|
Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAIHAN INK CO., LTD. |
|
|
|
|
Registered Office : |
351, Bakdal-ro, Manan-gu, Anyang-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.10.1998 |
|
|
|
|
Com. Reg. No.: |
123-81-46822 |
|
|
|
|
Legal Form : |
Co., Ltd by
shares |
|
|
|
|
Line of Business : |
Manufacture of Printing Ink |
|
|
|
|
No. of Employees : |
152 |
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 – 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
|
Company Name |
DAIHAN INK CO., LTD. (Korean Company Name : “대한잉크(주)”) |
|
Registered
Address |
351, Bakdal-ro, Manan-gu, Anyang-si, Gyeonggi-do, Korea |
|
Building |
|
|
Zip Code |
430-849 |
|
Tel |
+82-31-467-6321~3 |
|
Fax |
+82-31-443-4192 |
|
E-mail |
webmaster@daihanink.co.kr;kjlim@d-ink.co.kr;wsjung@d-ink.co.kr |
|
Website |
www.daihanink.com |
|
Trading Address |
351, Bakdal-ro, Manan-gu, Anyang-si, Gyeonggi-do, Korea (Old Address System : 615, Bakdal 2-dong, Manan-gu, Anyang-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-467-6321~3 |
|
Fax |
+82-31-443-4192 |
|
Other Address-Pyeongtaek Factory |
76, Cheongbuksandan-ro, Cheongbuk-myeon, Pyeongtaek-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-686-0205 |
|
Fax |
+82-31-686-7388 |
|
Other Address-Paju Branch |
150-4,
Soraji-ro, Paju-si, Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Printing Ink |
|
Main Business |
Offset Ink, Gravure Ink |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
10/26/1998 |
The Subject owns
the premises of Pyeongtaek Factory(23,200.4㎡).
Detailed Products
|
Activity |
Detailed Products
(UNSPSC) |
|
Sell |
Printing and drawing inks(60121800) |
|
Buy |
Pigments(12171600) |
|
Buy |
Waxes(12181500) |
|
Buy |
Resins(13111000) |
|
Buy |
Ketones or quinones or its substitutes(12352115) |
|
Buy |
Alcohols or its substitutes(12352104) |
|
Buy |
Pigments(12171600) |
|
Buy |
Organic pigments(12171605) |
|
Buy |
Aromatic or heterocyclic compounds(12352005) |
|
Buy |
Organic derivatives and substituted compounds(12352100) |
|
Buy |
Phenolic resin(13111002) |
CEO’s
|
Name |
Han Jin-Soo |
|
Address |
Suyite 1601,
462-2, Dogok-dong, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
02/27/1957 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
4,428,550,000 |
|||||||||
|
Employees |
152 |
|||||||||
|
Formation |
Co., Ltd by
shares A Company of
NOROO GROUP |
|||||||||
|
Bank Details |
Korea Exchange
Bank-Beomkye Station Branch Shinhan Bank Woori Bank Industrial
Bank of Korea |
|||||||||
|
Corporate
Registered No. |
134111-0062616 |
|||||||||
|
Business
Registered No. |
123-81-46822 |
|||||||||
|
Permit &
Licenses |
07/12/2004 ISO
9001 11/2007 ISO
14001 Int’l Trade
No.: 11571397 |
|||||||||
|
Shareholder
Position |
|
|||||||||
|
Company
History |
10/1945 Founded as the Daihan Offset Printing Ink Mfg., Co. producing Korea’s first domestic printing ink 08/1952 Daihan Ink Manufacturing co., adopted as new company name 10/1953 Adopted the Deer mark as company symbol 11/1955 Mullae-dong plant completed 01/1962 Korea’s first exporter of printing ink to Hong Kong and Southeast Asian countries 12/1971 Signed technology agreement with Dainippon Ink & Chemical Inc(DIC) 04/1976 Anyang plant completed 02/1989 Company name changed to Daihan Paint and Ink Co., Ltd 04/1989 Branch office, DPI America Inc. opened in the Chicago, U.S.A. 07/1993 Awarded the President Award Trophy for Productivity 04/1994 Daihan Ink Co., Ltd. became independent from D.P.I. 09/1996 Designated as Quality Assurance company (Q mark) by Government office 10/26/1998
Incorporated as DAIHAN INK CHEMICAL CO., LTD. 11/01/1998 Acquired the Business Division of Printing Ink 02/2000 New R&D center open 11/2002 Acquired ISO 9001:2000 Certificate 07/01/2004 Changed company name to the present name 01/24/2006 Increased capital to 4,428,550,000 KRW from 3,000,000,000 KRW 06/2006 Completed Pyeongtaek Factory |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Co-President & CEO |
Mr. |
Han Jin-Soo |
Male |
Korean |
10/26/2001 |
|
Co-President & CEO |
Mr. |
Ahn Hee-Seok |
Male |
Korean |
12/01/2010 |
|
Director |
Mr. |
Yoon Jung-Seok |
Male |
Korean |
10/26/2013 |
|
Auditor |
Mr. |
Lee Deok-Tae |
Male |
Korean |
01/02/2007 |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
64,377,529,998 |
69,341,919,814 |
2,146,473,338 |
|
|
(*)2012 |
63,063,924,839 |
66,449,058,819 |
3,002,611,243 |
|
(*)2011 |
63,846,785,375 |
63,954,811,183 |
1,520,896,811 |
|
(*)2010 |
59,541,455,284 |
64,209,802,808 |
657,593,257 |
|
2009 |
56,501,832,128 |
57,837,774,320 |
150,359,505 |
|
2008 |
60,682,859,914 |
58,631,327,902 |
344,279,550 |
|
2007 |
55,922,247,080 |
58,544,334,622 |
942,527,130 |
|
2006 |
56,284,023,251 |
59,346,325,842 |
898,722,395 |
|
2005 |
57,424,160,132 |
50,355,093,090 |
6,919,011,270 |
|
2004 |
60,622,183,136 |
38,893,352,959 |
2,396,371,887 |
(*)Figures are based on the K-IFRS
Accounting System.
