|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
HANKUK GLASS INDUSTRIES INC. |
|
|
|
|
Registered Office : |
33, Seorin-dong, Jongno-gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
25.03.1957 |
|
|
|
|
Com. Reg. No.: |
116-81-00115 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Plate Glass |
|
|
|
|
No. of Employees : |
305 |
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 : |
Slow |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
KOREA (SOUTH) - 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
|
Company Name |
HANKUK GLASS INDUSTRIES INC. |
|
Registered Address |
33, Seorin-dong, Jongno-gu, Seoul, Korea |
|
Building |
15th Fl., Yeongpung Bldg. |
|
Zip Code |
110-752 |
|
Tel |
+82-2-3706-9114 |
|
Fax |
+82-2-3706-9363 |
|
E-mail |
ehjang@hanglas.co.kr;jlmoon@hanglas.co.kr |
|
Website |
www.hanglas.co.kr |
|
Trading Address |
15th Fl., Yeongpung Bldg., 33, Seorin-dong, Jongno-gu, Seoul, Korea |
|
Tel |
+82-2-3706-9114 |
|
Fax |
+82-2-3706-9363 |
|
Other Address-Busan Factory |
345, Ilgwang-myeon, Gijang-gun, Busan, Korea |
|
Tel |
+82-51-720-4214 |
|
Fax |
+82-51-721-5697 |
|
Other Address-Gunsan Factory |
77, Soryong-dong, Gunsan-si, Jeollabuk-do, Korea |
|
Tel |
+82-63 -460-4251 |
|
Fax |
+82-63-462-2151 |
|
Other Address-Daejeon Sales Office |
20-1, Yongjeon-dong, Dong-gu, Daejeon, Korea |
|
Tel |
+82-42-623-4539 |
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Plate Glass |
|
Main Business |
Flat Glass, Pair Glass, Automotive Safety Glass, Specialty Glass |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/25/1957 |
The Subject owns the premises of Busan Factory and
Gunsan Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Glass products(30171700) |
|
Sell |
Float glass(30171708) |
|
Sell |
Safety glass(30171707) |
CEO’s
|
Name |
Lee Nam-Geun |
|
Address |
Suite 126-907, 38, Mokdongseo-ro,
Yangcheon-gu, Seoul, Korea |
|
Date of Birth |
09/08/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
69,882,185,000 |
|||||||||||||||||||||
|
Employees |
305 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea stock Exchange : 002000) as of 06/27/1969 Foreign Direct Investment Corporation |
|||||||||||||||||||||
|
Bank Details |
Korea Development Bank-HQ Office |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0027345 |
|||||||||||||||||||||
|
Business Registered No. |
116-81-00115 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 984676 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
03/25/1957 Incorporated as the present name 04/1971 Registered as a Foreign Direct
Investment Corporation |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
Chairman & CEO |
Mr. |
De Ni Meus |
Belgium |
1966.03.30 |
-.Universite catholique de Louvain-la-Neuve - Belgium -.Managing Director of Saint-Gobain Glass Mexico, Cuautla, Mexico.
