MIRA
INFORM REPORT
|
Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
E LAND WORLD LTD. |
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Registered Office : |
E-Land Bldg., 19-8, Changjeon-dong, Mapo-gu, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02/16/1982 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Retail Manufacture of Working Clothes and Similar Garments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
E LAND WORLD LTD. |
|
Registered Address |
E-Land Bldg., 19-8, Changjeon-dong,
Mapo-gu, |
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Zip Code |
121-751 |
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Tel |
+82-2-323-0456 |
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Fax |
+82-2-332-6445 |
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E-mail |
ellena@eland.co.kr |
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Website |
www.eland.co.kr |
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Trading Address |
371-12, Gasan-dong, Geumcheon-gu, |
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Tel |
+82-2-2082-9875 |
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Fax |
+82-2-866-5307 |
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Bundang Branch |
10, Gumi-dong, Bundang-gu, Seongnam-si, |
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Tel |
+82-31-719-2001 |
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Yeoeuido Branch |
13-3, Yeoeuido-dong, Yeongdeungpo-gu, |
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Tel |
+82-2-6670-7207 |
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Fax |
+82-2-6670-7301 |
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Dangsan Branch |
16-7, Dangsandong 5-ga, Yeongdeungpo-gu, |
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Tel |
+82-2-2068-2001 |
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Sinchon Branch |
19-8, Changjeon-dong, Mapo-gu, |
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Tel |
+82-2-323-0456 |
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Joonggye Branch |
509, Junggye-dong, Nowon-gu, |
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Tel |
+82-2-948-2001 |
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627-287, Anyang-dong, Manan-gu, Anyang-si, |
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Tel |
+82-31-449-2001 |
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Ansan Branch |
B1, 2001 Outlet, 533, Gojan 2-dong, Danwon-gu, Ansan-si, |
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Tel |
+82-31-405-2001 |
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Fax |
+82-31-414-2102 |
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Type |
Export |
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Industry |
Retail |
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Main Business |
Women`s Casual Apparel, Children`s Apparel, Branded Department Stores |
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Sub
Business |
Manufacture of Working Clothes and Similar Garments |
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Established (mm/dd/yyyy) |
02/16/1982 |
The Subject owns
the premises of registered HQ address and Sinchon Branch.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Undergarments(53102300) |
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Sell |
Clothing(53100000) |
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Sell |
Distribution(80141700) |
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Sell |
Fine jewelry necklaces(54101502) |
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Sell |
Fine jewelry rings(54101503) |
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Sell |
Fabrics and leather materials(11160000) |
CEO’s
|
Name |
Park Sung-Kyung |
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Date of Birth |
01/03/1957 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
33,914,090,000 KRW |
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Employees |
2,115 |
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Formation |
Co., Ltd by shares A company of E-Land Group |
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Bank Details |
Shinhan Bank Woori Bank Korea Exchange Bank Kookmin Bank Korea Development Bank Hana Bank |
