|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONG YANG INK CO., LTD |
|
|
|
|
Registered Office : |
338-6, Gagok-ri, Jinwi-myeon, Pyeongtaek-si, Gyeonggi-do, Korea, Zip Code 451-861 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.08.1975 |
|
|
|
|
Com. Reg. No.: |
125-81-04075 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Printing Ink |
|
|
|
|
No. of Employees : |
227 |
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 : |
Slow but Correct |
|
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 |
|
Company Name |
DONG YANG INK
CO., LTD. (Korean Company
Name : “(주)동양잉크”) |
|
Registered Address |
338-6, Gagok-ri, Jinwi-myeon, Pyeongtaek-si,
Gyeonggi-do, Korea |
|
Zip Code |
451-861 |
|
Tel |
+82-31-660-9210 |
|
Fax |
+82-31-667-4877 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
338-6,
Gagok-ri, Jinwi-myeon, Pyeongtaek-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-660-9200 |
|
Fax |
+82-31-667-4745 |
|
Other Address-2nd Factory |
542-6,
Segyo-dong, Pyeongtaek-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-658-8871 |
|
Fax |
+82-31-655-6375 |
|
Other Address-Seobu Sales Office |
36-3, Dangsandong 4-ga, Yeongdeungpo-gu,
Seoul, Korea |
|
Tel |
+82-2-2675-7301~3 |
|
Fax |
+82-2-2675-7304 |
|
Other Address-Dongbu Sales Office |
289-284,
Seongsu 2-ga 1-dong, Seongdong-gu, Seoul, Korea |
|
Tel |
+82-2-466-1491~2 |
|
Fax |
+82-2-466-1609 |
|
Other Address-Ansan Factory Office |
Rm.406,
731-4, Wonsi-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Printing Ink |
|
Main Business |
Sheet Fed Offset Ink, Specialty Ink,
Pantone Color Ink, Web Offset Ink, Flexographic Inks, UV Ink, FLEXO Ink |
|
Established (mm/dd/yyyy) |
08/28/1975 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Coating paints(31211504) |
|
Sell |
Printing and drawing inks(60121800) |
|
Sell |
Varnishes(31211707) |
|
Sell |
Phenolic resin(13111002) |
|
Sell |
Additives(12160000) |
|
Buy |
Pigments(12171600) |
|
Buy |
Surfactants(12161900) |
|
Buy |
Waxes(12181500) |
|
Name |
Choi Dae-Kwang |
|
Address |
Suite 6-1501, 1315, Seocho-dong,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
10/16/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,327,000,000 |
|||||||||||||||||||||
|
Employees |
227 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||
|
Bank Details |
Citibank, Korea Hana Bank Woori Bank-Songtan Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
134711-0002397 |
|||||||||||||||||||||
|
Business Registered No. |
125-81-04075 |
|||||||||||||||||||||
|
Permit & Licenses |
01/29/2002 ISO 9001 Int’l Trade No.: 950538 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
11/2008 Awarded US$20 Million Export Top
Prize 04/2006 Took part in the KPC A Show
(International Exhibition of Electronic Circuits & Industrial Materials) 03/2005 Opened a business site in Ansan for
the electronic materials business 03/2005 Developed its own PSR ink (DYS-1000
Series) 03/2005 Sold the Du Pont Dry Film
(Cooperated with Du Pont) 09/2004 Accomplished the 20 million
dollar-exports 04/2004 Established a subsidiary in Jinan ,
China 12/2003 Made a strategic alliance with
Shinmoorim Paper MFG 02/2002 Acquired the ISO 9001:2000
certificate 08/2001 Transferred the FLEXO factory into
its second one 08/2001 Expanded and transferred the ???
