|
|
|
MIRA INFORM REPORT
|
Report No. : |
486675 |
|
Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
HUVIS CORPORATION |
|
|
|
|
Registered Office : |
343, Hakdong-ro, Gangnam-gu, Seoul, 12FL.,
Paros Tower, Korea 06060 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2017 |
|
|
|
|
Date of Incorporation : |
01.11.2000 |
|
|
|
|
Com. Reg. No.: |
215-81-98804 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Fibers. (Polyester Filament Yarn, Polyester Staple Fiber, Polyester Chip) |
|
|
|
|
No. of Employees : |
1,062 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
|
Source
: CIA |
Basic
Information
|
Company Name |
HUVIS CORPORATION |
|
Registered Address |
343, Hakdong-ro, Gangnam-gu, Seoul, Korea |
|
Building |
12FL., Paros Tower |
|
Zip Code |
06060 |
|
Tel |
+82-2-2189-4567 |
|
Fax |
+82-2-2189-4569 |
|
E-mail |
webmaster@huvis.com |
|
Website |
www.huvis.com |
|
Trading Address |
12FL., Paros Tower, 343, Hakdong-ro,
Gangnam-gu, Seoul, Korea (Old Address System : 12FL., Paros Tower,
119, Nonhyeon-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-2189-4567 |
|
Fax |
+82-2-2189-4569 |
|
Other Address-Jeonju Factory |
339, Palbokdong 2-ga, Deokjin-gu,
Jeonju-si, Jeollabuk-do, Korea |
|
Tel |
+82-63-210-2114 |
|
Fax |
+82-63-210-2233 |
|
Other Address-Ulsan Factory |
600, Hwangseong-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-277-0121 |
|
Fax |
+82-52-277-0652 |
|
Other Address-Suwon Factory |
600, Jeongja-dong, Jangan-gu, Suwon-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-240-8171 |
|
Fax |
+82-31-245-3004 |
|
Other
Address- R&D Center |
90, Sinilseo-ro, Daedeok-gu, Daejeon, Korea (Old Address System : 1690-1, Sinil-dong, Daedeok-gu, Daejeon, Korea) |
|
Tel |
+82-42-930-4567 |
|
Fax |
+82-42-930-4569 |
|
Other Address-Busan Office |
830-136, Beomil 2-dong, Dong-gu, Busan, Korea |
|
Tel |
+82-51-631-5296 |
|
Fax |
+82-51-631-5240 |
|
Type |
Export |
|
Industry |
Manufacture of Synthetic Fibers |
|
Main Business |
Polyester Filament Yarn, Polyester Staple Fiber, Polyester Chip |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/01/2000 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyester fibers(11151503) |
|
Sell |
Thermoplastic polyester(13111057) |
|
Sell |
Fibers(11151500) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Resins(13111000) |
|
Sell |
Polyester fibers(11151503) |
|
Buy |
Compounds and mixtures(12350000) |
|
Buy |
Alcohols or its substitutes(12352104) |
CEO’s
|
Name |
You Bae-Keun |
|
Date of Birth |
10/14/1959 |
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
172,500,000,000 |
||||||||||||||||||||||||||||||
|
Employees |
1,062 |
||||||||||||||||||||||||||||||
|
Formation |
Listed Company(Korea Stock Exchange : 079980) as of 02/23/2012 |
||||||||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Jongno Branch |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-2102070 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
215-81-98804 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
05/2004 Obtained SEK Mark 09/2003 Obtained KT Mark (Fisto) 04/2001 Synthetic Fiber business division obtained Oeko-tex Standard
100, environmental certification of Europe. Int’l Trade No.: 11843667 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
11/01/2000 Incorporated as the present name 04/2001 Synthetic Fiber business division
obtained Oeko-tex Standard 100, environmental certification of Europe. 08/2001 Newly established 'Research
