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MIRA
INFORM REPORT
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Report No. : |
510919 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PANSTAR ENTERPRISE CO., LTD. |
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Formerly Known As : |
HESHBON CO., LTD |
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Registered Office : |
30, Haegwan-ro, Jung-gu, Busan, 48957 |
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Country : |
South Korea |
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Financials (as on) : |
31.03.2018 |
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Date of Incorporation : |
21.11.1995 |
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Com. Reg. No.: |
139-81-23687 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Other Work trucks, Lifting and Handling Equipment[Automotive Maintenance Lifts, Tire Service Equipment, Exhaust Gas Analyzer] |
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No. of Employees : |
105 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
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Source : CIA |
Basic Information
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Company Name |
PANSTAR ENTERPRISE CO., LTD. |
|
Registered Address |
30,
Haegwan-ro, Jung-gu, Busan, Korea |
|
Building |
|
|
Zip Code |
48957 |
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Tel |
+82-51-468-0501 |
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Fax |
+82-51-464-0492 |
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E-mail |
heshbon@heshbon.com |
|
Website |
www.heshbon.com;www.panstar-enterprise.com |
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Trading Address |
30, Haegwan-ro, Jung-gu, Busan, Korea (Old Address System : 3, Jungang-dong
2(i)-ga, Jung-gu, Busan, Korea) |
|
Tel |
+82-51-468-0501 |
|
Fax |
+82-51-464-0492 |
|
Other Address |
108, Robot land-ro 249beon-gil, Seo-gu,
Incheon, Korea (Old Address System : 673-55,
Gyeongseo-dong, Seo-gu, Incheon, Korea) |
|
Tel |
+82-32-585-3570 +82-1577-3520 |
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Fax |
+82-32-585-3535 |
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Other Address |
20, Mugyo-ro, Jung-gu, Seoul, Korea (Old Address System : 95, Mugyo-dong,
Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-779-4011 |
|
Fax |
+82-2-775-6814 |
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Type |
Export/Import |
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Industry |
Manufacture of Other Work trucks, Lifting and Handling Equipment |
|
Main Business |
Automotive Maintenance Lifts, Tire Service Equipment, Exhaust Gas
Analyzer |
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Sub
Business |
|
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Established (mm/dd/yyyy) |
11/21/1995 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Lifts(24101604) |
|
Sell |
Vehicle servicing equipment(25191700) |
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Sell |
Weight measuring instruments(41111500) |
|
Sell |
Forklift or elevator accessories or supplies(24101629) |
|
Sell |
Transportation components and systems(25170000) |
CEO’s
|
Name |
Kim Hyun-Kyeom |
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Date of Birth |
12/04/1961 |
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Title |
Co-President & CEO |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
20,562,471,500 |
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Employees |
105 |
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Formation |
Listed Company (KOSDAQ: 054300)
as of 01/10/2002 A Company of PANSTAR Group |
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Bank Details |
Citi Bank, Korea-Shinki Branch KEB Hana Bank Nonghyup Bank Kookmin Bank |
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Corporate Registered No. |
120111-0126038 |
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Business Registered No. |
139-81-23687 |
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Permit & Licenses |
12/1996 ISO 9002 04/2000 CE 10/2002 ISO 9001 05/2003 CE 03/2005 GQ 01/15/2007 ISO 14001 Int’l Trade No.: 14003776 |
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Shareholder Position |
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Company History |
11/21/1995 Incorporated as HESHBON CO., LTD. 12/29/2015 Changed company name to the present name 12/29/2015 Moved to the
presently Registered HQ address from 108, Robot land-ro 249beon-gil, Seo-gu,
Incheon, Korea (Old Address System : 673-55, Gyeongseo-dong, Seo-gu, Incheon,
Korea) 01/13/2017 Increased capital to
13,762,471,500 KRW from 13,606,708,500 KRW 11/29/2017 Increased capital to
20,562,471,500 KRW from 13,762,471,500 KRW |
Detailed Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Co-President & CEO |
