|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAEKYUNG MACHINERY & ENGINEERING CO., LTD. |
|
|
|
|
Registered Office : |
125-2, Bugok-dong, Nam-gu, Ulsan, Korea 680-110 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
30.09.1981 |
|
|
|
|
Com. Reg. No.: |
610-81-02779 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Distilling Machinery, Heat exchange unit
and Gas Generators |
|
|
|
|
No. of Employees : |
508 |
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 : |
Exist |
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 (31.03.2011) |
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 |
DAEKYUNG
MACHINERY & ENGINEERING CO., LTD. (Trade
Name : DKME) (Korean
Company Name : “대경기계기술(주)”) |
|
Registered Address |
125-2,
Bugok-dong, Nam-gu, Ulsan, Korea |
|
Zip Code |
680-110 |
|
Tel |
+82-52-278-9000 |
|
Fax |
+82-52-273-9898 |
|
E-mail |
webmaster@dkme.com |
|
Website |
www.dkme.com |
|
Trading Address |
125-2, Bugok-dong, Nam-gu, Ulsan, Korea (New Address System : 260-37, Cheoyong-ro,
Nam-gu, Ulsan, Korea) |
|
Tel |
+82-52-278-9000 |
|
Fax |
+82-52-273-9898 |
|
Other Address-Yeosu Branch |
588-1,
Wolha-dong, Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-690-9000 |
|
Fax |
+82-61-685-5618 |
|
Other Address-Yeosu 2nd Factory |
11-8-1B, Small Medium Businesses Danji, 12-4, Hwachi-dong, Yeosu-si,
Jeollanam-do, Korea |
|
Tel |
+82-61-690-9161 |
|
Fax |
+82-61-690-9199 |
|
Other Address-Ulsan 2nd
Factory |
916-3, Wonsan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-2-52-237-1950 |
|
Fax |
+82-52-237-1997 |
|
Other Address- Ulsan 3rd
Factory |
1296, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-711-9200 |
|
Fax |
+82-52-711-9299 |
|
Other Address-Energy Business
Div. & Seoul Office |
Rm.516, 550-1, Gasan-dong, Geumcheon-gu, Seoul, Korea |
|
Tel |
+82-2-3109-9000 |
|
Fax |
+82-2-588-4380 +82-2-3019-9118 |
|
Type |
Export |
|
Industry |
Manufacture of Distilling Machinery, Heat exchange unit and Gas
Generators |
|
Main Business |
Heat Exchanger, Pressure Vessels, Tower Column, Tank, Industrial
Boiler, HRSG |
|
Established (mm/dd/yyyy) |
09/30/1981 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Heat exchangers(40101802) |
|
Sell |
Fire tube boilers(40102001) |
|
Sell |
Boilers(40102000) |
|
Sell |
Water tube boiler(40102002) |
|
Sell |
Gas generators(26111604) |
|
Sell |
Thermal power plants(26131510) |
|
Sell |
Reactors or fermenters or digesters(23151804) |
|
Sell |
Ambient pressure adsorber vessel(23201102) |
|
Sell |
Plate columns(23201001) |
|
Buy |
Pipe(40142100) |
|
Buy |
Gaskets(31181500) |
|
Buy |
Welding rods(23171512) |
|
Buy |
Nuts(31161700) |
|
Buy |
Optical filters(31241800) |
|
Buy |
Iron plate(30102203) |
|
Buy |
Pipe flanges(40142400) |
|
Buy |
Tube and tubing(31231300) |
|
Buy |
Bolts(31161600) |
|
Name |
Park Kyu-Hong |
|
Address |
- |
|
Date of Birth |
09/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
27,369,945,000 |
||||||||||||
|
Employees |
508 |
||||||||||||
|
Formation |
Listed Company ( Korea Stock Exchange :
015590) as of 05/27/1989 A Company of
