MIRA INFORM REPORT

 

 

Report Date :

01.11.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

DKSH KOREA LTD.

 

 

Registered Office :

546-11, Dogok 1-dong, Gangnam-gu, Seoul, Korea, 4th Fl., Daeseon Bldg., Zip Code 135-858

 

 

Country :

South korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.12.1989

 

 

Com. Reg. No.:

211-81-54987

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesaler of Non-Specialized Goods

 

 

No. of Employees :

211 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 :

Satisfactory

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

South Korea - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

 

Source : CIA

 

 

Basic

 

Company Name

DKSH KOREA LTD.

(Korean Company Name : “디케이에스에이치코리아(주)”)

Registered Address

546-11, Dogok 1-dong, Gangnam-gu, Seoul, Korea

Building

4th Fl., Daeseon Bldg.

Zip Code

135-858

Tel

+82-2-2192-9500

Fax

+82-2-2192-9590

E-mail

kyoung.kim@dksh.com

Website

www.dksh.com

Trading Address

4th Fl., Daeseon Bldg., 546-11, Dogok 1-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-2192-9500

Fax

+82-2-2192-9590

Other Address-Branch

112-3, Gorim-dong, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea

Tel

+82-31-323-1777

Fax

+82-31-323-1778

Type

Export/Import

Industry

Wholesale of Non-Specialized Goods

  Main Business

Chemical Materials, Industrial Ultrasonic Products

Established (mm/dd/yyyy)

12/23/1989

The Subject Company occupies the premises of registered HQ address by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Commercial use coffee or iced tea makers(48101505)

Sell

Dyes(12171500)

Sell

Electronic manufacturing and processing machinery(23211100)

Sell

Business and corporate management consultation services(80101500)

Sell

Gel stabilizers(12161807)

Sell

Liquid crystal display projection panels(45111606)

 

 

CEO’s

 

Name

Oh Byung-Wook

Address

Suite 102-1501, 752-36, Bangbae-dong, Seocho-gu, Seoul, Korea

Date of Birth

12/21/1962

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

10,933,075,000

Employees

211

Formation

Co., Ltd by shares

Foreign Direct Investment Corporation

Bank Details

S.C. First Bank of Korea

Woori Bank

Corporate Registered No.

110111-0665814

Business Registered No.

211-81-54987

Permit & Licenses

Int’l Trade No.: 524995

Shareholder Position

Name

Shares

%

DKSH HOLDING LTD.

2,186,615

100.0

TOTAL

2,186,615

100.0

Company History

12/23/1989 Incorporated as Culrex Co., Ltd.

01/31/1990 Registered as a Foreign Direct Investment Corporation

06/25/1997 Increased the authorized shares to 6,000,000 shares from 584,000 shares

02/12/1998 Changed company name to Edward Keller Co., Ltd.

01/06/2003 Increased capital to 7,883,075,000 KRW from 5,712,385,000 KRW

01/06/2003 Acquired CIBA HEGNER KOREA CO., LTD.

12/13/2004 Changed company name to the present name

02/28/2008 Moved to the present HQ address from 3FL., Nasan Bldg., 1024, Daechi-dong, Gangnam-gu, Seoul, Korea

05/03/2010 Increased capital to 10,933,075,000 KRW from 7,883,075,000 KRW

05/03/2010 Acquired KOREA KOSARIVERMAN CO., LTD.(110111-0766795)

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Oh Byung-Wook

Male

Korean

02/28/2008

Director

Mr.

Gonpo Zzering

Male

Swiss

10/01/2002

Director

Mr.

Burnad Shumit

Male

German

03/31/2011

Auditor

Mr.

Kang Young-Joong

Male

Korean

09/27/1993

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

79,527,969,324

35,877,361,510

191,012,313

2010

61,553,933,829

34,818,985,879

2,335,091,992

2009

42,108,994,996

25,614,276,520

236,134,031

2008

44,666,635,618

  25,714,318,580

-76,370,800

2007

44,204,937,954

18,682,039,106

2,442,359,562

2006

46,846,016,956

22,372,068,131

2,087,368,708

2005

40,564,811,193

24,159,876,618

3,151,151,445

2004

44,035,757,723

28,225,700,027

900,003,224

 

 

Financial Description

 

Authorized Capital(KRW)

30,000,000,000

Paid-Up Capital(KRW)

10,933,075,000

Total Issues Shares

2,186,615

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

35,877,361,510

34,818,985,879

25,614,276,520

Current Assets

32,584,721,198

32,241,641,661

23,229,412,575

-Quick Assets

16,494,789,644

15,645,360,342

10,749,847,784

-Inventories

16,089,931,554

16,596,281,319

12,479,564,791

Fixed Assets

3,292,640,312

2,577,344,218

2,384,863,945

-Investment

1,575,873,697

808,101,351

407,610,562

-Tangibles

375,213,343

526,268,800

676,002,344

-Intangibles

1,341,553,272

1,242,974,067

1,301,251,039

Total Liabilities

25,239,989,938

24,372,626,620

-　

Current Liabilities

25,215,378,649

24,372,626,620

24,745,789,035

Fixed Liabilities

24,611,289

-

1,419,475,000

Capital Stock

10,933,075,000

10,933,075,000

7,883,075,000

Capital Surplus

-

5,612,254,782

-　

Profit Surplus

-295,703,428

-6,098,970,523

-8,434,062,515

Capital Adjustment

　

