MIRA INFORM REPORT

 

 

Report Date :

22.02.2011

 

IDENTIFICATION DETAILS

 

Name :

DONG IL CORPORATION

 

 

Formerly Known As :

DONG YANG CORPORATION

 

 

Registered Office :

944-1, Daechi 3-dong, Gangnam-gu, Seoul, Korea, 8th Fl., Jeong-heon Bldg., Zip Code 135-846

 

 

Country :

South Korea

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

01.09.1955

 

 

Com. Reg. No.:

120-81-14879

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacturer of Knitted Fabric Mills

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Korea

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

DONG IL CORPORATION

(Korean Company Name : “동일방직(주)”)

Registered Address

944-1, Daechi 3-dong, Gangnam-gu, Seoul, Korea

Building

8th Fl., Jeong-heon Bldg.

Zip Code

135-846

Tel

+82-2-2222-3071

Fax

+82-2-2222-3280

E-mail

export@dong-il.com

Website

www.dong-il.com

Trading Address

8th Fl., Jeong-heon Bldg., 944-1, Daechi 3-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-2222-3071

Fax

+82-2-2222-3280

Other Address-Cheonju Factory

140-26, Songjeong-dong, Heungdeok-gu, Cheongju-si, Chungcheongbuk-do, Korea

Tel

+82-43-263-0701

Fax

+82-43-263-0704

Other Address-Incheon Factory

37, Manseok-dong, Dong-gu, Incheon, Korea

Tel

+82-32-764-1531

Fax

+82-32-764-2228

Other Address-Janghang Factory

450-8, Wonsu-ri, Janghang-eup, Seocheon-gun, Chungcheongnam-do, Korea

Tel

+82-41-956-6061

Fax

+82-41-956-5181

Type

Export/Import

Industry

Cotton of Spinning

  Main Business

Cotton Yarn, Gassed Mercerized Yarn, Knitted Fabrics

  Sub Business

Manufacture of Knitted Fabric Mills

Established (mm/dd/yyyy)

09/01/1955

The Subject owns the premises of registered HQ address, Cheonju Factory, Incheon Factory and Janghang Factory.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Cotton fabrics(11161700)

Sell

Yarns(11151700)

Sell

Specialty fabrics or cloth(11162100)

Sell

Silk yarn(11151705)

Sell

Cotton thread(11151601)

Sell

Rubber fabrics(11162117)

Sell

Synthetic fabrics(11161800)

 

CEO’s

 

Name

Suh Min-Sok

Date of Birth

06/15/1943

Title

Chairman & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

11,068,735,000

Employees

531

Formation

Listed Company (Korea Stock Exchange : 001530) as of 01/04/1964

A Company of DONG IL GROUP

Bank Details

Shinhan Bank-Teheranro Branch

Citibank, Korea

Korea Exchange Bank

Corporate Registered No.

110111-0019219

Business Registered No.

120-81-14879

Permit & Licenses

07/1964 KS Mark

12/1971 KS Mark

 

Int’l Trade No.: 671714

Shareholder Position

Name

Shares

%

KOREA VALUE ASSET MANAGEMENT CO., LTD.(110111-3398959 )

144,668

6.53

JUNHEON FOUNDATION(134122-0000035)

226,246

10.22

SUH MIN-SOK

147,424

6.66

SHIN YOUNG INVESTMENT MANAGEMENT CO., LTD.(110111-1304148)

153,236

6.92

DONG YANG TEXTILE MFG. CO., LTD.(134111-0000319)

114,718

5.18

TREASURY STOCK

456,208

20.61

OTHERS

971,247

43.87

TOTAL

2,213,747

100.00

Company History

09/01/1955 Incorporated as DONG YANG CORPORATION

01/1966 Changed company name to the present name

08/1986 Moved to the present HQ address

 

 

 

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

Chairman & CEO

Mr.

Suh Min-Sok

Korean

1943.06.15.

Seoul National University, Korea

Sr. Executive Director & CEO

Mr.

Kim In-Hwan

Korean

1954.09.21.

Inha University, Korea

Executive Director

Mr.

Bang Duck-Man

Korean

1948.09.25.

Kookmin University, Korea

Executive Director

Mr.

Moon Ik

Korean

1951.10.24.

Seogyung University, Korea

Outside Director

Mr.

Jung Yeon-Jo

Korean

1936.05.11.

Seoul National University, Korea

Outside Director

Mr.

Shin Hong-Soon

Korean

1941.02.23.

