|
Report No. : |
328484 |
|
Report Date : |
19.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI FORGING CO., LTD. |
|
|
|
|
Registered Office : |
146-1, Hyeonpo-Ro, Gunbuk-Myeon, Haman-gun, Gyeongsangnam-Do, Korea 637-824 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.02.1997 |
|
|
|
|
Com. Reg. No.: |
609-81-29138 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Forging of Metal (Forging for Wind Power, Petrochemical Plant Power
Generator Equipment, Shipbuilding Industrial Plant) |
|
|
|
|
No. of Employees : |
57 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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, and is currently the world's 12th largest economy. 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 sluggish
growth because of external market slowdowns. 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.
|
Source
: CIA |
|
Company Name |
HYUNDAI FORGING
CO., LTD. |
|
Registered Address |
146-1, Hyeonpo-ro, Gunbuk-myeon,
Haman-gun, Gyeongsangnam-do, Korea |
|
Building |
-- |
|
Zip Code |
637-824 |
|
Tel |
+82-55-580-6500 |
|
Fax |
+82-55-580-6510 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
146-1, Hyeonpo-ro, Gunbuk-myeon,
Haman-gun, Gyeongsangnam-do, Korea (Old Address System : 822-7, Yuhyeon-ri,
Gunbuk-myeon, Haman-gun, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55- 580-6554 |
|
Fax |
+82-55-580-6510 |
|
|
|
|
Type |
Export |
|
Industry |
Forging of Metal |
|
Main Business |
Forging for Wind Power, Petrochemical Plant Power Generator Equipment,
Shipbuilding Industrial Plant |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
02/18/1997 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Forging for Wind Power |
|
Sell |
Petrochemical Plant Power Generator Equipment |
|
Sell |
Shipbuilding Industrial Plant |
|
Name |
Ma Pyung-Soo |
|
Address |
Suite 514-1402, 45-1, Sangnam-dong,
Masanhappo-gu, Changwon-si, Gyeongsangnam-do, Korea |
|
Date of Birth |
03/18/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,191,670,000 |
||||||||||||||||||||||||||||||
|
Employees |
57 |
||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea Shinhan Bank Kookmin Bank Gyungnam Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
194211-0025298 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
609-81-29138 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
12/1997 ISO 9002 01/2004 ISO 9001 03/2007 ISO 14001 06/2009 CE Mark Int’l Trade No.: 24014641 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
02/15/1995 Established as HYUNDAI FORGING CO.(Sole Proprietorship) 02/18/1997 Incorporated as HYUNDAI FORGING INDUSTRY CO., LTD. 12/20/2006 Changed company name to the
present name 12/28/2006 Moved to the present HQ address
from 431-29, Gasul-ri, Daesan-myeon, Uichang-gu, Changwon-si, Gyeongsangnam-do,
Korea 11/11/2008 Increased capital to
1,624,990,000 KRW from 1,552,770,000 KRW 06/18/2009 Increased the authorized shares
to 50,000,000 shares from 10,000,000 KRW 07/22/2009 Spin off the par value to 500 KRW
from 10,000 KRW 11/2009 Awarded US$30 Million Export Top
Prize 06/12/2013 Agreed on the Execution of
Management Normalization Plan with Financial Institutes Creditors’
