MIRA
INFORM REPORT
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Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
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Name : |
DONGKUK INDUSTRIES CO., LTD. |
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Registered Office : |
9th Fl., Dadong Bldg., 92, Da-dong, Jung-gu, |
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Country : |
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Date of Incorporation : |
09/01/1967 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products Wholesale of Metal Plates, Bars, Pipes, and Basic Metals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
DONGKUK INDUSTRIES CO., LTD. |
|
Registered Address |
9th Fl., Dadong Bldg., 92, Da-dong,
Jung-gu, |
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Zip Code |
100-180 |
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Tel |
+82-2-316-7500 |
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Fax |
+82-2-316-7892~3 |
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E-mail |
webmaster@dongkukins.co.kr;leesy@dkis.co.kr;mspark@dkis.co.kr |
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Website |
www.dongkukins.co.kr |
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Trading Address |
9th Fl., Dadong Bldg., 92, Da-dong,
Jung-gu, |
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Tel |
+82-2-316-7500 |
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Fax |
+82-2-316-7892~3 |
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Other Address- Pohang Factory |
547, |
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Tel |
+82-54-285-7501 |
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Fax |
+82-54-285-6161 |
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Gyeongin Sales Office |
1737-10, Jeongwang-dong, Siheung-si, |
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Tel |
+82-31-431-4193~5 |
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Fax |
+82-31-498-3825 |
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Busan Sales Office |
154-30, Oncheon-dong, Dongnae-gu, |
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Tel |
+82-51-550-5070~4 |
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Fax |
+82-51-550-5079 |
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Daegu Sales Office |
495-45, Duryu 3(sam)-dong, Dalseo-gu, |
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Tel |
+82-53-651-8622~3 |
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Fax |
+82-53-651-8624 |
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Type |
Export/Import |
|
Industry |
Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products |
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Main Business |
Hot Dip Galvanized Steel, Cold Rolled Steel, Picked & Oilde Hot
Rolled Steel Coil & Sheet, Iron Oxide |
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Sub
Business |
Wholesale of Metal Plates, Bars, Pipes, and Basic Metals |
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Established (mm/dd/yyyy) |
09/01/1967 |
The Subject owns
the premises of the registered HQ address and Pohang Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ferrites(32121703) |
|
Sell |
Refractories(31370000) |
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Sell |
Steel plate(30102204) |
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Buy |
Aluminum(11101705) |
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Buy |
Inorganic compounds(12352300) |
|
Buy |
Silica(12352309) |
|
Buy |
Magnesite(11101509) |
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Buy |
Inorganic oxides(12352303) |
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Buy |
Hot Coil |
CEO’s
|
Name |
Chang Se-Hee |
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Date of Birth |
10/22/1949 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
34,500,000,000 KRW |
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Employees |
255 |
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Formation |
Listed Company (KOSDAQ: 005160)
as of 06/23/1999 A Company of DONGKUK INDUSTRIES GROUP |
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Bank Details |
Hana Bank-Sales 2 Branch Shinhan Bank Woori Bank Korea Exchange Bank Korea Development Bank Busan Bank Kookmin Bank |
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Corporate Registered No. |
110111-0085583 |
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Business Registered No. |
202-81-47522 |
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Permit & Licenses |
11/14/1997 ISO 9002 12/15/1997 ISO 9002 07/23/1999 ISO 9001 Int’l Trade No.: 751177 Construction Business Reg. No.: 84 |
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Shareholder Position |
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Company History |
01/2007 Incorporated Guemhwa Steel Inc.
(Subsidiary) 05/2007 Incorporated DK Wind Power Inc.
(Subsidiary) 10/2007 Inaugurated the President (Mr.
Se-Hee, Chang) 02/2006 Incorporated Dongyeon S&T Co.
(Subsidiary) 04/2006 Incorporated Chungsuk Development
Co. (Sub diary) 07/2006 Inaugurated the President (Mr.
