|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONGBU SPECIAL STEEL CO., LTD. |
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Registered Office : |
891-10, Daechi 4-dong, Gangnam-gu, Seoul, Korea, 4th Fl., Dongbu Financial
Center, Zip Code 135-523 |
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Country : |
South Korea |
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|
|
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Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
04.01.2011 |
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Com. Reg. No.: |
120-87-62602 |
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Legal Form : |
Co., Ltd by Shares |
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|
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Line of Business : |
Manufacturer of Steel Wire |
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|
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No. of Employees : |
250 |
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 |
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|
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
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 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 |
DONGBU SPECIAL STEEL
CO., LTD. (Korean Company
Name : “동부특수강(주)”) |
|
Registered Address |
891-10, Daechi 4-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
4th Fl., Dongbu Financial Center |
|
Zip Code |
135-523 |
|
Tel |
+82-2-3450-8120 |
|
Fax |
+82-2-3450-8522 |
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E-mail |
|
|
Website |
|
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Trading Address |
4th Fl., Dongbu Financial Center, 891-10,
Daechi 4-dong, Gangnam-gu, Seoul, Korea (New Address System : 432, Teheran-ro,
Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-3450-8120 |
|
Fax |
+82-2-3450-8522 |
|
Other Address-Factory |
792-1, Goedong-dong, Nam-gu, Pohang-si, Gyeongbuk, Korea |
|
Tel |
+82-54-289-2114 |
|
Fax |
+82-54-285-8022 |
|
Type |
Export |
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Industry |
Manufacture of Steel Wire |
|
Main Business |
CHQ Wire, Steel Wire, Cold Drawn Bar |
|
Established (mm/dd/yyyy) |
01/04/2011 |
The Subject owns
the premises of Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Mechanical wire(31151800) |
|
Sell |
Steel bars(30101604) |
|
Name |
Seo Young-Joon |
|
Address |
Suite 305-701, 28, Naruter-ro 4 gil, Seocho-gu,
Seoul, Korea |
|
Date of Birth |
01/21/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
20,000,000,000 |
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Employees |
250 |
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Formation |
Co., Ltd by Shares A Company of DONGBU Group |
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Bank Details |
Hana Bank Korea Development Bank Korea Exchange Bank |
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Corporate Registered No. |
110111-4505595 |
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Business Registered No. |
120-87-62602 |
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Permit & Licenses |
N/A |
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Shareholder Position |
|
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Company History |
01/04/2011 Incorporated after spin off from
DONGBU STEEL CO., LTD.(110111-0393308) |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Seo Young-Joon |
Male |
Korean |
11/01/2011 |
|
Director |
Mr. |
Park Jae-Jong |
Male |
Korean |
01/04/2011 |
|
Director |
Mr. |
Cho Sung-Kwan |
Male |
Korean |
01/04/2011 |
|
Outside Director |
Mr. |
Lee Moon-Seok |
Male |
Korean |
07/01/2012 |
|
Auditor |
Mr. |
You Si-Young |
Male |
Korean |
03/30/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
370,994,376,904 |
318,226,778,132 |
7,188,053,351 |
|
Authorized Capital(KRW) |
80,000,000,000 |
|
Paid-Up Capital(KRW) |
20,000,000,000 |
|
Total Issues Shares |
20,000,000 (Common : 14,400,000 / Preferable : 5,600,000) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
318,226,778,132 |
|
|
|
Current Assets |
202,661,862,728 |
|
|
|
Cash & Cash
Equivalents |
2,253,308,030 |
|
|
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Other Financial
Assets |
9,700,964,227 |
|
|
|
Trade Receivables |
120,960,859,953 |
|
|
|
Other Receivables |
1,389,133,439 |
|
|
|
Inventories |
67,947,650,342 |
|
|
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Other Current Assets |
409,946,737 |
|
|
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Non-Current Assets |
115,564,915,404 |
|
|
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Other Financial
Assets |
5,500,000 |
|
|
|
Marketable Financial
Instruments |
2,067,804,000 |
|
|
|
Long-Term Trade Receivables |
135,520,445 |
|
|
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Other Receivables |
817,898,060 |
|
|
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Tangibles |
107,188,997,794 |
|
|
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Intangibles |
4,904,356,958 |
|
|
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Deferred Income Tax
Assets |
444,838,147 |
|
|
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Total
Liabilities |
188,587,283,066 |
|
|
