|
Report No. : |
341157 |
|
Report Date : |
12.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
DONGKUK R&S
CO., LTD. |
|
|
|
|
Registered Office : |
26-29, Sangdong-ro 375beon-gil, Sangdong-myeon,
Gimhae-si, Gyeongsangnam-do, Korea |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
01.01.2004 |
|
|
|
|
Com. Reg. No.: |
615-81-35770 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Structural Refractory Ceramic Products. |
|
|
|
|
No. of Employees : |
90 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and
business ties, including directed credit and import restrictions, initially
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 7%
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 over 6%
growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 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 the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
DONGKUK R&S
CO., LTD. (English Company
Name : DONGKUK REFRACTORIES & STEEL CO., LTD.) (Korean Company
Name : “(주)동국알앤에스”) |
|
Registered Address |
26-29, Sangdong-ro 375beon-gil,
Sangdong-myeon, Gimhae-si, Gyeongsangnam-do, Korea (Old Address System : 411-1, Ugye-ri,
Sangdong-myeon, Gimhae-si, Gyeongsangnam-do, Korea) |
|
Building |
|
|
Zip Code |
50805 |
|
Tel |
+82-55-323-6589~90 |
|
Fax |
+82-55-323-6117 |
|
E-mail |
kbs@dkref.co.kr;swcho@dkref.co.kr |
|
Website |
www.dkref.co.kr |
|
Trading Address |
4FL., Hyewon Bldg., 10, Oncheonjang-ro
107beon-gil, Dongnae-gu, Busan, Korea (Old Address System : 4FL., Hyewon Bldg., 154-68,
Oncheon-dong, Dongnae-gu, Busan, Korea) |
|
Tel |
+82-51-550-5050 +82-51-550-5010 |
|
Fax |
+82-51-558-4058 |
|
Other Address-Masan Factory |
102, Mideodeok-ro Jinjeon-myeon,
Masanhappo-gu, Changwon-si, Gyeongsangnam-do, Korea (Old Address System : 92, Yulti-ri,
Jinjeon-myeon, Masan-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-271-3450~3 |
|
Fax |
+82-55-271-4644 |
|
Other Address-Incheon Sales
Branch |
15, Jungbong-daero, Dong-gu, Incheon, Korea |
|
Tel |
+82-32-762-8462 |
|
Fax |
+82-32-762-8463 |
|
Other Address-Changwon Sales
Branch |
12, Gongdan-ro 103beon-gil, Seongsan-gu,
Changwon-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-262-8044 |
|
Fax |
+82-55-266-4557 |
|
Other Address-Gwangyang Sales
Branch |
70, Gwangjang-ro, Gwangyang-si,
Jeollanam-do, Korea |
|
Tel |
+82-61-792-3150 |
|
Fax |
+82-61-792-3149 |
|
Other Address-Pohang Sales Branch |
195,
Cheolgangsandan-ro, Daesong-myeon, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-278-0591 |
|
Fax |
+82-54-278-4051 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Structural Refractory Ceramic Products |
|
Main Business |
Refractory, Ceramic, Pipe, HGI |
|
Sub
Business |
Wholesale of Basic Metals |
|
Established (mm/dd/yyyy) |
01/01/2004 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ferrites(32121703) |
|
Sell |
Refractories(31370000) |
|
Name |
Lee Kang-Hak |
|
Address |
|
|
Date of Birth |
09/23/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
18,400,000,000 |
|||||||||||||||||||||||||||||||||||||||
|
Employees |
90 |
|||||||||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 075970) as of 02/13/2004 A Company of DONGKUK INDUSTRIES GROUP |