On-young Lee) 07/2006 Established Corporation in U.S.A
(DK America, Inc.) 10/2005 Incorporated Goduk Wind Power
Generation Co. (Subsidiary) 10/2005 Incorporated Shinan Wind Power
Generation Co. (Subsidiary) 01/2004 Merged Shinwha special steel,
changed company name into Daewon steel
01/2004 Dongkuk Refractories Co. was
established. (Refractory & New material business sectors were
separated) 06/2004 Completion of ARP 12/2004 New CI declaration 12/2004 Incorporated Hanryu Energy
Resource Co. (Subsidiary). 07/2001 Dongkuk S&C established.
(Steel structure and construction business were separated.) 03/2000 Received Presidential Model
Taxation Award 09/2000 Received Presidential Award
(Statistics Day) 12/2000 Obtained ISO 9001:2000
Certification 06/1999 Registered at 11/1999 Merged Changwon Co., Ltd. 02/1998 Commence the Product of HGI 11/1997 Acquired ISO 9002 : 1994
certificate 10/1990 Completion of Cold Rolling Mill at
06/1986 Merged Dongkuk Construction Co.,
Ltd. 11/1980 Awarded the 09/1978 Completion of steel structure
works and commenced to production in 06/1976 Purchase Pohang Factory (Started
manufacturing Casting Products) 09/1976 Purchase Sasang Factory in 08/1975 Started Trading Business 10/1975 Merged Daehan Marine Co.,Ltd 03/1969 Commenced real estate business and
the forestry industry 09/1967 Established Daewon-sa Co., Ltd |
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The Subject Company
is a manufacturer engaged in the provision of steel and steel related products.
The Company has two main divisions: Manufacturing division, which provides
pickled and oiled coils, cold rolled steel strips, hot dip galvanized coils and
other related products used in automobile and electrical appliances parts, and
Trading division, which exports mainly plates, steels and steel reinforcing
bars to the United States, Japan and other countries. During the year ended
December 31, 2006, the Company's actual output was 159,503 tons of pickled and
oiled coils and 122,198 tons of hot dip galvanized coils. The Company's
headquarters are located in
Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Chang Se-Hee |
Korean |
1949.10.22 |
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|
Vice Chairman |
Mr. |
Jung Moon-Ho |
Korean |
1939.12.28 |
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Director |
Mr. |
Chang Sang-Geon |
Korean |
1935.12.02 |
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Director |
Mr. |
Lee Chan-Kook |
Korean |
1952.09.14 |
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Outside Director |
Mr. |
Cha Min-Do |
Korean |
1940.06.05 |
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Outside Director |
Mr. |
Kim Jae-Yoon |
Korean |
1928.09.12 |
- |
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Auditor |
Mr. |
Lee Dong-Sik |
Korean |
1928.12.06 |
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Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
277,335,434,085 |
299,611,362,668 |
7,115,440,878 |
|
|
2005 |
265,727,005,832 |
273,626,723,739 |
6,499,295,650 |
|
2004 |
302,342,668,396 |
229,541,324,012 |
22,108,388,013 |
|
2003 |
304,984,294,403 |
234,632,108,945 |
11,045,275,899 |
Financial
Description
Unit: KRW
|
Authorized Capital |
100,000,000,000 |
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Paid-Up Capital |
34,500,000,000 |
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Total Issues Shares |
34,500,000 |
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Balance Sheet |
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Unit : Korean Won |
01/01/2007~06/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Total Assets |
334,086,081,379 |
299,611,362,668 |
273,626,723,739 |
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Current Assets |
142,135,408,912 |
138,552,017,074 |
119,315,292,113 |
|
-Quick Assets |
98,089,222,619 |
103,082,198,401 |
