|
Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
M&FC CO., LTD. |
|
|
|
|
Registered Office : |
218-1, Oksu-dong, Seongdong-gu, Seoul, Korea, Rm. 601, Yeongdo Capital
Bldg., Zip code 133-839 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.12.1994 |
|
|
|
|
Com. Reg. No.: |
312-81-17946 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Plastics Synthetic Leather |
|
|
|
|
No. of Employees : |
70 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company
Name |
M&FC CO., LTD. (Korean Company Name : “(주)엠엔에프씨”) |
|
Registered Address |
218-1, Oksu-dong, Seongdong-gu, |
|
Building |
Rm. 601, Yeongdo Capital Bldg. |
|
Zip Code |
133-839 |
|
Tel |
+82-2-2298-1118 |
|
Fax |
+82-2-2298-1119 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm. 601, Yeongdo Capital Bldg., 218-1,
Oksu-dong, Seongdong-gu, |
|
Tel |
+82-2-2298-1118 |
|
Fax |
+82-2-2298-1119 |
|
Other Address-Pyeongtaek Factory |
396-3, Chupal-ri, Paengseong-eup,
Pyeongtaek-si, |
|
Tel |
+82-31-650-2200 |
|
Fax |
+82-31-651-7348 |
|
Other Address-Busan Office |
707-7, Mora-dong, Sasang-gu, |
|
Tel |
+82-51-303-4113 |
|
Fax |
+82-51-304-0339 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Plastics Synthetic Leather |
|
Main Business |
Polyurethane Synthetic Leather, Entertainment Business, Home Shopping Business |
|
Established (mm/dd/yyyy) |
12/12/1994 |
The Subject owns
the premises of Pyeongtaek Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Synthetic or imitation leather(11162307) |
|
Sell |
Silicone coated papers(14121804) |
|
Name |
Cho Sung-Woo |
|
Address |
|
|
Date of Birth |
08/16/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,804,085,500 |
|||||||||||||||
|
Employees |
70 |
|||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 048640) as of 01/06/2001 |
|||||||||||||||
|
Bank Details |
Shinhan Bank-Pyeongtaek Branch Industrial Bank of |
|||||||||||||||
|
Corporate Registered No. |
164811-0007452 |
|||||||||||||||
|
Business Registered No. |
312-81-17946 |
|||||||||||||||
|
Permit & Licenses |
04/11/1999 ISO 9002 Int’l Trade No.: 16004090 |
|||||||||||||||
|
Shareholder Position |
(*)The list is based as of 12/31/2010. |
|||||||||||||||
|
Company History |
12/12/1994 Incorporated as SEHWA INDUSTRY
CO., LTD. 12/23/1994 Changed company name to DONGWOO
CO., LTD. 01/06/2001 Listed at KOSDAQ Market 11/2001 Changed company name to DONGWOO ALT
CO., LTD. 05/2006 Changed company name to DONGWOO
M&FC CO., LTD. 03/23/2007 Changed company name to the
present name and moved to the present HQ address 02/11/2011 Increased capital to
1,804,085,500 KRW from 1,237,785,500 KRW 03/16/2011 Delisted from KOSDAQ Market due
to Capital Encroachment 06/06//2011 Moved to the present HQ address
from 4th
Fl., Trutec Bldg., B6-2, DMC, Sangam-dong, Mapo-gu, |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Cho Sung-Woo |
Male |
Korean |
06/23/2006 |
|
Director |
Mr. |
Kim Dong-Sik |
Male |
Korean |
12/29/2010 |
|
Outside Director |
Mr. |
Hur Jin-Ho |
Male |
Korean |
05/31/2006 |
|
Outside Director |
Mr. |
Yoon Won-Il |
Male |
Korean |
12/29/2010 |
|
Director |
Mr. |
Seo O-Jin |
Male |
Korean |
03/30/2010 |
|
Auditor |
