|
Report No. : |
346560 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HANSOL
CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
310,
Ogeum-Ro, Songpa-Gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
13.03.1980 |
|
|
|
|
Com. Reg. No.: |
102-81-34955 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Other Basic Inorganic Chemicals. |
|
|
|
|
No. of Employees : |
405 |
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 – 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 |
The Subject owns
the premises of Ulsan Factory and Jeonju Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Resins(13111000) |
|
Sell |
Films(13111200) |
|
Sell |
TMP(Trimethylol propane) |
|
Sell |
Benzoyl peroxide(51101525) |
|
Sell |
Urea formaldehyde(13111027) |
|
Sell |
Curing agents(12162300) |
|
Sell |
Bleaches(47131807) |
|
Sell |
Inorganic peroxides(12352304) |
|
Sell |
Latex rubber(13101501) |
|
Name |
Park Won-Hwan |
|
Address |
|
|
Date of Birth |
05/08/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
56,475,975,000 |
||||||||||||||||||||||||||||||
|
Employees |
405 |
||||||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
014680) as of 05/20/1989 A Company of Hansol Group |
||||||||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Teheranro Branch Nonghyup Bank Kookmin Bank Shinhan Bank Korea Exchange Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0270895 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
102-81-34955 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
01/1989 KS 11/09/2005 ISO 9001 11/09/2005 ISO 14001 Int’l Trade No.: 802923 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
03/1980 Incorporated
as Korea Peroxide Co., Ltd. 12/1985 Renamed
company to Youngwoo chemical Co., Ltd 05/1989 Listed
on the Korean Stock Exchange Market 05/1994 Affiliated
to Hansol conglomerate 12/1995 Renamed
company to Hansol Chemical Co., Ltd. 01/2000 Renamed
company to Hansol Chemience Co., Ltd. 01/2000 Established
Pharmaceutical Fine Chemical R&D center 02/2001 Expanded
THP factory) 09/2001 Expanded
SB-LATEX factory 10/2001 Expanded
new regeneration process of hydrogen peroxide factory 04/2002 Consecutive
3,340days accident-free operation in Jeonju, Ulsan plant 10/2002 Established
joint venture on ink cartridge factory in China 04/2003 Designated
Bulk Good Manufacturing Practice awarding Korea Food & Drug
Administration 06/2003 Established
joint venture of Trimethylolpropane business with Perstorp 09/2003 Designated
new labor-management culture awarding Ministry of Labor in Chonju plant 10/2003 Completed
joint venture factory of ink cartridge in China 03/2004 Renamed
company to Hansol Chemical Co., Ltd. 06/2004 Acquired
INNOPTIX Co., Ltd. 09/2004 Received
the Minister's Award from Ministry of Commerce, Industry and Energy for
productivity improvement in Ulsan Plant 04/2005 Expanded
half pure Hydrogen Peroxide plant in Ulsan 09/2006 Consecutive
5520 days accident-free operation in Ulsan plant 12/2007 Acquired
C&P Chemical Co.,Ltd 12/2008 Update
the Credit Rating (BBB0 → BBB+) 02/2009 Moved to the present HQ address
from 18FL., Hansol Bldg., 736-1, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea |