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Corporate Registered No. |
110111-0365797 |
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Business Registered No. |
105-81-44184 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
02/16/1982 Established as KUI JOO CO.,
LTD. 10/26/1989 Acquired by E-Land Group 03/05/1990 Changed company name to Appenzeller Co., Ltd. 08/30/1991
Changed company name to Hanse Development Co., Ltd. 12/28/1998 Acquired
EH International Co., Ltd, and changed company name to 2001 OUTLET CO., LTD. 09/30/1999 EL
International Co., Ltd has acquired ROEM CO., LTD and LLOYD CO., LTD. 04/21/2004
Rented New Manhattan Hotel fro 10 years and re-opened as Lexington Hotel 12/27/2004 2001
OUTLET CO., LTD has acquired ELE International Co., LTD., and E-Land World
Ltd., and changed company name to the present name 12/31/2005 The
Subject has acquired the Investment Business Division of E-LAND LTD. |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
Co-President & CEO |
Mr. |
Park Sung-Kyung |
Male |
Korean |
1957.01.03 |
|
Co-President & CEO |
Mr. |
Kim Young-Soo |
Male |
Korean |
1954.01.09 |
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Co-President & CEO |
Mr. |
Kim Kwang-Rae |
Male |
Korean |
1962.12.10 |
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Co-President & CEO |
Mr. |
Kim Am-In |
Male |
Korean |
1961.03.18 |
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Director |
Mr. |
Kwon Soon-Moon |
Male |
Korean |
1964.11.28 |
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Director |
Mr. |
Kim Il-Kyu |
Male |
Korean |
1957.08.20 |
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Auditor |
Mr. |
Lee Kun-Woo |
Male |
Korean |
1948.06.25 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
938,064,490,537 |
1,379,698,651,668 |
17,417,315,949 |
|
|
2005 |
670,581,565,530 |
930,963,941,542 |
90,826,856,502 |
|
2004 |
104,039,402,747 |
666,049,171,700 |
42,192,876,854 |
|
2003 |
80,520,960,710 |
157,424,050,658 |
36,664,738,166 |
Financial Description
Unit: KRW
|
Authorized Capital |
200,000,000,000 |
|
Paid-Up Capital |
33,914,090,000 |
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Total Issues Shares |
(Common:4,867,895 Preferable:988,779) 5,856,674 |
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Balance Sheet |
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Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Total Assets |
1,450,137,618,189 |
1,379,698,651,668 |
930,963,941,542 |
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Current Assets |
630,101,051,255 |
504,153,030,943 |
295,632,903,583 |
|
-Quick Assets |
444,308,879,852 |
345,420,815,816 |
213,706,707,522 |
|
-Inventories |
185,792,171,403 |
158,732,215,127 |
81,926,196,061 |
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Fixed Assets |
820,036,566,934 |
875,545,620,725 |
635,331,037,959 |
|
-Investment |
555,138,987,009 |
613,453,964,956 |
431,762,479,755 |
|
-Tangibles |
203,969,906,704 |
203,881,670,613 |
149,292,857,207 |
|
-Intangibles |
8,152,205,555 |
8,649,560,238 |
14,974,741,910 |
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-Others |
52,775,467,666 |
49,560,424,918 |
39,300,959,087 |
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Total Liabilities |
1,024,343,333,944 |
972,103,733,312 |
567,911,285,198 |
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Current Liabilities |
658,481,157,419 |
611,160,953,555 |
400,919,974,490 |
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Fixed Liabilities |
365,862,176,525 |
360,942,779,757 |
166,991,310,708 |
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Capital Stock |
33,914,090,000 |
33,914,090,000 |
33,914,090,000 |
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Capital Surplus |
375,050,498,051 |
375,050,498,051 |
376,246,768,492 |
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Profit Surplus |
195,664,271,999 |
177,402,746,110 |
190,111,444,473 |
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Capital Adjustment |
-223,094,033,853 |
-223,031,873,853 |
-231,671,163,983 |
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Total Equity |
425,794,284,245 |
407,594,918,356 |
363,052,656,344 |
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Liab. & Shareholder’s Equity |
1,450,137,618,189 |
1,379,698,651,668 |