Mr. |
Kim Jin-Wook |
Male |
Korean |
03/30/2009 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2010 |
23,685,103,849 |
29,431,380,576 |
(-)35,003,812,725 |
|
2009 |
26,720,007,960 |
50,472,846,292 |
(-)23,583,154,511 |
|
2008 |
38,056,908,557 |
47,641,353,729 |
(-)42,785,324,314 |
|
2007 |
30,295,708,318 |
69,505,890,880 |
(-)17,472,179,553 |
|
2006 |
23,438,239,962 |
40,645,563,855 |
(-)1,298,919,323 |
|
2005 |
27,072,541,463 |
17,721,659,264 |
485,773,027 |
|
2004 |
24,234,742,160 |
17,056,943,128 |
(-)1,811,329,762 |
The latest financials
are not available, and the Subject Company does not have any obligations to
release its financials to the public.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
1,804,085,500 |
|
Total Issued Shares |
3,608,171 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
29,431,380,576 |
50,472,846,292 |
47,641,353,729 |
|
Current Assets |
9,583,770,426 |
12,382,313,335 |
25,617,080,961 |
|
-Quick Assets |
7,778,111,557 |
8,063,357,097 |
21,988,340,227 |
|
-Inventories |
1,805,658,869 |
4,318,956,238 |
3,628,740,734 |
|
Fixed Assets |
19,847,610,150 |
38,090,532,957 |
22,024,272,768 |
|
-Investment |
4,165,447,970 |
22,916,292,013 |
6,597,958,145 |
|
-Tangibles |
14,316,971,532 |
14,756,026,316 |
14,903,928,453 |
|
-Intangibles |
1,146,271,648 |
313,714,628 |
418,286,170 |
|
-Others |
218,919,000 |
104,500,000 |
104,100,000 |
|
Total Liabilities |
34,670,309,576 |
34,295,236,867 |
41,668,106,908 |
|
Current Liabilities |
34,396,996,448 |
20,126,702,710 |
30,404,864,376 |
|
Fixed Liabilities |
273,313,128 |
14,168,534,157 |
11,263,242,532 |
|
Capital Stock |
24,755,716,000 |
16,627,684,000 |
11,849,688,000 |
|
Capital Surplus |
80,451,136,272 |
79,075,554,088 |
50,130,001,033 |
|
Profit Surplus |
-115,680,433,126 |
-80,676,620,401 |
-57,093,465,890 |
|
Capital Adjustment |
5,234,651,854 |
1,150,991,738 |
1,087,023,678 |
|
Total Equity |
-5,238,929,000 |
16,177,609,425 |
5,973,246,821 |
|
Liab. & Shareholder’s Equity |
29,431,380,576 |
50,472,846,292 |
47,641,353,729 |
|
Current Liabilities |
34,396,996,448 |
20,126,702,710 |
30,404,864,376 |
|
Trade Payables |
1,503,616,724 |
2,224,362,574 |
4,955,226,063 |
|
Short-Term Borrowings |
13,546,379,216 |
14,539,712,239 |
18,379,543,223 |
|
Current Portion of Bond With Warrant |
2,113,890,001 |
- |
514,600,000 |
|
Advance Receipts |
1,450,250,810 |
275,577,783 |
496,244,027 |
|
Withholdings |
223,559,320 |
54,950,290 |
125,776,180 |
|
Account Payables |
2,845,958,307 |
416,436,352 |
1,719,594,345 |
|
Accrued Expenses |
1,941,468,383 |
634,676,172 |
642,893,238 |
|
Withholdings |
5,393,559,309 |
1,980,987,300 |
3,570,987,300 |
|
Provisions |
5,538,253,768 |
- |
- |
|
Fixed Liabilities |
273,313,128 |
14,168,534,157 |
11,263,242,532 |
|
Convertible Bonds |
- |
- |
25,000,000 |
|
Bond With Warrant |
- |
9,340,800,001 |
12,575,000,001 |
|
Provision for Severance &
Retirement |
315,621,522 |
300,561,376 |
514,334,264 |
|
Provisions |
- |
5,036,291,950 |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
23,685,103,849 |
26,720,007,960 |
38,056,908,557 |
|
Cost of Sold Goods |
22,327,191,575 |
21,107,584,888 |