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Current Liabilities |
162,569,392,879 |
|
|
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Trade Payables |
86,635,015,309 |
|
|
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Other Payables |
9,940,027,144 |
|
|
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Short-Term Borrowings |
55,935,783,375 |
|
|
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Current Portion of
Long-Term Debts |
10,000,000,000 |
|
|
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Accrued Income Tax |
58,567,051 |
|
|
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Non-Current Liabilities |
26,017,890,187 |
|
|
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Long-Term Borrowings |
24,800,000,000 |
|
|
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Provision for
Severance & Retirement |
1,217,890,187 |
|
|
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Capital Stock |
20,000,000,000 |
|
|
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Capital Surplus |
102,416,316,045 |
|
|
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Profit Surplus |
7,223,179,021 |
|
|
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Total Equity |
129,639,495,066 |
|
|
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Liab. &
Shareholder’s Equity |
318,226,778,132 |
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Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
370,994,376,904 |
|
|
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Cost of Sold Goods |
343,851,199,539 |
|
|
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Gross Profit |
27,143,177,365 |
|
|
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Selling & Admin.
Expenses |
16,708,346,744 |
|
|
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Other Operating
Income |
1,411,997,569 |
|
|
|
Other Operating
Expenses |
101,519,657 |
|
|
|
Operating Income |
11,745,308,533 |
|
|
|
Finance Income |
5,076,555,737 |
|
|
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Finance Expenses |
8,840,260,840 |
|
|
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Income Before Taxes |
7,981,603,430 |
|
|
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Income Taxes Expenses |
793,550,079 |
|
|
|
Net Income |
7,188,053,351 |
|
|
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating Activities Cash Flows |
-37,876,768,195 |
|
|
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Cash Flows from
Operating |
-33,388,596,238 |
|
|
|
Net Income |
7,188,053,351 |
|
|
|
Adjustment |
12,704,945,103 |
|
|
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Changes in Asset/
& Liability |
-53,281,594,692 |
|
|
|
Interests Received |
223,196,117 |
|
|
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Interests Paid |
-3,521,639,658 |
|
|
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Income Taxes |
-1,189,728,416 |
|
|
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Cash
Flows from Investing |
-49,977,780,760 |
|
|
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Cash Inflow from
Investing |
608,719,837,225 |
|
|
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Cash Outflows for
Investing |
-658,697,617,985 |
|
|
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Cash
Flows from Financing |
90,107,856,985 |
|
|
|
Cash Inflows from
Financing |
168,577,194,429 |
|
|
|
Cash Outflows from
Financing |
-78,469,337,444 |
|
|
|
Increase/Decrease in Cash |
2,253,308,030 |
|
|
|
Cash at the Beginning of Year |
- |
|
|
|
Cash at the End of Year |
2,253,308,030 |
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|
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Main Products & Services |
-Cold Drawn Bar Characteristics: The cold drawn steel bar
(CD Bar) is a hot-rolled wire rod that has undergone the cold-rolled drawing process.
It is sheared to a regular length, which adds perfect straightness as one of
its features. Compared with hot rolled drawn steel bars, cold-rolled drawn
steel bars feature superb surface roughness, dimensional precision, and
straightness. They are used in the manufacture of automotive parts and home
electrical appliances. The Subject offers long bars and CTL (cut to length)
products which are sheared to the length of the final part. Applications: Automotive shafts, industrial
machines, OA machines |
|
Suppliers |
POSCO(174611-0000741) |
|
Customers |
DONGBU STEEL CO., LTD.(110111-0393308) DONGBU METAL CO., LTD.(110111-3836678) |
|
Competitors |
SEAH SPECIAL STEEL CO., LTD. 747, JANGHEUNG-DONG, NAM-GU, POHANG-SI, GYEONGSANGBUK-DO,
KOREA TEL:+82-54-285-4771 FAX:+82-54-285-4095 POSCO SPECIALTY STEEL CO., LTD. 65, SINCHON-DONG, CHANG-WON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-269-6114 FAX:+82-55-269-6901 KISWIRE LTD. 475, MANGMI 2-DONG, SUYEONG-GU, BUSAN,
KOREA TEL:+82-51-760-1700 FAX:+82-51-757-7379 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
DONGBU STEEL CO., LTD.(110111-0393308) DONGBU HITECK CO., LTD.(110111-0026206) DONGBU FINE CHEMICALS CO.,
LTD.(110111-0026206) DONGBU FINECELL CO., LTD.(110111-1504102) TOMATO LSI INC.(110111-1801988) SOLEX SEMICONCODUCTOR CO.,
LTD.(110111-3727611) DONGBU METAL CO., LTD.(110111-3836678) DONGBU CORPORATION(110111-0005002) DONGBU ENGINEERING CO., LTD.