930,963,941,542 |
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Current Liabilities |
658,481,157,419 |
611,160,953,555 |
400,919,974,490 |
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Short-Term Borrowings |
192,147,110,266 |
223,656,722,474 |
182,267,061,863 |
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Trade Payables |
172,610,792,245 |
117,649,780,489 |
64,590,569,263 |
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Accrued Income Tax |
53,358,534,496 |
48,051,304,994 |
11,655,977,452 |
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Accrued Dividends |
2,500,499,600 |
2,500,255,400 |
- |
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Account Payables |
39,831,081,938 |
43,486,365,395 |
27,577,856,650 |
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Accrued Expenses |
2,052,975,394 |
5,213,141,332 |
606,611,901 |
|
Advance Receipts |
17,840,820,685 |
2,611,176,644 |
11,519,527,290 |
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Currency Swap |
1,631,700,000 |
1,631,700,000 |
- |
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Provision for Refund |
6,540,095,247 |
7,137,984,134 |
5,355,078,606 |
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Current Portion of Long-Term Debts |
166,000,000,000 |
156,000,000,000 |
94,645,935,240 |
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Others |
4,201,760,523 |
3,436,136,705 |
2,736,304,343 |
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Fixed Liabilities |
365,862,176,525 |
360,942,779,757 |
166,991,310,708 |
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Debentures |
113,000,000,000 |
93,000,000,000 |
18,000,000,000 |
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Long-Term Borrowings |
157,021,600,000 |
169,521,600,000 |
78,078,300,000 |
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Guarantee Deposit Withhold |
47,368,801,365 |
44,035,352,084 |
32,487,968,267 |
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Leasehold Deposit Received |
20,071,889,635 |
20,570,889,635 |
6,815,559,635 |
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Provision for Severance & Retirement |
7,054,823,414 |
9,095,839,919 |
6,807,031,286 |
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Provision for Mileage |
2,369,382,876 |
2,369,382,876 |
1,470,935,497 |
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Deferred Income Tax Credit |
25,779,996,809 |
30,411,521,997 |
28,865,703,110 |
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Income Statement |
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Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Sales |
289,183,353,725 |
938,064,490,537 |
670,581,565,530 |
|
Cost of Sold Goods |
179,693,760,750 |
561,412,696,582 |
398,912,468,027 |
|
Gross Profit |
109,489,592,975 |
376,651,793,955 |
271,669,097,503 |
|
Selling & Admin. Expenses |
80,257,287,558 |
294,589,156,924 |
195,751,329,503 |
|
Operating Income |
29,232,305,417 |
82,062,637,031 |
75,917,768,000 |
|
Non-Operating Income |
11,663,668,294 |
49,649,192,095 |
70,867,764,292 |
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Non-Operating expenses |
12,271,957,529 |
89,290,021,386 |
37,084,834,082 |
|
Ordinary Income |
28,624,016,182 |
42,421,807,740 |
109,700,698,210 |
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Special Income |
- |
- |
- |
|
Income Before Taxes |
28,624,016,182 |
42,421,807,740 |
109,700,698,210 |
|
Income Taxes Expenses |
7,862,246,093 |
25,004,491,791 |
18,873,841,708 |
|
Net Income |
20,761,770,089 |
17,417,315,949 |
90,826,856,502 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
178,947,919 |
(-)46,493,610,594 |
31,097,307,012 |
|
-Net Income |
20,761,770,089 |
17,417,315,949 |
90,826,856,502 |
|
-Exp. without Cash Outflow |
13,279,288,703 |
65,014,333,102 |
36,478,823,169 |
|
-Revenue without Cash Inflows |
(-)10,085,539,635 |
(-)43,034,058,845 |
(-)65,499,539,489 |
|
-Changes in Asset/ & Liability |
(-)23,776,571,238 |
(-)85,891,200,800 |
(-)30,708,833,170 |
|
Cash Flows from Investing |
29,479,192,185 |
(-)230,905,134,670 |
(-)99,088,346,013 |
|
-Cash Inflow from Investing |
47,781,250,100 |
75,975,220,373 |
229,185,979,407 |
|
-Cash Outflows for Investing |
(-)18,302,057,915 |
(-)306,880,355,043 |
(-)328,274,325,420 |
|
Cash Flows from Financing |
