
Other
Address-Pohang Factory |
90-5,
Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-289-6214 |
|
Fax |
+82-54-286-6275 |
|
Other
Address-Ulsan Office |
843-2, Hyomun-dong, Buk-gu, Ulsan, Korea |
|
Tel |
+82-52-276-1063 |
|
Fax |
|
|
Other
Address-Geoje Office |
1058-8,
Mujeon-dong, Tongyeong-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-688-5812 |
|
Fax |
|
|
Other
Address-Daegu Office |
1st Fl., Samwon Bldg., 414-3, Manchon-dong, Suseong-gu, Daegu, Korea |
|
Tel |
+82-53-751-7071 |
|
Fax |
|
|
Other
Address-Daejeon Branch |
254-23,
Daehwa-dong, Daedeok-gu, Daejeon, Korea |
|
Tel |
+82-42-635-2240 |
|
Fax |
|
|
Other
Address-Gwangju Branch |
1588-1, Usan-dong, Gwangsan-gu, Gwangju, Korea |
|
Tel |
+82-61-462-9984 |
|
Fax |
+82-61-462-9985 |
|
Other
Address-Busan Office |
229, Bujeon-dong, Busanjin-gu, Busan, Korea |
|
Tel |
+82-51-802-1124 |
|
Fax |
+82-51-802-4445 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Other Fabricated and Processed Metal Products n.e.c |
|
Main Business |
Welding
Electrodes, Micro Plasma Welding Machines, Solid Wire, Welders |
|
Sub Business |
-- |
|
Established (mm/dd/yyyy) |
09/03/1975 |
The Subject owns
the premises of Pohang Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Welders(23171508) |
|
Sell |
Welding
rods(23171512) |
|
Sell |
Welding
wire(23171510) |
|
Name |
Kim Sang-Rok |
|
Address |
Suite 118-401, 56, Daean-gil, Buk-gu,
Pohang-si, Gyeongsangbuk-do, Korea |
|
Date of Birth |
02/15/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
5,749,820,000 |
||||||||||||
|
Employees |
795 |
||||||||||||
|
Formation |
Co.,
Ltd by shares |
||||||||||||
|
Bank Details |
Woori Bank Kookmin Bank Shinhan Bank-Seocho Branch Korea Exchange Bank Korea Development Bank |
||||||||||||
|
Corporate Registered No. |
110111-0185193 |
||||||||||||
|
Business Registered No. |
214-81-24202 |
||||||||||||
|
Permit & Licenses |
02/1995 ISO 9002 by LRQA 12/16/1998 ISO 9001 01/09/2000 KS Mark Int’l
Trade No.: 771535 |
||||||||||||
|
Shareholder Position |
(*)The list is based as of 12/31/2012. |
||||||||||||
|
Company History |
09/03/1975 Incorporated as SEOHAN DEVELOPMENT
CO., LTD. 08/1976 Completed calcium carbide factory
in Danyang 01/1977 Completed electrode plant in Pohang 05/1978 Established new submerged wire
production facilities 09/1978 Established new solid wire
production facilities 09/1978 Established a technical tie with
Sweden ESAB Corporation and imported submerged arc welding flux production
technology 12/1980 Initiated submerged arc welding
flux production 01/1984 Produced low fume electrode for the
first time in Korea 02/1986 Certified by Japanese Industrial
Standard Marking Institute 01/1987 Changed a company name as HYUNDAI
WELDING CO., LTD. 09/1989 Initiated metal stamping business 10/1989 Established HYUNDAI WELDING JAPAN
CO., LTD in Tokyo 01/1994 Established HYUNDAI WELDING
(S'PORE) PTE., LTD. 02/1994 Established a technical tie with
OERLIKON Corporation in Switzerland and imported stainless electrode
production technology 02/1995 Obtained ISO 9002 certificate (LRQA
Certificate No. 941752) 03/1995 Established SUNGWOO PRECISION CO.,
LTD. 09/1995 Expanded electrode production
facilities in Pohang (3,000MT / Month) 09/1995 Expanded solid wire production
facilities in Pohang (3,000MT / Month) 04/1996 Expanded flux cored wire production
facilities in Pohang (3,000MT / Month) 06/1996 Established H.W.M.C. Malaysia SDN.
