|
Report Date : |
18.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DCM CORPORATION |
|
|
|
|
Formerly Known As : |
DAERIM CORP. |
|
|
|
|
Registered Office : |
55, Ungsangnonggongdanji-gil, Yangsan-si, Gyeongsangnam-do, Korea, Zip Code 626-841 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
April 1972 (Sole
Proprietorship) 01.01.1987 (Listed Company) |
|
|
|
|
Com. Reg. No.: |
621-81-16744 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
· Manufacturer of Basic Cut Products of Iron or Steel to Non-rectangular Shapes · Wholesaler of Metal Plates, Bars, Pipes, and Basic Metals |
|
|
|
|
No. of Employees : |
150 |
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 – 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 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 |
DCM CORPORATION (Korean Company Name : “디씨엠(주)”) |
|
Registered Address |
55, Ungsangnonggongdanji-gil, Yangsan-si, Gyeongsangnam-do, Korea |
|
Zip Code |
626-841 |
|
Tel |
+82-55-366-9991~5 |
|
Fax |
+82-55-366-9996 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
55, Ungsangnonggongdanji-gil, Yangsan-si,
Gyeongsangnam-do, Korea (Old Address System : 89-14, Deokgye-dong,
Yangsan-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-366-9991~5 |
|
Fax |
+82-55-366-9996 |
|
Other
Address-Busan Factory |
139-10, Sajik-dong, Dongnae-gu, Busan, Korea |
|
Tel |
+82-51-501-4133 |
|
Type |
Export |
|
Industry |
Manufacture
of Basic Cut Products of Iron or Steel to Non-rectangular Shapes |
|
Main Business |
Laminate
Steel Sheet, Industrial Film, Masking Film |
|
Sub
Business |
Wholesaler
of Metal Plates, Bars, Pipes, and Basic Metals |
|
Established (mm/dd/yyyy) |
01/01/1987 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Steel
plate(30102204) |
|
Buy |
Films(13111200) |
|
Buy |
Coil(30101900) |
|
Buy |
Plastic
sheet(30102515) |
|
Buy |
Iron
plate(30102203) |
|
Buy |
Other
adhesives and sealants(31201600) |
|
Name |
Jung
Yeon-Taek |
|
Date of Birth |
04/20/1951 |
|
Title |
Chairman
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,000,000,000 |
||||||||||||||||||||||||
|
Employees |
150 |
||||||||||||||||||||||||
|
Formation |
Listed Company(Korea Stock Exchange:
024090) as of 08/18/1999 |
||||||||||||||||||||||||
|
Bank Details |
Busan Bank- Deokgye Branch |
||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0071794 |
||||||||||||||||||||||||
|
Business Registered No. |
621-81-16744 |
||||||||||||||||||||||||
|
Permit & Licenses |
02/25/1998 ISO 9002 12/2003 ISO 9001 11/2008 ISO 9001 Int’l Trade No.: 370833 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
04/1972 Established
as DAERIM CHEMICAL COMPANY(Sole Proprietorship) 01/01/1987 Incorporated as DAERIM CORP. 05/14/1999
Changed company name to the present name |
||||||||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
Chairman
& CEO |
Mr. |
Jung Yeon-Taik |
Korean |
1951.04.20 |
Yonsei University, Korea |
|
Sr.
