|
Report No. : |
335618 |
|
Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
HANSUK CHEMICALS
CO., LTD. |
|
|
|
|
Registered Office : |
166,
Ichon-ro, Yongsan-gu, Seoul, Korea, 140-853, 5th Fl., Hanseok Bldg. |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
10.05.1994 |
|
|
|
|
Com. Reg. No.: |
110111-1035983 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Wholesale of Other Chemical Materials and Chemical Products |
|
|
|
|
No. of Employees : |
23 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and
business ties, including directed credit and import restrictions, initially
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 7%
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 over 6%
growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 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 the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
HANSUK CHEMICALS
CO., LTD. (Korean Company
Name : “한석화학(주)”) |
|
Registered Address |
166,
Ichon-ro, Yongsan-gu, Seoul, Korea |
|
Building |
5th Fl., Hanseok Bldg. |
|
Zip Code |
140-853 |
|
Tel |
+82-2-799-3019 |
|
Fax |
+82-2-793-7833 |
|
E-mail |
yolee@hansuk.co.kr |
|
Website |
www.hansuk.co.kr |
|
Trading Address |
5th Fl., Hanseok Bldg., 166, Ichon-ro, Yongsan-gu, Seoul, Korea (Old Address System : 5th Fl., Hanseok
Bldg., 302-79, Ichon 1-dong, Yongsan-gu, Seoul, Korea) |
|
Tel |
+82-2-799-3019 |
|
Fax |
+82-2-793-7833 |
|
Other Address-Busan Sales Office |
752-6, Hakjang-dong, Sasang-gu, BUSAN |
|
Tel |
+82-51-314-1161 |
|
Fax |
+82-51-314-9907 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Other Chemical Materials and Chemical Products |
|
Main Business |
Methanol, Methl Ethyl Ketone, Toluene, Heptane |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/10/1994 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Asphalt(30121601) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Alcohols or its substitutes(12352104) |
|
Sell |
Ethers or its substitutes(12352112) |
|
Name |
Cho Jae-Moon |
|
Address |
Suite 120-101, Dunchon-dong,
Gangdong-gu, Seoul, Korea |
|
Date of Birth |
06/07/1955 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,700,000,000 |
|||||||||
|
Employees |
23 |
|||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||
|
Bank Details |
Shinhan Bank-Ichon Dong Branch Hana Bank |
|||||||||
|
Corporate Registered No. |
110111-1035983 |
|||||||||
|
Business Registered No. |
106-81-48000 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 11158998 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
05/10/1994 Incorporated as the present name 05/04/2010 Acquired KYUNGIN TANK TERMINAL
CO., LTD. 05/04/2010 Increased capital to
1,700,000,000 KRW from 1,000,000,000 |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Cho Jae-Moon |
Male |
Korean |
03/16/2007 |
|
Co-President & CEO |
Mr. |
Kang Seung-Mo |
Male |
Korean |
03/21/2014 |
|
Director |
Mr. |
Jung Young-Koon |
Male |
Korean |
03/21/2014 |
|
Auditor |
Mr. |
Kim Deuck-Bo |
Male |
Korean |
03/22/2013 |
|
Supervisor |
Mr. |
Lee Doo-Hyun |
Male |
Korean |
02/23/1996 |
|
Supervisor |
Mr. |
Kwon Se-Yeon |
Male |
Korean |
02/18/2010 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
83,156,736,691 |
27,969,889,095 |
129,371,604 |
|
2013 |
89,384,913,602 |
30,669,270,460 |
-1,159,567,082 |
|
2012 |
88,021,399,313 |
24,814,051,619 |
711,583,955 |
|
2011 |
86,729,173,084 |
26,184,701,193 |
1,425,399,101 |
|
2010 |
71,716,458,405 |
21,293,354,999 |
1,692,925,787 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,700,000,000 |
|
Total Issued Shares |
170,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
27,969,889,095 |
30,669,270,460 |
24,814,051,619 |
|
Current Assets |
21,571,127,742 |
23,877,881,159 |
16,451,563,777 |
|
Cash
& Cash Equivalents |
32,407,307 |
190,543,751 |
88,236,538 |
|
Trade
Receivables & Other Receivables |
20,945,989,551 |
22,234,929,371 |
14,752,694,760 |
|
Current
Financial Instruments |
|
|
23,900,000 |
|
Inventories |
448,450,062 |
1,299,851,070 |
1,546,261,570 |
|
Other
Current Assets |
144,280,822 |
152,556,967 |
40,470,909 |
|
Non-Current Assets |
6,398,761,353 |
6,791,389,301 |
8,362,487,842 |
|
Non-Current
Financial Instruments |
188,102,000 |
223,550,000 |
291,550,000 |
|
Investment_Subsidiaries |
288,917,945 |
545,928,951 |
2,000,000,000 |
|
Tangibles |
5,921,741,408 |
6,021,910,350 |
6,070,937,842 |
|
Total Liabilities |
16,152,848,530 |
18,936,231,996 |
11,905,854,347 |
|
Current Liabilities |
15,956,053,132 |
18,761,291,951 |
11,734,394,445 |
|
Trade
Payables & Other Payables |
11,344,326,057 |
14,592,611,100 |
5,952,753,619 |
|
Short-Term
Borrowings |
4,544,540,469 |
4,008,430,945 |
5,612,338,775 |
|
Deferred
Income Tax Credit |
50,109,199 |
114,171,595 |
106,685,316 |
|
Other
Current Liabilities |
17,077,407 |
46,078,311 |
62,616,735 |
|
Non-Current Liabilities |
196,795,398 |
174,940,045 |
171,459,902 |
|
Provision
for Severance & Retirement |
146,620,826 |
103,359,209 |
80,453,766 |
|
Deferred
Income Tax Credit |
50,174,572 |
71,580,836 |
91,006,136 |
|
Capital Stock |
1,700,000,000 |
1,700,000,000 |
1,700,000,000 |
|
Capital
Surplus |
4,235,000,000 |
4,235,000,000 |
4,235,000,000 |
|
Profit
Surplus |
5,882,040,565 |
5,798,038,464 |
6,973,197,272 |
|
Total
Equity |
11,817,040,565 |
11,733,038,464 |
12,908,197,272 |
|
Liab.
