|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
HEARTYCHEM CORP. |
|
|
|
|
Registered Office : |
Rm. 1806, Korea Trade Tower, 511, Yeongdong-daero, Gangnam-gu, Seoul 135-729 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.08.1995 |
|
|
|
|
Com. Reg. No.: |
105-81-73938 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesaler of Synthetic Rubber and Plastics Materials |
|
|
|
|
No of Employees : |
28 |
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 : |
Slow But Correct |
|
|
|
|
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. South 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. South 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-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
HEARTYCHEM CORP. (Korean Company Name : “(주)하티켐”) |
|
Registered
Address |
511, Yeongdong-daero, Gangnam-gu, Seoul, Korea |
|
Building |
Rm. 1806, Korea Trade Tower |
|
Zip Code |
135-729 |
|
Tel |
+82-2-6000-0886 |
|
Fax |
+82-2-6000-0888 |
|
E-mail |
hearty@hearty.co.kr |
|
Website |
www.hearty.co.kr |
|
Trading Address |
Rm. 1806, Korea Trade Tower, 511, Yeongdong-daero, Gangnam-gu, Seoul, Korea (Old Address System : Rm. 1806, Korea Trade Tower, 159-1, Samseong 1-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-6000-0886 |
|
Fax |
+82-2-6000-0888 |
|
Other Address-Gonjiam Branch |
7, Gyeongchung-daero 295beon-gil, Gonjiam-eup, Gwangju-si, Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Wholesale of Synthetic Rubber and Plastics Materials |
|
Main Business |
Synthetic Rubbers, Plastics, Polyurethane |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
08/18/1995 |
The Subject
Company occupies the premises of registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Rubber compound(13101607) |
|
Sell |
Processed and synthetic rubber(13101600) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
CEO’s
|
Name |
Kim Hyung-Kon |
|
Address |
Suite 109-603,
120, Irwon-ro, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
08/10/1966 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
450,000,000 |
|||||||||||||||
|
Employees |
28 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
Korea Exchange
Bank-Int’l Trade Branch SC First Bank
of Korea Kookmin Bank Woori Bank Industrial
Bank of Korea |
|||||||||||||||
|
Corporate Registered
No. |
110111-1187601 |
|||||||||||||||
|
Business
Registered No. |
105-81-73938 |
|||||||||||||||
|
Permit &
Licenses |
Int’l Trade No.: 11278485 |
|||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||
|
Company
History |
08/18/1995 Incorporated as HEARTY &C CORP. 09/04/1999 Moved to the present HQ address from 538, Dohwa-dong, Mapo-gu, Seoul, Korea 09/15/2000 Changed company name to the present name 11/2001 Awarded US$1 Million Export Top Prize 12/26/2008 Increased the authorized shares to 5,000,000 shares from 20,000 shares 11/2008 Awarded US$20 Million Export Top Prize 12/30/2008
Increased capital to 450,000,000 KRW from 50,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kim
Hyung-Kon |
Male |
Korean |
03/25/2008 |
|
Director |
M/S. |
Kim Mi-Kyung |
Female |
Korean |
08/29/2001 |
|
Director |
Mr. |
Cho Hyun-Il |
Male |
Korean |
01/08/2010 |
|
Auditor |
Mr. |
Cho Hyun-Jung |
Male |
Korean |
03/21/2012 |
Financials
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
237,507,086,781 |
28,465,238,356 |
391,111,029 |
|
|
2012 |
273,769,314,201 |
22,828,435,239 |
1,327,558,613 |
|
2011 |
255,911,205,712 |
25,939,613,389 |
2,681,788,104 |
|
2010 |
174,626,810,011 |
15,613,794,894 |
2,335,523,519 |
|
2009 |
83,438,751,991 |
14,194,541,177 |
2,180,925,964 |
|
2008 |
130,767,902,888 |
9,858,885,423 |
4,035,414,244 |
|
2007 |
51,955,825,996 |
7,362,859,919 |
524,212,489 |
|
2006 |
- |
- |
- |
|
2005 |
28,525,000,000 |
3,459,000,000 |
115,000,000 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
450,000,000 |
|
Total Issues Shares |
45,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
28,465,238,356 |
22,828,435,239 |
25,939,613,389 |
|
Current Assets |
23,835,299,694 |
18,418,579,535 |
22,701,967,673 |
|
-Quick
Assets |
22,980,978,642 |
15,811,096,902 |
20,173,739,371 |
|
-Inventories |
854,321,052 |
2,607,482,633 |
2,528,228,302 |
|
Fixed
Assets |
4,629,938,662 |
4,409,855,704 |
3,237,645,716 |
|
-Investment |
569,228,180 |
668,497,960 |
540,399,270 |
|
-Tangibles |
1,834,537,919 |
1,935,664,882 |
2,070,658,604 |
|
-Intangibles |
2,226,172,563 |