TAIHAN ELECTRIC WIRE GROUP |
||||||||||||
|
Bank Details |
Korea Exchange Bank-Ulsan Branch |
||||||||||||
|
Corporate Registered No. |
181211-0002275 |
||||||||||||
|
Business Registered No. |
610-81-02779 |
||||||||||||
|
Permit & Licenses |
06/30/1993 ISO 9001 (TUV) 03/11/12003 CE 10/06/2005 ISO 14001 (TUV) 10/06/2005 ISO 9001 (TUV) Acquired STAM from ASME CODE-USA Int’l Trade No.: 966151 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
09/30/1981
Established Daekyung Maintenance & Engineering Co., Ltd. 02/06/1987 Changed company name to the
present name 06/02/2008 Joined as a company of TAIHAN ELECTRIC WIRE GROUP |
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Park Kyu-Hong |
Korean |
1955.09. |
Hanyang University, Korea |
|
Executive Director |
Mr. |
Jung Keun-Ho |
Korean |
1960.10. |
Sejong University, Korea |
|
Director |
Mr. |
Jeon Min-Ho |
Korean |
1963.06. |
Hanyang University, Korea |
|
Director |
Mr. |
Lee Je-Yong |
Korean |
1949.03. |
Seoul National University, Korea |
|
Director |
Mr. |
You Eun-Sang |
Korean |
1959.09. |
London Cubs Finance, UK |
|
Director |
Mr. |
Park Ha-Young |
Korean |
1962.09. |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Cho Cheol-Sik |
Korean |
1949.08. |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Kang Jung-Il |
Korean |
1942.06. |
University of Missouri, USA |
|
Auditor |
Mr. |
Hwang Dae-Hyun |
Korean |
1950.08. |
Korea University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
197,633,183,516 |
267,446,074,049 |
5,320,212,386 |
|
|
2011 |
243,654,611,080 |
271,155,188,790 |
-20,497,354,187 |
|
2010 |
201,900,657,778 |
244,511,390,898 |
7,790,236,197 |
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
27,369,945,000 |
|
Total Issued Shares |
54,739,890 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
267,446,074,049 |
271,155,188,790 |
244,511,390,898 |
|
Current
Assets |
158,383,174,243 |
161,170,328,345 |
141,595,858,726 |
|
Inventories |
3,870,488,037 |
4,274,267,811 |
4,761,837,084 |
|
Trade Receivables & Other
Receivables |
125,087,867,505 |
144,801,310,172 |
121,788,274,975 |
|
Deferred Income Tax Assets |
16,183,154 |
21,029,698 |
871,623,920 |
|
Cash & Cash Equivalents |
20,599,303,162 |
2,839,482,277 |
3,582,884,656 |
|
Derivatives |
2,663,746,058 |
2,070,572,243 |
3,386,956,040 |
|
Other Current Assets |
6,145,586,327 |
7,163,666,144 |
7,204,282,051 |
|
Non-Current
Assets |
109,062,899,806 |
109,984,860,445 |
102,915,532,172 |
|
Non-Current Financial Instruments |
1,587,701,880 |
646,547,860 |
589,728,400 |
|
Long-Term Trade Receivables &
Other Receivables |
1,887,513,626 |
965,941,286 |
624,010,605 |
|
Tangibles |
94,407,310,552 |
95,055,694,837 |
94,194,827,013 |
|
Intangibles |
530,786,514 |
470,926,579 |
600,798,765 |
|
Investment_Related Companies |
5,611,559,138 |
5,611,559,138 |
5,611,559,138 |
|
Deferred Income Tax Assets |
4,010,393,714 |
6,092,138,994 |
|
|
Non-Current Non-Financial
Instruments |
1,027,634,382 |
1,142,051,751 |
1,294,608,251 |
|
Total
Liabilities |
200,287,800,823 |
211,877,617,289 |