Institute II' 11/2001 Staple'LMF' selected as the
world's top product by the Ministry of Commerce, Industry and Energy 12/2001 Held a signing ceremony for the
establishment of a joint venture plant to manufacture staple products in
Zigong, Sichuan, China. 09/2003 Obtained KT Mark (Fisto) 10/31/2003 Moved its headquarters to
151-7, Samseong-dong, Gangnam-gu, Seoul from 77-1, Garak-dong, Songpa-gu,
Seoul, Korea 05/2004 Obtained SEK Mark 11/2004 Built R&D Center in Daejeon
city 08/01/2006 Increased capital to 143,750,000,000 KRW from 100,000,000,000 KRW 10/26/2011 Increased capital to
146,250,000,000 KRW from 143,750,000,000 KRW 11/11/2011 Moved to the present HQ address
from Huvis Bldg., 151-7, Samseong 1-dong, Gangnam-gu, Seoul, Korea |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Vice President & CEO |
Shin Yoo-Dong |
Korean |
10/16/1961 |
03/24/2017 |
|
Director |
Moon Sung-Hwan |
Korean |
1953.12.04 |
03/23/2012 |
|
Director |
Park Chan-Joong |
Korean |
10/14/1964 |
03/24/2017 |
|
Outside Director / Auditor |
Sung Je-Hwan |
Korean |
08/14/1953 |
03/28/2014 |
|
Outside Director / Auditor |
Kim Yong-Hyun |
Korean |
07/30/1952 |
03/24/2017 |
|
Outside Director / Auditor |
Hur Yong-Seok |
Korean |
07/09/1956 |
03/27/2015 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
729,818,837,210 |
794,914,430,256 |
11,349,556,120 |
|
|
2016 |
859,453,819,676 |
785,703,592,017 |
10,702,743,693 |
|
2015 |
918,890,833,836 |
710,393,052,548 |
21,927,638,905 |
|
2014 |
1,122,318,258,758 |
753,176,423,415 |
21,718,322,310 |
|
2013 |
1,257,250,573,291 |
716,851,750,873 |
29,182,710,765 |
|
2012 |
1,283,896,038,747 |
712,409,705,822 |
48,722,969,889 |
|
2011 |
1,386,699,369,618 |
673,513,547,571 |
62,351,780,404 |
|
2010 |
1,125,337,046,277 |
616,500,646,481 |
15,698,106,871 |
|
2009 |
952,464,339,603 |
558,259,933,928 |
3,574,128,424 |
|
2008 |
942,378,377,574 |
595,346,357,376 |
-26,919,275,941 |
|
2007 |
899,909,051,340 |
582,876,597,640 |
-40,888,565,109 |
|
2006 |
786,208,135,240 |
639,822,609,958 |
-117,004,930,591 |
|
2005 |
876,813,565,920 |
743,430,513,560 |
-24,231,603,083 |
|
2004 |
1,074,203,592,682 |
795,724,879,151 |
-33,536,243,989 |
|
2003 |
981,061,545,872 |
794,191,963,887 |
2,709,914,079 |
Financial
Description
|
Authorized Capital(KRW) |
400,000,000,000 |
|
Paid-Up Capital(KRW) |
172,500,000,000 |
|
Total Issues Shares |
34,500,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
794,914,430,256 |
785,703,592,017 |
710,393,052,548 |
|
Current
Assets |
268,370,749,836 |
253,131,251,340 |
239,305,634,613 |
|
Cash
& Cash Equivalents |
25,065,917,150 |
15,958,826,527 |
24,734,239,520 |
|
Current
Financial Instruments |
|
|
60,000,000 |
|
Trade
Receivables |
128,641,695,778 |
128,575,176,540 |
108,061,882,822 |
|
Other
Receivables |
|
|
12,234,409,334 |
|
Inventories |
107,985,804,966 |
102,689,491,715 |
90,795,983,931 |
|
Other
Current Assets |
6,677,331,942 |
4,613,718,012 |
3,419,119,006 |
|
Deferred
Income Tax Assets |
|
1,294,038,546 |
|
|
Non-Current
Assets |
526,543,680,420 |
532,572,340,677 |
471,087,417,935 |
|
Tangibles |
373,714,501,728 |
379,682,640,911 |
318,761,857,939 |
|
Operating
Rights |
531,000,000 |
531,000,000 |
531,000,000 |
|
Intangibles |
4,604,628,016 |
4,475,298,806 |
4,611,703,171 |
|
Investment_Related
Companies |
145,569,761,320 |
145,569,761,320 |
144,657,539,320 |
|
Other
Financial Assets |