(Flat Glass) |
|
President & CEO |
Mr. |
Lee Nam-Geun |
Korean |
1950.09.08 |
Seoul National University, Korea |
|
Director |
Mr. |
Usah Soibi |
French |
1969.08 |
Ecole Superieur de Physique et
Chimie Industrielles de Paris, Engineer -.President of Flat Glass Sector
Asia-Pacific Region |
|
Director |
Mr. |
Jan Piere Floris |
French |
1948.07.09 |
Saint-Gobain |
|
Director |
Mr. |
Habie Himeno |
French |
1964.01 |
Instituto de Empresa, Economics M.A |
|
Outside Director |
Mr. |
Philip Ttiro |
French |
1959.07 |
-Graduated from ESSEC -Heidrick & Struggles Seoul Office
Managing Partner -Korn/Ferry International Seoul Office
Senior Client Partner |
|
Outside Director |
Mr. |
Choi Young-Ik |
Korean |
1963.06.04 |
Washington University, USA |
|
Auditor |
Mr. |
Chae Won-Seok |
Korean |
1954.12. |
George Washington University, USA |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
170,775,463,831 |
502,111,371,461 |
-30,045,850,005 |
|
|
(*)2012 |
258,488,834,123 |
536,571,911,820 |
-74,306,420,209 |
|
(*)2011 |
354,479,707,478 |
652,963,045,453 |
22,018,101,468 |
|
(*)2010 |
353,017,520,957 |
654,782,811,523 |
25,902,141,596 |
|
2009 |
309,822,051,222 |
600,719,614,799 |
-20,095,103,232 |
|
2008 |
292,656,073,346 |
675,782,377,349 |
-11,113,718,884 |
|
2007 |
277,062,714,570 |
670,584,494,901 |
-20,378,650,026 |
|
2006 |
251,831,658,380 |
699,197,875,716 |
-537,068,788 |
|
2005 |
280,231,652,564 |
710,696,709,754 |
1,949,742,825 |
|
2004 |
315,908,369,459 |
729,615,173,663 |
18,135,325,537 |
(*)Figures are
based on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
120,000,000,000 |
|
Paid-Up Capital(KRW) |
69,882,185,000 |
|
Total Issues Shares |
10,534,427(Common : 10,079,660 / Preferable
; 454,767) |
Balance Sheet
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
502,111,371,461 |
536,571,911,820 |
652,963,045,453 |
|
Current Assets |
109,605,813,855 |
152,689,195,449 |
235,428,855,600 |
|
Cash & Cash Equivalents |
16,042,364,032 |
65,231,076,430 |
112,352,053,873 |
|
Trade Receivables |
25,640,739,752 |
28,928,879,806 |
36,341,736,223 |
|
Current Financial Instruments |
1,486,306,349 |
3,080,057,359 |
2,677,108,938 |
|
Derivatives |
555,569 |
2,129,624 |
128,708,706 |
|
Inventories |
64,990,609,335 |
53,278,908,024 |
79,069,965,506 |
|
Other Current Assets |
1,445,238,818 |
2,168,144,206 |
4,859,282,354 |
|
Non-Current Assets |
382,990,550,625 |
383,882,716,371 |
417,534,189,853 |
|
Marketable Financial Instruments |
2,004,838,352 |
1,568,270,220 |
1,743,278,717 |
|
Investment_Related Companies |
166,486,571,927 |
162,548,506,960 |
191,553,653,901 |
|
Tangibles |
200,631,970,868 |
209,397,997,314 |
219,086,103,778 |
|
Intangibles |
2,151,074,431 |
2,261,243,891 |
2,458,114,670 |
|
Non-Current Financial Instruments |
2,219,963,596 |
2,283,774,892 |
2,622,188,714 |
|
Non-Current Non-Financial
Instruments |
85,960,778 |
91,199,792 |
70,850,073 |
|
Deferred Income Assets |
9,410,170,673 |
5,731,723,302 |
0 |
|
Non-Current Assets to be Sold |
9,515,006,981 |
0 |
0 |
|
Total Liabilities |
83,983,385,813 |
89,012,972,811 |
121,954,963,759 |
|
Current Liabilities |
64,193,317,518 |
67,966,011,748 |
97,540,041,090 |
|
Trade Payables |
21,529,963,175 |
24,462,021,118 |
