MIRA
INFORM REPORT
|
Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
DONGKUK R&S
CO., LTD. |
|
|
|
|
Registered Office : |
411-1, Ugye-ri,
Sangdong-myeon, Gimhae-si, Gyeongsangnam-do |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
01.01.2004 |
|
|
|
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Com. Reg. No.: |
615-81-35770 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of
Structural Refractory Ceramic Products |
|
|
|
|
No. of Employees : |
91 |
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 : |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
A1 |
A |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company Name |
DONGKUK R&S CO., LTD. (English Company Name : DONGKUK REFRACTORIES & STEEL CO., LTD.) (Korean Company Name : “(주)동국알앤에스”) |
|
Registered Address |
411-1, Ugye-ri,
Sangdong-myeon, Gimhae-si, Gyeongsangnam-do, Korea |
|
Building |
|
|
Zip Code |
621-812 |
|
Tel |
+82-55-323-6589~90 |
|
Fax |
+82-55-323-6117 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
4FL., Hyewon
Bldg., 154-68, Oncheon-dong, Dongnae-gu, Busan, Korea |
|
Tel |
+82-51-550-5010 |
|
Fax |
+82-51-558-4058 |
|
Other
Address-Masan Factory |
92, Yulti-ri,
Jinjeon-myeon, Masan-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-271-3450~3 |
|
Fax |
+82-55-271-4644 |
|
Other
Address-Busan Factory |
1642-5, Songjeong-dong,
Gangseo-gu, Busan, Korea |
|
Tel |
+82-51-831-1450~2 |
|
Fax |
+82-51-831-0488 |
|
Other
Address-Namyang Factory |
63-1, Sachang-ri, Yanggam-myeon,
Hwaseong-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-366-6680~3 |
|
Fax |
+82-31-366-6684 |
|
Other
Address-Pohang Factory |
1352-3, Mundeok-ri,
Ocheon-eup, Nam-gu, Pohang-si, Gyeongbuk, Korea |
|
Tel |
+82-54-278-9871~2 |
|
Fax |
+82-54-278-9873 |
|
Type |
Export/Import |
|
Industry |
Manufacture of
Structural Refractory Ceramic Products |
|
Main Business |
Refractory,
Ceramic, Pipe, HGI |
|
Sub Business |
Wholesale of Basic
Metals |
|
Established (mm/dd/yyyy) |
01/01/2004 |
The Subject owns
the premises of registered HQ address, Masan Factory, Namyang Factory
and Pohang Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ferrites(32121703) |
|
Sell |
Refractories(31370000) |
CEO’s
|
Name |
Lee On-Young |
|
Address |
|
|
Date of Birth |
10/22/1949 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
18,400,000,000 |
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|
Employees |
91 |
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|
Formation |
Listed Company (KOSDAQ : 075970) as of 2/13/2004 A Company of DONGKUK INDUSTRIES GROUP |
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Bank Details |
Industrial Bank of Korea Korea Development Bank Woori Bank Korea Exchange Bank Busan Bank |
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Corporate Registered No. |
195511-0069249 |
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|
Business Registered No. |
615-81-35770 |
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Permit & Licenses |
11/1999 ISO 9001:2000 11/2003 14001:2004 05/2009 KS Mark Int’l Trade No.: 12170838 |
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Shareholder Position |
|
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Company History |
01/2008 Changed company name to DONGKUK
REFRACTORIES & STEEL CO., LTDfrom DONGKUK REFRACTORIES CO., LTD. 09/2007 Begin the steel business (Namyang
factory) 03/25/2005 Changed English company name to
DONGKUK REFRACTORIES CO., LTD. from DONGKUK REFRACTORY CO., LTD. 09/2004 Established Yingkou New East
Refactories Co., Ltd 02/2004 Listed KOSDAQ 01/2004 Changed company name to Dongkuk ref
co., ltd after spin off from DONGKUK INDUSTRIES COMPANY(110111-0085583) 12/2003 Separate from Dongkuk ind co.,ltd
