|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HY-LOK CORPORATION, LTD. |
|
|
|
|
Registered Office : |
97, Noksansandan 27-ro, Gangseo-gu, Busan,
Korea (Old Address System : 1467-1, Songjeong-dong, Gangseo-gu, Busan,
Korea) 618-817 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.04.1978 |
|
|
|
|
Com. Reg. No.: |
603-81-06103 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Taps, Valves and Similar Products |
|
|
|
|
No. of Employees |
542 |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
|
Company
Name |
HY-LOK CORPORATION, LTD. (Korean Company
Name : “하이록코리아(주)”) |
|
Registered Address |
97, Noksansandan 27-ro, Gangseo-gu, Busan,
Korea (Old Address System : 1467-1,
Songjeong-dong, Gangseo-gu, Busan, Korea) |
|
Zip Code |
618-817 |
|
Tel |
+82-51-970-0800 |
|
Fax |
+82-51-831-7921 |
|
E-mail |
recruit@hy-lok.com |
|
Website |
www.hy-lok.com |
|
Trading Address |
Rm. 401, 2-Annex, Geunsin Bldg., 250-4,
Dohwa-dong, Mapo-gu, Seoul, Korea |
|
Tel |
+82-2-712-8177 |
|
Fax |
+82-2-701-3408 |
|
Other Address-Valve & Module Div. |
567, Sinpyeong-dong, Saha-gu, Busan, Korea |
|
Tel |
+82-51-220-0800 |
|
Fax |
+82-51-208-3465 |
|
Type |
Export |
|
Industry |
Manufacture of Taps, Valves and Similar Products |
|
Main Business |
Pipe Fitting, Pipe Flange, Valve, Hose, Fitting, Package System,
Ezy-Tools |
|
Established (mm/dd/yyyy) |
04/01/1978 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Valves(40141600) |
|
Sell |
Pipe fittings(40142300) |
|
Name |
Moon Hyu-Geon |
|
Address |
|
|
Date of Birth |
07/13/1962 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,806,616,000 |
|||||||||||||||||||||||||||
|
Employees |
542 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 013030) as of 12/15/1989 |
|||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Shinpyu7ng Branch |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0029321 |
|||||||||||||||||||||||||||
|
Business Registered No. |
603-81-06103 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
10/1996 ISO 9001 10/2000 ISO 9001 12/2002 CE Mark 10/2004 ISO 14001 Int’l Trade No.: 890777 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
07/28/1977 Established as HYUPDONG INDUSTRY
CO.(Sole Proprietorship) 04/01/1978 Incorporated as HYUPDONG METAL
CO., LTD. 07/01/2000 Changed company name to the
present name 05/06/2003 Moved to the present HQ address
from 567,
Sinpyeong-dong, Saha-gu, Busan, Korea 11/2006 Awarded US$ 30 Million Export Top
Prize |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
Chairman & CEO |
Mr. |
Moon Young-Hoon |
Male |
Korean |
1933.12.10 |
|
President & CEO |
Mr. |
Moon Hyu-Geon |
Male |
Korean |
1962.07.13 |
|
Director |
M/S. |
Jung Ji-Hee |
Female |
Korean |
1967.01.10 |
|
Outside Director |
Mr. |
Park Jae-Choon |
Male |
Korean |
1936.06.26 |
|
Auditor |
Mr. |
Kang Jin-Koo |
Male |
Korean |
1938.01.23 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
183,099,500,549 |
271,349,660,183 |
32,875,544,042 |
|
|
2012 |
184,830,915,656 |
244,417,363,785 |
28,407,855,859 |
|
2011 |
142,760,600,687 |
219,987,300,038 |
23,521,547,829 |
|
2010 |
110,818,487,349 |
184,811,213,439 |
19,902,034,341 |
Financial
Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
6,806,616,000 |
|
Total Issued Shares |
13,613,232 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
271,349,660,183 |
244,417,363,785 |
219,987,300,038 |
|
Current
Assets |
187,559,996,272 |
161,743,878,218 |
140,434,230,534 |
|
Cash & Cash Equivalents |
21,799,123,665 |
18,330,029,375 |
22,623,427,195 |
|
Current Financial Instruments |
55,900,000,000 |
23,400,000,000 |
2,792,000,000 |
|
Trade Receivables |
59,120,803,023 |
61,523,198,765 |
49,332,817,867 |
|
Other Receivables |
1,811,181,212 |
142,431,697 |
101,370,759 |
|
Inventories |
48,392,433,636 |
57,457,049,419 |
63,536,621,084 |
|
Advance Payments |
576,835,813 |
932,039,743 |
1,416,575,339 |
|
Prepaid Expenses |
25,863,209 |
40,719,037 |
42,134,608 |
|
Prepaid Taxes |
|
|
714,283,682 |
|
Non-Current
Assets |
83,789,663,911 |
82,673,485,567 |
79,553,069,504 |
|
Other Financial Assets |
|
200,000,000 |
|
|
Marketable Financial Instruments |
550,616,020 |
550,616,020 |
550,616,020 |
|
Other Receivables |
537,400,570 |
540,400,570 |
373,792,570 |
|
Investment_Subsidiaries |
7,154,814,011 |
2,845,401,643 |
2,845,401,643 |
|
Tangibles |
65,818,202,973 |
68,933,916,742 |
67,217,956,108 |
|
Investment_Real Estates |
3,211,079,689 |
3,248,084,854 |
3,285,090,019 |
|
Intangibles |
