MIRA INFORM REPORT

 

 

Report Date :

29.11.2014

 

IDENTIFICATION DETAILS

 

Name :

HDGSK JV

 

 

Trading Address :

14th Fl., Gran Seoul Tower 1, 33, Jong-ro, Jongno-gu, Seoul 110-130 Korea

 

 

Country :

South Korea

 

 

Date of Incorporation :

Not Available

 

 

Legal Form :

Not Available

 

 

Line of Business :

Subject is engaged in Construction of Highways, Streets and Roads, Civil Engineering Construction, Apartment Construction, Electric Communication Construction, Street Improvement

 

 

No of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Not Registered in Korea

Payment Behaviour :

Unknown

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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 Information

 

Company Name

HDGSK JV

(Korean Company : “N/A”)

Registered Address

Iqaq

Building

 

Zip Code

 

Tel

N/A

Fax

N/A

E-mail

 

Website

 

Trading Address

14th Fl., Gran Seoul Tower 1, 33, Jong-ro, Jongno-gu, Seoul 110-130 Korea

Tel

+82-2-2158-6882

Fax

+82-2-2154-0847

Other Address

 

Tel

 

Fax

 

Type

Export

Industry

Construction of Highways, Streets and Roads

  Main Business

Civil Engineering Construction, Apartment Construction, Electric Communication Construction, Street Improvement

  Sub Business

 

Established (mm/dd/yyyy)

N/A

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Infrastructure construction(72131700)

Sell

Commercial or industrial construction(72131600)

Sell

Highway or road paving or surfacing(72131701)

Sell

General building construction(72130000)

 

 

CEO’s

 

Name

N/A

Address

 

Date of Birth

N/A

Title

N/A

Sex

N/A

Nationality

N/A

 

 

Profiles

 

Capital (KRW)

N/A

Employees

N/A

Formation

N/A

Bank Details

N/A

Corporate Registered No.

N/A

Business Registered No.

N/A

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

N/A

In our research through the official sources including the Supreme Court Registry at which every Co Ltd type of Company should be registered, we could not find the subject company under the subject company name. But in multiple news articles, the subject is registered in Iraq.

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

 

N/A

 

 

 

 

 

Financials

 

The financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

Not Applicable

Paid-Up Capital(KRW)

Not Applicable

Total Issued Shares

Not Applicable

 

 

Products, Technologies, Services Description

 

Main Products & Services

It is known that the subject is a joint venture of Hyundai Engineering & Construction, GS Engineering & Construction, and SK Engineering & Construction in Iraq.

 

Karbala Refinery Project-Construction of the Concrete Security Fence

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

GNCENERGY CO., LTD.(110111-0952055)

Customers

COPPERCHASE

Competitors

DAEWOO ENGINEERING & CONSTRUCTION CO., LTD.(110111-2137895)

KUMHO ASIANA FIRST TOWER, 57, SINMUNNO 1-GA, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-2288-3114  FAX:+82-2-2288-3113

 

SAMSUNG C&T CORPORATION(110111-0002975)

1321-20, SEOCHO 2-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-2145-2114  FAX:+82-2-2145-3114

 

DAELIM INDUSTRIAL CO., LTD.(110111-0084915)

DAELIM BLDG., 146-12, SUSONG-DONG, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-2011-7114  FAX:+82-2-2011-8000

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Corporate Ownership

HYUNDAI ENGINEERING & CONSTRUCTION CO., LTD.(110111-0007909)

GS ENGINEERING & CONSTRUCTION CORPORATION(110111-0002694)

SK ENGINEERING & CONSTRUCTION CO., LTD.(110111-0038805)

Major Shareholders

HYUNDAI ENGINEERING & CONSTRUCTION CO., LTD.(110111-0007909)

GS ENGINEERING & CONSTRUCTION CORPORATION(110111-0002694)

SK ENGINEERING & CONSTRUCTION CO., LTD.(110111-0038805)

Cooperative Enterprise

 

 

 

Sales by Region (Activity & Markets)

 

Not Available.

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.97

UK Pound

1

Rs.97.37

Euro

1

Rs.77.16                              

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.