|
Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
HANIL CARPET CO., LTD |
|
|
|
|
Formerly Known As : |
HANIL CARPET SALES CO., LTD |
|
|
|
|
Registered Office : |
216-14, Nonhyeon 2-dong, Gangnam-gu, Seoul, Korea, 7th Fl., Hanil
Bldg., Zip Code 135-829 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.09.1972 |
|
|
|
|
Com. Reg. No.: |
211-81-76069 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesaler of household Textiles and Make-Up Textile Articles |
|
|
|
|
No. of Employees : |
40 |
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 : |
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 |
HANIL CARPET CO., LTD. (Korean Company Name : “한일카페트(주)”) |
|
Registered Address |
216-14, Nonhyeon 2-dong, Gangnam-gu, Seoul, Korea |
|
Building |
7th
Fl., Hanil Bldg. |
|
Zip Code |
135-829 |
|
Tel |
+82-1566-5900 |
|
Fax |
+82-2-547-9294 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
7th Fl., Hanil Bldg., 216-14, Nonhyeon 2-dong, Gangnam-gu, Seoul,
Korea |
|
Tel |
+82-1566-5900 |
|
Fax |
+82-2-547-9294 |
|
Other Address-Yongin Branch |
432-1, Geumeo-ri, Pogok-eup, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea |
|
Other Address-Busan Branch |
427, Jwadongsunhwan-ro, Haeundae-gu, Busan,
Korea |
|
Type |
Export/Import |
|
Industry |
Wholesale
of household Textiles and Make-Up Textile Articles |
|
Main Business |
Carpets |
|
Established (mm/dd/yyyy) |
09/26/1972 |
The Subject owns the
premises of registered HQ address and Yongin Branch.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Rugs
and mats(52101500) |
|
Sell |
Carpeting(30161701) |
|
Sell |
Access
flooring(30161717) |
|
Sell |
Flooring(30161700) |
|
Sell |
Tiles
and flagstones(30131700) |
|
Name |
Kim
Chung-Sub |
|
Address |
Suite 702, 23,
Dosan-daero 83-gil, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
03/11/1967 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
800,000,000 |
||||||||||||||||||
|
Employees |
40 |
||||||||||||||||||
|
Formation |
Co.,
Ltd by shares |
||||||||||||||||||
|
Bank Details |
Kookmin Bank-Nonhyun Dong Branch |
||||||||||||||||||
|
Corporate Registered No. |
110111-0134447 |
||||||||||||||||||
|
Business Registered No. |
211-81-76069 |
||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 949192 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
05/1964 Established as HANIL CARPET
CORP.(Sole Proprietorship) 09/26/1972 Incorporated as HANIL CARPET
SALES CO., LTD. 03/31/1993 Changed company name to the
present name 07/29/1996 Spin off the par value to 5,000
KRW from 10,000 KRW 07/29/1996 Increased the authorized shares
to 600,000 shares from 80,000 shares |
||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kim Chung-Sub |
Male |
Korean |
12/16/2001 |
|
Director |
M/S. |
Lee Joo-Yeon |
Female |
Korean |
01/21/2003 |
|
Director |
Mr. |
Lim Hwan-Kyu |
Male |
Korean |
05/31/2007 |
|
Auditor |
M/S. |
Lee Young-Ja |
Female |
Korean |
03/28/1994 |
|
Supervisor |
Mr. |
Oh Jae-Choon |
Male |
Korean |
07/15/2013 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
23,292,451,422 |
27,474,265,865 |
3,668,131,736 |
|
|
2011 |
21,208,111,096 |
26,594,454,426 |
3,986,011,608 |
|
2010 |
18,776,330,337 |
24,951,622,461 |
3,747,260,447 |
|
2009 |
18,125,735,690 |
15,925,017,803 |
1,858,880,144 |
|
2008 |
14,439,458,558 |
14,439,503,823 |
343,759,092 |
|
2007 |
14,604,097,830 |
14,033,785,110 |
778,803,140 |
|
2006 |
13,747,102,400 |
13,312,081,645 |
610,268,373 |
|
2005 |
14,312,238,732 |
14,413,105,910 |
3,142,536,893 |
|
Authorized Capital(KRW) |
3,000,000,000 |
|
Paid-Up Capital(KRW) |
800,000,000 |
|
Total Issued Shares |
160,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
27,474,265,865 |
26,594,454,426 |
24,951,622,461 |
|
Current Assets |
10,585,366,424 |
11,537,125,871 |
12,508,412,650 |
|
-Quick
Assets |
5,209,910,721 |
6,326,902,449 |
8,261,139,327 |
|
-Inventories |
5,375,455,703 |
5,210,223,422 |
4,247,273,323 |
|
Fixed
Assets |
16,888,899,441 |
15,057,328,555 |
12,443,209,811 |
|
-Investment |
6,848,528,267 |
8,756,810,484 |
6,542,235,842 |
|
-Tangibles |
8,655,942,616 |
4,911,339,513 |
5,074,413,368 |
|
-Intangibles |
1,384,428,558 |
1,389,178,558 |
826,560,601 |
|
Total Liabilities |
4,202,659,880 |