(110111-0659536) DONGBU PUSAN CONTAINER TERMINAL CO.,
LTD.(180111-0356013) CENTRAL PIER OPERATION CO.,
LTD.(180111-0290237) DONGBU GWANGYANG LOGISTICS CENTER CO.,
LTD.(204611-0025180) DONGBU EXPRESS MARINE CO.,
LTD.(180111-0605866) FINE-ADVANTAS AMC CORPORATION CO.,
LTD.(110111-3783811) DONGBU COMPLEX LOGISTICS CO.,
LTD.(204611-0026203) DAESUNG FREZING TRANSPORTATION CO.,
LTD.(115611-0011096) DAESUNG TOTAL LOGISTICS SYSTEM CO.,
LTD.(115611-0038892) DCT CO., LTD.(144711-0015786) DONGBU GWANGYANG STEEL DISTRIBUTION CENTER CO.,
LTD.(204611-0027649) BAIKSAN ITS CO., LTD.(110111-2585630) DONGBU INSURANCE CO., LTD.(110111-0095285) DONGBU AUTOMOBILE INSURANCE CLAIM
ADJUSTMENT CO., LTD.(110111-0367402) DONGBU SECURITIES CO., LTD.(110111-0339956) DONGBU MUTUAL SAVING BANK (110111-0135627) DONGBU ASSET MANAGEMENT CO., LTD.
(110111-1363160) DONGBU CNI CO., LTD.(110111-1054339) GONGJU ENVIRONMENT CO.,
LTD.(161211-0011288) DONGBU INCHEON PORT TERMINAL CO., LTD.
(120111-0305327) DONGBU LIFE INSURANCE CO.,
LTD.(110111-0623606) DONGBU CAPITAL CORP. (110111-1220641) DONGBU CO., LTD. (110111-0367212) DONGBU WORLD INC.(110111-0628086) DONGBU EXPRESS CO., LTD.(110111-4505769) DONGBU LED CO., LTD.(110111-4616623) (19.52% held by the subject company) |
|
Affiliates-Overseas |
DONGBU AUSTRALIA PTY. LTD. DONGBU EXPRESS INDIA LOGISTICS PRIVATE
LIMITED YOUNGKU DONGBU HANNONG SEEDS CO., LTD. DONGBUCHEM.HK LTD. EASTERNCHEM PTE. LTD DONGBU HITEK USA, INC. DONGBU HIGHTECH HONGKONG CO., LIMITED DONGBU HITECK(SHIMCHEON) CO., LTD.(CHINA) MICROCMOS, INC. DONGBU ZSC DONGBU HANNONG (HEILONGJIANG) CHEMICAL
CORP. SOLEX SEMICONDUCTOR(SHANGHAI) R&D LTD SOLEX SEMICONDUCTOR INDIA PRIVATE LIMITED SHANGHAI DONGBU INTERNATIONAL FREIGHT
AGENCY CO., LTD. DONGBU ELECTRIC COMPENENTS CO., LTD. DONGBU PRECISION PRODUCTS CO., LTD. DONGBU U.S.A. INC. DONGBU JAPAN CO., LTD. DONGBU SINGAPORE PTE, LTD. |
|
Corporate Ownership |
DONGBU STEEL CO.,
LTD.(110111-0393308) |
|
Major Shareholders |
DONGBU STEEL CO.,
LTD.(110111-0393308) |
(Activity & Markets)
The Subject exports
to Iran.
No.
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.70.73 |
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.