|
Report No. : |
355817 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI CEMENT
CO., LTD. |
|
|
|
|
Registered Office : |
398, Seocho-daero, Seocho-gu, Seoul, Platinum Tower, Korea 06619 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.09.2015 |
|
|
|
|
Date of Incorporation : |
30.12.1969 |
|
|
|
|
Com. Reg. No.: |
214-81-24240 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Cement |
|
|
|
|
No. of Employees : |
389 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
HYUNDAI CEMENT
CO., LTD. |
|
Registered Address |
398, Seocho-daero, Seocho-gu, Seoul, Korea |
|
Building |
Platinum Tower |
|
Zip Code |
06619 |
|
Tel |
+82-2-520-2114 |
|
Fax |
+82-2-520-2118 |
|
E-mail |
webmaster@hdcement.co.kr |
|
Website |
www.hdcement.co.kr |
|
Trading Address |
Platinum Tower, 398, Seocho-daero,
Seocho-gu, Seoul, Korea (Old Address System ; Platinum Tower,
1321-11, Seocho 2-dong, Seocho-gu, Seoul, Korea) |
|
Tel |
+82-2-520-2114 |
|
Fax |
+82-2-520-2118 |
|
Other Address-Danyang Factory |
122, Goyang-ri, Maepo-eup, Danyang-gun,
Chungcheongbuk-do, Korea |
|
Tel |
+82-43-420-8900 |
|
Fax |
+82-43-420-8888 |
|
Other Address-Yeongwol Factory |
668, Sincheon-ri, Hanbando-myeon,
Yeongwol-gun, Gangwon-do, Korea |
|
Tel |
+82-33-370-5500 |
|
Fax |
+82-33-370-5566 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Cement |
|
Main Business |
Cement |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/30/1969 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cement(30111601) |
|
Name |
Lee Ju-Hwan |
|
Address |
Suite 129-601, 111, Dokseodang-ro,
Yongsan-gu, Seoul, Korea |
|
Date of Birth |
11/01/1961 |
|
Title |
President & CEO |
|
Nationality |
Korean |
|
Capital (KRW) |
43,774,770,000 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Employees |
389 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 006390) as of 12/18/1975 A Company of Sungwoo Group |
||||||||||||||||||||||||||||||||||||||||||||||
|
Bank Details |
Korea Development Bank |
||||||||||||||||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0111867 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Business Registered No. |
214-81-24240 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 760405 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Company History |
12/30/1969 Incorporated as the present name 06/04/2010 Started Corporate Management
Procedure by Financial Institutes’ Association 10/05/2010 Agreed to execute Corporate Management
Normalization Plan with Financial Institutes’ Association 04/02/2012 Moved to the present HQ address
from 1424-2,
Seocho-dong, Seocho-gu, Seoul, Korea 12/31/2014 Prolonged the Agreement on Corporate
Management Normalization Plan with Financial Institutes’ Association until
12/31/2016 09/23/2015 Ordered to stop the Subject’s
stock trading due to Suspicion of breach of trust and misappropriation against the subject present
executives and ex. executives 10/21/2015 Designated as Dishonesty Disclosure Company
due to delayed disclosure on Suspicion of breach of trust and misappropriation 11/09/2015 Korea
Exchange(KRX) decided the subject as a Reviewee by Corporate Appeals Review
Committee on delayed disclosure until 12/07/2015 12/07/2015 Korea Exchange(KRX) decided to give Correction Period
to the subject until 03/30/2016 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Lee Ju-Hwan |
Korean |
11/01/1961 |
03/25/2011 |
|
Chairman |
Chung Mong-Sun |
Korean |
08/15/1954 |
03/16/1994 |
|
Sr. Executive Director |
Lim Seung-Bin |
Korean |
01/17/1958 |
03/22/2013 |
|
Outside Director |
Choi Soon-Woong |
Korean |
07/28/1958 |
11/13/2015 |
|
Auditor |
Sun Chang-Bok |
Korean |
01/09/1955 |
