MIRA
INFORM REPORT
|
Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
E LAND WORLD LTD. |
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Registered Office : |
E-Land Bldg., 19-8, Changjeon-dong, Mapo-gu, Seoul 121-751 |
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Country : |
Korea |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
02.16.1982 |
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Com. Reg. No.: |
105-81-44184 |
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|
Legal Form : |
Company Limited by Shares |
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|
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Line of Business : |
Retail Sale in Other Non-Specialized Large Stores |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exists |
Basic
|
Company
Name |
E LAND WORLD LTD. |
|
Registered Address |
19-8, Changjeon-dong, Mapo-gu, Seoul,
Korea |
|
Building |
E-Land Bldg. |
|
Zip Code |
121-751 |
|
Tel |
+82-2-323-0456 |
|
Fax |
+82-2-332-6445 |
|
E-mail |
ellena@eland.co.kr |
|
Website |
www.eland.co.kr |
|
Trading Address |
371-12, Gasan-dong, Geumcheon-gu, Seoul
153-803 Korea |
|
Tel |
+82-2-2082-9875 |
|
Fax |
+82-2-866-5307 |
|
Bundang Branch |
10, Gumi-dong, Bundang-gu, Seongnam-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-719-2001 |
|
Yeoeuido Branch |
13-3, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea |
|
Tel |
+82-2-6670-7207 |
|
Fax |
+82-2-6670-7301 |
|
Dangsan Branch |
16-7, Dangsandong 5-ga, Yeongdeungpo-gu, Seoul, Korea |
|
Tel |
+82-2-2068-2001 |
|
Sinchon Branch |
19-8, Changjeon-dong, Mapo-gu, Seoul, Korea |
|
Tel |
+82-2-323-0456 |
|
Joonggye Branch |
509, Junggye-dong, Nowon-gu, Seoul, Korea |
|
Tel |
+82-2-948-2001 |
|
Anyang Branch |
627-287, Anyang-dong, Manan-gu, Anyang-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-449-2001 |
|
Ansan Branch |
B1, 2001 Outlet, 533, Gojan 2-dong, Danwon-gu, Ansan-si, Gyeonggi-do,
Korea |
|
Tel |
+82-31-405-2001 |
|
Fax |
+82-31-414-2102 |
|
Type |
Export |
|
Industry |
Retail Sale in Other Non-Specialized Large Stores |
|
Main
Business |
Women`s Casual Apparel, Children`s Apparel, Branded Department Stores |
|
Sub Business |
Manufacture of Working Clothes and Similar Garments |
|
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) |
|
Sell |
Clothing(53100000) |
|
Sell |
Distribution(80141700) |
|
Sell |
Fine jewelry necklaces(54101502) |
|
Sell |
Fine jewelry rings(54101503) |
|
Sell |
Fabrics and leather materials(11160000) |
CEO’s
|
Name |
Park Sung-Kyung |
|
Date of Birth |
01/03/1957 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
37,664,090,000 KRW |
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Employees |
2,470 |
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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. 10/2006 Acquired
Carrefour Korea |
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 |
|
Co-President & CEO |
Mr. |
Kim Am-In |
Male |
Korean |
1961.03.18 |
|
Director |
Mr. |
Kim Il-Kyu |
Male |
Korean |
1957.08.20 |
|
Auditor |
Mr. |
Lee Kun-Woo |
Male |
Korean |
1948.06.25 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
1,128,051,859,813 |
1,381,941,831,097 |
3,969,793,800 |
|
|
2006 |
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 |
37,664,090,000 |
|
Total Issues Shares |
7,532,818 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~06/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
1,414,524,088,342 |
1,381,941,831,097 |
1,379,698,651,668 |
|
Current Assets |
543,288,923,918 |
556,038,700,882 |
504,153,030,943 |
|
-Quick Assets |
386,783,485,645 |
377,441,219,580 |
