|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DONGSUNG HIGHCHEM CO., LTD. |
|
|
|
|
Formerly Known As : |
HOSUNG CHEMEX CO., LTD |
|
|
|
|
Registered Office : |
16, Tongil-ro 2-gil, Jung-gu, Seoul, Korea 10th FI., AIA Tower 100-130 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
23.08.1978 |
|
|
|
|
Com. Reg. No.: |
220-81-25695 |
|
|
|
|
Legal Form : |
Listed Company (KOSDAQ : 013450) as of 06/11/1999 |
|
|
|
|
Line of Business : |
Manufacture of Basic Organic Petrochemicals |
|
|
|
|
No. of Employees |
193 |
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 31st, 2014
|
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. 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,
|
Source
: CIA |
Basic
|
Company Name |
DONGSUNG HIGHCHEM CO., LTD. (Ex. Company Name : HOSUNG CHEMEX CO., LTD.) (Trade Name : DSHC) |
|
Registered Address |
16, Tongil-ro 2-gil, Jung-gu, Seoul, Korea |
|
Building |
10th FI., AIA Tower |
|
Zip Code |
100-130 |
|
Tel |
+82-2-3450-4200 |
|
Fax |
+82-2-553-5922 |
|
E-mail |
webmaster@i-chemex.com |
|
Website |
www.i-chemex.com |
|
Trading Address |
10th FI., AIA Tower, 16, Tongil-ro 2-gil, Jung-gu, Seoul, Korea (Old Address System : 10th FI., AIA Tower, 216, Sunhwa-dong, Jung-gu,
Seoul, Korea) |
|
Tel |
+82-2-3450-4200 |
|
Fax |
+82-2-553-5922 |
|
Other Address-Ulsan Plant |
1-31, Gilcheon-ri, Sangbuk-myeon, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-264-2066 |
|
Fax |
+82-52-264-2069 |
|
Other Address-Yeosu Plant |
1023, Hwachi-dong, Yeosu-si, Jeollanam-do, Korea |
|
Tel |
+82-61-685-5351 |
|
Fax |
+82-61-685-5355 |
|
Other Address-Hwaseong Plant |
732-6, Yangno-ri, Bibong-myeon, Hwaseong-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-355-0856 |
|
Fax |
+82-31-355-0859 |
|
Type |
Export |
|
Industry |
Manufacture of Basic Organic Petrochemicals |
|
Main Business |
Performance Solvents, Monomer, Organic Peroxides, Polyurethans,
Thermoplastic Polyurethane, Medical Treatment Tool, Coating |
|
Established (mm/dd/yyyy) |
08/23/1978 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Thermoplastic plastics(13102000) |
|
Sell |
Casting and splinting supplies(42241500) |
|
Sell |
Films(13111200) |
|
Buy |
Thermal insulation(30141500) |
|
Buy |
Organic peroxides(12352120) |
|
Name |
Lee Jae-Yong |
|
Date of Birth |
06/1995 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
70,637,910,000 |
|||||||||||||||||||||
|
Employees |
193 |
|||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 013450) as of 06/11/1999 A Company of DONGSUNG HOLDINGS CO., LTD. |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Sunnung Branch Citibank, Korea-Sunnung Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0237928 |
|||||||||||||||||||||
|
Business Registered No. |
220-81-25695 |
|||||||||||||||||||||
|
Permit & Licenses |
11/2003 ISO 9001 11/2003 ISO 14001 Int’l Trade No.: 11660479 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
08/23/1978 Incorporated as Hosung
Petrochemical Co., ltd. 01/01/1998 Acquired Jungwoo Industries Co.,
