|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HONGDUK INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
328, Cheolgang-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do-790-240 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.05.2012 |
|
|
|
|
Com. Reg. No.: |
506-81-79611 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
|
|
|
No of Employees : |
261 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
HONGDUK
INDUSTRIAL CO., LTD. (Korean Company Name : “홍덕산업(주)”) |
|
Registered Address |
328, Cheolgang-ro, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea (Old Address System : 1854, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do,
Korea) |
|
Building |
|
|
Zip Code |
790-240 |
|
Tel |
+82-54-271-9483 |
|
Fax |
+82-54-278-1410 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
20FL., Janggyo Bldg., 1, Janggyo-dong, Jung-gu, Seoul, Korea |
|
Tel |
+82-2-316-6114 |
|
Fax |
+82-2-316-6115 |
|
Other
Address |
80, Cheolgangsandan-ro 66beon-gil, Daesong-myeon, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other
Address |
68, Yunoegongdan-gil, Beopsu-myeon,
Haman-gun, Gyeongsangnam-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other
Address |
84, Seokgang 3-gil, Gajo-myeon,
Geochang-gun, Gyeongsangnam-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other
Address |
173-160, Yongmyeonggongdan-gil,
Geoncheon-eup, Gyeongju-si, Gyeongsangbuk-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture
of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
Main Business |
Bead
Wire |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/02/2012 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Mechanical
wire(31151800) |
|
Sell |
Packaging
films(24141514) |
|
Sell |
Rod(30102400) |
CEO’s
|
Name |
Ju Jong-Dae |
|
Address |
Suite 606-2304, 503, Geumgang-ro,
Geumjeong-gu, Busan, Korea |
|
Date of Birth |
07/06/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
10,813,290,000 |
||||||||||||
|
Employees |
261 |
||||||||||||
|
Formation |
Co., Ltd by shares A
Company of KISWIRE GROUP |
||||||||||||
|
Bank Details |
Citi Bank Busan Bank |
||||||||||||
|
Corporate Registered No. |
171711-0099505 |
||||||||||||
|
Business Registered No. |
506-81-79611 |
||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 892878 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
Incorporated
as the present name after split off HONG DUK CO.,
LTD.(174611-0007408) 12/01/2012 Acquired HONGDUK ENGINEERING
CO., LTD. 04/01/2014 Increased the authorized shares to
5,000,000 shares from 2,000,000 shares 04/01/2014 Increased capital to
10,813,290,000 KRW from 5,720,875,000 KRW 04/01/2014 Acquired HONGDUK STEELCORD CO.,
LTD.(174611-0015485), HONGDUK CABLE CO., LTD.(180111-0079219) and HONGDUK STC
CO., LTD.(191411-0002154) |
||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Ju Jong-Dae |
Male |
Korean |
03/26/2013 |
|
Director |
Mr. |
Hong Jong-Yeol |
Male |
Korean |
05/02/2012 |
|
Director |
Mr. |
Hong Young-Cheol |
Male |
Korean |
05/02/2012 |
|
Auditor |
Mr. |
Lim Sung-Young |
Male |
Korean |
03/26/2013 |
|
Auditor |
Mr. |
Lee Cheon-Keun |
Male |
Korean |
05/02/2012 |
Financials
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2013 |
198,885,370,846 |
199,001,832,336 |
9,049,451,773 |
|
2012 |
116,716,246,812 |
172,728,234,924 |
6,475,349,835 |
Financial Description
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
10,813,290,000 |
|
Total Issued Shares |
2,162,658 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
199,001,832,336 |
172,728,234,924 |
|
|
Current Assets |
127,759,492,889 |
94,048,923,598 |
|
|
-Quick
Assets |
101,103,483,252 |
67,949,057,002 |
|
|
-Inventories |
26,656,009,637 |
26,099,866,596 |
|
|
Fixed
Assets |
71,242,339,447 |
78,679,311,326 |
|
|
-Investment |
6,730,506,008 |
6,899,672,104 |
|
|
-Tangibles |
39,971,546,782 |
41,633,023,849 |
|
|
-Intangibles |
21,749,393,417 |
27,304,752,133 |
|
|
-Others |
2,790,893,240 |
2,841,863,240 |
|
|
Total Liabilities |
49,603,373,610 |
32,379,227,971 |
|
|
Current Liabilities |
45,665,558,714 |
28,700,653,127 |
|
|
