MIRA INFORM REPORT

 

 

Report Date :

18.08.2012

 

IDENTIFICATION DETAILS

 

Name :

DK DONGSHIN CO., LTD.

 

 

Registered Office :

92, Da-dong, Jung-gu, Seoul, Korea 790-300

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.02.2008

 

 

Com. Reg. No.:

104-86-13169

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Structural Metal Sheet Products and Ornamental Metal Works Used on Building

 

 

No. of Employees :

195

 

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 :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 Information

 

Company Name

DK DONGSHIN CO., LTD.

(Korean Company Name : “디케이동신(주)”)

Registered Address

92, Da-dong, Jung-gu, Seoul, Korea

Zip Code

790-300

Tel

+82-54-286-0050

Fax

+82-54-286-0176

E-mail

lemonlike2@dkdongshin.co.kr;garam34@dkis.co.kr

Website

www.dkdongshin.co.kr

Trading Address

710-1, Goedong-dong, Nam-gu, Pohang-si, Gyeongbuk, Korea

Tel

+82-54-280-0211

Fax

+82-54-286-0176

Type

Export/Import

Industry

Manufacture of Structural Metal Sheet Products and Ornamental Metal Works Used on Building

  Main Business

Color Steel Products of PCM(Pre Coated Metal), Pre-Coated Metal Plate, Steel Plate, Stainless Plate

Established (mm/dd/yyyy)

02/29/2008

The Subject owns the premises of Trading Address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Steel(11101704)

Sell

Steel plate(30102204)

Sell

Metal smelting and refining and forming processes(73121500)

 

 

CEO’s

 

Name

Lim Soon-Myung

Address

Suite 205-704, 2001, Bangbae-dong, Seocho-gu, Seoul, Korea

Date of Birth

07/26/1951

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

45,000,000,000

Employees

195

Formation

Co., Ltd by shares

A Company of DONGKUK INDUSTRIES GROUP

Bank Details

Shinhan Bank

Kookmin Bank

Korea Exchange Bank

Corporate Registered No.

110111-3850959

Business Registered No.

104-86-13169

Permit & Licenses

Int’l Trade No.: 45341566

Shareholder Position

Name

Shares

%

DAEWON STEEL CO., LTD.(120111-0123711)

3,000,000

33.33

DONGKUK INDUSTRIES CO., LTD.(110111-0085583)

600,000

6.67

DONGKUK REFRACTORIES & STEEL CO., LTD.(195511-0069249)

400,000

4.44

BUL YI WON(114222-0005772)

400,000

4.44

OTHER INDIVIDUALS

4,600,000

51.11

TOTAL

9,000,000

100.00

Company History

02/29/2008 Incorporated as the present name

04/02/2008 Increased capital to 30,000,000,000 KRW from 7,500,000,000 KRW

06/30/2008 Increased the authorized shares to 200,000,000 shares from 6,000,000 shares

07/02/2008 Increased capital to 45,000,000,000 KRW from 30,000,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Lim Soon-Myung

Male

Korean

04/01/2010

Director

Mr.

Jang Se-Hee

Male

Korean

02/29/2008

Director

Mr.

Jang Sang-Geon

Male

Korean

02/29/2008

Director

M/S.

Jang Hye-Won

Female

Korean

02/29/2008

Auditor

Mr.

Lee Chan-Kook

Male

Korean

02/29/2008

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)2011

179,171,718,630

143,247,364,161

42,885,293

(*)2010

171,123,453,055

134,164,767,137

2,664,615,141

2009

114,514,297,294

122,261,143,621

-26,412,748,050

2008

94,168,921,793

118,394,363,644

2,272,632,811

(*)2010 and 2011’s figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

1,000,000,000,000

Paid-Up Capital(KRW)

45,000,000,000

Total Issues Shares

9,000,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

143,247,364,161

134,164,767,137

 

Current Assets

76,909,339,385

65,927,110,630

 

Cash & Cash Equivalents

1,561,181,508

2,945,752,951

 

Current Financial Instruments

13,126,300,168

9,182,000,000

 

Trade Receivables

21,964,825,508

22,262,894,954

 

Other Receivables

633,249,285

1,504,911,096

 

Advance Payments

86,416,670

20,000,000

 

Inventories

38,994,313,127

29,585,433,129

 

Derivatives

68,908,538

75,335,865

 

Current Non-Financial Instruments

474,144,581

350,782,635

 

Non-Current Assets

66,338,024,776

68,237,656,507

 

Non-Current Financial Instruments

159,278,304

3,257,185,536

 

Marketable Financial Instruments

731,552,113

581,552,113

 

Investment_Related Companies

4,492,993,725

4,922,303,046

 

Tangibles

41,915,255,093

43,038,202,007

 

Investment_Real Estates

3,100,632,090

3,100,632,090

 

Intangibles

6,794,870

11,840,006

 

Held-to-Maturity Financial Assets

125,000

125,000

 

Deferred Income Tax Assets

3,357,164,336

1,307,076,816

 