Executive Director |
M/S. |
Moon Jung-Hye |
Korean |
1957.09.26 |
Ehwa Women's University, Korea |
|
Executive
Director |
Mr. |
Sohn Kyung-Tae |
Korean |
1956.01.24 |
Youngnam University, Korea |
|
Outside
Director |
Mr. |
Lim Jung-Tae |
Korean |
1950.07.26 |
Busan National University, Korea |
|
Auditor |
Mr. |
Yoon Kwon-Cheol |
Korean |
1950.01.01 |
Dongah University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
126,619,873,559 |
150,431,640,233 |
3,348,150,456 |
|
|
(*)2012 |
158,251,717,097 |
184,411,551,745 |
12,728,174,825 |
|
(*)2011 |
174,851,107,911 |
155,109,843,055 |
15,125,085,536 |
|
(*)2010 |
154,111,000,000 |
148,043,000,000 |
22,413,000,000 |
|
2009 |
111,680,006,051 |
121,786,808,308 |
13,484,883,426 |
|
2008 |
106,278,612,573 |
105,984,641,281 |
10,513,450,345 |
|
2007 |
80,388,750,632 |
88,762,196,189 |
13,070,531,901 |
|
2006 |
64,415,776,328 |
73,167,869,638 |
6,303,851,169 |
|
2005 |
56,399,193,392 |
66,321,584,988 |
5,490,160,575 |
|
2004 |
46,926,812,720 |
61,192,031,246 |
4,867,162,532 |
|
2003 |
39,725,945,441 |
55,684,239,369 |
4,129,510,970 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
6,000,000,000 |
|
Total Issued Shares |
11,700,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
150,431,640,233 |
184,411,551,745 |
155,109,843,055 |
|
Current
Assets |
97,326,674,671 |
134,005,539,937 |
112,172,815,996 |
|
Cash & Cash Equivalents |
12,878,626,073 |
11,793,794,444 |
5,979,716,980 |
|
Current Financial Instruments |
11,843,231,594 |
6,984,384,764 |
6,097,393,979 |
|
Finance Assets from this year's
Income |
22,026,186,341 |
24,364,791,246 |
29,290,911,526 |
|
Marketable Financial Instruments |
3,290,966,349 |
4,295,943,597 |
4,068,283,427 |
|
Trade Receivables & Other Receivables |
16,313,699,359 |
56,510,773,288 |
23,983,461,436 |
|
Other Current Assets |
1,221,898,877 |
68,566,958 |
13,946,657,594 |
|
Inventories |
29,439,457,588 |
29,987,285,640 |
28,806,391,054 |
|
Deferred Income Tax |
312,608,490 |
- |
|
|
Non-Current
Assets |
53,104,965,562 |
50,406,011,808 |
42,937,027,059 |
|
Non-Current Financial Instruments |
515,600,000 |
98,000,000 |
1,433,931,507 |
|
Finance Assets from this year's
Income |
|
|
996,885,000 |
|
Marketable Financial Instruments |
5,780,294,320 |
2,630,300,024 |
4,459,612,466 |
|
Other
Receivables |
319,412,000 |
148,138,000 |
100,516,000 |
|
Investment_Subsidiaries |
868,570,000 |
868,570,000 |
868,570,000 |
|
Tangibles |
24,206,682,461 |
24,968,852,407 |
17,163,110,293 |
|
Intangibles |
100,000,000 |
100,000,000 |
100,000,000 |
|
Investment_Real Estates |
21,314,406,781 |
21,592,151,377 |
17,814,401,793 |
|
Total
Liabilities |
21,437,812,750 |
51,530,138,762 |
28,230,228,986 |
|
Current
Liabilities |
16,938,979,736 |
49,674,220,744 |
27,138,904,749 |
|
Trade Payables & Other
Payables |
12,132,563,297 |
27,324,312,140 |
16,710,984,047 |
|
Short-Term Borrowings |
4,483,089,716 |
20,213,663,267 |
6,847,308,171 |
|
Other Current Liabilities |
323,326,723 |
998,921,849 |
308,878,584 |
|
Deferred Income Tax Credit |
- |
1,137,323,488 |
3,271,733,947 |
|
Non-Current
Liabilities |
4,498,833,014 |
1,855,918,018 |
1,091,324,237 |
|
Provision for Severance &
Retirement |
1,051,868,544 |
1,162,846,802 |
707,142,217 |
|
Other Payables |
2,850,358,317 |
- |
|
|
Deferred Income Tax Credit |
596,606,153 |
693,071,216 |
384,182,020 |
|
Capital
Stock |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
|
Capital Surplus |
14,979,028,315 |
14,979,028,315 |
14,979,028,315 |
|
Others |
-4,553,151,662 |
-4,220,889,162 |
-3,902,623,462 |
|
Installments |
-793,556,304 |
119,260,435 |
150,364,165 |
|
Profit Surplus |
113,361,507,134 |
116,004,013,395 |
109,652,845,051 |