||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Park Won-Hwan |
Korean |
1954.05.08 |
Hanyang University, Korea |
|
Chairman |
Mr. |
Cho Dong-Hyuck |
Korean |
1950.11.22 |
Middlebury University |
|
Director |
Mr. |
Kim Hwa-Joo |
Korean |
1964.06. |
Kyungbuk National University, Korea |
|
Director |
M/S. |
Cho Yeon-Joo |
Korean |
1979.10. |
University of Pennsylvania, USA |
|
Outside Director / Auditor |
Mr. |
Seo Jung-Ho |
Korean |
1969.08. |
Seoul National University, Korea |
|
Outside Director / Auditor |
Mr. |
Cho Nam-Shin |
Korean |
1955.06. |
University of Pennsylvania, Wharton School |
|
Outside Director / Auditor |
Mr. |
Choi Jong-Yeon |
Korean |
1955.03. |
Univ. of Pittsburgh, USA |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
142,791,754,558 |
414,943,069,512 |
18,560,923,737 |
|
|
(*)2014 |
277,931,458,795 |
371,589,223,347 |
22,253,003,478 |
|
(*)2013 |
286,157,034,520 |
344,585,590,175 |
21,039,693,711 |
|
(*)2012 |
293,809,915,235 |
329,487,453,499 |
31,162,345,055 |
|
(*)2011 |
278,623,403,000 |
304,880,910,000 |
13,311,992,000 |
|
(*)2010 |
228,250,587,000 |
252,155,500,000 |
14,130,749,000 |
|
2009 |
192,376,780,000 |
199,337,702,000 |
16,959,424,000 |
|
2008 |
190,168,994,000 |
180,507,244,000 |
3,159,769,000 |
|
2007 |
157,934,388,723 |
190,563,710,819 |
5,286,916,106 |
|
2006 |
154,626,000,938 |
187,921,821,032 |
11,338,886,237 |
|
2005 |
164,774,204,000 |
199,920,288,000 |
12,303,753,000 |
|
2004 |
161,892,863,000 |
193,123,644,000 |
10,060,139,000 |
(*)Figures are based on
the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
150,000,000,000 |
|
Paid-Up Capital(KRW) |
56,475,975,000 |
|
Total Issues Shares |
11,295,195 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
414,943,069,512 |
371,589,223,347 |
344,585,590,175 |
|
Current Assets |
84,373,089,753 |
71,363,593,221 |
63,779,621,038 |
|
Cash & Cash Equivalents |
414,720,719 |
5,618,711,559 |
1,057,430,996 |
|
Trade Receivables & Other Receivables |
55,609,559,505 |
40,557,893,700 |
43,388,604,227 |
|
Inventories |
24,881,594,199 |
20,774,417,915 |
19,137,589,933 |
|
Current Financial Instruments |
1,486,107,940 |
2,018,841,654 |
4,727,891 |
|
Other Current Assets |
1,981,107,390 |
2,393,728,393 |
191,267,991 |
|
Non-Current Assets |
330,569,979,759 |
300,225,630,126 |
280,805,969,137 |
|
Non-Current Financial Instruments |
25,500,000 |
25,500,000 |
26,000,000 |
|
Long-Term Trade Receivables & Other Receivables |
10,970,372,752 |
11,824,048,872 |
12,257,086,081 |
|
Marketable Financial Instruments |
19,610,587,301 |
11,995,912,077 |
12,966,880,242 |
|
Investment_Subsidiaries |
34,596,524,000 |
34,596,524,000 |
34,596,524,000 |
|
Investment_Related Companies |
14,805,183,017 |
16,338,364,496 |
16,338,364,496 |
|
Tangibles |
237,962,733,035 |
211,924,967,539 |
188,015,653,073 |
|
Intangibles |
11,637,834,654 |
12,924,068,142 |
14,078,391,832 |
|
Other Financial Assets |
961,245,000 |
596,245,000 |
2,527,069,413 |
|
Total Liabilities |
195,738,083,257 |
168,338,192,787 |
156,818,514,722 |
|
Current Liabilities |
86,991,511,862 |
61,186,971,763 |
88,844,263,769 |
|
Trade Payables & Other Payables |
