|
Report No. : |
341158 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
HANKUK GLASS INDUSTRIES INC. |
|
|
|
|
Registered Office : |
211, Teheran-Ro, Gangnam-Gu, Seoul, 10FL., Korea Foundation for Advanced Studies Bldg., Korea 06141 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
25.03.1957 |
|
|
|
|
Com. Reg. No.: |
116-81-00115 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Plate Glass. (Flat Glass, Pair Glass, Automotive Safety
Glass, Specialty Glass) |
|
|
|
|
No. of Employees : |
291 |
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 |
|
Company Name |
HANKUK GLASS
INDUSTRIES INC. |
|
Registered Address |
211, Teheran-ro, Gangnam-gu, Seoul, Korea |
|
Building |
10FL.,
Korea Foundation for Advanced Studies Bldg. |
|
Zip Code |
06141 |
|
Tel |
+82-2-3706-9114 |
|
Fax |
+82-2-3706-9363 |
|
E-mail |
ehjang@hanglas.co.kr;jlmoon@hanglas.co.kr |
|
Website |
www.hanglas.co.kr |
|
Trading Address |
10FL., Korea Foundation for Advanced
Studies Bldg., 211, Teheran-ro, Gangnam-gu, Seoul, Korea (Old Address System : 10FL., Korea Foundation for Advanced Studies Bldg., 678-39, Yeoksam-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-3706-9114 |
|
Fax |
+82-2-3706-9363 |
|
Other Address-Busan Factory |
345, Ilgwang-myeon, Gijang-gun, Busan,
Korea |
|
Tel |
+82-51-720-4214 |
|
Fax |
+82-51-721-5697 |
|
Other Address-Gunsan Factory |
77, Soryong-dong, Gunsan-si, Jeollabuk-do,
Korea |
|
Tel |
+82-63 -460-4251 |
|
Fax |
+82-63-462-2151 |
|
Other Address-Daejeon Sales Office |
20-1, Yongjeon-dong, Dong-gu, Daejeon, Korea |
|
Tel |
+82-42-623-4539 |
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Plate Glass |
|
Main Business |
Flat Glass, Pair Glass, Automotive Safety Glass, Specialty Glass |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/25/1957 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Glass products(30171700) |
|
Sell |
Float glass(30171708) |
|
Sell |
Safety glass(30171707) |
|
Name |
Lee Yong-Sung |
|
Address |
|
|
Date of Birth |
12/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
69,882,185,000 |
|||||||||||||||||||||
|
Employees |
291 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea stock Exchange : 002000) as of 06/27/1969 Foreign Direct Investment Corporation(France) |
|||||||||||||||||||||
|
Bank Details |
Korea Development Bank-HQ Office |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0027345 |
|||||||||||||||||||||
|
Business Registered No. |
116-81-00115 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 984676 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
03/25/1957 Incorporated as the present name 04/1971 Registered as a Foreign Direct
Investment Corporation(K0000920) 06/16/2014 moved to the present HQ address from 15th Fl., Yeongpung Bldg.,
33, Seorin-dong, Jongno-gu, Seoul, Korea |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
President & CEO |
Mr. |
Lee Yong-Sung |
Korean |
1966.12 |
CEO of Dow Corning Korea LTD. |
|
Director |
Mr. |
Usah Soibi |
French |
1969.08 |
Ecole Superieur de Physique et
Chimie Industrielles de Paris, Engineer -.President of Flat Glass Sector
Asia-Pacific Region |
|
Director |
Mr. |
Patrick Dupan |
French |
1963.12 |
Saint-Gobain |
|
Director |
Mr. |
Habie Himeno |
French |
1964.01 |
Instituto de Empresa, Economics M.A |
|
Outside Director |
Mr. |
Philip Ttiro |
French |
1959.07 |
-Graduated from ESSEC -Heidrick & Struggles Seoul Office
Managing Partner -Korn/Ferry International Seoul Office Senior
Client Partner |
|
Outside Director |
Mr. |
Choi Young-Ik |
Korean |
1963.06.04 |
Washington University, USA |
