|
Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAE RYUNG CORPORATION |
|
|
|
|
Registered Office : |
2194, Jinui-ro, Chilgok-myeon,
Uiryeong-gun, Gyeongsangnam-do, Korea, Zip Code 636-832 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.12.2004 |
|
|
|
|
Com. Reg. No.: |
615-81-40837 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
· Manufacturer of Rolled, Drawn and Folded Products of Copper ·
Manufacturer
and supplier for the Copper
alloy tube & pipe as well as all kinds of finned tube including copper
high finned tube. Subject product range includes:- Copper and Copper alloy products ·
Copper
tube & pipe(C1220) ·
Brass
tube & pipe(C2600, C2700, C44300, C68700) ·
Cu-Ni
tube & pipe(C70600, C71500) ·
Copper
& Copper alloy finned tube(High & Low) ·
Round
& Hex bar and Bus bar Fin Tube ·
Low
Fin Tube ·
Cooper
High Fin Tube ·
High
Frequency Welded Fin Tube ·
Middle
Fin Tube ·
Spiral
& Corrugated Fin Tube ·
Inner
Grooved Tube ·
Floral
Tube Aluminum Finned Tube · For Air Cooled Heat Exchanger, Air Cooled Condenser, Air Heater in field of Oil Refinery, Petrochemical Industry, Offshore and Power plants |
|
|
|
|
No. of Employees |
81 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge 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 about half of GDP.
|
Source
: CIA |
|
Company Name |
DAE RYUNG CORPORATION (Korean Company Name : “(주)대륭”) |
|
Registered Address |
2194, Jinui-ro, Chilgok-myeon,
Uiryeong-gun, Gyeongsangnam-do, Korea (Old Address System : 5, Dosan-ri,
Chilgok-myeon, Uiryeong-gun, Gyeongsangnam-do, Korea) |
|
Zip Code |
636-832 |
|
Tel |
+82-55-582-9410 |
|
Fax |
+82-55-582-9413 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
Rm.708, Kolon Digital Tower, 25, Seongsuil-ro
4-gil, Seongdong-gu, Seoul, Korea (Old Address System : Rm.708, Kolon Digital Tower, 308-4, 2-ga,
Seongsu-dong, Seongdong-gu, Seoul, Korea) |
|
Tel |
+82-2-461-7768 +82-2-2115-8989 |
|
Fax |
+82-2-461-7703 +82-2-2115-8988 |
|
Type |
Export/Import |
|
Industry |
Manufacturer
of Rolled, Drawn and Folded Products of Copper |
|
Main Business |
Copper
Tube, Finned Tube, Alloy Tube |
|
Established (mm/dd/yyyy) |
12/21/2004 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Copper tubing(31231302) |
|
Sell |
Copper pipe(40142110) |
|
Name |
Shin Suk-Kyun |
|
Address |
Suite 102-1407, 708-1, Seongsu-dong
1-ga, Seongdong-gu, Seoul, Korea |
|
Date of Birth |
06/23/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,400,000,000 |
|||||||||||||||
|
Employees |
81 |
|||||||||||||||
|
Formation |
Co.,
Ltd by shares |
|||||||||||||||
|
Bank Details |
Korea Exchange Bank-Seongsu Station Branch Industrial Bank of Korea Kookmin Bank |
|||||||||||||||
|
Corporate Registered No. |
195511-0076096 |
|||||||||||||||
|
Business Registered No. |
615-81-40837 |
|||||||||||||||
|
Permit & Licenses |
12/2006 ISO 9001 Int’l
Trade No.: 11870298 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
12/21/2004 Incorporated as the present name 09/05/2007 Increased capital to 600,000,000
KRW from 400,000,000 KRW 03/30/2007 Moved to 1475-10,
Yunoe-ri, Beopsu-myeon, Haman-gun, Gyeongsangnam-do, Korea from 784-1, Gangju-ri, Beopsu-myeon, Haman-gun, Gyeongsangnam-do, Korea 05/28/2008 Increased the authorized shares to 240,000,000 KRW from