　

-

Total Equity

10,637,371,572

10,446,359,259

-550,987,515

Liab. & Shareholder’s Equity

35,877,361,510

34,818,985,879

25,614,276,520

 

Current Liabilities

25,215,378,649

24,372,626,620

24,745,789,035

Trade Payables

3,060,290,909

3,159,217,568

2,533,469,785

Short-Term Borrowings

18,752,916,371

18,084,794,916

20,239,985,823

Account Payables

1,390,089,343

1,035,889,531

391,401,301

Advance Receipts

97,820,040

193,168,505

130,789,308

VAT Withhold

288,978,143

398,143,408

84,998,397

Withholdings

117,032,460

-

57,713,300

Accrued Expenses

1,126,537,750

1,186,114,728

784,497,459

Provision for Sales Guarantee

25,433,346

33,321,874

14,908,336

Derivatives

216,070,947

48,001,660

213,158,716

Accrued Income Tax

140,209,340

233,974,430

294,866,610

Fixed Liabilities

24,611,289

-

1,419,475,000

Leasehold Deposit Received

24,611,289

-

-　

Provision for Severance & Retirement

-　

-　

1,419,475,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

79,527,969,324

61,553,933,829

42,108,994,996

Cost of Sold Goods

51,019,432,293

38,783,219,458

27,927,331,597

Gross Profit

28,508,537,031

22,770,714,371

14,181,663,399

Selling & Admin. Expenses

26,411,175,860

19,307,201,080

13,601,896,856

Operating Income

2,097,361,171

3,463,513,291

579,766,543

Non-Operating Income

3,728,569,879

4,158,228,124

2,222,871,369

Non-Operating Expenses

5,297,124,036

4,431,388,098

2,406,058,264

Income Before Taxes

528,807,014

3,190,353,317

396,579,648

Income Taxes Expenses

337,794,701

855,261,325

160,445,617

Net Income

191,012,313

2,335,091,992

236,134,031

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

148,588,132

2,882,678,365

-4,176,765,000

-Net Income

191,012,313

2,335,091,992

236,134,031

-Exp. without Cash Outflow

1,193,120,658

2,082,426,671

1,555,545,000

-Revenue without Cash Inflows

-75,217,836

-492,868,566

-324,177,026

-Changes in Asset/ & Liability

-1,160,327,003

-1,041,971,732

-5,644,267,005

Cash Flows from Investing

-1,378,244,370

-101,796,334

151,626,645

-Cash Inflow from Investing

53,477,430

449,105,069

371,964,511

-Cash Outflows for Investing

-1,431,721,800

-550,901,403

-220,337,866

Cash Flows from Financing

620,488,903

-3,034,211,566

4,328,262,292

-Cash Inflows from Financing

620,488,903

-

31,196,055,028

-Cash Outflows from Financing

-

-3,034,211,566

-26,867,792,736

Increase/Decrease in Cash

-609,167,335

655,685,739

303,123,937

Cash at the Beginning of Year

964,267,650

308,581,911

5,457,974

Cash at the End of Year

355,100,315

964,267,650

308,581,911

 

Products, Technologies, Services Description

 

Main Products & Services

Chemical Materials, Consumer Goods, Luxury & Lifestyle Products, Healthcare Goods

 

 

Trade Partners & Competitors

 

Suppliers

DKSH MANAGEMENT LTD

ZURICH, SWITZERLAND MARCEL SCHMID

TEL:+41 44 386 7272 FAX:+41 44 386 7282

 

HIELSCHER ULTRASONICS GMBH(GERMANY)

Competitors

DOUGLAS CHEM INC

RM. 812, DAEWOO BLDG. BOKAP-DONG, 167, NAESU-DONG, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-6272-7130  FAX:+82-2-6272-7131

 

MYOUNGJI CHEMICAL CO., LTD.

RM. 1001, DAEWOO OFFICETEL, 45-5, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-761-6660 FAX:+82-2-761-0337

 

CHEMICAL NETWORKS CO., LTD.

753-14, WONSAN-RI, ONSAN-EUP, ULJU-GUN, ULSAN, KOREA

TEL:+82-52-237-6111  FAX:+82-52-237-6110

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

DKSH LOGISTICS CO., LTD.(110111-1782451)

 

DKSH HOLDING LTD.

DKSH CORPORATE SHARED SERVICE CENTER

DKSH MANAGEMENT LTD.

DIETHELM LIMITED, BANGKOK

DKSH MANAGEMENT PTE LTD.

DKSH JAPAN K.K.

DKSH MANAGEMENT LTD.

DKSH (THAILAND) LIMITED

DKSH SWITZERLAND LTD.

DKSH ITALIA S.R.L.

EDWARD KELLER (SHANGHAI) LTD.

DKSH FRANCE S.A.

DKSH NORTH AMERICA INC.

DKSH VIETNAM CO., LTD.

Corporate Ownership

DKSH HOLDING LTD.

Major Shareholders

DKSH HOLDING LTD.

Cooperative Enterprise

-Insured Company

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

 

 

Sales by Region

(Activity & Markets)

 

The Subject deals with the companies in Canada, China, Germany, Japan, Swiss and USA.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.12

UK Pound

1

Rs.87.08

Euro

1

Rs.70.15

 

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

----

 

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.