345,420,815,816 |
|
-Inventories |
156,505,438,273 |
178,597,481,302 |
158,732,215,127 |
|
Fixed Assets |
871,235,164,424 |
825,903,130,215 |
875,545,620,725 |
|
-Investment |
574,319,206,600 |
528,584,551,715 |
613,575,964,956 |
|
-Tangibles |
214,563,647,472 |
217,954,669,496 |
203,881,670,613 |
|
-Intangibles |
11,904,498,743 |
12,883,953,068 |
8,649,560,238 |
|
-Others |
70,447,811,609 |
66,479,955,936 |
49,438,424,918 |
|
Total Liabilities |
947,676,572,462 |
937,567,036,274 |
947,923,446,088 |
|
Current Liabilities |
643,828,918,288 |
604,504,336,319 |
586,980,666,331 |
|
Fixed Liabilities |
303,847,654,174 |
333,062,699,955 |
360,942,779,757 |
|
Capital Stock |
37,664,090,000 |
37,664,090,000 |
33,914,090,000 |
|
Capital Surplus |
450,432,343,957 |
448,807,044,492 |
375,050,498,051 |
|
Profit Surplus |
183,379,972,631 |
175,063,924,701 |
226,178,147,262 |
|
Capital Adjustment |
(-)204,628,890,708 |
(-)217,160,264,370 |
(-)203,367,529,733 |
|
Total Equity |
466,847,515,880 |
444,374,794,823 |
431,775,205,580 |
|
Liab. &
Shareholder’s Equity |
1,414,524,088,342 |
1,381,941,831,097 |
1,379,698,651,668 |
|
Current
Liabilities |
643,828,918,288 |
604,504,336,319 |
586,980,666,331 |
|
Short-Term Borrowings |
354,319,819,318 |
274,462,176,032 |
223,656,722,474 |
|
Trade Payables |
88,583,180,157 |
117,053,796,607 |
117,649,780,489 |
|
Accrued Income Tax |
584,150,580 |
1,986,121,230 |
23,871,017,770 |
|
Accrued Dividends |
499,600 |
499,600 |
2,500,255,400 |
|
Account Payables |
32,411,689,998 |
43,599,655,542 |
43,486,365,395 |
|
Accrued Expenses |
3,346,700,698 |
3,613,072,811 |
5,213,141,332 |
|
Advance Receipts |
26,036,846,000 |
3,595,036,072 |
2,611,176,644 |
|
Currency Swap |
- |
1,174,700,000 |
1,631,700,000 |
|
Provision for Refund |
10,471,926,158 |
12,470,290,473 |
7,137,984,134 |
|
Current Portion of Long-Term Debts |
125,000,000,000 |
140,949,400,000 |
156,000,000,000 |
|
Others |
3,274,886,387 |
5,915,092,969 |
3,436,136,705 |
|
Fixed
Liabilities |
303,847,654,174 |
333,062,699,955 |
360,942,779,757 |
|
Debentures |
63,000,000,000 |
83,000,000,000 |
93,000,000,000 |
|
Convertible Bond |
50,000,000,000 |
50,000,000,000 |
- |
|
Long-Term Borrowings |
75,000,000,000 |
100,000,000,000 |
169,521,600,000 |
|
Guarantee Deposit Withhold |
53,064,523,899 |
51,610,394,609 |
44,035,352,084 |
|
Leasehold Deposit Received |
19,964,335,795 |
20,787,664,635 |
20,570,889,635 |
|
Provision for Severance & Retirement |
8,145,209,716 |
9,867,435,589 |
9,095,839,919 |
|
Provision for Mileage |
4,070,829,166 |
3,366,282,997 |
2,369,382,876 |
|
Long-Term Deferred Income Tax Credit |
33,292,079,695 |
23,477,719,310 |
30,411,521,997 |
Income
Statement
|
Unit : Korean Won |
01/01/2008~06/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
577,747,388,660 |
1,128,051,859,813 |
938,064,490,537 |
|
Cost of Sold Goods |
373,209,591,778 |
701,634,881,429 |
561,412,696,582 |
|
Gross Profit |
204,537,796,882 |
426,416,978,384 |
376,651,793,955 |
|
Selling & Admin. Expenses |
185,188,335,847 |
375,164,208,114 |
294,589,156,924 |
|
Operating Income |
19,349,461,035 |
51,252,770,270 |
82,062,637,031 |
|
Non-Operating Income |
49,710,959,082 |
112,570,343,090 |
48,756,117,254 |
|
Non-Operating expenses |
55,139,145,381 |
161,919,748,180 |
56,749,035,500 |
|
Ordinary Income |
13,921,274,736 |
1,903,365,180 |
74,069,718,785 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
13,921,274,736 |
1,903,365,180 |
74,069,718,785 |
|
Income Taxes Expenses |
3,105,226,806 |
(-)2,066,428,620 |
32,472,115,612 |
|
Net Income |
10,816,047,930 |
3,969,793,800 |
41,597,603,173 |
Cash
Flows
|
Unit : Korean Won |
