MIRA INFORM REPORT

 

 

Report Date :

29.10.2013

 

IDENTIFICATION DETAILS

 

Name :

HONEYWELL CO., LTD.

 

 

Registered Office :

1590, Sangam-dong, Mapo-gu, Seoul, Korea 4~5th Fl., Sangam IT Tower 121-835

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.05.1984

 

 

Com. Reg. No.:

106-81-47904

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacture of Electrical Apparatuses for Switching, Protecting and Connecting Electrical Circuits Used in Power Distribution Systems

 

 

No. of Employees :

506

 

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

 

Basic Information

 

Basic

 

Company Name

HONEYWELL CO., LTD.

Registered Address

1590, Sangam-dong, Mapo-gu, Seoul, Korea

Building

4~5th Fl., Sangam IT Tower

Zip Code

121-835

Tel

+82-2-799-6114~5

Fax

+82-2-792-9012

E-mail

webmaster@honeywell.com

Website

www.honeywell.co.kr

Trading Address-Honeywell Process Solutions (HPS) Division

4~5th Fl., Sangam IT Tower, 1590, Sangam-dong, Mapo-gu, Seoul, Korea

Tel

+82-2-799-6114~5

Fax

+82-2-792-9012

Other Address

6FL., Hansung Building, 1439-3, Muger-dong, Nam-gu, Ulsan, 680-810, Korea

Tel

+82-52-277-8711

Fax

+82-52-277-8715

Other Address

6FL., Jinnam Building, 43-7, Hak-dong, Yeosu-si, Jeonnam, 555-807, Korea

Tel

+82-61-681-4115

Fax

+82-61-682-4846

Other Address-Cheonan Factory

56, Chaam-dong, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea

Tel

+82-41-559-4601

Fax

+82-41-559-4701

Type

Export/Import

Industry

Manufacture of Electrical Apparatuses for Switching, Protecting and Connecting Electrical Circuits Used in Power Distribution Systems

  Main Business

Switch, Building Automation Systems(BAS), Factory Automation Systems, Sensor, Excel Energy Manager

Established (mm/dd/yyyy)

05/18/1984

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Temperature regulators(41112205)

Sell

Humidity control(40101900)

Sell

Control unit(43201542)

Sell

Industrial control software(43232608)

Sell

Security or access control systems(46171619)

Sell

Facilities management software(43232603)

Sell

Control unit(43201542)

Sell

Lighting control systems(39121107)

Sell

Software or hardware engineering(81111500)

Sell

Speed sensors(41111921)

Sell

Control unit(43201542)

Buy

Liquid crystal display LCD panels or monitors(43211902)

Buy

Light emitting diodes LEDs(32111503)

Buy

Bare printed circuit boards(32131010)

Buy

Connectors(31163100)

Buy

Housings and cabinets(31261500)

Buy

Motors(26101600)

Buy

Diodes(32111500)

Buy

Loudspeakers(52161512)

Buy

Resistors(32121600)

Buy

Capacitors(32121500)

Buy

Camera lenses or filters(45121603)

Buy

Metal shells or casings(31261602)

Buy

Transistors(32111600)

 

 

CEO’s

 

Name

Hong Soon-Ho

Address

Suite 1325-701, 100, Mokdongdong-ro, Yangcheon-gu, Seoul, Korea

Date of Birth

01/18/1963

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

10,000,000,000

Employees

506

Formation

Co., Ltd by Shares

Foreign Direct Investment Corporation

Bank Details

Shinhan Bank-Yoido Sqaure Branch

Hana Bank

Corporate Registered No.

110111-0374663

Business Registered No.

106-81-47904

Permit & Licenses

12/1995 ISO 9001

11/1996 KT Mark

04/1997 KT Mark

05/1999 ISO 9002

07/15/2000 ISO 14001

08/2000 QS 9000

12/16/2000 ISO 9001

12/02/2002 KT Mark

2005 EM Mark

 

Int’l Trade No.: 932886

Shareholder Position

Name

Shares

%

HONEYWELL NORTH ATLANTIC HOLDINGS LIMITED(UK)

1,000,000

100.00

TOTAL

1,000,000

100.00

Company History

05/18/1984 Incorporated as Gold Star Honeywell Co., Ltd.