|||||||||||||||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea Korea Development Bank Woori Bank KEB Hana Bank Busan Bank |
|||||||||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
195511-0069249 |
|||||||||||||||||||||||||||||||||||||||
|
Business Registered No. |
615-81-35770 |
|||||||||||||||||||||||||||||||||||||||
|
Permit & Licenses |
11/1999 ISO 9001:2000 11/2003 14001:2004 05/2009 KS Mark Int’l Trade No.: 12170838 |
|||||||||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||||||||
|
Company History |
09/21/2012 Sold out the Pohang
Factory(Steel Business) 1352-3, Mundeok-ri, Ocheon-eup, Nam-gu,
Pohang-si, Gyeongbuk, Korea Tel:+82-54-278-9871~2 Fax:+82-54-278-9873 01/2008 Changed company name to DONGKUK
REFRACTORIES & STEEL CO., LTD.(“동국내화(주)”) from DONGKUK
REFRACTORIES CO., LTD.(“(주)동국알앤에스”) 09/2007 Begin the steel business (Namyang
factory) 03/25/2005 Changed English company name to
DONGKUK REFRACTORIES CO., LTD. from DONGKUK REFRACTORY CO., LTD. 09/2004 Established Yingkou New East
Refactories Co., Ltd 02/2004 Listed KOSDAQ 01/2004 Changed company name to Dongkuk ref
co., ltd after spin off from DONGKUK INDUSTRIES COMPANY(110111-0085583) 12/2003 Separate from Dongkuk ind co.,ltd
with a rationalization of enterprise 11/2003 Attained 14001:2004 06/2000 Constructed Busan factory for
ferrite. 11/1999 Attained ISO 9001:2000 03/1998 Merged with Dongkuk Ind Co., Ltd 02/1996 Constructed kimhae factory for
basic unshaped refractroies 10/1987 Constructed ferrite plant in Masan
factory. 08/1987 Contracted exclusive license
production agreement with TODA KOGYO (JAPAN) for hard ferrite material. 11/1986 Established Technical research
Institute 07/1985 Contracted exclusive license
production agreement with ASAHI GLASS CO.,LTD(JAPAN) for refractories. 11/1984 Attained Korea Industrial Standard
Mark License ( KS ) No. 3685, 3686, 3687, 3688 06/1984 Constructed fine ceramics factory. 08/1983 Attained Korea Industrial Standard
Mark Licence ( KS ) No.3179, 3180 06/1983 Changwon ceramic co., ltd renamed
changwon co.ltd. 09/1975 Constructed Masan factory. 09/1974 Foundation of Chang won ceramic
co., ltd |
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Lee Kang-Hak |
Korean |
1953.09 |
Yonsei University, Korea |
|
Director |
Mr. |
Chang Se-Hee |
Korean |
1968.03.12 |
Korea university, Korea |
|
Director |
Mr. |
Kim Young-Hwan |
Korean |
1961.03 |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Nam Jang-Soo |
Korean |
1949.01. |
Seoul National University, Korea |
|
Outside Director |
Mr. |
LeeJae-Won |
Korean |
1969.04 |
Seoul National University, Korea |
|
Executive Director |
Mr. |
Lee Gang-Hak |
Korean |
1953.09.23 |
Yonsei University, Korea |
|
Auditor |
Mr. |
Lee Dong-Sik |
Korean |
1928.12.06 |
Busan National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
48,027,517,514 |
130,958,067,930 |
156,123,520 |
|
|
(*)2014 |
102,228,140,591 |
128,334,042,356 |
1,360,794,983 |
|
(*)2013 |
108,707,900,510 |
131,726,034,746 |
372,181,943 |
|
2012 |
122,220,583,458 |
141,505,792,299 |
255,667,252 |
|
2011 |
117,853,100,963 |
169,277,794,438 |
3,058,698,593 |
|
2010 |
169,520,764,727 |
153,496,727,807 |
5,400,515,773 |
|
2009 |
160,190,338,199 |
154,423,925,921 |
1,442,255,133 |
|
2008 |
145,260,349,725 |
145,169,002,353 |
5,586,684,083 |