01/01/2008~06/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
21,669,608,829 |
111,166,290,249 |
(-)46,493,610,594 |
|
-Net Income |
10,816,047,930 |
3,969,793,800 |
41,597,603,173 |
|
-Exp. without Cash Outflow |
66,463,335,917 |
176,060,186,169 |
65,014,333,102 |
|
-Revenue
without Cash Inflows |
(-)40,345,268,659 |
(-)100,630,651,201 |
(-)43,034,058,845 |
|
-Changes in
Asset/ & Liability |
(-)15,264,506,359 |
31,766,961,481 |
(-)110,071,488,024 |
|
Cash Flows
from Investing |
(-)73,420,405,327 |
(-)111,539,525,595 |
(-)230,905,134,670 |
|
-Cash Inflow
from Investing |
7,146,343,187 |
269,347,715,369 |
75,975,220,373 |
|
-Cash
Outflows for Investing |
(-)80,566,748,514 |
(-)380,887,240,964 |
(-)306,880,355,043 |
|
Cash Flows
from Financing |
13,736,513,417 |
45,128,350,049 |
279,481,280,029 |
|
-Cash
Inflows from Financing |
440,295,147,144 |
963,054,611,347 |
826,347,410,980 |
|
-Cash
Outflows from Financing |
(-)426,558,633,727 |
(-)917,926,261,298 |
(-)546,866,130,951 |
|
Increase/Decrease
in Cash |
38,014,283,081 |
44,755,114,703 |
2,082,534,765 |
|
Cash at the
Beginning of Year |
59,279,979,672 |
14,524,864,969 |
12,442,330,204 |
|
Cash at the
End of Year |
21,265,696,591 |
59,279,979,672 |
14,524,864,969 |
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) GLOBAL SPORT(110111-2111386) FREMONT(110111-3683251) C&C MOKSAN CO., LTD.(110111-3894999) E-LAND COMMUNICATIONS E-LAND C&C LAQUI JEAN WINE CASTLE |
|
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 USA(100% held by the subject
company) E.LAND FASHION SHANGHAI CO., LTD(100% held
by the subject company) DECO SHANGHAI GARMENTS CO., LTD.-CHINA(50%
held by the subject company) |
|
Cooperative Enterprise |
-Insured Company FIRST FIRE & MARINE INSURANCE
CO.,LTD(110111-0017586) HYUNDAIMARINE&FIREINSURANCECO.,LTD.(110111-0035893) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
1,592,227 |
1,276,372 |
918,516 |
|
Domestic |
3,057 |
3,424 |
4,595 |
|
Total |
1,592,227 |
1,279,797 |
923,112 |
The Subject imports from China.
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 spin-off plans an IPO in Hong Kong
JoongangIlbo & Joins.com:04/24/2008
Retailer E-Land Fashion China Holdings Limited, a spin-off of Korea’s
E-Land World Limited, plans to raise as much as $369 million in a Hong Kong
initial public offering if the stock market rebounds.
The women’s apparel retailer will be the second IPO in Hong Kong since
March.
It will be closely watched because market newcomers have performed
poorly this year.
The company is selling 496.3 million shares, or 25 percent of its
enlarged share capital, at HK$3.80-HK$5.80 (45 to 70 cents) each, according to
a document obtained by Reuters that details the terms.
Of the shares being offered, 60 percent are new shares and 40 percent
are existing.
E-Land manages a portfolio of seven women’s apparel brands, including
E-Land, Scofield and Teenie Weenie, which are operated under a license from its
parent.
Reuters
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. –
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 Korea, according to a report on Thursday.
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 Korea was set at 1.48 trillion won, which had greatly dropped from
the initial price of 1.75 trillion won, as a result of the recent inspection
into the subject firm's financial conditions, such as the firm's account
payable and reserve cash.
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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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. |
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%)