MIRA INFORM REPORT
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Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
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Name : |
DONG WHA DUTY FREE SHOP CO., LTD. |
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Formerly Known As : |
DONG WHA DUTY FREE SHOP DEPARTMENT CO., LTD. |
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Registered Office : |
211, Sejongno, Jongno-gu, Seoul, Korea, B1, Gwanghwamun Bldg., Zip Code 110-730 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.03.1973 |
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Com. Reg. No.: |
102-81-06181 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Retail Sale in Other Non-Specialized Large Stores |
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No. of Employees
: |
117 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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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 |
DONG WHA DUTY
FREE SHOP CO., LTD. (Korean Company
Name : “(주)동화면세점”) |
|
Registered Address |
211, Sejongno, Jongno-gu, Seoul, Korea |
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Building |
B1, Gwanghwamun Bldg. |
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Zip Code |
110-730 |
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Tel |
+82-2-399-3000 |
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Fax |
+82-2-399-3111~2 |
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E-mail |
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Website |
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Trading Address |
B1, Gwanghwamun Bldg., 211, Sejongno, Jongno-gu,
Seoul, Korea |
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Tel |
+82-2-399-3000 |
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Fax |
+82-2-399-3111~2 |
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Type |
Export/Import |
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Industry |
Retail Sale in Other Non-Specialized Large Stores |
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Main Business |
Duty Free Shop Operation Services |
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Established (mm/dd/yyyy) |
03/08/1973 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Distribution(80141700) |
CEO’s
|
Name |
Shin Cheong-Hwi |
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Address |
330-565, Seongbuk-dong, Seongbuk-gu, Seoul, Korea |
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Date of Birth |
11/19/1946 |
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Title |
President & CEO |
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Sex |
Female |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
9,000,000,000 |
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Employees |
117 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Citibank, Korea Shinhan Bank Hana Bank Woori Bank-Sejongro Branch |
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Corporate Registered No. |
110111-0141905 |
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Business Registered No. |
102-81-06181 |
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Permit & Licenses |
Int’l Trade No.: 45264931 |
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Shareholder Position |
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Company History |
03/08/1973 Incorporated as DONG WHA ARCADE
CO., LTD. 08/05/1985 Changed company name to DONG WHA DUTY FREE SHOP DEPARTMENT CO., LTD. 04/1991 Changed company name to Changed company
name to the present name 01/30/1993 Moved to the present HQ address
from 211-1, Sejongno, Jongno-gu, Seoul, Korea 12/29/2001 Increased capital to
9,000,000,000 KRW from 7,000,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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Co-President & CEO |
M/S. |
Shin Cheong-Hwi |
Female |
Korean |
05/08/1994 |
|
Co-President & CEO |
Mr. |
Cho Kwang-Hee |
Male |
Korean |
02/24/2003 |
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Director |
Mr. |
Kim Ki-Byung |
Male |
Korean |
03/16/1992 |
|
Director |
Mr. |
Kim Han-Sung |
Male |
Korean |
09/07/2001 |
|
Director |
Mr. |
Seo Yoon-Rok |
Male |
Korean |
03/31/2003 |
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Director |
Mr. |
Lee Min-Joong |
Male |
Korean |
05/07/2008 |
|
Auditor |
Mr. |
Park Si-Hwan |
Male |
Korean |
01/05/2006 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
194,424,927,648 |
143,839,692,671 |
4,152,352,925 |
|
|
2009 |
186,530,971,418 |
145,233,094,250 |
4,509,599,921 |
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2008 |
132,132,802,693 |
136,690,792,021 |
1,654,302,658 |
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2007 |
110,923,006,860 |
70,605,486,309 |
256,289,590 |
|
2006 |
111,299,819,026 |
70,506,165,656 |
996,243,985 |
|
2005 |
105,343,456,220 |
63,398,870,925 |
3,038,910,075 |
|
2004 |
105,570,674,030 |
59,439,357,971 |
2,638,383,025 |
Financial Description
|
Authorized Capital(KRW) |
15,000,000,000 |
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Paid-Up Capital(KRW) |