|
2007 |
66,969,735,970 |
97,778,618,515 |
3,096,945,968 |
|
2006 |
49,102,280,524 |
58,821,846,345 |
2,842,681,581 |
|
2005 |
48,289,911,648 |
47,950,386,662 |
2,024,102,678 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
55,200,000,000 |
|
Paid-Up Capital(KRW) |
18,400,000,000 |
|
Total Issued Shares |
18,400,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
130,958,067,930 |
128,334,042,356 |
131,726,034,746 |
|
Current
Assets |
45,957,902,922 |
44,033,634,349 |
48,360,928,828 |
|
Cash
& Cash Equivalents |
4,039,835,920 |
560,508,734 |
925,791,685 |
|
Current
Financial Instruments |
12,735,000 |
12,735,000 |
134,695,000 |
|
Trade
Receivables |
24,903,906,142 |
21,564,082,667 |
27,377,126,692 |
|
Other
Receivables |
18,042,815 |
1,242,460,870 |
32,055,138 |
|
Advance
Payments |
263,488,469 |
322,314,955 |
1,046,981,110 |
|
Inventories |
16,697,193,719 |
20,251,359,612 |
18,752,174,291 |
|
Current
Non-Financial Instruments |
22,700,857 |
61,844,386 |
92,104,912 |
|
Other Current Finance Assets |
|
18,328,125 |
|
|
Non-Current
Assets |
85,000,165,008 |
84,300,408,007 |
83,365,105,918 |
|
Non-Current
Financial Instruments |
263,300,000 |
252,234,000 |
282,834,000 |
|
Marketable
Financial Instruments |
1,006,999,000 |
1,006,999,000 |
1,006,999,000 |
|
Investment_Related
Companies |
23,399,993,580 |
23,399,993,580 |
23,399,993,580 |
|
Tangibles |
58,569,783,526 |
58,015,201,848 |
57,182,115,256 |
|
Intangibles |
511,146,102 |
511,146,102 |
511,146,102 |
|
Held-to-maturity
investments |
35,755,000 |
33,985,000 |
41,475,000 |
|
Other
Non-Current Finance Assets |
1,213,187,800 |
1,080,848,477 |
940,542,980 |
|
Total
Liabilities |
63,206,179,476 |
59,266,277,422 |
62,374,383,797 |
|
Current
Liabilities |
47,580,636,154 |
26,027,805,997 |
21,668,969,652 |
|
Trade
Payables & Other Payables |
6,856,184,448 |
9,380,904,528 |
8,394,369,279 |
|
Account
Payables |
2,366,431,298 |
1,810,740,026 |
1,743,960,272 |
|
Advance
Receipts |
575,930,326 |
307,029,180 |
934,201,264 |
|
Withholdings |
70,120,680 |
161,018,390 |
40,817,680 |
|
Guarantee
Deposit Withhold |
10,000,000 |
10,000,000 |
10,000,000 |
|
Accrued
Expenses |
260,002,297 |
695,684,589 |
582,921,409 |
|
Short-Term
Borrowings |
13,200,000,000 |
5,856,250,239 |
5,193,408,141 |
|
Current
Portion of Long-Term Debts |
24,000,000,000 |
7,300,000,000 |
4,040,000,000 |
|
Accrued
Income Tax |
87,989,694 |
177,068,116 |
106,632,471 |
|
Other
Current Non-Financial Debts |
153,977,411 |
329,110,929 |
622,659,136 |
|
Non-Current
Liabilities |
15,625,543,322 |
33,238,471,425 |
40,705,414,145 |
|
Long-Term
Borrowings |
2,000,000,000 |
20,000,000,000 |
27,900,000,000 |
|
Leasehold
Deposit Received |
7,649,651,422 |
7,466,465,480 |
6,860,906,570 |
|
Provision
for Severance & Retirement |
670,220,609 |
397,046,404 |
236,735,929 |
|
Deferred
Income Tax Credit |
5,305,671,291 |
5,374,959,541 |
5,707,771,646 |
|
Capital
Stock |
18,400,000,000 |
18,400,000,000 |
18,400,000,000 |
|
Capital
Surplus |
17,660,065,630 |
17,660,065,630 |
17,660,065,630 |
|
Others |
13,573,583,779 |
13,573,583,779 |
13,573,583,779 |
|
Profit
Surplus |
18,118,239,045 |
19,434,115,525 |
19,718,001,540 |
|
Total
Equity |
67,751,888,454 |
69,067,764,934 |
69,351,650,949 |
|
Liab.