03/22/2013 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
262,998,062,819 |
479,984,975,204 |
-91,103,362,753 |
|
|
2014 |
325,728,212,727 |
469,581,180,772 |
283,394,107,715 |
|
2013 |
326,371,366,288 |
478,959,202,107 |
-347,482,960,948 |
|
2012 |
296,778,438,500 |
533,791,532,974 |
-37,849,559,289 |
|
2011 |
269,201,818,938 |
604,236,688,502 |
-80,241,874,900 |
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
43,774,770,000 |
|
Total Issued Shares |
8,754,954 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
479,984,975,204 |
469,581,180,772 |
478,959,202,107 |
|
Current Assets |
156,980,517,853 |
147,660,850,772 |
150,235,661,858 |
|
Cash
& Cash Equivalents |
10,830,563,384 |
9,801,762,373 |
2,450,193,579 |
|
Current
Financial Instruments |
13,086,486,560 |
3,190,104,192 |
4,084,621,047 |
|
Held-to-Maturity
Financial Assets |
|
|
31,035,000 |
|
Trade
Receivables |
103,016,244,419 |
89,078,242,259 |
105,594,217,930 |
|
Other
Receivables |
891,428,522 |
886,932,970 |
1,196,199,966 |
|
Inventories |
27,818,741,179 |
42,732,404,313 |
35,912,378,616 |
|
Other
Current Assets |
1,337,053,789 |
877,651,608 |
967,015,720 |
|
Deferred
Income Tax Assets |
|
1,093,753,057 |
|
|
Non-Current Assets |
323,004,457,351 |
321,920,330,000 |
328,723,540,249 |
|
Non-Current
Financial Instruments |
20,500,000 |
21,000,000 |
2,375,500,000 |
|
Long-Term Trade Receivables |
1,177,115,811 |
1,177,922,050 |
|
|
Other Long-Term Receivables |
21,772,189,746 |
20,685,834,593 |
17,032,016,695 |
|
Marketable
Financial Instruments |
2,412,361,850 |
2,416,412,644 |
2,804,912,241 |
|
Tangibles |
286,067,662,831 |
290,390,296,334 |
302,689,248,285 |
|
Investment_Real
Estates |
189,298,000 |
189,298,000 |
189,298,000 |
|
Intangibles |
2,991,498,907 |
3,281,825,863 |
3,632,565,028 |
|
Deferred
Income Tax Assets |
8,373,830,206 |
3,757,740,516 |
|
|
Total Liabilities |
522,033,258,235 |
413,680,241,318 |
755,769,818,821 |
|
Current Liabilities |
80,111,973,077 |
107,257,120,824 |
355,474,855,606 |
|
Trade Payables |
20,542,926,014 |
19,269,046,450 |
20,346,586,266 |
|
Short-Term
Borrowings |
20,633,706,231 |
34,263,053,802 |
65,273,532,366 |
|
Current Portion of Debentures |
|
|
103,665,068,302 |
|
Current Portion of Convertible Bonds |
|
|
14,900,423,865 |
|
Current Portion of Exchangeable Bonds |
3,220,000 |
7,920,000 |
8,620,000 |
|
Current Portion of Long-Term Debts |
|
16,629,360,000 |
122,463,176,328 |
|
Other
Current Liabilities |
23,765,897,857 |
36,330,781,305 |
28,817,448,479 |
|
Other
Provisions |
3,283,325,850 |
|
|
|
Deferred
Income Tax Credit |
11,882,897,125 |
756,959,267 |
|
|
Non-Current Liabilities |
441,921,285,158 |
306,423,120,494 |
400,294,963,215 |
|
Debentures |
50,470,081,500 |
50,470,081,500 |
|
|
Long-Term
Borrowings |
12,300,944,850 |
12,358,300,000 |
|
|
Finance Guarantee Contract Debts |
59,554,386,309 |
58,268,294,223 |
353,200,425,882 |
|
Debt-equity swap Debts |
259,132,803,400 |
140,920,158,550 |
|
|
Provision for Severance & Retirement |
54,194,304,326 |
38,216,615,612 |
23,408,922,756 |
|
Other Provisions for Recovery |
4,032,271,014 |
3,877,406,343 |
3,725,087,309 |
|
Guarantee Deposit Withhold |
778,468,000 |
748,468,000 |
846,468,000 |
|
Other
Non-Current Liabilities |
1,458,025,759 |
1,563,796,266 |
4,840,811,598 |
|
Deferred
Income Tax Credit |
|
|
14,273,247,670 |
|
Capital Stock |
43,774,770,000 |
43,774,770,000 |
36,720,000,000 |
|
Capital
Surplus |
40,898,414,564 |
54,846,825,275 |
12,736,367,143 |
|
Profit
Surplus |
-97,963,253,772 |
-13,949,122,317 |
-298,909,358,587 |
|
Others |
-28,758,213,823 |
-28,771,533,504 |
-27,357,625,270 |
|
Total
Equity |
-42,048,283,031 |
55,900,939,454 |
-276,810,616,714 |
|
Liab.
