MIRA INFORM REPORT
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Report Date : |
02.04.2011 |
IDENTIFICATION DETAILS
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Name : |
DAIYANG METAL CO., LTD. |
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Registered Office : |
1553-3, Seocho 3-dong, Seocho-gu, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.08.1973 |
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Com. Reg. No.: |
135-81-32459 |
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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 |
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 : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
DAIYANG METAL CO., LTD. (Korean Company Name : “(주)대양금속”) |
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Registered Address |
1553-3, Seocho 3-dong, Seocho-gu, |
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Building |
7th Fl., |
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Zip Code |
137-873 |
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Tel |
+82-2-2156-5500 |
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Fax |
+82-2-2156-5560~3 |
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E-mail |
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Website |
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Trading Address |
7th Fl., Spa Gallery Bridge Bldg., 1553-3, Seocho 3-dong, Seocho-gu, |
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Tel |
+82-2-2156-5536 |
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Fax |
+82-2-2156-5560~3 |
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Other Address-Yesan Factory |
222, Gyechon-ri, Sinam-myeon, Yesan-gun, |
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Tel |
+82-41-333-4675 |
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Fax |
+82-41-332-2640 |
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Other Address-Ansan Downloading Branch |
836-4, Wonsi-dong, Danwon-gu, Ansan-si, |
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Tel |
+82-31-508-5501 |
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Fax |
+82-31-508-5502 |
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Other Address-Seoul Office |
76-5, Gocheok-dong, Guro-gu, |
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Other Address-Branch |
32-1, Eunhaeng-dong, Siheung-si, |
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Type |
Export |
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Industry |
Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products |
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Main Business |
Stainless Cold Rolled Steel |
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Sub Business |
Wholesale of Metal Plates, Bars, Pipes, and Basic Metals |
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Established
(mm/dd/yyyy) |
08/22/1973 |
The Subject owns
the premises of registered HQ address and Yesan Factory(134,442.5㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Stainless steel plate(30102205) |
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Sell |
Hot Coil |
CEO’s
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Name |
Kang Seok-Du |
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Address |
14-4, Jungang-dong, Gwacheon-si, |
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Date of Birth |
10/04/1928 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
27,041,499,500 |
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Employees |
184 |
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Formation |
Listed Company ( |
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Bank Details |
Korea Exchange Bank-Youngdungpo Branch Kookmin Bank Woori Bank Shinhan Bank |
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Corporate Registered No. |
120111-0002212 |
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Business Registered No. |
135-81-32459 |
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Permit & Licenses |
07/10/1971 KS Mark 10/18/2002 QS 9000 by BQR LTD 02/02/2006 ISO 9001 Int’l Trade No.: 951551 |
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Shareholder Position |
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Company History |
08/22/1973 Incorporated as the present name 04/29/1994 Listed at 07/02/1996 Moved to the present HQ address from
416-3, Cheongcheon-dong, Bupyeong-gu, 11/30/2000 Awarded U$50 Million Export Top
Prize 06/12/2004 Changed the financial closing
date to December from March 11/30/2005 Awarded U$100 Million Export Top
Prize 12/27/2007 Moved to the present HQ address
from 730-1,
Wonsi-dong, Danwon-gu, Ansan-si, 05/30/2008 Sold the factory at 730-1,
Wonsi-dong, Danwon-gu, Ansan-si, 08/23/2010 Moved to the present HQ address from 112-1, Banpo 4-dong,