161,737,181,497 |
|
Current
Liabilities |
181,135,254,180 |
185,583,763,898 |
131,983,494,914 |
|
Current Portion of Provisions |
5,711,206,244 |
4,578,673,566 |
6,700,269,104 |
|
Trade Payables & Other
Payables |
69,478,684,944 |
90,000,719,479 |
69,322,173,536 |
|
Short-Term Borrowings |
96,924,000,000 |
78,444,000,000 |
47,170,000,000 |
|
Current Portion of Long-Term
Debts |
8,042,886,000 |
8,042,886,000 |
8,042,899,000 |
|
Derivatives |
978,476,992 |
4,517,484,853 |
748,153,274 |
|
Non-Current
Liabilities |
19,152,546,643 |
26,293,853,391 |
29,753,686,583 |
|
Long-Term Borrowings |
14,564,329,000 |
22,607,215,000 |
26,150,101,000 |
|
Provision for Severance &
Retirement |
4,588,217,643 |
3,686,638,391 |
3,077,182,453 |
|
Deferred Income Tax Credit |
|
|
526,403,130 |
|
Capital
Stock |
27,369,945,000 |
27,369,945,000 |
27,369,945,000 |
|
Capital Surplus |
11,982,675,397 |
11,982,675,397 |
11,982,675,397 |
|
Profit Surplus |
27,301,217,809 |
21,981,005,423 |
42,960,963,025 |
|
Others |
504,435,020 |
-2,056,054,319 |
460,625,979 |
|
Total Equity |
67,158,273,226 |
59,277,571,501 |
82,774,209,401 |
|
Liab. & Shareholder’s Equity |
267,446,074,049 |
271,155,188,790 |
244,511,390,898 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
197,633,183,516 |
243,654,611,080 |
201,900,657,778 |
|
Cost of Sold Goods |
176,649,699,686 |
261,444,223,208 |
181,385,994,830 |
|
Gross Profit |
20,983,483,830 |
-17,789,612,128 |
20,514,662,948 |
|
Selling & Admin. Expenses |
8,733,592,357 |
11,359,122,241 |
12,154,988,678 |
|
Other Operating Income |
7,412,559,174 |
18,433,612,903 |
15,334,119,074 |
|
Other Operating Expenses |
6,682,197,379 |
9,242,151,667 |
9,261,755,373 |
|
Operating Income |
12,980,253,268 |
-19,957,273,133 |
14,432,037,971 |
|
Finance Income |
667,049,096 |
1,319,050,668 |
2,107,484,974 |
|
Finance Expenses |
6,967,533,998 |
7,614,582,171 |
5,868,639,521 |
|
Income Before Taxes |
6,679,768,366 |
-26,252,804,636 |
10,670,883,424 |
|
Income Taxes Expenses |
1,359,555,980 |
-5,755,450,449 |
2,880,647,227 |
|
Net Income |
5,320,212,386 |
-20,497,354,187 |
7,790,236,197 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
13,444,454,613 |
-22,843,986,392 |
-16,491,229,067 |
|
Net Income |
5,320,212,386 |
-20,497,354,187 |
7,790,236,197 |
|
Adjustment |
14,494,485,243 |
5,578,881,397 |
-16,563,423,144 |
|
Interests Paid |
-6,506,907,911 |
-7,225,243,030 |
-5,592,491,683 |
|
Interests Received |
115,635,197 |
150,323,650 |
1,064,521,805 |
|
Income Taxes |
21,029,698 |
-850,594,222 |
-3,190,072,242 |
|
Cash Flows from Investing |
-5,917,070,227 |
-5,630,003,661 |
-32,228,987,369 |
|
Cash Flows from Financing |
10,437,114,000 |
27,731,101,000 |
34,700,000,000 |
|
Increase/Decrease in Cash |
17,759,820,885 |
-743,402,379 |
-14,046,778,530 |
|
Cash at the Beginning of Year |
2,839,482,277 |
3,582,884,656 |
17,629,663,186 |
|
Cash at the End of Year |
20,599,303,162 |
2,839,482,277 |
3,582,884,656 |
|
Main Products & Services |
-Chemical Equipment Heat Exchanger -Manufacturing of steam generator and power plant equipment for