with a rationalization of enterprise 11/2003 Attained 14001:2004 06/2000 Constructed Busan factory for
ferrite. 11/1999 Attained ISO 9001:2000 03/1998 Merged with Dongkuk Ind Co., Ltd 02/1996 Constructed kimhae factory for
basic unshaped refractroies 10/1987 Constructed ferrite plant in Masan
factory. 08/1987 Contracted exclusive license
production agreement with TODA KOGYO (JAPAN) for hard ferrite material. 11/1986 Established Technical research
Institute 07/1985 Contracted exclusive license
production agreement with ASAHI GLASS CO.,LTD(JAPAN) for refractories. 11/1984 Attained Korea Industrial Standard
Mark License ( KS ) No. 3685, 3686, 3687, 3688 06/1984 Constructed fine ceramics factory. 08/1983 Attained Korea Industrial Standard
Mark Licence ( KS ) No.3179, 3180 06/1983 Changwon ceramic co., ltd renamed
changwon co.ltd. 09/1975 Constructed Masan factory. 09/1974 Foundation of Chang won ceramic
co., ltd |
Detailed Information
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Lee On-Young |
Korean |
1949.10.22 |
Yonsei University, Korea |
|
Director |
Mr. |
Chang Se-Hee |
Korean |
1968.03.12 |
Korea university, Korea |
|
Director |
Mr. |
Jun Jae-Yoon |
Korean |
1958.09.17 |
Youngju College, Korea |
|
Sr. Executive Director |
Mr. |
Kwon Hyuck-Min |
Korean |
1953.12.06 |
Inha University, Korea |
|
Executive Director |
Mr. |
Lee Gang-Hak |
Korean |
1953.09.23 |
Yonsei University, Korea |
|
Auditor |
Mr. |
Lee Dong-Sik |
Korean |
1928.12.06 |
Busan National University, Korea |
|
Outside Director |
Mr. |
Lee Hern-Soo |
Korean |
1953.04.22 |
Yonsei University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
111,852,423,038 |
169,240,179,948 |
3,486,213,813 |
|
|
2010 |
169,520,764,727 |
153,496,727,807 |
5,400,515,773 |
|
2009 |
160,190,338,199 |
154,423,925,921 |
1,442,255,133 |
|
2008 |
145,260,349,725 |
145,169,002,353 |
5,586,684,083 |
|
2007 |
66,969,735,970 |
97,778,618,515 |
3,096,945,968 |
|
2006 |
49,102,280,524 |
58,821,846,345 |
2,842,681,581 |
|
2005 |
48,289,911,648 |
47,950,386,662 |
2,024,102,678 |
(*)09/2011 ‘s figures are based on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
55,200,000,000 |
|
Paid-Up Capital(KRW) |
18,400,000,000 |
|
Total Issued Shares |
18,400,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
169,240,179,948 |
171,708,462,277 |
|
|
Current
Assets |
66,545,393,098 |
70,261,632,446 |
|
|
Cash & Cash Equivalents |
1,940,734,594 |
740,214,850 |
|
|
Current Financial Instruments |
20,000,000 |
1,185,000,000 |
|
|
Trade Receivables & Other
Receivables |
31,429,977,378 |
41,591,406,164 |
|
|
Prepaid Expenses |
7,222,757 |
10,823,195 |
|
|
Advance Payments |
1,912,065,215 |
318,331,734 |
|
|
Inventories |
30,989,000,933 |
26,088,945,962 |
|
|
Other Current Assets |
246,392,221 |
326,910,541 |
|
|
Non-Current
Assets |
102,694,786,850 |
101,446,829,831 |
|
|
Long-Term Trade Receivables &
Other Receivables |
1,041,884,592 |
1,077,682,699 |
|
|
Marketable Financial Instruments |
10,558,768 |
164,709,372 |
|
|
Other Finance Assets |
558,615,000 |
558,615,000 |
|
|
Investment_Related Companies |
31,806,261,947 |
31,806,261,947 |
|
|
Tangibles |
68,778,382,212 |
67,340,476,482 |
|
|
Intangibles |
499,084,331 |
499,084,331 |
|
|
Total
Liabilities |
96,904,813,737 |
101,387,309,879 |
|
|
Current
Liabilities |
80,921,891,397 |
76,710,800,040 |
|
|
Trade Payables & Other
Payables |
9,562,834,622 |
17,610,685,105 |
|
|
Advance Receipts |
474,376,608 |
105,018,451 |
|
|
Short-Term Borrowings |
60,093,894,515 |
47,408,828,685 |
|
|
Current Portion of Long-Term
Debts |
9,475,370,108 |
10,130,349,242 |
|
|
Accrued Income Tax |
820,735,690 |
597,578,809 |
|
|
Other Current Liabilities |