Seocho-gu, |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Kang Seok-Du |
Male |
Korean |
1928.10.04 |
|
President & CEO |
Mr. |
Kang Chan-Ku |
Male |
Korean |
1968.08.16 |
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Director |
Mr. |
Kim Jung-Rae |
Male |
Korean |
1956.12.29 |
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Auditor |
Mr. |
Kwon Sung-Kyun |
Male |
Korean |
1958.05.24 |
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Outside Director |
Mr. |
Kwon Jung |
Male |
Korean |
1969.09. |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
215,007,487,488 |
287,733,686,063 |
749,889,433 |
|
|
2009 |
200,881,628,958 |
317,191,146,011 |
-22,360,305,417 |
|
2008 |
225,866,406,025 |
315,255,232,769 |
-37,328,382,285 |
|
2007 |
303,631,371,880 |
271,038,164,836 |
6,153,892,118 |
|
2006 |
212,805,070,423 |
224,101,665,807 |
8,313,238,679 |
|
2005 |
190,052,952,974 |
205,490,336,957 |
5,014,518,684 |
|
2004 |
169,076,091,429 |
199,959,161,056 |
10,506,853,158 |
Financial Description
|
Authorized Capital(KRW) |
52,000,000,000 |
|
Paid-Up Capital(KRW) |
27,041,499,500 |
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Total Issues Shares |
54,082,999 |
Balance Sheet
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
287,733,686,063 |
317,191,146,011 |
315,255,232,769 |
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Current Assets |
144,702,391,013 |
184,195,849,910 |
172,494,418,179 |
|
-Quick Assets |
86,811,512,300 |
116,974,745,113 |
98,932,287,597 |
|
-Inventories |
57,890,878,713 |
67,221,104,797 |
73,562,130,582 |
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Fixed Assets |
143,031,295,050 |
132,995,296,101 |
142,760,814,590 |
|
-Investment |
38,618,543,599 |
16,841,275,307 |
39,011,654,502 |
|
-Tangibles |
96,727,305,316 |
107,689,848,456 |
103,031,794,226 |
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-Intangibles |
- |
- |
- |
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-Others |
7,685,446,135 |
8,464,172,338 |
717,365,862 |
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Total Liabilities |
192,775,044,081 |
228,177,567,029 |
224,854,590,745 |
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Current Liabilities |
178,967,615,381 |
210,958,202,787 |
218,583,028,850 |
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Fixed Liabilities |
13,807,428,700 |
17,219,364,242 |
6,271,561,895 |
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Capital Stock |
27,041,499,500 |
17,041,000,000 |
13,641,000,000 |
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Capital Surplus |
38,274,412,082 |
40,726,470,009 |
29,252,981,068 |
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Profit Surplus |
5,049,841,403 |
-2,202,845,439 |
20,157,459,978 |
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Capital Adjustment |
24,592,888,997 |
33,448,954,412 |
27,349,200,978 |
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Total Equity |
94,958,641,982 |
89,013,578,982 |
90,400,642,024 |
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Liab. & Shareholder’s Equity |
287,733,686,063 |
317,191,146,011 |
315,255,232,769 |
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Current
Liabilities |
178,967,615,381 |
210,958,202,787 |
218,583,028,850 |
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Trade Payables |
29,947,922,328 |
54,755,567,466 |
3,958,566,558 |
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Short-Term Borrowings |
122,020,541,405 |
126,839,919,637 |
157,918,861,821 |
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Account Payables |
3,647,574,763 |
6,597,281,407 |
1,694,331,234 |
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Advance Receipts |
4,438,659,537 |
2,343,758,979 |
300,514,472 |
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Withholdings |
93,829,766 |
97,449,785 |
127,503,995 |
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Accrued Expenses |
779,356,553 |
976,136,445 |
1,240,331,970 |
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Accrued Income Tax |
- |
- |
2,808,740,534 |
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Convertible Bonds |
- |
- |
25,000,000,000 |
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Bond With Warrant |
13,948,920,000 |
15,000,000,000 |
- |
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Current Portion of Long-Term Debts |
3,254,757,531 |
4,005,261,781 |
13,259,456,990 |
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Deferred Income Tax |
222,449,053 |
262,149,077 |
- |
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Accrued Dividends |
737,560 |
737,560 |
737,560 |
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Derivatives |
- |
24,240,803 |
13,114,465,919 |