01/25/1995 Changed company name to LG Honeywell Co., ltd.

04/16/1999 Changed company name to the present name

04/16/1999 Increased the authorized shares to 2, 000,000 shares from 1,000,000 shares

06/29/2009 Moved to the present HQ address from 191, Hangangno 2-ga, Yongsan-gu, Seoul, Korea

10/28/2010 Decided to stop AOB Business of Control Product Division

01/28/2011 Sold out AOB Business’s Assets and Liabilities

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Hong Soon-Ho

Male

Korean

03/23/2012

Director

Mr.

Gerard Willis

Male

USA

05/29/2006

Director

Mr.

Michel Chi

Male

Singaporean

11/26/2007

Director

Mr.

Choi Ki-Soon

Male

Korean

05/18/2009

Director

Mr.

Lim Byung-Hyun

Male

Korean

03/23/2012

Auditor

Mr.

Choi Byung-Yeol

Male

Korean

03/30/2004

Supervisor

Mr.

Lee Pyung-Ho

Male

Korean

11/02/2006

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

258,098,613,460

156,319,198,077

13,696,084,693

2011

262,752,303,438

165,068,599,926

50,984,422,318

2010

249,775,724,286

150,499,839,748

19,999,971,049

2009

212,619,272,255

117,461,862,297

463,243,041

2008

295,981,022,145

173,754,669,213

11,327,399,733

2007

299,936,394,188

174,493,124,981

8,627,551,055

2006

270,013,248,910

166,597,294,793

18,944,085,473

 

 

Financial Description

 

Authorized Capital(KRW)

20,000,000,000

Paid-Up Capital(KRW)

10,000,000,000

Total Issues 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

156,319,198,077

165,068,599,926

150,499,839,748

Current Assets

137,299,839,269

145,595,553,859

127,106,995,083

-Quick Assets

129,637,406,212

138,807,566,486

117,557,637,478

-Inventories

7,662,433,057

6,787,987,373

9,549,357,605

Fixed Assets

19,019,358,808

19,473,046,067

23,392,844,665

-Investment

246,691,200

252,611,800

258,743,800

-Tangibles

14,634,145,989

15,705,713,458

19,893,743,384

-Intangibles

4,138,521,619

3,514,720,809

3,240,357,481

Total Liabilities

66,783,929,588

88,773,714,717

79,216,708,015

Current Liabilities

66,655,629,588

88,686,551,383

79,056,394,681

Fixed Liabilities

128,300,000

87,163,334

160,313,334

Capital Stock

10,000,000,000

10,000,000,000

10,000,000,000

Capital Surplus

　

　

　

Profit Surplus

79,304,909,130

66,485,371,799

61,291,949,481

Capital Adjustment

230,359,359

-190,486,590

-8,817,748

Total Equity

89,535,268,489

76,294,885,209

71,283,131,733

Liab. & Shareholder’s Equity

156,319,198,077

165,068,599,926

150,499,839,748

 

Current Liabilities

66,655,629,588

88,686,551,383

79,056,394,681

Trade Payables

34,571,182,931

40,450,635,309

45,650,201,730

Accrued Expenses

5,568,108,664

4,470,978,345

4,830,691,252

Accrued Income Tax

2,579,753,213

12,061,473,294

6,079,561,757

Advance Receipts

18,071,397,283

18,983,080,551

14,027,217,201

Withholdings

393,129,431

5,619,678,326

472,252,129

VAT Withhold

845,600,480

1,585,569,833

1,365,894,108

Provision for Refund

4,583,880,581

5,211,298,510

6,574,186,878

Derivatives

42,577,005

303,837,215

56,389,626

Fixed Liabilities

128,300,000

87,163,334

160,313,334

Long-Term Advance Receipts

-

24,383,334

97,533,334

Guarantee Deposit Withhold

128,300,000

62,780,000

62,780,000

 

