|
Report Date : |
20.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONGNAM PRECISION IND. CO., LTD |
|
|
|
|
Registered Office : |
1593-6, Songjeong-dong, Gangseo-gu, Busan, Korea Noksan National
Industrial Complex 618-818 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
22.07.2000 |
|
|
|
|
Com. Reg. No.: |
603-81-42356 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Sections for Ships |
|
|
|
|
No. of Employees : |
105 |
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 |
|
Company Name |
DONGNAM PRECISION IND. CO., LTD |
|
Registered Address |
1593-6, Songjeong-dong, Gangseo-gu, Busan, Korea |
|
Building |
Noksan National Industrial Complex |
|
Zip Code |
618-818 |
|
Tel |
+82-51-831-3500 |
|
Fax |
+82-51-831-2687~8 |
|
E-mail |
dongnam@dongnamco.com |
|
Website |
www.dongnamco.com |
|
Trading Address |
Noksan National Industrial Complex, 1593-6, Songjeong-dong,
Gangseo-gu, Busan, Korea |
|
Tel |
+82-51-831-3500 |
|
Fax |
+82-51-831-2687~8 |
|
Other Address-2nd Factory |
1731-8, Songjeong-dong, Gangseo-gu, Busan, Korea |
|
Other Address-Pangyo Inno Valley Office |
B-903, 621, Sampyeong-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Type |
Export |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Multi Core Tube, Cable Tray, PVC Cover, Cable Hanger, Condense Case,
Hand Rail, LNG Carrier, Cable Binding Tape(Band Hoop & Buckle), LNG
Fittings |
|
Established (mm/dd/yyyy) |
07/22/2000 |
The Subject owns the premises of registered HQ
address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Prying and bending tools(27112500) |
|
Sell |
Pipe or tube cutters(23171603) |
|
Sell |
Handrails(30191601) |
|
Sell |
Cable trays(39121201) |
|
Sell |
Hose or pipe clamps(31162906) |
|
Sell |
Pipe fittings(40142300) |
|
Sell |
Metal housings or cabinets(31261502) |
|
Sell |
Wire management components and busways(39121200) |
|
Sell |
Shells and casings(31261600) |
|
Sell |
Capacitors(32121500) |
|
Buy |
Aluminum(11101705) |
|
Buy |
Iron(11101713) |
|
Buy |
Steel(11101704) |
|
Name |
Tak Tae-Sik |
|
Address |
Suite 302-1502, 1634, Dadae-dong,
Saha-gu, Busan, Korea |
|
Date of Birth |
08/26/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,760,000,000 |
||||||||||||
|
Employees |
105 |
||||||||||||
|
Formation |
Co., Ltd by Shares Venture Business |
||||||||||||
|
Bank Details |
Industrial Bank of Korea-Noksan Industrial
Complex Branch |
||||||||||||
|
Corporate Registered No. |
180111-0331081 |
||||||||||||
|
Business Registered No. |
603-81-42356 |
||||||||||||
|
Permit & Licenses |
10/1999 ISO 9002 by URS 06/2001 ISO 9002 by DNV 06/2002 ISO 9001 by DNV 03/2004 ISO 9001 08/2004 CSA 2006 ISO 14001 2008 ISO 9001 by DNV 2008 ISO 14001 by DNV Int’l Trade No.: 382405 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
06/09/1980 Established as DONG NAM
ENTERPRISE CO.(Sole proprietorship) 05/03/1984 Changed company name to DONG NAM
UIJANG INDUSTRY CO. 07/22/2000 Incorporated as the present name 10/16/2000 Moved to the present HQ address
from 1500-13, Dadae-dong, Saha-gu, Busan, Korea 2005 Designated as an INNO-BIZ Company 2007 Awarded US$ 3 Million Export Top Prize 04/30/2010 Designated as a Venture Business |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Tak Tae-Sik |
Male |
Korean |
07/22/2009 |
|
Director |
Mr. |
Kim Bong-Joo |
Male |
Korean |
04/30/2012 |
|
Director |
Mr. |
Baik Joong-Jin |
Male |
Korean |
10/31/2010 |
|
Auditor |
M/S. |
Ko Hwa-Ok |
Female |
Korean |
03/10/2004 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
33,275,920,006 |
26,206,637,257 |
2,006,395,843 |
|
|
2010 |
27,990,877,588 |
19,800,835,148 |
2,796,908,510 |
|
2009 |
32,631,790,865 |
17,890,380,397 |
3,130,337,357 |
|
2008 |
33,937,063,652 |
18,413,539,231 |
2,845,365,384 |
|
2007 |
28,900,171,681 |
16,122,210,528 |
1,960,907,747 |
|
2006 |
22,571,840,347 |
13,095,308,547 |
1,554,466,956 |
|
2005 |
19,932,739,545 |
12,219,993,689 |
1,318,813,181 |
|
Authorized Capital(KRW) |
7,040,000,000 |
|
Paid-Up Capital(KRW) |
1,760,000,000 |
|
Total Issues Shares |
352,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
26,206,637,257 |
19,800,835,148 |
17,890,380,397 |
|
Current Assets |
13,802,334,023 |
10,322,480,940 |
10,282,880,145 |
|
-Quick Assets |
6,837,501,857 |
7,551,469,121 |
9,025,857,160 |
|
-Inventories |
6,964,832,166 |
2,771,011,819 |
1,257,022,985 |
|
Fixed Assets |
12,404,303,234 |
9,478,354,208 |
7,607,500,252 |
|
-Investment |
1,188,390,889 |
753,097,349 |
586,374,580 |
|
-Tangibles |
10,091,594,394 |
7,467,019,913 |
6,140,377,712 |
|
-Intangibles |
128,517,091 |
