|
Report No. : |
317920 |
|
Report Date : |
18.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
HUVIS CORPORATION |
|
|
|
|
Registered Office : |
343, Hakdong-ro, Gangnam-gu, Seoul |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
320.06.2014 |
|
|
|
|
Date of Incorporation : |
11.01.2000 |
|
|
|
|
Com. Reg. No.: |
215-81-98804 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Fibers |
|
|
|
|
No. of Employees : |
954 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
|
Company Name |
HUVIS CORPORATION |
|
Registered Address |
343, Hakdong-ro, Gangnam-gu, Seoul, Korea |
|
Building |
12FL., Paros Tower |
|
Zip Code |
135-010 |
|
Tel |
+82-2-2189-4567 |
|
Fax |
+82-2-2189-4569 |
|
E-mail |
webmaster@huvis.com |
|
Website |
www.huvis.com |
|
Trading Address |
12FL., Paros Tower, 343, Hakdong-ro,
Gangnam-gu, Seoul, Korea (Old Address System : 12FL., Paros Tower,
119, Nonhyeon-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-2189-4567 |
|
Fax |
+82-2-2189-4569 |
|
Other Address-Jeonju Factory |
339, Palbokdong 2-ga, Deokjin-gu,
Jeonju-si, Jeollabuk-do, Korea |
|
Tel |
+82-63-210-2114 |
|
Fax |
+82-63-210-2233 |
|
Other Address-Ulsan Factory |
600, Hwangseong-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-277-0121 |
|
Fax |
+82-52-277-0652 |
|
Other Address-Suwon Factory |
600, Jeongja-dong, Jangan-gu, Suwon-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-240-8171 |
|
Fax |
+82-31-245-3004 |
|
Other
Address- R&D Center |
1690-1, Sinil-dong, Daedeok-gu, Daejeon, Korea |
|
Tel |
+82-42-930-4567 |
|
Fax |
+82-42-930-4569 |
|
Other Address-Busan Office |
830-136, Beomil 2-dong, Dong-gu, Busan, Korea |
|
Tel |
+82-51-631-5296 |
|
Fax |
+82-51-631-5240 |
|
Type |
Export |
|
Industry |
Manufacture of Synthetic Fibers |
|
Main Business |
Polyester Filament Yarn, Polyester Staple Fiber, Polyester Chip |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/01/2000 |
The Subject owns
the premises of Jeonju Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyester fibers(11151503) |
|
Sell |
Thermoplastic polyester(13111057) |
|
Sell |
Fibers(11151500) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Resins(13111000) |
|
Sell |
Polyester fibers(11151503) |
|
Buy |
Compounds and mixtures(12350000) |
|
Buy |
Alcohols or its substitutes(12352104) |
|
Name |
You Bae-Keun |
|
Address |
Suite 904-602, 525, Baekhyeon-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
10/14/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
172,500,000,000 |
||||||||||||||||||
|
Employees |
954 |
||||||||||||||||||
|
Formation |
Listed Company(Korea Stock Exchange : 079980) as of 02/23/2012 |
||||||||||||||||||
|
Bank Details |
Woori Bank-Jongno Branch |
||||||||||||||||||
|
Corporate Registered No. |
110111-2102070 |
||||||||||||||||||
|
Business Registered No. |
215-81-98804 |
||||||||||||||||||
|
Permit & Licenses |
05/2004 Obtained SEK Mark 09/2003 Obtained KT Mark (Fisto) 04/2001 Synthetic Fiber business division obtained Oeko-tex Standard
100, environmental certification of Europe. Int’l Trade No.: 11843667 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
11/11/2011 Moved to the present HQ address
from Huvis Bldg., 151-7, Samseong 1-dong, Gangnam-gu, Seoul, Korea 10/26/2011 Increased capital to
146,250,000,000 KRW from 143,750,000,000 KRW 08/01/2006 Increased capital to 143,750,000,000 KRW from 100,000,000,000 KRW 11/2004 Built R&D Center in Daejeon
