|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490840 |
|
Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
DSR CORP |
|
|
|
|
Formerly Known As : |
DAESUNG STEEL CO., LTD |
|
|
|
|
Registered Office : |
7, Noksansaneopjung-ro 192beon-gil,
Gangseo-gu, Busan, Korea, 46753 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2017 |
|
|
|
|
Date of Incorporation : |
01.04.1965 |
|
|
|
|
Com. Reg. No.: |
617-81-00224 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Articles Made from Metal Wires, Rope, Wire, Sling, Stainless Steel Wire |
|
|
|
|
No. of Employees : |
171 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
Source : CIA |
Basic Information
|
Company Name |
DSR CORP. |
|
Registered Address |
7, Noksansaneopjung-ro 192beon-gil,
Gangseo-gu, Busan, Korea (Old Address System : 1551-1,
Songjeong-dong, Gangseo-gu, Busan, Korea) |
|
Building |
|
|
Zip Code |
46753 |
|
Tel |
+82-51-979-0500 |
|
Fax |
+82-51-979-0600 |
|
E-mail |
sales@dsrcorp.com;choiyg@dsr.com |
|
Website |
www.dsr.com;www.dsrcorp.com |
|
Trading Address |
7FL., Wooshin Bldg., 145, Teheran-ro,
Gangnam-gu, Seoul, Korea (Old Address System : 7FL., Wooshin Bldg.,
646-15, Yeoksam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3420-3500 +82-2-3420-3591 |
|
Fax |
+82-2-3420-3600 |
|
Other Address-Gwangyang Stainless
1 Factory |
75, Chonamgongdan-gil, Gwangyang-eup,
Gwangyang-si, Jeollanam-do, Korea (Old Address System : 732-2, Chonam-ri,
Gwangyang-eup, Gwangyang-si, Jeollanam-do, Korea) |
|
Tel |
+82-61-762-8351 |
|
Fax |
+82-61-762-8354 |
|
Other Address-Gwangyang Stainless
2 Factory |
55, Chonam2gongdan 2-gil, Gwangyang-eup,
Gwangyang-si, Jeollanam-do, Korea (Old Address System : 759, Chonam-ri,
Gwangyang-eup, Gwangyang-si, Jeollanam-do, Korea) |
|
Tel |
+82-61-763-9533~4 |
|
Fax |
+82-61-763-9535 |
|
Type |
Export |
|
Industry |
Manufacture of Articles Made from Metal Wires |
|
Main Business |
Rope, Wire, Sling, Stainless Steel Wire |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
04/01/1965 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Slings(24101611) |
|
Sell |
Wire rope(31151505) |
|
Sell |
Ropes(31151500) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Mechanical wire(31151800) |
|
Sell |
Polypropylene rope(31151503) |
|
Buy |
Stainless steel rods(30102405) |
|
Buy |
Steel(11101704) |
|
Buy |
Base Metals(11101700) |
CEO’s
|
Name |
Hong Seok-Bin |
|
Date of Birth |
10/30/1966 |
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
8,000,000,000 |
|||||||||||||||||||||||||||||||||
|
Employees |
171 |
|||||||||||||||||||||||||||||||||
|
Formation |
Listed Company at Korea Stock Exchange(Code : 155660) as of
05/156/2013 |
|||||||||||||||||||||||||||||||||
|
Bank Details |
KEB Hana Bank-Seocho Dong Branch Shinhan Bank Busan Bank |
|||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0000777 |
|||||||||||||||||||||||||||||||||
|
Business Registered No. |
617-81-00224 |
|||||||||||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 740047 |
|||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||
|
Company History |
04/01/1965 Incorporated as DAESUNG STEEL
CO., LTD. 05/01/2000 Changed company name to the
present name 11/18/2002 Moved to the present HQ address
from 172, Gwangan-dong, Suyeong-gu, Busan, Korea 06/21/2012 Split off the par value to 500 KRW
from 5,000 KRW 06/21/2012 Increased the authorized shares to
100,000,000 shares from 2,000,000 shares 05/10/2013 Increased capital to 8,000,000,000 KRW
from 6,000,000,000 KRW |