BHD. 12/1996 Established HYUNDAI WELDING
(Europe) GmbH 02/1997 Established HYUNDAI WELDING
PRODUCTS. INC(USA) 04/1997 Completed SUNGWOO PRECISION factory
in Echeon 09/1997 HYUNDAI WELDING COMPANY(Australia) 10/1997 HYUNDAI WELDING PRODUCTS S.A.(South
Africa) 12/1997 Established R&D Center in
Pohang 07/1999 Acknowledged Pohang R&D Center
(attached) by Korea Industrial Technology Association (No. 991626) 04/2001 Merged with SUNGWOO PRECISION CO.,
LTD. 08/2001 Acknowledged Echeon R&D Center
(attached) by Korea Industrial Technology Association (No. 20012522) 06/27/2002 Moved to the present HQ address
from 1424-2, Seocho-dong, Seocho-gu, Seoul, Korea 08/09/2013 Increased the authorized shares to 1,500,000 shares from
1,200,000 shares 08/09/2013 Increased capital to 5,749,820,000
KRW from 5,000,000,000 KRW 08/09/2013 Acquired GLOVIL PROCESS CO.,
LTD. |
||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kim Sang-Rok |
Male |
Korean |
03/31/2013 |
|
Director |
Mr. |
Chung Mong-Seok |
Male |
Korean |
03/27/1994 |
|
Director |
M/S. |
Ahn Jung-Hae |
Female |
Korean |
03/02/2001 |
|
Auditor |
Mr. |
Chung Eun-Sung |
Male |
Korean |
05/17/2006 |
|
Supervisor |
Mr. |
Baik Seung-Kyu |
Male |
Korean |
07/25/2005 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
564,561,582,670 |
601,842,261,048 |
16,106,634,635 |
|
|
2011 |
545,268,226,871 |
610,639,932,648 |
26,301,083,161 |
|
2010 |
445,648,249,227 |
686,742,041,457 |
38,543,193,053 |
|
2009 |
421,937,456,557 |
460,915,154,484 |
11,701,234,546 |
|
2008 |
437,744,162,775 |
485,294,417,416 |
23,453,778,693 |
|
2007 |
285,857,919,177 |
539,400,902,009 |
6,278,432,406 |
|
2006 |
252,160,909,997 |
249,618,871,528 |
8,192,521,619 |
|
2005 |
210,033,997,791 |
215,391,401,107 |
7,982,015,743 |
|
2004 |
177,272,417,896 |
150,849,303,237 |
8,637,465,594 |
|
Authorized Capital(KRW) |
6,000,000,000 |
|
Paid-Up Capital(KRW) |
5,000,000,000 |
|
Total Issued Shares |
1,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
601,842,261,048 |
610,639,932,648 |
686,742,041,457 |
|
Current Assets |
236,155,193,973 |
248,710,196,330 |
194,713,870,032 |
|
-Quick
Assets |
145,066,309,870 |
158,947,554,573 |
121,511,376,772 |
|
-Inventories |
91,088,884,103 |
89,762,641,757 |
73,202,493,260 |
|
Fixed
Assets |
365,687,067,075 |
361,929,736,318 |
492,028,171,425 |
|
-Investment |
251,498,168,252 |
267,105,694,185 |
411,379,284,664 |
|
-Tangibles |
104,995,669,478 |
86,890,568,543 |
71,299,511,998 |
|
-Intangibles |
54,637,226 |
56,671,057 |
79,550,281 |
|
-Others |
9,138,592,119 |
7,876,802,533 |
9,269,824,482 |
|
Total Liabilities |
367,312,156,832 |
366,014,212,930 |
301,068,180,178 |
|
Current Liabilities |
256,757,001,408 |
281,045,036,915 |
217,556,753,883 |
|
Fixed Liabilities |
110,555,155,424 |
84,969,176,015 |
83,511,426,295 |
|
Capital Stock |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
|
Capital Surplus |
21,040,769,949 |
21,040,769,949 |
21,040,769,949 |
|
Profit Surplus |
79,759,587,506 |
77,652,952,871 |
101,351,869,710 |
|
Capital Adjustment |
128,729,746,761 |
140,931,996,898 |
258,281,221,620 |