31,075,541,030 |
|
Gross Profit |
1,357,912,274 |
5,612,423,072 |
6,981,367,527 |
|
Selling & Admin. Expenses |
5,261,071,364 |
5,143,242,624 |
10,712,936,152 |
|
Operating Income |
-3,903,159,090 |
469,180,448 |
-3,731,568,625 |
|
Non-Operating Income |
978,670,399 |
3,417,397,488 |
3,191,767,061 |
|
Non-Operating Expenses |
32,079,324,034 |
27,469,732,447 |
42,245,522,750 |
|
Income Before Taxes |
-35,003,812,725 |
-23,583,154,511 |
-42,785,324,314 |
|
Income Taxes Expenses |
|
|
|
|
Net Income |
-35,003,812,725 |
-23,583,154,511 |
-42,785,324,314 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-1,028,836,417 |
-6,865,614,286 |
-2,937,431,388 |
|
-Net Income |
-35,003,812,725 |
-23,583,154,511 |
-42,785,324,314 |
|
-Exp. without Cash Outflow |
28,923,785,246 |
25,394,016,548 |
38,709,983,531 |
|
-Revenue without Cash Inflows |
-685,320,935 |
-2,642,406,135 |
-2,086,496,854 |
|
-Changes in Asset/ & Liability |
5,736,511,997 |
-6,034,070,188 |
3,224,406,249 |
|
Cash Flows from Investing |
-298,547,998 |
-19,586,012,635 |
-6,568,331,311 |
|
-Cash Inflow from Investing |
6,223,024,902 |
14,570,617,915 |
12,286,369,943 |
|
-Cash Outflows for Investing |
-6,521,572,900 |
-34,156,630,550 |
-18,854,701,254 |
|
Cash Flows from Financing |
1,027,666,977 |
26,315,392,566 |
9,356,280,137 |
|
-Cash Inflows from Financing |
2,021,000,000 |
76,941,177,005 |
57,598,764,366 |
|
-Cash Outflows from Financing |
-993,333,023 |
-50,625,784,439 |
-48,242,484,229 |
|
Increase/Decrease in Cash |
-299,717,438 |
-136,234,355 |
-149,482,562 |
|
Cash at the Beginning of Year |
349,538,427 |
485,772,782 |
635,255,344 |
|
Cash at the End of Year |
49,820,989 |
349,538,427 |
485,772,782 |
|
Main Products & Services |
SYNTHETIC LEATHER Sports Shoes Materials Sports Ball Materials Sports Glove Furniture Garments Track ENTERTAINMENT BUSINESS Movies HOME SHOPPING SALES BUSINESS Brand Name : SABER, MAEPSILON, PRIME, MIGHT |
|
Suppliers |
HACO CO.,LTD.(161411-0007358) HANONE FINE CHEMICAL CO., LTD.(110111-0515712) ANINOMOTO |
|
Customers |
ADIDAS REEBOK CJ ENTERTAINMENT CO., LTD.(110111-3438424) COREA HOME SHOPPING CO.,
LTD.(110111-1636822) |
|
Competitors |
DCKSUNG CO.,LTD.(134111-0000096) BAIKSAN CO.,LTD (114711-0003729) DAEWON CHEMICAL CO.,LTD.(110111-0165393) KURARAY( TEIJIN( KANEBO( SANFANG( |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
ASIA CULTURE TECHNOLOGY INVESTMENT CO., LTD.(180111-0607119) (51.43% held by the subject company) |
|
Joint Venture |
SHINDONG ENERCOM INC.( (50.0% held by the subject company)) |
|
Subsidiary |
COREA HOME SHOPPING CO.,
LTD.(110111-1636822) (100.0% held by the subject company) MUSIC & FILM CREATION CO.,
LTD.(110111-1825897) (100.0% held by the subject company) |
|
Cooperative |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD(110111-0035893) |
(Activity & Markets)
|
Sales/ Unit :Thousand KRW |
2010 |
2009 |
2008 |
|
Export |
15,664,135 |
18,875,991 |
18,837,653 |
|
Domestic |
8,020,969 |
7,844,017 |
19,219,255 |
|
Total |
23,685,104 |
26,720,008 |
38,056,908 |
Not Available.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.68 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.