co-genration -Various boiler system as like water tube boiler heat recovery steam
generator system included HRSG. Column Pressure Vessel Reactor with Agitator -Energy Plant Combined Cycle Power Plant - Heat Recovery Steam Generator Co-Generation Power Plant - Water Tube Boiler - Waste Heat Boiler Industrial & Utility Plant - Water Tube Boiler - Waste Heat Boiler The Industry is expected to grow rapidly
due to China’s 2008’s Olympic game and the gradual recovering of USA Market. The subject is mainly focus on exporting
than domestic market because of the tough competition and limited market
size. And is considered as a company having competitiveness. The export
portion accounts for 86% (2005), 82% (2004) and 69% (2004). |
|
Customers |
SUNCOR ENERGY INC-CANADA SHELL EASTERN PETROLEUM LTD-SINGAPORE CME ENGINEERING FZCO-QATAR SAUDI ARAMCO-SAUDI ARABIA AMEC / COLT-CANADA TOYO ENGINEERING KOREA LIMITED-QATAR TECHNIP-YEMEN |
|
Competitors |
KANGRIM HEAVY INDUSTRIES CO., LTD. 40, UNGNAM-DONG, SEONGSAN-GU, CHANGWON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-269-7700 FAX:+82-55-269-7795~6 ILSUNG CORPORATION 917, WONSAN-RI, ONSAN-EUP, ULJU-GUN, ULSAN,
KOREA TEL:+82-52-231-7514~5 FAX:+82-52-239-0333 DKT CO., LTD. 916-1, WONSAN-RI, ONSAN-EUP, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-231-7300 FAX:+82-52-238-7291 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
TAIHAN ELECTRIC
WIRE CO., LTD. TAIHAN TECHREN
CO., LTD.(110111-3354711) TEC & CO., LTD.(110111-0264343) NAMKWANG ENGINEERING & CONSTRUCTION
CO., LTD.(110111-0017411) OPTOMAGIC CO., LTD.(134111-0003545) ALDEX CO., LTD.(110111-03696640 DAE CHUNG CO., LTD.(161511-0002140 ) PAN-GYO 1ST FERCILITIES LAND DEVELOPMENT PFV
CO., LTD.(110111-3873000) TEC&R CO., LTD.(110111-3891177) TAI HAN BULK TERMINAL CO.,
LTD.(120111-00074360 KOREA INDUSTRIAL INVESTMENT
CORPORATION(110111-0511083) TAIHAN REACH CO., LTD.(110111-2306531) SAMYANG METAL CO., LTD.(170111-0123688) SUNWOON LAKEVALLEY CO.,
LTD.(214611-0003035) TEC NETWORKS CO., LTD.(110111-3208025) TAIHAN ST CO., LTD.(131411-0191529 ) DASAN SOLAR GENERATION CO.,
LTD.(205311-0004220) DAIMYUNG TMS CO., LTD.(110111-0803141) TEC CONSTRUCTION CO., LTD.(110111-0018203) ALDEX NETWORKS CO., LTD.(124611-0284600) SJD CO., LTD.(110111-1539349) TEC MEDIA CO., LTD.(110111-3927625) NT DEVELOPMENT 1 CO., LTD.(110111-3934703) DOK-SAN 1ST COMMERCIAL-RESIDENTIAL BUILDING
DEVELOPMENT PFV CO., LTD.(110111-3959115) |
|
Joint Venture |
P.T. DAEKYUNG INDAH HEAVY INDUSTRY (98.99% held by the
subject company) |
|
Subsidiary |
BIO TONIC CO., LTD. DAEKYUNG ENVIRONMENTAL GROUP |
(Activity & Markets)
The Subject exports
to Middle East, Indonesia, Japan and China.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
The Subject Company |
Daechang HRSG CO., LTD.(Korea) |
Claim for Compensation from Damages |
1,257,072,750 |
1st round is proceeding |
|
|
|
Kongyoung Engineering Co., Ltd.(Korea) |
The Subject Company |
Claim for Compensation from Damages |
202,232,110 |
1st round is proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.