|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAELIM CORPORATION |
|
|
|
|
Registered Office : |
45, Namdaemunno 4-ga, Jung-gu, Seoul, Korea, 11th Fl., Korea Chamber of Commerce & Industry, Zip Code 100-743 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
01.10.1994 |
|
|
|
|
Com. Reg. No.: |
110-81-30979 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Other Chemical Materials and Chemical Products |
|
|
|
|
No. of Employees : |
230 |
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 |
DAELIM
CORPORATION (Korean Company Name : “(주)대림코퍼레이션”) |
|
Registered
Address |
45, Namdaemunno 4-ga, Jung-gu, Seoul, Korea |
|
Building |
11th
Fl., Korea Chamber of Commerce & Industry |
|
Zip Code |
100-743 |
|
Tel |
+82-2-3708-3000 |
|
Fax |
+82-2-3708-3571 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
11th Fl., Korea Chamber of Commerce & Industry, 45, Namdaemunno
4-ga, Jung-gu, Seoul, Korea |
|
Tel |
+82-2-3708-3000 |
|
Fax |
+82-2-3708-3571 |
|
Other Address-R&D Center |
217-3 Sinseong-dong Yusong-gu, Daejeon, Korea |
|
Tel |
+82-42-869-7540 |
|
Fax |
+82-42-869-7545 |
|
Other Address-Yeosu Center |
1005
Pyeongyeo-Dong ,Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-692-6661 |
|
Fax |
+82-61-692-6660 |
|
Other Address-ChungJu Center |
ChungJu
Industrial Complex 1135 Youngtan-Dong, ChungjJu-Si, Chungcheongbuk-do Korea |
|
Tel |
+82-43-856-1310 |
|
Fax |
+82-43-856-1311 |
|
Other Address-R&D Center |
217-3 Sinseong-dong Yusong-gu, Daejeon, Korea |
|
Tel |
+82-42-869-7540 |
|
Fax |
+82-42-869-7545 |
|
Other Address-Yeosu Center |
1005
Pyeongyeo-Dong ,Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-692-6661 |
|
Fax |
+82-61-692-6660 |
|
Other Address-ChungJu Center |
ChungJu
Industrial Complex 1135 Youngtan-Dong, ChungjJu-Si, Chungcheongbuk-do Korea |
|
Tel |
+82-43-856-1310 |
|
Fax |
+82-43-856-1311 |
|
Type |
Export |
|
Industry |
Wholesale
of Other Chemical Materials and Chemical Products |
|
Main Business |
Monomer,
Polymer, Tarpaulin, Aluminum Ingots, Aluminum Scraps, Transport Arrangement
Service, Marine Transport, Shipping Agency, K-Resin, Polyamide, Polybutene |
|
Established
(mm/dd/yyyy) |
10/01/1994 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Phone headsets(43191609) |
|
Sell |
Scooters(25101802) |
|
Sell |
Power adapters or inverters(39121006) |
|
Sell |
Keyboards(43211706) |
|
Sell |
Televisions(52161505) |
|
Sell |
Plastic sheet(30102515) |
|
Sell |
Vehicle handsfree phone set(43191615) |
|
Sell |
Pigment paints(31211503) |
|
Sell |
Naphtha(15101503) |
|
Sell |
Liquified petroleum gas(15111510) |
|
Sell |
Heat pumps(40101806) |
|
Sell |
Films(13111200) |
|
Sell |
High Density Polyethylene HDPE(13102017) |
|
Sell |
Low Density Polyethylene LDPE(13102018) |
|
Sell |
Pipe(40142100) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Fuel oil(15101700) |
|
Sell |
Polystyrene PS(13102026) |
|
Sell |
Elastomers(13101700) |
|
Sell |
Organic derivatives and substituted
compounds(12352100) |
|
Sell |
Compounded resin(13111037) |
|
Sell |
Petroleum and distillates(15101500) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Name |
Kim
Jin-Seo |
|
Date of Birth |
08/1957 |
|
Title |
Vice
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
36,829,810,000 |
||||||||||||||||||
|
Employees |
230 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares A
