|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAIHAN INK CO., LTD. |
|
|
|
|
Registered Office : |
615, Bakdal 2-dong, Manan-gu, Anyang-si, Gyeonggi-Do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.10.1998 |
|
|
|
|
Com. Reg. No.: |
123-81-46822 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Printing Ink |
|
|
|
|
No. of Employees : |
146 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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
|
Source : CIA |
|
Company Name |
DAIHAN INK CO., LTD. (Korean Company Name : “대한잉크(주)”) |
|
Registered Address |
615, Bakdal 2-dong, Manan-gu, Anyang-si,
Gyeonggi-Do, Korea |
|
Zip Code |
430-849 |
|
Tel |
+82-31-467-6321~3 |
|
Fax |
+82-31-443-4192 |
|
E-mail |
webmaster@daihanink.co.kr;kjlim@d-ink.co.kr;wsjung@d-ink.co.kr |
|
Website |
|
|
Trading Address |
615, Bakdal 2-dong, Manan-gu, Anyang-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-467-6321~3 |
|
Fax |
+82-31-443-4192 |
|
Other Address-Pyeongtaek Factory |
899, Eoyeon-ri, Cheongbuk-myeon,
Pyeongtaek-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-686-0205 |
|
Fax |
+82-31-686-7388 |
|
Other Address-Branch |
150-4, Soraji-ro, Paju-si, Gyeonggi-do,
Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Printing Ink |
|
Main Business |
Offset Ink, Gravure Ink |
|
Established (mm/dd/yyyy) |
10/26/1998 |
The Subject owns
the premises of Pyeongtaek Factory(23,200.4㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Printing and drawing inks(60121800) |
|
Buy |
Pigments(12171600) |
|
Buy |
Waxes(12181500) |
|
Buy |
Resins(13111000) |
|
Buy |
Ketones or quinones or its substitutes(12352115) |
|
Buy |
Alcohols or its substitutes(12352104) |
|
Buy |
Pigments(12171600) |
|
Buy |
Organic pigments(12171605) |
|
Buy |
Aromatic or heterocyclic compounds(12352005) |
|
Buy |
Organic derivatives and substituted compounds(12352100) |
|
Buy |
Phenolic resin(13111002) |
|
Name |
Han Jin-Soo |
|
Address |
Suyite 1601, 462-2, Dogok-dong, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
02/27/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
4,428,550,000 |
|||||||||
|
Employees |
146 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of NOROO GROUP |
|||||||||
|
Bank Details |
Korea Exchange Bank-Beomkye Station Branch Shinhan Bank Woori Bank Industrial Bank of Korea |
|||||||||
|
Corporate Registered No. |
134111-0062616 |
|||||||||
|
Business Registered No. |
123-81-46822 |
|||||||||
|
Permit & Licenses |
07/12/2004 ISO 9001 11/2007 ISO 14001 Int’l Trade No.: 11571397 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
10/1945 Founded as the Daihan Offset Printing
Ink Mfg., Co. producing Korea’s first domestic printing ink 08/1952 Daihan Ink Manufacturing co.,
adopted as new company name 10/1953 Adopted the Deer mark as company
symbol 11/1955 Mullae-dong plant completed 01/1962 Korea’s first exporter of printing
ink to Hong Kong and Southeast Asian countries 12/1971 Signed technology agreement with
Dainippon Ink & Chemical Inc(DIC) 04/1976 Anyang plant completed 02/1989 Company name changed to Daihan
Paint and Ink Co., Ltd 04/1989 Branch office, DPI America Inc.