|
Auditor |
Mr. |
Chae Won-Seok |
Korean |
1954.12. |
George Washington University, USA |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
102,847,564,528 |
563,852,812,283 |
18,583,786,618 |
|
|
(*)2014 |
227,499,819,868 |
533,628,198,044 |
7,297,519,636 |
|
(*)2013 |
234,479,118,180 |
544,765,663,035 |
2,272,238,182 |
|
(*)2012 |
258,488,834,123 |
536,571,911,820 |
-74,306,420,209 |
|
(*)2011 |
354,479,707,478 |
652,963,045,453 |
22,018,101,468 |
|
(*)2010 |
353,017,520,957 |
654,782,811,523 |
25,902,141,596 |
|
2009 |
309,822,051,222 |
600,719,614,799 |
-20,095,103,232 |
|
2008 |
292,656,073,346 |
675,782,377,349 |
-11,113,718,884 |
|
2007 |
277,062,714,570 |
670,584,494,901 |
-20,378,650,026 |
|
2006 |
251,831,658,380 |
699,197,875,716 |
-537,068,788 |
|
2005 |
280,231,652,564 |
710,696,709,754 |
1,949,742,825 |
|
2004 |
315,908,369,459 |
729,615,173,663 |
18,135,325,537 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
120,000,000,000 |
|
Paid-Up Capital(KRW) |
69,882,185,000 |
|
Total Issues Shares |
10,534,427(Common : 10,079,660 / Preferable ; 454,767) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
563,852,812,283 |
533,628,198,044 |
544,765,663,035 |
|
Current
Assets |
117,299,193,430 |
111,138,639,396 |
117,310,276,276 |
|
Cash
& Cash Equivalents |
48,677,091,943 |
40,353,097,323 |
36,994,955,964 |
|
Trade
Receivables |
13,853,784,815 |
17,137,892,114 |
25,736,937,922 |
|
Current
Financial Instruments |
1,096,800,372 |
2,550,665,509 |
1,955,144,024 |
|
Derivatives |
611,999,170 |
53,692,005 |
905,431 |
|
Inventories |
51,668,627,189 |
49,793,520,210 |
51,260,640,882 |
|
Other
Current Assets |
1,390,889,941 |
1,249,772,235 |
1,361,692,053 |
|
Current Assets to be Sold |
33,552,276,785 |
33,746,805,328 |
0 |
|
Non-Current
Assets |
413,001,342,068 |
388,742,753,320 |
427,455,386,759 |
|
Marketable
Financial Instruments |
40,129,836,407 |
1,712,847,978 |
1,698,673,688 |
|
Investment_Related
Companies |
199,580,952,770 |
209,095,959,751 |
211,791,194,279 |
|
Tangibles |
169,425,783,095 |
166,394,476,341 |
199,853,048,371 |
|
Intangibles |
1,956,951,596 |
1,999,320,401 |
2,188,837,561 |
|
Non-Current
Financial Instruments |
1,840,887,090 |
1,817,602,240 |
1,833,608,596 |
|
Other
Non-Current Assets |
66,931,110 |
133,753,988 |
70,481,775 |
|
Deferred
Income Assets |
0 |
7,588,792,621 |
10,019,542,489 |
|
Total
Liabilities |
64,188,233,625 |
75,655,263,276 |
94,222,868,474 |
|
Current
Liabilities |
45,254,263,615 |
58,483,732,804 |
76,047,109,210 |
|
Trade
Payables |
17,372,869,586 |
23,753,987,855 |
22,203,329,384 |
|
Other
Current Financial Debts |
24,540,981,241 |
30,163,164,272 |
47,990,456,347 |
|
Derivatives |
31,405,070 |
99,155,371 |
36,250,345 |
|
Other
Current Liabilities |
3,309,007,718 |
4,467,425,306 |
5,817,073,134 |
|
Non-Current
Liabilities |
18,933,970,010 |
17,171,530,472 |
18,175,759,264 |
|
Confirmed
Salaries |
4,270,259,130 |
3,572,169,039 |
4,319,582,651 |
|
Other
Long-Term Salaries |
668,644,001 |
746,077,488 |
891,024,297 |
|
Non-Current
Finance Liabilities |
10,276,259,588 |
10,671,853,166 |
10,919,828,180 |
|
Other
Provisions |
2,286,269,635 |
2,181,430,779 |
2,045,324,136 |
|
Deferred
Income Tax Credit |
1,432,537,656 |
0 |
0 |
|
Capital
Stock |
69,882,185,000 |
69,882,185,000 |
69,882,185,000 |
|
Capital
Surplus |
71,305,322,633 |
71,305,322,633 |
71,305,322,633 |
|
Profit
Surplus |
23,067,749,764 |
5,560,144,196 |
-1,858,940,065 |
|
Others |
335,409,321,261 |
311,225,282,939 |
311,214,226,993 |
|
Total
Equity |
499,664,578,658 |
457,972,934,768 |
450,542,794,561 |
|
Liab.