|
Total Equity |
234,530,104,216 |
244,625,719,718 |
385,673,861,279 |
|
Liab. & Shareholder’s Equity |
601,842,261,048 |
610,639,932,648 |
686,742,041,457 |
|
Current
Liabilities |
256,757,001,408 |
281,045,036,915 |
217,556,753,883 |
|
Trade Payables |
50,349,661,118 |
60,865,906,062 |
52,610,104,277 |
|
Account Payables |
9,508,574,050 |
13,767,160,881 |
6,620,877,005 |
|
Advance Receipts |
433,005,806 |
172,976,399 |
418,701,152 |
|
Withholdings |
1,311,863,924 |
1,233,793,431 |
1,179,557,577 |
|
Accrued Expenses |
3,469,322,751 |
4,244,402,437 |
2,391,181,382 |
|
Guarantee Deposit Withhold |
185,000,000 |
55,000,000 |
105,000,000 |
|
Short-Term Borrowings |
158,492,269,429 |
178,731,923,500 |
124,851,645,078 |
|
Current Portion of Debentures |
20,000,000,000 |
- |
- |
|
Current Portion of Long-Term Debts |
12,489,995,100 |
7,558,327,500 |
20,053,797,800 |
|
Accrued Income Tax |
517,309,230 |
14,415,546,705 |
9,325,889,612 |
|
Fixed
Liabilities |
110,555,155,424 |
84,969,176,015 |
83,511,426,295 |
|
Debentures |
- |
20,000,000,000 |
5,000,000,000 |
|
Long-Term Borrowings |
67,251,855,600 |
19,541,850,700 |
300,178,200 |
|
Provision for Severance & Retirement |
11,485,678,079 |
9,793,865,617 |
7,981,443,924 |
|
Long-Term
Account Payables |
82,855,776 |
207,638,710 |
108,000,000 |
|
Deferred Income Tax Credit |
42,016,158,713 |
45,219,686,605 |
77,268,279,888 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
564,561,582,670 |
545,268,226,871 |
445,648,249,227 |
|
Cost of Sold Goods |
488,051,325,718 |
454,561,339,505 |
375,658,186,587 |
|
Gross Profit |
76,510,256,952 |
90,706,887,366 |
69,990,062,640 |
|
Selling & Admin. Expenses |
47,709,646,551 |
45,394,459,590 |
50,235,355,920 |
|
Operating Income |
28,800,610,401 |
45,312,427,776 |
19,754,706,720 |
|
Non-Operating Income |
12,237,236,726 |
21,887,636,657 |
47,687,429,729 |
|
Non-Operating Expenses |
22,770,554,725 |
22,002,985,942 |
16,434,719,588 |
|
Income Before Taxes |
18,267,292,402 |
45,197,078,491 |
51,007,416,861 |
|
Income Taxes Expenses |
2,160,657,767 |
18,895,995,330 |
12,464,223,808 |
|
Net Income |
16,106,634,635 |
26,301,083,161 |
38,543,193,053 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
17,090,210,665 |
766,876,464 |
2,830,456,760 |
|
-Net Income |
16,106,634,635 |
26,301,083,161 |
38,543,193,053 |
|
-Exp. without Cash Outflow |
17,899,317,058 |
15,482,635,818 |
15,069,885,683 |
|
-Revenue without Cash Inflows |
-2,422,077,340 |
-7,229,793,544 |
-38,128,058,248 |
|
-Changes in Asset/ & Liability |
-14,493,663,688 |
-33,787,048,971 |
-12,654,563,728 |
|
Cash Flows from Investing |
-40,078,124,114 |
-24,119,948,233 |
33,816,022,295 |
|
-Cash Inflow from Investing |
3,095,382,064 |
3,465,862,629 |
75,708,027,523 |
|
-Cash Outflows for Investing |
-43,173,506,178 |
-27,585,810,862 |
-41,892,005,228 |
|
Cash Flows from Financing |
18,402,018,429 |
25,626,480,622 |
-32,064,531,932 |
|
-Cash Inflows from Financing |
663,756,445,449 |
455,998,762,072 |
7,600,000,000 |
|
-Cash Outflows from Financing |
-645,354,427,020 |
-430,372,281,450 |