2,123,789,356 |
2,313,639,640 |
2,525,317,505 |
|
Total
Liabilities |
428,746,929,154 |
420,782,962,096 |
350,162,727,832 |
|
Current
Liabilities |
328,120,457,527 |
313,678,144,545 |
234,636,518,014 |
|
Trade
Payables |
319,765,073,371 |
308,964,318,581 |
145,925,361,737 |
|
Deferred Income Tax Credit |
2,756,475,641 |
|
1,616,660,776 |
|
Other
Financial Liabilities |
1,624,347,904 |
1,445,270,683 |
1,639,453,768 |
|
Other
Current Liabilities |
3,974,560,611 |
3,268,555,281 |
3,332,454,177 |
|
Short-Term
Borrowings |
|
|
57,495,062,793 |
|
Current
Portion of Long-Term Debts |
|
|
635,050,000 |
|
Non-Current
Liabilities |
100,626,471,627 |
107,104,817,551 |
115,526,209,818 |
|
Debentures |
82,401,165,739 |
92,878,221,750 |
89,668,117,614 |
|
Other
Non-Current Financial Debts |
10,000,000 |
10,000,000 |
|
|
Provision
for Severance & Retirement |
11,755,705,683 |
8,511,545,021 |
18,585,177,566 |
|
Deferred Income Tax Credit |
3,625,771,604 |
3,065,488,240 |
713,464,127 |
|
Other
Non-Current Liabilities |
2,833,828,601 |
2,639,562,540 |
2,353,750,511 |
|
Long-Term
Borrowings |
|
|
4,205,700,000 |
|
Capital
Stock |
172,500,000,000 |
172,500,000,000 |
172,500,000,000 |
|
Capital
Surplus |
22,202,479,600 |
22,202,479,600 |
22,202,479,600 |
|
Others |
-229,588,939 |
|
|
|
Profit
Surplus |
171,694,610,441 |
170,218,150,321 |
165,527,845,116 |
|
Total
Equity |
366,167,501,102 |
364,920,629,921 |
360,230,324,716 |
|
Liab.
& Shareholder’s Equity |
794,914,430,256 |
785,703,592,017 |
710,393,052,548 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
729,818,837,210 |
859,453,819,676 |
918,890,833,836 |
|
Cost of Sold Goods |
661,189,552,635 |
781,586,695,322 |
826,607,316,730 |
|
Gross Profit |
68,629,284,575 |
77,867,124,354 |
92,283,517,106 |
|
Selling & Admin. Expenses |
59,226,773,120 |
69,062,511,400 |
70,191,296,132 |
|
Operating Income |
9,402,511,455 |
8,804,612,954 |
22,092,220,974 |
|
Non-Operating Income |
12,296,277,225 |
15,652,076,475 |
17,776,793,471 |
|
Non-Operating Expenses |
8,354,863,814 |
13,352,019,466 |
14,487,497,518 |
|
Finance Income |
5,922,096,289 |
6,770,105,611 |
5,872,260,312 |
|
Finance Expenses |
4,611,713,274 |
4,660,173,548 |
4,834,060,359 |
|
Income Before Taxes |
14,654,307,881 |
13,214,602,026 |
26,419,716,880 |
|
Income Taxes Expenses |
3,304,751,761 |
2,511,858,333 |
4,492,077,975 |
|
Net Income |
11,349,556,120 |
10,702,743,693 |
21,927,638,905 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating Activities Cash Flows |
38,694,293,386 |
33,670,887,134 |
25,666,053,366 |
|
Cash
Flows from Operating |
11,349,556,120 |
10,702,743,693 |
21,927,638,905 |
|
Net
Income |
32,597,814,037 |
24,927,330,756 |
11,341,310,407 |
|
Changes in
Asset/ & Liability |
-8,084,473,948 |
|
|
|
Interests
Received |
38,130,658 |
96,536,815 |
49,172,687 |
|
Interests
Paid |
-4,234,140,126 |
-3,990,666,351 |
-4,309,840,655 |
|
Dividends Received |
5,656,605,000 |
6,094,379,164 |
5,438,533,113 |
|
Income Taxes |
1,370,801,645 |
-4,159,436,943 |
-8,780,761,091 |
|
Cash Flows from Investing |
-13,404,864,084 |
-89,068,870,291 |
-27,144,141,264 |
|
Cash Flows from Financing |
-16,182,338,679 |
46,622,570,164 |
-3,314,204,673 |
|
Increase/Decrease in Cash |
9,107,090,623 |
-8,775,412,993 |
-4,792,292,571 |
|
Cash at the Beginning of Year |
15,958,826,527 |
24,734,239,520 |
29,526,532,091 |
|
Cash at the End of Year |
25,065,917,150 |
15,958,826,527 |
