|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DK CORP. |
|
|
|
|
Registered Office : |
612-1, Gohyeon-ri, Cheongha-myeon, Buk-gu, Pohang-si, Gyeongsangbuk-do |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.02.1990 |
|
|
|
|
Com. Reg. No.: |
506-81-08019 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Ferro-Alloys |
|
|
|
|
No. of Employees : |
164 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
|
With Financials |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
DK CORP. (Korean Company Name : “(주)디케이씨”) |
|
Registered Address |
612-1, Gohyeon-ri, Cheongha-myeon, Buk-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Zip Code |
791-921 |
|
Tel |
+82-54-232-3120 |
|
Fax |
+82-54-232-3122 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
16th Fl., KT Bldg., 28-2, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea |
|
Tel |
+82-2-3016-2854 |
|
Fax |
+82-2-596-8270 |
|
|
|
|
Other Address |
30, Saebyeok-ro, Sasang-gu, Busan, Korea |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Ferro-Alloys |
|
Main Business |
Stainless Backboard, Stainless Flat Bar |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
02/28/1990 |
The Subject owns the premises of registered
HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Stainless steel plate(30102205) |
|
Name |
Suh Soo-Min |
|
Address |
728-2, Yeoksam-dong, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
10/31/1963 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,344,250,000 |
||||||||||||||||||||||||
|
Employees |
164 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||||||||||||||
|
Bank Details |
Woori Bank Korea Exchange Bank Kookmin Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
174611-0009701 |
||||||||||||||||||||||||
|
Business Registered No. |
506-81-08019 |
||||||||||||||||||||||||
|
Permit & Licenses |
10/30/1996 ISO 9002 03/12/2003 JIS 12/29/2004 JIS Int’l Trade No.: 911591 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
02/28/1990 Incorporated as DAEKYUNG CORP. 11/30/1997 Awarded US$10 Million Export Top Prize 11/30/1999 Awarded US$30 Million Export Top Prize 11/30/2001 Awarded US$50 Million Export Top Prize 01/14/2004 Decreased capital to 2,344,250,000 KRW from 3,600,000,000
KRW 10/11/2004 Increased the authorized shares to 3,000,000 shares from
1,280,000 shares 11/30/2004 Awarded US$100 Million Export Top Prize 02/21/2007 Changed company name to the present name |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Suh Soo-Min |
Male |
Korean |
04/10/2006 |
|
Co-President & CEO |
Mr. |
Suh Hong-Min |
Male |
Korean |
01/05/2006 |
|
Director |
Mr. |
Suh Jung-Hwa |
Male |
Korean |
03/28/2005 |
|
Director |
Mr. |
Choi Saeng-Lim |
Male |
Korean |
03/28/2005 |
|
Director |
Mr. |
Kil Sang-Ho |
Male |
Korean |
03/28/2008 |
|
Auditor |
Mr. |
Kim Young-Cheol |
Male |
Korean |
03/12/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
313,443,142,270 |
165,001,107,516 |
-7,294,317,156 |
|
|
2011 |
412,018,939,178 |
200,964,082,097 |
7,648,776,480 |
|
2010 |
382,154,237,512 |
185,009,318,946 |
10,166,038,295 |
|
2009 |
237,894,152,338 |
173,326,232,558 |
-46,534,631,458 |
|
2008 |
401,407,905,150 |
244,591,785,934 |
3,823,274,400 |
|
2007 |
456,908,906,104 |
192,238,311,380 |
6,015,835,033 |
|
2006 |
337,995,816,926 |
142,291,721,480 |
11,788,802,481 |
|
2005 |
312,775,347,933 |
101,655,835,237 |
2,676,958,530 |
|
Authorized Capital(KRW) |
15,000,000,000 |
|
Paid-Up Capital(KRW) |
2,344,250,000 |
|
Total Issued Shares |
468,850 (Common :
396,850 / Preferable :72,000) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
165,001,107,516 |
200,964,082,097 |
185,009,318,946 |
|
Current Assets |
80,624,719,667 |
111,947,837,972 |
98,100,924,501 |
|
-Quick Assets |
31,153,052,268 |
58,642,993,471 |
45,510,111,981 |
|
-Inventories |
49,471,667,399 |
53,304,844,501 |
52,590,812,520 |
|
Fixed Assets |
84,376,387,849 |
89,016,244,125 |
86,908,394,445 |
|
-Investment |
48,999,111,533 |
60,494,988,757 |
56,338,265,222 |
|
-Tangibles |
33,712,225,438 |
26,741,370,026 |
26,603,894,725 |
|
-Intangibles |
132,575,365 |
22,127,662 |
64,552,244 |
|
-Others |
1,532,475,513 |
1,757,757,680 |
3,901,682,254 |
|
Total Liabilities |
138,768,131,409 |
163,602,752,087 |
156,067,208,998 |
|
Current Liabilities |
130,400,395,590 |
159,592,782,014 |
147,391,040,726 |
|
Fixed Liabilities |
8,367,735,819 |
4,009,970,073 |
8,676,168,272 |
|
Capital Stock |
2,344,250,000 |
2,344,250,000 |
2,344,250,000 |
|
Capital Surplus |
4,378,880,045 |
4,378,880,045 |
4,378,880,045 |
|
Profit Surplus |
10,635,005,930 |
18,364,377,581 |
11,121,238,601 |
|
Capital Adjustment |
