|
Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
DK DONGSHIN CO., LTD. |
|
|
|
|
Registered Office : |
46, Dadong-gil, Jung-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.02.2008 |
|
|
|
|
Com. Reg. No.: |
104-86-13169 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Structural Metal Sheet Products and
Ornamental Metal Works Used on Building |
|
|
|
|
No. of Employees : |
179 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Basic
|
Company Name |
DK DONGSHIN CO., LTD. (Korean Company Name : “디케이동신(주)”) |
|
Registered
Address |
46, Dadong-gil, Jung-gu, Seoul, Korea (Old Address System : 92, Da-dong, Jung-gu, Seoul, Korea) |
|
Building |
|
|
Zip Code |
790-300 |
|
Tel |
+82-54-286-0050 |
|
Fax |
+82-54-286-0176 |
|
E-mail |
lemonlike2@dkdongshin.co.kr;garam34@dkis.co.kr |
|
Website |
www.dkdongshin.co.kr |
|
Trading Address |
154, Daesong-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea (Old Address System : 710-1, Goedong-dong, Nam-gu, Pohang-si, Gyeongbuk, Korea) |
|
Tel |
+82-54-280-0211 |
|
Fax |
+82-54-286-0176 |
|
Other Address-Gyeongju Branch |
736-3, Cheongang-ro, Gangdong-myeon, Gyeongju-si, Gyeongsangbuk-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Structural Metal Sheet Products and
Ornamental Metal Works Used on Building |
|
Main Business |
Color Steel
Products of PCM(Pre Coated Metal), Pre-Coated Metal Plate,
Steel Plate, Stainless Plate |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
02/29/2008 |
The Subject owns
the premises of Trading Address.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Steel(11101704) |
|
Sell |
Steel plate(30102204) |
|
Sell |
Metal smelting and refining and forming processes(73121500) |
CEO’s
|
Name |
Lim Soon-Myung |
|
Address |
Suite 205-704,
2001, Bangbae-dong, Seocho-gu, Seoul, Korea |
|
Date of Birth |
07/26/1951 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
45,000,000,000 |
|||||||||||||||||||||
|
Employees |
179 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares A Company of DONGKUK INDUSTRIES GROUP |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank Kookmin Bank Korea Exchange
Bank |
|||||||||||||||||||||
|
Corporate
Registered No. |
110111-3850959 |
|||||||||||||||||||||
|
Business
Registered No. |
104-86-13169 |
|||||||||||||||||||||
|
Permit &
Licenses |
Int’l Trade No.: 45341566 |
|||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||
|
Company
History |
02/29/2008
Incorporated as the present name 04/02/2008
Increased capital to 30,000,000,000 KRW from 7,500,000,000 KRW 06/30/2008
Increased the authorized shares to 200,000,000 shares from 6,000,000 shares 07/02/2008
Increased capital to 45,000,000,000 KRW from 30,000,000,000 KRW |
|||||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Lim Soon-Myung |
Male |
Korean |
04/01/2010 |
|
Director |
Mr. |
Jang Se-Hee |
Male |
Korean |
02/29/2008 |
|
Director |
Mr. |
Jang Sang-Geon |
Male |
Korean |
02/29/2008 |
|
Director |
M/S. |
Jang Hye-Won |
Female |
Korean |
02/29/2008 |
|
Auditor |
Mr. |
Lee Chan-Kook |
Male |
Korean |
02/29/2008 |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
189,876,710,491 |
125,706,566,742 |
315,676,686 |
|
|
(*)2011 |
179,171,718,630 |
144,120,327,654 |
711,507,940 |
|
(*)2010 |
171,123,453,055 |
134,164,767,137 |
2,664,615,141 |
|
2009 |
114,514,297,294 |
122,261,143,621 |
-26,412,748,050 |
|
2008 |
94,168,921,793 |
118,394,363,644 |
2,272,632,811 |
(*)Figures are based on the K-IFRS
Accounting System.
