Hyosung Advanced Materials : Decision on Provision of Debt Guarantee for Others
March 31, 2022 at 09:06 am
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Decision on Provision of Debt Guarantee for Others
1. Debtor
Hyosung Quang Nam Co., Ltd.
- Relationship to company
Affiliated company
2. Creditor
Standard Chartered Bank(Singapore)
Limited
3. Amount of debt (borrowing) (KRW)
36,771,000,000
4. Details of debt guarantee
Amount of debt guaranteed (KRW)
36,771,000,000
Equity capital (KRW)
381,110,809,280
Ratio to equity capital (%)
9.65
Classified as a large-sized corporation?
Yes
Guarantee period
Start date
2022-04-01
End date
2023-03-31
5. Total balance of debt guarantee (KRW)
1,026,896,392,000
6. Date of board resolution (decision date)
2022-03-29
- Attendance of outside directors
Present (No.)
-
Absent (No.)
-
- Attendance of auditors (members of Audit Committee who are not outside directors)
-
7. Other matters to be factored into investment decisions
- The above debt guarantee is by the new limit loan agreement with Hyosung Quang Nam
Co., Ltd.
- The debt (borrowing) amount of 3 above is the amount converted by using the
standard exchange rate as of March 29 (1USD = KRW 1,225.70) for USD 30,000,000.
- The amount of debt guaranteed of 4 above is the amount converted by using the
standard exchange rate as of March 29 for USD 30,000,000, and the scope of debt
guarantee includes USD 30,000,000 along with the interest, overdue interest, fees
and all other expenses thereto. Furthermore, equity capital is based on the
consolidated audit report at the end of December 2020.
- The total balance of guarantee account (KRW) of 5 above is the guarantee limit,
which includes the unused balance, and is the amount converted by applying the
standard exchange rate as of March 29.
- The date of board resolution (decision date) of 6 above is the date of decision
of the Management Committee.
- The current fiscal year of the 'Condensed Financial Statement of Debtor' below
is based on 2020, the previous fiscal year on 2019, and two fiscal years prior on
2018 (however, the sales and net income are the performance results from June 1,
2018, which is the date of division, through December 31, 2018 based on the
consolidated audit report).
- The period of debt guarantee below for overseas entities has been omitted as the
entities each hold multiple debt guarantees (each period of guarantee is
different).
※ Related disclosure
-
【Condensed Financial Statements of Debtor】(in KRW mn)
Category
Total assets
Total liabilities
Total shareholders' equity
Capital stock
Sales
Net income
Current fiscal year
187,816
153,912
33,904
33,741
15,983
-8,648
Previous fiscal year
136,498
102,673
33,825
33,741
2,035
-918
Two fiscal years prior
33,549
12
33,537
33,741
0
-6
[Balance of Debt Guarantee per Debtor]
Debtor
Relationship
Balance of debt guarantee (KRW)
Period of debt guarantee
Remarks
Hyosung Chemical Fiber (Jiaxing)
Co., Ltd.
Affiliated company
61,285,000,000
-
-
Hyosung
Steelcord
(Qingdao)
Co., Ltd.
Affiliated company
123,531,454,000
-
-
Hyosung Vietnam
Co., Ltd.
Affiliated company
238,643,790,000
-
-
Hyosung Quang
Nam Co., Ltd.
Affiliated company
254,945,600,000
-
-
GST Global GmbH
Affiliated company
176,104,368,000
-
-
GST Automotive
Safety(Changshu)
Co., Ltd.
Affiliated company
44,370,340,000
-
-
Global Safety
Textiles LLC
Affiliated company
12,257,000,000
-
-
GST Safety
Textiles RO
S.R.L.
Affiliated company
87,324,480,000
-
-
Hyosung
Luxembourg S.A.
Affiliated company
28,434,360,000
-
-
※ Relevant statutes
Financial Investment Services and Capital Markets Act
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Disclaimer
Hyosung Advanced Materials Corporation published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 08:05:11 UTC.
Hyosung Advanced Materials Corporation is a Korea-based company mainly engaged in the production and sale of industrial materials. The Company manufactures and sells industrial yarn, tire reinforcements, airbags and carpets. Industrial yarn includes polyester yarn, nylon yarn and carpet yarn, aramid yarn and carbon fibers, among others. The carpets include carpets for cars and commercial carpets, among others. The commercial carpets consist of roll carpets, tile carpets and mats, among others. The carpets are sold under the name of Swan. In addition, the Company manufactures and sells hose wires as well as conveyor belt wires.