Association 10/14/2014 Decreased capital to 1,191,670,000 KRW from 1,624,990,000 KRW |
||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Ma Pyung-Soo |
Male |
Korean |
03/17/2000 |
|
Director |
Mr. |
Park Jae-Deok |
Male |
Korean |
06/18/2009 |
|
Outside Director |
M/S. |
Kim Hye-Sung |
Female |
Korean |
08/30/2010 |
|
Auditor |
Mr. |
Cho Myung-Rae |
Male |
Korean |
09/02/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
43,751,330,946 |
39,837,170,370 |
-4,125,932,742 |
|
|
2013 |
33,682,184,762 |
36,827,551,769 |
-5,405,777,389 |
|
2012 |
40,951,058,458 |
44,664,206,632 |
-15,733,867,811 |
|
2011 |
63,891,465,076 |
67,270,190,721 |
-1,192,477,616 |
|
2010 |
40,081,520,592 |
67,022,676,331 |
-5,870,682,619 |
|
2009 |
53,860,878,125 |
71,351,981,215 |
-1,481,342,535 |
|
2008 |
69,170,023,540 |
86,383,297,909 |
4,413,141,378 |
|
2007 |
28,529,440,216 |
49,119,413,899 |
1,275,782,673 |
|
2006 |
16,875,645,799 |
26,676,234,812 |
1,107,960,698 |
|
2005 |
11,809,838,634 |
9,845,707,829 |
877,844,974 |
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
1,191,670,000 |
|
Total Issues Shares |
2,383,340 (Common : 2,053,340 / Preferable : 330,000) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
39,837,170,370 |
36,827,551,769 |
44,664,206,632 |
|
Current Assets |
21,936,008,004 |
19,639,574,019 |
23,420,463,591 |
|
-Quick Assets |
7,023,337,704 |
6,682,161,460 |
10,313,927,904 |
|
-Inventories |
14,912,670,300 |
12,957,412,559 |
13,106,535,687 |
|
Fixed Assets |
17,901,162,366 |
17,187,977,750 |
21,243,743,041 |
|
-Investment |
101,999,000 |
9,230,000 |
1,137,030,000 |
|
-Tangibles |
17,793,783,366 |
17,173,367,750 |
20,087,735,961 |
|
-Intangibles |
|
|
|
|
-Others |
5,380,000 |
5,380,000 |
18,977,080 |
|
Total Liabilities |
38,840,276,499 |
34,629,992,826 |
37,060,870,300 |
|
Current Liabilities |
37,340,874,734 |
27,483,371,648 |
23,450,495,101 |
|
Fixed Liabilities |
1,499,401,765 |
7,146,621,178 |
13,610,375,199 |
|
Capital Stock |
1,191,670,000 |
1,624,990,000 |
1,624,990,000 |
|
Capital Surplus |
22,107,867,944 |
21,674,547,944 |
21,674,547,944 |
|
Profit Surplus |
-25,227,911,743 |
-21,101,979,001 |
-15,696,201,612 |
|
Capital Adjustment |
2,925,267,670 |
|
|
|
Total Equity |
996,893,871 |
2,197,558,943 |
7,603,336,332 |
|
Liab. & Shareholder’s Equity |
39,837,170,370 |
36,827,551,769 |
44,664,206,632 |
|
Current
Liabilities |
37,340,874,734 |
27,483,371,648 |
23,450,495,101 |
|
Trade
Payables |
7,408,579,528 |
2,966,538,957 |
3,046,873,288 |
|
Short-Term
Borrowings |
24,356,345,886 |
18,163,285,423 |
12,977,000,000 |
|
Short-Term
Borrowings to Shareholders/ Executives/ Employees |
400,623,678 |
1,400,623,678 |
1,450,623,678 |
|
Account
Payables |
673,355,345 |
510,122,569 |
761,695,935 |
|
Advance
Receipts |
213,181,050 |
66,803,760 |
4,939,760 |
|
Withholdings |
25,568,220 |
21,593,700 |
21,648,980 |
|
Accrued
Expenses |
631,406,827 |
521,639,361 |
395,731,667 |
|
Accrued
Dividends |
8,484,200 |
8,484,200 |
8,484,200 |
|
Debentures |
2,900,000,000 |
2,900,000,000 |
3,000,000,000 |
|
Current
Portion of Long-Term Debts |
723,330,000 |
924,280,000 |
1,791,560,000 |
|
Fixed
Liabilities |
1,499,401,765 |
7,146,621,178 |
13,610,375,199 |
|
Long-Term
Borrowings |
