MIRA
INFORM REPORT
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Report Date : |
14.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DONGAH TIRE & RUBBER
CO., LTD. |
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Registered Office : |
90, Yusan-dong, Yangsan-si, Gyeongsangnam-Do - 626-230 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06/23/1971 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Tires and Tubes |
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 |
DONGAH TIRE & RUBBER CO., LTD. |
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Registered Address/Factory |
90, Yusan-dong, Yangsan-si, |
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Zip Code |
626-230 |
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Tel |
+82-55-389-0011 |
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Fax |
+82-55-382-7736 |
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E-mail |
webmaster@dongahtire.co.kr |
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Website |
www.dongahtire.co.kr |
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Trading Address/ |
552-2, Seongnae-dong, Gangdong-gu, |
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Tel |
+82-2-477-4181/6 |
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Fax |
+82-2-477-4180 |
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Bukjeong Factory |
259-5, Bukjeong-dong, Yangsan-si, |
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Tel |
+82-55-389-1900 |
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Fax |
+82-55-386-0379 |
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Jinju Factory |
918, Gilseong-ri, Ibanseong-myeon, Jinju-si, |
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Tel |
+82-55-758-5166 |
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Fax |
+82-55-758-6252 |
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Onsan Factory |
319, Hwasan-ri, Onsan-eup, Ulju-gun, |
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Tel |
+82-52-237-2433 |
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Fax |
+82-52-237-2437 |
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Daejeon Sales Office |
291-1, Wa-dong, Daedeok-gu, |
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Tel |
+82-042-626-3402 |
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Type |
Export/Import |
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Industry |
Manufacture of Tires and Tubes |
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Main Business |
Inner Tube,Flap,Retread Tire,Flap, |
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Established (mm/dd/yyyy) |
06/23/1971 |
The Subject owns the premises of registered
address, Bukjeong Factory and Onsan Factory.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Batteries and cells and accessories(26111700) |
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Sell |
Engine mounts(26101704) |
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Sell |
Machine mounts or vibration isolators(23153130) |
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Sell |
Polymer master batches(12171701) |
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Sell |
Tires and tire tubes(25172500) |
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Buy |
Rubber Raw Materials |
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Buy |
Synthetic Rubber Materials |
CEO’s
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Name |
Kim Man-Soo |
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Date of Birth |
12/18/1930 |
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Title |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
11,863,500,000 KRW |
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Employees |
596 |
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Formation |
Listed Company ( |
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Bank Details |
Korea Exchange Bank-Seo-Myun Branch Citi Hana Bank |
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Corporate Registered No. |
184511-0000642 |
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Business Registered No. |
621-81-01580 |
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Permit & Licenses |
12/30/1977 KS 12/07/1995 ISO 9001 Int’l Trade No.: 750893 |
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Shareholder Position |
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Company History |
06/23/1971 Established
as DONG AH TIRE IND.CO.,LTD 12/20/1983
Moved to the present HQ address 09/25/1988
Listed at KSE Market 11/30/1996
Awarded US$100 Million Export Top Prize 03/19/1999
Changed company name to the present name |
The Subject Company is engaged in the
production of automotive products in
Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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Chairman & CEO |
Mr. |
Kim Man-Soo |
Korean |
30.12.18 |
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Vice President |
Mr. |
Kim Sang-Heon |
Korean |
63.04.01 |
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Sr. Executive director |
Mr. |
Yoo Seung-Baik |
Korean |
47.04.29 |
Busan National university |
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Outside Director |
