MIRA INFORM REPORT
|
Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOOSAN ENGINE CO., LTD. |
|
|
|
|
Formerly Known As : |
HSD ENGINE CO., LTD. |
|
|
|
|
Registered Office : |
69-3, Sinchon-dong, Changwon-si, Gyeongsangnam-do, Korea, Zip Code
641-370 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
30.12.1999 |
|
|
|
|
Com. Reg. No.: |
609-81-40128 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Internal Combustion Piston Engines |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Unknown |
|
Litigation : |
Exists |
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) |
|
South Korea |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company Name |
DOOSAN ENGINE CO., LTD. (Korean Company Name : “두산엔진(주)”) |
|
Registered Address |
69-3, Sinchon-dong, Changwon-si,
Gyeongsangnam-do, Korea |
|
Zip Code |
641-370 |
|
Tel |
+82-55-260-6000 |
|
Fax |
+82-55-282-0588 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
69-3, Sinchon-dong, Changwon-si, Gyeongsangnam-do,
Korea |
|
Tel |
+82-55-260-6000 |
|
Fax |
+82-55-282-0588 |
|
Other Address-Geoje Office |
1, Aju-dong ,Geoje-si, Gyeongsangnam-do,
Korea |
|
Tel |
+82-55-682-2261 |
|
Fax |
+82-55-681-7427 |
|
Other Address-Busan Office |
29, Bongnae-dong 5-ga ,Yeongdo-gu, Busan,
Korea |
|
Tel |
+82-51-417-1388 |
|
Fax |
+82-51-410-8621 |
|
Type |
Export |
|
Industry |
Manufacture of Internal Combustion Piston Engines |
|
Main Business |
Diesel Engine |
|
Established (mm/dd/yyyy) |
12/30/1999 |
The Subject owns
the premises of Registered Address/Factory.
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Engines(26101500) |
|
Sell |
Diesel power plants(26131501) |
|
Sell |
Crankshaft |
|
Sell |
Turbocharger |
CEO’s
|
Name |
Lee Sung-Hee |
|
Date of Birth |
09/22/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
62,500,000,000 |
|||||||||||||||||||||
|
Employees |
1,280 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 082740) as of 01/05/2011 A Company of DOOSAN GROUP |
|||||||||||||||||||||
|
Bank Details |
Korea Exchange Bank-Changwon Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
194211-0038423 |
|||||||||||||||||||||
|
Business Registered No. |
609-81-40128 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 24023803 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
The engine business of Doosan Heavy
Industries & Construction (former Hanjung), launched in 1983 and that of Samsung
Heavy Industries, launched in 1994 were merged. In the merging process,
Daewoo Shipbuilding & Marine Engineering joined this new company as a
major shareholder. On January 1, 2000, Doosan Engine was officially set up
under the banner of Doosan with the first initial letters of these three
companies(HSD ENGINE CO., LTD.) 12/30/1999
Incorporated as HSD ENGINE CO., LTD. 03/2005 Changed company name to the
present name 11/2005 Awarded US$500 Million Export Top
Prize 11/2007 Awarded 1Billion Export Top Prize 12/29/2009 Increased capital to
62,500,000,000 KRW from 30,000,000,000 KRW |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Lee Sung-Hee |
Korean |
1950.09.02 |
Seoul National University,
Korea |
|
Sr. Executive Director & CEO |
Mr. |
Cho Nam-Seok |
Korean |
1959.10.05 |
Korea University, Korea |
|
Executive Director |
Mr. |
Yoo Hee-Cheol |
Korean |
1955.04.21 |
Seoul National University,
Korea |
|
Executive Director |
Mr. |
Kim Jeong-Kwon |
Korean |
1955.06.30 |
Youngnam University, Korea |
|
Vice President & CFO |
Mr. |
Choi Jong-Il |
Korean |
1956.09.25 |
Kyunghee University, Korea |
|
Outside Director |
