MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

M DOHMEN KOREA LTD.

 

 

Registered Office :

233, Mokdongdong-ro, Yangcheon-gu, Seoul, Korea, 9th Fl., Korean Broadcasting Institute, 158-715

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

10.03.2001

 

 

Com. Reg. No.:

211-86-72321

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Synthetic Colouring Matter, Tanning Materials and Other Coloring Agents like Dyes, Chemical

 

 

No of Employees :

71

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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, which comprise about half of GDP.

 

Source : CIA

 

 

 

 

Basic Information

 

Company Name

M. DOHMEN KOREA LTD.

(Korean Company Name : “엠도흐멘코리아(주)”)

Registered Address

233, Mokdongdong-ro, Yangcheon-gu, Seoul, Korea

Building

9th Fl., Korean Broadcasting Institute

Zip Code

158-715

Tel

+82-2-3219-4900

Fax

+82-2-3219-4908~9

E-mail

hscho@mdohmenkorea.com

Website

www.mdohmen.com

Trading Address

9th Fl., Korean Broadcasting Institute, 233, Mokdongdong-ro, Yangcheon-gu, Seoul, Korea

(Old Address System : 9th Fl., Korean Broadcasting Institute, 923-5, Mok 1-dong, Yangcheon-gu, Seoul, Korea)

Tel

+82-2-3219-4900

Fax

+82-2-3219-4908~9

Other Address-Onsan Factory

580, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea

Tel

+82-52-231-5302

Fax

+82-52-231-5039

Type

Export/Import

Industry

Manufacture of Synthetic Colouring Matter, Tanning Materials and Other Coloring Agents

  Main Business

Dyes, Chemical

  Sub Business

 

Established (mm/dd/yyyy)

03/10/2001

The Subject Company occupies the premises of registered HQ address by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Dyes(12171500)

Sell

Pigments(12171600)

 

 

CEO’s

 

Name

Juergen Etz

Address

Kampshaide 2, D-41063, Munchen Klatbah, Germany

Date of Birth

09/15/1952

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

18,828,000,000

Employees

71

Formation

Co., Ltd by shares

Foreign Direct Investment Corporation

Bank Details

Korea Exchange Bank

Corporate Registered No.

110111-2189953

Business Registered No.

211-86-72321

Permit & Licenses

Int’l Trade No.: 11941521

Shareholder Position

Name

Shares

%

M. DOHMEN SA(SWISS)

18,828

100.00

TOTAL

18,828

100.00

Company History

03/10/2001 Incorporated as the present name

03/15/2001 Registered as a Foreign Direct Investment Corporation

08/2001 Acquired Paint Business from LG CHEM LTD(110111-2207995)

08/21/2001 Increased the authorized shares to 20,000 shares from 200 shares

08/30/2001 Increased capital to 14,009,000,000 KRW from 50,000,000 KRW

08/16/2005 Moved to the present HQ address from 923-12, Mok 1-dong, Yangcheon-gu, Seoul, Korea

10/05/2006 Increased capital to 18,828,000,000 KRW from 14,009,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Juergen Etz

Male

German

08/12/2008

Director

Mr.

Ditrich Pitzolt

Male

German

03/31/2004

Director

Mr.

Cho Han-Sung

Male

Korean

08/18/2010

Director

Mr.

Yoon Yang-Soo

Male

Korean

08/18/2010

Director

Mr.

Mark Dohmen

Male

German

09/11/2001

Auditor

Mr.

Nadin Dohmen Letig

Male

German

03/14/2013

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

28,606,553,794

20,175,770,428

-31,464,729

2012

30,281,697,863

21,946,064,713

-711,027,601

2011

26,728,977,463

20,454,330,954

1,891,412,329

2010

29,868,369,903

19,777,863,468

327,557,467

2009

20,914,904,110

22,741,426,946

-879,213,411

2008

31,078,828,149

26,299,610,465

10,172,249,305

2007

29,642,949,213

25,704,385,355

-2,671,362,391

2006

28,245,645,647

24,899,562,943

-4,206,309,483

2005

27,869,570,321

28,827,882,449

-1,703,101,527

2004

34,097,105,235

36,963,265,297

205,682,577

 

 

Financial Description

 

Authorized Capital(KRW)

20,000,000,000

Paid-Up Capital(KRW)

18,828,000,000

Total Issued Shares

18,828

 

Balance Sheet

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

20,175,770,428

21,946,064,713

20,454,330,954

Current Assets

19,410,820,691

21,074,631,490

19,412,045,174

-Quick Assets

14,307,000,456

15,480,388,301

12,967,678,270

-Inventories

5,103,820,235

5,594,243,189

6,444,366,904

Fixed Assets

764,949,737

871,433,223

1,042,285,780

-Investment

15,800,000

15,800,000

78,101,620

-Tangibles

488,342,687

570,633,193

731,315,399

-Intangibles

2,559,951

4,263,951

4,670,366

-Others

258,247,099

280,736,079

228,198,395

Total Liabilities

8,032,008,836

9,770,838,392

7,383,725,002

Current Liabilities

7,858,701,222

9,688,007,290

7,383,725,002

Fixed Liabilities

173,307,614

82,831,102

-

Capital Stock

18,828,000,000

18,828,000,000

18,828,000,000

Capital Surplus

　

