|
Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAFARGE HALLA
CEMENT CORPORATION |
|
|
|
|
Formerly Known As : |
RH CEMENT CO., LTD. |
|
|
|
|
Registered Office : |
225, Sangye-gil, Okgye-myeon, Gangneung-si,
Gangwon-do, Zip Code 210-834 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
27.10.1998 |
|
|
|
|
Com. Reg. No.: |
226-81-22191 |
|
|
|
|
Legal Form : |
Co., Ltd by shares Foreign Direct Investment Corporation |
|
|
|
|
Line of Business : |
Manufacturer of Cement & Clinker |
|
|
|
|
No of Employees : |
510 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge 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 about half of GDP.
|
Source : CIA |
|
Company Name |
LAFARGE HALLA
CEMENT CORPORATION (Korean Company Name : “라파즈한라시멘트(주)”) |
|
Registered
Address |
225, Sangye-gil, Okgye-myeon,
Gangneung-si, Gangwon-do, Korea (Old Address System : 280-1, Sangye-ri, Okgye-myeon, Gangneung-si,
Gangwon-do, Korea) |
|
Zip Code |
210-834 |
|
Tel |
+82-33-534-1000 |
|
Fax |
+82-33-534-0716 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
4th Fl., Rosedale Officetel, 724, Suseo-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-6902-3200 |
|
Fax |
+82-2-6902-3292 |
|
Other Address-Singi Factory |
23, Anui-ri, Singi-myeon, Samcheok-si, Gangwon-do, Korea |
|
Tel |
+82-33-540-0312 |
|
Fax |
+82-33-540-0319 |
|
Other Address-Gwangyang Factory |
1659-3,
Taein-dong, Gwangyang-si, Jeollanam-do, Korea |
|
Tel |
+82-61-792-8291 |
|
Fax |
+82-61-792-8290 |
|
Other Address-Pohang Factory |
140-10, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-285-1751~3 |
|
Fax |
+82-54-285-1930 |
|
Other Address-Icheon Office |
358-4, Huan-ri, Hobeop-myeon, Icheon-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-632-3286 |
|
Fax |
+82-31-632-3287 |
|
Other Address-Maepo Office |
374-4,
Noho-ri, Buyong-myeon, Cheongwon-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-269-2153 |
|
Fax |
+82-43-269-2852 |
|
Other Address-Samho Office |
1237-8,
Sampo-ri, Samho-eup, Yeongam-gun, Jeollanam-do, Korea |
|
Tel |
+82-61-461-1415 |
|
Fax |
+82-61-461-1692 |
|
Other Address-Janghang Branch |
420-2, Sinchang-ri, Janghang-eup, Seocheon-gun, Chungcheongnam-do,
Korea |
|
Tel |
+82-41-956-7235 |
|
Fax |
+82-41-956-7237 |
|
Other Address-Uiwang Office |
71-3,
I-dong, Uiwang-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-461-4288 |
|
Fax |
+82-31-461-4971 |
|
Other Address-Eumseong Office |
785-1, Pyeonggok 1-ri, Eumseong-eup, Eumseong-gun, Chungcheongbuk-do,
Korea |
|
Tel |
+82-43-872-4695 |
|
Fax |
+82-43-872-1937 |
|
Other Address-Jeju Office |
1007, Sangdae-ri, Hallim-eub, Jeju-si, Jeju-do, Korea |
|
Tel |
+82-64-796-7270 |
|
Fax |
+82-64-796-7290 |
|
Type |
Export/Import |
|
Main Business |
Manufacture
of Cement & Clinker |
|
Established
(mm/dd/yyyy) |
10/27/1998 |
The Subject owns
the premises of registered HQ address, Singi Factory, Gwangyang Factory, Maepo
Office and Samho Office.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cement(30111601) |
|
Name |
Michel
Puchercos |
|
Address |
Suite
401, 200-16, UN village-gil, Yongsan-gu, Seoul, Korea |
|
Date of Birth |
10/02/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
French |
|
Capital (KRW) |
221,737,035,000 |
||||||||||||||||||
|
Employees |
510 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares Foreign
Direct Investment Corporation |
||||||||||||||||||
|
Bank Details |
Shinhan Bank Korea Exchange Bank Woori Bank |
||||||||||||||||||
|
Corporate Registered No. |
141111-0012331 |
||||||||||||||||||
|
Business Registered No. |
226-81-22191 |
||||||||||||||||||
|
Permit & Licenses |
11/2002 ISO 14001 Int’l
Trade No.: 404486 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
10/27/1998 Incorporated as RH CEMENT CO.,
LTD. 12/1998 Acquired Cement Business from HALLA
CEMENT CO., LTD. 01/14/2000 Changed company name to the present name 01/25/2000 Registered as a Foreign Direct
