MIRA INFORM REPORT

 

 

Report Date :

15.06.2012

 

IDENTIFICATION DETAILS

 

Name :

DONGKUK S&C CO., LTD.

 

 

Registered Office :

547-3, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea 790-240

 

 

Country :

South Korea

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

02.07.2001

 

 

Com. Reg. No.:

104-81-63193

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Metal Structural Components

 

 

No. of Employees :

95

 

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

DONGKUK S&C CO., LTD.

(English Company Name : DONGKUK STRUCTURES & CONSTRUCTION COMPANY LIMITED)

(Korean Company Name : “(주)동국에스엔씨”)

Registered Address

547-3, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea

Zip Code

790-240

Tel

+82-54-285-4500

Fax

+82-54-271-0700

Website

www.dongkuksnc.co.kr

Trading Address

547-3, Jangheung-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea

Tel

+82-54-285-4500

Fax

+82-54-271-0700

Type

Export

Industry

Manufacture of Metal Structural Components

  Main Business

Wind Tower, Steel Box

  Sub Business

 

Established (mm/dd/yyyy)

 

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Structural materials and basic shapes(30100000)

Sell

Commercial or industrial construction(72131600)

Sell

Infrastructure construction(72131700)

Sell

Commercial or industrial construction(72131600)

Sell

Apartment construction(72131501)

 

 

CEO’s

 

Name

Yang Seung-Joo

 

 

Profiles

 

Capital (KRW)

28,571,500,000

Employees

95

Formation

Listed Company (KOSDAQ : 100130) as of 08/31/2009

A Company of DONGKUK INDUSTRIES GROUP

Bank Details

Kookmin Bank-Sogong Dong Branch

Corporate Registered No.

110111-2276784

Business Registered No.

104-81-63193

Permit & Licenses

 

01/2010 AISC

10/2010 ISO 14001

08/2011 OHSAS

 

 

Shareholder Position

Name

Shares

%

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

34,285,700

60.00

OTHERS

22,857,300

40.00

TOTAL

57,143,000

100.00

Company History

07/02/2001 Incorporated as the present name after split off from DONGKUK INDUSTRIES CO., LTD.(110111-0085583)

01/2007 Moved to the present HQ address from 92, Da-dong, Jung-gu, Seoul, Korea

11/2009 Awarded US$ 200 Million Export Top Prize

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Date of Birth

President & CEO

Mr.

Yang Seung-Joo

Male

Korean

1954.01

Director

Mr.

Lee Sang-Cheol

Male

Korean

1960.05

Director

Mr.

Jang Sang-Geon

Male

Korean

1935.12

Director

Mr.

Ju Hern-Wook

Male

Korean

1956.11

Director

Mr.

You Sung-Cheol

Male

Korean

1961.07

Director

Mr.

Lee Byung-Tae

Male

Korean

1945.11

Auditor

Mr.

Ham Kwang-Nam

Male

Korean

1941.04

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)03/2012

29,142,480,675

315,558,055,540

1,720,198,136

(*)2011

115,568,473,414

298,026,358,481

-15,103,897,586

(*)2010

104,331,873,729

281,162,590,262

-7,555,466,092

2009

227,875,089,479

350,457,970,189

11,384,967,260

2008

324,013,237,243

350,457,970,189

5,332,507,335

 

 

Financial Description

 

Authorized Capital(KRW)

100,000,000,000

Paid-Up Capital(KRW)

28,571,500,000

Total Issued Shares

57,143,000

 

Balance Sheet

 

Unit : Korean Won

01/01/2012~03/31/2012

As of 12/31/2011

As of 12/31/2010

Total Assets

315,558,055,540

298,026,358,481

281,162,590,262

Current Assets

172,254,676,556

163,356,519,695

162,011,389,413

Cash & Cash Equivalents

19,768,152,201

19,616,119,045

22,871,654,299

Current Financial Instruments

36,900,000,000

46,900,000,000

77,010,773,974

Held-to-Maturity Financial Assets

7,119,963,237

7,147,438,834

4,334,086,660

Trade Receivables

26,804,506,779

21,062,928,003

10,493,215,251

Other Receivables-Constrcution

3,392,554,842

4,277,314,110

1,043,731,635

Accounts Receivables

5,663,517,461

1,256,817,087

1,433,017,653

Advance Payments

3,398,657,733

4,527,517,121

1,367,091,661

Inventories

59,650,917,316

49,679,235,686

33,880,987,987

Other Current Financial Instruments

7,817,615,000

7,817,615,000

7,842,365,000

Other Current Non-Financial Instruments

1,738,791,987

1,071,534,809

1,734,465,293

accounts receivable

143,303,378,984

134,669,838,786

119,151,200,849

Non-Current Financial Instruments

3,671,800,000

3,671,800,000

11,800,000

Marketable Financial Instruments

2,629,472,413

2,629,472,413

2,629,472,413

Investment_Related Companies

44,315,759,452

43,305,759,452

39,949,406,452

Tangibles

87,991,346,473

80,102,123,103

67,785,529,766

Intangibles

262,356,504

273,203,491

272,251,612

Held-to-Maturity Financial Assets

619,765,000

583,420,000

7,791,527,412

Deferred Income Tax Assets

3,228,039,442

3,549,220,627

　

