|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAELIM
CORPORATION |
|
|
|
|
Registered Office : |
39, Sejong-daero, Jung-gu, Seoul, Korea, 11th Fl., Korea Chamber of
Commerce & Industry 100-743 |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
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 |
246 |
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 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 |
DAELIM
CORPORATION (Korean Company
Name : “(주)대림코퍼레이션”) |
|
Registered Address |
39, Sejong-daero, 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, 39, Sejong-daero, Jung-gu, Seoul, Korea (Old Address System : 11th Fl., Korea
Chamber of Commerce & Industry, 45, Namdaemunno 4-ga, Jung-gu, Seoul,
Korea) |
|
Tel |
+82-2-3708-3114 |
|
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.
Detailed Products
|
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) |
CEO’s
|
Name |
Kim Jin-Seo |
|
Date of Birth |
08/1957 |
|
Title |
Vice President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
36,829,810,000 |
||||||||||||||||||
|
Employees |
246 |
||||||||||||||||||
|
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) |
||||||||||||||||||
|
|
|
Management
|
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 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)2013 |
4,132,325,135,452 |
1,899,069,005,253 |
55,336,678,693 |
|
(*)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.
Financial Description
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
36,829,810,000 |
|
Total Issues Shares |
7,365,962 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
1,899,069,005,253 |
2,099,908,753,941 |
1,841,721,119,517 |
|
Current Assets |
409,600,105,454 |
635,885,925,511 |
428,507,631,044 |
|
Cash & Cash
Equivalents |
52,750,774,752 |
25,096,868,933 |
44,350,185,818 |
|
Current Financial
Instruments |
- |
- |
1,000,000,000 |
|
Trade Receivables
& Other Receivables |
316,436,254,356 |
575,986,630,247 |
350,649,202,666 |
|
Derivatives |
4,837,792,671 |
3,651,414,176 |
199,416,578 |
|
Inventories |
26,317,141,765 |
25,412,652,049 |
25,647,532,401 |
|
Other Current Assets |
9,258,141,910 |
5,738,360,106 |
6,661,293,581 |
|
Non-Current Assets |
1,489,468,899,799 |
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 |
963,768,637 |
983,440,284 |
949,638,490 |
|
Marketable Financial
Instruments |
1,424,225,540 |
1,665,279,740 |
1,763,249,540 |
|
Investment_Related
Companies |
781,872,865,665 |
780,372,865,665 |
780,372,865,665 |
|
Investment_Subsidiaries |
233,837,300 |
233,837,300 |
233,837,300 |
|
Tangibles |
616,072,176,516 |
585,400,106,379 |
536,544,761,451 |
|
Intangibles |
76,779,367,862 |
86,866,804,758 |
87,841,604,890 |
|
Other Non-Current
Assets |
12,115,158,279 |
8,492,994,304 |
5,500,031,137 |
|
Total Liabilities |
1,010,089,462,816 |
1,254,455,751,744 |
1,035,522,929,985 |
|
Current Liabilities |
481,541,058,301 |
732,078,280,811 |
392,066,019,686 |
|
Trade Payables &
Other Payables |
224,592,530,357 |
476,982,122,887 |
245,665,448,130 |
|
Short-Term Borrowings |
64,978,738,474 |
71,155,995,926 |
67,084,582,475 |
|
Derivatives |
4,743,897,798 |
5,910,502,227 |
4,208,890,606 |
|
Finance Lease Debts |
5,458,098,124 |
5,162,060,732 |
261,047,056 |
|
Accrued Income Tax |
7,170,129,690 |
13,567,879,773 |
14,783,699,295 |
|
Current Portion of
Long-Term Debts |
170,689,778,682 |
155,359,634,013 |
57,603,732,321 |
|
Other Current
Liabilities |
3,907,885,176 |
3,940,085,253 |