Other Non-Current Financial Instruments

12,574,229,245

12,018,739,893

 

Total Liabilities

117,214,871,103

108,696,644,086

 

Current Liabilities

99,915,001,374

88,057,375,156

 

Trade Payables

31,146,737,850

27,470,359,528

 

Account Payables

2,546,598,529

2,720,125,446

 

Advance Receipts

76,425,962

42,543,400

 

Withholdings

38,532,620

71,042,483

 

Accrued Expenses

406,204,947

444,861,346

 

Short-Term Borrowings

52,000,000,000

49,308,442,953

 

Current Portion of Long-Term Debts

13,000,000,000

8,000,000,000

 

Derivatives

700,501,466

-

 

Non-Current Liabilities

17,299,869,729

20,639,268,930

 

Long-Term Borrowings

17,000,000,000

20,000,000,000

 

Provision for Severance & Retirement

247,026,155

586,425,356

 

Other Non-Current Financial Debts

52,843,574

52,843,574

 

Capital Stock

45,000,000,000

45,000,000,000

 

Capital Adjustment

-662,059,000

-662,059,000

 

Others

1,701,134,772

1,140,220,728

 

Profit Surplus

-20,006,582,714

-20,010,038,677

 

Total Equity

26,032,493,058

25,468,123,051

 

Liab. & Shareholder’s Equity

143,247,364,161

134,164,767,137

 

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

131,621,963,175

122,261,143,621

118,394,363,644

Current Assets

64,266,584,776

63,733,296,837

55,081,132,300

-Quick Assets

34,681,151,647

39,755,558,242

25,274,596,630

-Inventories

29,585,433,129

23,977,738,595

29,806,535,670

Fixed Assets

67,355,378,399

58,527,846,784

63,313,231,344

-Investment

19,454,848,871

12,508,742,676

9,204,889,187

-Tangibles

46,085,936,061

45,846,030,966

45,786,576,669

-Intangibles

11,840,006

16,885,142

8,097,250,488

-Others

1,802,753,461

156,188,000

224,515,000

Total Liabilities

106,256,810,314

100,985,478,375

70,360,261,168

Current Liabilities

85,527,467,363

72,700,930,130

38,032,028,324

Fixed Liabilities

20,729,342,951

28,284,548,245

32,328,232,844

Capital Stock

45,000,000,000

45,000,000,000

45,000,000,000

Capital Surplus

-　

-　

-　

Profit Surplus

-20,113,008,867

-24,140,115,239

2,272,632,811

Capital Adjustment

478,161,728

415,780,485

761,469,665

Total Equity

25,365,152,861

21,275,665,246

48,034,102,476

Liab. & Shareholder’s Equity

131,621,963,175

122,261,143,621

118,394,363,644

 

Current Liabilities

85,527,467,363

72,700,930,130

38,032,028,324

Trade Payables

27,470,359,528

23,012,524,797

21,958,593,855

Short-Term Borrowings

47,000,000,000

43,085,849,311

13,089,337,500

Account Payables

2,769,366,447

2,335,667,629

1,761,801,579

Accrued Expenses

174,155,505

161,907,288

162,486,026

Advance Receipts

42,543,400

76,063,645

103,211,691

Withholdings

71,042,483

28,917,460

20,159,500

Accrued Income Tax

-　

-　

936,438,173

Current Portion of Long-Term Debts

8,000,000,000

4,000,000,000

-

Fixed Liabilities

20,729,342,951

28,284,548,245

32,328,232,844

Long-Term Borrowings

20,000,000,000

28,000,000,000

32,000,000,000

Provision for Severance & Retirement

1,067,023,099

612,478,224

253,957,973

Deferred Income Tax Credit

-　

-　

328,232,844

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

179,171,718,630

171,123,453,055

 

Cost of Sold Goods

-166,889,441,416

-155,245,829,423

 

Gross Profit

12,282,277,214

15,877,623,632

 

Selling & Admin. Expenses

-7,457,674,057

-8,600,252,828

 

Other Operating Income

1,161,902,688

1,510,462,267

 

Other Operating Expenses

-1,719,308,779

-1,853,141,820

 

Equity Profits on Related Companies

-668,622,647

-483,523,791

 

Operating Income

3,598,574,419

6,451,167,460

 

Finance Income

1,415,981,445

1,626,990,832

 

Finance Expenses

-6,689,036,280

-4,869,498,677

 

Income Before Taxes

-1,674,480,416

3,208,659,615

 

Income Taxes Expenses

1,717,365,709

-544,044,474

 

Net Income

42,885,293

2,664,615,141

 

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Sales

171,123,453,055

114,514,297,294

94,168,921,793

Cost of Sold Goods

155,721,236,972

120,454,279,167

83,074,104,427

Gross Profit

15,402,216,083

-5,939,981,873

11,094,817,366

Selling & Admin. Expenses

8,558,683,555

9,331,131,131

8,591,515,727

Operating Income

6,843,532,528

-15,271,113,004

2,503,301,639

Non-Operating Income

3,141,069,338

1,242,999,237

3,926,594,649

Non-Operating Expenses

7,222,044,523

12,603,245,886

3,274,412,953

Income Before Taxes

2,762,557,343

-26,631,359,653

3,155,483,335

Income Taxes Expenses

-1,264,549,029

-218,611,603

882,850,524

Net Income

4,027,106,372

-26,412,748,050

2,272,632,811

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

-5,063,428,479

-2,809,785,799

 