58,793,772,890 |
44,970,156,403 |
43,713,678,397 |
|
Short-Term Borrowings |
12,696,386,767 |
2,257,190,839 |
2,046,347,532 |
|
Current Portion of Long-Term Debts |
10,000,000,000 |
10,000,000,000 |
|
|
Deferred Income Tax Credit |
4,628,074,224 |
2,208,979,571 |
2,153,965,442 |
|
Current Portion of Debentures |
|
|
39,954,429,113 |
|
Other Current Financial Debts |
272,965,970 |
155,174,153 |
47,742,553 |
|
Other Current Liabilities |
600,312,011 |
1,595,470,797 |
928,100,732 |
|
Non-Current Liabilities |
108,746,571,395 |
107,151,221,024 |
67,974,250,953 |
|
Debentures |
89,743,532,871 |
89,681,805,471 |
39,808,272,804 |
|
Long-Term Borrowings |
10,000,000,000 |
10,000,000,000 |
20,000,000,000 |
|
Provision for Severance & Retirement |
3,299,664,410 |
1,749,262,293 |
1,337,647,646 |
|
Deferred Income Tax Credit |
3,232,572,013 |
2,785,738,309 |
3,111,539,079 |
|
Provision for Severance & Retirement |
45,000,000 |
45,000,000 |
45,000,000 |
|
Other Non-Current Financial Debts |
2,425,802,101 |
2,889,414,951 |
3,671,791,424 |
|
Capital Stock |
56,475,975,000 |
56,475,975,000 |
56,475,975,000 |
|
Capital Surplus |
28,594,265,985 |
28,548,977,000 |
28,661,401,156 |
|
Others |
9,745,383,983 |
5,720,837,838 |
6,268,085,019 |
|
Profit Surplus |
124,389,361,287 |
112,505,240,722 |
96,361,614,278 |
|
Total Equity |
219,204,986,255 |
203,251,030,560 |
187,767,075,453 |
|
Liab. & Shareholder’s Equity |
414,943,069,512 |
371,589,223,347 |
344,585,590,175 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
142,791,754,558 |
277,931,458,795 |
286,157,034,520 |
|
Cost of Sold Goods |
108,057,571,732 |
221,680,774,953 |
234,707,031,397 |
|
Gross Profit |
34,734,182,826 |
56,250,683,842 |
51,450,003,123 |
|
Selling Expenses |
6,193,230,108 |
13,232,345,594 |
12,010,345,001 |
|
Admin. Expenses |
6,884,013,405 |
14,823,025,065 |
12,607,994,099 |
|
Operating Income |
21,656,939,313 |
28,195,313,183 |
26,831,664,023 |
|
Finance Income |
799,012,143 |
1,572,659,429 |
1,183,901,238 |
|
Finance Expenses |
2,897,452,278 |
5,800,852,452 |
5,813,626,747 |
|
Other Non-Operating
Income |
1,969,364,973 |
3,207,704,147 |
4,739,988,558 |
|
Other Non-Operating
Expenses |
634,149,147 |
1,118,470,607 |
1,780,896,634 |
|
Profits from
Investment on Related Companies |
1,613,791,200 |
|
|
|
Income Before Taxes |
22,507,506,204 |
26,056,353,700 |
25,161,030,438 |
|
Income Taxes Expenses |
3,946,582,467 |
3,803,350,222 |
4,121,336,727 |
|
Net Income |
18,560,923,737 |
22,253,003,478 |
21,039,693,711 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating Activities Cash Flows |
25,042,087,635 |
38,135,968,578 |
40,233,784,298 |
|
Net Income |
18,560,923,737 |
22,253,003,478 |
21,039,693,711 |
|
Adjustment |
14,238,733,146 |
23,002,842,680 |
20,046,001,323 |
|
Changes in Asset/ & Liability |
-4,968,625,126 |
-1,170,986,106 |
8,854,711,651 |
|
Interests Received |
592,825 |
131,462,389 |
48,267,339 |
|
Interests Paid |
-2,377,302,582 |
-5,036,280,943 |
-5,607,862,276 |
|
Dividends Received |
1,796,831,326 |
2,716,291,280 |
4,087,694,988 |
|
Income Taxes |
-2,209,065,691 |
-3,760,364,200 |
-8,234,722,438 |
|
Cash Flows from
Investing |
-34,036,255,531 |