44,317,075,397 |
|
Other Current Financial Debts |
40,291,253,334 |
35,060,032,067 |
39,485,127,499 |
|
Accrued Income Tax |
0 |
0 |
3,256,269,078 |
|
Derivatives |
259,805,135 |
118,244,582 |
112,013,912 |
|
Other Current Liabilities |
2,112,295,874 |
8,325,713,981 |
10,369,555,204 |
|
Non-Current Liabilities |
19,790,068,295 |
21,046,961,063 |
24,414,922,669 |
|
Provision for Severance & Retirement |
5,527,897,118 |
6,334,922,509 |
4,594,198,680 |
|
Other Long-Term Salaries |
1,179,392,827 |
1,319,456,902 |
1,469,773,949 |
|
Non-Current Finance Liabilities |
11,026,438,245 |
11,099,878,467 |
10,851,271,866 |
|
Other Provisions |
2,056,340,105 |
2,292,703,185 |
2,142,245,211 |
|
Deferred Income Tax Credit |
0 |
0 |
5,357,432,963 |
|
Capital Stock |
69,882,185,000 |
69,882,185,000 |
69,882,185,000 |
|
Capital Surplus |
71,305,322,633 |
71,305,322,633 |
71,305,322,633 |
|
Profit Surplus |
-34,512,557,416 |
-4,741,080,912 |
78,296,462,926 |
|
Others |
311,453,035,431 |
311,112,512,288 |
311,524,111,135 |
|
Total Equity |
418,127,985,648 |
447,558,939,009 |
531,008,081,694 |
|
Liab. & Shareholder’s Equity |
502,111,371,461 |
536,571,911,820 |
652,963,045,453 |
Income Statement
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
170,775,463,831 |
258,488,834,123 |
354,479,707,478 |
|
Cost of Sold Goods |
157,171,058,988 |
265,897,797,449 |
288,985,525,970 |
|
Gross Profit |
13,604,404,843 |
-7,408,963,326 |
65,494,181,508 |
|
Selling & Admin. Expenses |
38,673,698,652 |
42,781,906,188 |
42,934,301,074 |
|
Operating Income |
-25,069,293,809 |
-50,190,869,514 |
22,559,880,434 |
|
Other Non-Operating Income |
7,211,952,410 |
12,562,394,173 |
7,384,349,108 |
|
Other Non-Operating Expenses |
19,283,407,291 |
2,251,210,841 |
5,405,871,319 |
|
Profits from Investment on
Related Companies |
0 |
41,015,842,593 |
0 |
|
Profits from Tangible Assets |
0 |
7,126,985,782 |
0 |
|
Finance Income |
3,395,058,048 |
5,277,354,581 |
7,057,478,845 |
|
Finance Expenses |
479,393,141 |
811,234,104 |
1,123,829,409 |
|
Income Before Taxes |
-34,225,083,783 |
-83,556,394,080 |
30,472,007,659 |
|
Income Taxes Expenses |
-4,179,233,778 |
-9,249,973,871 |
8,453,906,191 |
|
Net Income |
-30,045,850,005 |
-74,306,420,209 |
22,018,101,468 |
Cash Flows
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
-39,637,310,801 |
-26,733,428,547 |
7,411,200,670 |
|
Net Income |
-34,225,083,783 |
-83,556,394,080 |
30,472,007,659 |
|
Adjustment |
21,800,730,097 |
49,997,690,920 |
5,515,667,548 |
|
Changes in Asset/ & Liability |
-30,656,179,374 |
7,127,639,757 |
-24,803,568,328 |
|
Interests Received |
590,968,686 |
1,377,917,716 |
3,280,955,777 |
|
Dividends Received |
2,536,044,997 |
3,359,247,165 |
3,086,607,462 |
|
Income Taxes |
316,208,576 |
-5,039,530,025 |
-10,140,469,448 |
|
Cash Flows from Investing |
-9,551,401,597 |
-12,200,629,621 |
-8,031,310,503 |
|
Cash Flows from Financing |
0 |
-8,186,919,275 |
-8,186,919,275 |
|
Increase/Decrease in Cash |
-49,188,712,398 |
-47,120,977,443 |
-8,807,029,108 |
|
Cash at the Beginning of Year |
65,231,076,430 |
112,352,053,873 |
121,159,082,981 |
|
Cash at the End of Year |
16,042,364,032 |
65,231,076,430 |
112,352,053,873 |
Products,