Ltd. 07/31/1999 Moved to the present HQ address
from 705-18, Yeoksam-dong, Gangnam-gu, Seoul, Korea 11/1999 Changed company name to the present
name 07/01/200 Acquired Dongsung Resorcves
Development Co., Ltd. 04/15/2009 The Subject spin off the parts
of not main business, and that parts are merged into DONGSUNG
HOLDINGS CO.,LTD.(180111-0633031) 09/24/2009 Changed company name to the present name 03/12/2010 Moved to 9th FI., Sinan Bldg., 943-19, Daechi 2-dong,
Gangnam-gu, Seoul, Korea from 18th Fl., Samhwa Bldg., 144-17, Samseong
2-dong, Gangnam-gu, Seoul, Korea 09/09/2013 Moved to the present HQ address from 9th FI., Sinan Bldg.,
943-19, Daechi 2-dong, Gangnam-gu, Seoul, Korea |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Lee Jae-Yong |
Korean |
1955.06. |
- |
|
Director |
Mr. |
Park Choong-Yeol |
Korean |
1959.03. |
- |
|
Vice Chairman |
Mr. |
Kim Sung-Joo |
Korean |
1960.11. |
- |
|
Outside Director |
Mr. |
Lee Chul-Soo |
Korean |
1958.03.19 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Kim Hong-Nam |
Korean |
1965.06. |
- |
|
Auditor |
Mr. |
Park Young-Jae |
Korean |
1958.09.12 |
Yonsei University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
56,086,174,951 |
135,902,678,539 |
3,693,218,973 |
|
|
(*)2013 |
215,903,060,861 |
131,258,543,647 |
10,770,319,475 |
|
(*)2012 |
210,428,802,944 |
120,195,590,270 |
10,911,475,854 |
|
(*)2011 |
206,288,387,040 |
90,725,352,434 |
9,610,042,298 |
|
(*)2010 |
170,730,488,286 |
78,143,576,365 |
8,478,619,630 |
|
2009 |
136,778,461,641 |
58,307,763,374 |
9,595,187,782 |
|
2008 |
143,601,463,530 |
81,376,714,714 |
4,283,136,809 |
|
2007 |
134,559,311,606 |
84,711,561,872 |
5,780,265,820 |
|
2006 |
128,854,502,794 |
82,279,675,997 |
4,413,715,255 |
|
2005 |
119,452,231,779 |
77,489,400,901 |
1,261,606,341 |
|
2004 |
128,467,338,287 |
80,724,685,283 |
5,295,256,333 |
|
2003 |
136,778,461,641 |
58,307,763,374 |
9,595,187,782 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
500,000,000,000 |
|
Paid-Up Capital(KRW) |
70,637,910,000 |
|
Total Issues Shares |
14,127,582 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
135,902,678,539 |
131,258,543,647 |
120,195,590,270 |
|
Current Assets |
97,415,557,952 |
90,243,190,241 |
61,351,731,727 |
|
Cash & Cash Equivalents |
14,368,470,060 |
19,921,637,844 |
17,363,912,787 |
|
Finance Assets from this year's
Income |
33,624,188,261 |
19,294,022,810 |
|
|
Trade Receivables & Other
Receivables |
32,789,545,089 |
31,070,943,562 |
25,566,569,119 |
|
Inventories |
16,215,454,953 |
17,512,834,219 |
15,119,969,617 |
|
Other Financial Assets |
2,831,523 |
2,014,585,870 |
2,963,424,657 |
|
Other Current Assets |
406,318,066 |
425,045,936 |
328,040,547 |
|
Marketable Financial Instruments |
8,750,000 |
4,120,000 |
9,815,000 |
|
Non-Current Assets |
38,487,120,587 |
41,015,353,406 |
58,843,858,543 |
|
Tangibles |
33,602,151,863 |
33,588,360,659 |
31,987,636,748 |
|
Intangibles |
1,982,919,423 |
1,594,240,043 |
1,614,597,073 |
|
Marketable Financial Instruments |
2,035,730,000 |
2,040,360,000 |
22,044,480,000 |
|