city 05/2004 Obtained SEK Mark 10/31/2003 Moved its headquarters to
151-7, Samseong-dong, Gangnam-gu, Seoul from 77-1, Garak-dong, Songpa-gu,
Seoul, Korea 09/2003 Obtained KT Mark (Fisto) 12/2001 Held a signing ceremony for the
establishment of a joint venture plant to manufacture staple products in
Zigong, Sichuan, China. 11/2001 Staple'LMF' selected as the
world's top product by the Ministry of Commerce, Industry and Energy 08/2001 Newly established 'Research
Institute II' 04/2001 Synthetic Fiber business division
obtained Oeko-tex Standard 100, environmental certification of Europe. 11/01/2000 Huvis officially launched; President
and CEO Cho Min-ho assumed office. 07/2000 Held signing ceremony for the establishment of a separate
corporation, integrating the chemical textile divisions of Samyang and SK
Chemical. |
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
You Bae-Keun |
Korean |
1959.10.14 |
Kyunghee University, Korea |
|
Director |
Mr. |
Moon Sung-Hwan |
Korean |
1953.12.04 |
Seoul National University, Korea |
|
Director |
Mr. |
Lee Moon-Seok |
Korean |
1954.04.09 |
Kyunghee University, Korea |
|
Outside Director |
Mr. |
Sung Je-Hwan |
Korean |
1953.08 |
Cornell Univ., USA |
|
Outside Director |
Mr. |
Lee Do-Mook |
Korean |
1950.08 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Hur Yong-Seok |
Korean |
1956.07 |
Hongik University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
582,714,436,133 |
691,153,052,989 |
18,225,833,733 |
|
|
(*)2013 |
1,257,250,573,291 |
716,851,750,873 |
29,182,710,765 |
|
(*)2012 |
1,283,896,038,747 |
712,409,705,822 |
48,722,969,889 |
|
(*)2011 |
1,386,699,369,618 |
673,513,547,571 |
62,351,780,404 |
|
(*)2010 |
1,125,337,046,277 |
616,500,646,481 |
15,698,106,871 |
|
2009 |
952,464,339,603 |
558,259,933,928 |
3,574,128,424 |
|
2008 |
942,378,377,574 |
595,346,357,376 |
(-)26,919,275,941 |
|
2007 |
899,909,051,340 |
582,876,597,640 |
(-)40,888,565,109 |
|
2006 |
786,208,135,240 |
639,822,609,958 |
(-)117,004,930,591 |
|
2005 |
876,813,565,920 |
743,430,513,560 |
(-)24,231,603,083 |
|
2004 |
1,074,203,592,682 |
795,724,879,151 |
(-)33,536,243,989 |
|
2003 |
981,061,545,872 |
794,191,963,887 |
2,709,914,079 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
400,000,000,000 |
|
Paid-Up Capital(KRW) |
172,500,000,000 |
|
Total Issues Shares |
34,500,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
691,153,052,989 |
716,851,750,873 |
712,409,705,822 |
|
Current
Assets |
362,673,641,853 |
388,506,419,523 |
392,252,448,531 |
|
Cash
& Cash Equivalents |
74,830,393,066 |
78,079,207,733 |
80,505,661,254 |
|
Current
Financial Instruments |
10,100,000,000 |
17,000,000,000 |
26,000,000,000 |
|
Trade
Receivables |
136,597,939,580 |
133,260,221,659 |
133,146,396,609 |
|
Other
Receivables |
32,864,359,897 |
35,866,941,645 |
26,437,588,155 |
|
Derivatives |
68,943,986 |
5,762,576 |
|
|
Inventories |
103,684,963,003 |
122,663,851,721 |
124,359,554,233 |
|
Deferred
Income Tax Assets |
|
|
235,390,130 |
|
Other
Current Assets |
4,527,042,321 |
1,630,434,189 |
1,567,858,150 |
|
Non-Current
Assets |
328,479,411,136 |
328,345,331,350 |
320,157,257,291 |
|
Tangibles |
308,596,983,090 |
309,112,868,690 |
300,528,798,581 |
|
Intangibles |
4,941,105,864 |
4,700,469,143 |
4,840,365,223 |
