|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
HWASEUNG NETWORKS CO., LTD. |
|
|
|
|
Registered Office : |
1287-21, Yeonsan 5-dong, Yeonje-gu, Busan,
11th Fl., Jangcheon Bldg., Zip Code 611-839 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.07.2006 |
|
|
|
|
Com. Reg. No.: |
607-81-77653 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesaler of Non-Specialized Goods such as Automotive Parts, Tour Services, Insurance Brokerage Services, Logistics Services, International Trading Services, Purchasing Services, Industrial Rubber Products |
|
|
|
|
No. of Employees : |
100 |
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 : |
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 |
HWASEUNG NETWORKS CO., LTD. (Korean Company Name : “(주)화승네트웍스”) |
|
Registered Address |
1287-21, Yeonsan 5-dong, Yeonje-gu, Busan,
Korea (New Address System : 1079, Jungang-daero, Yeonje-gu, Busan, Korea) |
|
Building |
11th
Fl., Jangcheon Bldg. |
|
Zip Code |
611-839 |
|
Tel |
+82-51-850-0100 |
|
Fax |
+82-51-850-0101 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
19Fl., Gangnam Bldg., 1321, Seocho-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-850-0100 |
|
Fax |
+82-2-850-0103 |
|
Type |
Export/Import |
|
Industry |
Wholesale
of Non-Specialized Goods |
|
Main Business |
Automotive
Parts, Tour Services, Insurance Brokerage Services, Logistics Services,
International Trading Services, Purchasing Services, Industrial Rubber
Products |
|
Established (mm/dd/yyyy) |
07/06/2006 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tour
arrangement services(90121501) |
|
Sell |
Travel
agencies(90121502) |
|
Sell |
Transport
arrangements(78141500) |
|
Sell |
International
trade services(80151600) |
|
Sell |
Freight
forwarders services(78141501) |
|
Name |
Bae Tae-Kyun |
|
Address |
Suite 203-204, 1661, Banyeo-dong,
Haeundae-gu, Busan, Korea |
|
Date of Birth |
09/20/1948 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
35,159,790,000 |
||||||||||||||||||
|
Employees |
100 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares A
Company of HWASEUNG GROUP |
||||||||||||||||||
|
Bank Details |
Korea Exchange Bank Busan Bank Hana Bank |
||||||||||||||||||
|
Corporate Registered No. |
180111-0560995 |
||||||||||||||||||
|
Business Registered No. |
607-81-77653 |
||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 12186341 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
07/06/2006 Incorporated as the present name 06/18/2009 Increased capital to
26,000,000,000 KRW from 7,621,000,000 KRW 12/18/2009 increased the authorized shares
to 50,000,000 shares from 20,000,000 shares 12/29/2009 Increased capital to 42,666,665,000
KRW from 26,000,000,000 KRW 07/10/2012 Decreased capital to
26,000,000,000 KRW from 42,666,665,000 KRW 12/27/2012 Increased capital to
35,159,790,000 KRW from 26,000,000,000 KRW |
||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Co-President
& CEO |
Mr. |
Bae Tae-Kyun |
Male |
Korean |
03/26/2010 |
|
Co-President
& CEO |
Mr. |
Kang Sam-Nam |
Male |
Korean |
01/01/2010 |
|
Director |
Mr. |
Hyun Ji-Ho |
Male |
Korean |
02/02/2009 |
|
Director |
Mr. |
Lee Wan-Man |
Male |
Korean |
02/02/2009 |
|
Director |
Mr. |
Choi Yo-Hwui |
Male |
Korean |
03/13/2009 |
|
Auditor |
Mr. |
Park Dong-Ho |
Male |
Korean |
03/13/2009 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
848,707,154,887 |
224,373,352,637 |
1,407,853,951 |
|
|
2011 |
828,033,866,636 |
266,355,906,573 |
4,016,057,979 |
|
2010 |
603,638,084,144 |
182,557,476,839 |
-12,864,913,077 |
|
2009 |
356,368,619,354 |
126,800,132,246 |
-1,801,717,832 |
|
2008 |
284,364,913,800 |