& Shareholder’s Equity |
130,958,067,930 |
128,334,042,356 |
131,726,034,746 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
48,027,517,514 |
102,228,140,591 |
108,707,900,510 |
|
Cost of Sold Goods |
42,390,975,454 |
89,017,283,626 |
95,937,476,140 |
|
Gross Profit |
5,636,542,060 |
13,210,856,965 |
12,770,424,370 |
|
Selling & Admin. Expenses |
4,927,484,054 |
10,605,950,668 |
8,941,915,105 |
|
Operating Income |
709,058,006 |
2,604,906,297 |
3,828,509,265 |
|
Other Income |
353,499,478 |
1,164,458,417 |
320,685,408 |
|
Other Expenses |
33,746,076 |
593,493,214 |
1,412,063,476 |
|
Finance Income |
44,565,240 |
220,236,057 |
229,054,931 |
|
Finance Expenses |
870,894,220 |
2,002,210,937 |
2,528,147,089 |
|
Income Before Taxes |
202,482,428 |
1,393,896,620 |
438,039,039 |
|
Income Taxes Expenses |
46,358,908 |
33,101,637 |
65,857,096 |
|
Net Income |
156,123,520 |
1,360,794,983 |
372,181,943 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
1,375,193,037 |
10,362,460,635 |
6,792,990,403 |
|
Cash Flows from Operating |
1,579,918,617 |
10,609,233,835 |
6,670,303,669 |
|
Net Income |
156,123,520 |
1,360,794,983 |
372,181,943 |
|
Adjustment |
2,227,714,122 |
5,235,378,975 |
5,814,290,852 |
|
Changes in Asset/ & Liability |
-803,919,025 |
4,013,059,877 |
483,830,874 |
|
Income Taxes |
-204,725,580 |
-246,773,200 |
122,686,734 |
|
Cash Flows from Investing |
-1,896,654,227 |
-4,047,655,337 |
4,264,428,608 |
|
Cash Flows from Financing |
4,000,788,376 |
-6,680,088,249 |
-11,368,836,570 |
|
Increase/Decrease in Cash |
3,479,327,186 |
-365,282,951 |
-311,417,559 |
|
Cash at the Beginning of Year |
560,508,734 |
925,791,685 |
1,237,209,244 |
|
Cash at the End of Year |
4,039,835,920 |
560,508,734 |
925,791,685 |
|
Main Products & Services |
REFRACTORY Iron steel refractory : Acid, Neutral and
Basic shaped refractory /Monolithic refractory Incinerator refractory : Shaped / Monolithic
refractory Nonferrous metals refractory & etc.: Shaped / Monolithic/
Special refractory FINE CERAMICS Water/Sanitary faucets High purity Alumina crucible Ceramics LINING PIPE & ELBOW HGI Corrosion Resistance HGI Formability HGI STEEL PIPE Structural carbon steel Structural square shape steel(tube) Product for temporary construction(pipe
support, fence, coupling pin, safe rail) Brand Name : PGT-BT,J-18D, MAGGUN, TUNGUN,
Ceramic Disk |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
POSCO(174611-0000741) POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) DONGKUK STEEL MILL CO.,LTD.(110111-0031338) |
|
Competitors |
POSCO(174611-0000741) 1, GOEDONG-DONG, NAM-GU, POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-220-0114
FAX:+82-54-220-6000 JINBANG STEEL KOREA CO., LTD.(171711-0060051) 605, HO-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-289-5700 FAX:+82-54-278-0421 |
|
Affiliates |
CHOSUN STEELWIRE CO.,LTD(110111-0008486) DONGKUK S&C CO., LTD.(110111-2276784) HANRYO ENERGY DEVELOPMENT CO.,
LTD.(206211-0026796) SHINAN WIND POWER CO., LTD.(201111-0023666) GO DEOK WIND POWER CO.,
LTD.(161311-0017432) DONGYEON S&T CO., LTD.(110111-3401059) CHUNGSEOK DEVELOPMENT CO., LTD.(KOREA) KUMHWA METAL CO., LTD.(KOREA) DK WIND POWER CO., LTD.(234111-0045158) NAMWON WIND POWER CO., LTD.(211311-0005428) DONGKUK INDUSTRIES COMPANY(110111-0085583) (4.02% held by the subject company) DAEWON STEEL CO., LTD.(120111-0123711) (19.0% held by the subject company) DK DONGSHIN CO., LTD.(110111-3850959) (4.44% held by the subject company) DK AMERICA, INC. 23133 HAWTHORNE BLVD. STE.301 TORRANCE, CA
90505, USA TEL : 1-310-375-2222, FAX : 1-310-375-2221 |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DONGYEON S&T CO., LTD.(110111-3401059) (100.0% held by the subject company) YOUNGKU SHINDONG REFRACTORIES MATERIALS CO., LTD.(CHINA: 영구신동내화재료(유)) (56.0% held by
the subject company) CHIBAK DONGKUK REFRACTORIES MATERIALS CO.,
LTD.(CHINA 치박동국내화재료(유)) (90.0% held by
the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
|
Sales/ Unit :Thousand KRW |
06/2015 |
2014 |
2013 |
|
Export |
3,932,854 |
6,657,988 |
4,416,015 |
|
Domestic |
44,094,664 |
95,570,152 |
104,291,885 |
|
Total |
48,027,518 |
102,228,140 |
108,707,900 |
The Subject deals
with the companies in China, Taiwan, Indonesia and Japan.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.