Other Non-Current Financial Instruments

575,130,000

554,839,700

711,213,194

Other Non-Current Non-Financial Instruments

9,709,700

　

　

Total Liabilities

93,844,403,283

78,032,904,360

44,992,837,405

Current Liabilities

63,141,746,584

47,245,295,738

37,594,129,381

Trade Payables

19,133,409,213

11,786,382,168

4,401,463,960

Other Payables-Construction

3,020,877,724

3,643,949,747

2,786,997,193

Account Payables

10,896,906,489

8,769,257,310

11,723,853,151

Advance Receipts

27,642,455,628

22,354,849,367

17,898,694,801

Withholdings

34,155,530

32,987,480

387,625,454

Guarantee Deposit Withhold

30,000,000

30,000,000

30,000,000

Accrued Expenses

50,608,670

71,935,638

108,056,837

Short-Term Borrowings

2,200,000,000

　

　

Current Portion of Long-Term Debts

133,333,330

133,333,330

133,333,330

Derivatives

　

422,600,698

124,104,655

Accrued Income Tax

　

　

　

Non-Current Liabilities

30,702,656,699

30,787,608,622

7,398,708,024

Long-Term Borrowings

1,466,666,670

1,466,666,670

1,466,666,670

Long-Term Trade Payables

5,715,101,737

5,675,427,359

5,604,564,484

Deferred Income Tax Credit

　

　

299,084,870

Other Non-Current Financial Debts

24,745,000

24,745,000

28,392,000

Other Non-Current Non-Financial Debts

23,496,143,292

23,620,769,593

　

Capital Stock

28,571,500,000

28,571,500,000

28,571,500,000

Capital Surplus

176,195,194,554

176,195,194,554

176,195,194,554

Capital Adjustment

-13,131,874,478

-13,131,874,478

-13,131,874,478

Profit Surplus

30,078,832,181

28,358,634,045

44,534,932,781

Total Equity

221,713,652,257

219,993,454,121

236,169,752,857

Liab. & Shareholder’s Equity

315,558,055,540

298,026,358,481

281,162,590,262

 

 

Income Statement

 

Unit : Korean Won

01/01/2012~03/31/2012

As of 12/31/2011

As of 12/31/2010

Sales

29,142,480,675

115,568,473,414

104,331,873,729

Cost of Sold Goods

26,923,820,010

105,887,613,239

97,004,879,110

Gross Profit

2,218,660,665

9,680,860,175

7,326,994,619

Selling & Admin. Expenses

1,365,393,985

32,421,671,833

23,202,700,476

Other Operating Income

862,075,516

2,975,436,477

4,676,593,693

Other Operating Expenses

382,898,242

3,058,629,594

2,760,598,057

Operating Income

1,332,443,954

-22,824,004,775

-13,959,710,221

Finance Income

725,176,845

3,871,801,692

4,959,325,517

Finance Expenses

16,241,478

　

737,421,499

Income Before Taxes

2,041,379,321

-18,952,203,083

-9,737,806,203

Income Taxes Expenses

321,181,185

3,848,305,497

2,182,340,111

Net Income

1,720,198,136

-15,103,897,586

-7,555,466,092

 

 

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

-2,591,739,167

-15,217,922,956

2,917,992,524

Net Income

1,720,198,136

-15,103,897,586

-7,555,466,092

Adjustment

-4,901,039,782

-5,365,659,415

11,801,328,024

Dividends Received

　

355,194,960

329,764,160

Interests Paid

-16,241,478

　

-678,909,496

Interests Received

605,343,957

4,896,439,085

329,764,160

Income Taxes

　

　

-1,308,488,232

Cash Flows from Investing

543,772,323

13,034,788,852

36,045,669,146

Cash Flows from Financing

　

-1,072,401,150

-23,811,900,380

Increase/Decrease in Cash

152,033,156

-3,255,535,254

15,151,761,290

Cash at the Beginning of Year

19,616,119,045

22,871,654,299

7,719,893,009

Cash at the End of Year

19,768,152,201

19,616,119,045

22,871,654,299

 

 

Trade Partners & Competitors

 

Suppliers

NANJING IRON AND STEEL GROUP , AIER GROUP(HK)LIMITED

HYUNDAI STEEL COMPANY(120111-0001743)

Customers

GAMESA, VESTAS, SIEMENS, MITSUBISHI, GE ENERGY, ENERCON, REPOWER,SUZLON,DEWIND

SAMSUNG HEAVY INDUSTRIES CO., LTD.(110111-0168595)

HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386)

DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD.(194211-0000943)

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

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

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

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

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

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)

Corporate Ownership

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

Major Shareholders

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

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit :Mil KRW

03/2012

2011

2010

Export

24,382

74,299

83,922

Domestic

4,760

42,592

20,410

Total

29,142

116,891

104,332

 

 

Court Action

 

--

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.79

UK Pound

1

Rs.86.37

Euro

1

Rs.70.07

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.