59,782,305,076 |
173,277,638 |
|
2007 |
164,705,428,546 |
33,131,862,930 |
2,123,661,545 |
|
2006 |
19,219,611,908 |
19,870,497,601 |
512,399,518 |
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
35,159,790,000 |
|
Total Issued Shares |
7,031,958 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
224,373,352,637 |
266,355,906,573 |
182,557,476,839 |
|
Current Assets |
193,276,601,005 |
232,742,354,301 |
146,271,017,149 |
|
-Quick
Assets |
143,129,846,844 |
182,362,359,049 |
132,345,536,136 |
|
-Inventories |
50,146,754,161 |
50,379,995,252 |
13,925,481,013 |
|
Fixed
Assets |
31,096,751,632 |
33,613,552,272 |
36,286,459,690 |
|
-Investment |
28,355,533,206 |
30,972,219,471 |
33,385,054,175 |
|
-Tangibles |
384,775,173 |
802,716,946 |
283,059,285 |
|
-Intangibles |
208,274,418 |
269,423,418 |
302,225,000 |
|
-Others |
2,148,168,835 |
1,569,192,437 |
2,316,121,230 |
|
Total Liabilities |
174,452,301,900 |
211,280,804,232 |
128,451,779,944 |
|
Current Liabilities |
146,701,976,310 |
209,161,311,012 |
127,201,283,228 |
|
Fixed Liabilities |
27,750,325,590 |
2,119,493,220 |
1,250,496,716 |
|
Capital Stock |
35,159,790,000 |
42,666,665,000 |
42,666,665,000 |
|
Capital Surplus |
18,871,480,197 |
17,129,782,744 |
17,129,782,744 |
|
Profit Surplus |
1,407,853,951 |
-9,049,507,043 |
12,465,565,082 |
|
Capital Adjustment |
-5,518,073,411 |
4,328,161,640 |
6,774,814,233 |
|
Total Equity |
49,921,050,737 |
55,075,102,341 |
54,105,696,895 |
|
Liab. & Shareholder’s Equity |
224,373,352,637 |
266,355,906,573 |
182,557,476,839 |
|
Current Liabilities |
146,701,976,310 |
209,161,311,012 |
127,201,283,228 |
|
Trade
Payables |
103,539,839,442 |
153,457,425,587 |
70,958,177,922 |
|
Short-Term
Borrowings |
30,950,163,228 |
40,000,000,000 |
45,263,661,143 |
|
Account
Payables |
1,157,672,607 |
1,723,713,979 |
1,227,701,723 |
|
Advance
Receipts |
499,339,699 |
719,998,180 |
2,117,002,153 |
|
Withholdings |
116,723,838 |
74,647,418 |
977,758,320 |
|
Accrued
Expenses |
92,367,917 |
303,987,052 |
72,880,913 |
|
Guarantee
Deposit Withhold |
4,870,704,500 |
5,552,860,112 |
- |
|
Accrued
Income Tax |
905,493,003 |
2,831,731,613 |
1,953,578,661 |
|
Deferred
Income Tax |
4,500,000,000 |
- |
136,616,952 |
|
Current
Portion of Debentures |
- |
4,500,000,000 |
4,500,000,000 |
|
Derivatives |
69,672,076 |
- |
- |
|
Fixed Liabilities |
27,750,325,590 |
2,119,493,220 |
1,250,496,716 |
|
Long-Term
Borrowings |
25,500,000,000 |
- |
- |
|
Provision
for Severance & Retirement |
3,261,401,280 |
2,950,296,490 |
1,820,187,960 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
848,707,154,887 |
828,033,866,636 |
603,638,084,144 |
|
Cost of Sold Goods |
807,126,520,159 |
790,839,554,899 |
568,387,418,866 |
|
Gross Profit |
41,580,634,728 |
37,194,311,737 |
35,250,665,278 |
|
Selling & Admin. Expenses |
22,203,455,091 |
17,481,556,947 |
14,481,509,904 |
|
Operating Income |
19,377,179,637 |
19,712,754,790 |
20,769,155,374 |
|
Non-Operating Income |
11,073,256,232 |
13,465,272,086 |
7,203,394,150 |
|
Non-Operating Expenses |
25,353,388,602 |
27,790,966,735 |
38,725,182,213 |
|
Income Before Taxes |
5,097,047,267 |
5,387,060,141 |
-10,752,632,689 |
|
Income Taxes Expenses |
3,689,193,316 |
1,371,002,162 |
2,112,280,388 |
|
Net Income |
1,407,853,951 |
4,016,057,979 |
-12,864,913,077 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of 12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
-13,363,726,760 |
9,167,861,472 |
-3,356,238,748 |
|
-Net Income |
1,407,853,951 |
4,016,057,979 |
-12,864,913,077 |
|
-Exp. without Cash Outflow |
16,048,940,352 |
15,924,012,353 |
27,142,781,984 |