Detailed Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Hong Seok-Bin |
Korean |
10/30/1966 |
03/25/2016 |
|
Director |
Kim In-Hwan |
Korean |
12/19/1958 |
03/20/2015 |
|
Outside Director |
Song Kang-Dae |
Korean |
04/03/1960 |
03/21/2014 |
|
Auditor |
Kim Hong-Ki |
Korean |
11/06/1947 |
03/24/2017 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
09/2017 |
135,351,555,965 |
187,812,205,708 |
10,516,283,300 |
|
2016 |
158,399,204,515 |
175,468,187,065 |
11,014,758,107 |
|
2015 |
162,475,872,948 |
155,959,910,659 |
9,353,435,557 |
|
2014 |
168,128,998,820 |
151,880,177,848 |
6,627,557,931 |
|
2013 |
152,406,323,770 |
141,145,809,877 |
6,572,051,413 |
|
2012 |
157,152,158,692 |
120,755,903,395 |
7,879,272,136 |
|
2011 |
159,248,894,799 |
117,710,833,624 |
7,933,523,961 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
8,000,000,000 |
|
Total Issued Shares |
16,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
187,812,205,708 |
175,468,187,065 |
155,959,910,659 |
|
Current
Assets |
99,421,510,408 |
102,159,286,452 |
90,548,009,749 |
|
Cash
& Cash Equivalents |
2,449,153,761 |
5,150,695,780 |
3,646,416,398 |
|
Current
Financial Instruments |
510,272,380 |
1,280,369,357 |
127,701,323 |
|
Marketable
Financial Instruments |
7,719,760,114 |
5,867,245,130 |
7,024,073,068 |
|
Finance
Assets from this year's Income |
13,108,392,693 |
19,894,437,102 |
14,308,206,965 |
|
Trade
Receivables & Other Receivables |
44,167,274,614 |
41,441,758,998 |
37,485,906,991 |
|
Other
Current Assets |
2,384,272,910 |
1,131,996,842 |
2,001,661,371 |
|
Inventories |
29,082,383,936 |
27,392,783,243 |
25,954,043,633 |
|
Non-Current
Assets |
88,390,695,300 |
73,308,900,613 |
65,411,900,910 |
|
Marketable
Financial Instruments |
4,264,361,133 |
6,964,971,352 |
2,848,369,316 |
|
Finance
Assets from this year's Income |
4,453,387,264 |
5,573,971,060 |
3,711,636,132 |
|
Long-Term
Trade Receivables & Other Receivables |
2,829,151,332 |
514,084,744 |
2,090,011,833 |
|
Investment_Subsidiaries |
16,569,235,529 |
13,468,241,529 |
11,975,381,029 |
|
Tangibles |
60,274,560,042 |
46,787,631,928 |
44,786,502,600 |
|
Total
Liabilities |
52,422,253,789 |
48,299,091,376 |
40,888,222,047 |
|
Current
Liabilities |
50,749,377,266 |
44,658,310,456 |
34,596,913,907 |
|
Trade
Payables & Other Payables |
22,711,440,447 |
14,783,419,535 |
11,411,794,324 |
|
Short-Term
Borrowings |
19,474,736,437 |
21,561,276,655 |
17,826,187,299 |
|
Current
Portion of Long-Term Debts |
2,500,000,000 |
2,500,000,000 |
|
|
Accrued
Income Tax |
3,031,555,640 |
2,208,465,076 |
2,162,132,815 |
|
Other
Current Financial Debts |
26,857,713 |
4,650,000 |
320,049,999 |
|
Other
Current Liabilities |
2,938,882,656 |
3,581,776,546 |
2,832,191,899 |
|
Other
Current Financial Guarantee Debts |
65,904,373 |
18,722,644 |
44,557,571 |
|
Non-Current
Liabilities |
1,672,876,523 |
3,640,780,920 |
6,291,308,140 |
|
Long-Term
Borrowings |
625,000,000 |
2,500,000,000 |
5,000,000,000 |
|
Other
Non-Current Financial Debts |
16,500,000 |
16,500,000 |
16,500,000 |
|
Provision
for Severance & Retirement |
809,177,979 |
100,561,015 |
637,402,856 |
|
Deferred
Income Tax Credit |
222,198,544 |
1,023,719,905 |
637,405,284 |
|
Capital
Stock |
8,000,000,000 |
8,000,000,000 |
8,000,000,000 |
|
Capital
Surplus |
13,702,964,000 |
13,702,964,000 |
13,702,964,000 |
|
Profit
Surplus |
112,165,268,426 |
102,448,985,126 |
92,276,885,387 |
|
Others |
1,521,719,493 |
3,017,146,563 |
1,091,839,225 |
|
Total
Equity |
135,389,951,919 |
127,169,095,689 |
115,071,688,612 |
|
Liab.