|
Investment_Related
Companies |
12,274,203,958 |
12,274,203,958 |
12,274,203,958 |
|
Marketable
Financial Instruments |
254,400,000 |
234,600,000 |
|
|
Other
Non-Current Assets |
|
|
537,348,000 |
|
Other
Financial Assets |
2,412,718,224 |
2,023,189,559 |
1,976,541,529 |
|
Total
Liabilities |
338,404,022,384 |
372,470,644,601 |
367,906,109,707 |
|
Current
Liabilities |
322,714,547,938 |
357,265,252,571 |
352,262,062,519 |
|
Trade
Payables |
221,024,416,311 |
258,344,792,677 |
272,274,028,402 |
|
Other
Payables |
23,891,489,957 |
23,266,746,963 |
26,165,270,119 |
|
Short-Term
Borrowings |
65,939,979,284 |
66,625,315,154 |
46,603,119,736 |
|
Current
Portion of Long-Term Debts |
82,850,000 |
52,800,000 |
26,400,000 |
|
Deferred Income Tax Credit |
6,180,260,699 |
2,850,165,278 |
|
|
Other
Financial Liabilities |
1,848,287,332 |
2,559,344,967 |
2,687,412,384 |
|
Other
Current Liabilities |
3,747,264,355 |
3,566,087,532 |
4,505,831,878 |
|
Non-Current
Liabilities |
15,689,474,446 |
15,205,392,030 |
15,644,047,188 |
|
Long-Term
Borrowings |
3,442,350,000 |
3,498,800,000 |
1,940,600,000 |
|
Provision
for Severance & Retirement |
6,897,513,140 |
5,869,146,466 |
9,660,005,665 |
|
Deferred Income Tax Credit |
3,210,799,384 |
3,686,439,207 |
1,082,786,871 |
|
Other
Non-Current Liabilities |
2,138,811,922 |
2,151,006,357 |
2,960,654,652 |
|
Capital
Stock |
172,500,000,000 |
172,500,000,000 |
172,500,000,000 |
|
Capital
Surplus |
22,202,479,600 |
22,202,479,600 |
40,257,319,800 |
|
Profit
Surplus |
158,026,826,833 |
149,674,089,100 |
131,746,276,315 |
|
Others |
19,724,172 |
4,537,572 |
|
|
Total
Equity |
352,749,030,605 |
344,381,106,272 |
344,503,596,115 |
|
Liab.
& Shareholder’s Equity |
691,153,052,989 |
716,851,750,873 |
712,409,705,822 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
582,714,436,133 |
1,257,250,573,291 |
1,283,896,038,747 |
|
Cost of Sold Goods |
522,527,606,478 |
1,150,212,455,784 |
1,162,269,656,366 |
|
Gross Profit |
60,186,829,655 |
107,038,117,507 |
121,626,382,381 |
|
Selling & Admin. Expenses |
38,751,701,136 |
71,895,431,966 |
71,387,478,263 |
|
Operating Income |
21,435,128,519 |
35,142,685,541 |
50,238,904,118 |
|
Non-Operating Income |
8,871,690,217 |
18,555,253,682 |
15,123,701,999 |
|
Non-Operating Expenses |
7,013,240,724 |
16,026,310,186 |
10,324,536,512 |
|
Finance Income |
1,535,602,356 |
2,262,537,854 |
3,016,647,192 |
|
Finance Expenses |
786,529,644 |
1,825,666,968 |
2,251,265,599 |
|
Income Before Taxes |
24,042,650,724 |
38,108,499,923 |
55,803,451,198 |
|
Income Taxes Expenses |
5,816,816,991 |
8,925,789,158 |
7,080,481,309 |
|
Net Income |
18,225,833,733 |
29,182,710,765 |
48,722,969,889 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
9,021,700,343 |
15,277,740,307 |
74,262,683,336 |
|
Cash
Flows from Operating |
18,225,833,733 |
29,182,710,765 |
48,722,969,889 |
|
Net
Income |
-6,747,527,450 |
-11,510,982,612 |
25,637,109,849 |
|
Interests
Received |
662,724,762 |
1,623,326,352 |
1,681,368,396 |
|
Interests
Paid |
-643,665,909 |
-1,054,245,137 |
-1,570,153,420 |
|
Dividends Received |
491,310,000 |
0 |
0 |
|
Income Taxes |
-2,966,974,793 |
-2,963,069,061 |
-208,611,378 |
|
Cash Flows from Investing |
-1,685,683,140 |
-10,906,174,426 |
-50,304,011,358 |
|
Cash Flows from Financing |
-10,584,831,870 |
-6,798,019,402 |
27,617,830,662 |
|
