|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
DONGSUH CHEMICAL IND. CO., LTD. |
|
|
|
|
Registered Office : |
403, Cheolgang-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.06.1974 |
|
|
|
|
Com. Reg. No.: |
506-81-00114 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Basic Organic Chemicals |
|
|
|
|
No. of Employees : |
68 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KOREA (SOUTH) - 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. South 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. South 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-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,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
DONGSUH CHEMICAL IND. CO., LTD. |
|
Registered Address |
403, Cheolgang-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea (Old Address System : 587, Ho-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea) |
|
Zip Code |
790-717 |
|
Tel |
+82-54-278-8631 |
|
Fax |
+82-54-278-3247 |
|
E-mail |
email@dongsuhcheml.co.kr |
|
Website |
www.dongsuhchem.co.kr |
|
Trading Address |
2FL., KUMKANG KIND Bldg., 16, Hyoryeong-ro
60-gil, Seocho-gu, Seoul, Korea (Old Address System : 2FL., KUMKANG KIND Bldg., 1445-2, Seocho 1-dong, Seocho-gu, Seoul,
Korea) |
|
Tel |
+82-2-3471-4121 |
|
Fax |
+82-2-3471-8022 |
|
Other Address |
1559-1, Songjeong-dong, Gangseo-gu, Busan, Korea |
|
Tel |
+82-51-831-5586 |
|
Fax |
+82-51-831-9446 |
|
Other Address |
178, Jecheol-ro, Gwangyang-eup,
Gwangyang-si, Jeollanam-do, Korea |
|
Type |
Export |
|
Industry |
Manufacture of Basic Organic Chemicals |
|
Main Business |
SL Compound, Fuel Oil, Coal-Tar Enamel |
|
Established (mm/dd/yyyy) |
06/01/1974 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Enamel paints(31211501) |
|
Sell |
Pigment paints(31211503) |
|
Sell |
Paints and primers(31211500) |
|
Sell |
Coal tar(30121501) |
|
Buy |
Dyes(12171500) |
|
Buy |
Epoxy(13111001) |
|
Buy |
Polyethylene films(13111201) |
|
Buy |
Metallic bins(24112004) |
|
Buy |
Non metallic bins(24112003) |
|
Buy |
Pigments(12171600) |
CEO’s
|
Name |
Chee Seung-Lyong |
|
Address |
Suite 101-3202, 21, Seochojungang-ro 2-gil,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
01/11/1956 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,148,000,000 |
||||||||||||
|
Employees |
68 |
||||||||||||
|
Formation |
Co., Ltd by Shares A Company of Kumkang Industry Group |
||||||||||||
|
Bank Details |
Daegu Bank |
||||||||||||
|
Corporate Registered No. |
174611-0000949 |
||||||||||||
|
Business Registered No. |
506-81-00114 |
||||||||||||
|
Permit & Licenses |
10/24/1997 ISO 9001 04/14/1999 ISO 9001 04/06/2011 KS Mark Int’l Trade No.: 203223 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
06/01/1974 Incorporated as the present name 04/17/2008 Moved to the present Trading
Address from 11~13FL., Gangnam Bldg., 1321-1, Seocho 2-dong, Seocho-gu, Seoul,
Korea 11/11/2006 Increased capital to
3,148,000,000 KRW from 2,148,000,000 KRW 04/01/2014 Acquired HANGUK KOTEC CO.,
LTD.(131411-0266794) |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Chee Seung-Lyong |
Male |
Korean |
01/06/2011 |
|
Co-President & CEO |
M/S. |
Ahn Young-Soon |
Female |
Korean |
03/26/2014 |
|
Director |
Mr. |