opened in the Chicago, U.S.A. 07/1993 Awarded the President Award Trophy
for Productivity 04/1994 Daihan Ink Co., Ltd. became
independent from D.P.I. 09/1996 Designated as Quality Assurance
company (Q mark) by Government office 10/26/1998
Incorporated as DAIHAN INK CHEMICAL CO., LTD. 11/01/1998
Acquired the Business Division of Printing Ink 02/2000 New R&D center open 11/2002 Acquired ISO 9001:2000 Certificate 07/01/2004 Changed company name to the
present name 01/24/2006 Increased capital to 4,428,550,000
KRW from 3,000,000,000 KRW 06/2006 Completed Pyeongtaek Factory |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Han Jin-Soo |
Male |
Korean |
10/26/2001 |
|
Co-President & CEO |
Mr. |
Ahn Hee-Seok |
Male |
Korean |
12/01/2010 |
|
Director |
Mr. |
Kwon Joo-Yeol |
Male |
Korean |
12/01/2010 |
|
Auditor |
Mr. |
Lee Deok-Tae |
Male |
Korean |
01/02/2007 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
63,063,924,839 |
66,449,058,819 |
3,002,611,243 |
|
|
(*)2011 |
63,846,785,375 |
63,954,811,183 |
1,520,896,811 |
|
(*)2010 |
59,541,455,284 |
64,209,802,808 |
657,593,257 |
|
2009 |
56,501,832,128 |
57,837,774,320 |
150,359,505 |
|
2008 |
60,682,859,914 |
58,631,327,902 |
344,279,550 |
|
2007 |
55,922,247,080 |
58,544,334,622 |
942,527,130 |
|
2006 |
56,284,023,251 |
59,346,325,842 |
898,722,395 |
|
2005 |
57,424,160,132 |
50,355,093,090 |
6,919,011,270 |
|
2004 |
60,622,183,136 |
38,893,352,959 |
2,396,371,887 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
15,000,000,000 |
|
Paid-Up Capital(KRW) |
4,428,550,000 |
|
Total Issued Shares |
885,710 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
66,449,058,819 |
63,954,811,183 |
64,209,802,808 |
|
Current Assets |
34,192,748,988 |
32,926,877,249 |
32,323,983,876 |
|
Inventories |
5,936,412,180 |
8,040,580,289 |
8,157,624,243 |
|
Trade
Receivables & Other Receivables |
22,287,345,945 |
21,292,413,172 |
20,201,515,490 |
|
Cash
& Cash Equivalents |
4,173,921,278 |
2,886,313,570 |
2,810,924,570 |
|
Current
Financial Instruments |
1,270,000,000 |
510,000,000 |
930,000,000 |
|
Current
Non-Financial Instruments |
525,069,585 |
197,570,218 |
223,919,573 |
|
Non-Current Assets |
32,256,309,831 |
31,027,933,934 |
31,885,818,932 |
|
Tangibles |
21,939,293,787 |
21,086,224,493 |
22,884,905,932 |
|
Intangibles |
1,303,627,226 |
1,299,959,468 |
1,299,271,057 |
|
Investment_Related
Companies |
8,270,300,368 |
7,883,419,523 |
7,087,311,493 |
|
Non-Current
Financial Instruments |
392,195,540 |
408,195,540 |
264,195,540 |
|
Non-Current
Non-Financial Instruments |
350,892,910 |
350,134,910 |
350,134,910 |
|
Total Liabilities |
25,784,213,834 |
26,295,569,386 |
28,029,302,814 |
|
Current Liabilities |
23,090,369,678 |
22,543,353,658 |
25,421,473,574 |
|
Trade
Payables & Other Payables |
13,919,378,214 |
12,497,010,107 |
13,490,725,846 |
|
Other
Current Financial Debts |
8,600,000,000 |
9,750,158,667 |
11,920,747,728 |
|
Accrued
Income Tax |
210,842,477 |
64,859,715 |
- |
|
Current
Non-Financial Debts |
360,148,987 |
231,325,169 |
10,000,000 |
|
Non-Current Liabilities |
2,693,844,156 |
3,752,215,728 |
2,607,829,240 |
|
Provision
for Severance & Retirement |
149,976,902 |
153,211,084 |
135,883,854 |
|
Non-Current
Financial Debts |
1,697,000,000 |
2,900,000,000 |
1,500,000,000 |
|
Deferred
Income Tax Credit |
846,867,254 |
699,004,644 |
971,945,386 |
|
Capital Stock |
4,428,550,000 |
4,428,550,000 |
4,428,550,000 |
|
Capital
Surplus |
8,562,781,090 |
8,562,781,090 |
8,562,781,090 |
|
Profit
Surplus |
27,857,015,844 |
24,854,404,601 |
23,333,507,790 |
|
Others |
-183,501,949 |
-186,493,894 |
-144,338,886 |
|
Total
Equity |
40,664,844,985 |
37,659,241,797 |
36,180,499,994 |
|
Liab.