Mr. |
Jung Soo-Chul |
Korean |
43.01.19 |
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Auditor |
Mr. |
Shin Hyun-Duck |
Korean |
61.01.04 |
Busan National university |
Financials
Unit: KRW
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Year |
Sales |
Assets |
Net income |
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2006 |
201,507,133,135 |
312,421,600,545 |
10,078,822,754 |
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218,442,084,371 |
310,289,570,903 |
15,708,423,494 |
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2004 |
216,222,089,103 |
286,268,068,505 |
21,647,914,733 |
Financial Description
Unit: KRW
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Authorized Capital |
24,000,000,000 |
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Paid-Up Capital |
11,863,500,000 |
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Total Issues Shares |
23,727,000 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
312,421,600,545 |
310,289,570,903 |
286,268,068,505 |
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Current Assets |
121,251,726,396 |
129,947,646,956 |
125,829,670,369 |
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-Quick Assets |
95,823,022,031 |
103,921,873,406 |
95,188,160,389 |
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-Inventories |
25,428,704,365 |
26,025,773,550 |
30,641,509,980 |
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Fixed Assets |
191,169,874,149 |
180,341,923,947 |
160,438,398,136 |
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-Investment |
139,230,081,963 |
126,870,213,317 |
104,649,833,431 |
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-Tangibles |
51,939,792,186 |
53,471,710,630 |
55,788,564,705 |
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-Intangibles |
- |
- |
- |
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Total Liabilities |
32,894,203,020 |
35,396,346,224 |
23,905,461,724 |
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Current Liabilities |
30,701,325,857 |
32,745,172,145 |
20,202,586,159 |
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Fixed Liabilities |
2,192,877,163 |
2,651,174,079 |
3,702,875,565 |
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Capital Stock |
11,863,510,000 |
11,863,510,000 |
11,509,275,000 |
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Capital Surplus |
35,881,369,736 |
35,881,369,736 |
35,881,369,736 |
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Profit Surplus |
244,315,196,535 |
236,331,399,381 |
220,977,210,887 |
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Capital Adjustment |
(-)12,532,678,746 |
(-)9,183,054,438 |
(-)6,005,248,842 |
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Total Equity |
279,527,397,525 |
274,893,224,679 |
262,362,606,781 |
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Liab. & Shareholder’s Equity |
312,421,600,545 |
310,289,570,903 |
286,268,068,505 |
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Current Liabilities |
30,701,325,857 |
32,745,172,145 |
20,202,586,159 |
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Trade Payables |
10,374,507,044 |
12,313,638,127 |
9,946,981,418 |
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Short-Term Borrowings |
11,330,000,000 |
11,720,000,000 |
- |
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Derivatives |
- |
71,547,807 |
- |
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Account Payables |
56,459,083 |
706,443,287 |
60,518,411 |
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Advance Receipts |
1,791,316,732 |
2,868,421,753 |
1,504,668,356 |
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Withholdings |
1,051,855,000 |
427,577,788 |
403,003,898 |
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Accrued Income Tax |
1,808,953,376 |
1,037,673,792 |
3,696,767,894 |
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Accrued Customs Tax |
660,525,690 |
455,087,540 |
781,119,130 |
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Accrued Expenses |
2,255,811,633 |
2,318,228,662 |
3,437,441,585 |
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Leasehold Deposit Received |
165,000,000 |
165,000,000 |
175,000,000 |
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Unearned Income |
- |
- |
188,815,067 |
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Current portion of Long-Term
Debts |
10,795,600 |
9,514,600 |
8,270,400 |
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Short-Term Deferred Income Tax
Credit |
1,196,101,699 |
652,038,789 |
- |
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Fixed Liabilities |
2,192,877,163 |
2,651,174,079 |
3,702,875,565 |
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Long-Term Borrowings |
185,395,800 |
196,191,400 |
205,706,000 |
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Provision for Severance &
Retirement |
2,007,481,363 |
2,095,505,716 |
2,805,895,241 |
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Long-Term Deferred Income Tax
Credits |
- |
359,476,963 |
691,274,324 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
201,507,133,135 |
218,442,084,371 |
216,222,089,103 |
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Cost of Sold Goods |
