|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONGSUNG HIGHCHEM CO., LTD. |
|
|
|
|
Formerly Known As : |
HOSUNG CHEMEX CO.,
LTD. |
|
|
|
|
Registered Office : |
943-19, Daechi 2-dong, Gangnam-gu, Seoul, Korea, 9th FI., Sinan Bldg., Zip Code 135-845 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
23.08.1978 |
|
|
|
|
Com. Reg. No.: |
220-81-25695 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Basic Organic Petrochemicals |
|
|
|
|
No. of Employees : |
196 |
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 |
DONGSUNG
HIGHCHEM CO., LTD. (Ex. Company
Name : HOSUNG CHEMEX CO., LTD.) (Trade Name : DSHC) (Korean Company Name : “(주)동성하이켐”) |
|
Registered Address |
943-19, Daechi 2-dong, Gangnam-gu, Seoul, Korea |
|
Building |
9th
FI., Sinan Bldg. |
|
Zip Code |
135-845 |
|
Tel |
+82-2-3450-4200 |
|
Fax |
+82-2-553-5922 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
9th FI., Sinan Bldg., 943-19, Daechi 2-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3450-4200 |
|
Fax |
+82-2-553-5922 |
|
Other
Address-Ulsan Plant |
1-31, Gilcheon-ri, Sangbuk-myeon, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-264-2066 |
|
Fax |
+82-52-264-2069 |
|
Other
Address-Yeosu Plant |
1023, Hwachi-dong, Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-685-5351 |
|
Fax |
+82-61-685-5355 |
|
Other
Address-Hwaseong Plant |
732-6, Yangno-ri, Bibong-myeon, Hwaseong-si, Gyeonggi-do,
Korea |
|
Tel |
+82-31-355-0856 |
|
Fax |
+82-31-355-0859 |
|
Type |
Export |
|
Industry |
Manufacture
of Basic Organic Petrochemicals |
|
Main Business |
Performance
Solvents, Monomer, Organic Peroxides, Polyurethans, Thermoplastic Polyurethane,
Medical Treatment Tool, Coating |
|
Established (mm/dd/yyyy) |
08/23/1978 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Thermoplastic plastics(13102000) |
|
Sell |
Casting and splinting supplies(42241500) |
|
Sell |
Films(13111200) |
|
Buy |
Thermal insulation(30141500) |
|
Buy |
Organic peroxides(12352120) |
|
Name |
Yang
Seok-Mo |
|
Address |
|
|
Date of Birth |
04/25/1956 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
70,637,910,000 |
|||||||||||||||||||||
|
Employees |
196 |
|||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 013450) as of 06/11/1999 A
Company of DONGSUNG HOLDINGS CO., LTD. |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Sunnung Branch Citibank, Korea-Sunnung Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0237928 |
|||||||||||||||||||||
|
Business Registered No. |
220-81-25695 |
|||||||||||||||||||||
|
Permit & Licenses |
11/2003 ISO 9001 11/2003 ISO 14001 Int’l
Trade No.: 11660479 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
08/23/1978 Incorporated as Hosung
Petrochemical Co., ltd. 01/01/1998 Acquired Jungwoo Industries Co.,
Ltd. 07/31/1999 Moved to the present HQ address from
705-18, Yeoksam-dong, Gangnam-gu, Seoul, Korea 11/1999 Changed company name to the present
name 07/01/200 Acquired Dongsung Resorcves
Development Co., Ltd. 04/15/2009 The Subject spin off the parts
of not main business, and that parts are merged into DONGSUNG
HOLDINGS CO.,LTD.(180111-0633031) 09/24/2009 Changed company name to the present name 03/12/2010
Moved to the present HQ address from 18th Fl., Samhwa Bldg., 144-17, Samseong
2-dong, Gangnam-gu, Seoul, Korea |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
Chairman |
Mr. |
Baik
Jung-Ho |
Korean |
1958.09.03 |
Yonsei
University, Korea |
|
President
& CEO |
Mr. |
Yang
Seok-Mo |
Korean |
1956.04.25 |
- |
|
Vice Chairman |
Mr. |
Park Won-Se |
Korean |
1953.06.21 |
- |
|
Outside
Director |
Mr. |
Lee
Chul-Soo |
Korean |
1958.03.19 |
Seoul
National University, Korea |
|
Auditor |
Mr. |
Park
Young-Jae |
Korean |
1958.09.12 |
Yonsei