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Unearned
Income |
1,185,699,482 |
680,000,000 |
- |
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Fixed
Liabilities |
13,807,428,700 |
17,219,364,242 |
6,271,561,895 |
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Debentures |
4,000,000,000 |
4,000,000,000 |
- |
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Long-Term Borrowings |
8,904,045,559 |
12,337,256,779 |
3,890,445,940 |
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Provision for Severance & Retirement |
3,235,753,424 |
3,474,576,014 |
3,346,842,884 |
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Deferred Income Tax Credit |
- |
- |
1,057,856,598 |
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Leasehold Deposit Received |
205,000,000 |
205,000,000 |
205,000,000 |
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Long-Term
Account Payables |
370,000,000 |
170,000,000 |
- |
Income Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
215,007,487,488 |
200,881,628,958 |
225,866,406,025 |
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Cost of Sold Goods |
195,535,932,224 |
193,927,203,352 |
214,031,154,408 |
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Gross Profit |
19,471,555,264 |
6,954,425,606 |
11,835,251,617 |
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Selling & Admin. Expenses |
9,909,729,977 |
9,534,931,254 |
10,788,498,935 |
|
Operating Income |
9,561,825,287 |
-2,580,505,648 |
1,046,752,682 |
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Non-Operating Income |
12,294,052,280 |
25,982,019,373 |
41,127,112,952 |
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Non-Operating Expenses |
21,226,280,000 |
48,238,997,570 |
89,210,087,421 |
|
Ordinary Income |
629,597,567 |
-24,837,483,845 |
-47,036,221,787 |
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Special Income |
|
|
|
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Income Before Taxes |
629,597,567 |
-24,837,483,845 |
-47,036,221,787 |
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Income Taxes Expenses |
-120,291,866 |
-2,477,178,428 |
-9,707,839,502 |
|
Net Income |
749,889,433 |
-22,360,305,417 |
-37,328,382,285 |
Cash Flows
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
2,348,519,864 |
24,821,681,609 |
-59,713,328,173 |
|
-Net Income |
749,889,433 |
-22,360,305,417 |
-37,328,382,285 |
|
-Exp. without Cash Outflow |
10,911,030,871 |
26,869,563,996 |
27,584,628,667 |
|
- |
-5,548,431,436 |
-15,665,225,264 |
-24,102,498,637 |
|
-Changes in
Asset/ & Liability |
-3,763,969,004 |
35,977,648,294 |
-25,867,075,918 |
|
Cash Flows
from Investing |
-6,279,333,450 |
-9,476,741,725 |
14,078,139,062 |
|
-Cash Inflow
from Investing |
51,571,015,391 |
50,766,839,686 |
39,091,115,375 |
|
-Cash
Outflows for Investing |
-57,850,348,841 |
-60,243,581,411 |
-25,012,976,313 |
|
Cash Flows
from Financing |
6,543,524,240 |
-14,651,136,147 |
46,076,583,246 |
|
-Cash
Inflows from Financing |
27,178,508,846 |
56,098,887,875 |
79,603,005,876 |
|
-Cash
Outflows from Financing |
-20,634,984,606 |
-70,750,024,022 |
-33,526,422,630 |
|
Increase/Decrease
in Cash |
2,612,710,654 |
693,803,737 |
441,394,135 |
|
Cash at the
Beginning of Year |
3,144,561,287 |
2,450,757,550 |
2,009,363,415 |
|
Cash at the
End of Year |
5,757,271,941 |
3,144,561,287 |
2,450,757,550 |
Products, Technologies, Services Description
|
Main Products & Services |
Stainless Coil & Sheet Brand Name: D.M.C |
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Annual Production Capacity (Unit : M/T) |
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Trade Partners & Competitors
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Suppliers |
POSCO(174611-0000741) And Japanese companies |
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Competitors |
POSCO(174611-0000741) BNGSTEEL CO.,LTD(110111-0065395) HYUNDAI STEEL COMPANY(120111-0001743) TAIHAN ELECTRIC WIRE CO.,LTD(110111-0035835) POONGSAN CORPORATION(120111-0018110) |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAEYANG STEEL CO.,LTD(161511-0004229) (37.52% held by the subject company) F-LIVING CO., LTD. (161511-0009310) DAIYANG D&C CO., LTD.(134111-0012934) |
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Subsidiary |
OCEAN METAL CORPORATION (100.0% held by the subject company) DAIYANG METAL SANAYI VE TICARET LIMITED ( (69.78% held by the subject company) |
|
Cooperative |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) VEECO( |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
2010 |
2009 |
2008 |
|
Export |
64,285 |
74,664 |
113,292 |
|
Domestic |
150,722 |
126,217 |
112,574 |
|
Total |
215,007 |
200,881 |
225,866 |
The Subject exports to
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.