& Shareholder’s Equity |
479,984,975,204 |
469,581,180,772 |
478,959,202,107 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
262,998,062,819 |
325,728,212,727 |
326,371,366,288 |
|
Cost
of Sold Goods |
195,013,853,026 |
234,585,864,445 |
242,757,954,373 |
|
Gross
Profit |
67,984,209,793 |
91,142,348,282 |
83,613,411,915 |
|
Selling
& Admin. Expenses |
26,761,479,857 |
42,608,263,483 |
37,912,631,834 |
|
Operating
Income |
41,222,729,936 |
48,534,084,799 |
45,700,780,081 |
|
Other
Income |
3,267,341,666 |
5,725,509,503 |
6,594,004,168 |
|
Other
Expenses |
2,668,268,340 |
36,642,193,879 |
373,022,515,720 |
|
Finance
Income |
1,238,498,373 |
266,869,421,338 |
3,467,876,835 |
|
Finance
Expenses |
123,788,880,172 |
12,786,991,329 |
28,479,178,795 |
|
Income
Before Taxes |
-80,728,578,537 |
271,699,830,432 |
-345,739,033,431 |
|
Income
Taxes Expenses |
10,374,784,216 |
-11,694,277,283 |
1,743,927,517 |
|
Net
Income |
-91,103,362,753 |
283,394,107,715 |
-347,482,960,948 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating Activities Cash Flows |
46,294,918,009 |
58,952,972,955 |
51,941,883,753 |
|
Cash
Flows from Operating |
50,762,160,382 |
71,632,337,627 |
68,716,646,630 |
|
Net
Income |
-91,103,362,753 |
283,394,107,715 |
-347,482,960,948 |
|
Adjustment |
149,791,300,754 |
-203,952,091,376 |
418,713,469,006 |
|
Changes
in Asset/ & Liability |
-7,925,777,619 |
-7,809,678,712 |
-2,513,861,428 |
|
Interests
Received |
126,790,314 |
363,003,002 |
219,223,346 |
|
Interests
Paid |
-3,758,626,067 |
-9,627,933,694 |
-17,102,186,663 |
|
Dividends
Received |
44,140 |
41,280 |
37,480 |
|
Income
Taxes |
-835,450,760 |
-3,414,475,260 |
108,162,960 |
|
Cash
Flows from Investing |
-13,669,445,615 |
-143,015,424 |
-4,451,354,813 |
|
Cash
Flows from Financing |
-31,596,671,383 |
-51,458,388,737 |
-47,067,843,455 |
|
Increase/Decrease
in Cash |
1,028,801,011 |
7,351,568,794 |
422,685,485 |
|
Cash
at the Beginning of Year |
9,801,762,373 |
2,450,193,579 |
2,027,508,094 |
|
Cash
at the End of Year |
10,830,563,384 |
9,801,762,373 |
2,450,193,579 |
(*)The Subject needs
to be monitored because Total Liabilities exceed Total Assets as much as 42,048,000,000 KRW as of 09/30/2015. And it could
lead the subject delisted from Korea Stock Exchange market from the impaired
capital, impairment of capital.
|
Main Products & Services |
Cement |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
SSANGYONG CEMENT INDUSTRIAL CO., LTD. SSANG-YONG BLDG., 24-1, JEODONG 2-GA,
JUNG-GU, SEOUL, KOREA TEL:+82-2-2270-5114 FAX:+82-2-2275-7040 HANIL CEMENT CO., LTD. 15TH FL., UDEOK BLDG., 832-2, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-531-7000 FAX:+82-2-531-7113 TONG YANG CEMENT CORPORATION ALPHA BLDG., 70, SEORIN-DONG, JONGNO-GU,
SEOUL, KOREA TEL:+82-2-3770-3000 FAX:+82-2-3770-3305 |
|
Affiliates |
|
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SUNGWOO CONSTRUCTION CO., LTD.(110111-0617394) (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
09/2015 |
2014 |
2013 |
|
Export |
- |
- |
1,509 |
|
Domestic |
262,998 |
325,072 |
324,119 |
|
Total |
262,998 |
325,072 |
325,628 |
Not Available.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2015KAHAP1121 |
Seoul Central District Court |
Chairman of the Subject Company |
President & Executives of the Subject Company |
Provisional injunction on execution of duty |
- |
Filed as of 10/01/2015 |
|
|
|
|
The Subject Company(6 Cases) |
Claim for Compensation from Damages |
614,000,000 |
Proceeding |
---------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
KRW |
1 |
Rs.0.056 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NIT |
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.