|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DHMC CO.,
LTD. |
|
|
|
|
Registered Office : |
1001, Jinyeong-ri, Jinyeong-eup, Gimhae-si, Gyeongsangnam-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.03.2005 |
|
|
|
|
Com. Reg. No.: |
615-81-42932 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Sections for Ships |
|
|
|
|
No. of Employees : |
75 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
With Financial |
|
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 |
DHMC CO.,
LTD. (English Company Name : DAEHEUNG MARINE
CORP., LTD.) (Korean Company Name :
“(주)디에이취엠씨”) |
|
Registered Address |
1001, Jinyeong-ri, Jinyeong-eup, Gimhae-si,
Gyeongsangnam-do, Korea |
|
Zip Code |
621-809 |
|
Tel |
+82-55-346-3663 |
|
Fax |
+82-55-346-3675 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
1001, Jinyeong-ri, Jinyeong-eup,
Gimhae-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-346-3663 |
|
Fax |
+82-55-346-3675 |
|
Other Address |
342-4, Nabul-ri, Samho-eup, Yeongam-gun,
jeollanam-do, Korea |
|
Tel |
+82-61-460-9800 |
|
Fax |
+82-61-463-2240 |
|
Other Address |
1401, Gamseo-ri, Georyu-myeon, Goseong-gun,
Gyeongsangnam-do, Korea |
|
Type |
Export |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Rudder, Block |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
03/14/2005 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Rudder |
|
Sell |
Block |
|
Name |
Seo Ho-Gil |
|
Address |
474-1, Jisan-ri, Habuk-myeon, Yangsan-si,
Gyeongsangnam-do, Korea |
|
Date of Birth |
12/01/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,500,000,000 |
||||||||||||
|
Employees |
75 |
||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||
|
Bank Details |
Industrial Bank of Korea Korea Exchange Bank Woori Bank |
||||||||||||
|
Corporate Registered No. |
195511-0078042 |
||||||||||||
|
Business Registered No. |
615-81-42932 |
||||||||||||
|
Permit & Licenses |
N/A |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
03/14/2005 Incorporated as the present name 11/14/2005 Increased the authorized shares
to 400,000 shares from 40,000 shares 10/17/2006 Increased capital to
1,500,000,000 KRW from 500,000,000 KRW |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Seo Ho-Gil |
Male |
Korean |
03/14/2008 |
|
Director |
M/S. |
Seo Sun-Young |
Female |
Korean |
03/14/2008 |
|
Director |
Mr. |
Seo Chang-Hwan |
Male |
Korean |
03/12/2013 |
|
Auditor |
M/S. |
Lee Young-Hee |
Female |
Korean |
03/31/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
70,179,775,659 |
55,968,877,093 |
5,251,335,777 |
|
|
2011 |
59,764,098,341 |
60,203,413,101 |
2,298,087,893 |
|
2010 |
51,919,969,209 |
36,248,119,136 |
6,898,637,171 |
Financial
Description
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,500,000,000 |
|
Total Issued Shares |
300,000 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
55,968,877,093 |
60,203,413,101 |
36,248,119,136 |
|
Current Assets |
22,254,038,284 |
27,058,322,110 |
17,575,920,582 |
|
-Quick Assets |
12,003,473,883 |
10,066,325,258 |
5,053,060,286 |
|
-Inventories |
10,250,564,401 |
16,991,996,852 |
12,522,860,296 |
|
Fixed Assets |
33,714,838,809 |
33,145,090,991 |
18,672,198,554 |
|
-Investment |
797,390,000 |
53,550,000 |
214,800,000 |
|
-Tangibles |
32,050,756,892 |
32,303,210,991 |
17,995,515,216 |
|
-Intangibles |
866,691,917 |
788,330,000 |
33,333,338 |
|
-Others |
|
|
428,550,000 |
|
Total Liabilities |
31,432,289,695 |
40,620,464,081 |
18,901,668,049 |
|
Current Liabilities |
18,329,769,992 |
28,068,216,340 |
13,885,640,122 |
|
Fixed Liabilities |
13,102,519,703 |
12,552,247,741 |