Jeon Jang-Yeol |
Male |
Korean |
05/15/2000 |
|
Director |
Mr. |
Jeon Tae-Young |
Male |
Korean |
05/15/2000 |
|
Auditor |
Mr. |
Choi Sang-Hak |
Male |
Korean |
04/18/2008 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
40,537,322,209 |
48,665,608,029 |
940,375,617 |
|
2012 |
43,980,782,271 |
46,447,886,416 |
3,238,264,359 |
|
2011 |
39,000,440,042 |
43,296,277,257 |
-165,715,885 |
|
2010 |
30,325,818,052 |
41,693,890,127 |
-1,004,580,538 |
|
2009 |
25,368,354,187 |
33,817,338,487 |
2,727,765,244 |
Financial
Description
|
Authorized Capital(KRW) |
3,500,000,000 |
|
Paid-Up Capital(KRW) |
3,148,000,000 |
|
Total Issued Shares |
314,800 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
48,665,608,029 |
46,447,886,416 |
43,296,277,257 |
|
Current Assets |
16,843,047,793 |
20,388,287,516 |
15,967,197,476 |
|
-Quick Assets |
13,822,943,722 |
16,926,301,463 |
13,149,515,129 |
|
-Inventories |
3,020,104,071 |
3,461,986,053 |
2,817,682,347 |
|
Fixed Assets |
31,822,560,236 |
26,059,598,900 |
27,329,079,781 |
|
-Investment |
8,414,811,662 |
3,907,906,632 |
5,114,152,050 |
|
-Tangibles |
21,311,306,534 |
20,375,875,174 |
20,495,430,573 |
|
-Intangibles |
23,360,300 |
39,534,044 |
58,678,598 |
|
-Others |
2,073,081,740 |
1,736,283,050 |
1,660,818,560 |
|
Total Liabilities |
19,340,051,858 |
19,045,161,065 |
18,653,597,586 |
|
Current Liabilities |
14,570,129,115 |
14,411,634,277 |
14,007,941,977 |
|
Fixed Liabilities |
4,769,922,743 |
4,633,526,788 |
4,645,655,609 |
|
Capital Stock |
3,148,000,000 |
3,148,000,000 |
3,148,000,000 |
|
Capital Surplus |
2,993,289,500 |
2,993,289,500 |
2,993,289,500 |
|
Profit Surplus |
13,278,038,816 |
12,337,663,199 |
9,145,405,087 |
|
Capital Adjustment |
9,906,227,855 |
8,923,772,652 |
9,355,985,084 |
|
Total Equity |
29,325,556,171 |
27,402,725,351 |
24,642,679,671 |
|
Liab. & Shareholder’s Equity |
48,665,608,029 |
46,447,886,416 |
43,296,277,257 |
|
Current Liabilities |
14,570,129,115 |
14,411,634,277 |
14,007,941,977 |
|
Trade Payables |
1,351,240,437 |
1,512,725,121 |
1,034,131,228 |
|
Short-Term Borrowings |
11,480,000,000 |
11,480,000,000 |
11,480,000,000 |
|
Account Payables |
918,864,672 |
731,632,919 |
947,166,655 |
|
Advance Receipts |
191,400 |
- |
48,400 |
|
Withholdings |
71,580,310 |
73,857,690 |
80,600,320 |
|
Accrued Expenses |
365,941,553 |
430,658,516 |
303,044,830 |
|
Deferred Income Tax |
338,110,743 |
- |
|
|
VAT Withhold |
- |
146,160,031 |
162,950,544 |
|
Current Portion of Long-Term Debts |
44,200,000 |
36,600,000 |
- |
|
Fixed Liabilities |
4,769,922,743 |
4,633,526,788 |
4,645,655,609 |
|
Long-Term Borrowings |
2,427,200,000 |
2,298,400,000 |
2,335,000,000 |
|
Provision for Severance & Retirement |
1,490,583,499 |
1,228,551,500 |
1,020,177,587 |
|
Leasehold Deposit Received |
10,000,000 |
10,000,000 |
10,000,000 |
|
Deferred Income Tax Credit |
2,329,240,591 |
2,325,126,788 |
2,276,739,388 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
40,537,322,209 |
43,980,782,271 |
39,000,440,042 |
|
Cost of Sold Goods |
31,022,764,231 |
33,174,484,839 |
27,937,130,731 |
|
Gross Profit |
9,514,557,978 |
10,806,297,432 |
11,063,309,311 |
|
Selling & Admin. Expenses |
6,714,286,333 |
6,186,678,208 |
5,698,547,112 |
|
Operating Income |