-17,347,436,311 |
279,481,280,029 |
65,644,750,788 |
|
-Cash Inflows from Financing |
108,549,382,081 |
826,347,410,980 |
297,788,097,372 |
|
-Cash Outflows from Financing |
(-)125,896,818,392 |
(-)546,866,130,951 |
(-)232,143,346,584 |
|
Increase/Decrease in Cash |
12,310,703,793 |
2,082,534,765 |
(-)2,346,288,213 |
|
Cash at the Beginning of Year |
14,524,864,969 |
12,442,330,204 |
14,788,618,417 |
|
Cash at the End of Year |
26,835,568,762 |
14,524,864,969 |
12,442,330,204 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Distribution Service -10 outlet shops (4% Domestic M/S) -Seorak Kensington Star Hotel &
Lexington Hotel Fashion Business -Garments for Kinds(13% Domestic M/S) : 15
brands including Little Bren, E-land Junior, Baby Hunt -Inner Wear : 10 Brands including Hunt
Inner Waer -Women’s Casual : 6 Brands including ROEM,
The Day -Fashion Accessories : 4 Brands including
LLOYD -Food : PIZZA MALL
|
Trade Partners
|
Competitors |
The Subject competes with the department
stores and Discount Sores, as a niche market leader. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
E-LAND LTD. (110111-0536859) (28.1% held by the subject company) KUKJE CORPORATION (180111-0044717) DECO (110111-0242985) (72.4% held by the subject company) E-LAND RETAIL CORPORATION(110111-1017155) (7.2% held by the subject company) NEWCORE CO. LTD. (110111-0243800) (74.9% held by the subject company) E-LAND SYSTEMS LTD. (110111-0747224) LEAD LTD. (110111-0723555) LEADON (110111-29993520 KIMS CLUB MART.CO.LTD (110111-0167498) (31.5% held by the subject company) NETISHION.COM (110111-0409858) E-LAND DEVELOPMENT (110111-0841688) (35% held by the subject company) E-LAND LEISURVICE (144411-0000098) E-LAND COMMUNICATIONS E-LAND C&C LAQUI JEAN |
|
Subsidiary |
FRANCIA LTD. (120111-0101733)(100% held by
the subject company) E-LAND DEVELOPMENT (110111-0841688)(100%
held by the subject company) LEAD (80.9% held by the subject company) EL International(USA) Inc.(100% held by the
subject company) WISH HONG KONG Ltd.(100% held by the
subject company) E.Land Vietnam Co., Ltd.(100% held by the
subject company) Elphis Lanka Limited.(93% held by the
subject company) E.Land International Limited.(100% held by
the subject company) E.Land E.Land Fashion Shanghai Co., Ltd(100% held
by the subject company) DECO Shanghai Garments Co., LTD.- |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Domestic |
1,279,797 |
918,516 |
462,933 |
|
Total |
1,279,797 |
923,112 |
462,933 |
The Subject imports from
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/
Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
POONGDO RICH WORLD FISHERY CO. |
The Subject Company |
Claim for Receivables |
- |
Proceeding |
News Clipping
E-land to Sell Three Carrefour Stores
Maeil Newspaper : 09/28/2006
E-land is likely to accept the Fair Trade Commission's (FTC)
recommendation that the company should sell three Carrefour stores in order to
acquire Carrefour
In a press briefing regarding the conclusion of E-land's takeover of
Carrefour Korea, held at the Seoul Lexington Hotel on Thursday, Kwon Soon-moon,
CEO of E-land, announced that it had decided to sell three Carrefour stores
among the five in the Ahnyang-Gunpo region, four in the Seongnam-Yongin region
and two in the Sooncheon area, in accordance with the FTC's conditional
acceptance of the firm's merger with Carrefour Korea.
"Three distributors have so far revealed their respective proposals
to buy three stores that are currently under our disposal plan, while we are
not going to rush into a deal, as a maximum of 18 months has been given for us
to consider the plan," he added, while refusing to disclose the name of
those three expectant bidders.
Kwon additionally revealed that the final price for E-land to acquire
Carrefour
According to Kwon's explanation, E-land World and New Core invested 300
billion won in the latest takeover fund, while a group of investors, which
include Fine Partners, Korea Development Financing, Tong Yang Investment Bank,
Korea Development Bank Capital and Deutsche Bank, contributed 610 billion won.
800 billion won was borrowed from Woori Bank and Kookmin Bank, and the remaining
money in the fund is planned to be put into store renovation and operations.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)