3,601,024,096 |
4,313,026,383 |
|
Current Liabilities |
3,622,163,575 |
3,013,265,288 |
2,462,337,591 |
|
Fixed Liabilities |
580,496,305 |
587,758,808 |
1,850,688,792 |
|
Capital Stock |
800,000,000 |
800,000,000 |
800,000,000 |
|
Capital Surplus |
167,190,925 |
167,190,925 |
167,190,925 |
|
Profit Surplus |
19,964,864,595 |
17,800,773,859 |
15,483,365,737 |
|
Capital Adjustment |
2,339,550,465 |
4,225,465,546 |
4,188,039,416 |
|
Total Equity |
23,271,605,985 |
22,993,430,330 |
20,638,596,078 |
|
Liab. & Shareholder’s Equity |
27,474,265,865 |
26,594,454,426 |
24,951,622,461 |
|
Current Liabilities |
3,622,163,575 |
3,013,265,288 |
2,462,337,591 |
|
Trade Payables |
481,365,261 |
854,875,279 |
473,001,934 |
|
Account Payables |
1,021,081,326 |
880,685,950 |
581,860,657 |
|
Accrued Income Tax |
546,312,579 |
669,119,315 |
1,031,135,562 |
|
Advance Receipts |
912,466,199 |
526,776,114 |
153,317,298 |
|
Withholdings |
60,938,210 |
75,709,100 |
213,953,020 |
|
Accrued Dividends |
- |
6,099,530 |
9,069,120 |
|
Short-Term Borrowings |
600,000,000 |
- |
- |
|
Fixed Liabilities |
580,496,305 |
587,758,808 |
1,850,688,792 |
|
Provision for Severance & Retirement |
2,646,128,938 |
2,404,440,344 |
1,903,423,455 |
|
Leasehold Deposit Received |
200,000,000 |
360,000,000 |
360,000,000 |
|
Deferred Income Tax Credit |
- |
- |
1,348,616,431 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
23,292,451,422 |
21,208,111,096 |
18,776,330,337 |
|
Cost of Sold Goods |
9,956,250,526 |
8,116,599,294 |
6,957,168,556 |
|
Gross Profit |
13,336,200,896 |
13,091,511,802 |
11,819,161,781 |
|
Selling & Admin. Expenses |
10,832,964,923 |
10,821,292,613 |
10,025,814,654 |
|
Operating Income |
2,503,235,973 |
2,270,219,189 |
1,793,347,127 |
|
Non-Operating Income |
2,305,416,367 |
3,113,369,687 |
3,329,081,192 |
|
Non-Operating Expenses |
58,580,205 |
135,277,118 |
176,634,148 |
|
Income Before Taxes |
4,750,072,135 |
5,248,311,758 |
4,945,794,171 |
|
Income Taxes Expenses |
1,081,940,399 |
1,262,300,150 |
1,198,533,724 |
|
Net Income |
3,668,131,736 |
3,986,011,608 |
3,747,260,447 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
1,707,887,823 |
736,662,911 |
1,009,150,542 |
|
-Net Income |
3,668,131,736 |
3,986,011,608 |
3,747,260,447 |
|
-Exp. without Cash Outflow |
669,196,539 |
943,265,156 |
949,315,317 |
|
-Sale without Cash Inflows |
-1,832,777,525 |
-2,543,415,001 |
-2,908,437,417 |
|
-Changes in Asset/ & Liability |
-796,662,927 |
-1,649,198,852 |
-778,987,805 |
|
Cash Flows from Investing |
-1,880,069,742 |
-990,161,448 |
2,141,163,214 |
|
-Cash Inflow from Investing |
6,489,481,232 |
7,025,621,542 |
8,875,413,042 |
|
-Cash Outflows for Investing |
-8,369,550,974 |
-8,015,782,990 |
-6,734,249,828 |
|
Cash Flows from Financing |
-890,234,280 |
-1,507,010,590 |
-982,534,100 |
|
-Cash Inflows from Financing |
600,000,000 |
- |
- |
|
-Cash Outflows from Financing |
-1,490,234,280 |
-1,507,010,590 |
-982,534,100 |
|
Increase/Decrease in Cash |
-1,062,416,199 |
-1,760,509,127 |
2,167,779,656 |
|
Cash at the Beginning of Year |
1,335,611,083 |
3,096,120,210 |
928,340,554 |
|
Cash at the End of Year |
273,194,884 |
1,335,611,083 |
3,096,120,210 |
|
Main Products & Services |
Carpets |
|
Suppliers |
KCC
CORPORATION(110111-0221814) |
|
Competitors |
KOLON GLOTECH, INC. 8TH FL., KOLON TOWER, 1-23, BYEORYANG-DONG,
GWACHEON-SI, GYEONGGI-DO, KOREA TEL:+82-2-3677-5771~5 FAX:+82-2-3677-5901 WONU CO., LTD. 2ND FL., SEO-IL BLDG., 222, JAMSILBON-DONG,
SONGPA-GU, SEOUL, KOREA TEL:+82-2-569-5722 FAX:+82-2-569-5081 DUAL CO., LTD. 9TH FL., SINIL TOWER, 68-22,
CHEONGDAM-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-6922-7272 FAX:+82-2-6922-7129 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Subsidiary |
LA VIEW CO., LTD.(110111-3051747) (100.0%
held by the subject company, but it was liquidated in 2008.) |
|
Cooperative Enterprise |
-Insured Company DONGBU
INSURANCE CO.,LTD.(110111-0095285) |
(Activity & Markets)
The Subject deals
with the companies in Belgium, China and Iran.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
UK Pound |
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.59 |
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.