|
-Revenue without Cash Inflows |
-1,745,464,085 |
-1,591,857,164 |
-541,740,372 |
|
-Changes in Asset/ & Liability |
-29,075,056,978 |
-9,180,351,696 |
-17,092,367,283 |
|
Cash Flows from Investing |
2,228,708,609 |
261,010,995 |
-36,641,380,750 |
|
-Cash Inflow from Investing |
4,005,220,000 |
2,015,233,590 |
9,187,040,314 |
|
-Cash Outflows for Investing |
-1,776,511,391 |
-1,754,222,595 |
-45,828,421,064 |
|
Cash Flows from Financing |
10,859,619,510 |
-5,863,661,083 |
36,180,954,723 |
|
-Cash Inflows from Financing |
40,901,157,724 |
3,000,000,000 |
76,643,816,758 |
|
-Cash Outflows from Financing |
-30,041,538,214 |
-8,863,661,083 |
-40,462,862,035 |
|
Increase/Decrease in Cash |
-275,398,641 |
3,565,211,384 |
-3,816,664,775 |
|
Cash at the Beginning of Year |
6,510,771,296 |
2,945,559,912 |
6,762,224,687 |
|
Cash at the End of Year |
6,235,372,655 |
6,510,771,296 |
2,945,559,912 |
|
Main Products & Services |
Automotive
Parts, Tour Services, Insurance Brokerage Services, Logistics Services,
International Trading Services, Purchasing Services, Industrial Rubber
Products |
|
Suppliers |
SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) DONGBU INSURANCE CO., LTD.(110111-0095285) HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) HUNG THINH, MAI THAO, DONG NAL, DONG PHU,
HOA BINH, PHU RIENG, LINH ANH, BIGMEXCO,MINH TAN, BINH LONG, TAY NINH |
|
Customers |
HS MATERIAL CO., LTD.(184511-0014213) HWASEUNG CORPORATION(180111-0003383) HS R&A CO., LTD.(184511-0001252) |
|
Competitors |
MODE TOUR NETWORK CO., LTD. RM. 501, BAEKNAM BLDG., 188-3, EULJIRO
1-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-728-8000 FAX:+82-2-2021-7803 YOUNG CHEON LOGISTICS CO., LTD. 4TH FL., YEONGCHEON BLDG., 33-2,
GONGHANG-DONG, GANGSEO-GU, SEOUL, KOREA TEL:+82-2-3663-9009 FAX:+82-2-3665-3004 AGILITY LTD. 2ND FL., YEOLRIN BLDG., 1666-3, SEOCHO
1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-539-9411 FAX:+82-2-539-2071 AIRSTAR INTERNATIONAL CO., LTD. 2ND FL., SEOYEONG BLDG., 367-9,
SEOGYO-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-333-3933 FAX:+82-2-323-5700 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
HS INDUSTRIES CO., LTD.(180111-0004323) HS R&A CO., LTD.(184511-0001252) HS MATERIAL CO., LTD.(184511-0014213) HS CLIMATE CONTROL INDUSTRIES CO.,
LTD.(124311-0012841) HWASEUNG CORPORATION(180111-0003383) (25.43% held by the subject company) HWASEUNG EXWILL CO., LTD.(180111-0588442) HS T&C CORPORATION(180111-0015825) HWASEUNG NETWORKS CO., LTD.(180111-0560995) |
|
Affiliates-Overseas |
HSI AUTOMOTIVES LTD(INDIA) HWASEUNG MOTOR PARTS(TAECHANG) CO.,
LTD.(CHINA) HWASEUNG SPECIAL RUBBER(TAECHANG) CO., LTD.(CHINA) HWAYOUNG MOTOR PARTS(TAECHANG) CO.,
LTD.(CHINA) HWASEUNG VINA CO.,LTD(VIETNAM) HS AUTOMOTIVE ALABAMA. INC(USA) HWASEUNG MATERIAL INDIA PRIVATE LIMITED
(INDIA) BEIJING HECHENG R&A VEHICLE PARTS
CO.,LTD(CHINA) HS VIETNAM CHEMICAL CO., LTD(VIETNAM) HS VUNG TAU CO., LTD(VIETNAM) HSLS RUBBER INDUSTRIES SDN.BHD.(MALAYSIA) HWASEUNG HONG KONG CO., LTD.(HONG KONG) JANGCHEON JEHWA DAIRYEN CO., LTD.(CHINA) HS VIETNAM NETWORKS CO.,LTD(VIETNAM) HWASEUNG(SHANGHAI) INT,L TRADE
CO,.LTD.(CHINA) HWASEUNG NETWORKS AMERICA CORP(USA) (33.9% held by the subject company) |
|
Subsidiary |
HWASEUNG NETWORKS(INDIA) (100.0% held by the subject company) |
|
Corporate Ownership |
HWASEUNG CORPORATION(180111-0003383) HST&C
CORPORATION(180111-0015825) |
(Activity & Markets)
The Subject exports
to East Europe, Middle East, Asia, North America, and South America.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
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.