University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
161,544,147,622 |
122,901,595,050 |
9,395,146,069 |
|
|
(*)2011 |
206,288,387,040 |
90,725,352,434 |
9,610,042,298 |
|
(*)2010 |
170,730,488,286 |
78,143,576,365 |
8,478,619,630 |
|
2009 |
136,778,461,641 |
58,307,763,374 |
9,595,187,782 |
|
2008 |
143,601,463,530 |
81,376,714,714 |
4,283,136,809 |
|
2007 |
134,559,311,606 |
84,711,561,872 |
5,780,265,820 |
|
2006 |
128,854,502,794 |
82,279,675,997 |
4,413,715,255 |
|
2005 |
119,452,231,779 |
77,489,400,901 |
1,261,606,341 |
|
2004 |
128,467,338,287 |
80,724,685,283 |
5,295,256,333 |
|
2003 |
136,778,461,641 |
58,307,763,374 |
9,595,187,782 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
500,000,000,000 |
|
Paid-Up Capital(KRW) |
70,637,910,000 |
|
Total Issues Shares |
14,127,582 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
122,901,595,050 |
90,725,352,434 |
78,143,576,365 |
|
Current Assets |
87,061,588,919 |
59,348,314,432 |
45,794,283,661 |
|
Cash & Cash
Equivalents |
38,221,554,330 |
23,589,029,118 |
15,095,658,276 |
|
Trade Receivables
& Other Receivables |
29,946,178,528 |
23,614,885,021 |
18,575,297,967 |
|
Current Financial
Instruments |
162,477,817 |
17,063,012 |
10,366,089 |
|
Other Current Assets |
661,436,593 |
168,670,772 |
312,320,268 |
|
Inventories |
18,026,891,651 |
11,895,901,509 |
11,798,441,061 |
|
Marketable Financial
Instruments |
43,050,000 |
62,765,000 |
2,200,000 |
|
Non-Current Assets |
35,840,006,131 |
31,377,038,002 |
32,349,292,704 |
|
Marketable Financial
Instruments |
2,044,480,000 |
54,295,000 |
117,060,000 |
|
Tangibles |
29,036,448,665 |
26,334,907,509 |
27,217,579,637 |
|
Intangibles |
1,620,200,235 |
1,485,819,563 |
1,281,546,398 |
|
Investment_Real
Estates |
0 |
193,138,671 |
518,781,947 |
|
Other Financial
Assets |
3,138,877,231 |
3,308,877,259 |
3,214,324,722 |
|
Total
Liabilities |
62,406,411,433 |
37,581,177,586 |
31,181,884,406 |
|
Current Liabilities |
32,185,674,824 |
32,342,258,149 |
25,374,818,948 |
|
Short-Term Borrowings |
6,483,706,655 |
4,292,501,890 |
1,836,862,530 |
|
Current Portion of
Long-Term Debts |
429,200,000 |
396,700,000 |
81,900,000 |
|
Trade Payables & Other
Payables |
23,301,483,489 |
24,290,841,040 |
21,173,425,188 |
|
Accrued Income Tax |
1,396,510,851 |
1,754,392,363 |
1,219,115,990 |
|
Other Current
Liabilities |
574,773,829 |
1,607,822,856 |
1,063,515,240 |
|
Non-Current Liabilities |
30,220,736,609 |
5,238,919,437 |
5,807,065,458 |
|
Debentures |
24,802,602,740 |
- |
- |
|
Long-Term Trade
Payables & Other Payables |
261,005,829 |
261,005,829 |
258,208,155 |
|
Long-Term Borrowings |
2,135,000,000 |
2,459,400,000 |
2,856,100,000 |
|
Other Non-Current Financial
Debts |
26,100,000 |
26,100,000 |
356,100,000 |
|
Confirmed Salaries |
1,492,796,817 |
717,620,337 |
578,646,573 |
|
Deferred Income Tax
Credit |
1,503,231,223 |
1,774,793,271 |
1,758,010,730 |
|
Capital Stock |
7,063,791,000 |
7,063,791,000 |
7,063,791,000 |
|
Capital Surplus |
6,850,867,541 |
6,850,867,541 |
6,850,867,541 |
|
Others |
36,279,575,944 |
22,029,575,944 |
17,479,240,651 |
|
Profit Surplus |
10,300,949,132 |
17,199,940,363 |
15,567,792,767 |
|
Total Equity |
60,495,183,617 |
53,144,174,848 |
46,961,691,959 |
|
Liab. &
Shareholder’s Equity |
122,901,595,050 |
90,725,352,434 |
78,143,576,365 |
Income Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of
12/31/2011 |
As of 12/31/2010 |
|
Sales |
161,544,147,622 |
206,288,387,040 |
170,730,488,286 |
|
Cost of Sold Goods |
140,535,515,012 |
183,172,058,580 |
149,944,248,796 |
|
Gross Profit |
21,008,632,610 |
23,116,328,460 |
20,786,239,490 |
|
Operating Profits |
-9,564,444,283 |
-10,943,490,098 |
-10,273,111,435 |
|
Selling & Admin.