9,000,000,000 |
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Total Issued Shares |
1,800,000 |
Balance
Sheet
|
|||
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Total Assets |
143,839,692,671 |
145,233,094,250 |
136,690,792,021 |
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Current Assets |
46,844,951,867 |
46,493,151,310 |
43,433,343,690 |
|
-Quick Assets |
9,322,663,633 |
12,368,271,071 |
14,292,142,615 |
|
-Inventories |
37,522,288,234 |
34,124,880,239 |
29,141,201,075 |
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Fixed Assets |
96,994,740,804 |
98,739,942,940 |
93,257,448,331 |
|
-Investment |
53,282,076,275 |
53,674,628,392 |
48,334,170,587 |
|
-Tangibles |
39,262,948,494 |
41,331,769,035 |
41,245,277,128 |
|
-Intangibles |
4,449,716,035 |
3,733,545,513 |
3,678,000,616 |
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Total Liabilities |
67,554,356,399 |
73,084,769,547 |
69,164,438,062 |
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Current Liabilities |
59,299,548,051 |
64,370,962,091 |
60,035,906,477 |
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Fixed Liabilities |
8,254,808,348 |
8,713,807,456 |
9,128,531,585 |
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Capital Stock |
9,000,000,000 |
9,000,000,000 |
9,000,000,000 |
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Capital Surplus |
|
|
- |
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Profit Surplus |
2,880,589,506 |
-1,256,422,063 |
-6,562,227,865 |
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Capital Adjustment |
64,404,746,766 |
64,404,746,766 |
65,088,581,824 |
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Total Equity |
76,285,336,272 |
72,148,324,703 |
67,526,353,959 |
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Liab. & Shareholder’s Equity |
143,839,692,671 |
145,233,094,250 |
136,690,792,021 |
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Current Liabilities |
59,299,548,051 |
64,370,962,091 |
60,035,906,477 |
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Trade Payables |
10,720,075,453 |
8,015,531,228 |
7,007,280,747 |
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Short-Term Borrowings |
31,403,116,020 |
42,600,000,000 |
41,900,250,512 |
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Short-Term Borrowings-Foreign Currency |
9,681,977,740 |
5,452,695,075 |
7,705,914,837 |
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Account Payables |
707,040,023 |
1,400,241,229 |
1,590,897,943 |
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Advance Receipts |
24,837,476 |
63,344,814 |
74,002,567 |
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Withholdings |
151,507,750 |
124,173,928 |
117,056,454 |
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Accrued Expenses |
2,282,987,062 |
1,064,760,472 |
964,829,630 |
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Current Portion of Long-Term Debts |
3,444,440,000 |
5,166,660,000 |
666,660,000 |
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Accrued Income Tax |
883,566,527 |
483,555,345 |
11,782,756 |
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Fixed
Liabilities |
8,254,808,348 |
8,713,807,456 |
9,128,531,585 |
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Long-Term Borrowings |
8,000,000,000 |
8,444,440,000 |
9,111,100,000 |
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Long-Term Account Payables |
4,808,348 |
7,659,866 |
17,540,600 |
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Provision for Severance & Retirement |
- |
11,707,590 |
- |
|
Leasehold Deposit Received |
250,000,000 |
250,000,000 |
- |
Income
Statement
|
|||
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
194,424,927,648 |
186,530,971,418 |
132,132,802,693 |
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Cost of Sold Goods |
137,213,730,951 |
135,995,868,755 |
96,507,813,905 |
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Gross Profit |
57,211,196,697 |
50,535,102,663 |
35,624,988,788 |
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Selling & Admin. Expenses |
47,700,949,302 |
42,279,473,628 |
29,605,731,653 |
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Operating Income |
9,510,247,395 |
8,255,629,035 |
6,019,257,135 |
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Non-Operating Income |
2,123,265,327 |
6,124,356,530 |
9,164,474,209 |
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Non-Operating Expenses |
5,738,970,076 |
8,528,910,458 |
13,397,408,680 |
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Income Before Taxes |
5,894,542,646 |
5,851,075,107 |
1,786,322,664 |
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Income Taxes Expenses |
1,742,189,721 |
1,341,475,186 |
132,020,006 |
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Net Income |
4,152,352,925 |
4,509,599,921 |
1,654,302,658 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
6,662,108,644 |
4,457,439,822 |
3,913,547,201 |
|
-Net Income |
4,152,352,925 |
4,509,599,921 |
1,654,302,658 |
|
-Exp.
