|
Report No. : |
341457 |
|
Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
HEARTYCHEM CORP. |
|
|
|
|
Registered Office : |
511, Yeongdong-daero, Gangnam-gu, Seoul,
Korea 06164, Rm. 1806, Korea Trade Tower |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.08.1995 |
|
|
|
|
Com. Reg. No.: |
105-81-73938 |
|
|
|
|
Legal Form : |
Co., Ltd By Shares |
|
|
|
|
Line of Business : |
Wholesale of Synthetic Rubber and Plastics Materials. |
|
|
|
|
No. of Employees : |
31 |
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 : |
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 |
HEARTYCHEM CORP. (Korean Company
Name : “(주)하티켐”) |
|
Registered Address |
511, Yeongdong-daero, Gangnam-gu, Seoul,
Korea |
|
Building |
Rm. 1806, Korea Trade Tower |
|
Zip Code |
06164 |
|
Tel |
+82-2-6000-0886 |
|
Fax |
+82-2-6000-0888 |
|
E-mail |
hearty@hearty.co.kr |
|
Website |
www.hearty.co.kr |
|
Trading Address |
Rm. 1806, Korea Trade Tower, 511,
Yeongdong-daero, Gangnam-gu, Seoul, Korea (Old Address System : Rm. 1806, Korea
Trade Tower, 159-1, Samseong 1-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-6000-0886 |
|
Fax |
+82-2-6000-0888 |
|
Other Address-Gonjiam Branch |
7, Gyeongchung-daero 295beon-gil, Gonjiam-eup,
Gwangju-si, Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Wholesale of Synthetic Rubber and Plastics Materials |
|
Main Business |
Synthetic Rubbers, Plastics, Polyurethane |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
08/18/1995 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Rubber compound(13101607) |
|
Sell |
Processed and synthetic rubber(13101600) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Name |
Kim Hyung-Kon |
|
Address |
Suite 109-603, 120, Irwon-ro, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
08/10/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
450,000,000 |
|||||||||||||||
|
Employees |
31 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
KEB Hana Bank-Int’l Trade Branch SC First Bank of Korea Kookmin Bank Woori Bank Industrial Bank of Korea |
|||||||||||||||
|
Corporate Registered No. |
110111-1187601 |
|||||||||||||||
|
Business Registered No. |
105-81-73938 |
|||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11278485 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
08/18/1995 Incorporated as HEARTY &C CORP. 09/04/1999 Moved to the present HQ address
from 538, Dohwa-dong, Mapo-gu, Seoul, Korea 09/15/2000 Changed company name to the
present name 11/2001 Awarded US$1
Million Export Top Prize 12/26/2008 Increased the authorized shares
to 5,000,000 shares from 20,000 shares 11/2008 Awarded
US$20 Million Export Top Prize 12/30/2008 Increased capital to 450,000,000
KRW from 50,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Hyung-Kon |
Male |
Korean |
03/25/2008 |
|
Director |
M/S. |
Kim Mi-Kyung |
Female |
Korean |
08/29/2001 |
|
Director |
Mr. |
Cho Hyun-Il |
Male |
Korean |
01/08/2010 |
|
Auditor |
Mr. |
Cho Hyun-Jung |
Male |
Korean |
03/21/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
202,944,897,072 |
22,336,625,213 |
-1,727,779,568 |
|
|
2013 |
237,507,086,781 |
28,465,238,356 |
391,111,029 |
|
2012 |
273,769,314,201 |
22,828,435,239 |
1,327,558,613 |
|
2011 |
255,911,205,712 |
25,939,613,389 |
2,681,788,104 |
|
2010 |
174,626,810,011 |
15,613,794,894 |
2,335,523,519 |
|
2009 |
83,438,751,991 |
14,194,541,177 |
2,180,925,964 |
|
2008 |
130,767,902,888 |
9,858,885,423 |
4,035,414,244 |
|
2007 |
51,955,825,996 |
7,362,859,919 |
524,212,489 |
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
450,000,000 |
|
Total Issues Shares |
45,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
22,336,625,213 |
28,465,238,356 |
22,828,435,239 |
|
Current Assets |
17,874,552,927 |
23,835,299,694 |
18,418,579,535 |
|
-Quick Assets |
16,749,915,146 |
22,980,978,642 |
15,811,096,902 |
|
-Inventories |
1,124,637,781 |
854,321,052 |
2,607,482,633 |
|
Fixed Assets |
4,462,072,286 |
4,629,938,662 |
4,409,855,704 |
|
-Investment |
590,302,700 |
569,228,180 |
668,497,960 |
|
-Tangibles |
1,780,446,350 |
1,834,537,919 |
1,935,664,882 |
|
-Intangibles |
|
|
|
|
-Others |
2,091,323,236 |
2,226,172,563 |
1,805,692,862 |
|
Total Liabilities |
13,337,848,796 |
17,780,626,496 |
12,078,015,980 |
|
Current Liabilities |
12,200,746,999 |
