|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOOWON STEEL CO.,
LTD. |
|
|
|
|
Formerly Known as : |
DOOWON STEEL CO.(Sole Proprietorship) |
|
|
|
|
Registered Office : |
366-1, Taehwa-ri, Bongsan-myeon, Kimcheon-si, Gyeongsangbuk-do, Korea, Zip code 740-823 |
|
|
|
|
Country : |
South korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.02.2003 |
|
|
|
|
Com. Reg. No.: |
510-81-13597 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Guilt, Coloration, Surface Processing Steel Materials,
Electrolytic Galvanized Iron(EGI), Electrolytic Galvanized Steels & EG
Coil |
|
|
|
|
No of Employees : |
27 |
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 : |
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) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
DOOWON STEEL
CO., LTD. (Korean Company Name : “두원스틸(주)”) |
|
Registered Address |
366-1, Taehwa-ri, Bongsan-myeon, Kimcheon-si, Gyeongsangbuk-do, Korea |
|
Zip Code |
740-823 |
|
Tel |
+82-54-433-2860 |
|
Fax |
+82-54-433-2866 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
366-1, Taehwa-ri, Bongsan-myeon, Kimcheon-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-433-2860 |
|
Fax |
+82-54-433-2866 |
|
Type |
Export |
|
Main Business |
Manufacturer
of Guilt, Coloration, Surface Processing Steel Materials, Electrolytic Galvanized
Iron(EGI), Electrolytic Galvanized Steels & EG Coil |
|
Established (mm/dd/yyyy) |
02/18/2003 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Steel plate(30102204) |
|
Name |
Jung Young-Chool |
|
Address |
Suite 108-502, 1090-6, Suseong-dong 4-ga, Suseong-gu, Daegu, Korea |
|
Date of Birth |
09/29/1959 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,000,000,000 |
|||||||||
|
Employees |
27 |
|||||||||
|
Formation |
Co.,
Ltd by Shares |
|||||||||
|
Bank Details |
Kookmin Bank Korea Exchange Bank Shinhan Bank |
|||||||||
|
Corporate Registered No. |
171311-0010913 |
|||||||||
|
Business Registered No. |
510-81-13597 |
|||||||||
|
Permit & Licenses |
05/14/2003 ISO 9001 05/09/2007
ISO 14001 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
11/05/2001 Established as DOOWON STEEL CO.(Sole Proprietorship) 02/18/2003 Incorporated as the present name 11/30/2004 Awarded US$ 10 Million Export
Top prize 11/01/2006 Designated as an INNO-BIZ
Company 12/22/2009 Increased the authorized shares
to 4,800,000 shares from 1,200,000 shares 12/23/2009 Increased capital to
6,000,000,000 KRW from 3,500,000,000 KRW 11/2010 Agreed with Financial Institutes
Creditors on Management Normalizing Plan |
|||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Jung Young-Chool |
Male |
Korean |
02/18/2006 |
|
Director |
Mr. |
Lee Jong-Jin |
Male |
Korean |
03/08/2012 |
|
Director |
Mr. |
Jang Myung-Joong |
Male |
Korean |
02/18/2009 |
|
Auditor |
Mr. |
Yoon Hee-Sub |
Male |
Korean |
02/18/2006 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
65,564,153,389 |
59,108,908,877 |
181,940,963 |
|
|
2012 |
64,874,246,038 |
38,433,293,464 |
743,007,814 |
|
2011 |
78,897,418,290 |
92,749,531,687 |
2,549,272,219 |
|
2010 |
70,223,890,751 |
86,875,434,028 |
-943,002,388 |
|
2009 |
46,643,512,459 |
79,354,749,406 |
-13,158,040,964 |
|
2008 |
113,615,257,048 |
75,145,232,879 |
-5,309,670,391 |
|
Authorized Capital(KRW) |
24,000,000,000 |
|
Paid-Up Capital(KRW) |
6,000,000,000 |
|
Total Issued Shares |
1,200,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
59,108,908,877 |
38,433,293,464 |
92,749,531,687 |
|
Current Assets |
21,474,258,540 |
18,105,808,231 |
9,077,130,090 |
|
-Quick
Assets |
17,122,007,898 |
13,397,411,948 |
6,000,643,818 |
|
-Inventories |
4,352,250,642 |
4,708,396,283 |
3,076,486,272 |
|
Fixed
Assets |
37,634,650,337 |
20,327,485,233 |
83,672,401,597 |
|
-Investment |
34,615,888,985 |
17,066,242,151 |
79,972,573,228 |
|
-Tangibles |
2,842,077,394 |
3,084,559,124 |
3,523,144,411 |
|
-Intangibles |
176,683,958 |
176,683,958 |
176,683,958 |
|
Total Liabilities |
39,390,436,638 |
33,143,115,379 |
80,929,662,472 |
|
Current Liabilities |
35,421,458,355 |
33,074,206,985 |
39,858,842,513 |
|
Fixed Liabilities |
3,968,978,283 |
68,908,394 |
41,070,819,959 |
|
Capital Stock |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
-3,473,053,595 |
-3,654,994,558 |
-4,367,272,588 |
|
Capital Adjustment |
17,191,525,834 |
2,945,172,643 |
10,187,141,803 |
|
Total Equity |
