|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONGIL CANVAS ENGINEERING CO., LTD. |
|
|
|
|
Formerly Known as: |
DONGIL CANVAS CO., LTD. |
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|
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Registered Office : |
1280, Suworam-ri, Seotan-myeon, Pyeongtaek-si, Gyeonggi-do, Korea, Zip Code 451-852 |
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|
|
|
Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
12.09.1996 |
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|
|
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Com. Reg. No.: |
124-81-46728 |
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|
|
|
Legal Form : |
Co., Ltd by Shares |
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|
|
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Line of Business : |
Manufacturer of all Other Textiles |
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|
|
|
No. of Employees : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but Correct |
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|
|
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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 – 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 |
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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 |
|
Company Name |
DONGIL CANVAS
ENGINEERING CO., LTD. (Korean Company
Name : “(주)동일캔바스엔지니어링”) |
|
Registered Address |
1280, Suworam-ri, Seotan-myeon,
Pyeongtaek-si, Gyeonggi-do, Korea |
|
Zip Code |
451-852 |
|
Tel |
+82-31-664-2641~3 |
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Fax |
+82-31-664-2644 |
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E-mail |
|
|
Website |
|
|
Trading Address |
1280, Suworam-ri, Seotan-myeon,
Pyeongtaek-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-664-2641~3 |
|
Fax |
+82-31-664-2644 |
|
Type |
Export |
|
Industry |
Manufacture of All Other Textiles n.e.c. |
|
Main Business |
Canvas, Filter Cloth |
|
Sub
Business |
Manufacture of Filtering or Purifying Machinery for Liquids or Oils |
|
Established (mm/dd/yyyy) |
09/12/1996 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Filters(40161500) |
|
Sell |
Sludge or sewage removal equipment(47101539) |
|
Name |
Woo Hyeon-Jik |
|
Address |
Suite A-302, Shinju Villa, 137-1, Naecheon-ri,
Seotan-myeon, Pyeongtaek-si, Gyeonggi-do, Korea |
|
Date of Birth |
07/18/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
660,000,000 |
||||||||||||||||||||||||
|
Employees |
60 |
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Formation |
Co., Ltd by Shares |
||||||||||||||||||||||||
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Bank Details |
Industrial Bank of Korea-Songtan Branch Woori Bank Kookmin Bank |
||||||||||||||||||||||||
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Corporate Registered No. |
134811-0027129 |
||||||||||||||||||||||||
|
Business Registered No. |
124-81-46728 |
||||||||||||||||||||||||
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Permit & Licenses |
03/2001 ISO 9001 03/2002 GQ Int’l Trade No.: 21026887 |
||||||||||||||||||||||||
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Shareholder Position |
|
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Company History |
08/1991 Established(Sole Proprietorship) 09/12/1996 Incorporated as DONGIL CANVAS
CO., LTD. 10/16/2001 Changed company name to the
present name 02/03/2004 Designated as a Venture Business 08/25/2006 Designated as an INNO-BIZ
Company 07/18/2008 Increased capital to 660,000,000
KRW from 610,000,000 KRW 03/10/2010 Designated as a Venture Business
again |
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|
|
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Woo Hyeon-Jik |
Male |
Korean |
11/01/1999 |
|
Director |
Mr. |
Oh Jong-Won |
Male |
Korean |
10/16/2001 |
|
Director |
Mr. |
Nam Kwang-Sub |
Male |
Korean |
10/16/2001 |
|
Auditor |
Mr. |
Lee Yoon-Min |
Male |
Korean |
06/04/2007 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
16,925,509,894 |
15,026,539,661 |
885,345,486 |
|
|
2011 |
16,415,459,202 |
13,742,740,835 |
708,366,210 |
|
2010 |
13,545,699,833 |
12,740,865,454 |
680,975,966 |
|
2009 |
|
|
|
|
2008 |
10,731,297,427 |
9,403,949,878 |
502,771,710 |
|
2007 |
9,337,372,169 |
8,052,884,210 |
