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|
MIRA INFORM REPORT
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Report No. : |
497732 |
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Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
DK CORP. |
|
|
|
|
Registered Office : |
66, Gohyeon-gil 98beon-gil, Cheongha-myeon,
Buk-gu, Pohang-si, Gyeongsangbuk-do |
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|
|
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Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2016 |
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|
|
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Date of Incorporation : |
28.02.1990 |
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|
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Com. Reg. No.: |
506-81-08019 |
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|
|
|
Legal Form : |
Co., Ltd by shares |
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|
|
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Line of Business : |
Export/Import, Manufacture of Ferro-Alloys,
Stainless Backboard, Stainless Flat Bar |
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|
|
|
No. of Employees : |
153 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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|
|
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Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Exist |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
|
Source
: CIA |
Basic
Information
|
Company Name |
DK CORP. (Trade Name : TKC) |
|
Registered Address |
66, Gohyeon-gil 98beon-gil, Cheongha-myeon,
Buk-gu, Pohang-si, Gyeongsangbuk-do, Korea (Old Address System : 612-1, Gohyeon-ri,
Cheongha-myeon, Buk-gu, Pohang-si, Gyeongsangbuk-do, Korea) |
|
Building |
|
|
Zip Code |
37519 |
|
Tel |
+82-54-232-3120 |
|
Fax |
+82-54-232-3122 |
|
E-mail |
webmaster@dkcsteel.com;shinmi@dkcsteel.com |
|
Website |
www.dkcsteel.co.kr |
|
Trading Address |
16th Fl., KT Bldg., 14, Yeoui-daero,
Yeongdeungpo-gu, Seoul, Korea (Old Address System : 16th Fl., KT Bldg.,
28-2, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-3016-2854 +82-2-3016-2822 |
|
Fax |
+82-2-596-8270 |
|
Other Address |
30, Saebyeok-ro, Sasang-gu, Busan, Korea |
|
Tel |
+82-51-315-9122 |
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Ferro-Alloys |
|
Main Business |
Stainless Backboard, Stainless Flat Bar |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
02/28/1990 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Stainless steel plate(30102205) |
CEO’s
|
Name |
Suh Soo-Min |
|
Date of Birth |
10/31/1963 |
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
6,124,180,000 |
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|
Employees |
153 |
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|
Formation |
Co., Ltd by shares |
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Bank Details |
Woori Bank KEB Hana Bank Kookmin Bank Shinhan Bank NH Nonghyup Bank |
|||||||||||||||||||||||||||
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Corporate Registered No. |
174611-0009701 |
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Business Registered No. |
506-81-08019 |
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Permit & Licenses |
10/30/1996 ISO 9002 03/12/2003 JIS 12/29/2004 JIS Int’l Trade No.: 911591 |
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Shareholder Position |
|
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Company History |
02/28/1990 Incorporated as DAEKYUNG CORP. 11/30/1997
Awarded US$10 Million Export Top Prize 11/30/1999
Awarded US$30 Million Export Top Prize 11/30/2001
Awarded US$50 Million Export Top Prize 01/14/2004
Decreased capital to 2,344,250,000 KRW from 3,600,000,000 KRW 10/11/2004
Increased the authorized shares to 3,000,000 shares from 1,280,000 shares 11/30/2004
Awarded US$100 Million Export Top Prize 02/21/2007