1,805,692,862 |
626,587,842 |
|
Total Liabilities |
17,780,626,496 |
12,078,015,980 |
15,614,149,641 |
|
Current Liabilities |
16,670,147,833 |
11,234,970,449 |
14,884,986,666 |
|
Fixed Liabilities |
1,110,478,663 |
843,045,531 |
729,162,975 |
|
Capital Stock |
450,000,000 |
450,000,000 |
450,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
10,330,437,590 |
10,389,326,561 |
9,961,767,948 |
|
Capital Adjustment |
-95,825,730 |
-88,907,302 |
-86,304,200 |
|
Total Equity |
10,684,611,860 |
10,750,419,259 |
10,325,463,748 |
|
Liab. & Shareholder’s Equity |
28,465,238,356 |
22,828,435,239 |
25,939,613,389 |
|
Current
Liabilities |
16,670,147,833 |
11,234,970,449 |
14,884,986,666 |
|
Trade Payables |
8,251,271,244 |
7,492,906,188 |
10,116,826,688 |
|
Short-Term
Borrowings |
6,040,210,289 |
1,590,080,638 |
2,068,469,751 |
|
Account Payables |
1,213,624,260 |
977,327,519 |
1,519,529,193 |
|
Accrued Income Tax |
49,174,930 |
57,992,270 |
685,361,170 |
|
Advance Receipts |
968,773,958 |
939,149,613 |
281,166,958 |
|
Withholdings |
123,611,590 |
151,841,900 |
190,072,631 |
|
Deferred
Income Taxes |
23,481,562 |
25,672,321 |
23,560,275 |
|
Fixed Liabilities |
1,110,478,663 |
843,045,531 |
729,162,975 |
|
Leasehold
Deposit Received |
3,600,000 |
- |
|
|
Provision for Severance &
Retirement |
1,397,659,579 |
1,104,165,746 |
952,281,193 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
237,507,086,781 |
273,769,314,201 |
255,911,205,712 |
|
Cost of Sold Goods |
222,370,269,864 |
256,915,657,752 |
237,120,220,871 |
|
Gross Profit |
15,136,816,917 |
16,853,656,449 |
18,790,984,841 |
|
Selling & Admin. Expenses |
14,079,558,284 |
14,522,197,206 |
14,462,974,581 |
|
Operating Income |
1,057,258,633 |
2,331,459,243 |
4,328,010,260 |
|
Non-Operating Income |
3,410,504,866 |
2,431,621,940 |
3,473,136,043 |
|
Non-Operating Expenses |
3,791,182,605 |
3,081,155,218 |
4,248,856,768 |
|
Income Before Taxes |
676,580,894 |
1,681,925,965 |
3,552,289,535 |
|
Income Taxes Expenses |
285,469,865 |
354,367,352 |
870,501,431 |
|
Net Income |
391,111,029 |
1,327,558,613 |
2,681,788,104 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows from Operating |
-2,664,202,452 |
3,752,807,202 |
582,248,649 |
|
-Net Income |
391,111,029 |
1,327,558,613 |
2,681,788,104 |
|
-Exp. without Cash Outflow |
1,075,453,220 |
898,850,374 |
1,262,915,647 |
|
-Revenue without Cash Inflows |
-94,104,739 |
-89,293,624 |
-80,265,361 |
|
-Changes in Asset/ & Liability |
-4,036,661,962 |
1,615,691,839 |
-3,282,189,741 |
|
Cash Flows from Investing |
-731,255,400 |
-2,894,666,737 |
-638,877,572 |
|
-Cash Inflow from Investing |
2,543,874,000 |
2,352,967,273 |
4,128,300,000 |
|
-Cash Outflows for Investing |
-3,275,129,400 |
-5,247,634,010 |
-4,767,177,572 |
|
Cash Flows from Financing |
4,029,377,194 |
-1,376,348,506 |
468,469,751 |
|
-Cash Inflows from Financing |
4,691,926,507 |
542,121,245 |
2,628,469,751 |
|
-Cash Outflows from Financing |
-662,549,313 |
-1,918,469,751 |
-2,160,000,000 |
|
Increase/Decrease in Cash |
633,919,342 |
-518,208,041 |
411,840,828 |
|
Cash at the Beginning of Year |
1,329,988,040 |
1,848,196,081 |
1,436,355,253 |
|
Cash at the End of Year |
1,963,907,382 |
1,329,988,040 |
1,848,196,081 |
Products,
Technologies, Services Description
|
Main Products & Services |
Synthetic Rubber Reprocess Rubbers Detergent Chemicals Feed Additives Non-Ferrous Metal Products Other Chemicals Nitrogen Fertilizers Phosphate Fertilizers Potash Fertilizers NP/NK/NPK Fertilizers |
Trade Partners &
Competitors
|
Competitors |
DYM CO., LTD. 624-2, EOPSEONG-DONG,
SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-621-6250 FAX:+82-41-621-8420 JUNGWOO
TRADING CO., LTD. 869-11,
EOGOK-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-386-5003 FAX:+82-55-364-1778 HUMADE CORPORATION RM. 2310,
MASTERS TOWER BLDG., 553, DOHWA 1-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3275-5155~8 FAX:+82-2-3275-5157 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
HEARTYCHEM ASIA LTD.(HONG KONG) RM.4206, FAREAST FINANCIAL CENTER, 16, HARCOURT ROAD, ADMIRALTY, HONG KONG TEL:+852-2861-1761 FAX:+852-2861-1760 THE EIGHT H CORPORATION(110111-4384246) (48.6% held by the subject company) FLOGIS INTERNATIONAL CORP.(110111-3954230) |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.09 |
|
|
1 |
Rs. 102.39 |
|
Euro |
1 |
Rs. 81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.