181,321,252,644 |
190,653,125,483 |
182,089,695,275 |
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Gross Profit |
20,185,880,491 |
27,788,958,888 |
34,132,393,828 |
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Selling & Admin. Expenses |
12,606,195,289 |
15,466,082,834 |
16,167,715,437 |
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Operating Income |
7,579,685,202 |
12,322,876,054 |
17,964,678,391 |
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Non-Operating Income |
10,436,708,895 |
12,095,878,604 |
15,935,637,865 |
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Non-Operating expenses |
5,057,272,761 |
5,083,708,630 |
3,890,106,321 |
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Ordinary Income |
12,959,121,336 |
19,335,046,028 |
30,010,209,935 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
12,959,121,336 |
19,335,046,028 |
30,010,209,935 |
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Income Taxes Expenses |
2,880,298,582 |
3,626,622,534 |
8,362,295,202 |
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Net Income |
10,078,822,754 |
15,708,423,494 |
21,647,914,733 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
12,089,412,352 |
1,847,046,119 |
2,562,392,540 |
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-Net Income |
10,078,822,754 |
15,708,423,494 |
21,647,914,733 |
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-Exp. without Cash Outflow |
6,937,977,317 |
7,704,544,111 |
6,566,818,458 |
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-Revenue without Cash Inflows |
(-)2,737,880,161 |
(-)5,796,859,642 |
(-)6,002,986,870 |
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-Changes in Asset/ & Liability |
(-)2,189,507,558 |
(-)15,769,061,844 |
(-)19,649,353,781 |
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Cash Flows from Investing |
(-)4,925,480,014 |
(-)22,661,851,496 |
(-)34,469,202,235 |
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-Cash Inflow from Investing |
40,374,011,114 |
46,758,288,073 |
96,241,246,989 |
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-Cash Outflows for Investing |
(-)45,299,491,128 |
(-)69,420,139,569 |
(-)130,710,449,224 |
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Cash Flows from Financing |
(-)2,566,088,007 |
11,700,385,861 |
(-)2,552,314,650 |
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-Cash Inflows from Financing |
56,116,376,600 |
34,780,000,000 |
- |
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-Cash Outflows from Financing |
(-)58,682,464,607 |
(-)23,079,614,139 |
(-)2,552,314,650 |
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Increase/Decrease in Cash |
4,597,844,331 |
(-)9,114,419,516 |
(-)34,459,124,345 |
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Cash at the Beginning of Year |
10,810,115,175 |
19,924,534,691 |
54,383,659,036 |
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Cash at the End of Year |
15,407,959,506 |
10,810,115,175 |
19,924,534,691 |
Products,
Technologies, Services
Description
|
Main Products & Services |
The Subject manufactures automotive battery,
rubber auto-parts, retread tire flaps for tire, pre-cured tread rubber and
CMB (carbon master batch). |
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Annual Production Capacity (Unit: Thousand PCS) |
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Trade Partners
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Suppliers |
Kumho EP Rubber Co., Ltd. LG Chemicals Pacific Valves Co., Ltd. MICHANG OIL IND CO.,LTD |
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Customers |
The Subject’s products are supplied to the Auto
parts makers, especially the tube products are exporting about 90% of total
production. Sales Channel Direct Sales : O.E.M/The Subject's
Brand(74% from total sales) Indirect Sales : Agents(2%),
Wholesalers(13%), End-User(11%) Payment Conditions Domestic : Cash and Credit Export: ?lC and Local L/C |
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Competitors |
NEXEN CORPORATION (184611-0000583) The Subject’s tube products account for 20%
global market share. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Subsidiary |
DONG-NAM HOUSING INDUSTRIAL CO.,LTD
(110111-0139265) (75.51% held by the Subject Company) (100% held by the Subject Company) KOMOTECH. CO., LTD (55.29% held by the
Subject Company) DTR AMERICA INC. (100% held by the Subject
Company) DTR Corp. (191111-0030458) (100% held by the Subject Company) DONGAH BATTERY CO., LTD (230111-0111309) (100% held by the Subject Company) Qingdao DTR CO., LTD- |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
131,358 |
162,895 |
158,005 |
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Domestic |
70,149 |
68,180 |
58,217 |
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Total |
201,507 |
231,075 |
216,222 |
The Subject exports the tube products to about 100 countries including Europe,
Middle East, Africa, North America, South Asia and
Court Action
No
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<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 |
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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%)