610,840,000 |
6,281,340,000 |
12,730,101,500 |
|
Provision
for Severance & Retirement |
1,259,580,890 |
1,198,378,956 |
1,308,925,081 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
43,751,330,946 |
33,682,184,762 |
40,951,058,458 |
|
Cost of Sold Goods |
43,475,873,521 |
34,957,909,579 |
45,369,817,379 |
|
Gross Profit |
275,457,425 |
-1,275,724,817 |
4,418,758,921 |
|
Selling & Admin. Expenses |
3,921,138,279 |
3,617,205,848 |
6,580,376,604 |
|
Operating Income |
-3,645,680,854 |
-4,892,930,665 |
-10,999,135,525 |
|
Non-Operating Income |
587,081,250 |
868,020,355 |
1,288,281,725 |
|
Non-Operating Expenses |
1,067,333,138 |
1,380,867,079 |
2,943,353,985 |
|
Income Before Taxes |
-4,125,932,742 |
-5,405,777,389 |
-12,654,207,785 |
|
Income Taxes Expenses |
- |
- |
3,079,660,026 |
|
Net Income |
-4,125,932,742 |
-5,405,777,389 |
-15,733,867,811 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
1,075,768,046 |
-1,173,709,753 |
3,205,370,755 |
|
-Net Income |
-4,125,932,742 |
-5,405,777,389 |
-15,733,867,811 |
|
-Exp. without Cash Outflow |
3,253,175,838 |
3,502,265,334 |
3,593,550,531 |
|
-Revenue without Cash Inflows |
-286,052,647 |
-643,052,411 |
-698,577,804 |
|
-Changes in Asset/ & Liability |
2,234,577,597 |
1,372,854,713 |
16,044,265,839 |
|
Cash Flows from Investing |
-747,434,644 |
2,871,208,632 |
-621,466,485 |
|
-Cash Inflow from Investing |
169,895,000 |
3,119,484,232 |
2,440,847,746 |
|
-Cash Outflows for Investing |
-917,329,644 |
-248,275,600 |
-3,062,314,231 |
|
Cash Flows from Financing |
-500,070,000 |
-1,636,848,694 |
-2,835,810,000 |
|
-Cash Inflows from Financing |
1,424,210,000 |
2,000,000,000 |
5,710,000,000 |
|
-Cash Outflows from Financing |
-1,924,280,000 |
-3,636,848,694 |
-8,545,810,000 |
|
Increase/Decrease in Cash |
-171,736,598 |
60,650,185 |
-251,905,730 |
|
Cash at the Beginning of Year |
222,854,447 |
162,204,262 |
414,109,992 |
|
Cash at the End of Year |
51,117,849 |
222,854,447 |
162,204,262 |
|
Main Products & Services |
Forging for Wind Power, Petrochemical Plant Power Generator Equipment,
Shipbuilding Industrial Plant |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
KISCO CORP.(194211-00943180 POSTEEL CO., LTD.(110111-0344591) SEAH BESTEEL CORPORATION(110111-0035794) |
|
Customers |
DOOSAN MECATEC CO., LTD.(110111-0126022) DOOSAN HEAVY INDUSTRIES & CONSTRUCTION
CO., LTD.(194211-0000943) HYUNDAI HEAVY INDUSTRIES CO.,
LTD.(181211-0000386) SUNG JIN GEOTEC CO., LTD.(181211-0010898) |
|
Competitors |
DAECHANG
FORGING CO., LTD. 1072-1,
BONGRIM-RI, SAENGNIM-MYEON, GIMHAE-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-329-3911 FAX:+82-55-329-5097 DONG EUN
FORGING CO., LTD. 1217-2,
JISA-DONG, GANGSEO-GU, BUSAN, KOREA TEL:+82-51-974-9700 FAX:+82-51-974-9797 HANIL
FORGING INDUSTRIAL CO., LTD. 604-7,
NAMSAN-DONG, SEONGSAN-GU, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-282-3201 FAX:+82-55-284-7023 |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Not Available.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company |
- |
3,169,000,000 |
2nd round is proceeding |
----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.100.99 |
|
Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.