Company of DAELIM BUSINESS GROUP |
||||||||||||||||||
|
Bank Details |
Woori Bank-Susong Dong Branch |
||||||||||||||||||
|
Corporate Registered No. |
110111-1081093 |
||||||||||||||||||
|
Business Registered No. |
110-81-30979 |
||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No. : 11190837 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
10/01/1994 Incorporated as the present name 12/2006 Moved to the present HQ address 11/2008 Acquired DAELIM H&L
CO., LTD.(110111-2198631) |
||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
Vice
President & CEO |
Mr. |
Kim
Jin-Seo |
Korean |
1957.08. |
Yonsei
University, Korea |
|
Sr. Executive Director |
Mr. |
Lee
Sang-Ki |
Korean |
1964.12. |
Seoul
National University, Korea |
|
Executive Director |
Mr. |
Kim Chang-Soo |
Korean |
1959.07. |
Hankuk University of Foreign Studies, Korea |
|
Auditor |
Mr. |
Sohn
Han-Zip |
Korean |
1959.02.02 |
Seoul
National University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
(*)06/2013 |
2,063,528,907,763 |
2,005,988,745,338 |
28,543,866,158 |
|
(*)2012 |
4,159,332,981,539 |
2,099,908,753,941 |
55,836,996,047 |
|
(*)2011 |
4,399,668,808,663 |
1,841,721,119,517 |
5,884,509,543 |
|
(*)2010 |
3,399,951,045,633 |
1,739,824,829,932 |
-20,916,415,145 |
|
2009 |
2,669,965,345,248 |
1,739,797,471,760 |
63,166,570,323 |
|
2008 |
2,697,134,104,636 |
1,501,257,174,863 |
10,713,060,609 |
|
2007 |
2,045,859,654,211 |
1,296,877,694,259 |
74,422,054,455 |
|
2006 |
1,637,235,335,856 |
1,143,217,605,223 |
45,592,164,793 |
|
2005 |
1,619,135,635,132 |
974,095,732,301 |
56,543,975,190 |
|
2004 |
1,818,331,717,057 |
858,160,730,021 |
105,548,915,160 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
36,829,810,000 |
|
Total Issues Shares |
7,365,962 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
2,005,988,745,338 |
2,099,908,753,941 |
1,841,721,119,517 |
|
Current Assets |
534,457,169,510 |
635,885,925,511 |
428,507,631,044 |
|
Cash & Cash
Equivalents |
71,058,673,563 |
25,096,868,933 |
44,350,185,818 |
|
Current Financial
Instruments |
- |
- |
1,000,000,000 |
|
Trade Receivables
& Other Receivables |
421,162,967,146 |
575,986,630,247 |
350,649,202,666 |
|
Derivatives |
725,702,141 |
3,651,414,176 |
199,416,578 |
|
Inventories |
27,618,414,596 |
25,412,652,049 |
25,647,532,401 |
|
Other Current Assets |
13,891,412,064 |
5,738,360,106 |
6,661,293,581 |
|
Non-Current Assets |
1,471,531,575,828 |
1,464,022,828,430 |
1,413,213,488,473 |
|
Non-Current Financial
Instruments |
7,500,000 |
7,500,000 |
7,500,000 |
|
Trade Receivables
& Other Receivables |
1,159,533,475 |
983,440,284 |
949,638,490 |
|
Marketable Financial
Instruments |
1,435,149,740 |
1,665,279,740 |
1,763,249,540 |
|
Investment_Related
Companies |
780,372,865,665 |
780,372,865,665 |
780,372,865,665 |
|
Investment_Subsidiaries |
233,837,300 |
233,837,300 |
233,837,300 |
|
Tangibles |
588,547,147,697 |
585,400,106,379 |
536,544,761,451 |
|
Intangibles |
86,807,760,336 |
86,866,804,758 |
87,841,604,890 |
|
Other Non-Current
Assets |
12,967,781,615 |
8,492,994,304 |
5,500,031,137 |
|
Total Liabilities |
1,143,790,082,809 |
1,254,455,751,744 |
1,035,522,929,985 |
|
Current Liabilities |
554,559,504,276 |
732,078,280,811 |
392,066,019,686 |
|
Trade Payables &
Other Payables |
348,078,411,259 |
476,982,122,887 |
245,665,448,130 |
