MIRA INFORM REPORT
|
Report Date : |
12.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
DONGWHA ENTERPRISE CO., LTD. |
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Registered Office : |
150-14, Gajwa 1-dong, Seo-gu, Incheon,
Korea, Zip Code 404-810 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.10.2003 |
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Com. Reg. No.: |
137-81-56538 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Densified and Reconstituted Wood |
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No. of Employees
: |
504 |
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 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
DONGWHA ENTERPRISE CO., LTD. (Korean Company Name : “동화기업(주)”) |
|
Registered Address |
150-14, Gajwa 1-dong, Seo-gu, Incheon,
Korea |
|
Zip Code |
404-810 |
|
Tel |
+82-32-580-5161~4 |
|
Fax |
+82-32-577-0056 |
|
Trading Address |
150-14, Gajwa 1-dong, Seo-gu, Incheon,
Korea |
|
Tel |
+82-32-580-5161~4 |
|
Fax |
+82-32-577-0056 |
|
Other Address-Nonhyeon
Branch |
192, Nonhyeon-dong,
Gangnam-gu, Seoul, Korea |
|
Other Address-Asan
Branch |
186-3, Munbang-ri, Inju-myeon,
Asan-si, Chungcheongnam-do, Korea |
|
Other Address-Manseok-Dong
Branch |
2-324, Manseok-dong,
Dong-gu, Incheon, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Densified and Reconstituted Wood |
|
Main Business |
Particle Board, Medium Density Fiberboard, Formalin |
|
Sub
Business |
Manufacture of Other Basic Organic Chemicals |
|
Established (mm/dd/yyyy) |
10/01/2003 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Flooring(30161700) |
|
Sell |
Wallboard(30161501) |
|
Sell |
Particleboard(11121611) |
|
Sell |
Access flooring(30161717) |
|
Sell |
Windows(30171600) |
|
Sell |
Doors(30171500) |
|
Sell |
Plywood(11121609) |
|
Buy |
Wood(11121600) |
CEO’s
|
Name |
Kim Hong-Jin |
|
Address |
Suite 106-701, 747, Suseo-dong,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
07/09/1965 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
8,962,990,000 |
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Employees |
504 |
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Formation |
Co., Ltd by Shares A Company of DONGWHA HOLDINGS CO., LTD.(120111-0004218) |
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Bank Details |
Woori Bank Shinhan Bank Korea Development Bank |
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Corporate Registered No. |
120111-0327933 |
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Business Registered No. |
137-81-56538 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
10/01/2003 Incorporated as the present name
after Split off from DONGWHA
HOLDINGS CO., LTD.(120111-0004218) 01/01/2009 Acquired DONGWHA
CHEMICAL CO., LTD. 01/01/2010 Acquired DONGWHA CEZAIN
CO., LTD.(110111-3484766) and DONGWHA RESOURCES
CO., LTD.(110111-0634348), and split off MFB/Chemical Business 01/04/2010
Spin off, and newly established DONGWHA
GREENCHEM CO., LTD.(120111-0519225) 01/02/2012
Acquired DONGWHA GREENCHEM CO., LTD.(120111-0519225) 01/02/2012 Increased capital to 8,962,990,000 KRW from 7,162,990,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Hong-Jin |
Male |
Korean |
08/31/2010 |
|
Director |
Mr. |
Lee Byung-Eon |
Male |
Korean |
08/12/2011 |
|
Director |
Mr. |
Min Kyung-Sub |
Male |
Korean |
09/21/2011 |
|
Auditor |
Mr. |
Park In-Cheol |
Male |
Korean |
08/18/2010 |
|
Supervisor of HQ Office |
Mr. |
Seo Jae-Jin |
Male |
Korean |
11/07/2005 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
215,235,123,267 |
207,916,136,176 |
3,216,253,834 |
|
|
2009 |
169,453,558,098 |
251,809,670,230 |
7,252,979,217 |
|
2008 |
169,874,939,918 |
238,452,906,455 |
3,751,654,287 |
|
2007 |
187,316,955,902 |
221,907,195,418 |
-821,203,081 |
|
2006 |
197,835,004,925 |
241,001,243,910 |
2,160,360,306 |
Financial Description
|