2,800,271,645 |
4,619,619,224 |
5,364,762,199 |
|
Non-Operating Income |
863,738,920 |
1,103,448,957 |
841,052,077 |
|
Non-Operating Expenses |
2,228,717,923 |
2,480,561,187 |
6,370,111,072 |
|
Income Before Taxes |
1,435,292,642 |
3,242,506,994 |
-164,296,796 |
|
Income Taxes Expenses |
494,917,025 |
4,242,635 |
1,419,089 |
|
Net Income |
940,375,617 |
3,238,264,359 |
-165,715,885 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
4,248,863,671 |
7,575,249,241 |
2,060,380,701 |
|
-Net Income |
940,375,617 |
3,238,264,359 |
-165,715,885 |
|
-Exp. without Cash Outflow |
2,996,102,437 |
3,420,729,982 |
6,549,969,419 |
|
-Revenue without Cash Inflows |
-45,182,987 |
-461,856,726 |
-1,263,837 |
|
-Changes in Asset/ & Liability |
357,568,604 |
1,378,111,626 |
-4,322,608,996 |
|
Cash Flows from Investing |
-7,078,703,357 |
-2,102,500,677 |
-5,396,652,732 |
|
-Cash Inflow from Investing |
344,533,415 |
650,679,367 |
1,013,323,635 |
|
-Cash Outflows for Investing |
-7,423,236,772 |
-2,753,180,044 |
-6,409,976,367 |
|
Cash Flows from Financing |
136,400,000 |
- |
2,149,000,000 |
|
-Cash Inflows from Financing |
173,000,000 |
- |
13,815,000,000 |
|
-Cash Outflows from Financing |
-36,600,000 |
- |
-11,666,000,000 |
|
Increase/Decrease in Cash |
-2,693,439,686 |
5,472,748,564 |
-1,187,272,031 |
|
Cash at the Beginning of Year |
7,264,316,187 |
1,791,567,623 |
2,978,839,654 |
|
Cash at the End of Year |
4,570,876,501 |
7,264,316,187 |
1,791,567,623 |
Products,
Technologies, Services Description
|
Main Products & Services |
SL Compound, Fuel Oil, Coal-Tar Enamel |
Trade Partners
& Competitors
|
Competitors |
KYUNGDONG CHEMICALS CORP. RM. 704, BYUCKSAN SEONYEONG TECHNOPIA,
196-5, OJEON-DONG, UIWANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-387-3573~5 FAX:+82-31-387-3576 DAEHAN PARKERIZING CO., LTD. 4TH FL., UDO BLDG., 363-5, SEOGYO-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-333-5821 FAX:+82-2-333-6092 SAMWANG CHEMICAL CORPORATION 348, MYOBONG-RI, IDONG-MYEON, CHEOIN-GU,
YONGIN-SI, GYEONGGI-DO, KOREA TEL:+82-31-336-3873 FAX:+82-31-336-3876 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
INSAN DIGICHEM CO., LTD.(110111-1700213) (33.44% held by the subject company) EVERCOS CO., LTD.(184511-0013736) (29.0% held by the subject company) PT. DONGSUH INDONESIA (98.99% held by the subject company) PT. KPDC (25.0% held by the subject company) KUMKANG KIND CO., LTD(180111-0034320) KOREA INDUSTRIAL CO.,LTD.(180111-0001494) KUMKANG INFORMATION SYSTEM CO., LTD.(110111-2793291) BUSAN FRUTT & VEG CO.,
LTD.(180111-0148080) D&A CO., LTD.(KOREA) KORYO CO., LTD.(180111-0578146) JUNGWON ENGINEERING CO.,
LTD(154511-0026066) DONHSUH ECO SOIL CO., LTD.(180111-0621143) CASTECH CO., LTD.(150111-0140727) GIMHAE LOGISTICS TERMINAL CO.,
LTD.(195511-0131395) KUMKANG KIND(M) SDN. BHD. KUMKANG KIND U.S.A. INC. KUMKANG KIND VIETNAM CO., LTD. |
|
Subsidiary |
PT. DONGSUH INDONESIA (98.99% held by the subject company) |
|
Corporate Ownership |
KUMKANG KIND CO., LTD(180111-0034320) |
|
Major Shareholders |
KUMKANG KIND CO., LTD(180111-0034320) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity & Markets)
The Subject exports to Japan.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.