Mr. |
Oh Se-Jong |
Korean |
1943.06.08 |
UC Berkley, USA |
|
Outside Director |
Mr. |
Jung Koo-Young |
Korean |
1938.11.12 |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Song Kyung-Soon |
Korean |
1951.01.14 |
George Washington University, USA |
|
Outside Director |
Mr. |
Yoon Dong-Min |
Korean |
1945.04.04 |
Washington University, USA |
|
Outside Director |
Mr. |
Moon Chang-Seok |
Korean |
1945.11.10 |
Hankuk University of Foreign Studies |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,730,068,104,088 |
1,943,509,746,249 |
165,457,274,734 |
|
|
2009 |
1,772,597,107,485 |
2,464,900,272,093 |
-249,695,256,019 |
|
2008 |
1,734,836,578,853 |
3,138,764,982,205 |
-512,779,968,953 |
|
2007 |
1,221,957,444,340 |
1,857,689,988,086 |
103,001,092,083 |
|
2006 |
1,016,816,117,889 |
934,211,090,107 |
52,418,002,030 |
|
2005 |
756,782,214,023 |
737,005,633,136 |
21,111,237,395 |
|
2004 |
588,395,875,988 |
637,788,986,998 |
3,111,534,708 |
|
2003 |
468,249,817,815 |
336,826,737,075 |
11,783,531,830 |
Financial
Description
|
Authorized Capital(KRW) |
120,000,000,000 |
|
Paid-Up Capital(KRW) |
62,500,000,000 |
|
Total Issues Shares |
62,500,000 |
Balance Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
1,943,509,746,249 |
2,464,900,272,093 |
3,138,764,982,205 |
|
Current Assets |
936,599,017,908 |
922,129,267,661 |
1,497,026,556,805 |
|
-Quick Assets |
896,278,655,608 |
856,897,709,732 |
1,359,916,482,771 |
|
-Inventories |
40,320,362,300 |
65,231,557,929 |
137,110,074,034 |
|
Fixed Assets |
1,006,910,728,341 |
1,542,771,004,432 |
1,641,738,425,400 |
|
-Investment |
247,315,097,554 |
563,860,333,880 |
759,189,784,011 |
|
-Tangibles |
570,528,684,951 |
601,583,837,914 |
535,336,040,647 |
|
-Intangibles |
1,040,481,258 |
1,279,210,156 |
1,527,799,804 |
|
Others |
188,026,464,578 |
376,047,622,482 |
345,684,800,938 |
|
Total Liabilities |
1,604,194,079,925 |
2,386,662,909,324 |
3,089,520,590,645 |
|
Current Liabilities |
1,210,783,882,314 |
1,992,608,988,744 |
2,237,669,754,014 |
|
Fixed Liabilities |
393,410,197,611 |
394,053,920,580 |
851,850,836,631 |
|
Capital Stock |
69,500,000,000 |
62,500,000,000 |
30,000,000,000 |
|
Capital Surplus |
367,214,701,425 |
242,622,751,092 |
- |
|
Profit Surplus |
-359,093,775,949 |
-524,361,975,594 |
-274,230,609,809 |
|
Capital Adjustment |
261,694,740,848 |
297,476,587,271 |
293,475,001,369 |
|
Total Equity |
339,315,666,324 |
78,237,362,769 |
49,244,391,560 |
|
Liab. & Shareholder’s Equity |
1,943,509,746,249 |
2,464,900,272,093 |
3,138,764,982,205 |
|
Current
Liabilities |
1,210,783,882,314 |
1,992,608,988,744 |
2,237,669,754,014 |
|
Trade
Payables |
203,022,661,292 |
217,143,916,021 |
270,943,113,809 |
|
Account
Payables |
12,051,896,957 |
15,964,426,756 |
35,028,856,913 |
|
Short-Term
Borrowings |
- |
25,735,308,617 |
38,742,893,091 |
|
Advance
Receipts |
762,999,643,584 |
919,060,087,889 |
937,351,918,747 |
|
Withholdings |
3,100,671,187 |
6,637,615,377 |
1,006,862,643 |
|
Accrued
Expenses |
87,719,318,989 |
91,076,154,747 |
102,480,654,052 |
|
Current Portion of Long-Term Borrowings |
68,334,000,000 |
70,056,000,000 |
900,000,000 |
|
Current
Portion of Derivatives |
12,715,460,127 |
206,123,090,188 |
851,215,454,759 |
|
Current
Portion of Confirmed Agreement Debts |
10,840,230,178 |
2,062,408,537 |
- |
|
Current
Portion of Deferred Income Tax Credit |
- |
28,749,980,612 |
- |
|
Current
Portion of Debentures |
50,000,000,000 |
410,000,000,000 |
- |
|
Fixed
Liabilities |
393,410,197,611 |
394,053,920,580 |
851,850,836,631 |