& Shareholder’s Equity |
66,449,058,819 |
63,954,811,183 |
64,209,802,808 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
63,063,924,839 |
63,846,785,375 |
59,541,455,284 |
|
Cost
of Sold Goods |
-52,753,308,367 |
-55,371,885,717 |
-50,378,328,669 |
|
Gross
Profit |
10,310,616,472 |
8,474,899,658 |
9,163,126,615 |
|
Selling
& Admin. Expenses |
-7,569,844,091 |
-7,190,384,357 |
-8,029,708,118 |
|
Operating
Income |
2,740,772,381 |
1,284,515,301 |
1,219,685,517 |
|
Other Operating Income |
1,275,208,303 |
1,699,395,473 |
931,575,107 |
|
Other Operating Expenses |
-546,081,449 |
-344,578,863 |
-845,308,087 |
|
Finance Income |
120,780,776 |
81,482,337 |
103,440,477 |
|
Finance Expenses |
-582,884,013 |
-686,626,799 |
-633,442,218 |
|
Income Before Taxes |
3,007,795,998 |
2,034,187,449 |
689,683,776 |
|
Income Taxes Expenses |
-5,184,755 |
-513,290,638 |
-32,090,519 |
|
Net Income |
3,002,611,243 |
1,520,896,811 |
657,593,257 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
7,340,462,052 |
1,000,062,510 |
1,225,839,581 |
|
Net Income |
3,002,611,243 |
1,520,896,811 |
657,593,257 |
|
Adjustment |
2,576,451,239 |
2,644,511,731 |
3,034,754,773 |
|
Changes in Asset/ & Liability |
1,957,477,393 |
-1,812,306,717 |
-1,963,276,348 |
|
Interests Received |
107,494,250 |
112,322,976 |
85,178,395 |
|
Interests Paid |
-591,388,808 |
-767,908,061 |
-589,645,076 |
|
Income Taxes |
287,816,735 |
-697,454,230 |
1,234,580 |
|
Cash Flows from Investing |
-3,690,373,065 |
-154,084,449 |
-2,729,687,129 |
|
Cash Flows from Financing |
-2,353,158,667 |
-770,589,061 |
1,147,499,135 |
|
Increase/Decrease in Cash |
1,296,930,320 |
75,389,000 |
-356,348,413 |
|
Cash at the Beginning of Year |
2,886,313,570 |
2,810,924,570 |
3,167,272,983 |
|
Cash at the End of Year |
4,173,921,278 |
2,886,313,570 |
2,810,924,570 |
|
Main Products & Services |
Offset Sheet-Fed Inks Web Offset Printing Inks Ordinary Spot Colors Offset Ink Pantone Basic Colors Inks Fluorescent Ink Metal Decorating Inks UV(Ultra Violet) Ink & Coatings Metallic Gold & Silver Inks POP Ink Gravure & Flexo Printing Ink |
|
Suppliers |
NOROO PAINT & COATINGS CO., LTD.
(134111-0142575) SEDA CO., LTD. (110111-0032469) |
|
Customers |
NOROO PAINT & COATINGS CO., LTD.
(134111-0142575) DPI HOLDINGS CO., LTD. (134111-0002878) |
|
Competitors |
DONG YANG INK CO., LTD. 338-6, GAGOK-RI, JINWI-MYEON, PYEONGTAEK-SI,
GYEONGGI-DO, KOREA TEL:+82-31-660-9210 FAX:+82-31-667-4877 KOREA PRINTING INK CO., LTD. 477-3, MONGNAE-DONG, DANWON-GU, ANSAN-SI,
GYEONGGI-DO, KOREA TEL:+82-31-494-7781 FAX:+82-31-491-0486 NAMYANG INK CO., LTD. 153-4, CHUNUI-DONG, WONMI-GU, BUCHEON-SI,
GYEONGGI-DO, KOREA TEL:+82-32-664-3970 FAX:+82-32-664-1473 |
|
Affiliates |
SEDA CO., LTD. (110111-0032469) (50.0% held by the subject company) NOROO PAINT & COATINGS CO., LTD.(134111-0142575) DPI HOLDINGS CO., LTD.(134111-0002878) INTERNATIONAL PAINT (KOREA)
LTD(134111-0006565) DAC(134111-0048492) DAIHAN INK CO., LTD(110111-0117568) CK PAINT CO., LTD(135011-0031406) DAIHAN COIL COATING CO, LTD(171711-0039501) DAIHAN BEE CHEMICAL CO.,
LTD.(134111-0031083) DAEYEON(230111-0091353) DIGITAL IMAGING TECHNOLOGY CO.,
LTD.(134811-0112334) DPM BUILTONE CO., LTD. COLOR MATE CO., LTD. DIAMOND SPECIAL TRANSPORTATION CO., LTD. NOROO LOGIS CO., LTD. DRC CO., LTD. IZEN CO., LTD. DI(SHANGHAI) INT'L TRADE CO., LTD. DPI HOLDINGS(H.K) CO.,LTD |
|
Subsidiary |
DAIHANINK AMERICA CORP. (100.0% held by the subject company) DAIHANINK CHINA CO., LTD. (51.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO.,LTD.(110111-0095285) MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
The Subject deals with the companies in China, Hong Kong and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.