Income Statement

Unit : Korean Won

As of 12/31/2012

As of 12/31/2011

As of 12/31/2010

Sales

258,098,613,460

262,752,303,438

249,775,724,286

Cost of Sold Goods

209,351,077,704

208,700,614,703

196,387,585,022

Gross Profit

48,747,535,756

54,051,688,735

53,388,139,264

Selling & Admin. Expenses

32,952,558,253

31,911,603,724

32,542,611,059

Operating Income

15,794,977,503

22,140,085,011

20,845,528,205

Non-Operating Income

4,028,190,854

5,056,989,103

3,900,029,123

Non-Operating Expenses

2,120,990,352

2,411,166,899

3,747,858,867

Income Before Taxes from Continues Business

17,702,178,005

24,785,907,215

20,997,698,461

Income Taxes from Continues Business

4,006,093,312

6,401,242,421

5,374,186,147

Income from Continues Business

13,696,084,693

18,384,664,794

15,623,512,314

Income from Stopped Business

-

32,599,757,524

4,376,458,735

Net Income

13,696,084,693

50,984,422,318

19,999,971,049

 

Cash Flows

Unit : Korean Won

As of 12/31/2012

As of 12/31/2011

As of 12/31/2010

Cash Flows from Operating

-13,157,733,695

35,418,383,749

27,220,190,934

-Net Income

13,696,084,693

50,984,422,318

19,999,971,049

-Exp. without Cash Outflow

3,440,582,733

2,070,475,738

3,604,874,055

-Revenue without Cash Inflows

-239,506,358

-43,101,747,236

-732,430,017

-Changes in Asset/ & Liability

-30,054,894,763

25,465,232,929

4,347,775,847

Cash Flows from Investing

-768,565,726

44,856,566,056

467,717,828

-Cash Inflow from Investing

394,950,291

46,382,485,818

1,816,955,161

-Cash Outflows for Investing

-1,163,516,017

-1,525,919,762

-1,349,237,333

Cash Flows from Financing

-

-45,791,000,000

-

-Cash Inflows from Financing

-

-

-

-Cash Outflows from Financing

-

-45,791,000,000

-

Increase/Decrease in Cash

-13,926,299,421

34,483,949,805

27,687,908,762

Cash at the Beginning of Year

76,498,298,621

42,014,348,816

14,326,440,054

Cash at the End of Year

62,571,999,200

76,498,298,621

42,014,348,816

 

 

Products, Technologies, Services Description

 

Main Products & Services

Switch, Building Automation Systems(BAS), Factory Automation Systems, Sensor, Excel Energy Manager

 

HBS Business

HPS Business

Control Products

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

SSANGYONG MOTOR CO., LTD.(110111-0035132)

BYUCKSAN ENGINEERING & CONSTRUCTION CO., LTD.(110111-0016827)

Competitors

ABB LTD.

AFFOLTERNSTRASSE 44 PO BOX 8131 ZURICH, 8050 SWITZERLAND

TEL:+41-43-3177111 FAX:+41-43-3174420

 

NISSIN ELECTRIC CO., LTD.

47, UMEZU-TAKASECHO, UKYO-KU KYOTO-SHI, KYT 615-8686 JAPAN

TEL:+81-75-8613151 FAX:+81-75-8720742

 

TAKAOKA ELECTRIC MFG. CO., LTD.

1-7-1 IRIFUNE CHOU-KU, TKY 104-0042 JAPAN

TEL:+81-3-42845700

 

LS INDUSTRIAL SYSTEMS CO., LTD.(110111-0520076)

LS TOWER, 10FL., 1026-6, HOGYE 1-DONG, DONGAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA

TEL:+82-1544-2080  FAX:+82-2-2034-4969

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

HONEYWELL INTERNATIONAL INC.

ADEMCO ASIA PACIFIC LIMITED

HONEYWELL MIDDLE EAST FZE

HONEYWELL ANALITICS ASIA PACIFIC CO., LTD.

Corporate Ownership

HONEYWELL INTERNATIONAL INC.

HONEYWELL NORTH ATLANTIC HOLDINGS LIMITED

Major Shareholders

HONEYWELL NORTH ATLANTIC HOLDINGS LIMITED

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

2012

2011

2010

Export

 

 

 

Domestic

 

 

 

Total

 

 

 

The Subject deals with the companies in Australia, China, Japan, Middle East, Europe and South America.

 

 

Court Action

 

There are 4 cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 698,000,000 KRW.

 

 

News Clipping

 

Not Available


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.50

UK Pound

1

Rs.99.49

Euro

1

Rs.84.88

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.