Other Financial Assets |
866,319,301 |
3,792,392,704 |
3,197,144,722 |
|
Total Liabilities |
61,459,651,251 |
57,646,943,112 |
54,823,974,482 |
|
Current Liabilities |
57,155,932,295 |
52,914,396,222 |
28,433,030,579 |
|
Short-Term Borrowings |
4,714,065,654 |
3,805,687,761 |
5,503,438,177 |
|
Current Portion of Long-Term
Debts |
419,200,000 |
419,200,000 |
419,200,000 |
|
Bond with Warrant |
22,595,637,357 |
22,200,242,383 |
|
|
Trade Payables & Other
Payables |
24,107,727,646 |
24,200,590,900 |
19,623,130,910 |
|
Accrued Dividends |
2,861,792,220 |
|
|
|
Other Current Liabilities |
402,160,586 |
366,334,001 |
945,869,867 |
|
Deferred Income Tax Credit |
2,055,348,832 |
1,922,341,177 |
1,941,391,625 |
|
Non-Current Liabilities |
4,303,718,956 |
4,732,546,890 |
26,390,943,903 |
|
Long-Term Borrowings |
1,516,200,000 |
1,621,000,000 |
2,040,200,000 |
|
Bond with Warrant |
|
|
20,696,931,842 |
|
Long-Term Trade Payables &
Other Payables |
202,526,304 |
202,526,304 |
257,983,681 |
|
Confirmed Salaries |
1,163,243,707 |
848,906,600 |
811,689,680 |
|
Other Non-Current Financial Debts |
26,100,000 |
26,100,000 |
26,100,000 |
|
Deferred Income Tax Credit |
1,395,648,945 |
2,034,013,986 |
2,558,038,700 |
|
Capital Stock |
7,063,791,000 |
7,063,791,000 |
7,063,791,000 |
|
Capital Surplus |
10,378,807,541 |
10,378,807,541 |
10,378,807,541 |
|
Others |
-1,903,757,390 |
-1,903,757,390 |
-1,903,757,390 |
|
Installments |
54,038,333,334 |
46,538,333,334 |
38,183,333,334 |
|
Profit Surplus |
4,865,852,803 |
11,534,426,050 |
11,649,441,303 |
|
Total Equity |
74,443,027,288 |
73,611,600,535 |
65,371,615,788 |
|
Liab. & Shareholder’s Equity |
135,902,678,539 |
131,258,543,647 |
120,195,590,270 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
56,086,174,951 |
215,903,060,861 |
210,428,802,944 |
|
Cost of Sold Goods |
48,565,805,262 |
186,736,836,022 |
183,702,811,112 |
|
Gross Profit |
7,520,369,689 |
29,166,224,839 |
26,725,991,832 |
|
Selling & Admin. Expenses |
3,465,680,794 |
14,165,978,549 |
13,292,825,798 |
|
Operating Profits |
4,054,688,895 |
15,000,246,290 |
13,433,166,034 |
|
Non-Operating Profits |
-55,686,698 |
-345,142,916 |
537,263,728 |
|
Other Income |
190,992,725 |
1,162,736,760 |
903,062,510 |
|
Other Expenses |
-260,841,776 |
-1,259,631,517 |
-595,274,692 |
|
Finance Income |
108,110,030 |
649,953,172 |
828,300,313 |
|
Finance Expenses |
-423,647,419 |
-1,697,525,879 |
-720,010,060 |
|
Profits from investment on
Related Companies |
327,215,391 |
779,506,921 |
2,816,110 |
|
Other Non-Operating Income |
2,484,351 |
19,817,627 |
118,369,547 |
|
Income Before Taxes |
3,999,002,197 |
14,655,103,374 |
13,970,429,762 |
|
Income Taxes Expenses |
305,783,224 |
3,884,783,899 |
3,058,953,908 |
|
Net Income |
3,693,218,973 |
10,770,319,475 |
10,911,475,854 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
3,800,063,728 |
8,772,882,967 |
2,338,307,189 |
|
Net Income |
3,693,218,973 |
10,770,319,475 |
10,911,475,854 |
|
Adjustment |
1,331,503,748 |
7,760,238,771 |
6,104,602,495 |
|
Changes in Asset/ & Liability |
