|
Report Date : |
24.08.2012 |
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) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
30.12.1999 |
|
|
|
|
Com. Reg. No.: |
609-81-40128 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Internal Combustion Piston Engines |
|
|
|
|
No. of Employees : |
1,272 employees |
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 : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 – 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 |
|
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.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Engines(26101500) |
|
Sell |
Diesel power plants(26131501) |
|
Sell |
Crankshaft |
|
Sell |
Turbocharger |
|
Name |
Kim Dong-Cheol |
|
Date of Birth |
06/27/1952 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
69,500,000,000 |
|||||||||||||||||||||
|
Employees |
1,272 |
|||||||||||||||||||||
|
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 |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Dong-Cheol |
Korean |
1952.06.27 |
- |
|
Sr. Executive Director |
Mr. |
Cho Nam-Seok |
Korean |
1959.10.05 |
Korea University, Korea |
|
Executive Director |
Mr. |
Nam Sang-Min |
Korean |
1955.04.01 |
- |
|
Executive Director |
Mr. |
Kim Jeong-Kwon |
Korean |
1955.06.30 |
Youngnam University, Korea |
|
Vice President & CFO |
Mr. |
Jang Myung-Ho |
Korean |
1964.02.07 |
- |
|
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. |
Hwang Byung-Ki |
Korean |
1949.01.23 |
- |
|
Outside Director |
Mr. |
Joo Jong-Nam |
Korean |
1956.08.17 |
- |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
364,498,950,295 |
2,070,513,360,325 |
22,412,984,013 |
|
|
(*)2011 |
2,003,793,072,593 |
2,051,480,611,768 |
209,636,479,757 |
|
(*)2010 |
1,831,615,390,618 |
2,229,611,103,972 |
266,059,737,115 |
|
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 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
120,000,000,000 |
|
Paid-Up Capital(KRW) |
69,500,000,000 |
|
Total Issues Shares |
69,500,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~03/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
2,070,513,360,325 |
2,051,480,611,768 |
2,229,611,103,972 |
|
Current
Assets |
1,002,598,218,447 |
982,127,630,841 |
1,066,128,436,674 |
|
Cash & Cash Equivalents |
425,078,137,050 |
320,469,576,651 |
336,877,478,529 |
|
Trade Receivables & Other
Receivables |
140,776,316,624 |
171,702,355,734 |
139,049,982,451 |
|
Current Financial Instruments |
97,095,444,449 |
147,862,076,202 |
150,958,650,000 |
|
Derivatives |
9,241,417,881 |
8,153,605,085 |
36,255,228,375 |
|
Confirmed Contracts |
41,898,125,902 |
66,708,349,474 |
84,638,958,348 |
|
Inventories |
267,419,028,467 |
247,231,575,247 |
296,560,703,196 |
|
Current Non-Financial Instruments |
21,089,748,074 |
20,000,092,448 |
21,787,435,775 |
|
Non-Current
Assets |
1,067,915,141,878 |
1,069,352,980,927 |
1,163,482,667,298 |
|
Long-Term Trade Receivables &
Other Receivables |
16,219,573,154 |
11,952,731,636 |
52,219,175,528 |
|
Equity Method Investment |
365,024,719,731 |
365,024,719,731 |
367,796,243,437 |
|
Tangibles |
584,364,264,195 |
551,384,215,311 |
561,120,529,590 |
|
Investment_Real Estates |
|
36,130,101,804 |
17,902,709,338 |
|
Intangibles |
14,424,554,326 |
14,536,132,373 |
4,975,669,763 |
|
Non-Current Financial Instruments |
18,682,256,998 |
11,613,959,581 |
17,382,361,342 |
|
Non-Current Derivatives |
4,791,898,133 |
3,752,006,943 |
16,352,413,066 |
|
Non-Current Confirmed Contracts |
64,407,875,341 |
74,959,113,548 |
105,356,456,705 |
|
Total
Liabilities |
1,457,549,442,063 |
1,461,182,444,094 |
1,847,539,981,391 |
|
Current
Liabilities |
1,163,375,996,601 |
1,207,088,087,624 |
1,487,026,897,149 |
|
Trade Payables & Other
Payables |
907,289,147,149 |
950,376,799,288 |
1,280,539,619,214 |
|
Advance Receipt Construction |
36,414,034,834 |
34,079,376,921 |
19,705,746,669 |
|
Short-Term Borrowings |
24,861,686,637 |
23,306,698,323 |
33,450,569,261 |
|
Current Portion of Long-Term
Debts |
68,268,000,000 |
69,198,000,000 |
68,334,000,000 |
|
Income Taxes |
16,381,138,328 |
6,426,973,157 |
|
|
Current Derivatives |
17,380,587,788 |
33,080,119,987 |
12,715,460,127 |
|
Current Confirmed Contracts |
8,320,697,119 |