2,458,619,803 |
|
Non-Current
Liabilities |
528,548,404,515 |
522,377,470,933 |
643,456,910,299 |
|
Debentures |
71,659,000,000 |
129,394,045,486 |
243,295,443,843 |
|
Long-Term Borrowings |
275,492,312,675 |
211,075,199,099 |
239,568,800,826 |
|
Finance Lease Debts |
14,271,927,316 |
20,025,424,286 |
1,594,766,552 |
|
Provision for
Severance & Retirement |
129,414,748 |
224,537,862 |
191,905,709 |
|
Deferred Income Tax
Credit |
166,995,749,776 |
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 |
667,305,754,115 |
623,745,390,217 |
584,481,506,647 |
|
Others |
986,251,452 |
1,020,075,110 |
1,029,146,015 |
|
Total Equity |
888,979,542,437 |
845,453,002,197 |
806,198,189,532 |
|
Liab. &
Shareholder’s Equity |
1,899,069,005,253 |
2,099,908,753,941 |
1,841,721,119,517 |
Income Statement
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
4,132,325,135,452 |
4,159,332,981,539 |
4,399,668,808,663 |
|
Cost of Sold Goods |
3,976,384,345,243 |
4,027,208,654,895 |
4,283,067,595,110 |
|
Gross Profit |
155,940,790,209 |
132,124,326,644 |
116,601,213,553 |
|
Selling & Admin.
Expenses |
65,624,615,468 |
67,833,999,376 |
56,588,766,166 |
|
Operating Income |
90,316,174,741 |
64,290,327,268 |
60,012,447,387 |
|
Other Operating
Income |
107,134,559,139 |
104,548,709,990 |
61,354,533,328 |
|
Other Operating
Expenses |
110,082,340,003 |
92,964,100,662 |
69,363,753,451 |
|
Finance Income |
14,749,239,947 |
29,292,846,300 |
12,182,143,907 |
|
Finance Expenses |
27,502,363,825 |
29,443,094,723 |
41,188,025,400 |
|
Income Before Taxes |
74,615,269,999 |
75,724,688,173 |
22,997,345,771 |
|
Income Taxes Expenses |
19,278,591,306 |
19,887,692,126 |
17,112,836,228 |
|
Net Income |
55,336,678,693 |
55,836,996,047 |
5,884,509,543 |
Cash Flows
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
88,824,097,982 |
69,856,347,104 |
-11,946,030,057 |
|
Cash Flows from Operating |
124,622,565,355 |
108,283,538,867 |
4,182,000,665 |
|
Net Income |
55,336,678,693 |
55,836,996,047 |
5,884,509,543 |
|
Adjustment |
72,654,068,135 |
50,836,820,017 |
70,080,300,154 |
|
Changes in
Asset/ & Liability |
-3,368,181,473 |
1,609,722,803 |
-71,782,809,032 |
|
Interests Received |
365,227,668 |
449,569,039 |
2,803,924,208 |
|
Interests Paid |
-19,609,170,228 |
-21,383,386,185 |
-18,611,984,632 |
|
Dividends Received |
3,784,331,000 |
757,866,200 |
757,866,200 |
|
Income Taxes |
-20,338,855,813 |
-18,251,240,817 |
-1,077,836,498 |
|
Cash Flows from Investing |
-67,161,230,951 |
-51,149,132,413 |
-56,106,191,249 |
|
Cash Flows from Financing |
5,991,038,788 |
-37,918,972,133 |
57,566,890,014 |
|
Increase/Decrease in Cash |
27,653,905,819 |
-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 |
52,750,774,752 |
25,096,868,933 |
44,350,185,818 |
Products,
Technologies, Services Description
|
Main Products & Services |
Sales and Agency Business of Petrochemical,
Business of Ship Sales and Chartered Ship Petrochemical Business Shipping Business |
Trade Partners
& Competitors
|
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 |
Related Parties
(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. (100.0% held by the subject company) DAELIM YIBIANSHI(SHANGHAI) TRADING CO., LTD. (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD(110111-0005078) HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
|
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 2
arbitration cases amounting US$228,000.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.