80,000 shares 05/30/2008 Increased capital to 800,000,000 KRW from 600,000,000 KRW 10/28/2008 Increased capital to 1,000,000,000 KRW from 800,000,000 KRW 11/2008 Awarded US$ 20 Million Export Top Prize 07/09/2009 Increased capital to 1,400,000,000 KRW from 1,000,000,000
KRW 06/21/2010 Moved to the present HQ address from 1475-10, Yunoe-ri,
Beopsu-myeon, Haman-gun, Gyeongsangnam-do, Korea 08/30/2010
Moved to the present trading address from 2FL., Academy-Tower, 277-17, 2-ga,
Seongsu-dong, Seongdong-gu, Seoul, Korea |
|||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Shin Suk-Kyun |
Male |
Korean |
12/21/2004 |
|
Director |
Mr. |
Jeon Im-Jo |
Male |
Korean |
10/27/2008 |
|
Director |
Mr. |
Shin Byung-Seob |
Male |
Korean |
02/01/2010 |
|
Auditor |
Mr. |
Jung Hyun-Cheol |
Male |
Korean |
02/01/2010 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2012 |
19,967,757,950 |
19,287,522,804 |
10,581,818 |
|
2011 |
16,820,430,345 |
16,998,788,219 |
646,633,891 |
|
2010 |
12,711,892,227 |
14,092,300,644 |
-534,596,189 |
|
2009 |
21,823,668,810 |
12,668,972,425 |
329,940,031 |
|
2008 |
37,652,000,000 |
5,839,000,000 |
935,000,000 |
|
2007 |
21,518,000,000 |
2,814,000,000 |
179,000,000 |
|
2006 |
9,700,000,000 |
1,678,000,000 |
53,000,000 |
|
2005 |
10,391,000,000 |
1,645,000,000 |
18,000,000 |
|
Authorized Capital(KRW) |
2,400,000,000 |
|
Paid-Up Capital(KRW) |
1,400,000,000 |
|
Total Issued Shares |
140,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
19,287,522,804 |
16,998,788,219 |
14,092,300,644 |
|
Current Assets |
9,762,546,075 |
8,074,834,391 |
4,546,645,509 |
|
-Quick
Assets |
6,078,375,172 |
3,334,204,720 |
2,595,081,317 |
|
-Inventories |
3,684,170,903 |
4,740,629,671 |
1,951,564,192 |
|
Fixed
Assets |
9,524,976,729 |
8,923,953,828 |
9,545,655,135 |
|
-Investment |
15,300,000 |
- |
15,000,000 |
|
-Tangibles |
9,376,069,729 |
8,811,646,828 |
9,314,377,135 |
|
-Intangibles |
133,607,000 |
112,307,000 |
216,278,000 |
|
Total Liabilities |
16,296,466,546 |
13,972,951,939 |
11,713,098,255 |
|
Current Liabilities |
11,809,952,092 |
9,196,517,989 |
5,162,774,914 |
|
Fixed Liabilities |
4,486,514,454 |
4,776,433,950 |
6,550,323,341 |
|
Capital Stock |
1,400,000,000 |
1,400,000,000 |
1,400,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
1,591,056,258 |
1,625,836,280 |
979,202,389 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
2,991,056,258 |
3,025,836,280 |
2,379,202,389 |
|
Liab. & Shareholder’s Equity |
19,287,522,804 |
16,998,788,219 |
14,092,300,644 |
|
Current Liabilities |
11,809,952,092 |
9,196,517,989 |
5,162,774,914 |
|
Trade
Payables |
3,912,816,556 |
2,901,045,702 |
835,572,621 |
|
Account
Payables |
84,209,850 |
227,544,011 |
119,294,171 |
|
Withholdings |
32,334,310 |
15,557,480 |
18,186,030 |
|
Advance
Receipts |
624,293,660 |
411,273,811 |
310,696,399 |
|
Short-Term
Borrowings |
6,206,579,975 |
4,303,062,894 |
3,481,894,699 |
|
Accrued
Expenses |
185,817,741 |
66,958,754 |
81,130,994 |
|
Accrued
Income Tax |
- |
18,985,337 |
- |
|
Current
Portion of Long-Term Debts |
763,900,000 |
752,090,000 |
316,000,000 |
|
Current
Portion of Debentures |
- |
500,000,000 |
- |
|
Fixed Liabilities |
4,486,514,454 |
4,776,433,950 |
6,550,323,341 |
|
Debentures |
450,000,000 |
- |
500,000,000 |
|
Long-Term
Borrowings |
3,703,110,000 |
4,471,910,000 |
5,824,000,000 |
|
Provision
for Severance & Retirement |
432,037,151 |
315,640,550 |
226,323,341 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
19,967,757,950 |
16,820,430,345 |