|
Total Equity |
128,993,827,483 |
132,881,412,983 |
126,879,614,069 |
|
Liab. & Shareholder’s Equity |
150,431,640,233 |
184,411,551,745 |
155,109,843,055 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
126,619,873,559 |
158,251,717,097 |
174,851,107,911 |
|
Cost of Sold Goods |
117,269,050,479 |
136,290,745,142 |
143,787,008,587 |
|
Gross Profit |
9,350,823,080 |
21,960,971,955 |
31,064,099,324 |
|
Selling & Admin. Expenses |
7,769,397,094 |
9,790,929,330 |
9,187,983,218 |
|
Operating Income |
1,581,425,986 |
12,170,042,625 |
21,876,116,106 |
|
Other Income |
3,057,544,930 |
4,506,987,344 |
3,562,673,111 |
|
Other Expenses |
2,522,885,924 |
1,758,357,496 |
7,222,019,087 |
|
Finance Income |
2,493,007,902 |
1,825,036,921 |
1,413,335,124 |
|
Finance Expenses |
470,379,605 |
639,666,794 |
428,519,602 |
|
Income Before Taxes |
4,138,713,289 |
16,104,042,600 |
19,201,585,652 |
|
Income Taxes Expenses |
790,562,833 |
3,375,867,775 |
4,076,500,116 |
|
Net Income |
3,348,150,456 |
12,728,174,825 |
15,125,085,536 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating Activities Cash Flows |
27,002,005,688 |
-692,331,584 |
9,121,862,891 |
|
Cash
Flows from Operating |
26,828,317,961 |
2,700,989,880 |
14,542,618,653 |
|
Interests
Received |
2,559,807,897 |
1,808,983,600 |
938,347,754 |
|
Interests
Paid |
-362,839,159 |
-569,743,651 |
-414,262,190 |
|
Income
Taxes |
-2,031,161,720 |
-5,101,376,413 |
-6,344,209,250 |
|
Dividends
Received |
7,880,709 |
468,815,000 |
399,367,924 |
|
Cash Flows from Investing |
-7,054,916,072 |
-547,378,770 |
-10,721,988,198 |
|
Cash
Inflow from Investing |
37,181,876,464 |
34,939,206,998 |
28,601,239,557 |
|
Cash
Outflows for Investing |
-44,236,792,536 |
-35,486,585,768 |
-39,323,227,755 |
|
Cash Flows from Financing |
-18,734,116,051 |
7,092,069,396 |
-3,976,207,026 |
|
Cash
Inflows from Financing |
3,661,089,716 |
43,129,116,768 |
49,057,279,513 |
|
Cash
Outflows from Financing |
-22,395,205,767 |
-36,037,047,372 |
-53,033,486,539 |
|
Increase/Decrease in Cash |
1,212,973,565 |
5,852,359,042 |
-5,576,332,333 |
|
Cash at the Beginning of Year |
11,793,794,444 |
5,979,716,980 |
11,570,306,725 |
|
Cash at the End of Year |
12,878,626,073 |
11,793,794,444 |
5,979,716,980 |
|
Main Products & Services |
-Steel Division CR(Cold Rolled) steel sheet EGI(Electro-Galvanized Iron) steel
sheet GI(Galvanized Iron) steel sheet Laminating Steel Sheet -Film Division Eva Film Functional Film Masking Film PET Film |
|
Suppliers |
POSCO(174611-0000741) LG CHEM LTD(110111-2207995) HANWHA L&C CORPORATION(110111-1725930) SAMSUNG TOTAL PETROCHEMICALS CO.,
LTD.(161411-0013066) DORIM CORP. |
|
Customers |
LG ELECTRONICS INC.(110111-2487050) SAMSUNG ELECTRONICS CO,.LTD(130111-0006246) DAEWOO ELECTRONICS CORP.(110111-0546452) |
|
Competitors |
HAEWON ST CO., LTD. 546-7, OSEON-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-958-7000 FAX:+82-62-958-7095 HAN YANG STEEL IND. CO., LTD. 472-2, JAKJEON 2-DONG, GYEYANG-GU, INCHEON,
KOREA TEL:+82-32-547-5540 FAX:+82-32-549-7914 DANIL INDUSTRY CO., LTD. 656-1, SEONJEONG-RI, SAMSEONG-MYEON,
EUMSEONG-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-883-5400 FAX:+82-43-883-5403 (*) The Subject accounts for about 50.0%
domestic market share. |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DORIM CORP.(184511-0015386) (58.57% held by the subject company) |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
52,657 |
76,069 |
72,481 |
|
Domestic |
69,913 |
98,782 |
81,630 |
|
Total |
122,570 |
174,851 |
154,111 |
The Subject exports to China & Japan.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
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.