16,670,147,833 |
11,234,970,449 |
|
Fixed Liabilities |
1,137,101,797 |
1,110,478,663 |
843,045,531 |
|
Capital Stock |
450,000,000 |
450,000,000 |
450,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
8,602,658,022 |
10,330,437,590 |
10,389,326,561 |
|
Capital Adjustment |
-53,881,605 |
-95,825,730 |
-88,907,302 |
|
Total Equity |
8,998,776,417 |
10,684,611,860 |
10,750,419,259 |
|
Liab. & Shareholder’s Equity |
22,336,625,213 |
28,465,238,356 |
22,828,435,239 |
|
Current
Liabilities |
12,200,746,999 |
16,670,147,833 |
11,234,970,449 |
|
Trade Payables |
5,395,342,948 |
8,251,271,244 |
7,492,906,188 |
|
Short-Term
Borrowings |
5,595,237,730 |
6,040,210,289 |
1,590,080,638 |
|
Account Payables |
996,254,425 |
1,213,624,260 |
977,327,519 |
|
Accrued Income Tax |
- |
49,174,930 |
57,992,270 |
|
Advance Receipts |
105,671,768 |
968,773,958 |
939,149,613 |
|
Withholdings |
91,667,760 |
123,611,590 |
151,841,900 |
|
Deferred
Income Taxes |
16,572,368 |
23,481,562 |
25,672,321 |
|
Fixed
Liabilities |
1,137,101,797 |
1,110,478,663 |
843,045,531 |
|
Leasehold
Deposit Received |
3,600,000 |
3,600,000 |
- |
|
Provision for Severance & Retirement |
1,133,501,797 |
1,106,878,663 |
843,045,531 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
202,944,897,072 |
237,507,086,781 |
273,769,314,201 |
|
Cost of Sold Goods |
189,989,998,755 |
222,370,269,864 |
256,915,657,752 |
|
Gross Profit |
12,954,898,317 |
15,136,816,917 |
16,853,656,449 |
|
Selling & Admin. Expenses |
14,613,064,662 |
14,079,558,284 |
14,522,197,206 |
|
Operating Income |
-1,658,166,345 |
1,057,258,633 |
2,331,459,243 |
|
Non-Operating Income |
2,897,926,957 |
3,410,504,866 |
2,431,621,940 |
|
Non-Operating Expenses |
3,011,072,422 |
3,791,182,605 |
3,081,155,218 |
|
Income Before Taxes |
-1,771,311,810 |
676,580,894 |
1,681,925,965 |
|
Income Taxes Expenses |
-43,532,242 |
285,469,865 |
354,367,352 |
|
Net Income |
-1,727,779,568 |
391,111,029 |
1,327,558,613 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
976,340,501 |
-2,664,202,452 |
3,752,807,202 |
|
-Net Income |
-1,727,779,568 |
391,111,029 |
1,327,558,613 |
|
-Exp. without Cash Outflow |
293,927,334 |
1,075,453,220 |
898,850,374 |
|
-Revenue without Cash Inflows |
-100,066,137 |
-94,104,739 |
-89,293,624 |
|
-Changes in Asset/ & Liability |
2,510,258,872 |
-4,036,661,962 |
1,615,691,839 |
|
Cash Flows from Investing |
-80,900,173 |
-731,255,400 |
-2,894,666,737 |
|
-Cash Inflow from Investing |
3,063,793,780 |
2,543,874,000 |
2,352,967,273 |
|
-Cash Outflows for Investing |
-3,144,693,953 |
-3,275,129,400 |
-5,247,634,010 |
|
Cash Flows from Financing |
-462,710,808 |
4,029,377,194 |
-1,376,348,506 |
|
-Cash Inflows from Financing |
6,239,059,843 |
4,691,926,507 |
542,121,245 |
|
-Cash Outflows from Financing |
-6,701,770,651 |
-662,549,313 |
-1,918,469,751 |
|
Increase/Decrease in Cash |
432,729,520 |
633,919,342 |
-518,208,041 |
|
Cash at the Beginning of Year |
1,963,907,382 |
1,329,988,040 |
1,848,196,081 |
|
Cash at the End of Year |
2,396,636,902 |
1,963,907,382 |
1,329,988,040 |
|
Main Products & Services |
Synthetic Rubber Reprocess Rubbers Detergent Chemicals Feed Additives Non-Ferrous Metal Products Other Chemicals Nitrogen Fertilizers Phosphate Fertilizers Potash Fertilizers NP/NK/NPK Fertilizers |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
DYM CO., LTD. 624-2, EOPSEONG-DONG, SEOBUK-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-621-6250 FAX:+82-41-621-8420 JUNGWOO TRADING CO., LTD. 869-11, EOGOK-DONG, YANGSAN-SI, GYEONGSANGNAM-DO,
KOREA TEL:+82-55-386-5003 FAX:+82-55-364-1778 HUMADE CORPORATION RM. 2310, MASTERS TOWER BLDG., 553, DOHWA
1-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3275-5155~8 FAX:+82-2-3275-5157 |
|
Affiliates |
HEARTYCHEM ASIA LTD.(HONG KONG) RM.4206, FAREAST FINANCIAL CENTER, 16,
HARCOURT ROAD, ADMIRALTY, HONG KONG TEL:+852-2861-1761 FAX:+852-2861-1760 THE EIGHT H CORPORATION(110111-4384246) (49.3.% held by the subject company) FLOGIS INTERNATIONAL CORP.(110111-3954230) |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
The Subject exports
to China, Taiwan, Indonesia, Italy and Japan, and it imports from Russia.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.50 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.