12,711,892,227 |
|
Cost of Sold Goods |
17,351,113,209 |
14,160,953,919 |
10,780,948,960 |
|
Gross Profit |
2,616,644,741 |
2,659,476,426 |
1,930,943,267 |
|
Selling & Admin. Expenses |
2,030,825,199 |
2,041,512,906 |
1,865,910,193 |
|
Operating Income |
585,819,542 |
617,963,520 |
65,033,074 |
|
Non-Operating Income |
184,293,113 |
908,099,579 |
242,721,201 |
|
Non-Operating Expenses |
758,304,602 |
855,262,881 |
842,350,464 |
|
Income Before Taxes |
11,808,053 |
670,800,218 |
-534,596,189 |
|
Income Taxes Expenses |
1,226,235 |
24,166,327 |
- |
|
Net Income |
10,581,818 |
646,633,891 |
-534,596,189 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
93,903,039 |
-512,909,516 |
1,618,669,881 |
|
-Net Income |
10,581,818 |
646,633,891 |
-534,596,189 |
|
-Exp. without Cash Outflow |
1,125,647,335 |
995,604,867 |
849,140,838 |
|
-Revenue without Cash Inflows |
-15,520,700 |
-687,567,259 |
-1,787,714 |
|
-Changes in Asset/ & Liability |
-1,026,805,414 |
-1,467,581,015 |
1,305,912,946 |
|
Cash Flows from Investing |
-1,249,793,079 |
396,041,757 |
-4,805,140,317 |
|
-Cash Inflow from Investing |
469,212,661 |
1,973,302,818 |
575,343,315 |
|
-Cash Outflows for Investing |
-1,719,005,740 |
-1,577,261,061 |
-5,380,483,632 |
|
Cash Flows from Financing |
1,096,527,081 |
-94,831,805 |
3,238,094,699 |
|
-Cash Inflows from Financing |
6,335,252,217 |
3,229,811,786 |
6,980,172,072 |
|
-Cash Outflows from Financing |
-5,238,725,136 |
-3,324,643,591 |
-3,742,077,373 |
|
Increase/Decrease in Cash |
-59,362,959 |
-211,699,564 |
51,624,263 |
|
Cash at the Beginning of Year |
261,092,892 |
472,792,456 |
421,168,193 |
|
Cash at the End of Year |
201,729,933 |
261,092,892 |
472,792,456 |
|
Main Products & Services |
Manufacturer and supplier for the Copper alloy tube & pipe and all kinds
of finned tube including copper high finned tube. Copper and Copper alloy products -Copper tube & pipe(C1220) -Brass tube & pipe(C2600, C2700,
C44300, C68700) -Cu-Ni tube & pipe(C70600, C71500) -Copper & Copper alloy finned tube(High
& Low) -Round & Hex bar and Bus bar Fin Tube -Low Fin Tube -Cooper High Fin Tube -High Frequency Welded Fin Tube -Middle Fin Tube -Spiral & Corrugated Fin Tube -Inner Grooved Tube -Floral Tube Aluminum Finned Tube -For Air Cooled Heat Exchanger, Air Cooled
Condenser, Air Heater in field of Oil Refinery, Petrochemical Industry,
Offshore and Power plants |
|
Customers |
SC ENGINEERING CO., LTD.(110111-0271497) DOOSAN
MECATEC CO., LTD.(110111-0126022) |
|
Competitors |
TAEWOO METAL CO., LTD. 5DA-201-11, SIHWA INDUSTRIAL COMPLEX,
664-10, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-498-8145~8 FAX:+82-31-498-8149 SAMPO INDUSTRIAL CO., LTD. 2ND FL., SAMPO BLDG., 40-2, OGEUM-DONG,
SONGPA-GU, SEOUL, KOREA TEL:+82-2-573-5151 FAX:+82-2-571-5156 KUM WHAN INC. RA-1728, JUNGANG CIRCULATION COMPLEX, 1258,
GURO 2-DONG, GURO-GU, SEOUL, KOREA TEL:+82-2-2617-3073 FAX:+82-2-2684-3071 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAERYUNG
C&A CO., LTD. 293, SAENGNIM-RI,
SAENGNIM-MYEON, GIMHAE-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-329-3700
FAX:+82-55-338-1256 |
|
Cooperative Enterprise |
-Insured
Company GREEN NON-LIFE INSURANCE CO.,
LTD.(110111-0007082) |
(Activity & Markets)
The Subject deals
with the companies in China, Japan, Singapore, USA, Middle East and Europe.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.