24,734,239,520 |
Products, Technologies, Services
Description
|
Main Products & Services |
PSF, Polyester Staple Fiber PFY, Polyester Filament Yarn |
|
Detailed Products Spec. |
Polyester Filament Yarn - Wool: MARKY-1,2, MOXIE, RENOVA-1,2,7,
RENOVA-6, CENO, CEY - Silk: JUNE-1,2, MONO, PRY - Linen: CELESTO, LINACEO-1,2,3, New
LINACEO - Microfiber1: ISOL-1,2, ISOL-S, ISOL-C,
ISOL-E, ISOL-K - Microfiber2: NCD, FPN, PN - For Pile & Fleece: GENTOS, PUD/PUB,
SDF, WINPOL - Stretch: SSY (FISTO), PWPY, ESSE (FISE) - Performance: ESPOL, ESPOL-stretch,
ESPOL-cool, MIRAWAVE-cool Coolever - Quick absorbing - Moisture management - Easy to care - Soft touch Mirawave (Multifunctional yarn for health and comfort) - Anti-bacterial - Far-infrared radiation / Heat retention -
UV-protection - Special Use: LOMELA (LOM-C), NOSPA, WSP Polyester Staple Fiber - Spinning: FRE-ZEROXY, POPOP, ABF,
MICRO-FIBER, APF, Dope-Dyed, ZEROXY, MIRAWAVE, TRIROBAL, PHF - Stuffing/Padding: Conjugate - Wadding: LMF - Non Woven: ZEROXY, HPF, Napoly, FLOFA,
NyLON-PRIME, RAYPOL, MICRO-SPLIT, HCT/HSFC, HSF - Industrial - Hygiene/Health: O-LMF Chip - Textile: SD, SB - Bottle: BL, BB |
Trade
Partners & Competitors
|
Suppliers |
SAMNAM PETROCHEMICAL CO., LTD.(110111-0557061) SK CHEMICALS CO., LTD.(131111-0501021) HANWHA GENERAL CHEMICAL CO., LTD.(161411-0001243) SABIC |
|
Customers |
SK CHEMICALS CO., LTD.(130111-0005727) SAM YANG SA CO., LTD.(140111-0003032) |
|
Competitors |
TORAY CHEMICAL KOREA INC.(174811-0000151) HYOSUNG CORPORATION(110111-0030497) TK CHEMICAL CORPORATION(110111-3783457) JIANGYIN SANFANGXIANG RELIANCE INDUSTRIES YIZHENG NAN YA(TAIWAN) YUANDONG FAR EASTERN(TAIWAN) TUNTEX WELLMAN |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
GUANGZHOU HUVIS YOUNGSUNG FIBER CO.,
LTD.(CHINA) (30.0% held by the subject company) RM.2105, EAST TOWER YANGCHENG INTERNATIONAL
COMMERCIAL CENTER, NO. 122, TI YU DONG ROAD, GUANGZHOU, CHINA TEL:+86-20-3887-2510 |
|
Overseas Office |
SICHUAN HUVIS CO., LTD. (95.0% held by the subject company) XINMIN GUARD, DAAN DISTRICT, ZIGONG,
SICHUAN, CHINA TEL:+86-813-8000 CHEONGDU OFFICE B-2, 1601, FENGDE INTERNATIONAL PLAZA,
NO.6, HANGKONG RD., WUHOU, DISTRICT, CHENGDU, CHINA TEL:+86-28-8526-6067 GUANGZHOU HUVIS YOUNGSUNG FIBER CO.,
LTD.(CHINA) (30.0% held by the subject company) RM.2105, EAST TOWER YANGCHENG INTERNATIONAL
COMMERCIAL CENTER, NO. 122, TI YU DONG ROAD, GUANGZHOU, CHINA TEL:+86-20-3887-2510 SHANGHAI OFFICE RM.2003, SHENG GAO INTERNATIONAL TOWER, NO.
137, XIANXIA ROAD, SHANGHAI, CHINA TEL:+86-21-5204-4588 |
|
Subsidiary |
HUVIS WATER CORPORATION(130111-0010255) (95.27% held by
the subject company) HUVIS WATER VIETNAM (95.27% held by HUVIS WATER CORPORATION(130111-0010255)) SICHUAN HUVIS CO., LTD. (95.0% held by the subject company) XINMIN GUARD, DAAN DISTRICT, ZIGONG,
SICHUAN, CHINA TEL:+86-813-8000 |
|
Corporate Ownership |
SAMYANG HOLDINGS CORPORATION(110111-0026181) SK SYNTEC CO., LTD.(131411-0232597) |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2017 |
2016 |
2015 |
|
Export |
536,842 |
632,244 |
681,801 |
|
Domestic |
192,977 |
227,210 |
237,090 |
|
Total |
729,819 |
859,454 |
918,891 |
The Subject exports
to China, Germany and USA.
Court
Action
No.
News
Clipping
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.98 |
|
|
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
|
KRW |
1 |
INR 0.060 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.