-37,984,521,238 |
-41,072,867,657 |
|
Cash Flows from
Financing |
1,778,204,398 |
4,458,543,307 |
-9,701,180,946 |
|
Increase/Decrease in Cash |
-7,215,963,498 |
4,609,990,647 |
-10,540,264,305 |
|
Cash at the Beginning of Year |
5,618,711,559 |
1,057,430,996 |
11,601,831,028 |
|
Cash at the End of Year |
-1,593,341,011 |
5,618,711,559 |
1,057,430,996 |
|
Main Products & Services |
Hydrogen Peroxide SB-Latex Fixing Agent Wet Strength Agent Retention Aid Alkaline Sizing Agent Chelating Agent Micro Capsule Insolubilizer Organic Coagulant Polyacrylamide Decolorizing Agent Benzoyl Peroxide Sodium Hydrosulfite Dye Sublimation Ribbon Inkjet Printer Ink Brand Name : Hitex, Han-Floc, Superox |
||||||||||||||||
|
Annual Production Capacity (Unit : 1,000 Ton) |
|
||||||||||||||||
|
Technologies Acquired |
|
|
Suppliers |
SAMSUNG FINE CHEMICALS CO., LTD.(181211-0000013) HONAM PETRO CHEMICAL CORPORATION(110111-0193196) HUCHEMSFINECHEMICALCORPORATION(110111-2611906) LS-NIKKO COPPER INC.(230111-0058436) |
|
Customers |
HANSOL PAPER CO., LTD.(110111-0017867) HANSOL HOMEDECO CO., LTD.(110111-0825624) SAMYOUNG PURE CHEMICALS CO., LTD.(110111-0655378) JEONJU PAPER CORPORATION(210111-0022435) TECHNOSEMICHEM CO., LTD.(110111-0610083) |
|
Competitors |
KOREA KUMHO PETRO CHEMICAL CO.,
LTD.(110111-0205975) ULSAN PACIFIC CHEMICAL
CORP.(110111-0011309) LG CHEM LTD.(110111-2207995) DONG HWA ENTERPRISE CO.,
LTD.(160111-0018104) |
|
Affiliates |
HANSOL HOLDINGS CO., LTD.(Ex. HANSOL PAPER CO.,
LTD.(110111-0017867) HANSOL LOGISTICS CO., LTD.(110111-0150659) HANSOL HOMEDECO CO.,LTD.(110111-0825624) HANSOL CHEMICAL CO., LTD(110111-0270895) HANSOL LIGHTING INC.(110111-3626003) HANSOL CONSTRUCTION
CO.,LTD.(110111-2664400) HANSOL DEVELOPMENT CO.,
LTD.(141211-0005540) HANSOL LCD INC.(110111-0004682) HANSOL CSN CO.,LTD(110111-0150659) INNOPTIX CO.,LTD(110111-2296253) HANSOL PNS CO.,LTD. (110111-0175970) SEOUL PAPER CO., LTD.(110111-0990609) CNP CHEMICAL CO., LTD.(124411-0043349) E-SERVICE CO.,LTD.(284311-0011634) HANSOL LIGHTING INC.(110111-3626003) SEOUL PAPER CO.,LTD.(110111-0990609) MUNGYEONG ESCO CO.,LTD.(131311-0079553) HANSOL INTICUBE CO., LTD.(110111-2915605) MAUL SOUP CO., LTD.(110111-3858078) ARTONE PAPER MFG. CO.,LTD.(134811-0000034) HANSOL PAPERTECH CO.,LTD.(204311-0008603) HANSOL TECHNICS CO.,
LTD.(110111-0004682) SAMYOUNG PURE CHEMICALS CO.,
LTD.(110111-0655378) |
|
|
|
|
Subsidiary |
HANSOL CNP CO., LTD.(124411-0043349) TIANJIN C&P CHEMICAL CO., LTD. NO 28B. 2ROAD XIAOZHAN INDUSTRY PARK, JINNAN QU, TIANJIN,
CHINA HANSOL CNP VINA CO., LTD. LOT D, ROAD N2, DAI DONG - HOAN SON INDUSTRIAL ZONE, HOAN
SON COMMUNE, TIEN DU DISTRICT, BAC NIHN PROVINCE, VIETNAM HANSOL ELECTRONIC MATERIALS(XI'AN) CO., LTD.(CHINA) GREENPOINT GLOBAL MITTELSTAND FUND SPECIAL PURPOSE VEHICLE I, LLC(USA) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
|
Sales/ Unit :Mil KRW |
2011 |
2010 |
2009 |
|
Export |
29,746 |
26,785 |
23,833 |
|
Domestic |
248,878 |
201,466 |
168,543 |
|
Total |
278,623 |
228,251 |
192,377 |
The subject deals
with the companies in China, Hong Kong and Japan.
No.
-------------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.