6,933,180,782 |
18,238,751,601 |
|
Other Current Non-Financial Debts |
4,468,438,956 |
3,741,394,564 |
4,054,291,242 |
|
Current Portion of Debentures |
79,992,265,790 |
79,945,544,602 |
49,988,459,035 |
|
Non-Current
Liabilities |
294,173,445,462 |
254,094,356,470 |
360,513,084,242 |
|
Long-Term Borrowings |
186,536,000,000 |
138,396,000,000 |
205,002,000,000 |
|
Long-Term Account Payables |
2,424,017,705 |
2,332,156,206 |
|
|
Provision for Severance &
Retirement |
27,734,308,912 |
26,590,315,593 |
18,961,166,192 |
|
Non-Current Derivatives |
12,039,776,525 |
17,936,849,494 |
8,861,426,127 |
|
Non-Current Confirmed Contracts |
6,908,652,326 |
5,002,643,700 |
15,312,351,611 |
|
Finance Guarantee |
303,518,529 |
349,001,248 |
16,151,120,082 |
|
Provision for Repairing |
18,599,325,989 |
20,507,108,230 |
16,459,728,802 |
|
Deferred
Income Tax Credit |
39,627,845,476 |
42,980,281,999 |
|
|
Capital
Stock |
69,500,000,000 |
69,500,000,000 |
69,500,000,000 |
|
Others |
367,269,123,650 |
367,016,357,075 |
365,129,157,101 |
|
Profit Surplus |
176,194,794,612 |
153,781,810,599 |
-52,558,034,520 |
|
Total Equity |
612,963,918,262 |
590,298,167,674 |
382,071,122,581 |
|
Liab. & Shareholder’s Equity |
2,070,513,360,325 |
2,051,480,611,768 |
2,229,611,103,972 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~03/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
364,498,950,295 |
2,003,793,072,593 |
1,831,615,390,618 |
|
Cost of Sold Goods |
321,452,509,677 |
1,643,634,050,361 |
1,520,653,152,505 |
|
Gross Profit |
43,046,440,618 |
360,159,022,232 |
310,962,238,113 |
|
Selling & Admin. Expenses |
16,284,835,691 |
66,268,170,849 |
57,880,182,826 |
|
Other Operating Income |
9,731,120,119 |
8,141,335,156 |
34,907,778,859 |
|
Other Operating Expenses |
6,309,037,967 |
23,244,862,628 |
12,174,327,896 |
|
Operating Income |
30,183,687,079 |
278,787,323,911 |
275,815,506,250 |
|
Finance Income |
34,753,140,360 |
82,712,678,543 |
88,135,156,732 |
|
Finance Expenses |
35,401,074,730 |
76,290,640,093 |
116,701,361,725 |
|
Other Income |
- |
-2,771,523,706 |
90,211,813,127 |
|
Income Before Taxes |
29,535,752,709 |
282,437,838,655 |
337,461,114,384 |
|
Income Taxes Expenses |
7,122,768,696 |
72,801,358,898 |
71,401,377,269 |
|
Net Income |
22,412,984,013 |
209,636,479,757 |
266,059,737,115 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~03/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
18,007,088,605 |
147,081,537,595 |
279,203,898,039 |
|
Net Income |
22,412,984,013 |
209,636,479,757 |
266,059,737,115 |
|
Adjustment |
-5,514,235,492 |
-67,050,110,900 |
40,724,860,814 |
|
Interests Received |
4,309,130,937 |
17,768,136,595 |
7,494,367,384 |
|
Interests Paid |
-2,679,750,805 |
-12,619,715,213 |
-35,142,027,438 |
|
Dividends Received |
|
137,155,040 |
473,664,750 |
|
Income Taxes |
-521,040,048 |
-790,407,684 |
-406,704,586 |
|
Cash Flows from Investing |
36,219,991,351 |
-34,920,081,023 |
155,424,902,619 |
|
Cash Flows from Financing |
51,554,988,314 |
-128,477,870,938 |
-295,534,165,927 |
|
Increase/Decrease in Cash |
104,608,560,399 |
-16,407,901,878 |
139,088,960,314 |
|
Cash at the Beginning of Year |
320,469,576,651 |
336,877,478,529 |
197,788,518,215 |
|
Cash at the End of Year |
425,078,137,050 |
320,469,576,651 |
336,877,478,529 |
|
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) |
|
|
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) |
(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 MITSUBISHI HEAVY INDUSTRIES ABB TURBO SYSTEM MAN DIESEL & TURBO FRANCE SAS DAIHATSU DIESEL MFG. -Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
(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.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul Nambu District Court |
JINDO CO., LTD.(110111-3411024) |
The Subject Company |
- |
3,000,000,000 |
1st round is proceeding |
|
|
Changwon District Court |
C&HEAVY INDUSTRIES CO.,LTD.( 110111-0302440) |
The Subject Company |
Promissory Notes |
56,700,000 |
Proceeding |
|
|
Court in Greece |
GAEI |
The Subject Company |
Related to Chios Diesel Power Plant |
Euro3,059,635 |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.19 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.