76,607,699,982 |
|
-Inventories |
44,046,186,293 |
35,469,818,673 |
42,707,592,131 |
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Fixed Assets |
191,950,672,467 |
161,059,345,594 |
154,311,431,626 |
|
-Investment |
57,079,258,820 |
48,620,589,493 |
49,275,696,355 |
|
-Tangibles |
133,778,948,074 |
111,241,246,767 |
103,950,332,034 |
|
-Intangibles |
35,766,673 |
43,166,671 |
57,966,667 |
|
-Others |
1,056,698,900 |
1,154,342,663 |
1,027,436,570 |
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Total Liabilities |
213,951,482,377 |
188,090,645,135 |
179,530,417,733 |
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Current Liabilities |
104,163,044,786 |
58,731,745,559 |
103,370,985,696 |
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Fixed Liabilities |
109,788,437,591 |
129,358,899,576 |
76,159,432,037 |
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Capital Stock |
34,500,000,000 |
34,500,000,000 |
18,400,000,000 |
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Capital Surplus |
29,230,127,906 |
29,230,127,906 |
34,596,470,330 |
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Profit Surplus |
52,570,045,213 |
47,205,210,266 |
42,472,126,288 |
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Capital Adjustment |
3,834,425,883 |
585,379,361 |
-1,372,290,612 |
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Total Equity |
120,134,599,002 |
111,520,717,533 |
94,096,306,006 |
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Liab. & Shareholder’s Equity |
334,086,081,379 |
299,611,362,668 |
273,626,723,739 |
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Current
Liabilities |
104,163,044,786 |
58,731,745,559 |
103,370,985,696 |
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Trade Payables |
41,766,057,810 |
39,071,261,014 |
20,275,353,535 |
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Short-Term Borrowings |
25,828,800,000 |
4,236,117,543 |
46,759,584,282 |
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Account Payables |
943,552,412 |
1,159,249,273 |
1,209,944,594 |
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Advance Receipts |
950,112 |
4,730,426 |
2,738,653,241 |
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Withholdings |
105,740,410 |
102,769,611 |
126,255,446 |
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Guarantee Deposit Income |
1,055,054,000 |
1,072,296,000 |
1,984,610,000 |
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Accrued Expenses |
4,315,502,537 |
2,961,831,199 |
2,741,498,413 |
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Unearned Income |
- |
1,487,085 |
3,858,905 |
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Derivatives |
- |
50,803,408 |
- |
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Accrued Income Tax |
76,606,943 |
- |
- |
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Current Portion of Long-Term Debts |
30,089,000,000 |
10,071,200,000 |
27,553,920,000 |
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Fixed Liabilities |
109,788,437,591 |
129,358,899,576 |
76,159,432,037 |
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Debentures |
80,000,000,000 |
100,000,000,000 |
60,000,000,000 |
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Long-Term Borrowings |
26,785,160,000 |
26,831,120,000 |
12,419,680,000 |
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Provision for Severance & Retirement |
2,685,813,683 |
2,515,518,505 |
2,394,781,850 |
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Deferred Income Tax Credit |
1,956,212,967 |
1,824,062,184 |
2,994,521,817 |
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Income Statement |
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Unit : Million Korean Won |
As of 12/31/2005 |
As of 12/31/2004 |
As of 12/31/2003 |
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Sales |