|
Debentures |
80,000,000,000 |
50,000,000,000 |
180,000,000,000 |
|
Long-Term Borrowings |
205,002,000,000 |
280,224,000,000 |
377,250,000,000 |
|
Leasehold Deposit Received |
953,620,055 |
1,009,962,010 |
764,030,000 |
|
Provision
for Repairing |
14,452,320,049 |
21,139,414,533 |
30,127,242,797 |
|
Provision
for Construction Loss |
23,948,825,166 |
4,926,809,069 |
23,011,120,768 |
|
Non Current Portion of Derivatives |
8,861,426,127 |
21,692,428,443 |
229,405,885,326 |
|
Non-Current Portion of Confirmed Contract |
8,174,038,131 |
1,811,218 |
- |
|
Provision for Severance & Retirement |
25,861,713,134 |
23,898,788,593 |
21,771,615,925 |
|
Non-Current Portion of Deferred Income Tax
Credit |
33,168,794,621 |
- |
- |
Income Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
1,730,068,104,088 |
1,772,597,107,485 |
1,734,836,578,853 |
|
Cost of Sold Goods |
1,445,436,037,413 |
1,596,482,061,871 |
1,474,629,220,316 |
|
Gross Profit |
284,632,066,675 |
176,115,045,614 |
260,207,358,537 |
|
Selling & Admin. Expenses |
54,278,671,004 |
59,568,580,249 |
66,803,453,926 |
|
Operating Income |
230,353,395,671 |
116,546,465,365 |
193,403,904,611 |
|
Non-Operating Income |
265,653,104,945 |
432,501,041,770 |
365,572,184,634 |
|
Non-Operating Expenses |
259,142,897,915 |
797,917,087,712 |
1,142,199,548,219 |
|
Ordinary Income |
236,863,602,701 |
-248,869,580,577 |
-583,223,458,974 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
236,863,602,701 |
-248,869,580,577 |
-583,223,458,974 |
|
Income Taxes Expenses |
71,406,327,967 |
825,675,442 |
-70,443,490,021 |
|
Net Income |
165,457,274,734 |
-249,695,256,019 |
-512,779,968,953 |
Cash Flows
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
277,919,757,934 |
-224,716,635,650 |
62,562,457,083 |
|
-Net Income |
165,457,274,734 |
-249,695,256,019 |
-512,779,968,953 |
|
-Exp. without Cash Outflow |
275,166,958,833 |
791,158,072,013 |
872,734,019,402 |
|
-Revenue without Cash Inflows |
-202,999,547,112 |
-386,270,156,236 |
-323,523,074,492 |
|
-Changes in Asset/ & Liability |
40,295,071,479 |
-379,909,295,408 |
26,131,481,126 |
|
Cash Flows from Investing |
155,424,902,619 |
-162,499,565,248 |
-144,161,199,937 |
|
-Cash Inflow from Investing |
315,851,880,454 |
2,872,437,129 |
60,450,683,992 |
|
-Cash Outflows for Investing |
-160,426,977,835 |
-165,372,002,377 |
-204,611,883,929 |
|
Cash Flows from Financing |
-294,255,700,239 |
541,497,040,817 |
15,227,518,985 |
|
-Cash Inflows from Financing |
298,472,832,373 |
816,477,523,574 |
60,352,690,050 |
|
-Cash Outflows from Financing |
-592,728,532,612 |
-274,980,482,757 |
-45,125,171,065 |
|
Increase/Decrease in Cash |
139,088,960,314 |
154,280,839,919 |
-66,371,223,869 |
|
Cash at the Beginning of Year |
197,788,518,215 |
43,507,678,296 |
109,878,902,165 |
|
Cash at the End of Year |
336,877,478,529 |
197,788,518,215 |
43,507,678,296 |
Products, Technologies, Services
Description
|
Main Products & Services |
The Subject
Company, an integrated engine manufacturer, is a business enterprise
specializing in producing diesel engine for large vessels, called the heart
of the sea and power generation. Diesel Engine for
Large Vessels Marine Diesel
Engine Diesel Power
Plant |
||||||||
|
Annual Production Capacity (Unit: Thousand H/P) |
|
Trade
Partners & Competitors
|
Customers |
SAMSUNG HEAVY INDUSTRIES
CO.,LTD(110111-0168595) HANJIN HEAVY INDUSTRIES & CONSTRUCTION
CO.,LTD (180111-0602507) DAEWOO SHIPBUILDING & MARINE
ENGINEERING CO., LTD. (110111-2095837) DALIAN SHIPBUILDING INDUSTRY CO., LTD. SINOPACIFIC |