Financial Description
|
Authorized
Capital(KRW) |
1,000,000,000,000 |
|
Paid-Up
Capital(KRW) |
45,000,000,000 |
|
Total Issues
Shares |
9,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of 12/31/2011 |
As of
12/31/2010 |
|
Total
Assets |
125,706,566,742 |
144,120,327,654 |
134,164,767,137 |
|
Current
Assets |
67,007,348,365 |
76,909,339,385 |
65,927,110,630 |
|
Cash
& Cash Equivalents |
14,671,058 |
1,561,181,508 |
2,945,752,951 |
|
Current
Financial Instruments |
4,145,257,095 |
13,126,300,168 |
9,182,000,000 |
|
Trade
Receivables |
24,309,515,970 |
21,964,825,508 |
22,262,894,954 |
|
Other
Receivables |
1,264,652,386 |
633,249,285 |
1,504,911,096 |
|
Advance
Payments |
30,922,894 |
86,416,670 |
20,000,000 |
|
Derivatives |
- |
68,908,538 |
75,335,865 |
|
Accrued Income |
27,633,248 |
335,204,084 |
- |
|
Prepaid Expenses |
105,967,732 |
88,610,137 |
- |
|
Prepaid Income Taxes |
65,426,041 |
50,330,360 |
- |
|
Inventories |
37,043,301,941 |
38,994,313,127 |
29,585,433,129 |
|
Current
Non-Financial Instruments |
- |
- |
350,782,635 |
|
Non-Current
Assets |
58,699,218,377 |
67,210,988,269 |
68,237,656,507 |
|
Non-Current
Financial Instruments |
391,274,877 |
159,278,304 |
3,257,185,536 |
|
Marketable
Financial Instruments |
731,552,113 |
731,552,113 |
581,552,113 |
|
Held-to-Maturity
Financial Assets |
125,000 |
125,000 |
125,000 |
|
Investment_Related
Companies |
5,385,957,218 |
5,365,957,218 |
4,922,303,046 |
|
Tangibles |
45,302,182,690 |
41,915,255,093 |
43,038,202,007 |
|
Investment_Real
Estates |
3,101,827,250 |
3,100,632,090 |
3,100,632,090 |
|
Intangibles |
1,749,734 |
6,794,870 |
11,840,006 |
|
Guarantee Deposit Withhold |
574,755,586 |
175,458,195 |
- |
|
Long-Term Prepaid Expenses |
- |
12,398,771,050 |
- |
|
Deferred
Income Tax Assets |
3,209,793,909 |
3,357,164,336 |
1,307,076,816 |
|
Other
Non-Current Financial Instruments |
- |
- |
12,018,739,893 |
|
Total
Liabilities |
98,917,986,066 |
117,214,871,103 |
108,696,644,086 |
|
Current
Liabilities |
86,354,476,689 |
99,915,001,374 |
88,057,375,156 |
|
Trade
Payables |
20,727,320,007 |
31,146,737,850 |
27,470,359,528 |
|
Account
Payables |
2,382,323,386 |
2,546,598,529 |
2,720,125,446 |
|
Advance
Receipts |
91,943,820 |
76,425,962 |
42,543,400 |
|
Withholdings |
92,509,470 |
38,532,620 |
71,042,483 |
|
Accrued
Expenses |
501,229,622 |
406,204,947 |
444,861,346 |
|
Short-Term
Borrowings |
54,100,610,384 |
57,000,000,000 |
49,308,442,953 |
|
Current
Portion of Long-Term Debts |
8,458,540,000 |
8,000,000,000 |
8,000,000,000 |
|
Derivatives |
- |
700,501,466 |
- |
|
Non-Current
Liabilities |
12,563,509,377 |
17,299,869,729 |
20,639,268,930 |
|
Debentures |
5,000,000,000 |
5,000,000,000 |
|
|
Long-Term
Borrowings |
6,841,460,000 |
12,000,000,000 |
20,000,000,000 |
|
Provision
for Severance & Retirement |
669,205,803 |
247,026,155 |
586,425,356 |
|
Other
Non-Current Financial Debts |
52,843,574 |
52,843,574 |
52,843,574 |
|
Capital
Stock |
45,000,000,000 |
45,000,000,000 |
45,000,000,000 |
|
Capital
Adjustment |
-662,059,000 |
-662,059,000 |
-662,059,000 |
|
Profit
Surplus |
-17,549,360,324 |
-17,432,484,449 |
-20,010,038,677 |
|
Others |
|
|
1,140,220,728 |
|
Total
Equity |
26,788,580,676 |
26,905,456,551 |
25,468,123,051 |
|
Liab.
