MIRA
INFORM REPORT
|
Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
DAIHAN SWISS CHEMICAL CORP. |
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Registered Office : |
13th Fl., Haeseong 2 Bldg., 942-10, Daechi 3-dong,
Gangnam-gu, |
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Country : |
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Date of Incorporation : |
11/26/1981 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Manufacture of Synthetic Colouring Matter, Tanning Materials and Other
Coloring Agents. |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
DAIHAN SWISS CHEMICAL CORP. |
|
Registered Address |
942-10, Daechi 3-dong, Gangnam-gu, |
|
Building |
13th Fl., Haeseong 2 Bldg. |
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Zip Code |
135-725 |
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Tel |
+82-2-3451-7300 |
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Fax |
+82-2-566-5432 |
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Website |
www.dsc.co.kr |
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Trading Address |
13th Fl., Haeseong 2 Bldg., 942-10, Daechi
3-dong, Gangnam-gu, |
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Tel |
+82-2-3451-7300 |
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Fax |
+82-2-566-5432 |
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Busan Branch |
105-5, Yeonsan-dong, Yeonje-gu, BUSAN, |
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Tel |
+82-51-861-8141~3 |
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Fax |
+82-51-863-7273 |
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|
272-2, |
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Tel |
+82-52-229-0100 |
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Fax |
+82-52-269-8805 |
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Type |
Export/Import |
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Industry |
Manufacture of Synthetic Colouring Matter, Tanning Materials and Other
Coloring Agents |
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Main Business |
Pigment, Carbon |
|
Established (mm/dd/yyyy) |
11/26/1981 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pigments(12171600) |
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Sell |
Organic pigments(12171605) |
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Buy |
Industrial use gases(12142100) |
|
Buy |
Calcium chloride(51182401) |
|
Buy |
Chemistry reagents or solutions(41116105) |
|
Buy |
Polypropylene resin(13111019) |
|
Buy |
Styrene butadiene SBR(13101705) |
CEO’s
|
Name |
Kim Doo-Soo |
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Address |
66, Gumi-dong, Bundang-gu, Seongnam-si, |
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Date of Birth |
10/25/1947 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
2,590,000,000 KRW |
|
Employees |
204 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|
Bank Details |
Citi Bank, Korea- Seocho-Dong Branch Address: Pyunghwan Bldg., 1579-6, Seocho
3-Dong, Seocho-Ku, Tel: 82-2-521-4555 Fax: 82-2-522-0271 Shinhan Bank |
|
Corporate Registered No. |
110111-0307325 |
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Business Registered No. |
214-81-73305 |
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Permit & Licenses |
08/1995 ISO 9001 Int’l Trade No.: 421184 |
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Shareholder Position |
CIBA SPECIALTY CHEMICALS INT'L INC. ( |
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Company History |
11/26/1981
Incorporated as the present name 11/06/1982
Registered as a Foreign Direct Investment Corporation 04/12/2003 Moved to the present address 12/27/2004 Decreased capital to
2,590,000,000 KRW from 5,180,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Kim Doo-Soo |
Male |
Korean |
12/20/1994 |
|
Director |
Mr. |
Herman Angel |
Male |
Swiss |
03/31/2001 |
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Director |
Mr. |
Ha Jae-Hyun |
Male |
Korean |
03/31/2003 |
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Auditor |
Mr. |
Ronald Quan |
Male |
Canadian |
12/28/2004 |
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Auditor |
Mr. |
Mike Modante |
Male |
|
06/30/2005 |
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Auditor |
Mr. |
|
Male |
Swiss |
01/05/2005 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
56,670,123,815 |
57,078,820,880 |
1,093,269,178 |
|
|
2005 |
54,899,299,503 |
66,492,529,392 |
(-)218,672,242 |
|
2004 |
60,976,403,896 |
71,630,823,624 |
4,798,833,965 |
|
2003 |
63,217,377,496 |
63,834,385,483 |
4,004,098,639 |
|
2002 |
77,035,808,211 |
65,532,903,170 |
7,443,094,112 |
Financial Description
Unit: KRW
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Authorized Capital |
19,760,000,000 |
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Paid-Up Capital |
2,590,000,000 |
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Total Issues Shares |
518,000 |
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Balance Sheet |
|||
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
57,078,820,880 |
66,492,529,392 |
71,630,823,624 |
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Current Assets |
29,652,403,366 |
37,417,612,992 |
39,928,759,670 |
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-Quick Assets |
16,935,389,897 |
26,488,916,511 |
19,131,998,966 |
|
-Inventories |
12,717,013,469 |
10,928,696,481 |
20,796,760,704 |
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Fixed Assets |
27,426,417,514 |
29,074,916,400 |
31,702,063,954 |
|
-Investment |
361,604,084 |
703,832,066 |
1,498,121,126 |
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-Tangibles |
27,064,813,430 |
28,371,084,334 |
30,203,942,828 |
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-Intangibles |
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Total Liabilities |
30,214,526,542 |
40,721,504,232 |
45,641,126,222 |
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Current Liabilities |
30,026,247,273 |
40,476,872,482 |
45,631,126,222 |
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Fixed Liabilities |
188,279,269 |
244,631,750 |
10,000,000 |
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Capital Stock |
2,590,000,000 |
2,590,000,000 |
2,590,000,000 |
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Capital Surplus |
59,360,000 |
59,360,000 |
59,360,000 |
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Profit Surplus |