Kim Hyun-Kyeom |
Korean |
12/04/1961 |
02/18/2016 |
|
Co-President & CEO |
Choi Young-Hak |
Korean |
10/15/1959 |
12/29/2015 |
|
Director |
Lee Jong-Sik |
Korean |
03/02/1951 |
12/29/2015 |
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Outside Director |
Kim Tae-Man |
Korean |
12/07/1961 |
03/28/2018 |
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Auditor |
Lee Ki-Won |
Korean |
01/06/1954 |
12/29/2015 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
03/2018 |
6,707,039,057 |
44,311,458,264 |
-331,720,608 |
|
2017 |
33,523,260,259 |
42,234,586,821 |
1,796,018,207 |
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2016 |
28,083,159,015 |
42,116,142,560 |
-3,365,629,761 |
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2015 |
24,201,066,272 |
39,126,933,537 |
-759,290,358 |
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2014 |
24,608,544,927 |
19,306,434,844 |
-796,349,504 |
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2013 |
25,093,204,219 |
23,405,183,714 |
-4,811,391,993 |
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2012 |
31,159,492,975 |
26,500,554,816 |
-818,709,756 |
|
2011 |
33,226,795,118 |
31,379,228,176 |
-5,193,773,759 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
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Paid-Up Capital(KRW) |
20,562,471,500 |
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Total Issued Shares |
41,124,943 |
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Balance Sheet |
|||
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Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
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Total
Assets |
44,311,458,264 |
42,234,586,821 |
42,116,142,560 |
|
Current Assets |
14,551,210,904 |
12,654,280,253 |
17,525,781,731 |
|
Cash
& Cash Equivalents |
1,518,245,883 |
1,369,715,039 |
3,551,371,627 |
|
Current
Financial Instruments |
336,950,000 |
321,420,000 |
3,500,396,817 |
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Trade
Receivables & Other Receivables |
9,236,545,111 |
7,654,779,621 |
8,021,053,443 |
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Deferred
Income Tax Assets |
21,513,954 |
3,459,964 |
12,573,300 |
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Inventories |
3,437,955,956 |
3,304,905,629 |
2,440,386,544 |
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Non-Current Assets |
29,760,247,360 |
29,580,306,568 |
24,590,360,829 |
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Non-Current
Financial Instruments |
78,500,000 |
63,500,000 |
86,500,000 |
|
Long-Term
Trade Receivables & Other Receivables |
0 |
0 |
2,227,980,000 |
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Equity method investment |
13,492,873,832 |
13,704,992,239 |
|
|
Tangibles |
14,181,156,809 |
13,504,641,240 |
8,331,059,223 |
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Intangibles |
81,726,719 |
91,183,089 |
134,932,564 |
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Other
Non-Current Assets |
1,925,990,000 |
2,215,990,000 |
0 |
|
Total Liabilities |
16,071,759,859 |
13,755,344,290 |
21,705,553,970 |
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Current Liabilities |
12,240,670,845 |
11,508,389,461 |
20,392,980,925 |
|
Trade Payables |
2,574,761,641 |
2,662,240,526 |
2,205,192,905 |
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Account
Payables |
983,143,509 |
1,015,590,905 |
790,023,666 |
|
Withholdings |
35,413,890 |
50,763,110 |
37,187,508 |
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Advance
Receipts |
762,156,870 |
279,219,694 |
401,436,593 |
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Short-Term
Borrowings |
1,720,633,433 |
1,744,508,286 |
2,568,868,446 |
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Accrued
Expenses |
198,387,927 |
166,298,586 |
310,605,043 |
|
Current
Portion of Long-Term Borrowings |
599,970,000 |
300,000,000 |
951,500,000 |
|
Current
Portion of Finance Lease Debts |
3,641,277,612 |
3,547,367,486 |
11,925,812,473 |
|
Current
Portion of Convertible Bonds |
98,666,703 |
138,043,982 |
153,932,138 |
|
Current
Portion of Debentures |
1,626,259,260 |
1,604,356,886 |
1,048,422,153 |
|
Non-Current Liabilities |
3,831,089,014 |
2,246,954,829 |
1,312,573,045 |
|
Long-Term
Trade Payables & Other Payables |
2,954,500,000 |
1,363,000,000 |
451,043,982 |
|
Provision
for Severance & Retirement |
876,589,014 |
883,954,829 |
861,529,063 |
|
Capital Stock |
20,562,471,500 |
20,562,471,500 |
13,606,708,500 |
|
Capital
Surplus |
47,399,353,291 |
47,399,353,291 |
47,939,671,694 |
|
Others |
-406,518,288 |
-406,518,288 |
-406,518,288 |
|
Installments |
-529,469,437 |
-621,645,919 |
-507,006,947 |
|
Profit
Surplus |
-38,786,138,661 |
-38,454,418,053 |
-40,222,266,369 |
|
Total
Equity |
28,239,698,405 |
28,479,242,531 |
20,410,588,590 |
|
Liab.