437,586,056 |
|
Authorized Capital(KRW) |
1,200,000,000 |
|
Paid-Up Capital(KRW) |
660,000,000 |
|
Total Issues Shares |
66,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
15,026,539,661 |
13,742,740,835 |
12,740,865,454 |
|
Current Assets |
5,603,060,728 |
4,938,728,066 |
5,959,064,906 |
|
-Quick Assets |
4,713,030,127 |
4,361,848,683 |
5,895,433,258 |
|
-Inventories |
890,030,601 |
576,879,383 |
63,631,648 |
|
Fixed Assets |
9,423,478,933 |
8,804,012,769 |
6,781,800,548 |
|
-Investment |
4,816,719,976 |
4,785,463,576 |
3,570,367,151 |
|
-Tangibles |
4,374,717,152 |
3,806,609,847 |
2,932,789,409 |
|
-Intangibles |
123,330,315 |
63,450,726 |
60,452,841 |
|
-Others |
108,711,490 |
148,488,620 |
218,191,147 |
|
Total Liabilities |
9,727,464,984 |
9,329,011,644 |
9,035,502,473 |
|
Current Liabilities |
5,298,404,040 |
4,779,546,632 |
4,014,879,732 |
|
Fixed Liabilities |
4,429,060,944 |
4,549,465,012 |
5,020,622,741 |
|
Capital Stock |
660,000,000 |
660,000,000 |
660,000,000 |
|
Capital Surplus |
250,000,000 |
250,000,000 |
250,000,000 |
|
Profit Surplus |
4,389,074,677 |
3,503,729,191 |
2,795,362,981 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
5,299,074,677 |
4,413,729,191 |
3,705,362,981 |
|
Liab. & Shareholder’s Equity |
15,026,539,661 |
13,742,740,835 |
12,740,865,454 |
|
Current Liabilities |
5,298,404,040 |
4,779,546,632 |
4,014,879,732 |
|
Trade Payables |
948,373,554 |
1,133,758,410 |
635,037,848 |
|
Account Payables |
691,546,584 |
541,962,702 |
415,646,963 |
|
Withholdings |
19,760,150 |
24,260,808 |
19,134,298 |
|
VAT Withhold |
- |
54,000,499 |
139,581,772 |
|
Advance Receipts |
88,983,899 |
49,881,732 |
27,555,871 |
|
Short-Term Borrowings |
3,174,000,000 |
2,626,176,000 |
2,460,000,000 |
|
Accrued Income Tax |
203,723,630 |
166,318,800 |
53,394,880 |
|
Accrued Expenses |
172,016,223 |
183,187,681 |
264,528,100 |
|
Fixed Liabilities |
4,429,060,944 |
4,549,465,012 |
5,020,622,741 |
|
Long-Term Borrowings |
2,417,999,000 |
2,421,040,000 |
4,647,530,000 |
|
Debentures |
2,000,000,000 |
2,000,000,000 |
|
|
Provision for Severance & Retirement |
33,505,144 |
252,664,329 |
373,092,741 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
16,925,509,894 |
16,415,459,202 |
13,545,699,833 |
|
Cost of Sold Goods |
12,556,889,121 |
12,198,620,071 |
10,108,082,820 |
|
Gross Profit |
4,368,620,773 |
4,216,839,131 |
3,437,617,013 |
|
Selling & Admin. Expenses |
2,673,557,311 |
2,586,179,311 |
2,308,914,816 |
|
Operating Income |
1,695,063,462 |
1,630,659,820 |
1,128,702,197 |
|
Non-Operating Income |
157,929,886 |
223,156,274 |
97,415,873 |
|
Non-Operating expenses |
684,932,572 |
941,717,114 |
465,696,074 |
|
Income Before Taxes |
1,168,060,776 |
912,098,980 |
760,421,996 |
|
Income Taxes Expenses |
282,715,290 |
203,732,770 |
79,446,030 |
|
Net Income |
885,345,486 |
708,366,210 |
680,975,966 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
1,250,583,426 |
2,083,001,239 |
233,298,012 |
|
-Net Income |
885,345,486 |
708,366,210 |
680,975,966 |
|
-Exp. without Cash Outflow |
702,582,531 |
720,082,206 |
517,341,158 |
|
-Revenue without Cash Inflows |
-6,497,651 |
-29,476,107 |
-399,000 |
|
-Changes in Asset/ & Liability |
-330,846,940 |
684,028,930 |
-964,620,112 |
|
Cash Flows from Investing |
-2,007,852,513 |
-2,027,161,720 |
-1,213,273,615 |
|
-Cash Inflow from Investing |
1,072,838,201 |
524,500,000 |
233,113,665 |
|
-Cash Outflows for Investing |
-3,080,690,714 |
-2,551,661,720 |
-1,446,387,280 |
|
Cash Flows from Financing |
601,467,000 |
-60,314,000 |
1,008,730,000 |
|
-Cash Inflows from Financing |
1,754,508,000 |
2,166,176,000 |
1,008,730,000 |
|
-Cash Outflows from Financing |
-1,153,041,000 |
-2,226,490,000 |
- |
|
Increase/Decrease in Cash |
-155,802,087 |
-4,474,481 |
28,754,397 |
|
Cash at the Beginning of Year |
175,557,270 |
180,031,751 |
151,277,354 |
|
Cash at the End of Year |
19,755,183 |
175,557,270 |
180,031,751 |
|
Main Products & Services |
Canvas, Filter Cloth |
|
Competitors |
A TEC CO., LTD. 780, BONGJEONG-RI, SEOKSEONG-MYEON,
BUYEO-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-835-0270 FAX:+82-41-835-0271 KYUNGWHA TRADING CO., LTD. RM. 1707, SAMHEUNG BLDG., 705-9, YEOKSAM 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-538-0011~6 FAX:+82-2-538-0017~8 PACIFIC INDUSTRIAL CO., LTD. INDUSTRIAL COMPLEX Ