|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
M&FC CO., LTD. |
|
|
|
|
Registered Office : |
218-1, Oksu-dong, Seongdong-gu, Seoul, Korea Rm. 601, Yeongdo Capital
Bldg. 133-839 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.12.1994 |
|
|
|
|
Com. Reg. No.: |
312-81-17946 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Plastics Synthetic Leather |
|
|
|
|
No. of Employees : |
66 |
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 : |
Slow |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible growth and global integration to become a high-tech industrialized
economy. In the 1960s, GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. In 2004, South Korea joined the trillion dollar
club of world economies, and is currently the world's 12th largest economy.
Initially, a system of close government and business ties, including directed
credit and import restrictions, made this success possible. The government
promoted the import of raw materials and technology at the expense of consumer
goods, and encouraged savings and investment over consumption. The Asian
financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's
development model including high debt/equity ratios and massive short-term
foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in
1999-2000. Korea adopted numerous economic reforms following the crisis,
including greater openness to foreign investment and imports. Growth moderated
to about 4% annually between 2003 and 2007. Korea's export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is
likely to face the challenges of balancing heavy reliance on exports with
developing domestic-oriented sectors, such as services. The South Korean
economy's long term challenges include a rapidly aging population, inflexible
labor market, and heavy reliance on exports - which comprise half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
M&FC CO., LTD. |
|
Registered Address |
218-1, Oksu-dong, Seongdong-gu, Seoul, Korea |
|
Building |
Rm. 601, Yeongdo Capital Bldg. |
|
Zip Code |
133-839 |
|
Tel |
+82-2-2298-1118 |
|
Fax |
+82-2-2298-1119 |
|
E-mail |
post@dong-woo.com |
|
Website |
www.dong-woo.com |
|
Trading Address |
Rm. 601, Yeongdo Capital Bldg., 218-1, Oksu-dong, Seongdong-gu, Seoul,
Korea |
|
Tel |
+82-2-2298-1118 |
|
Fax |
+82-2-2298-1119 |
|
Other Address-Pyeongtaek Factory |
396-3, Chupal-ri, Paengseong-eup, Pyeongtaek-si, Gyeonggi-do, Korea (New Address System : 121, Chupalsandan-ro, Paengseong-eup,
Pyeongtaek-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-650-2200 |
|
Fax |
+82-31-651-7348 |
|
Other Address-Busan Office |
707-7, Mora-dong, Sasang-gu, Busan, Korea |
|
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 |
Suite 202-302, 5, Juyeop-dong,
Ilsanseo-gu, Goyang-si, Gyeonggi-do, Korea |
|
Date of Birth |
08/16/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,804,085,500 |
|||||||||||||||
|
Employees |
66 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||
|
Bank Details |
Shinhan Bank-Pyeongtaek Branch Industrial Bank of Korea |
|||||||||||||||
|
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, Seoul, Korea 04/18/2011 Started Corporate Reviving Procedure by Seoul Central
District Court 03/07/2012 Decided to finish Corporate Reviving Procedure by Seoul
Central District Court |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Cho Sung-Woo |
Male |
Korean |
06/23/2006 |
|
Director |
Mr. |
Cho Sung-Kyu |
Male |
Korean |
03/23/2007 |
|
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 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2011 |
|
|
|
|
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 |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
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(JAPAN) TEIJIN(JAPAN) KANEBO(JAPAN) SANFANG(TAIWAN) |
|
Affiliates |
ASIA CULTURE TECHNOLOGY INVESTMENT CO., LTD.(180111-0607119) (51.43% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
SHINDONG ENERCOM INC.(UZBEKISTAN) (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) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD(110111-0035893) |
|
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.59.85 |
|
|
1 |
Rs.92.30 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.