78,362,758 |
- |
|
-Others |
995,800,860 |
1,179,874,188 |
880,747,960 |
|
Total Liabilities |
9,026,820,378 |
4,227,414,112 |
4,613,867,871 |
|
Current Liabilities |
8,334,096,880 |
3,176,084,209 |
3,554,361,385 |
|
Fixed Liabilities |
692,723,498 |
1,051,329,903 |
1,059,506,486 |
|
Capital Stock |
1,760,000,000 |
1,760,000,000 |
1,760,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
15,419,816,879 |
13,813,421,036 |
11,516,512,526 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
17,179,816,879 |
15,573,421,036 |
13,276,512,526 |
|
Liab. & Shareholder’s Equity |
26,206,637,257 |
19,800,835,148 |
17,890,380,397 |
|
Current Liabilities |
8,334,096,880 |
3,176,084,209 |
3,554,361,385 |
|
Trade Payables |
882,164,818 |
908,579,350 |
1,774,720,583 |
|
Short-Term Borrowings |
5,050,000,000 |
300,000,000 |
- |
|
Account Payables |
1,460,304,228 |
977,199,878 |
648,055,275 |
|
Withholdings |
127,798,590 |
58,989,970 |
140,011,985 |
|
VAT Withhold |
304,004,741 |
- |
62,675,673 |
|
Advance Receipts |
18,525,000 |
18,531,600 |
105,439,122 |
|
Accrued Income Tax |
121,475,231 |
321,656,266 |
317,304,746 |
|
Accrued Expenses |
280,884,272 |
284,887,145 |
232,294,001 |
|
Current Portion of Long-Term Debts |
88,940,000 |
306,240,000 |
273,860,000 |
|
Fixed Liabilities |
692,723,498 |
1,051,329,903 |
1,059,506,486 |
|
Long-Term Account Payables |
234,990,000 |
638,930,000 |
945,170,000 |
|
Provision for Severance & Retirement |
2,428,237,163 |
1,870,990,555 |
1,320,905,647 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
33,275,920,006 |
27,990,877,588 |
32,631,790,865 |
|
Cost of Sold Goods |
25,779,529,235 |
20,977,499,548 |
24,547,684,552 |
|
Gross Profit |
7,496,390,771 |
7,013,378,040 |
8,084,106,313 |
|
Selling & Admin. Expenses |
5,341,832,437 |
4,186,816,094 |
4,444,944,457 |
|
Operating Income |
2,154,558,334 |
2,826,561,946 |
3,639,161,856 |
|
Non-Operating Income |
924,284,431 |
906,910,723 |
411,993,580 |
|
Non-Operating Expenses |
683,899,161 |
369,575,309 |
324,700,956 |
|
Income Before Taxes |
2,394,943,604 |
3,363,897,360 |
3,726,454,480 |
|
Income Taxes Expenses |
388,547,761 |
566,988,850 |
596,117,123 |
|
Net Income |
2,006,395,843 |
2,796,908,510 |
3,130,337,357 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-273,320,680 |
1,599,774,262 |
4,282,358,766 |
|
-Net Income |
2,006,395,843 |
2,796,908,510 |
3,130,337,357 |
|
-Exp. without Cash Outflow |
1,651,053,589 |
1,479,248,015 |
1,925,514,684 |
|
-Revenue without Cash Inflows |
-106,854,902 |
-12,688,850 |
-3,206,855 |
|
-Changes in Asset/ & Liability |
-3,823,915,210 |
-2,663,693,413 |
-770,286,420 |
|
Cash Flows from Investing |
-4,214,283,580 |
-1,953,127,428 |
-1,868,565,791 |
|
-Cash Inflow from Investing |
18,265,777,750 |
17,849,975,388 |
2,343,632,854 |
|
-Cash Outflows for Investing |
-22,480,061,330 |
-19,803,102,816 |
-4,212,198,645 |
|
Cash Flows from Financing |
4,125,520,000 |
226,440,000 |
-1,582,187,500 |
|
-Cash Inflows from Financing |
7,146,760,000 |
1,300,300,000 |
150,000,000 |
|
-Cash Outflows from Financing |
-3,021,240,000 |
-1,073,860,000 |
-1,732,187,500 |
|
Increase/Decrease in Cash |
-362,084,260 |
-126,913,166 |
831,605,475 |
|
Cash at the Beginning of Year |
887,788,926 |
1,014,702,092 |
183,096,617 |
|
Cash at the End of Year |
525,704,666 |
887,788,926 |
1,014,702,092 |
|
Main Products & Services |
Multi Core Tube, Cable Tray, PVC Cover, Cable Hanger, Condense Case,
Hand Rail, LNG Carrier, Cable Binding Tape(Band Hoop & Buckle),LNG
Fittings |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
SAMSUNG HEAVY INDUSTRIES CO., LTD.( 110111-0168595) DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.(110111-2095837) HYUNDAI HEAVY INDUSTRIES CO.,
LTD.(181211-0000386) SAMSUNG HEAVY INDUSTRIES CO.,
LTD.(110111-0168595) HYUNDAI SAMHO HEAVY INDUSTRIES CO.,
LTD.(205411-0003915) |
|
Competitors |
SUNG IL CO., LTD.(SIM) 1587-4, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-831-8800 FAX:+82-51-831-5959 SEONGHWA INDUSTRIAL CO., LTD. 77-1, CHEONGOK-RI, JINSEONG-MYEON, JINJU-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-790-0100 FAX:+82-55-758-2944 DONG BANG SHIP MACHINERY CO., LTD. 414-2, JUKGOK-DONG, JINHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-545-0882 FAX:+82-55-545-0883 |
|
Affiliates |
|
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
|
Sales/ Unit :Mil KRW |
2011 |
2010 |
2009 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject exports to Singapore, China,
Turkey and India.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.