MIRA INFORM
REPORT
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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
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Name : |
DUKSUNG CO LTD |
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Registered Office : |
557-1, Sin-Dong, Yeongtong-Gu, Suwon, 443390 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.11.1966 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacturer
of synthetic leathers such as polyvinyl chloride (PVC) synthetic leathers and
poly urethane (PU) synthetic leathers used for foot wears, balls, gloves,
furniture, automobile interior trimmings and abrasive clothes. |
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No. of Employees : |
173 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 is
currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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.
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Source : CIA |
Company name & address
Duksung Co Ltd
557-1, Sin-Dong, Yeongtong-Gu
Suwon, 443390
Korea, Republic of
Tel: 82-31-2040781
Fax: 82-343-4702007
Web: www.duksung21.com
synthesis
Employees: 173
Company Type: Public Independent
Traded: Korea Stock Exchange: 004830
Incorporation Date: 10-Nov-1966
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: South
Korean Won
Annual Sales: 81.2
1
Net Income: 1.8
Total Assets: 93.7
2
Market Value: 59.5 (09-Aug-2013)
Business Description
DUKSUNG CO., LTD. is a Korea-based company mainly engaged in the manufacture of synthetic leathers. The Company’s products portfolio consists of synthetic leathers such as polyvinyl chloride (PVC) synthetic leathers and poly urethane (PU) synthetic leathers used for foot wears, balls, gloves, furniture, automobile interior trimmings and abrasive clothes under the brand name Dual Max, LEDER, SERINO, FRUNIS and others, as well as synthetic resins including PU-resins used as materials for synthetic leathers, action leathers, water proofing coatings and others under the brand name BESTHANE and BESTOLE. It also involves in the manufacture of electronic materials such as thinners, photo resist strippers and polymer removers used for semiconductor chemicals and others. For the three months ended 31 March 2013, Duksung Co Ltd revenues increased 4% to W20.35B. Net income applicable to common stockholders totaled W1.14B vs. loss of W91.4M. Revenues reflect Finished Goods Revenues increase of 8% to W18.69B. Net Income reflects Selling & Administrative Expense decrease of 18% to W1.74B (expense), Gain on Invmt in Affiliates increase from W28.6M to W255.2M (income), Other Non-Operating Income.
Industry
Industry Textile Manufacturing
ANZSIC 2006: 1334 - Textile
Finishing and Other Textile Product Manufacturing
ISIC Rev 4: 1399 -
Manufacture of other textiles n.e.c.
NACE Rev 2: 1396 - Manufacture
of other technical and industrial textiles
NAICS 2012: 31332 - Fabric
Coating Mills
UK SIC 2007: 1396 - Manufacture
of other technical and industrial textiles
US SIC 1987: 2295 - Coated
Fabrics, Not Rubberized
Key Executives
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Name |
Title |
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Hae Seong Lee |
Vice Chairman of the Board, Co-Chief Executive Officer |
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Byeong Chun Bae |
Internal Auditor |
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Min Jong Lee |
Assistant Managing Director |
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Gwang Su Kim |
Assistant Managing Director |
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Yik Hyeon Gwon |
Non-Executive Independent Director |
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
Corporate Overview
Location
557-1, Sin-Dong, Yeongtong-Gu
Suwon, 443390
Korea, Republic of
Tel: 82-31-2040781
Fax: 82-343-4702007
Quote Symbol - Exchange
004830 - Korea
Stock Exchange
Sales KRW(mil): 91,531.1
Assets KRW(mil): 99,879.1
Employees: 173
Fiscal Year End: 31-Dec-2012
Industry: Textiles - Non Apparel
Incorporation Date: 10-Nov-1966
Company Type: Public
Independent
Quoted Status: Quoted
Vice Chairman of
the Board, Co-Chief Executive Officer:
Hae Seong Lee
Industry Codes
ANZSIC 2006 Codes:
1334 - Textile Finishing and Other Textile Product Manufacturing
1821 - Synthetic Resin and Synthetic Rubber Manufacturing
1916 - Paint and Coatings Manufacturing
ISIC Rev 4 Codes:
1399 - Manufacture of other textiles n.e.c.
2013 - Manufacture of plastics and synthetic rubber in primary
forms
2022 - Manufacture of paints, varnishes and similar coatings,
printing ink and mastics
NACE Rev 2 Codes:
1396 - Manufacture of other technical and industrial textiles
2030 - Manufacture of paints, varnishes and similar coatings,
printing ink and mastics
2016 - Manufacture of plastics in primary forms
NAICS 2012 Codes:
31332 - Fabric Coating Mills
325510 - Paint and Coating Manufacturing
325211 - Plastics Material and Resin Manufacturing
US SIC 1987:
2295 - Coated Fabrics, Not Rubberized
2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable
Elastomers
2851 - Paints, Varnishes, Lacquers, Enamels, and Allied Products
UK SIC 2007:
1396 - Manufacture of other technical and industrial textiles
20301 - Manufacture of paints, varnishes and similar coatings,
mastics and sealants
2016 - Manufacture of plastics in primary forms
Business
Description
DUKSUNG CO., LTD.
is a Korea-based company mainly engaged in the manufacture of synthetic
leathers. The Company’s products portfolio consists of synthetic leathers
such as polyvinyl chloride (PVC) synthetic leathers and poly urethane (PU)
synthetic leathers used for foot wears, balls, gloves, furniture, automobile
interior trimmings and abrasive clothes under the brand name Dual Max, LEDER,
SERINO, FRUNIS and others, as well as synthetic resins including PU-resins used
as materials for synthetic leathers, action leathers, water proofing coatings
and others under the brand name BESTHANE and BESTOLE. It also involves in the
manufacture of electronic materials such as thinners, photo resist strippers
and polymer removers used for semiconductor chemicals and others. For the three
months ended 31 March 2013, Duksung Co Ltd revenues increased 4% to W20.35B.
Net income applicable to common stockholders totaled W1.14B vs. loss of W91.4M.
Revenues reflect Finished Goods Revenues increase of 8% to W18.69B. Net Income
reflects Selling & Administrative Expense decrease of 18% to W1.74B
(expense), Gain on Invmt in Affiliates increase from W28.6M to W255.2M
(income), Other Non-Operating Income.
More Business
Descriptions
Production of synthetic leather and synthetic resins
Other Leather and Allied Product Manufacturing
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executive report
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Board of
Directors |
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Vice Chairman of the Board, Co-Chief Executive Officer |
Vice-Chairman |
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Non-Executive Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Assistant Managing Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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President, Co-Chief Executive Officer, Director |
Director/Board Member |
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Assistant Managing Director |
Director/Board Member |
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Executives |
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Vice Chairman of the Board, Co-Chief Executive Officer |
Chief Executive Officer |
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President, Co-Chief Executive Officer, Director |
Chief Executive Officer |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Internal Auditor |
Accounting Executive |
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Internal Auditor |
Accounting Executive |
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Significant Developments
Duksung Co., Ltd. Declares Annual Cash Dividend for FY 2012 Feb 21, 2013
Duksung Co., Ltd. announced that its Board of Directors has declared an annual cash dividend of KRW 45 per share of common stock and KRW 50 per share of preferred stock for the fiscal year 2012 to shareholders of record on December 31, 2012. The dividend rates of market prices are 1.52% (common shares) and 4.03% (preferred shares), respectively. The total cash dividend amount is KRW 703,624,305. The dividend payment date is April 19, 2013. The Company's annual cash dividend for the fiscal year 2011 was KRW 20 per share for common stock and KRW 25 per share for preferred stock.