Expenses |
9,714,460,477 |
11,057,324,673 |
10,270,173,323 |
|
Other Operating
Income |
561,837,273 |
745,525,424 |
725,934,203 |
|
Other Operating
Expenses |
411,821,079 |
631,690,849 |
728,872,315 |
|
Operating Income |
11,444,188,327 |
12,172,838,362 |
10,513,128,055 |
|
Non-Operating Profits |
316,119,825 |
458,158,431 |
523,195,551 |
|
Finance Income |
520,106,175 |
566,144,861 |
380,067,518 |
|
Finance Expenses |
-252,705,049 |
-175,419,503 |
-175,407,997 |
|
Profits from
investment on Related Companies |
2,816,110 |
28,498,358 |
259,574 |
|
Other Non-Operating
Income |
45,902,589 |
38,934,715 |
318,276,456 |
|
Income Before Taxes |
11,760,308,152 |
12,630,996,793 |
11,036,323,606 |
|
Income Taxes Expenses |
2,365,162,083 |
3,020,954,495 |
2,557,703,976 |
|
Net Income |
9,395,146,069 |
9,610,042,298 |
8,478,619,630 |
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 |
-4,154,741,981 |
10,368,823,031 |
10,087,913,294 |
|
Net Income |
9,395,146,069 |
9,610,042,298 |
8,478,619,630 |
|
Adjustment |
4,514,813,834 |
5,769,567,509 |
5,162,516,924 |
|
Changes in Asset/
& Liability |
-15,209,898,718 |
-2,993,696,480 |
-677,427,913 |
|
Interests Paid |
-251,400,909 |
-172,346,418 |
172,295,120 |
|
Interests Received |
391,203,386 |
559,447,938 |
791,620,300 |
|
Income Taxes |
-2,994,605,643 |
-2,404,191,816 |
-3,495,120,527 |
|
Cash Flows from
Investing |
-5,879,641,843 |
-720,031,835 |
-3,616,293,804 |
|
Cash Flows from
Financing |
24,666,922,362 |
-1,155,087,794 |
-1,588,380,055 |
|
Increase/Decrease in
Cash |
14,632,538,538 |
8,493,703,402 |
4,883,239,435 |
|
Cash at the Beginning
of Year |
23,589,029,118 |
15,095,658,276 |
10,212,575,106 |
|
Cash at the End of
Year |
38,221,554,330 |
23,589,029,118 |
15,095,658,276 |
|
Main Products & Services |
Performance Solvent PETROCHEMICAL -Paraffine -Naphthene PERFORMANCE SOLVENTS -Aliphatic -De-Aromatic FUNCTIONAL SOLVENTS -De-Aromatic -Aromatic -Ketone -Glycol -Monomer Organic Peroxide RADICAL POLYMERIZATION LDPE/PVC/ABS/PAINT CROSS-LINKING PE/EVA/RUBBER CURING UPR REFORMING PP Polyurethane Easter TPU AD-TPU Paint & Special Coating Paints for non-ferrous metal Paints for Plastics RESIN FOR LCDs |
|
Suppliers |
YEOCHUN NCC CO., LTD.(110111-1839096) LG PETROCHEMICAL CO., LTD.(110111-0226905) BASF COMPANY LIMITED(110111-0600860) KOREA PTG CO., LTD.(230111-0060548) HYUNDAI OIL REFINERY CO., LTD.(110111-0090558) EXXON MOBIL CHEMICAL EVONIC DEGUSSA BAYER ASAHI |
|
Customers |
DONGSUNG CHEMICAL CO., LTD.(180111-0007690) LG CHEM LTD(110111-2207995) HANWHA
L&C CORPORATION(110111-1725930) |
|
Competitors |
FUTURE TECHNOLOGIES SYSTEM INC. RM. 406, JANG YEONG SIL HALL, VENTURE
BLDG., 1688-5, SINIL-DONG, DAEDEOK-GU, DAEJEON, KOREA TEL:+82-42-931-7680~2 FAX:+82-42-931-7683 SEKI ARKEMA CO., LTD. 8B-16L, CHILSEO LOCAL INDUSTRIAL COMPLEX,
79, GYENAE-RI, CHILSEO-MYEON, HAMAN-GUN, GYEONGSANGNAM-DO, KOREA TEL:+82-55-587-8055 FAX:+82-55-587-8061 KEUM JUNG CO., LTD. 852-141, GACHEON-RI, SAMNAM-MYEON,
ULJU-GUN, ULSAN, KOREA TEL:+82-52-264-8586 FAX:+82-52-264-8589 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
DONGSUNG HOLDINGS CO., LTD.(180111-0633031) DONGSUNG CHEMICAL CO., LTD.(180111-0007690) DONGSUNG MACHINERY CO.,
LTD.(180111-0192780) DONGSUNG GREEN TECH CO.,
LTD.(110111-1249063) FANTUM GOLF CO., LTD.(131111-0177525) DONGSUNG CHEMEX CO., LTD.(135511-0179785) DXD CO., LTD.(180111-0453489) JOHNSON CONTROLS DONGSUNG AUTOMOTIVE,
INC.(180111-0622018) BIOLANE CO., LTD.(110111-2031617) (40.12% held by the subject company) BIOPOL CO., LTD.(134811-0053041) (55.43% held by the subject company) |
|
Affiliates-Overseas |
QINGDAO DONGSUNG GOLF CO., LTD.(QDS) PT.DONGSUNG JAKARTA(JDS) GWANGZOHOU DONGSUNG CHEMICALS CO.,
LTD.(GDS) DONGSUNG CHEMICAL VETNAM(VDS) |
|
Cooperative Enterprise |
-Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) SAMSUNG
FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
37,878 |
35,016 |
33,744 |
|
Domestic |
123,666 |
171,272 |
136,986 |
|
Total |
161,544 |
206,288 |
170,730 |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.70.61 |
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.