Financial Description
|
Authorized
Capital(KRW) |
15,000,000,000 |
|
Paid-Up
Capital(KRW) |
4,428,550,000 |
|
Total Issued Shares |
885,710 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total
Assets |
69,341,919,814 |
66,449,058,819 |
63,954,811,183 |
|
Current
Assets |
37,104,204,016 |
34,192,748,988 |
32,926,877,249 |
|
Inventories |
7,109,465,616 |
5,936,412,180 |
8,040,580,289 |
|
Trade
Receivables & Other Receivables |
22,139,693,573 |
22,287,345,945 |
21,292,413,172 |
|
Cash
& Cash Equivalents |
6,447,525,073 |
4,173,921,278 |
2,886,313,570 |
|
Current
Financial Instruments |
530,000,000 |
1,270,000,000 |
510,000,000 |
|
Current
Non-Financial Instruments |
877,519,754 |
525,069,585 |
197,570,218 |
|
Non-Current
Assets |
32,237,715,798 |
32,256,309,831 |
31,027,933,934 |
|
Tangibles |
20,722,387,362 |
21,939,293,787 |
21,086,224,493 |
|
Intangibles |
1,581,043,770 |
1,303,627,226 |
1,299,959,468 |
|
Investment_Related
Companies |
8,642,238,221 |
8,270,300,368 |
7,883,419,523 |
|
Non-Current
Financial Instruments |
936,153,535 |
392,195,540 |
408,195,540 |
|
Non-Current
Non-Financial Instruments |
355,892,910 |
350,892,910 |
350,134,910 |
|
Total
Liabilities |
26,540,905,789 |
25,784,213,834 |
26,295,569,386 |
|
Current
Liabilities |
22,388,330,926 |
23,090,369,678 |
22,543,353,658 |
|
Trade
Payables & Other Payables |
15,121,085,631 |
13,919,378,214 |
12,497,010,107 |
|
Other
Current Financial Debts |
6,668,000,000 |
8,600,000,000 |
9,750,158,667 |
|
Accrued
Income Tax |
317,086,085 |
210,842,477 |
64,859,715 |
|
Current
Non-Financial Debts |
282,159,210 |
360,148,987 |
231,325,169 |
|
Non-Current
Liabilities |
4,152,574,863 |
2,693,844,156 |
3,752,215,728 |
|
Provision
for Severance & Retirement |
128,457,029 |
149,976,902 |
153,211,084 |
|
Non-Current
Financial Debts |
3,029,000,000 |
1,697,000,000 |
2,900,000,000 |
|
Deferred
Income Tax Credit |
995,117,834 |
846,867,254 |
699,004,644 |
|
Capital
Stock |
4,428,550,000 |
4,428,550,000 |
4,428,550,000 |
|
Capital
Surplus |
8,562,781,090 |
8,562,781,090 |
8,562,781,090 |
|
Profit
Surplus |
30,003,489,182 |
27,857,015,844 |
24,854,404,601 |
|
Others |
-193,806,247 |
-183,501,949 |
-186,493,894 |
|
Total
Equity |
42,801,014,025 |
40,664,844,985 |
37,659,241,797 |
|
Liab.