& Shareholder’s Equity |
44,311,458,264 |
42,234,586,821 |
42,116,142,560 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Sales |
6,707,039,057 |
33,523,260,259 |
28,083,159,015 |
|
Cost
of Sold Goods |
5,795,688,078 |
27,133,953,021 |
24,175,134,891 |
|
Gross
Profit |
911,350,979 |
6,389,307,238 |
3,908,024,124 |
|
Selling
& Admin. Expenses |
783,624,357 |
3,661,032,084 |
6,292,382,004 |
|
Operating
Income |
127,726,622 |
2,728,275,154 |
-2,384,357,880 |
|
Other
Income |
121,074,312 |
353,110,608 |
691,050,897 |
|
Other
Expenses |
379,870,247 |
37,998,995 |
872,311,251 |
|
Finance
Income |
4,794,232 |
195,017,161 |
435,439,077 |
|
Finance
Expenses |
205,445,527 |
1,442,385,721 |
1,235,450,604 |
|
Income
Before Taxes |
-331,720,608 |
1,796,018,207 |
-3,365,629,761 |
|
Income
Taxes Expenses |
0 |
0 |
0 |
|
Net
Income |
-331,720,608 |
1,796,018,207 |
-3,365,629,761 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Operating Activities Cash Flows |
-1,017,196,555 |
3,316,414,535 |
-123,786,119 |
|
Net
Income |
-331,720,608 |
1,796,018,207 |
-3,365,629,761 |
|
Adjustment |
926,196,237 |
2,359,089,600 |
4,633,412,541 |
|
Changes
in Asset/ & Liability |
-1,384,963,214 |
-628,009,855 |
-461,356,633 |
|
Interests
Received |
20,933 |
20,933 |
81,017,700 |
|
Interests
Paid |
-208,675,913 |
-219,817,686 |
-1,008,634,306 |
|
Income
Taxes |
-18,053,990 |
9,113,336 |
-2,595,660 |
|
Cash
Flows from Investing |
-657,102,645 |
-2,900,119,056 |
-8,072,497,271 |
|
Cash
Flows from Financing |
1,828,217,868 |
-2,479,850,408 |
5,931,411,692 |
|
Increase/Decrease
in Cash |
153,918,668 |
-2,181,656,588 |
-2,255,279,868 |
|
Cash
at the Beginning of Year |
1,369,715,039 |
3,551,371,627 |
5,806,651,495 |
|
Cash
at the End of Year |
1,518,245,883 |
1,369,715,039 |
3,551,371,627 |
Products, Technologies, Services Description
|
Main Products & Services |
Automotive Maintenance Lifts, Tire Service Equipment, Exhaust Gas
Analyzer |
Trade Partners & Competitors
|
Customers |
SK NETWORKS CO., LTD.(130111-0005199) HYUNDAI MOTOR COMPANY(110111-0085450) D&J ALUMINUM CO., LTD.(110111-5387950) ALESAYI TRADING(SAUDI ARABIA) SEOKWANG AUTOMOTEC CO., LTD.(191111-0061396) |
|
Competitors |
TATA DAEWOO COMMERCIAL VEHICLE CO., LTD. 172, DONGJANGSAN-RO, GUNSAN-SI,
JEOLLABUK-DO, KOREA TEL:+82-63-469-3114 FAX:+82-63-469-3179 TAE YANG MACHINERY CORP. RM. 188, YEOUIDO P.O.BOX, YEONGDEUNGPO-GU,
SEOUL, KOREA TEL:+82-2-2639-8580 FAX:+82-2-2639-8582 JMC JIN MYUNG CO., LTD. 25-1, GAYA-RI, JILLYANG-EUP, GYEONGSAN-SI,
GYEONGBUK, KOREA TEL:+82-53-851-8678 FAX:+82-53-853-8678 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
PANSTAR CO.,LTD.(110111-0710271) PANSTAR LINE DOT COM CO., LTD.(110111-1627053) STAR LINK CO., LTD.(180111-0717059) PANSTAR LINERS CO., LTD.(110111-2434895) (38.00% held by the subject company) OCEAN WIN GLOBAL KOREA CO., LTD.(165011-0024314) (43.92% held by the subject
company) REAL HESHBON CO., LTD.(KOREA) (40.00% held by the subject
company) HESHBON JAPAN SANSTAR LINE CO., LTD.(KOREA) PANSTAR BUSAN NEW PORT GLOBAL DISTRIPARK CO., LTD.(180111-0786541) PANSTAR TREE CO., LTD.(180111-0171031) PANSTAR COMMUNICATIONS CO., LTD.(180111-0607614) OCEANWIN GLOBAL LIMITED(OGL) |
|
Subsidiary |
HESHBON BEIJING A.S.E. CO., LTD. (100.00% held by the subject
company) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Thousand KRW |
2016 |
2015 |
2014 |
|
Export |
11,061,955 |
13,464,583 |
11,061,955 |
|
Domestic |
10,400,765 |
10,736,483 |
10,400,765 |
|
Others |
6,620,439 |
0 |
6,620,439 |
|
Total |
28,083,159 |
24,201,066 |
28,083,159 |
The Subject exports to Kuwait, India, Iran, Pakistan, France, Colombia,
Uzbekistan, Russia, Taiwan, Malaysia, Argentina, Japan and USA.
Court Action
There is a case
amounting 174,000,000 KRW as of 03/31/2018.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.21 |
|
|
1 |
INR 91.43 |
|
Euro |
1 |
INR 80.24 |
|
KRW |
1 |
INR 0.063 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.