24,214,934,338 |
23,121,665,160 |
49,268,777,202 |
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Capital Adjustment |
|
|
(-)25,928,439,800 |
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Total Equity |
26,864,294,338 |
25,771,025,160 |
25,989,697,402 |
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Liab. & Shareholder’s Equity |
57,078,820,880 |
66,492,529,392 |
71,630,823,624 |
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Current
Liabilities |
30,026,247,273 |
40,476,872,482 |
45,631,126,222 |
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Trade Payables |
1,965,530,478 |
1,704,286,185 |
1,250,702,873 |
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Short-Term Borrowings |
25,031,650,000 |
35,088,462,334 |
34,151,792,494 |
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Account Payables |
2,117,189,550 |
2,502,642,298 |
5,205,530,303 |
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Advance Receipts |
11,086,361 |
188,989 |
175,336 |
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Withholdings |
117,347,538 |
206,854,895 |
265,291,292 |
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Accrued Expenses |
191,507,710 |
974,437,781 |
3,755,396,151 |
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Accrued Income Tax |
335,636 |
- |
932,317,194 |
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Others |
591,600,000 |
- |
69,920,579 |
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Fixed
Liabilities |
188,279,269 |
244,631,750 |
10,000,000 |
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Provision for Severance & Retirement |
3,465,887,816 |
2,776,538,950 |
3,901,564,400 |
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Withhold Deposit Received |
10,000,000 |
10,000,000 |
10,000,000 |
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Deferred Income Tax Credit |
178,279,269 |
234,631,750 |
- |
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Income Statement |
|||
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
56,670,123,815 |
54,899,299,503 |
60,976,403,896 |
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Cost of Sold Goods |
48,576,557,491 |
47,099,407,760 |
48,064,437,378 |
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Gross Profit |
8,093,566,324 |
7,799,891,743 |
12,911,966,518 |
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Selling & Admin. Expenses |
4,526,363,310 |
6,179,200,467 |
8,007,072,551 |
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Operating Income |
3,567,203,014 |
1,620,691,276 |
4,904,893,967 |
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Non-Operating Income |
3,161,697,634 |
5,056,477,846 |
2,952,796,209 |
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Non-Operating expenses |
5,519,003,057 |
7,392,886,687 |
3,046,709,591 |
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Ordinary Income |
1,209,897,591 |
(-)715,717,565 |
4,810,980,585 |
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Special Income |
- |
- |
1,531,069,239 |
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Income Before Taxes |
1,209,897,591 |
(-)715,717,565 |
6,342,049,824 |
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Income Taxes Expenses |
116,628,413 |
(-)497,045,323 |
1,543,215,859 |
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Net Income |
1,093,269,178 |
(-)218,672,242 |
4,798,833,965 |
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Cash Flows |
|||
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
5,404,722,540 |
3,536,770,420 |
10,002,461,419 |
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-Net Income |
1,093,269,178 |
(-)218,672,242 |
4,798,833,965 |
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-Exp. without Cash Outflow |
5,418,602,808 |
5,629,819,137 |
5,647,166,067 |
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-Revenue
without Cash Inflows |
(-)1,433,333,695 |
(-)203,455,309 |
(-)686,393,128 |
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-Changes in
Asset/ & Liability |
326,184,249 |
(-)1,670,921,166 |
242,854,515 |
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Cash Flows from
Investing |
(-)2,050,126,383 |
(-)2,147,303,382 |
(-)5,128,077,540 |
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-Cash Inflow
from Investing |
356,907,700 |
233,067,640 |
4,682,326,373 |
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-Cash
Outflows for Investing |
(-)2,407,034,083 |
(-)2,380,371,022 |
(-)9,810,403,913 |
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Cash Flows from
Financing |
(-)8,628,472,334 |
936,669,840 |
(-)1,706,578,912 |
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-Cash
Inflows from Financing |
11,696,000,000 |
24,001,012,413 |
59,577,923,245 |
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-Cash
Outflows from Financing |
(-)20,324,472,334 |
(-)23,064,342,573 |
(-)61,284,502,157 |
|
Increase/Decrease
in Cash |
(-)5,273,876,177 |
2,326,136,878 |
3,167,804,967 |
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Cash at the Beginning of Year |
7,294,815,065 |
4,968,678,187 |
1,800,873,220 |
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Cash at the End of Year |
2,020,938,888 |
7,294,815,065 |
4,968,678,187 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Pigment Dyestuff Calcium chloride Chemistry reagents or solutions Industrial use gases Organic pigments Pigments Polypropylene resin Styrene butadiene (SBR) |
Trade Partners
|
Suppliers |
CIBA SPECIALTY CHEMICALS INT'L INC |
|
Customers |
Hyosung Corporation President: Sang-Woon Lee Address: Hyoseong Bldg., 450, Gongdeok
2-Dong, Mapo-Ku, Tel: 82-2-707-7000 Fax: 82-2-707-0130 Industry: Man-Made Fibers Spinning |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
DAIHAN COLOR IND. CO., LTD. Address: 105-5, Yeonsan 1-Dong, Yeonje-Ku,
Busan 611-081 Tel: 82-51-862-2028 Fax: 82-51-866-5172 Industry: Holding Companies CIBA CIBA CIBA SCI |
|
Cooperative |
The Subject company has signed the
agreement on the technical support with CIBA SPECIALTY CHEMICALS INT'L INC.,
and pays 1% out of net sales as royalty. |
Sales by Region (Activity
& Markets)
The Subject deals with the companies in
Court Action
No.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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<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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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%)