　

　

Profit Surplus

-6,421,673,448

-6,390,208,719

-5,494,829,088

Capital Adjustment

-262,564,960

-262,564,960

-262,564,960

Total Equity

12,143,761,592

12,175,226,321

13,070,605,952

Liab. & Shareholder’s Equity

20,175,770,428

21,946,064,713

20,454,330,954

 

Current Liabilities

7,858,701,222

9,688,007,290

7,383,725,002

Trade Payables

3,918,258,390

5,520,054,664

3,964,047,346

Short-Term Borrowings

1,853,873,488

1,850,979,084

1,911,615,388

Account Payables

1,758,402,395

2,014,850,116

1,107,014,416

Advance Receipts

1,916,132

2,026,132

9,550,552

Unearned Income

86,988,255

-

　

Withholdings

184,188,022

281,204,435

371,201,069

Accrued Expenses

55,074,540

18,892,859

20,296,231

Fixed Liabilities

173,307,614

82,831,102

-

Provision for Severance & Retirement

1,447,503,830

1,104,301,340

783,696,032

 

Income Statement

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

28,606,553,794

30,281,697,863

26,728,977,463

Cost of Sold Goods

24,405,946,854

25,965,549,686

23,010,425,655

Gross Profit

4,200,606,940

4,316,148,177

3,718,551,808

Selling & Admin. Expenses

4,161,570,526

4,237,567,404

4,308,040,703

Operating Income

39,036,414

78,580,773

-589,488,895

Non-Operating Income

644,808,963

863,533,641

3,267,069,992

Non-Operating Expenses

715,310,106

1,653,142,015

786,168,768

Income Before Taxes

-31,464,729

-711,027,601

1,891,412,329

Income Taxes Expenses

-

-

-

Net Income

-31,464,729

-711,027,601

1,891,412,329

 

Cash Flows

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Cash Flows from Operating

-96,734,113

-632,520,951

-40,398,770

-Net Income

-31,464,729

-711,027,601

1,891,412,329

-Exp. without Cash Outflow

761,586,270

1,047,194,190

1,466,101,673

-Revenue without Cash Inflows

-61,156,319

-225,878,932

-2,867,625,021

-Changes in Asset/ & Liability

-765,699,335

-742,808,608

-530,287,751

Cash Flows from Investing

-41,354,293

-85,758,501

-70,663,746

-Cash Inflow from Investing

29,624,980

31,433,316

2,700,000

-Cash Outflows for Investing

-70,979,273

-117,191,817

-73,363,746

Cash Flows from Financing

13,876,307

-23,102,269

231,424,123

-Cash Inflows from Financing

13,876,307

-

231,424,123

-Cash Outflows from Financing

-

-23,102,269

-

Increase/Decrease in Cash

-124,212,099

-741,381,721

120,361,607

Cash at the Beginning of Year

964,826,292

1,706,208,013

1,585,846,406

Cash at the End of Year

840,614,193

964,826,292

1,706,208,013

 

 

Products, Technologies, Services Description

 

Main Products & Services

Dyes, Chemical

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

LG HAUSYS, LTD.(110111-4071207)

Customers

M. DOHMEN SA

M. DOHMEN GMBH

M. DOHMEN USA INC

HANG ZHOU M. DOHMEN CHEMICAL LTD

Competitors

CIBA SPECIALTY CHEMICALS KOREA LTD.

13TH FL., HAESEONG 2 BLDG., 942-10, DAECHI 2-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-3451-7300  FAX:+82-2-553-1928

 

OH YOUNG INDUSTRIAL CO., LTD.

1RA-402, SIHWA INDUSTRIAL COMPLEX, 1250-1, JEONGWANG 3-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-499-2781  FAX:+82-31-499-2785

 

SAMBO FINE CHEMICALS MFG. CO., LTD.

 628-2, HAKJANG-DONG, SASANG-GU, BUSAN, KOREA

TEL:+82-51-311-3001  FAX:+82-51-323-1742

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

M. DOHMEN SA

M. DOHMEN GMBH

M. DOHMEN USA INC

HANG ZHOU M. DOHMEN CHEMICAL LTD

Corporate Ownership

ATUL LTD. COLOR DIVISION

M. DOHMEN SA(SWISS)

Cooperative Enterprise

-Insured Company

LIG INSURANCE CO., LTD.(110111-0017859)

 

-Production Assisting Services Agreement with

LG HAUSYS, LTD.(110111-4071207)

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in USA and Europe.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93                           

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.