-39,664,531,932 |
|
Increase/Decrease in Cash |
-4,585,895,020 |
2,273,408,853 |
4,581,947,123 |
|
Cash at the Beginning of Year |
28,019,709,664 |
25,746,300,811 |
21,164,353,688 |
|
Cash at the End of Year |
23,433,814,644 |
28,019,709,664 |
25,746,300,811 |
|
Main Products & Services |
Welding Consumables -Covered Electrodes -Submerged Flux & Wire -Solid Wire -FCW -MIG/TIG Welding Machines -TIG DC ARC Air Plasma Cutter |
|
Suppliers |
POSCO SPECIALTY STEEL CO., LTD.(194211-0025248) POSCO(174611-0000741) KOREA
GAS CORPORATION(114671-0006125) |
|
Customers |
|
|
Competitors |
KISWEL CO., LTD. 721-3, HAKJANG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-317-3131~40 FAX:+82-51-325-3627 CHOSUN WELDING CO., LTD. 865, JANGHEUNG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-285-8221 FAX:+82-54-285-8543 CHEGIM WELDING CO., LTD. 42-499, IHYEON-DONG, SEO-GU, DAEGU, KOREA TEL:+82-53-250-0600 FAX:+82-53-256-8117 |
|
Overseas
Office |
NETHERLANDS HYUNDAI WELDING EUROPE, ROTTERDAM COLUMBUSSTRAAT 25 / HARBOUMO, 2769 3165 AC
ROTERDAM-ALBRANDSWAARD TEL:+31-10-4945788 FAX:+31-10-4945778 TURKEY HYUNDAI WELDING TURKEY, ISTANBUL SAHIL YOLU CADDESI DENIZCILER LS MERKEZI
NO. 25 /31/ TUZLA-ISTANBUL, TURKEY TEL:+90-216-494-4740 FAX:+90-216-493-5527 JAPAN(TOKYO) HYUNDAI WELDING JAPAN CO., LTD. (TOKYO) 8TH FL., YURAKUCHO DENKI BLDG., 1-7-1,
YURAKUCHO, CHITODA-KU, TOKYO, JAPAN TEL:+81-3-5220-3529 FAX:+81-3-5220-3549 CHINA(SHANGHAI) HYUNDAI WELDING CO., LTD.(SHANGHAI OFFICE) RM. D805, SHANGAHI EVERBRIGHT EXHIBITION
CENTER, CAO BAO ROAD, SHANGHAI, CHINA TEL:+86-021-6432-5920 FAX:+86-021-6408-2554 INDIA(MUMBAI) MUMBAI OFFICE 5/7, SAMARTH NAGAR, CHUNABHATTI(EAST),
MUMBAI-400 022 INDIA TEL:+91-98204-77953 VIETNAM HYUNDAI WELDING VIETNAM, HANOI RM. 103B, BLDG., 14-16, HAM LONG STREET
PHAN CHU TINH WARD, HOAN KIEM DISTRICT HANOI, VIETNAM TEL:+84-903-2919 FAX:+84-4-799-301 THAILAND HYUNDAI WELDING THAILAND, BANGKOK REGUS Q HOUSE LUMPINI CENTER, 1, SOUTH
SATHOM ROAD, 27/F., TUNGMAHAMEK, SATHORN, BANGKOK 10120 TEL:+66-934-3234 SINGAPORE HYUNDAI WELDING(S'PORE) PTE LTD. 21 JALAN BUROH #04-02 LOGISTICS 21,
SINGAPORE 619478 TEL:+65-6863-3218 FAX:+65-6863-3225 UNITED STATE HYUNDAI WELDING PRODUCTS 215, SATELLITE BOULEVARD SUITE 300,
ATALNTA, GA 30024 USA TEL:+1-770-614-7577 FAX:+1-770-614-6636 |
|
|
|
|
Subsidiary |
HYUNDAI WELDING(S'PORE) PTE LTD. (100.0% held by the subject company) HYUNDAI WELDING(MALAYSIA) PTE LTD. (100.0% held by the subject company) HYUNDAI WELDING PRODUCTS(USA) (100.0% held by the subject company) SUPERTECH METAL(KONSAN) CO., LTD.(CHINA) (100.0% held by the subject company) HYUNDAI WELDING JAPAN CO., LTD. (100.0% held by the subject company) HYUNDAIWELDING VINA CO., LTD. HYUNDAI WELDING(KUNSHAN) CO., LTD.(CHINA) HYUNDAI
WELDING PARTICIPACOES BRASIL LTDA(BRAZIL) |
|
|
|
|
Cooperative
Enterprise |
-Insured Company HYUNDAI
MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
The Subject exports
to Europe, Asia and North America.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.78 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.