facilities 02/2002 Selected as a promising small &
medium company in Gyeonggi-do 02/2002 Selected as an excellent company
for technological competitiveness by the Small & Medium Business
Association 06/1998 Set up the second factory within
the Pyeongtaek Industrial Complex (Site 8,200 pyong, Building Area 4,100 pyong) 10/1997 Changed the corporate name into
DONGYANK INK CO., LTD 09/1997 Took over the assets of Coats Korea 05/1997 Exported the varnish technology to
Philippines BENGARD 11/1995 Won the award for the Tower of 10
Million-Dollar Export 04/1995 Completed the construction of red
& medium automation facilities lines 11/1994 Won the award for the Tower of 5
Million-Dollar Export 01/1994 Completed the construction of blue
& Chinese ink automation facilities lines 07/1990 Established the PREMIER GRAPHICS as
a subsidiary in Indiana Polis, the United States 06/1988 Moved to new buildings of
headquarters and factory at Gagok-ri Jinwi-myeon Pyeogtaek-gun Gyeonggi-do 08/1986 Established the technology research
institute attached to DONGYANG PRINTING INK Co., Ltd recognized by the
Ministry of Science and Technology 08/28/1975 Incorporated as DONGYANG
PRINTING INK Co., Ltd with a 2 million-won capital 04/1974 Developed synthetic resin and
glossy ink 10/1956 Developed new products of oil
offset, metallic power and corrugated board inks 03/1948 Established as Dongyang Printing
Ink Industry at Wonhyo-ro Yongsan-gu Seoul |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Choi Dae-Kwang |
Male |
Korean |
10/01/2009 |
|
Director |
Mr. |
Lee Won-Jae |
Male |
Korean |
03/25/2008 |
|
Director |
Mr. |
Lim Jae-Duck |
Male |
Korean |
12/02/2010 |
|
Auditor |
Mr. |
Kim Kwang-Eon |
Male |
Korean |
03/25/2002 |
|
Supervisor of 2nd Factory |
Mr. |
Shin Hyun-Nam |
Male |
Korean |
10/15/1957 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
90,468,371,261 |
75,760,644,595 |
4,330,153,407 |
|
|
2011 |
85,005,017,705 |
71,968,934,255 |
-1,750,255,486 |
|
2010 |
74,945,208,120 |
65,801,836,256 |
-800,770,331 |
|
2009 |
67,458,793,270 |
62,704,214,707 |
264,000,983 |
|
2008 |
63,390,247,517 |
62,645,320,322 |
-2,281,943,667 |
|
2007 |
53,496,860,764 |
55,737,247,325 |
3,720,188,413 |
|
2006 |
53,080,250,435 |
56,785,178,305 |
776,048,271 |
|
2005 |
57,415,489,494 |
54,832,370,359 |
979,595,641 |
|
2004 |
56,770,232,538 |
52,456,415,016 |
2,610,538,083 |
|
Authorized Capital(KRW) |
7,500,000,000 |
|
Paid-Up Capital(KRW) |
3,327,000,000 |
|
Total Issues Shares |
665,400 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
75,760,644,595 |
71,968,934,255 |
65,801,836,256 |
|
Current Assets |
40,395,581,536 |
36,456,147,404 |
35,476,838,416 |
|
-Quick Assets |
27,227,900,493 |
23,788,387,471 |
24,206,721,114 |
|
-Inventories |
13,167,681,043 |
12,667,759,933 |
11,270,117,302 |
|
Fixed Assets |
35,365,063,059 |
35,512,786,851 |
30,324,997,840 |
|
-Investment |
13,485,500,410 |
13,658,147,074 |
8,616,434,143 |
|
-Tangibles |
20,592,833,423 |
21,181,262,573 |
20,777,825,876 |
|
-Intangibles |
1,286,729,226 |
673,377,204 |
930,737,821 |
|
Total Liabilities |
33,634,233,013 |
32,489,789,753 |
24,538,443,921 |
|
Current Liabilities |
31,681,051,425 |
30,760,800,891 |
23,029,418,966 |
|
Fixed Liabilities |
1,953,181,588 |
1,728,988,862 |
1,509,024,955 |
|
Capital Stock |
3,327,000,000 |
3,327,000,000 |
3,327,000,000 |
|
Capital Surplus |
3,359,786,243 |
3,359,786,243 |
3,359,786,243 |
|
Profit Surplus |
33,450,213,911 |
30,039,845,374 |
32,455,500,860 |
|
Capital Adjustment |
1,989,411,428 |
2,752,512,885 |
2,121,105,232 |
|
Total Equity |
42,126,411,582 |
39,479,144,502 |
41,263,392,335 |
|
Liab. & Shareholder’s Equity |
75,760,644,595 |
71,968,934,255 |
65,801,836,256 |
|
Current
Liabilities |
31,681,051,425 |
30,760,800,891 |
23,029,418,966 |
|
Trade Payables |
11,626,871,088 |
12,697,776,530 |