494,679,854 |
858,339,748 |
|
|
Non-Current
Liabilities |
15,982,922,340 |
24,676,509,839 |
|
|
Long-Term Borrowings |
2,914,783,493 |
11,836,367,001 |
|
|
Leasehold Deposit Received |
7,088,972,908 |
6,806,017,614 |
|
|
Deferred Income Tax Credit |
5,935,200,853 |
6,034,125,224 |
|
|
Provision for Severance &
Retirement |
43,965,086 |
- |
|
|
Capital
Stock |
18,400,000,000 |
18,400,000,000 |
|
|
Capital Surplus |
17,660,065,630 |
17,660,065,630 |
|
|
Profit Surplus |
22,525,015,788 |
20,510,801,975 |
|
|
Others |
13,750,284,793 |
13,750,284,793 |
|
|
Total Equity |
72,335,366,211 |
70,321,152,398 |
|
|
Liab. & Shareholder’s Equity |
169,240,179,948 |
171,708,462,277 |
|
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
153,496,727,807 |
154,423,925,921 |
145,169,002,353 |
|
Current Assets |
49,813,215,287 |
54,206,496,455 |
71,221,820,262 |
|
-Quick Assets |
23,724,269,325 |
27,347,651,465 |
27,503,975,764 |
|
-Inventories |
26,088,945,962 |
26,858,844,990 |
43,717,844,498 |
|
Fixed Assets |
103,683,512,520 |
100,217,429,466 |
73,947,182,091 |
|
-Investment |
34,687,239,727 |
30,390,781,382 |
28,945,061,283 |
|
-Tangibles |
67,340,476,482 |
66,681,030,489 |
43,671,631,213 |
|
-Intangibles |
1,655,796,311 |
3,145,617,595 |
1,330,489,595 |
|
Total Liabilities |
81,410,442,772 |
86,098,637,642 |
95,546,466,570 |
|
Current Liabilities |
55,734,836,052 |
51,007,418,674 |
61,552,549,660 |
|
Fixed Liabilities |
25,675,606,720 |
35,091,218,968 |
33,993,916,910 |
|
Capital Stock |
18,400,000,000 |
18,400,000,000 |
18,400,000,000 |
|
Capital Surplus |
17,660,065,630 |
17,660,065,630 |
17,658,868,940 |
|
Profit Surplus |
16,550,766,423 |
12,622,250,650 |
12,651,916,397 |
|
Capital Adjustment |
19,475,452,982 |
19,642,971,999 |
911,750,446 |
|
Total Equity |
72,086,285,035 |
68,325,288,279 |
49,622,535,783 |
|
Liab. & Shareholder’s Equity |
153,496,727,807 |
154,423,925,921 |
145,169,002,353 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
111,852,423,038 |
|
|
|
Cost of Sold Goods |
97,569,762,780 |
|
|
|
Gross Profit |
14,282,660,258 |
|
|
|
Selling & Admin. Expenses |
7,414,172,130 |
|
|
|
Other Operating Income |
820,148,847 |
|
|
|
Other Operating Expenses |
280,561,068 |
|
|
|
Operating Income |
7,408,075,907 |
|
|
|
Finance Income |
352,399,617 |
|
|
|
Finance Expenses |
3,299,331,481 |
|
|
|
Income Before Taxes |
4,461,144,043 |
|
|
|
Income Taxes Expenses |
974,930,230 |
|
|
|
Net Income |
3,486,213,813 |
|
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
169,520,764,727 |
160,190,338,199 |
145,260,349,725 |
|
Cost of Sold Goods |
150,700,309,096 |
142,463,024,288 |
126,965,307,490 |
|
Gross Profit |
18,820,455,631 |
17,727,313,911 |
18,295,042,235 |
|
Selling & Admin. Expenses |
10,472,668,708 |
9,788,254,146 |
8,905,816,912 |
|
Operating Income |
8,347,786,923 |
7,939,059,765 |
9,389,225,323 |
|
Non-Operating Income |
3,881,670,716 |
2,254,561,323 |
3,240,724,284 |
|
Non-Operating Expenses |
5,450,645,557 |
8,368,967,722 |
5,186,517,434 |
|
Income Before Taxes |
6,778,812,082 |
1,824,653,366 |
7,443,432,173 |
|
Income Taxes Expenses |
1,378,296,309 |
382,398,233 |
1,856,748,090 |
|
Net Income |
5,400,515,773 |
1,442,255,133 |
5,586,684,083 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
4,584,766,936 |
|
|
|
Cash Flows from Operating |
5,336,540,285 |
|
|
|
Net Income |
3,486,213,813 |
|
|
|
Adjustment |
6,437,447,656 |
|
|
|
Changes in Asset/ & Liability |
-4,587,121,184 |
|
|
|
Income Taxes |
-751,773,349 |
|
|
|
Cash Flows from Investing |
-1,810,631,359 |
|
|
|
Cash Flows from Financing |
-1,803,737,655 |
|
|
|
Increase/Decrease in Cash |
1,200,519,744 |
|
|
|
Cash at the Beginning of Year |
740,214,850 |
|
|
|