Investment Corporation 05/07/2004 Decreased capital to
221,737,035,000 KRW from 226,460,000,000 KRW |
||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Michel Puchercos |
Male |
French |
01/29/2009 |
|
Director |
Mr. |
Silvang Garno |
Male |
French |
03/30/2012 |
|
Director |
Mr. |
Fredrick Viyon |
Male |
French |
03/30/2012 |
|
Director |
Mr. |
Wig Bacel Donbreval |
Male |
French |
03/30/2012 |
|
Director |
Mr. |
Pablichio Olivares |
Male |
French |
03/30/2012 |
|
Auditor |
M/S. |
Lee Hee-Sook |
Female |
Korean |
03/29/2009 |
Mr. Michel Puchercos
-Ecole Polytechnique (1976)
-Ecole Nationale du Genie Rural, des Eaux et des Forets (National
School of Rural Engineering, Waterways and Forests) (1981)
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
90,292,549,663 |
569,019,625,326 |
-3,601,965,786 |
|
|
2013 |
420,483,717,515 |
586,184,536,585 |
38,222,944,084 |
|
2012 |
402,499,788,268 |
531,611,745,594 |
29,436,675,497 |
|
2011 |
375,594,489,526 |
500,547,979,422 |
-28,757,135,986 |
|
2010 |
345,480,312,226 |
507,250,215,002 |
-14,920,340,319 |
|
2009 |
394,324,503,241 |
424,468,027,658 |
-13,504,758,194 |
|
2008 |
364,298,220,254 |
483,801,781,406 |
-9,746,864,525 |
|
2007 |
335,172,949,511 |
477,122,509,000 |
-11,378,798,726 |
|
2006 |
342,586,712,387 |
469,445,093,908 |
-2,973,565,869 |
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
221,737,035,000 |
|
Total Issued Shares |
44,347,407 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Total Assets |
569,019,625,326 |
586,184,536,585 |
531,611,745,594 |
|
Current Assets |
209,115,711,212 |
227,380,456,524 |
180,693,867,788 |
|
-Quick
Assets |
166,735,862,221 |
189,877,306,899 |
135,111,223,501 |
|
-Inventories |
42,379,848,991 |
37,503,149,625 |
45,582,644,287 |
|
Fixed
Assets |
359,903,914,114 |
358,804,080,061 |
350,917,877,806 |
|
-Investment |
5,410,160,650 |
7,760,424,930 |
6,861,571,635 |
|
-Tangibles |
312,640,715,033 |
308,947,256,722 |
305,051,906,226 |
|
-Intangibles |
38,597,821,470 |
38,692,465,116 |
35,192,230,678 |
|
-Others |
3,255,216,961 |
3,403,933,293 |
3,812,169,267 |
|
Total Liabilities |
177,059,696,846 |
190,502,326,545 |
175,328,933,891 |
|
Current Liabilities |
122,373,648,830 |
127,345,510,081 |
114,679,030,594 |
|
Fixed Liabilities |
54,686,048,016 |
63,156,816,464 |
60,649,903,297 |
|
Capital Stock |
221,737,035,000 |
221,737,035,000 |
221,737,035,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
98,241,904,038 |
101,843,869,824 |
63,620,925,740 |
|
Capital Adjustment |
71,980,989,442 |
72,101,305,216 |
70,924,850,963 |
|
Total Equity |
391,959,928,480 |
395,682,210,040 |
356,282,811,703 |
|
Liab. & Shareholder’s Equity |
569,019,625,326 |
586,184,536,585 |
531,611,745,594 |
|
Current
Liabilities |
122,373,648,830 |
127,345,510,081 |
114,679,030,594 |
|
Trade Payables |
43,807,778,036 |
43,076,058,417 |
40,093,630,722 |
|
Account Payables |
52,019,190,699 |
62,936,875,661 |
46,419,010,181 |
|
Advance Receipts |
609,429,132 |
1,065,602,939 |
1,413,888,235 |
|
Withholdings |
1,901,434,795 |
1,442,917,156 |
622,111,742 |
|
Unearned Income |
854,812,182 |
188,011,394 |
8,631,690 |
|
Accrued Expenses |
3,387,707,631 |
3,520,882,770 |
3,085,295,624 |
|
Accrued Dividends |
|
|
685,660 |
|
Current Portion of Long-Term
Debts |
1,937,420,000 |
2,197,175,500 |
4,238,909,500 |
|
Current Portion of Long-Term
Lease Debts |
8,960,825,630 |
1,026,639,842 |
938,593,318 |
|
Accrued Income Tax |
5,198,756,307 |
8,594,762,170 |
5,658,273,922 |
|
Provisions for Disaster
Recovery |
3,536,453,304 |
3,296,584,232 |
12,200,000,000 |
|
Derivatives |
159,841,114 |
|
|
|
Fixed
Liabilities |
54,686,048,016 |
63,156,816,464 |
60,649,903,297 |
|
Long-Term Borrowings |
3,516,777,500 |
3,931,467,500 |
5,968,976,500 |
|
Provision for Severance &
Retirement |
29,354,375,909 |