Changed company name to the present name 10/31/2014
Increased capital to 2,344,250,000 KRW from
4,894,250,000 KRW 11/02/2016 Increased capital to
6,124,180,000 KRW from 4,894,250,000 KRW |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Suh Soo-Min |
Korean |
10/31/1963 |
04/10/2006 |
|
Director |
Suh Jung-Hwa |
Korean |
03/04/1933 |
03/28/2005 |
|
Director |
Jun Sung-Kil |
Korean |
04/15/1966 |
03/28/2017 |
|
Auditor |
Shim Sang-Soo |
Korean |
12/27/1967 |
07/10/2017 |
Financials
|
Year
/ Unit : KRW |
Sales |
Assets |
Net
Income |
|
285,596,737,182 |
139,137,118,814 |
8,009,715,696 |
|
|
2015 |
232,756,885,813 |
131,367,175,235 |
3,058,847,699 |
|
2014 |
263,937,731,836 |
164,192,008,375 |
2,177,921,104 |
|
2013 |
298,615,882,227 |
155,335,124,432 |
-5,516,103,016 |
|
2012 |
313,443,142,270 |
165,001,107,516 |
-7,294,317,156 |
|
2011 |
412,018,939,178 |
200,964,082,097 |
7,648,776,480 |
|
2010 |
382,154,237,512 |
185,009,318,946 |
10,166,038,295 |
|
2009 |
237,894,152,338 |
173,326,232,558 |
-46,534,631,458 |
|
2008 |
401,407,905,150 |
244,591,785,934 |
3,823,274,400 |
|
2007 |
456,908,906,104 |
192,238,311,380 |
6,015,835,033 |
|
2006 |
337,995,816,926 |
142,291,721,480 |
11,788,802,481 |
|
2005 |
312,775,347,933 |
101,655,835,237 |
2,676,958,530 |
Financial
Description
|
Authorized Capital(KRW) |
15,000,000,000 |
|
Paid-Up Capital(KRW) |
6,124,180,000 |
|
Total Issued Shares |
1,224,836 (Common : 1,152,836 / Preferable
:72,000) |
|
Balance
Sheet |
|||
|
Unit
: Korean Won |
As
of 12/31/2016 |
As
of 12/31/2015 |
As
of 12/31/2014 |
|
Total Assets |
139,137,118,814 |
131,367,175,235 |
164,192,008,375 |
|
Current Assets |
79,070,802,813 |
74,332,307,367 |
105,469,117,033 |
|
-Quick Assets |
30,703,298,609 |
17,272,091,910 |
43,057,283,737 |
|
-Inventories |
48,367,504,204 |
57,060,215,457 |
62,411,833,296 |
|
Fixed Assets |
60,066,316,001 |
57,034,867,868 |
58,722,891,342 |
|
-Investment |
27,438,489,291 |
20,891,205,293 |
26,763,008,814 |
|
-Tangibles |
27,709,876,482 |
28,259,335,299 |
30,291,558,203 |
|
-Intangibles |
44,837,718 |
87,281,318 |
130,226,012 |
|
-Others |
4,873,112,510 |
7,797,045,958 |
1,538,098,313 |
|
Total Liabilities |
100,095,166,340 |
100,677,130,757 |
126,708,786,934 |
|
Current Liabilities |
91,375,419,000 |
91,465,281,630 |
116,573,705,555 |
|
Fixed Liabilities |
8,719,747,340 |
9,211,849,127 |
10,135,081,379 |
|
Capital Stock |
6,124,180,000 |
4,894,250,000 |
4,894,250,000 |
|
Capital Surplus |
14,586,258,391 |
11,816,210,045 |
11,816,210,045 |
|
Profit Surplus |
18,287,789,497 |
10,386,073,801 |
7,327,226,102 |
|
Others |
43,724,586 |
3,593,510,632 |
13,445,535,294 |
|
Total Equity |
39,041,952,474 |
30,690,044,478 |
37,483,221,441 |
|
Liab. & Shareholder’s Equity |
139,137,118,814 |
131,367,175,235 |
164,192,008,375 |
|
Current Liabilities |
91,375,419,000 |
91,465,281,630 |
116,573,705,555 |
|
Trade Payables |
28,031,695,170 |
44,658,812,441 |
44,321,801,473 |
|
Account Payables |
32,738,737,543 |
1,583,320,409 |
1,516,121,110 |
|
Short-Term Borrowings |
28,883,165,961 |
43,832,609,406 |
67,941,211,352 |
|
Withholdings |
491,010,691 |
332,996,463 |
245,980,297 |
|
Advance Receipts |
53,981,590 |
40,119,112 |
756,425,782 |
|
Accrued Expenses |
989,363,226 |
1,017,423,799 |
957,771,683 |
|
Current Portion of Long-Term Debts |
|
|
440,000,000 |
|
Deferred Income Tax Credit |
187,464,819 |
- |
394,393,858 |
|
Fixed Liabilities |
8,719,747,340 |
9,211,849,127 |
10,135,081,379 |
|
Long-Term Borrowings |
- |
- |
3,520,000,000 |
|
Long-Term Debenture |
4,994,166,666 |
4,990,833,333 |
0 |
|
Provision for Severance & Retirement |
2,556,171,674 |
3,051,606,794 |
3,893,694,633 |
|
Leasehold Deposit Received |
1,169,409,000 |
1,169,409,000 |
1,125,203,000 |
|
Deferred Income Tax Credit |
|
|
1,596,183,746 |
|
Income
Statement |
|||
|
Unit
: Korean Won |
As
of 12/31/2016 |
As
of 12/31/2015 |
As
of 12/31/2014 |
|
Sales |
285,596,737,182 |
232,756,885,813 |
263,937,731,836 |
|