-472,357,666 |
-5,692,683,683 |
-12,206,955,551 |
|
Interests Paid |
-61,025,094 |
-197,203,431 |
-277,282,779 |
|
Interests Received |
119,864,377 |
499,811,828 |
842,897,573 |
|
Income Taxes |
-811,140,610 |
-4,367,599,993 |
-3,036,430,403 |
|
Cash Flows from Investing |
-10,153,159,569 |
-1,759,446,808 |
-32,211,446,577 |
|
Cash Flows from Financing |
803,577,893 |
-4,433,639,356 |
23,654,783,339 |
|
Increase/Decrease in Cash |
-5,549,517,948 |
2,579,796,803 |
-6,225,116,331 |
|
Cash at the Beginning of Year |
19,921,637,844 |
17,363,912,787 |
23,589,029,118 |
|
Cash at the End of Year |
14,368,470,060 |
19,921,637,844 |
17,363,912,787 |
|
Main Products & Services |
Performance Solvent PETROCHEMICAL -Paraffine -Naphthene PERFORMANCE SOLVENTS -Aliphatic -De-Aromatic FUNCTIONAL SOLVENTS -De-Aromatic -Aromatic -Ketone -Glycol -Monomer Organic Peroxide RADICAL POLYMERIZATION LDPE/PVC/ABS/PAINT CROSS-LINKING PE/EVA/RUBBER CURING UPR REFORMING PP Polyurethane Easter TPU AD-TPU Paint & Special Coating Paints for non-ferrous metal Paints for Plastics RESIN FOR LCDs |
|
Suppliers |
YEOCHUN NCC CO., LTD.(110111-1839096) LG PETROCHEMICAL CO., LTD.(110111-0226905) BASF COMPANY LIMITED(110111-0600860) KOREA PTG CO., LTD.(230111-0060548) HYUNDAI OIL REFINERY CO., LTD.(110111-0090558) EXXON MOBIL CHEMICAL EVONIC DEGUSSA BAYER ASAHI |
|
Customers |
DONGSUNG CHEMICAL CO., LTD.(180111-0007690) LG CHEM LTD(110111-2207995) HANWHA L&C CORPORATION(110111-1725930) |
|
Competitors |
FUTURE TECHNOLOGIES SYSTEM INC. RM. 406, JANG YEONG SIL HALL, VENTURE
BLDG., 1688-5, SINIL-DONG, DAEDEOK-GU, DAEJEON, KOREA TEL:+82-42-931-7680~2 FAX:+82-42-931-7683 SEKI ARKEMA CO., LTD. 8B-16L, CHILSEO LOCAL INDUSTRIAL COMPLEX,
79, GYENAE-RI, CHILSEO-MYEON, HAMAN-GUN, GYEONGSANGNAM-DO, KOREA TEL:+82-55-587-8055 FAX:+82-55-587-8061 KEUM JUNG CO., LTD. 852-141, GACHEON-RI, SAMNAM-MYEON,
ULJU-GUN, ULSAN, KOREA TEL:+82-52-264-8586 FAX:+82-52-264-8589 |
|
Affiliates-Domestic |
DONGSUNG HOLDINGS CO., LTD.(180111-0633031) DONGSUNG CHEMICAL CO., LTD.(180111-0007690) DONGSUNG MACHINERY CO.,
LTD.(180111-0192780) DONGSUNG GREEN TECH CO.,
LTD.(110111-1249063) FANTUM GOLF CO., LTD.(131111-0177525) DONGSUNG CHEMEX CO., LTD.(135511-0179785) DXD CO., LTD.(180111-0453489) JOHNSON CONTROLS DONGSUNG AUTOMOTIVE,
INC.(180111-0622018) BIOLANE CO., LTD.(110111-2031617) (40.12% held by the subject company) BIOPOL CO., LTD.(134811-0053041) (55.43% held by the subject company) |
|
Affiliates-Overseas |
QINGDAO DONGSUNG GOLF CO., LTD.(QDS) PT.DONGSUNG JAKARTA(JDS) GWANGZOHOU DONGSUNG CHEMICALS CO.,
LTD.(GDS) DONGSUNG CHEMICAL VETNAM(VDS) |
|
Cooperative Enterprise |
-Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
|
Sales/ Unit :Mil KRW |
03/2014 |
2013 |
2012 |
|
Export |
17,004 |
62,232 |
50,466 |
|
Domestic |
39,082 |
153,671 |
159,963 |
|
Total |
56,086 |
215,903 |
210,429 |
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
UK Pound |
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SDA |
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.