Authorized Capital(KRW) |
60,000,000,000 |
|
Paid-Up Capital(KRW) |
8,962,990,000 |
|
Total Issued Shares |
17,925,980 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
207,916,136,176 |
251,809,670,230 |
238,452,906,455 |
|
Current Assets |
57,436,807,248 |
84,106,085,351 |
73,258,862,643 |
|
-Quick Assets |
33,528,475,152 |
58,289,465,186 |
48,046,857,401 |
|
-Inventories |
23,908,332,096 |
25,816,620,165 |
25,212,005,242 |
|
Fixed Assets |
150,479,328,928 |
167,703,584,879 |
165,194,043,812 |
|
-Investment |
7,036,324,043 |
2,319,743,917 |
2,105,402,985 |
|
-Tangibles |
137,090,228,319 |
157,714,671,078 |
154,486,274,956 |
|
-Intangibles |
3,868,233,751 |
5,266,138,238 |
6,729,394,456 |
|
-Others |
2,484,542,815 |
2,403,031,646 |
1,872,971,415 |
|
Total Liabilities |
97,937,846,072 |
115,779,075,327 |
118,826,533,429 |
|
Current Liabilities |
80,035,212,351 |
86,736,648,566 |
91,205,810,895 |
|
Fixed Liabilities |
17,902,633,721 |
29,042,426,761 |
27,620,722,534 |
|
Capital Stock |
7,162,990,000 |
8,888,000,000 |
8,388,000,000 |
|
Capital Surplus |
89,210,857,958 |
110,694,850,269 |
102,104,713,536 |
|
Profit Surplus |
19,533,197,019 |
16,316,943,185 |
9,063,963,968 |
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Capital Adjustment |
-5,928,754,873 |
130,801,449 |
69,695,522 |
|
Total Equity |
109,978,290,104 |
136,030,594,903 |
119,626,373,026 |
|
Liab. & Shareholder’s Equity |
207,916,136,176 |
251,809,670,230 |
238,452,906,455 |
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Current Liabilities |
80,035,212,351 |
86,736,648,566 |
91,205,810,895 |
|
Trade Payables |
16,198,648,489 |
33,116,223,986 |
24,249,758,457 |
|
Short-Term Borrowings |
18,496,000,000 |
20,000,000,000 |
44,900,000,000 |
|
Short-Term Debentures |
30,000,000,000 |
10,000,000,000 |
10,000,000,000 |
|
Account Payables |
8,661,370,442 |
13,759,555,617 |
4,517,332,339 |
|
Advance Receipts |
394,470,748 |
674,122,269 |
482,480,766 |
|
Withholdings |
239,321,719 |
271,004,058 |
261,955,334 |
|
VAT Withhold |
1,824,358,290 |
1,699,140,834 |
649,325,264 |
|
Accrued Expenses |
1,929,840,965 |
4,017,898,253 |
1,969,696,937 |
|
Accrued Income Tax |
291,740,705 |
1,150,163,549 |
930,351,798 |
|
Current Portion of Long-Term Debts |
1,890,490,000 |
2,048,540,000 |
3,244,910,000 |
|
Current Portion of Deferred Income Tax |
108,970,993 |
- |
- |
|
Fixed Liabilities |
17,902,633,721 |
29,042,426,761 |
27,620,722,534 |
|
Long-Term Borrowings |
14,456,380,000 |
8,523,160,000 |
8,019,580,000 |
|
Debentures |
- |
15,000,000,000 |
15,000,000,000 |
|
VAT Withhold |
1,035,204,883 |
1,244,218,189 |
1,534,218,189 |
|
Provision for Severance & Retirement |
10,884,315,977 |
12,122,290,380 |
8,413,157,354 |
|
Deferred Income Tax Credit |
12,961,045 |
- |
286,580,802 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
215,235,123,267 |
169,453,558,098 |
169,874,939,918 |
|
Cost of Sold Goods |
185,692,658,557 |
139,986,215,231 |
145,244,665,347 |
|
Gross Profit |
29,542,464,710 |
29,467,342,867 |
24,630,274,571 |
|
Selling & Admin. Expenses |
24,721,434,253 |
24,980,949,635 |
18,687,809,981 |
|
Operating Income |
4,821,030,457 |
4,486,393,232 |
5,942,464,590 |
|
Non-Operating Income |
4,070,599,024 |
3,843,187,409 |
2,095,021,599 |
|
Non-Operating Expenses |
4,478,859,895 |
4,639,854,794 |
4,527,192,186 |
|
Income Before Taxes |
4,412,769,586 |
3,689,725,847 |
3,510,294,003 |
|
Income Taxes from Continues
Business |
1,196,515,752 |
1,049,721,159 |
676,589,574 |
|
Income from Continues Business |
3,216,253,834 |
2,640,004,688 |
2,833,704,429 |
|
Income from Stopped Business |
- |
4,612,974,529 |
917,949,858 |
|
Net Income |
3,216,253,834 |
7,252,979,217 |
3,751,654,287 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-10,863,391,173 |
23,753,513,162 |
9,044,577,926 |
|
-Net Income |
3,216,253,834 |
7,252,979,217 |
3,751,654,287 |
|
-Exp.
