MIRA INFORM REPORT

 

 

Report Date :

2nd February, 2007

 

IDENTIFICATION DETAILS

 

Correct Name :

PPG KOREA CO., LTD.

 

 

Registered Office :

128-7, Yongdang-dong, Nam-gu, BUSAN, KOREA

 

 

Country :

Korea

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

07.02.1983

 

 

Legal Form :

Company Limited by Shares

 

 

Line of Business :

Manufacture of General Paints and Similar Products.

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 Basic Information

 

Company Name

PPG Korea Co., Ltd.

Address

128-7, Yongdang-dong, Nam-gu, BUSAN, KOREA

Zip Code

608-829

Tel

+82-51-624-8221

Fax

+82-51-625-6213

E-mail

ppgdongju@dongju.co.kr

Website

www.ppgkorea.com

Cheonan Factory

286-2, Yongjeong-ri, Pungse-myeon, Cheonan-si, CHUNGCHEONGNAM-DO, KOREA

Tel

+82-41-560-6000

Fax

+82-41-560-6001

Gyeongin Office

#501-503 5th Fl., Hanbyeol-plaza, Gyesan3-dong, Gyeyang-fu, Incheon, Korea (407-809)

Tel

+82-32-555-9800

Fax

+82-32-555-4005

Seoul Office

＃1020 O/P 3 King's Garden, 72 Naesu-dong, Jongro-gu, Seoul Korea (110-070)

Tel

+82-2-732-5651

Fax

+82-2-741-5652

Gwangju Office

969-8, Munhung-dong, Buk-gu, Gwangju, Korea (500-110)

Tel

+82-62-268-9035

Fax

+82-62-268-9036

Pyeongtaeg Office

150-3, Chilgei-dong, Pyeongtaeg-shi, Gyonggi-do, Korea (459-050)

Tel

+82-31-663-1842

Fax

+82-31-663-1843

Changwon Tech, A/S Cente

GM DAWOO Auto & Technology Co. 23, Sungju-dongju, Changwon-shi, Kyongsangnam-do, Korea

Tel

+82-55-262-0187

Fax

+82-55-262-0187

Gunsan Office

1589, Soryong-dong, Gunsan, Jeollabuk-do, Korea

Tel

+82-63-469-6368

Fax

+82-63-469-8482

Type

Export/Import

Industry

Manufacture of General Paints and Similar Products

Main Business

Automobile Paints, Plastic Paints, Industrial Paints

Sub Business

Coatings

Established

02/07/1983

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Paints and primers(31211500)

 

 

Others

 

Name

Michael Hartings

Address

1503-1, Jung-dong, Haeundae-gu, Busan 612-010 Korea

Date of Birth

09/06/1961

Title

President & CEO

Sex

Male

Nationality

USA

Capital

4,650,000,000 KRW

Employees

460

Formation

Co., Ltd by shares

The subject deals with the companies in China, Germany, Japan, Rumania, Egypt, USA and Uzbekistan.

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Day

President & CEO

Mr.

Michael Hartings

Male

USA

09/01/2006

Director

Mr.

Victor Seckmarkas

Male

USA

03/31/2004

Director

Mr.

Eric K. Seal

Male

USA

03/11/2005

Auditor

Mr.

Kwon Ji-Yong

Male

Australian

06/28/2006

 

 

Financials                                                

Unit: KRW

Year

Sales

Assets

Net income

2005

159,251,538,544

126,825,821,116

14,993,915,100

2004

155,314,395,571

119,918,810,063

5,245,355,446

2003

129,190,456,782

115,269,585,137

2,704,587,779

 

 

Financial Description  

Unit: KRW

Authorized Capital

7,500,000,000

Paid-Up Capital

4,650,000,000

Total Issues Shares

930,000

 

Balance Sheet                           Unit : Korean Won

 

As of 12/31/2005

As of 12/31/2004

As of 12/31/2003

Total Assets

126,825,821,116

119,918,810,063

115,269,585,137

Current Assets

78,930,995,902

72,700,215,413

66,733,904,531

-Quick Assets

55,915,486,888

49,521,050,975

46,614,440,396

-Inventories

23,015,509,014

23,179,164,438

20,119,464,135

Fixed Assets

47,894,825,214

47,218,594,650

48,535,680,606

-Investment

6,178,443,205

5,930,796,923

5,998,652,963

-Tangibles

41,716,382,009

41,287,797,727

42,537,027,643

-Intangibles

-

-

-

Total Liabilities

73,899,045,005

81,483,749,052

82,079,879,572

Current Liabilities

72,884,565,160

79,937,376,762

73,905,706,404

Fixed Liabilities

1,014,479,845

1,546,372,290

8,174,173,168

Capital Stock

4,650,000,000

4,650,000,000

4,650,000,000

Capital Surplus

3,650,000,000

3,650,000,000

3,650,000,000

Profit Surplus

44,626,776,111

30,135,061,011

24,889,705,565

Capital Adjustment

-　

-　

-　

Total Equity

52,926,776,111

38,435,061,011

33,189,705,565

Liab. & Shareholder’s Equity

126,825,821,116

119,918,810,063

115,269,585,137

 