Fixed Liabilities |
3,937,814,896 |
3,678,574,844 |
|
|
Capital Stock |
5,720,875,000 |
5,720,875,000 |
|
|
Capital Surplus |
126,695,870,845 |
126,695,870,845 |
|
|
Profit Surplus |
15,524,801,608 |
6,475,349,835 |
|
|
Capital Adjustment |
1,456,911,273 |
1,456,911,273 |
|
|
Total Equity |
149,398,458,726 |
140,349,006,953 |
|
|
Liab. & Shareholder’s Equity |
199,001,832,336 |
172,728,234,924 |
|
|
Current Liabilities |
45,665,558,714 |
28,700,653,127 |
|
|
Trade Payables |
37,698,079,796 |
25,019,062,849 |
|
|
Account Payables |
1,783,970,805 |
1,394,143,724 |
|
|
Withholdings |
71,603,182 |
56,632,099 |
|
|
Accrued Expenses |
1,431,755,911 |
1,014,438,733 |
|
|
Advance Receipts |
1,959,327,682 |
275,826,734 |
|
|
Accrued Income Tax |
2,682,445,340 |
940,548,988 |
|
|
Deferred Income Tax |
38,375,998 |
- |
|
|
Fixed Liabilities |
3,937,814,896 |
3,678,574,844 |
|
|
Provision for Severance & Retirement |
4,020,293,330 |
3,395,544,520 |
|
|
Deferred Income Tax Credit |
525,830,637 |
425,431,646 |
|
|
Other Guarantee Deposit |
2,368,000,000 |
2,370,400,000 |
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
198,885,370,846 |
116,716,246,812 |
|
|
Cost of Sold Goods |
165,471,965,484 |
99,539,115,908 |
|
|
Gross Profit |
33,413,405,362 |
17,177,130,904 |
|
|
Selling & Admin. Expenses |
21,232,244,915 |
9,618,363,369 |
|
|
Operating Income |
12,181,160,447 |
7,558,767,535 |
|
|
Non-Operating Income |
4,132,202,072 |
2,810,725,838 |
|
|
Non-Operating Expenses |
3,121,320,654 |
1,589,164,485 |
|
|
Income Before Taxes |
13,192,041,865 |
8,780,328,888 |
|
|
Income Taxes Expenses |
4,142,590,092 |
2,304,979,053 |
|
|
Net Income |
9,049,451,773 |
6,475,349,835 |
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
23,675,846,904 |
20,850,477,681 |
|
|
-Net Income |
9,049,451,773 |
6,475,349,835 |
|
|
-Exp. without Cash Outflow |
11,693,173,022 |
4,278,102,615 |
|
|
-Revenue without Cash Inflows |
-685,586,031 |
-1,374,440,988 |
|
|
-Changes in Asset/ & Liability |
3,618,808,140 |
11,471,466,219 |
|
|
Cash Flows from Investing |
-45,033,922,047 |
6,243,990,132 |
|
|
-Cash Inflow from Investing |
34,063,906,692 |
22,363,538,129 |
|
|
-Cash Outflows for Investing |
-79,097,828,739 |
-16,119,547,997 |
|
|
Cash Flows from Financing |
- |
- |
|
|
-Cash Inflows from Financing |
- |
- |
|
|
-Cash Outflows from Financing |
- |
- |
|
|
Increase/Decrease in Cash |
-21,358,075,143 |
27,094,467,813 |
|
|
Cash at the Beginning of Year |
36,333,854,408 |
9,239,386,595 |
|
|
Cash at the End of Year |
14,975,779,265 |
36,333,854,408 |
|
Products, Technologies,
Services Description
|
Main Products & Services |
Bead
Wire |
Trade Partners &
Competitors
|
Competitors |
K&J CORPORATION RM. 407, USEONG PETITE OFFICETEL, 1600-9,
SEOCHO-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3474-4451 FAX:+82-2-3474-4454 PLASCO LTD. RM. 603, JOYANG BLDG., 45, MUGYO-DONG,
JUNG-GU, SEOUL, KOREA TEL:+82-2-752-0866 FAX:+82-2-752-1158 HONGDUK STEEL CORD CO., LTD. 758, DAEGAK-RI, DAESONG-MYEON, NAM-GU,
POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-271-9400 FAX:+82-54-278-4720 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
KISWIRE CO., LTD.(180111-0001220) HONG DUK CO.,
LTD.(174611-0007408) TREFIL ARBED KISWIRE LTD.(184511-0000296) HONGDUK STC CO., LTD.(191411-0002154) HONG DUCK FINE CORD LTD.(194311-0001048) |
|
Affiliates-Overseas |
KISWIRE CORD SDN BHD KISWIRE NEPTUNE SDN.BHD. KISWIRE EUROPE BV KISWIRE INC. KISWIRE TRADING, INC. KISWIRE JAPAN KISWIRE SINGAPORE KISWIRE (SHANGHAI) TRADING CO ARCELORMITTAL PINE BLUFF ARCELORMITTAL SZENTGOTTHARD KISWIRE BALARAJA INDONESIA KISWIRE QINGDAO LTD KISWIRE SDN.BHD QINGDAO KISWIRE ARCELORMITTAL LTD QINGDAO KPM LTD VIETNAM KISWIRE ARCELORMITTAL LTD YANGTZE KAM LTD |
|
Corporate Ownership |
HONG DUK CO.,
LTD.(174611-0007408) |
|
Major Shareholders |
HONG DUK CO.,
LTD.(174611-0007408) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) GREEN
NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.07 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
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.