|
Competitors |
HYUNDAI HEAVY INDUSTRIES
CO.,LTD(181211-0000386) STX ENGINE CO,.LTD(194211-0066763) |
Related
Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
DOOSAN CORPORATION(110111-0013774) DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD(194211-0000943) DOOSAN INFRACORE CO., LTD.(120111-0234469) (6.03% held by the subject company) DOOSAN ENGINE CO., LTD(194211-0038423) DOOSAN MECATEC CO., LTD.(110111-0126022) N.SHAPER CO., LTD .(110111-1943574) ORICOM INC(110111-0176986) DOOSAN DONG-A CO., LTD.(110111-3977117) DOOSAN CO., LTD.(110111-0013774) SRS KOREA CO., LTD.(110111-3139733) DOOSAN FEED & LIVESTOCK CO.,
LTD.(110111-3809138) DOOSAN WINE SALES CO., LTD.(110111-3942582) SAMHWA CROWN & CLOSURE CO.,
LTD.(134111-0003462) DOOSAN MOTTROL CO., LTD.(194211-0000274) DOOSAN CONSTRUCTION & ENGINEERING CO.,
LTD.(110111-0194277) NEO TRANS CO., LTD.(131111-0141801) DOOSAN TOWER CO., LTD.(110111-1722499) DOOSAN MOTORS CORP.(110111-3008293) DONG HYUN ENGINEERING CO.,
LTD.(110111-0508329) NEOPLUX CO., LTD.(110111-1927841) DOOSAN CAPITAL CO., LTD.(110111-1220336)
19.99% BIG & GOOD SECURITIES BROKERAGE.CO.,
LTD.(110111-1965560) REXCON CO., LTD.(110111-3586273) DOOSAN CUVEX CO., LTD(140111-00325709) DOOSAN BEARS INC(110111-0346919) DOOSAN MOTTROL HOLDINGS CO.,
LTD.(110111-3892505) DIP HOLDINGS CO., LTD.(110111-4103076) CASCO CO., LTD.(210111-0047938) (16.21% held by the subject company) |
|
Affiliates-Overseas |
DOOSAN MARINE INDUSTRY (DALIAN) CO., LTD. DAGUSHAN NANGANG INDUSTRY PARK, DEVELOPMENT
ZONE, DALIAN, P.R. CHINA TEL :+86 411 8751 7957 FAX :+86 411 8751
7956 DALIAN SAMYOUNG DOOSAN METAL PRODUCT CO., LTD. (20.66% held by the subject company) DOOSAN HOLDINGS EUROPE LTD. (21.73% held by the subject company) DOOSAN INFRACORE INTERNATIONAL, INC. (20.93% held by the subject company) |
|
Overseas Office |
EUROPE BRANCH HEIDENKAMPSWEG, 100, 8. OG 20097 HAMBURG,
GERMANY TEL:+49-40-2533-5656 FAX:+49-40-2533-5661 SINGAPORE BRANCH 78, SHENTON WAY, #16-04, SINGAPORE 079120 TEL:+65-6222-5515 FAX:+65-6222-5525 SHANGHAI BRANCH 828, HUA DU MANSION 14F 1200M E, ZHANG YANG
ROAD, PUDONG, SHANGHAI, CHINA TEL: 22-6875-0876 FAX: 22-6875-0864 DALIAN HANJUNG-DMD INDUSTRY CO., LTD.
(CHINA) |
|
Subsidiary |
DOOSAN MARINE INDUSTRY (DALIAN) CO., LTD. (100.0% held by the
subject company) |
|
Cooperative Enterprise |
-Technical Support from MAN DIESEL A/S WARTSILA MAN DIESEL SE SEMT PIELSTICK -Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Sales
by Region
(Activity & Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
1,662,011,000,000 |
1,662,960,876,756 |
1,668,434,187,027 |
|
Domestic |
68,057,000,000 |
109,636,230,729 |
66,402,391,826 |
|
Total |
1,730,068,000,000 |
1,772,597,107,485 |
1,734,836,578,853 |
The Subject exports to China and Europe.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/
Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Ulsan District Court |
HYUNDAI HEAVY INDUSTRIES CO.,LTD.(181211-0000386) |
The subject’s ex., and present Directors(6) |
Violation of Fair Trade Related Law |
|
Proceeding |
|
|
Court in Greece |
GAEI |
The Subject Company |
Related to Chios Diesel Power Plant |
Euro3,059,635 |
Proceeding |
|
10111-0053 |
Korean Commercial Arbitration Board |
The Subject Company |
Korea Midland Power co., Ltd.(110111-2207193) |
Related to Jeju 2 Ho |
132,235,950 KRW |
Proceeding |
News
Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
|
UK Pound |
1 |
Rs.7208 |
|
Euro |
1 |
Rs.63.66 |
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.