Yonsei University, Korea

Auditor

Mr.

Kim Ki-Po

Korean

1953.08.16.

Dongkuk University, Korea

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

09/2010

169,433,829,148

411,270,170,624

13,796,696,154

2009

171,817,444,152

380,929,243,871

5,208,862,754

2008

162,516,632,066

384,616,430,647

2,413,495,053

2007

133,981,732,455

375,985,401,534

2,239,537,345

2006

127,214,782,497

408,382,284,310

59,609,035,221

2005

141,201,770,436

331,077,514,318

5,872,926,198

2004

143,139,202,718

320,490,082,257

4,496,725,823

2003

161,409,690,559

349,264,971,376

11,349,956,057

 

 

Financial Description

 

Authorized Capital(KRW)

30,000,000,000

Paid-Up Capital(KRW)

11,068,735,000

Total Issues Shares

2,213,747

 

 

Balance Sheet

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

411,270,170,624

380,929,243,871

384,616,430,647

Current Assets

122,115,697,049

104,238,455,786

120,458,896,411

-Quick Assets

78,320,939,212

72,444,706,789

80,564,202,629

-Inventories

43,794,757,837

31,793,748,997

39,894,693,782

Fixed Assets

289,154,473,575

276,690,788,085

264,157,534,236

-Investment

204,515,784,573

195,841,286,562

184,318,294,026

-Tangibles

83,364,752,987

79,212,285,081

79,839,240,210

-Intangibles

1,273,936,015

1,637,216,442

-

Total Liabilities

110,581,349,369

92,752,135,827

102,481,898,757

Current Liabilities

88,708,867,469

71,166,567,728

80,271,736,394

Fixed Liabilities

21,872,481,900

21,585,568,099

22,210,162,363

Capital Stock

11,068,735,000

10,846,885,000

10,629,980,000

Capital Surplus

130,195,703,726

130,195,703,726

130,195,703,726

Profit Surplus

134,284,375,401

122,928,070,497

119,671,366,243

Capital Adjustment

25,140,007,128

24,206,448,821

21,637,481,921

Total Equity

300,688,821,255

288,177,108,044

282,134,531,890

Liab. & Shareholder’s Equity

411,270,170,624

380,929,243,871

384,616,430,647

 

Current Liabilities

88,708,867,469

71,166,567,728

80,271,736,394

Trade Payables

3,283,219,689

6,373,314,149

5,373,689,976

Short-Term Borrowings

12,500,000,000

7,000,000,000

18,500,000,000

Short-Term Borrowings-Foreign Currency

63,544,581,187

49,491,375,567

46,742,420,602

Account Payables

2,260,629,741

2,221,400,793

2,029,708,061

Advance Receipts

241,584,967

283,307,929

96,389,164

Withholdings

143,494,827

164,733,335

508,181,827

Accrued Expenses

1,468,620,855

1,463,504,555

1,884,579,088

Accrued Income Tax

567,292,885

-

-

Current Portion of Long-Term Debts

4,474,205,420

4,134,564,645

5,129,261,676

Deferred Income Tax Credit

139,342,398

-

-

Other Current Liabilities

85,895,500

34,366,755

7,506,000

Fixed Liabilities

21,872,481,900

21,585,568,099

22,210,162,363

Long-Term Borrowings-Foreign Currency

4,178,563,423

4,707,020,462

7,283,557,261

Provision for Severance & Retirement

6,841,416,217

6,346,636,907

6,351,345,956

Deferred Income Tax Credit

13,577,753,227

12,495,380,398

10,643,556,812

Long-Term Guarantee Deposit Received

3,268,669,900

3,355,202,900

3,494,757,400

 

 

Income Statement

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Sales

169,433,829,148

171,817,444,152

162,516,632,066

Cost of Sold Goods

154,175,185,538

159,026,342,659

144,278,380,595

Gross Profit

15,258,643,610

12,791,101,493

18,238,251,471

Selling & Admin. Expenses

6,113,576,036

8,811,908,877

10,758,032,574

Operating Income

9,145,067,574

3,979,192,616

7,480,218,897

Non-Operating Income

18,718,402,222

25,058,299,626

27,299,027,732

Non-Operating Expenses

10,280,431,738

21,902,746,702

32,781,622,871

Ordinary Income

17,583,038,058

7,134,745,540

1,997,623,758

Special Income

-

-

-

Income Before Taxes

17,583,038,058

7,134,745,540

1,997,623,758

Income Taxes Expenses

3,786,341,904

1,925,882,786

-415,871,295

Net Income

13,796,696,154

5,208,862,754

2,413,495,053

 