Cash at the End of Year |
1,940,734,594 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
3,886,115,028 |
21,603,557,437 |
-31,420,413,128 |
|
-Net Income |
5,400,515,773 |
1,442,255,133 |
5,586,684,083 |
|
-Exp. without Cash Outflow |
3,301,886,511 |
5,821,622,592 |
2,092,808,147 |
|
-Revenue without Cash Inflows |
-2,930,228,014 |
-393,478,159 |
-2,183,899,037 |
|
-Changes in Asset/ & Liability |
-1,886,059,242 |
14,733,157,871 |
-36,916,006,321 |
|
Cash Flows from Investing |
-1,530,760,243 |
-10,730,171,607 |
-20,658,717,169 |
|
-Cash Inflow from Investing |
8,701,029,997 |
23,997,329,005 |
20,634,808,370 |
|
-Cash Outflows for Investing |
-10,231,790,240 |
-34,727,500,612 |
-41,293,525,539 |
|
Cash Flows from Financing |
-5,455,374,694 |
-8,768,768,142 |
46,435,181,581 |
|
-Cash Inflows from Financing |
204,736,993,293 |
124,728,229,504 |
179,212,890,302 |
|
-Cash Outflows from Financing |
-210,192,367,987 |
-133,496,997,646 |
-132,777,708,721 |
|
Increase/Decrease in Cash |
-3,100,019,909 |
2,104,617,688 |
-5,643,948,716 |
|
Cash at the Beginning of Year |
3,840,234,759 |
1,735,617,071 |
7,379,565,787 |
|
Cash at the End of Year |
740,214,850 |
3,840,234,759 |
1,735,617,071 |
Products,
Technologies, Services Description
|
Main Products & Services |
REFRACTORY Iron steel refractory : Acid, Neutral and
Basic shaped refractory /Monolithic refractory Incinerator refractory : Shaped /
Monolithic refractory Nonferrous metals refractory & etc.: Shaped /
Monolithic/ Special refractory FINE CERAMICS Water/Sanitary faucets High purity Alumina crucible Ceramics LINING PIPE & ELBOW HGI Corrosion Resistance HGI Formability HGI STEEL PIPE Structural carbon steel Structural square shape steel(tube) Product for temporary construction(pipe
support, fence, coupling pin, safe rail) Brand Name : PGT-BT,J-18D, MAGGUN, TUNGUN,
Ceramic Disk |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners
& Competitors
|
Suppliers |
|
|
Customers |
POSCO(174611-0000741) |
|
Competitors |
POSCO(174611-0000741) 1, GOEDONG-DONG, NAM-GU, POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-220-0114
FAX:+82-54-220-6000 JINBANG STEEL KOREA CO., LTD.(171711-0060051) 605, HO-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-289-5700 FAX:+82-54-278-0421 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
CHOSUN STEELWIRE CO.,LTD(110111-0008486) DONGKUK S&C CO., LTD.(110111-2276784) 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.(KOREA) KUMHWA METAL CO., LTD.(KOREA) DK WIND POWER CO., LTD.(234111-0045158) NAMWON WIND POWER CO., LTD.(211311-0005428) DONGKUK INDUSTRIES COMPANY(110111-0085583) (4.02% held by the subject company) DAEWON STEEL CO., LTD.(120111-0123711) (19.0% held by the subject company) DK DONGSHIN CO., LTD.(110111-3850959) (4.44% held by the subject company) DK AMERICA, INC. 23133 HAWTHORNE BLVD. STE.301 TORRANCE, CA
90505, USA TEL : 1-310-375-2222, FAX : 1-310-375-2221 YOUNGKU SHINDONG REFRACTORIES MATERIALS CO., LTD.(CHINA) CHIBAK DONGKUK REFRACTORIES MATERIALS CO.,
LTD.(CHINA) |
|
Subsidiary |
DONGYEON S&T CO., LTD.(110111-3401059) (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
4,138 |
3,228 |
2,167 |
|
Domestic |
107,714 |
166,293 |
158,023 |
|
Total |
111,852 |
169,521 |
160,190 |
The Subject deals
with the companies in China, Taiwan, Indonesia and Japan.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
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|
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No.
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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 |
|
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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.