-Net Income

42,885,293

2,664,615,141

 

-Exp. without Cash Outflow

7,685,795,334

8,097,093,014

 

-Revenue without Cash Inflows

-682,406,019

-740,706,312

 

-Changes in Asset/ & Liability

-7,040,523,795

-8,692,960,857

 

-Adjustment

-5,069,179,292

-4,137,826,785

 

Cash Flows from Investing

-1,012,700,011

2,477,379,947

 

-Cash Inflow from Investing

19,089,758,492

249,719,675,367

 

-Cash Outflows for Investing

-20,102,458,503

-247,242,295,420

 

Cash Flows from Financing

4,691,557,047

2,164,875,502

 

-Cash Inflows from Financing

12,691,557,047

6,164,875,502

 

-Cash Outflows from Financing

-8,000,000,000

-4,000,000,000

 

Increase/Decrease in Cash

-1,384,571,443

1,832,469,650

 

Cash at the Beginning of Year

2,945,752,951

1,113,283,301

 

Cash at the End of Year

1,561,181,508

2,945,752,951

 

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

4,401,171,854

-10,100,144,512

-18,170,938,820

-Net Income

4,027,106,372

-26,412,748,050

2,272,632,811

-Exp. without Cash Outflow

3,441,903,431

13,345,819,103

4,999,548,893

-Revenue without Cash Inflows

-85,045,343

-79,623,726

-1,789,945

-Changes in Asset/ & Liability

-2,982,792,606

3,046,408,161

-25,441,330,579

Cash Flows from Investing

-2,482,852,893

-21,980,800,903

-68,058,622,775

-Cash Inflow from Investing

249,716,175,367

169,467,418,620

121,970,169,318

-Cash Outflows for Investing

-252,199,028,260

-191,448,219,523

-190,028,792,093

Cash Flows from Financing

-85,849,311

29,996,511,811

89,427,278,500

-Cash Inflows from Financing

19,216,422,552

46,611,843,255

97,927,278,500

-Cash Outflows from Financing

-19,302,271,863

-16,615,331,444

-8,500,000,000

Increase/Decrease in Cash

1,832,469,650

-2,084,433,604

3,197,716,905

Cash at the Beginning of Year

1,113,283,301

3,197,716,905

-

Cash at the End of Year

2,945,752,951

1,113,283,301

3,197,716,905

 

 

Products, Technologies, Services Description

 

Main Products & Services

Color Steel Products of PCM(Pre Coated Metal), Pre-Coated Metal Plate, Steel Plate, Stainless Plate

Trade Partners & Competitors

 

Competitors

DONGKWANG CO., LTD.

655, DONGO-RI, HYANGNAM-EUP, HWASEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-354-8599  FAX:+82-31-354-8662

 

SEYUN STEEL CO., LTD.

500-21, BUGYANG-DONG, HWASEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-355-5250  FAX:+82-31-356-7042~3

 

GWANG SHIN STEEL CO., LTD.

619-3, DOCHEON-DONG, GWANGSAN-GU, GWANGJU, KOREA

TEL:+82-62-959-9932  FAX:+82-62-959-9935

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

DONGKUK INDUSTRIES CO., LTD.(110111-0085583)

(6.67% held by the subject company)

 

DAEWON STEEL CO., LTD.(120111-0123711)

(33.33% held by the subject company)

 

DONGKUK REFRACTORIES & STEEL CO., LTD.(195511-0069249)

(4.44 held by the subject company)

 

CHOSUN STEELWIRE CO.,LTD(110111-0008486)

DONGKUK S&C(110111-2276784)

DONGKUK REFRACTORIES CO., LTD.(195511-0069249)

HANRYO ENERGY DEVELOPMENT CO., LTD.(206211-0026796)

SHINAN WIND POWER CO., LTD.(201111-0023666)

GO DEOK WIND POWER CO., LTD.(161311-0017432)

DONGYEON S&T CO., LTD.(110111-3401059)

CHUNGSEOK DEVELOPMENT CO., LTD.

DK AMERICA, INC.

KUMHWA METAL CO., LTD.

DK WIND POWER CO., LTD.(234111-0045158)

NAMWON WIND POWER CO., LTD.(211311-0005428)

DK DONGSHIN CO., LTD.(110111-3850959)

 

SOZHOU DONGSHIN COLOR METAL CO., LTD.(CHINA)

(48.25 held by the subject company)

Overseas Office

QSSC S.A DE C.V

Cooperative Enterprise

-Insured Company

MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328)

 

Sales by Region

(Activity & Markets)

 

Not Available.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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

--

NB

                                       New Business

 

--

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.