Technologies, Services Description
|
Main Products & Services |
Flat Glass Automotive Glass Specialty Glass Brand Name : HANGLAS |
Trade Partners
& Competitors
|
Competitors |
KOREA AUTOGLASS CORPORATION 1B, JEONUI INDUSTRIAL COMPLEX, 613,
SINJEONG-RI, JEONUI-MYEON, YEONGI-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-860-5000~9 FAX:+82-41-860-5030 DONG-KUK GLASS INDUSTRY CO., LTD. 10-14, YANGJAE 1-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-576-3855 FAX:+82-2-573-3891 KEUM SUNG GLASS TECH CO., LTD. 594-1, SINJIN-RI, GWANGCHEON-EUP,
HONGSEONG-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-641-6263 FAX:+82-41-641-6267 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
HANKUK SECKURIT LIMITED(120111-0008294) (49.94% held by the subject company) 55 SORYONG-DONG, GUNSAN, JEOLLABUK-DO, KOREA TEL:+82-63-469-2315 FAX:+82-63-469-2324 HANKUK HANLSO CO., LTD.(120111-0164351) (100.00% held by the subject company) 585-14 GAJWA-DONG, SEO-GU, INCHEON, KOREA TEL : +82-32-580-0371 FAX:+82-32-580-0319 CHEIL GLASS INDUSTRY CO., LTD.(120111-0019267) (30.00% held by the subject company) |
|
Overseas Office |
SAINT-GOBAIN HANGLAS NANJING INC. (50.00% held by the subject company) XISHANQIAO ZHONGHUAMENWAI NANJING 210041
CHINA TEL:+(025) 2406635 FAX:+(025) 2407422 SAINT-GOBAIN SEKURIT HANGLAS POLSKA SP.ZO.O (12.00% held by the subject company) UL. SZKLARSKA 27 68-205 ZARY, POLAND TEL:+48-32-295-3330 FAX:+48-32-295-3399 KUNSHAN YONGXIN GLASSWARE CO., LTD. 222 KUNTAI ROAD, KUNSHAN CITY, JIANGSU
PROVINCE, CHINA TEL:+86-520-766-1077 FAX:+86-520-766-4219 SAINT-GOBAIN HANGLAS SEKURIT (SHANGHAI)
CO., LTD. (50.00% held by the subject company) NO.18 WENJING ROAD, MINHANG ECON. &
TECH. DEVELP. ZONE SHANGHAI, CHINA TEL:+86-21-6463-0016 FAX:+86-21-6463-0061 SAINT-GOBAIN HANGLAS CLFG QINGDAO INC. 201, LIAOHE RD, 266500, ECONOMIC &
TECHNICAL DEVELOPMENT ZONE QINGDAO , SHANDONG PROVINCE, CHINA TEL:+86-532-690-9923 FAX:+86-532-690-8866 SAINT-GOBAIN HANGLAS (SHANHAI) CONSULTING
CO., LTD. (50.00% held by the subject company) RM. 1717, OCEAN TOWER, 550, YAN AN DONG RD.
HUANG PU SHANGHAI, 20001, CHINA TEL:+86-21-63611076 FAX:+86-21-63603779 SAINT-GOBAIN HANGLAS (JAPAN) KK 3-7, KOJIMACHI, CHIYODA-KU, TOKYO,
102-0083, JAPAN TEL:+81-3-52750889 FAX:+86-3-52750913 YONGXIN GLASS (60.0% held by the subject company) |
|
Subsidiary |
HANKUK HANISO CO., LTD.(120111-0164351) (100.00% held by the subject company) 585-14 GAJWA-DONG, SEO-GU, INCHEON, KOREA TEL : +82-32-580-0371 FAX:+82-32-580-0319 KUNSHAN YONGXIN GLASSWARE CO., LTD. 222 KUNTAI ROAD, KUNSHAN CITY, JIANGSU
PROVINCE, CHINA TEL:+86-520-766-1077 FAX:+86-520-766-4219 |
|
Corporate Ownership |
COMPAGNIE DE SAINT-GOBAIN SOFIAG |
|
Cooperative Enterprise |
-Technical Support from PILKINGTON PLC(UK) BOC TECH LTD AIRCO, YNC RESEARCH FRONTIERS INC. PPG INDUSTRIES INC. SAINT-GOBAIN VITRAGE S.A |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2013 |
2012 |
2011 |
|
Export |
6,582 |
8,845 |
14,020 |
|
Domestic |
237,087 |
342,006 |
449,849 |
|
Total |
243,669 |
350,851 |
463,869 |
The Subject deals with the companies in China
and Japan.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.69 |
|
|
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.