without Cash Outflow |
12,487,703,915 |
16,473,848,212 |
16,710,469,241 |
|
-Revenue
without Cash Inflows |
-1,204,068,441 |
-2,002,411,275 |
-231,477,035 |
|
-Changes in
Asset/ & Liability |
-25,363,280,481 |
2,029,097,008 |
-11,186,068,567 |
|
Cash Flows
from Investing |
-13,652,881,471 |
327,985,410 |
-6,685,630,186 |
|
-Cash Inflow
from Investing |
2,792,660,191 |
5,236,458,896 |
3,635,294,818 |
|
-Cash
Outflows for Investing |
-16,445,541,662 |
-4,908,473,486 |
-10,320,925,004 |
|
Cash Flows
from Financing |
19,591,570,000 |
-32,592,790,000 |
5,692,390,000 |
|
-Cash
Inflows from Financing |
165,545,122,500 |
49,598,020,000 |
200,923,000,000 |
|
-Cash
Outflows from Financing |
-145,953,552,500 |
-82,190,810,000 |
-195,230,610,000 |
|
Increase/Decrease
in Cash |
-4,839,186,408 |
-2,972,178,524 |
8,051,337,740 |
|
Cash at the
Beginning of Year |
5,428,049,056 |
8,400,227,580 |
348,889,840 |
|
Cash at the
End of Year |
588,862,648 |
5,428,049,056 |
8,400,227,580 |
Products, Technologies, Services Description
|
Main Products & Services |
Particle Board, Medium Density Fiberboard, Formalin |
Trade Partners & Competitors
|
Competitors |
HANSOL HOMEDECO CO., LTD.(110111-0825624) 27TH FL., KOREA SPECIALTY CONTRACTOR CENTER,
395-70, SINDAEBANG 2-DONG, DONGJAK-GU, SEOUL, KOREA TEL:+82-2-3284-3812~4 TEL:+82-2-3284-3838~9 UNID CO.,LTD.(110111-0275069) 17TH FL., ORIENTAL CHEMICAL INDUSTRIES
BLDG., 50, SOGONG-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-3709-9500 FAX:+82-2-774-7591 SUNCHANG CORPORATION(110111-0027593) 6-32, BUKSEONG-DONG 1-GA, JUNG-GU, INCHEON,
KOREA TEL:+82-32-770-3000 FAX:+82-32-763-3171 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
DONGWHA HOLDINGS CO., LTD.(120111-0004218) DAESUNG WOOD IND.CO.,LTD.(120111-0018524) DONGWHA NATURE FLOORING
CO.,LTD.(120111-0411827) DONGWHA LOGISTICS CO., LTD.9120111-0411893) EUNIQUE CO., LTD.(110111-1255614) DONGWHA SFC HOUSING CO.,
LTD.(110111-3453133) WON CHANG TRADING.CO., LTD.(110111-1053126) ELITEDOOR CO.,LTD.(120111-0202507) DONGWHA AUTOCARE CO., LTD.(120111-0497405) DONGWHA YELLO HAT CO., LTD.(110111-4102185) |
|
Affiliates-Overseas |
DONGWHA INTERNATIONAL CO.,LTD VRG DONGWHA JOINT STOCK COMPANY DONGWHA FIBREBOARD SDN., BHD. DONGWA MDF MALAYSIA DONGWHA MALAYSIA HOLDINGS DONGWHA CHEMICAL MALAYSIA |
|
Subsidiary |
DONGWHA VINA CO., LTD. (80.0% held by the Subject company) |
|
Corporate Ownership |
DONGWHA INTERNATIONAL CO. LIMITED (Ex.: MH HOLDINGS CO., LTD.) DONGWHA HOLDINGS CO., LTD.(120111-0004218) |
|
Major Shareholders |
DONGWHA HOLDINGS CO., LTD.(120111-0004218) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.75 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.65.99 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.