|
Short-Term Borrowings |
52,939,959,431 |
71,155,995,926 |
67,084,582,475 |
|
Derivatives |
4,842,532,459 |
5,910,502,227 |
4,208,890,606 |
|
Finance Lease Debts |
5,738,358,795 |
5,162,060,732 |
261,047,056 |
|
Accrued Income Tax |
6,393,015,135 |
13,567,879,773 |
14,783,699,295 |
|
Current Portion of Long-Term
Debts |
126,620,809,875 |
155,359,634,013 |
57,603,732,321 |
|
Other Current
Liabilities |
9,946,417,322 |
3,940,085,253 |
2,458,619,803 |
|
Non-Current
Liabilities |
589,230,578,533 |
522,377,470,933 |
643,456,910,299 |
|
Debentures |
109,812,612,679 |
129,394,045,486 |
243,295,443,843 |
|
Long-Term Borrowings |
296,609,049,411 |
211,075,199,099 |
239,568,800,826 |
|
Finance Lease Debts |
18,598,684,254 |
20,025,424,286 |
1,594,766,552 |
|
Provision for
Severance & Retirement |
722,519,432 |
224,537,862 |
191,905,709 |
|
Deferred Income Tax
Credit |
163,487,712,757 |
161,658,264,200 |
158,805,993,369 |
|
Capital Stock |
36,829,810,000 |
36,829,810,000 |
36,829,810,000 |
|
Capital Surplus |
183,857,726,870 |
183,857,726,870 |
183,857,726,870 |
|
Profit Surplus |
640,503,717,175 |
623,745,390,217 |
584,481,506,647 |
|
Others |
1,007,408,484 |
1,020,075,110 |
1,029,146,015 |
|
Total Equity |
862,198,662,529 |
845,453,002,197 |
806,198,189,532 |
|
Liab. &
Shareholder’s Equity |
2,005,988,745,338 |
2,099,908,753,941 |
1,841,721,119,517 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
2,063,528,907,763 |
4,159,332,981,539 |
4,399,668,808,663 |
|
Cost of Sold Goods |
1,971,264,025,564 |
4,027,208,654,895 |
4,283,067,595,110 |
|
Gross Profit |
92,264,882,199 |
132,124,326,644 |
116,601,213,553 |
|
Selling & Admin.
Expenses |
31,572,047,424 |
67,833,999,376 |
56,588,766,166 |
|
Operating Income |
60,692,834,775 |
64,290,327,268 |
60,012,447,387 |
|
Other Operating
Income |
56,597,157,072 |
104,548,709,990 |
61,354,533,328 |
|
Other Operating
Expenses |
54,935,523,602 |
92,964,100,662 |
69,363,753,451 |
|
Finance Income |
7,022,106,785 |
29,292,846,300 |
12,182,143,907 |
|
Finance Expenses |
32,594,325,870 |
29,443,094,723 |
41,188,025,400 |
|
Income Before Taxes |
36,782,249,160 |
75,724,688,173 |
22,997,345,771 |
|
Income Taxes Expenses |
8,238,383,002 |
19,887,692,126 |
17,112,836,228 |
|
Net Income |
28,543,866,158 |
55,836,996,047 |
5,884,509,543 |
Cash Flows
|
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating Activities Cash Flows |
75,469,097,231 |
69,856,347,104 |
-11,946,030,057 |
|
Cash Flows from Operating |
95,542,463,017 |
108,283,538,867 |
4,182,000,665 |
|
Net Income |
28,543,866,158 |
55,836,996,047 |
5,884,509,543 |
|
Adjustment |
48,644,068,182 |
50,836,820,017 |
70,080,300,154 |
|
Changes in
Asset/ & Liability |
18,354,528,677 |
1,609,722,803 |
-71,782,809,032 |
|
Interests Received |
111,822,783 |
449,569,039 |
2,803,924,208 |
|
Interests Paid |
-10,385,720,486 |
-21,383,386,185 |
-18,611,984,632 |
|
Dividends Received |
3,784,331,000 |
757,866,200 |
757,866,200 |
|
Income Taxes |
-13,583,799,083 |
-18,251,240,817 |
-1,077,836,498 |
|
Cash Flows from Investing |
-18,299,921,515 |
-51,149,132,413 |
-56,106,191,249 |
|
Cash Flows from Financing |
-11,207,371,086 |
-37,918,972,133 |
57,566,890,014 |
|
Increase/Decrease in Cash |
45,961,804,630 |
-19,211,757,442 |
-10,485,331,292 |
|
Cash at the Beginning of Year |
25,096,868,933 |