28,762,909,494 |
29,941,581,474 |
|
Other Provisions |
11,862,277,222 |
11,559,665,250 |
10,702,291,129 |
|
Leasehold Deposit Received |
8,136,774,566 |
8,125,363,479 |
414,362,313 |
|
Guarantee Deposit |
773,700,000 |
743,700,000 |
843,700,000 |
|
Deferred Income Tax Credit |
911,887,334 |
1,683,121,365 |
3,873,074,188 |
|
Long-Term Lease Debts |
|
8,182,281,351 |
9,208,921,193 |
|
Long-Term Unearned Income |
391,098,585 |
433,354,125 |
|
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Sales |
90,292,549,663 |
420,483,717,515 |
402,499,788,268 |
|
Cost of Sold Goods |
85,315,563,223 |
344,906,519,454 |
332,705,973,528 |
|
Gross Profit |
4,976,986,440 |
75,577,198,061 |
69,793,814,740 |
|
Selling & Admin. Expenses |
8,533,462,170 |
38,104,833,005 |
32,877,960,779 |
|
Operating Income |
-3,556,475,730 |
37,472,365,056 |
36,915,853,961 |
|
Non-Operating Income |
1,578,147,209 |
22,275,161,450 |
19,278,340,480 |
|
Non-Operating Expenses |
2,702,305,896 |
9,173,218,063 |
27,040,741,090 |
|
Income Before Taxes |
-4,680,634,417 |
50,574,308,443 |
29,153,453,351 |
|
Income Taxes Expenses |
-1,078,668,631 |
12,351,364,359 |
-283,222,146 |
|
Net Income |
-3,601,965,786 |
38,222,944,084 |
29,436,675,497 |
Cash Flows
|
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Cash Flows from Operating |
4,025,278,756) |
79,519,999,009 |
51,937,595,888 |
|
-Net Income |
-3,601,965,786 |
38,222,944,084 |
29,436,675,497 |
|
-Exp. without Cash Outflow |
9,086,432,091 |
32,341,560,452 |
46,474,729,762 |
|
-Revenue without Cash Inflows |
-103,479,843 |
-390,097,552 |
-928,945,083 |
|
-Changes in Asset/ & Liability |
-9,406,265,218 |
9,345,592,025 |
-23,044,864,288 |
|
Cash Flows from Investing |
-8,841,841,472 |
-23,735,637,410 |
-14,244,715,050 |
|
-Cash Inflow from Investing |
89,124,178 |
3,483,965,210 |
2,006,967,094 |
|
-Cash Outflows for Investing |
-8,930,965,650 |
-27,219,602,620 |
-16,251,682,144 |
|
Cash Flows from Financing |
-1,127,890,340 |
-5,893,022,360 |
-6,818,788,860 |
|
-Cash Inflows from Financing |
|
|
|
|
-Cash Outflows from Financing |
-1,127,890,340 |
-5,893,022,360 |
-6,818,788,860 |
|
Increase/Decrease in Cash |
-13,995,010,568 |
49,891,339,239 |
30,874,091,978 |
|
Cash at the Beginning of Year |
99,516,874,875 |
49,625,535,636 |
18,751,443,658 |
|
Cash at the End of Year |
85,521,864,307 |
99,516,874,875 |
49,625,535,636 |
|
Main Products & Services |
Cement
& Clinker |
|
Suppliers |
HYUNDAI OIL REFINERY CO., LTD.(110111-0090558) NAMHAE CHEMICAL CORPORATION(110111-0164717) OXBOW |
|
Competitors |
SSANGYONG CEMENT INDUSTRIAL CO., LTD. SSANG-YONG BLDG., 24-1, JEODONG 2-GA,
JUNG-GU, SEOUL, KOREA TEL:+82-2-2270-5114 FAX:+82-2-2275-7040 HANIL CEMENT CO., LTD. 15TH FL., UDEOK BLDG., 832-2, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-531-7000 FAX:+82-2-531-7113 TONG YANG CEMENT CORPORATION ALPHA BLDG., 70, SEORIN-DONG, JONGNO-GU,
SEOUL, KOREA TEL:+82-2-3770-3000 FAX:+82-2-3770-3305 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
LAFARGE S.A. LAKO LTD.(141111-0027009) POSFINE CO., LTD.(204611-0030668) CEMENTIA TRADING CO. LAFARGE ASIA SDN BHD LAFARGE CEMENT LIMITED LIABLITY COMPANY LAFARGE SHUI ON(BEIJING) LAFARGE SURMA CEMENT MALAYAN CEMENT BERHAD PT.SEMEN ANDALAS INDONESIA |
|
Corporate Ownership |
LAFARGE S.A. FINANCIERE LAFARGE |
|
Cooperative Enterprise |
-Franchise Agreement with LAFARGE S.A. -Insured Company HYUNDAIMARINE&FIREINSURANCECO.,LTD.(110111-0035893) SAMSUNG
FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity &
Markets)
|
Sales/ Unit
:Mil KRW |
03/2014 |
2013 |
2012 |
|
Export |
15,864 |
31,145 |
38,902 |
|
Domestic |
74,429 |
389,339 |
363,598 |
|
Total |
90,293 |
420,484 |
402,500 |
The Subject deals
with the companies in China and Taiwan.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
UK Pound |
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.