    Income Statement                       Unit : Korean Won

 

As of 12/31/2005

As of 12/31/2004

As of 12/31/2003

Sales

159,251,538,544

155,314,395,571

129,190,456,782

Cost of Sold Goods

119,988,792,281

126,975,034,566

106,804,116,566

Gross Profit

39,262,746,263

28,339,361,005

22,386,340,216

Selling & Admin. Expenses

14,469,885,409

15,267,717,024

15,222,734,852

Operating Income

24,792,860,854

13,071,643,981

7,163,605,364

Non-Operating Income

1,477,382,514

2,048,237,344

3,502,315,742

Non-Operating expenses

5,814,477,199

7,710,505,263

8,532,236,074

Ordinary Income

　

　

　

Special Income

20,455,766,169

7,409,376,062

2,133,685,032

Income Before Taxes

20,455,766,169

7,409,376,062

2,133,685,032

Income Taxes Expenses

5,461,851,069

2,164,020,616

(-)570,902,747

Net Income

14,993,915,100

5,245,355,446

2,704,587,779

Bank Details

Busan Bank

Daeyon Dong Branch

Corporate Registered No.

180111-0047589

Business Registered No.

617-81-01747

Permit & Licenses

12/03/1983 KS Mark

12/22/2000 ISO 9001

12/22/2000 QS 9000

03/2006 ISO 14001

05/2006 ISO/TS 16949:2002

Shareholder Position

Name

Shares

%

PPG INDUSTRIES INC.

465,000

50.0

Sohn Young-Kil

230,000

24.7

Sohn Jin-Mo

143,000

15.4

Others

92,000

9.9

Total

930,000

100.0

Company History

1983-02-07 : Founded the company
1983-05-31 : Started plant operation
1983-11-03: Technical license agreement with Hempel's Marine Paint A/S in Denmark

1986-03-03 : Established PPG-Dongju, a joint-venture company with PPG in USA.
1988-02-01 : Completed the construction of Acryl resin & Alkyd resin plant
1991-11-13 : Approved to found R&D Center by the government
1991-11-30: Received Export Award for exporting US$ 10,000,000(28th Trade Day)
1993-05-05 : Upgraded Ed-paste plant
1995-03-25 : Established UZ-Dongju, a joint-venture company in Uzbekistan
1996-03-03 : Received the Award from the National Tax Administration Office
1997-03-03 : Awarded Industrial Medal from the government
1998-12-23 : Awarded the Good Industrial Relation Certificate from Labor Ministry
1999-11-18: Received Export Award for exporting US$ 50,000,000(36th Trade Day)
2000-11-14: Awarded the 8th's Industrial Peace Medal from Busan Metropolitan City

2001-01-11 : Acquired OHSAS 18001 Certification
2001-01-29 : Acquired KOSHA 2000 Certification
2003-01-15 : Awarded Best Company from Busan Bank

2006-06-28 : Changed company name to the present name from Dong Ju Industrial Co., Ltd.

 

 

Products, Technologies, Services Description

 

Main Products & Services

Petrochemical raw materials

Inorganic chemical & fertilizer

Adhesive

Sealants

Protective waxes

 

 

Trade Partners

 

Customers

GM Daewoo Motors

Ssang Yong Motor Company

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Overseas Office

UZ-Dongju Paint Company/Andijan Main Office 

kharacop Village, 710008, Andijan City, Republic of Uzbekistan 

Tel +998-742-221614

Fax +998-742-222817

 

Tashkent Office

No, 30, K.H. abdullaeva Street, 700007, Tashkent City, Republic of Uzbekistan 

Tel +998-712-677043

Fax +998-711-206624

Cooperative Enterprise

PPG Industries Inc.

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

2005

2004

2003

Export

52,816,582,136

56,725,340,619

42,639,258,684

Domestic

106,434,956,408

98,589,054,952

86,551,198,098

Total

159,251,538,544

155,314,395,571

129,190,456,782

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (KRW)

Status

 

 

The subject

(2 cases)

 

 

328,000,000

 

 

 

 

The subject

 

92,000,000

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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