& Shareholder’s Equity |
187,812,205,708 |
175,468,187,065 |
155,959,910,659 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
135,351,555,965 |
158,399,204,515 |
162,475,872,948 |
|
Cost of Sold Goods |
111,632,778,624 |
130,042,417,761 |
135,976,561,722 |
|
Gross Profit |
23,718,777,341 |
28,356,786,754 |
26,499,311,226 |
|
Selling & Admin. Expenses |
11,358,560,545 |
15,002,279,631 |
14,663,297,728 |
|
Operating Income |
12,360,216,796 |
13,354,507,123 |
11,836,013,498 |
|
Finance Income |
3,139,874,180 |
3,273,264,494 |
2,971,164,377 |
|
Finance Expenses |
2,189,380,734 |
2,108,985,530 |
2,762,864,683 |
|
Other Income |
707,464,562 |
935,374,940 |
363,364,555 |
|
Other Expenses |
738,845,210 |
439,943,224 |
311,031,931 |
|
Income Before Taxes |
13,279,329,594 |
15,014,217,803 |
12,096,645,816 |
|
Income Taxes Expenses |
2,763,046,294 |
3,999,459,696 |
2,743,210,259 |
|
Net Income |
10,516,283,300 |
11,014,758,107 |
9,353,435,557 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2017~09/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating
Activities Cash Flows |
10,325,410,955 |
9,736,555,826 |
21,962,742,140 |
|
Cash Flows from Operating |
12,418,589,124 |
13,348,440,743 |
24,463,794,385 |
|
Net Income |
10,516,283,300 |
11,014,758,107 |
9,353,435,557 |
|
Adjustment |
5,115,408,187 |
6,574,681,964 |
7,412,730,098 |
|
Changes in Asset/ & Liability |
-3,213,102,363 |
-4,240,999,328 |
7,697,628,730 |
|
Interests Received |
495,948,068 |
777,498,576 |
321,190,447 |
|
Interests Paid |
-305,048,268 |
-326,506,046 |
-305,077,061 |
|
Dividends Received |
35,612,000 |
34,938,923 |
27,300,000 |
|
Income Taxes |
-2,319,689,969 |
-4,097,816,370 |
-2,544,465,631 |
|
Cash
Flows from Investing |
-7,202,694,221 |
-12,755,338,216 |
-14,627,792,292 |
|
Cash Inflow from Investing |
|
59,022,062,191 |
31,723,492,725 |
|
Cash Outflows for Investing |
|
-71,777,400,407 |
-46,351,285,017 |
|
Cash
Flows from Financing |
-5,819,475,621 |
4,405,849,674 |
-4,345,737,082 |
|
Cash Inflows from Financing |
|
52,632,647,101 |
73,950,520,858 |
|
Cash Outflows from Financing |
|
-48,226,797,427 |
-78,296,257,940 |
|
Increase/Decrease
in Cash |
-2,696,758,887 |
1,387,067,284 |
2,989,212,766 |
|
Cash at
the Beginning of Year |
5,150,695,780 |
3,646,416,398 |
656,969,877 |
|
Cash at
the End of Year |
2,449,153,761 |
5,150,695,780 |
3,646,416,398 |
Products, Technologies, Services Description
|
Main Products & Services |
Rope, Wire, Sling, Stainless Steel Wire |
Trade Partners & Competitors
|
Customers |
DSR INTERNATIONAL CORP. |
|
Competitors |
MANHO ROPE & WIRE CO., LTD. 1660-11, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-601-0300 FAX:+82-51-442-1162 KOSWIRE CO., LTD. 121-6, SAMNAK-DONG, SASANG-GU, BUSAN, KOREA TEL:+82-51-301-1617 FAX:+82-51-301-1619 KOS LIMITED 131-1, YUSAN-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-389-1050~6 FAX:+82-55-389-1057 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DSR WIRE CORP.(180111-0004753) DSR TRADING CORP. |
|
Subsidiary |
DSR INTERNATIONAL CORP. (70.0% held by the subject company) 290 BROADHOLLOW ROAD, SUITE 240E MELVILLE, NY 11747, USA QINGDAO DSR WIRE CO.,
LTD.(CHINA) (92.31% held by the subject company) SHANDONG-SHENG, QINGDAO-SHI, CHENGYANG-QU,
LIUTING JIEDAO, SHUANGYUANMLU XICE QINGDAO, CHINA DSR VINA CO.,LTD.(VIETNAM) (100.00% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Sales by Region (Activity & Markets)
|
Sales/ Unit : Thousand KRW |
09/2017 |
2016 |
2015 |
|
Export |
86,393,589 |
96,008,773 |
98,878,413 |
|
Domestic |
48,957,967 |
62,390,432 |
63,597,460 |
|
Total |
135,351,556 |
158,399,205 |
162,475,873 |
Not Available.
Court Action
No Records.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.27 |
|
|
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
|
KRW |
1 |
INR 0.059 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.