Cash Flows

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

(-)12,731,184,234

11,582,884,957

(-)8,441,182,122

-Net Income

13,796,696,154

5,208,862,754

2,413,495,053

-Exp. without Cash Outflow

10,003,081,705

19,402,174,541

24,059,995,031

-Revenue without Cash Inflows

(-)13,908,752,259

(-)17,730,919,689

(-)17,602,486,983

-Changes in Asset/ & Liability

(-)22,622,209,834

4,702,767,351

(-)17,312,185,223

Cash Flows from Investing

(-)8,620,131,413

703,513,630

(-)2,183,650,950

-Cash Inflow from Investing

4,549,818,249

19,545,241,778

18,956,860,492

-Cash Outflows for Investing

(-)13,169,949,662

(-)18,841,728,148

(-)21,140,511,442

Cash Flows from Financing

18,763,569,602

(-)12,507,030,678

3,245,231,208

-Cash Inflows from Financing

131,790,545,723

90,614,862,158

84,136,148,362

-Cash Outflows from Financing

(-)113,026,976,121

(-)103,121,892,836

(-)80,890,917,154

Increase/Decrease in Cash

(-)2,587,746,045

(-)220,632,091

(-)7,379,601,864

Cash at the Beginning of Year

7,664,214,580

7,884,846,671

15,264,448,535

Cash at the End of Year

5,076,468,535

7,664,214,580

7,884,846,671

 

 

Products, Technologies, Services Description

 

Main Products & Services

Greige Yarn

Dyed Yarn

Woven Fabric

Knitted Fabric

 

 

Trade Partners & Competitors

 

Competitors

ILSHIN SPINNING CO., LTD.(110111-0041717)

ILSHIN BLDG., 15-15, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3774-0114  FAX:+82-2-786-5891~3

 

CHONBANG CO.,LTD.(110111-0005664)

12TH FI., CHUNGJEONG TOWER BLDG., 464, CHUNGJEONGNO 3-GA, SEODAEMUN-GU, SEOUL, KOREA

TEL:+82-2-2122-6000  FAX:+82-2-392-3923

 

KYUNGBANG CO., LTD.(110111-0013287)

441-10, YEONGDEUNGPODONG 4-GA, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-2639-6114  FAX:+82-2-2639-6079

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

DONG-IL INDUSTRIAL CO., LTD.(130111-0006973)

(99.64% held by the subject company)

 

DONG IL RENOWN INC.(120111-0002444)

(85.71% held by the subject company)

 

DONG-IL ALUMNIUM CO., LTD.(161511-0005350)

(90.23% held by the subject company)

 

DONG-IL Y&K INC.(110111-0090384)

(72.68% held by the subject company)

 

DONG-IL DEVANLAY INC.(110111-1973604)

(50.0% held by the subject company)

 

DI BIZ CO., LTD.(110111-0584858)

(2.0% held by the subject company)

Affiliates-Overseas

PT DONG-IL INDONESIA

(75.0% held by the subject company)

 

DIB-EGYPT

(96.0% held by the subject company)

 

QINGDAO DONG-IL CO., LTD.-CHINA

DIA ALUMINUM INDIA PVT. LTD

Subsidiary

DONG-IL INDUSTRIAL CO., LTD.(130111-0006973)

(99.64% held by the subject company)

 

DONG IL RENOWN INC.(120111-0002444)

(85.71% held by the subject company)

 

DONG-IL ALUMNIUM CO., LTD.(161511-0005350)

(90.23% held by the subject company)

 

DONG-IL Y&K INC.(110111-0090384)

(72.68% held by the subject company)

 

DONG-IL DEVANLAY INC.(110111-1973604)

(50.0% held by the subject company)

 

PT DONG-IL INDONESIA

(75.0% held by the subject company)

 

DIB-EGYPT

(96.0% held by the subject company)

Cooperative Enterprise

-Insured Company

MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328)

 

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2010

2009

2008

Export

99,214

63,172

91,655

Domestic

70,220

59,029

80,163

Total

169,434

122,201

171,817

The Subject Company exports the dyed yarn and functional yarn to Asia, Europe and USA. And it imports from USA, Egypt, Australia, China, Pakistan and Uzbekistan.

 

 

Court Action

 

No.

 

 

News Clipping

 

---

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.73.25

Euro

1

Rs.61.70

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.