142,481,745,914 |
277,335,434,085 |
265,727,005,832 |
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Cost of Sold Goods |
133,847,472,353 |
259,800,478,656 |
245,532,099,472 |
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Gross Profit |
8,634,273,561 |
17,534,955,429 |
20,194,906,360 |
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Selling & Admin. Expenses |
6,018,000,542 |
13,333,755,923 |
13,473,124,147 |
|
Operating Income |
2,616,273,019 |
4,201,199,506 |
6,721,782,213 |
|
Non-Operating Income |
8,748,371,827 |
13,982,153,194 |
9,320,463,044 |
|
Non-Operating expenses |
4,453,784,565 |
11,746,255,890 |
10,775,395,081 |
|
Ordinary Income |
6,910,860,281 |
6,437,096,810 |
5,266,850,176 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
6,910,860,281 |
6,437,096,810 |
5,266,850,176 |
|
Income Taxes Expenses |
(-)192,405,045 |
(-)678,344,068 |
(-)1,232,445,474 |
|
Net Income |
7,103,265,326 |
7,115,440,878 |
6,499,295,650 |
|
Cash Flows |
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Unit : Million Korean Won |
As of 12/31/2005 |
As of 12/31/2004 |
As of 12/31/2003 |
|
Cash Flows from Operating |
(-)4,581,158,244 |
24,828,212,123 |
(-)15,728,144,702 |
|
-Net Income |
7,103,265,326 |
7,115,440,878 |
6,499,295,650 |
|
-Exp. without Cash Outflow |
4,048,564,226 |
9,053,129,431 |
7,772,267,949 |
|
-Revenue
without Cash Inflows |
(-)7,204,083,129 |
(7,521,840,146) |
(-)6,409,356,479 |
|
-Changes in
Asset/ & Liability |
(-)8,528,904,667 |
16,181,481,960 |
(-)23,590,351,822 |
|
Cash Flows
from Investing |
(-)23,752,867,898 |
(-)7,689,505,427 |
(-)22,886,078,801 |
|
-Cash Inflow
from Investing |
2,494,998,748 |
26,904,057,663 |
4,149,030,558 |
|
-Cash
Outflows for Investing |
(-)26,247,866,646 |
(-)34,593,563,090 |
(-)27,035,109,359 |
|
Cash Flows
from Financing |
19,869,227,407 |
4,612,336,369 |
44,337,001,751 |
|
-Cash
Inflows from Financing |
25,848,000,000 |
190,760,746,099 |
120,045,803,069 |
|
-Cash
Outflows from Financing |
(-)5,978,772,593 |
(-)186,148,409,730 |
(-)75,708,801,318 |
|
Increase/Decrease in Cash |
(-)8,464,798,735 |
21,751,043,065 |
5,722,778,248 |
|
Cash at the Beginning of Year |
30,688,783,640 |
8,937,740,575 |
3,214,962,327 |
|
Cash at the End of Year |
22,223,984,905 |
30,688,783,640 |
8,937,740,575 |
Products,
Technologies, Services
Description
|
Main Products & Services |
STEEL PRODUCTS WIRE PRODUCTS CASTING PRODUCTS MINI MILL PLANT AND MACHINERY CONTAINER PARTS GOLF ACCESSORIES BILLET SLAB BAR CARVING KNIFE MONITOR HOME APPLIANCE |
|
Production Capacity/Day |
P/O:800M/T C/R:267M/T H.G.I:833M/T |
Trade Partners
|
Suppliers |
POSCO(174611-0000741) |
|
Competitors |
HANKOOK METAL CO., LTD.( 134111-0026597) NASTECH CO.,LTD(164811-0002167) SHIN WHA STEEL CO., LTD.(120111-0123711) POSCO(174611-0000741) HYUNDAI HYSCO(110111-0302416) JINBANG STEEL COMPANY
LIMITED.(174611-0006062) |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
CHOSUN STEELWIRE CO.,LTD(110111-0008486) (16.62% held by the subject company) DONGKUK S&C(110111-2276784) (100.0% held by the subject company) DAEWON STEEL CO., LTD.(120111-0123711) (100.0% held by the subject company) DONGKUK REFRACTORIES CO.,
LTD.(195511-0069249) HANRYO ENERGY DEVELOPMENT (49.0% held by the subject company) SHINAN WIND POWER CO., LTD (16.25% held by the subject company) GO DEOK WIND POWER CO., LTD (31.0% held by the subject company) DONGYEON S&T CO., LTD. CHUNGSEOK DEVELOPMENT CO., LTD. DK AMERICA, INC. KUMHWA METAL CO., LTD. DK WIND POWER CO., LTD |
|
Overseas Office |
DK AMERICA INC. (100.0% held by the subject
company) Address: Tel : 1-310-375-2222, Fax : 1-310-375-2221 |
Sales by Region (Activity
& Markets)
The Subject deals with the companies
Court Action
No
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. |
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 |
|
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%)