6,517,550,648 |
6,355,065,738 |
5,280,213,144 |
|
Total
Liabilities |
58,793,512,524 |
61,095,480,773 |
63,336,502,357 |
|
Current
Liabilities |
53,712,609,249 |
55,581,022,964 |
57,101,315,848 |
|
Trade Payables |
10,671,428,330 |
8,837,817,616 |
10,645,840,359 |
|
Short-Term Borrowings |
28,000,000,000 |
33,000,000,000 |
30,000,000,000 |
|
Other Payables |
7,397,407,361 |
7,023,813,557 |
10,957,631,107 |
|
Accrued Income Tax |
7,051,705,611 |
5,408,860,958 |
3,432,689,560 |
|
Advance Receipts |
68,896,130 |
735,201,083 |
1,729,008,589 |
|
Withholdings |
523,171,817 |
575,329,750 |
336,146,233 |
|
Non-Current
Liabilities |
5,080,903,275 |
5,514,457,809 |
6,235,186,509 |
|
Confirmed Salaries |
2,202,511,093 |
1,892,179,093 |
3,458,751,960 |
|
Deferred Income Tax Credit |
2,878,392,182 |
3,622,278,716 |
2,776,434,549 |
|
Capital
Stock |
6,806,616,000 |
6,806,616,000 |
6,806,616,000 |
|
Capital Surplus |
23,843,597,638 |
23,843,597,638 |
23,843,597,638 |
|
Profit Surplus |
181,905,934,021 |
152,671,669,374 |
126,000,584,043 |
|
Total Equity |
212,556,147,659 |
183,321,883,012 |
156,650,797,681 |
|
Liab. & Shareholder’s Equity |
271,349,660,183 |
244,417,363,785 |
219,987,300,038 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
183,099,500,549 |
184,830,915,656 |
142,760,600,687 |
|
Cost of Sold Goods |
124,193,348,305 |
129,270,932,107 |
101,262,178,625 |
|
Gross Profit |
58,906,152,244 |
55,559,983,549 |
41,498,422,062 |
|
Selling & Admin. Expenses |
16,531,135,948 |
15,153,098,612 |
11,158,211,441 |
|
Operating Income |
42,375,016,296 |
40,406,884,937 |
30,340,210,621 |
|
Non-Operating Income |
2,590,396,878 |
704,037,471 |
1,656,207,130 |
|
Non-Operating Expenses |
1,808,447,450 |
3,517,290,290 |
1,606,068,601 |
|
Finance Income |
1,265,371,307 |
816,549,838 |
889,696,488 |
|
Finance Expenses |
1,664,433,461 |
1,973,633,293 |
1,100,739,193 |
|
Income Before Taxes |
42,757,903,570 |
36,436,548,663 |
30,179,306,445 |
|
Income Taxes Expenses |
9,882,359,528 |
8,028,692,804 |
6,657,758,616 |
|
Income from Continuous Business |
32,875,544,042 |
28,407,855,859 |
23,521,547,829 |
|
Net Income |
32,875,544,042 |
28,407,855,859 |
23,521,547,829 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating
Activities Cash Flows |
51,263,413,610 |
24,448,644,700 |
2,550,896,946 |
|
Cash Flows from Operating |
60,237,522,942 |
30,550,751,800 |
7,889,528,283 |
|
Interests Received |
1,095,169,246 |
773,636,359 |
893,919,020 |
|
Interests Paid |
-1,236,852,206 |
-1,345,811,469 |
-1,112,201,357 |
|
Dividends Received |
75,000,000 |
75,000,000 |
|
|
Income Taxes |
-8,907,426,372 |
-5,604,931,990 |
-5,120,349,000 |
|
Cash
Flows from Investing |
-38,933,620,622 |
-29,062,178,853 |
-19,421,681,555 |
|
Cash Inflow from Investing |
74,977,756,363 |
9,375,591,998 |
6,079,927,272 |
|
Cash Outflows for Investing |
-113,911,376,985 |
-38,437,770,851 |
-25,501,608,827 |
|
Cash
Flows from Financing |
-8,403,308,000 |
958,015,200 |
2,857,964,172 |
|
Cash Inflows from Financing |
254,000,000,000 |
200,000,000,000 |
198,000,000,000 |
|
Cash Outflows from Financing |
-262,403,308,000 |
-199,041,984,800 |
-195,142,035,828 |
|
Increase/Decrease
in Cash |
3,484,439,822 |
-4,249,987,638 |
-13,982,029,696 |
|
Cash at
the Beginning of Year |
18,248,439,557 |
22,498,427,195 |
36,480,456,891 |
|
Cash at
the End of Year |
21,732,879,379 |
18,248,439,557 |
22,498,427,195 |
|
Main Products & Services |
Pipe Fitting, Pipe Flange, Valve, Hose, Fitting, Package System,
Ezy-Tools Brand Name : HY-LOK |
|
Competitors |
METAL KOREA CO., LTD. 801, JINYEONG-RI, JINYEONG-EUP, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-51-919-6954 FAX:+82-51-919-6957 HAN SHIN METAL CO. 651-58, EOMGUNG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-305-2240 FAX:+82-51-305-2243 HANDOK METAL CO. 416-1, SINPYEONG 2-DONG, SAHA-GU, BUSAN,
KOREA TEL:+82-51-206-1968 FAX:+82-51-202-0030 |
|
Affiliates |
HY-LOK DANJO CO., LTD.( 195511-0132369) (100.0% held by the subject company) HYUPDONGSA CO., LTD.(180111-0452308) (50.0% held by the subject company) HY-LOK CHINA CO., LTD.(CHINA) (60.0% held by the subject company) HY-LOK USA.INC 14211 WESTFAIR WEST RD. HOUSTON, TX 77041 HY-LOK EUROPE B.V. |
|
Sales/ Unit :Mil KRW |
2013 |
2012 |
2011 |
|
Export |
72,924 |
93,129 |
69,156 |
|
Domestic |
110,174 |
91,701 |
73,604 |
|
Total |
183,099 |
184,830 |
142,760 |
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.72 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.