Cost of Sold Goods |
264,737,216,923 |
217,984,847,374 |
247,693,433,345 |
|
Gross Profit |
20,859,520,259 |
14,772,038,439 |
16,244,298,491 |
|
Selling & Admin. Expenses |
13,258,098,081 |
10,270,761,651 |
10,857,334,419 |
|
Operating Income |
7,601,422,178 |
4,501,276,788 |
5,386,964,072 |
|
Non-Operating Income |
6,800,244,001 |
4,995,145,810 |
6,948,242,912 |
|
Non-Operating Expenses |
4,989,231,680 |
5,848,033,572 |
9,519,916,065 |
|
Income Before Taxes |
9,412,434,499 |
3,648,389,026 |
2,815,290,919 |
|
Income Taxes Expenses |
1,402,718,803 |
589,541,327 |
637,369,815 |
|
Net Income |
8,009,715,696 |
3,058,847,699 |
2,177,921,104 |
|
Cash
Flows |
|||
|
Unit
: Korean Won |
As
of 12/31/2016 |
As
of 12/31/2015 |
As
of 12/31/2014 |
|
Cash Flows
from Operating |
20,869,102,169 |
15,846,590,163 |
-27,099,164,279 |
|
-Net Income |
8,009,715,696 |
3,058,847,699 |
2,177,921,104 |
|
-Exp. without Cash Outflow |
16,083,409,442 |
5,676,061,987 |
8,261,043,722 |
|
-Revenue without Cash Inflows |
-5,199,723,387 |
-3,112,045,930 |
-2,445,306,880 |
|
-Changes in Asset/ & Liability |
1,975,700,418 |
10,223,726,407 |
-35,092,822,225 |
|
Cash Flows
from Investing |
-9,306,766,538 |
-5,495,367,889 |
25,735,234,827 |
|
-Cash Inflow from Investing |
3,737,034,480 |
10,406,075,111 |
27,781,441,686 |
|
-Cash Outflows for Investing |
-13,043,801,018 |
-15,901,443,000 |
-2,046,206,859 |
|
Cash Flows
from Financing |
-11,173,607,201 |
-23,084,861,044 |
14,418,283,465 |
|
-Cash Inflows from Financing |
116,371,557,346 |
150,006,120,626 |
168,007,629,297 |
|
-Cash Outflows from Financing |
-127,545,164,547 |
-173,090,981,670 |
-153,589,345,832 |
|
Increase/Decrease
in Cash |
388,728,430 |
-12,733,638,770 |
13,054,354,013 |
|
Cash at the
Beginning of Year |
680,313,916 |
13,413,952,686 |
359,598,673 |
|
Cash at the
End of Year |
1,069,042,346 |
680,313,916 |
13,413,952,686 |
Products,
Technologies, Services Description
|
Main Products & Services |
Stainless Backboard, Stainless Flat Bar |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade
Partners & Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
DONGIL INDUSTRIES CO., LTD. 800, JANGHEUNG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-285-3201 FAX:+82-54-285-4151 MECHEM KOREA CO., LTD. 9TH FL., ILJIN BLDG., 50-1, DOHWA-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-323-5193 FAX:+82-2-323-5195 KTC KOREA CO., LTD. 567-49, YEONNAM-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3144-5052 FAX:+82-2-3141-5846 |
Related
Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DKC JAPAN CO, LTD. (100.00% held by the subject company) KUN SHAN D.K.C AUTOMAT IVE SYSTEM CO.,
LTD.(CHINA) (100.00% held by the subject company) JS TECH CO.,LTD.(164711-0008737) (7.6% held by the subject company) SEGI CORPORATION(KOREA) (45.40% held by the subject company) DKC EUROPE NV (100.00% held by the subject company) |
|
Overseas Office |
7F., DAI 2 HORIUCHI B/D 11-15 AKASAKA
2CHOME, MINATO-KU, TOKYO, JAPAN DK CORPORATION EUROPE MERGENTHALERALLEE 10-12, 65760, ESCHBORN,
GERMANY |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DKC SERVICE CO., LTD(110111-0404535) (79.79% held by the subject company) DKC JAPAN CO, LTD. (100.00% held by the subject company) DAEKYUNG MOTOR PARTS CO., LTD.(CHINA) (25.00% held by the subject company) |
Sales
by Region (Activity & Markets)
The Subject deals with the companies in Australia, China, Japan,
USA and Europe.
Court
Action
|
Case
No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
Seoul Nambu District Court |
Jecheol Ceramic Co., Ltd.(Korea) |
The Subject Company |
Adjusted Amount |
- |
Proceeding |
|
|
Busna District Court |
Duckwon ENT CO., LTD.(Korea) |
The Subject Company |
Distribution Objection |
- |
Proceeding |
News
Clipping
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.96 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.09 |
|
KRW |
1 |
INR 0.061 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.