19,718,472,239 |
5,290,178,085 |
11,819,869,215 |
|
Liab. & Shareholder’s Equity |
59,108,908,877 |
38,433,293,464 |
92,749,531,687 |
|
Current Liabilities |
35,421,458,355 |
33,074,206,985 |
39,858,842,513 |
|
Trade
Payables |
10,032,327,155 |
4,610,573,695 |
8,789,609,622 |
|
Short-Term
Borrowings |
23,085,559,603 |
27,066,009,214 |
26,893,219,896 |
|
Account
Payables |
1,298,383,449 |
402,531,534 |
360,528,789 |
|
Withholdings |
10,083,200 |
2,677,150 |
3,487,110 |
|
Advance
Receipts |
- |
398,267 |
398,267 |
|
Accrued
Expenses |
162,020,002 |
171,989,327 |
166,073,829 |
|
Accrued
Income Taxes |
17,084,946 |
- |
- |
|
Current
Portion of Long-Term Debts |
816,000,000 |
820,027,798 |
- |
|
Derivatives |
- |
|
3,645,525,000 |
|
Fixed Liabilities |
3,968,978,283 |
68,908,394 |
41,070,819,959 |
|
Long-Term
Borrowings |
- |
- |
37,813,916,810 |
|
Provision
for Severance & Retirement |
336,028,422 |
286,676,916 |
219,874,776 |
|
Non-Current
Portion of Deferred Income Tax Credit |
3,968,978,283 |
68,908,394 |
3,256,903,149 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of 12/31/2012 |
As of
12/31/2011 |
|
Sales |
65,564,153,389 |
64,874,246,038 |
78,897,418,290 |
|
Cost of Sold Goods |
59,777,112,842 |
58,682,592,816 |
73,754,557,873 |
|
Gross Profit |
5,787,040,547 |
6,191,653,222 |
5,142,860,417 |
|
Selling & Admin. Expenses |
3,067,893,378 |
3,173,455,463 |
2,452,931,170 |
|
Operating Income |
2,719,147,169 |
3,018,197,759 |
2,689,929,247 |
|
Non-Operating Income |
567,039,234 |
15,548,234,809 |
4,933,978,289 |
|
Non-Operating Expenses |
2,923,479,696 |
17,613,858,445 |
3,248,000,416 |
|
Income Before Taxes |
362,706,707 |
952,574,123 |
4,375,907,120 |
|
Income Taxes Expenses |
180,765,744 |
209,566,309 |
1,826,634,901 |
|
Net Income |
181,940,963 |
743,007,814 |
2,549,272,219 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows from Operating |
3,882,674,141 |
-18,081,310,047 |
-3,718,773,024 |
|
-Net Income |
181,940,963 |
743,007,814 |
2,549,272,219 |
|
-Exp. without Cash Outflow |
1,006,795,867 |
14,028,587,870 |
822,202,830 |
|
-Revenue without Cash Inflows |
- |
-14,916,168,248 |
-4,744,175,738 |
|
-Changes in Asset/ & Liability |
2,693,937,311 |
-17,936,737,483 |
-2,346,072,335 |
|
Cash Flows from Investing |
-44,409,200 |
54,998,700,910 |
95,444,545 |
|
-Cash Inflow from Investing |
- |
55,000,000,000 |
145,684,545 |
|
-Cash Outflows for Investing |
-44,409,200 |
-1,299,090 |
-50,240,000 |
|
Cash Flows from Financing |
-3,984,477,409 |
-36,821,099,694 |
3,559,202,949 |
|
-Cash Inflows from Financing |
- |
117,936,720 |
3,568,652,260 |
|
-Cash Outflows from Financing |
-3,984,477,409 |
-36,939,036,414 |
-9,449,311 |
|
Increase/Decrease in Cash |
-146,212,468 |
96,291,169 |
-64,125,530 |
|
Cash at the Beginning of Year |
279,084,612 |
182,793,443 |
246,918,973 |
|
Cash at the End of Year |
132,872,144 |
279,084,612 |
182,793,443 |
|
Main Products & Services |
Guilt,
Coloration, Surface Processing Steel Materials, Electrolytic Galvanized
Iron(EGI), Electrolytic Galvanized Steels & EG Coil |
|
Suppliers |
DONGBU STEEL CO., LTD.(110111-0393308) POSCO(174611-0000741) HYUNDAI
HYSCO CO., LTD.(110111-0302416) |
|
Competitors |
KOSTEEL CO.,
LTD. 4TH FL.,
HOUSTORY, 32-4, JEONNONG 2-DONG, DONGDAEMUN-GU, SEOUL, KOREA TEL:+82-2-2106-0200 FAX:+82-2-581-8800 JEIL TECHNOS
CO., LTD. 1850,
JANGHEUNG-DONG, NAM-GU, POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-278-2841~4 FAX:+82-54-278-2883 GUM SUNG
INDUSTRIAL CO., LTD. 649-1,
NAKSAN-RI, WAEGWAN-EUP, CHILGOK-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-977-0047 FAX:+82-54-977-0049 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
JEONG AN STEEL CO.,
LTD.(170111-0038126) JEONG
AN HI-TUBE CO., LTD.(170111-0006511) |
|
Subsidiary |
JEONG AN ASIA DEVELOPMENT CO., LTD.(VIETNAM) (100.00% held by the subject company) GWANZHOU DOOWON STEEL CO., LTD.(CHINA) (100.00%
held by the subject company) |
|
Corporate Ownership |
JEONG AN STEEL CO.,
LTD.(170111-0038126) |
|
Major Shareholders |
JEONG AN STEEL CO.,
LTD.(170111-0038126) |
|
Cooperative Enterprise |
-Insured company LIG
INSURANCE CO., LTD.(110111-0017859) |
(Activity & Markets)
The Subject exports
to China and Singapore.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
UK Pound |
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.