& Shareholder’s Equity |
125,706,566,742 |
144,120,327,654 |
134,164,767,137 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
189,876,710,491 |
179,171,718,630 |
171,123,453,055 |
|
Cost
of Sold Goods |
176,217,064,797 |
166,889,441,416 |
-155,245,829,423 |
|
Gross
Profit |
13,659,645,694 |
12,282,277,214 |
15,877,623,632 |
|
Selling
& Admin. Expenses |
8,679,466,757 |
7,426,174,057 |
-8,600,252,828 |
|
Operating
Income |
4,980,178,937 |
4,856,103,157 |
6,451,167,460 |
|
Other
Non-Operating Income |
783,918,622 |
1,130,402,688 |
1,510,462,267 |
|
Other
Non-Operating Expenses |
2,470,794,136 |
1,719,308,779 |
-1,853,141,820 |
|
Finance
Income |
2,287,333,935 |
1,415,981,445 |
1,626,990,832 |
|
Finance
Expenses |
4,995,588,240 |
6,689,036,280 |
-4,869,498,677 |
|
Equity
Profits on Related Companies |
- |
- |
-483,523,791 |
|
Income
Before Taxes |
585,049,118 |
-1,005,857,769 |
3,208,659,615 |
|
Income
Taxes Expenses |
269,372,432 |
-1,717,365,709 |
-544,044,474 |
|
Net
Income |
315,676,686 |
711,507,940 |
2,664,615,141 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash
Flows from Operating |
2,418,271,446 |
-5,136,809,740 |
-2,809,785,799 |
|
-Net
Income |
315,676,686 |
711,507,940 |
2,664,615,141 |
|
-Exp.
without Cash Outflow |
8,952,545,099 |
7,608,729,054 |
8,097,093,014 |
|
-Revenue
without Cash Inflows |
-1,993,732,103 |
-1,347,343,647 |
-740,706,312 |
|
-Changes
in Asset/ & Liability |
-591,783,283 |
-7,373,245,606 |
-8,692,960,857 |
|
-Adjustment |
-4,264,434,953 |
-4,736,457,481 |
-4,137,826,785 |
|
Cash
Flows from Investing |
3,520,533,077 |
-939,318,750 |
2,477,379,947 |
|
-Cash
Inflow from Investing |
11,656,882,022 |
19,754,696,120 |
249,719,675,367 |
|
-Cash
Outflows for Investing |
-8,136,348,945 |
-20,694,014,870 |
-247,242,295,420 |
|
Cash
Flows from Financing |
-7,485,314,973 |
4,691,557,047 |
2,164,875,502 |
|
-Cash
Inflows from Financing |
49,151,177,095 |
15,000,000,000 |
6,164,875,502 |
|
-Cash
Outflows from Financing |
-56,636,492,068 |
-10,308,442,953 |
-4,000,000,000 |
|
Increase/Decrease
in Cash |
-1,546,510,450 |
-1,384,571,443 |
1,832,469,650 |
|
Cash
at the Beginning of Year |
1,561,181,508 |
2,945,752,951 |
1,113,283,301 |
|
Cash
at the End of Year |
14,671,058 |
1,561,181,508 |
2,945,752,951 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Color Steel
Products of PCM(Pre Coated Metal), Pre-Coated Metal Plate,
Steel Plate, Stainless Plate |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
SAMSUNG C&T CORPORATION(110111-0002975) SAMSUNG ELECTRONICS CO., LTD.(130111-0006246) |
|
Competitors |
DONGKWANG CO.,
LTD. 655, DONGO-RI,
HYANGNAM-EUP, HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-354-8599 FAX:+82-31-354-8662 SEYUN STEEL
CO., LTD. 500-21,
BUGYANG-DONG, HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-355-5250 FAX:+82-31-356-7042~3 GWANG SHIN STEEL
CO., LTD. 619-3,
DOCHEON-DONG, GWANGSAN-GU, GWANGJU, KOREA TEL:+82-62-959-9932 FAX:+82-62-959-9935 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DONGKUK
INDUSTRIES CO., LTD.(110111-0085583) (6.67% held by
the subject company) DAEWON STEEL
CO., LTD.(120111-0123711) (33.33% held
by the subject company) DONGKUK
REFRACTORIES & STEEL CO., LTD.(195511-0069249) (4.44 held by
the subject company) CHOSUN
STEELWIRE CO.,LTD(110111-0008486) DONGKUK
S&C(110111-2276784) DONGKUK
REFRACTORIES CO., LTD.(195511-0069249) HANRYO ENERGY
DEVELOPMENT CO., LTD.(206211-0026796) SHINAN WIND
POWER CO., LTD.(201111-0023666) GO DEOK WIND
POWER CO., LTD.(161311-0017432) DONGYEON
S&T CO., LTD.(110111-3401059) CHUNGSEOK
DEVELOPMENT CO., LTD. DK AMERICA, INC. KUMHWA METAL
CO., LTD. DK WIND POWER
CO., LTD.(234111-0045158) NAMWON WIND
POWER CO., LTD.(211311-0005428) DK DONGSHIN
CO., LTD.(110111-3850959) SOZHOU
DONGSHIN COLOR METAL CO., LTD.(CHINA) (48.25 held by
the subject company) |
|
Overseas
Office |
QSSC S.A DE
C.V |
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company MERITZ FIRE & MARINE INSURANCE CO.,
LTD.(110111-0013328) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
|
|
The Subject Company |
- |
432 |
The Subject won. |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.