without Cash Outflow |
4,170,444,300 |
4,979,646,712 |
6,530,914,166 |
|
-Revenue
without Cash Inflows |
-184,324,082 |
-298,789,624 |
-6,839,554,951 |
|
-Changes in
Asset/ & Liability |
-1,476,364,499 |
-4,733,017,187 |
2,567,885,328 |
|
Cash Flows
from Investing |
1,913,325,886 |
-12,614,104,895 |
-4,137,353,020 |
|
-Cash Inflow
from Investing |
33,621,341,106 |
41,041,921,581 |
36,450,688,560 |
|
-Cash
Outflows for Investing |
-31,708,015,220 |
-53,656,026,476 |
-40,588,041,580 |
|
Cash Flows
from Financing |
-9,302,167,748 |
2,755,549,726 |
5,312,001,530 |
|
-Cash
Inflows from Financing |
35,608,581,011 |
41,995,637,577 |
43,237,716,635 |
|
-Cash
Outflows from Financing |
-44,910,748,759 |
-39,240,087,851 |
-37,925,715,105 |
|
Increase/Decrease
in Cash |
-726,733,218 |
-5,401,115,347 |
5,088,195,711 |
|
Cash at the
Beginning of Year |
2,792,463,436 |
8,193,578,783 |
3,105,383,072 |
|
Cash at the
End of Year |
2,065,730,218 |
2,792,463,436 |
8,193,578,783 |
Products, Technologies, Services Description
|
Main Products & Services |
Duty Free Shop Operation Services |
Trade Partners & Competitors
|
Suppliers |
MERCEDES BENZ FINANCIAL SERVICES KOREA, LIMITED(110111-2614786), SAMSUNG
CARD CO., LTD(110111-0346901) and HYUNDAI CAPITAL SERVICES,
INC.(110111-0995378) provide the vehicle leasing services to the subject
company. |
|
Competitors |
AK GLOBAL CO., LTD. INCHEON INTERNATIONAL AIRPORT PASSENGER
TERMINAL, P.O.BOX 35, 2851, UNSEO-DONG, JUNG-GU, INCHEON, KOREA TEL:+82-32-743-2468 FAX:+82-32-743-2417 PARADISE GLOBAL CO., LTD. 1408-5, JUNG 1-DONG, HAEUNDAE-GU, BUSAN,
KOREA TEL:+82-51-749-3335 FAX:+82-51-742-9992 CHANEL DUTY FREE LTD. 8TH FL., DONGHWA BLDG., 58-7, SEOSOMUN-DONG,
JUNG-GU, SEOUL, KOREA TEL:+82-2-3708-2700 FAX:+82-2-777-1209 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DONG WHA INVESTMENT DEVELOPMENT CO., LTD.(110111-0025331) (20.71% held by the subject company) LOTTE TOUR DEVELOPMENT CO., LTD.(110111-0115504) DONG WHA LIQUOR CO., LTD.(110111-0547450) LOTTE TRAVEL SERVICE CO., LTD.(110111-0134116) (24.71% held by the subject company) |
|
Cooperative Enterprise |
-Insured company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) 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.49.65 |
|
UK Pound |
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.05 |
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 |
|
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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.