5,016,027,927 |
|
Capital Stock |
1,500,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
19,800,791,086 |
14,622,606,360 |
12,324,518,467 |
|
Capital Adjustment |
3,235,796,312 |
3,460,342,660 |
3,521,932,620 |
|
Total Equity |
24,536,587,398 |
19,582,949,020 |
17,346,451,087 |
|
Liab. & Shareholder’s Equity |
55,968,877,093 |
60,203,413,101 |
36,248,119,136 |
|
Current Liabilities |
18,329,769,992 |
28,068,216,340 |
13,885,640,122 |
|
Trade Payables |
12,118,897,945 |
12,531,586,979 |
8,736,068,892 |
|
Short-Term Borrowings |
545,000,000 |
10,345,000,000 |
270,000,000 |
|
Account Payables |
54,001,830 |
688,538,491 |
273,896,120 |
|
Advance Receipts |
1,656,792,000 |
2,296,547,880 |
1,530,603,298 |
|
Withholdings |
61,940,985 |
57,165,170 |
51,704,855 |
|
VAT Withhold |
585,203,518 |
- |
|
|
Deferred Income Tax |
712,568,800 |
100,000,000 |
1,145,766,853 |
|
Accrued Expenses |
708,747,514 |
436,185,100 |
211,201,394 |
|
Current Portion of Long-Term Debts |
1,886,617,400 |
1,613,192,720 |
1,666,398,710 |
|
Fixed Liabilities |
13,102,519,703 |
12,552,247,741 |
5,016,027,927 |
|
Long-Term Borrowings |
12,412,096,650 |
11,457,016,232 |
4,551,936,600 |
|
Provision for Severance & Retirement |
1,190,470,203 |
1,095,231,509 |
464,091,327 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
70,179,775,659 |
59,764,098,341 |
51,919,969,209 |
|
Cost of Sold Goods |
59,719,993,194 |
53,204,717,136 |
41,552,481,716 |
|
Gross Profit |
10,459,782,465 |
6,559,381,205 |
10,367,487,493 |
|
Selling & Admin. Expenses |
3,608,118,650 |
3,225,585,202 |
2,122,603,303 |
|
Operating Income |
6,851,663,815 |
3,333,796,003 |
8,244,884,190 |
|
Non-Operating Income |
778,564,738 |
516,091,857 |
399,059,336 |
|
Non-Operating Expenses |
1,438,990,976 |
837,720,670 |
837,484,341 |
|
Income Before Taxes |
6,191,237,577 |
3,012,167,190 |
7,806,459,185 |
|
Income Taxes Expenses |
939,901,800 |
714,079,297 |
907,822,014 |
|
Net Income |
5,251,335,777 |
2,298,087,893 |
6,898,637,171 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
15,038,291,260 |
146,847,948 |
3,867,219,585 |
|
-Net Income |
5,251,335,777 |
2,298,087,893 |
6,898,637,171 |
|
-Exp. without Cash Outflow |
2,975,216,510 |
2,644,830,969 |
1,810,295,804 |
|
-Revenue without Cash Inflows |
-164,706,638 |
-34,970,072 |
-10,429,203 |
|
-Changes in Asset/ & Liability |
6,976,445,611 |
-4,761,100,842 |
-4,831,284,187 |
|
Cash Flows from Investing |
-2,943,789,693 |
-17,688,559,416 |
-1,635,881,196 |
|
-Cash Inflow from Investing |
5,843,388,692 |
5,405,065,392 |
8,955,337,025 |
|
-Cash Outflows for Investing |
-8,787,178,385 |
-23,093,624,808 |
-10,591,218,221 |
|
Cash Flows from Financing |
-8,571,494,902 |
16,926,873,642 |
-2,051,473,971 |
|
-Cash Inflows from Financing |
44,811,697,818 |
54,667,302,182 |
12,490,000,000 |
|
-Cash Outflows from Financing |
-53,383,192,720 |
-37,740,428,540 |
-14,541,473,971 |
|
Increase/Decrease in Cash |
3,523,006,665 |
-614,837,826 |
179,864,418 |
|
Cash at the Beginning of Year |
23,200,747 |
638,038,573 |
458,174,155 |
|
Cash at the End of Year |
3,546,207,412 |
23,200,747 |
638,038,573 |
|
Main Products & Services |
Rudder, Block |
|
Competitors |
S MARINE ENGINEERING CO., LTD. 739, BANGJI-RI, SANAM-MYEON, SACHEON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-853-5750 FAX:+82-55-853-5759 |
|
Affiliates |
DHHI(184611-0015607) (5.20% held by the subject company) DHSP(180111-0620278) |
|
Cooperative Enterprise |
-Insured company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Not Available.
Not Available.
---
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.