Increase/Decrease in Cash |
-3,248,814,667 |
-2,426,453,521 |
51,576,502,640 |
|
Cash at the Beginning of Year |
78,079,207,733 |
80,505,661,254 |
28,929,158,614 |
|
Cash at the End of Year |
74,830,393,066 |
78,079,207,733 |
80,505,661,254 |
|
Main Products & Services |
PSF, Polyester Staple Fiber PFY, Polyester Filament Yarn |
|
Detailed Products Spec. |
Polyester Filament Yarn - Wool: MARKY-1,2, MOXIE, RENOVA-1,2,7, RENOVA-6,
CENO, CEY - Silk: JUNE-1,2, MONO, PRY - Linen: CELESTO, LINACEO-1,2,3, New
LINACEO - Microfiber1: ISOL-1,2, ISOL-S, ISOL-C,
ISOL-E, ISOL-K - Microfiber2: NCD, FPN, PN - For Pile & Fleece: GENTOS, PUD/PUB,
SDF, WINPOL - Stretch: SSY (FISTO), PWPY, ESSE (FISE) - Performance: ESPOL, ESPOL-stretch,
ESPOL-cool, MIRAWAVE-cool Coolever - Quick absorbing - Moisture management - Easy to care - Soft touch Mirawave (Multifunctional yarn for health and comfort) - Anti-bacterial - Far-infrared radiation / Heat retention -
UV-protection - Special Use: LOMELA (LOM-C), NOSPA, WSP Polyester Staple Fiber - Spinning: FRE-ZEROXY, POPOP, ABF,
MICRO-FIBER, APF, Dope-Dyed, ZEROXY, MIRAWAVE, TRIROBAL, PHF - Stuffing/Padding: Conjugate - Wadding: LMF - Non Woven: ZEROXY, HPF, Napoly, FLOFA,
NyLON-PRIME, RAYPOL, MICRO-SPLIT, HCT/HSFC, HSF - Industrial - Hygiene/Health: O-LMF Chip - Textile: SD, SB - Bottle: BL, BB |
|
Technologies Acquired |
|
|
Suppliers |
SAMNAM PETROCHEMICAL CO., LTD.(110111-0557061) SK PETROCHEMICAL CO., LTD.(135811-0120906) SAMSUNG PETROCHEMICAL CO., LTD.(181211-0000435) SABIC |
|
Customers |
SK CHEMICALS CO., LTD.(130111-0005727) SAM YANG SA CO., LTD.(140111-0003032) |
|
Competitors |
WOONGJIN CHEMICAL CO., LTD.(174811-0000151) HYOSUNG CORPORATION(110111-0030497) TK CHEMICAL CORPORATION(110111-3783457) JIANGYIN SANFANGXIANG RELIANCE INDUSTRIES YIZHENG HUVIS NAN YA YUANDONG FAR EASTERN TUNTEX WELLMAN |
|
Affiliates |
SICHUAN HUVIS CO., LTD. (95.0% held by the subject company) XINMIN GUARD, DAAN DISTRICT, ZIGONG,
SICHUAN, CHINA TEL:+86-813-8000 GUANGZHOU HUVIS YOUNGSUNG FIBER CO.,
LTD.(CHINA) (30.0% held by the subject company) RM.2105, EAST TOWER YANGCHENG INTERNATIONAL
COMMERCIAL CENTER, NO. 122, TI YU DONG ROAD, GUANGZHOU, CHINA TEL:+86-20-3887-2510 |
|
Overseas Office |
SICHUAN HUVIS CO., LTD. (95.0% held by the subject company) XINMIN GUARD, DAAN DISTRICT, ZIGONG,
SICHUAN, CHINA TEL:+86-813-8000 CHEONGDU OFFICE B-2, 1601, FENGDE INTERNATIONAL PLAZA,
NO.6, HANGKONG RD., WUHOU, DISTRICT, CHENGDU, CHINA TEL:+86-28-8526-6067 GUANGZHOU HUVIS YOUNGSUNG FIBER CO.,
LTD.(CHINA) (30.0% held by the subject company) RM.2105, EAST TOWER YANGCHENG INTERNATIONAL
COMMERCIAL CENTER, NO. 122, TI YU DONG ROAD, GUANGZHOU, CHINA TEL:+86-20-3887-2510 SHANGHAI OFFICE RM.2003, SHENG GAO INTERNATIONAL TOWER, NO.
137, XIANXIA ROAD, SHANGHAI, CHINA TEL:+86-21-5204-4588 |
|
Corporate Ownership |
SAMYANG HOLDINGS CORPORATION(110111-0026181) SK SYNTEC CO., LTD.(131411-0232597) |
|
Sales/ Unit :Mil KRW |
06/2014 |
2013 |
2012 |
|
Export |
434,624 |
903,524 |
938,514 |
|
Domestic |
148,090 |
353,727 |
345,382 |
|
Total |
582,714 |
1,257,251 |
1,283,896 |
The Subject exports
to China, Germany and USA.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company |
|
435,481,700 |
Proceeding |
|
|
|
The Subject Company |
|
|
71,500,000 |
Proceeding |
----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.