& Shareholder’s Equity |
69,341,919,814 |
66,449,058,819 |
63,954,811,183 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
64,377,529,998 |
63,063,924,839 |
63,846,785,375 |
|
Cost
of Sold Goods |
-53,259,502,756 |
-52,753,308,367 |
-55,371,885,717 |
|
Gross
Profit |
11,118,027,242 |
10,310,616,472 |
8,474,899,658 |
|
Selling
& Admin. Expenses |
-8,600,717,547 |
-7,569,844,091 |
-7,190,384,357 |
|
Operating
Income |
2,517,309,695 |
2,740,772,381 |
1,284,515,301 |
|
Other Operating Income |
1,089,405,159 |
1,275,208,303 |
1,699,395,473 |
|
Other Operating Expenses |
-423,666,477 |
-546,081,449 |
-344,578,863 |
|
Finance Income |
148,785,106 |
120,780,776 |
81,482,337 |
|
Finance Expenses |
-419,589,081 |
-582,884,013 |
-686,626,799 |
|
Income Before Taxes |
2,912,244,402 |
3,007,795,998 |
2,034,187,449 |
|
Income Taxes Expenses |
-765,771,064 |
-5,184,755 |
-513,290,638 |
|
Net Income |
2,146,473,338 |
3,002,611,243 |
1,520,896,811 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
3,813,589,856 |
7,340,462,052 |
1,000,062,510 |
|
Net Income |
2,146,473,338 |
3,002,611,243 |
1,520,896,811 |
|
Adjustment |
3,126,505,021 |
2,576,451,239 |
2,644,511,731 |
|
Changes in Asset/ & Liability |
-712,438,200 |
1,957,477,393 |
-1,812,306,717 |
|
Interests Received |
166,951,726 |
107,494,250 |
112,322,976 |
|
Interests Paid |
-405,531,492 |
-591,388,808 |
-767,908,061 |
|
Income Taxes |
-508,370,537 |
287,816,735 |
-697,454,230 |
|
Cash Flows from Investing |
-916,057,743 |
-3,690,373,065 |
-154,084,449 |
|
Cash Flows from Financing |
-600,000,000 |
-2,353,158,667 |
-770,589,061 |
|
Increase/Decrease in Cash |
2,297,532,113 |
1,296,930,320 |
75,389,000 |
|
Cash at the Beginning of Year |
4,173,921,278 |
2,886,313,570 |
2,810,924,570 |
|
Cash at the End of Year |
6,447,525,073 |
4,173,921,278 |
2,886,313,570 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Offset
Sheet-Fed Inks Web Offset
Printing Inks Ordinary Spot
Colors Offset Ink Pantone Basic
Colors Inks Fluorescent
Ink Metal
Decorating Inks UV(Ultra
Violet) Ink & Coatings Metallic Gold
& Silver Inks POP Ink Gravure &
Flexo Printing Ink |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
NOROO PAINT
& COATINGS CO., LTD. (134111-0142575) SEDA CO., LTD.
(110111-0032469) |
|
Customers |
NOROO PAINT
& COATINGS CO., LTD. (134111-0142575) DPI HOLDINGS
CO., LTD. (134111-0002878) |
|
Competitors |
DONG YANG INK
CO., LTD. 338-6,
GAGOK-RI, JINWI-MYEON, PYEONGTAEK-SI, GYEONGGI-DO, KOREA TEL:+82-31-660-9210 FAX:+82-31-667-4877 KOREA PRINTING
INK CO., LTD. 477-3,
MONGNAE-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-494-7781 FAX:+82-31-491-0486 NAMYANG INK
CO., LTD. 153-4,
CHUNUI-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA TEL:+82-32-664-3970 FAX:+82-32-664-1473 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SEDA CO., LTD.
(110111-0032469) (50.0% held by
the subject company) DIGITAL J CO.,
LTD.(KOREA) (25.0% held by
the subject company) NOROO PAINT
& COATINGS CO., LTD.(134111-0142575) DPI HOLDINGS
CO., LTD.(134111-0002878) INTERNATIONAL
PAINT (KOREA) LTD(134111-0006565) DAC(134111-0048492) DAIHAN INK CO.,
LTD(110111-0117568) CK PAINT CO.,
LTD(135011-0031406) DAIHAN COIL
COATING CO, LTD(171711-0039501) DAIHAN BEE
CHEMICAL CO., LTD.(134111-0031083) DAEYEON(230111-0091353) DIGITAL
IMAGING TECHNOLOGY CO., LTD.(134811-0112334) DPM BUILTONE CO.,
LTD. COLOR MATE
CO., LTD. DIAMOND
SPECIAL TRANSPORTATION CO., LTD. NOROO LOGIS
CO., LTD. DRC CO., LTD. IZEN CO., LTD. DI(SHANGHAI)
INT'L TRADE CO., LTD. DPI
HOLDINGS(H.K) CO.,LTD |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DAIHANINK
AMERICA CORP. (100.0% held
by the subject company) DAIHANINK
CHINA CO., LTD. (90.0% held by
the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company DONGBU INSURANCE CO.,LTD.(110111-0095285) MERITZ FIRE & MARINE INSURANCE CO.,
LTD.(110111-0013328) |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in China, Hong Kong and
USA.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.