44,350,185,818 |
53,803,286,250 |
|
Cash at the End of Year |
71,058,673,563 |
25,096,868,933 |
44,350,185,818 |
|
Main Products & Services |
Sales and Agency Business of Petrochemical,
Business of Ship Sales and Chartered Ship Petrochemical Business Shipping Business |
|
Customers |
YEOCHUN NCC CO., LTD.(110111-1839096) LG CHEM LTD.(110111-2207995) HONAM PETRO CHEMICAL
CORPORATION(110111-0193196) MITSUI & CO., LTD. CARGILL INTERNATIONAL TRADING PTE LTD DAELIM YIBIANSHI(SHANGHAI)TRADING CO.,LTD. GLENCORE SINGAPORE TRAMMOCHEM ASIA PTE LTD MARUBENI CORPORATION |
|
Competitors |
COGNIS KOREA LTD. 5TH FL., GANGNAM METRO BLDG., 1339-9,
SEOCHO 2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3489-7600 FAX:+82-2-584-7603 NAMDUCK MOOLSAN CO., LTD. RM. 1014, YEOUIDO DEPT. STORE, 36-2,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3774-0900 FAX:+82-2-3774-0901 KOWON CO., LTD. 7TH FL., GOWON BLDG., 20-19, YANGJAE
1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-578-6181 FAX:+82-2-578-6692 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
DAELIM INDUSTRIAL CO., LTD.(110111-0084915) KOREA DEVELOPMENT
CORPORATION(110111-0052037) SAMHO CO., LTD.(180111-0434372) DAELIM COPORATION(110111-1081093) WEB-TECH CORP.(110111-1799406) DAELIM I&S CO., LTD.(110111-1143009) ORA RESORT CO., LTD.(220111-0001536) DAELIM MOTOR CO., LTD.(110111-0227359) DAELIM CONCRETE PROCUCTS CO.,
LTD.(110111-0061228) ECO SULIHALL CO., LTD.(115611-0045657) MANWOLSAN TUNNEL CO., LTD.(120111-0144444) YOUNGCHEON SANGJU HIGHWAY CO., LTD.(110111-3581520) SUDOKWON SEOBU HIGHWAY CO.,
LTD.(135111-0082770) GIMHAE DONGSEO TUNNEL CO.,
LTD.(195511-0106752) SONGDO POWER CO., LTD.(110111-3936189) GREEN TECHNOLOGY DEVELOPMENT CO.,
LTD.(284411-0050771) |
|
Affiliates-Overseas |
DAELIM PHILIPPINES, INC(PHILIPPINES) INTEGRATED ENGINEERING LTD.(MALAYSIA) PT. DAELIM UTAMA CONSTRUCTION(INDONESIA) DAELIM MALAYSIA, SDN. BHD.(MALAYSIA) DAELIM SAUDI ARABIA CO.,LTD(SAUDI ARABIA) DAELIM(SHANGHAI) INTERNATIONAL TRADING CO.,
LTD.(CHINA) DAELIM VIETNAM LTD.(VIETNAM) DAELIM(NAMKYUNG) CONSTRUCTION CO.,
LTD.(CHINA) HHVC SHIPPING PTE.LTD.(SINGAPORE) (50.0% held by the subject company) WBLC SHIPPING PTE.LTD.(SINGAPORE) (50.0% held by the subject company) |
|
Overseas Office |
DAELIM CORP. SHANGHAI OFFICE 1708 TOWER B CITY CENTER OF SHANGHAI NO.100
ZUNYI RD., SHANGHAI,200051 TEL:+86-21-6237-0099 FAX:+86-21-6237-0019 DAELIM CORP. GUANGZHOU OFFICE RM 2112, CITIC PLAZA, TIANHE NORTH
RD(E),GUANGZHOU, P.R.C TEL:+86-20-3877-3455 FAX:+86-20-3877-3805 DAELIM CORP. HOCHIMINH OFFICE 8F OSIC BUILDING 8 NGUYEN HUE STREET,
DISTRICT 1, HOCHIMINH CITY, VIETNAM TEL:+84-8-822-8683 FAX:+84-8-822-8685 DAELIM CORP. SINGAPORE BRANCH ADDRESS : 10 HOE CHIANG ROAD #04-07 KEPPEL
TOWERS SINGAPORE 089315 TEL:+65-6327-9330 FAX:+65-6327-9350 |
|
Subsidiary |
DAELIM VIETNAM LTD. |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD(110111-0005078) HYUNDAI
MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
06/2013 |
2012 |
2011 |
|
Export |
1,186,585 |
2,062,514 |
|
|
Domestic |
876,944 |
2,096,819 |
|
|
Total |
2,063,529 |
4,159,333 |
|
The Subject deals
with the companies in Singapore, China, and Vietnam.
There are 5 arbitration
cases amounting 2,318,000,000 KRW.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
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.