8,874,840,132 |
12,273,822,384 |
11,097,741,302 |
|
Total Equity |
26,232,976,107 |
37,361,330,010 |
28,942,109,948 |
|
Liab. & Shareholder’s Equity |
165,001,107,516 |
200,964,082,097 |
185,009,318,946 |
|
Current Liabilities |
130,400,395,590 |
159,592,782,014 |
147,391,040,726 |
|
Trade Payables |
73,832,064,322 |
93,743,112,254 |
109,646,120,728 |
|
Account Payables |
2,028,633,099 |
1,604,813,413 |
3,577,472,098 |
|
Short-Term Borrowings |
52,410,270,354 |
56,996,160,000 |
31,500,000,000 |
|
Withholdings |
232,849,670 |
244,797,100 |
449,402,630 |
|
Advance Receipts |
- |
160,684,910 |
526,219,596 |
|
Accrued Expenses |
892,712,245 |
760,947,947 |
608,445,674 |
|
Current Portion of Long-Term Debts |
999,960,000 |
1,041,620,000 |
1,083,380,000 |
|
Deferred Income Tax Credit |
3,905,900 |
43,146,390 |
- |
|
Current Portion of Debentures |
- |
5,000,000,000 |
- |
|
Fixed Liabilities |
8,367,735,819 |
4,009,970,073 |
8,676,168,272 |
|
Long-Term Borrowings |
4,566,660,000 |
1,166,620,000 |
2,208,240,000 |
|
Debentures |
|
|
5,000,000,000 |
|
Provision for Severance & Retirement |
4,290,990,980 |
4,028,602,130 |
3,252,440,690 |
|
Leasehold Deposit Received |
1,102,624,800 |
98,868,000 |
104,092,800 |
|
Deferred Income Tax Credit |
94,258,690 |
531,833,941 |
- |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
313,443,142,270 |
412,018,939,178 |
382,154,237,512 |
|
Cost of Sold Goods |
297,393,937,954 |
386,375,097,729 |
357,305,230,738 |
|
Gross Profit |
16,049,204,316 |
25,643,841,449 |
24,849,006,774 |
|
Selling & Admin. Expenses |
11,497,790,934 |
12,680,455,142 |
11,540,373,837 |
|
Operating Income |
4,551,413,382 |
12,963,386,307 |
13,308,632,937 |
|
Non-Operating Income |
5,356,690,420 |
8,274,146,899 |
10,167,844,537 |
|
Non-Operating Expenses |
22,897,172,984 |
11,407,058,856 |
10,741,427,026 |
|
Income Before Taxes |
-12,989,069,182 |
9,830,474,350 |
12,735,050,448 |
|
Income Taxes Expenses |
-5,694,752,026 |
2,181,697,870 |
2,569,012,153 |
|
Net Income |
-7,294,317,156 |
7,648,776,480 |
10,166,038,295 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
-8,699,382,888 |
2,235,888,747 |
35,486,623,337 |
|
-Net Income |
-7,294,317,156 |
7,648,776,480 |
10,166,038,295 |
|
-Exp. without Cash Outflow |
19,572,002,122 |
7,024,839,301 |
5,136,502,491 |
|
-Revenue without Cash Inflows |
-2,646,807,196 |
-2,736,718,530 |
-4,815,176,809 |
|
-Changes in Asset/ & Liability |
-18,330,260,658 |
-9,701,008,504 |
24,999,259,360 |
|
Cash Flows from Investing |
-11,813,383,064 |
-4,044,594,857 |
-21,528,336,212 |
|
-Cash Inflow from Investing |
2,005,544,490 |
5,666,762,660 |
165,151,506 |
|
-Cash Outflows for Investing |
-13,818,927,554 |
-9,711,357,517 |
-21,693,487,718 |
|
Cash Flows from Financing |
-6,327,859,305 |
24,002,202,500 |
-36,098,195,748 |
|
-Cash Inflows from Financing |
201,045,669,959 |
222,651,476,015 |
171,860,340,485 |
|
-Cash Outflows from Financing |
-207,373,529,264 |
-198,649,273,515 |
-207,958,536,233 |
|
Increase/Decrease in Cash |
-26,840,625,257 |
22,193,496,390 |
-22,139,908,623 |
|
Cash at the Beginning of Year |
28,076,223,319 |
5,882,726,929 |
28,022,635,552 |
|
Cash at the End of Year |
1,235,598,062 |
28,076,223,319 |
5,882,726,929 |
|
Main Products & Services |
Stainless Backboard, Stainless Flat Bar |
|
Competitors |
DONGIL INDUSTRIES CO., LTD. 800, JANGHEUNG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-285-3201 FAX:+82-54-285-4151 MECHEM KOREA CO., LTD. 9TH FL., ILJIN BLDG., 50-1, DOHWA-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-323-5193 FAX:+82-2-323-5195 KTC KOREA CO., LTD. 567-49, YEONNAM-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3144-5052 FAX:+82-2-3141-5846 |
|
Affiliates |
DKC STEEL S'PORE PTE LTD. (100.00% held by the subject company) DKC JAPAN CO, LTD. (100.00% held by the subject company) DAEKYUNG MOTOR PARTS CO., LTD.(CHINA) (94.33% held by the subject company) KUN SHAN D.K.C AUTOMAT IVE SYSTEM CO., LTD.(CHINA) (100.00% held by the subject company) JS TECH CO.,LTD.(164711-0008737) (7.6% held by the subject company) SEGI CORPORATION(KOREA) (45.40% held by the subject company) DKC SERVICE CO., LTD(110111-0404535) (71.39% held by the subject company) DKC EUROPE NV (100.00% held by the subject company) |
The Subject deals with the companies in
Australia, China, Japan, USA and Europe.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
|
The Subject
Company (2 Cases) |
|
40 |
Proceeding |
|
|
|
The Subject
Company (3 Cases) |
|
|
2,523 |
Proceeding |
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.70.50 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.