9,104,979,257 |
|
Short-Term Borrowings |
17,350,655,656 |
14,615,108,629 |
11,247,059,146 |
|
Account Payables |
1,655,708,011 |
2,561,205,728 |
1,870,054,986 |
|
Advance Receipts |
288,443,858 |
683,532,832 |
475,630,746 |
|
Withholdings |
426,228,423 |
141,723,929 |
156,559,449 |
|
Leasehold Deposit Received |
20,000,000 |
28,000,000 |
20,000,000 |
|
Guarantee Deposit Withhold |
10,000,000 |
- |
45,000,000 |
|
Accrued Expenses |
303,144,389 |
33,453,243 |
21,463,705 |
|
Other Current Liabilities |
|
- |
88,671,677 |
|
Fixed
Liabilities |
1,953,181,588 |
1,728,988,862 |
1,509,024,955 |
|
Provision for Severance & Retirement |
5,198,671,003 |
4,490,468,890 |
3,781,132,756 |
|
Deferred Income Tax Credit |
- |
- |
67,956,775 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
90,468,371,261 |
85,005,017,705 |
74,945,208,120 |
|
Cost of Sold Goods |
74,274,325,738 |
75,723,792,937 |
65,295,477,002 |
|
Gross Profit |
16,194,045,523 |
9,281,224,768 |
9,649,731,118 |
|
Selling & Admin. Expenses |
11,934,563,024 |
10,975,015,177 |
10,712,389,834 |
|
Operating Income |
4,259,482,499 |
-1,693,790,409 |
-1,062,658,716 |
|
Non-Operating Income |
2,845,002,172 |
1,405,483,048 |
970,212,681 |
|
Non-Operating Expenses |
1,905,529,875 |
1,303,199,767 |
1,254,821,541 |
|
Income Before Taxes |
5,198,954,796 |
-1,591,507,128 |
-1,347,267,576 |
|
Income Taxes Expenses |
868,801,389 |
158,748,358 |
-546,497,245 |
|
Net Income |
4,330,153,407 |
-1,750,255,486 |
-800,770,331 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
673,173,194 |
1,731,030,819 |
-1,334,178,888 |
|
-Net Income |
4,330,153,407 |
-1,750,255,486 |
-800,770,331 |
|
-Exp. without Cash Outflow |
3,013,943,323 |
2,816,372,605 |
2,719,030,713 |
|
-Revenue without Cash Inflows |
-1,832,542,921 |
-617,762,098 |
-317,449,369 |
|
-Changes in Asset/ & Liability |
-4,838,380,615 |
1,282,675,798 |
-2,934,989,901 |
|
Cash Flows from Investing |
-1,016,594,359 |
-5,570,006,882 |
-691,160,138 |
|
-Cash Inflow from Investing |
1,883,873,906 |
925,051,196 |
1,409,833,481 |
|
-Cash Outflows for Investing |
-2,900,468,265 |
-6,495,058,078 |
-2,100,993,619 |
|
Cash Flows from Financing |
2,745,005,034 |
2,454,852,501 |
1,707,756,452 |
|
-Cash Inflows from Financing |
10,662,642,304 |
5,453,924,178 |
7,506,628,902 |
|
-Cash Outflows from Financing |
-7,917,637,270 |
-2,999,071,677 |
-5,798,872,450 |
|
Increase/Decrease in Cash |
2,401,583,869 |
-1,384,123,562 |
-317,582,574 |
|
Cash at the Beginning of Year |
2,332,612,303 |
3,716,735,865 |
4,034,318,439 |
|
Cash at the End of Year |
4,734,196,172 |
2,332,612,303 |
3,716,735,865 |
|
Main Products & Services |
PRINTING INK DIVISION Sheetfed Offset Ink Web Offset Ink Water-Base Flexo Ink for Corrugated Board UV Ink Synthetic Resin Ink ELECTRONIC MATERIALS DIVISION PSR Ink DRY Film(D/F) |
|
Suppliers |
DUPONT LTD.(110114-0032124) |
|
Competitors |
TAIYO INK MFG. CO., LTD. 1058-8, SINGIL-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO,
KOREA TEL:+82-31-491-9250 FAX:+82-31-491-7671 DAIHAN INK CO., LTD. 615, BAKDAL 2-DONG, MANAN-GU, ANYANG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-467-6321~3 FAX:+82-31-443-4192 KWANG MYUNG INK MFG. CO., LTD. 1534-1, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-831-9800 FAX:+82-51-831-6608 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Subsidiary |
JENAM
HWANGKWAN YUMUK CO., LTD.(CHINA) (100.0% held by the subject company) NO. 199 MAJIAZHUANG JILUO ROAD JINAN
SHANDONG CHINA TEL:+86-531-8576-9591 FAX:+86-531-8576-9598 |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company KOREA LIFE INSURANCE CO., LTD(110111-0003204) |
(Activity & Markets)
The Subject deals
with the companies in China and Hong Kong.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.70 |
|
Euro |
1 |
Rs.71.42 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.