& Shareholder’s Equity |
27,969,889,095 |
30,669,270,460 |
24,814,051,619 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
83,156,736,691 |
89,384,913,602 |
88,021,399,313 |
|
Cost
of Sold Goods |
78,896,947,413 |
85,060,215,923 |
83,605,211,255 |
|
Gross
Profit |
4,259,789,278 |
4,324,697,679 |
4,416,188,058 |
|
Selling
& Admin. Expenses |
3,603,087,260 |
3,446,825,671 |
3,213,839,163 |
|
Operating
Income |
656,702,018 |
877,872,008 |
1,202,348,895 |
|
Finance
Income |
1,848,582 |
5,419,600 |
1,904,067 |
|
Other
Income |
101,967,610 |
99,533,677 |
65,353,906 |
|
Finance
Expenses |
152,843,650 |
222,725,334 |
320,356,989 |
|
Other
Expenses |
367,700,425 |
1,782,300,460 |
34,590,251 |
|
Income
Before Taxes |
239,974,135 |
-1,022,200,509 |
914,659,628 |
|
Income
Taxes Expenses |
110,602,531 |
137,366,573 |
203,075,673 |
|
Net
Income |
129,371,604 |
-1,159,567,082 |
711,583,955 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
-688,733,428 |
1,862,875,043 |
1,888,742,872 |
|
Cash
Flows from Operating |
-356,426,127 |
2,228,677,172 |
2,592,740,830 |
|
Net
Income |
129,371,604 |
-1,159,567,082 |
711,583,955 |
|
Adjustment |
755,649,155 |
2,176,891,241 |
651,013,450 |
|
Changes
in Asset/ & Liability |
-1,241,446,886 |
1,211,353,013 |
1,230,143,425 |
|
Interests
Received |
1,186,119 |
4,644,782 |
10,152,625 |
|
Interests
Paid |
-150,218,755 |
-225,538,983 |
-315,989,219 |
|
Income
Taxes |
-183,274,665 |
-144,907,928 |
-398,161,364 |
|
Cash Flows from Investing |
34,561,780 |
-156,660,000 |
-46,269,920 |
|
Cash
Inflow from Investing |
82,948,000 |
132,500,000 |
62,200,000 |
|
Cash
Outflows for Investing |
-48,386,220 |
-289,160,000 |
-108,469,920 |
|
Cash Flows from Financing |
496,035,204 |
-1,603,907,830 |
-1,911,806,236 |
|
Cash
Inflows from Financing |
33,223,129,916 |
35,140,426,951 |
34,938,017,450 |
|
Cash
Outflows from Financing |
-32,727,094,712 |
-36,744,334,781 |
-36,849,823,686 |
|
Increase/Decrease in Cash |
-158,136,444 |
102,307,213 |
-69,333,284 |
|
Cash at the Beginning of Year |
190,543,751 |
88,236,538 |
157,569,822 |
|
Cash at the End of Year |
32,407,307 |
190,543,751 |
88,236,538 |
|
Main Products & Services |
Methanol, Methl Ethyl Ketone, Toluene, Heptane |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
LG CHEM LTD.(110111-2207995) |
|
Customers |
KOREA PETRO INDUSTRIAL CO.,
LTD.(110111-0048490) |
|
Competitors |
BIZ MRO CO., LTD. 4TH FL., IN-U BLDG., 109-1, SAMSEONG
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3702-0900 FAX:+82-2-3702-0901 CYBER DISTY CO., LTD. A-501, WOOLIM LION`S VALLEY 1-CHA, 371-28,
GASAN-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-2026-5600 FAX:+82-2-2026-5629 ENTOB CORPORATION RM. 701, ANAM TOWER, 702-10, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2007-0800 FAX:+82-2-2007-0888 |
|
Subsidiary |
RAD COMPANY CO., LTD.(110111-3985061) (100.0% held by the subject company) |
|
Corporate Ownership |
KOREA PETRO INDUSTRIAL CO.,
LTD.(110111-0048490) |
|
Major Shareholders |
KOREA PETRO INDUSTRIAL CO.,
LTD.(110111-0048490) |
|
Cooperative Enterprise |
|
The Subject deals
with the companies in Japan.
No.
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.