& Shareholder’s Equity |
563,852,812,283 |
533,628,198,044 |
544,765,663,035 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
102,847,564,528 |
227,499,819,868 |
234,479,118,180 |
|
Cost of Sold Goods |
86,475,721,619 |
190,205,387,452 |
214,454,289,625 |
|
Gross Profit |
16,371,842,909 |
37,294,432,416 |
20,024,828,555 |
|
Selling & Admin. Expenses |
13,873,899,331 |
31,529,100,374 |
49,453,635,221 |
|
Operating Income |
2,497,943,578 |
5,765,332,042 |
-29,428,806,666 |
|
Other Non-Operating Income |
4,581,198,740 |
3,644,394,075 |
7,908,512,323 |
|
Other Non-Operating Expenses |
1,674,577,222 |
4,018,224,243 |
19,645,149,413 |
|
Profits from Investment on
Related Companies |
0 |
0 |
35,789,615,371 |
|
Finance Income |
15,613,932,048 |
4,786,598,779 |
3,567,238,855 |
|
Finance Expenses |
234,519,263 |
545,484,056 |
611,733,253 |
|
Income Before Taxes |
20,783,977,881 |
9,632,616,597 |
-2,420,322,783 |
|
Income Taxes Expenses |
2,200,191,263 |
2,335,096,961 |
-4,692,560,965 |
|
Net Income |
18,583,786,618 |
7,297,519,636 |
2,272,238,182 |
|
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 |
17,301,893,715 |
7,788,973,006 |
-17,910,261,396 |
|
Net Income |
20,783,977,881 |
9,632,616,597 |
-2,420,322,783 |
|
Adjustment |
-13,867,096,327 |
7,795,426,438 |
-12,967,036,401 |
|
Changes in Asset/ & Liability |
-4,968,374,481 |
-14,004,043,713 |
-6,029,493,250 |
|
Interests Received |
207,713,980 |
570,771,114 |
664,651,795 |
|
Dividends Received |
15,311,140,461 |
3,715,378,716 |
2,536,044,997 |
|
Income Taxes |
-165,467,799 |
78,823,854 |
305,894,246 |
|
Cash Flows
from Investing |
-7,901,718,045 |
-4,430,831,647 |
-10,325,859,070 |
|
Cash
Flows from Financing |
-1,076,181,050 |
0 |
0 |
|
Increase/Decrease
in Cash |
8,323,994,620 |
3,358,141,359 |
-28,236,120,466 |
|
Cash at
the Beginning of Year |
40,353,097,323 |
36,994,955,964 |
65,231,076,430 |
|
Cash at
the End of Year |
48,677,091,943 |
40,353,097,323 |
36,994,955,964 |
|
Main Products & Services |
Flat Glass Automotive Glass Specialty Glass Brand Name : HANGLAS |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
KOREA
AUTOGLASS CORPORATION 1B, JEONUI
INDUSTRIAL COMPLEX, 613, SINJEONG-RI, JEONUI-MYEON, YEONGI-GUN,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-860-5000~9 FAX:+82-41-860-5030 DONG-KUK
GLASS INDUSTRY CO., LTD. 10-14,
YANGJAE 1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-576-3855 FAX:+82-2-573-3891 KEUM SUNG
GLASS TECH CO., LTD. 594-1,
SINJIN-RI, GWANGCHEON-EUP, HONGSEONG-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-641-6263 FAX:+82-41-641-6267 |
|
Affiliates-Domestic |
HANKUK SECKURIT LIMITED(120111-0008294) (49.94% held by the subject company) 55 SORYONG-DONG, GUNSAN, JEOLLABUK-DO,
KOREA TEL:+82-63-469-2315 FAX:+82-63-469-2324 |
|
Affiliates-Overseas |
SAINT-GOBAIN CENTRAL SEKURIT (QINGDAO)
CO., LTD. (25.0% held by the subject company) SAINT-GOBAIN INNOVATIVE MA TERIALS POLSKA
SP. Z. O. O.(POLAND) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
SAINT-GOBAIN HANGLAS SEKURIT (SHANGHAI) CO., LTD.(CHINA) (50.0% held by the subject company) SAINT-GOBAIN GLASS QINGDAO CO., LTD.(CHINA) (50.0% held by the subject company) SAINT-GOBAIN GLASS CO., LTD.(CHINA) (50.0% held by the subject company) SAINT-GOBAIN HANGLAS (JAPAN) KK((JAPAN) (50.0% held by the subject company) SAINT-GOBAIN HANGLAS (SHANGHAI) CONSULTING CO., LTD.(CHINA) (50.0% held by the subject company) |
|
Subsidiary |
HANKUK HANISO CO., LTD.(120111-0164351) (100.00% held by the subject company) 585-14 GAJWA-DONG, SEO-GU, INCHEON, KOREA TEL : +82-32-580-0371 FAX:+82-32-580-0319 KUNSHAN YONGXIN GLASSWARE CO., LTD.(YXG) (60.0% held by the subject company) 222 KUNTAI ROAD, KUNSHAN CITY, JIANGSU
PROVINCE, CHINA TEL:+86-520-766-1077 FAX:+86-520-766-4219 |
|
Corporate Ownership |
COMPAGNIE DE SAINT-GOBAIN SOFIAG |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Technical Support from PILKINGTON PLC(UK) BOC TECH LTD AIRCO, YNC RESEARCH FRONTIERS INC. PPG INDUSTRIES INC. SAINT-GOBAIN VITRAGE S.A SAINT-GOBAIN GLASS FRANCE |
|
Sales/ Unit :Mil KRW |
09/2013 |
2012 |
2011 |
|
Export |
6,582 |
8,845 |
14,020 |
|
Domestic |
237,087 |
342,006 |
449,849 |
|
Total |
243,669 |
350,851 |
463,869 |
The Subject deals with
the companies in China and Japan.
No.
-----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
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.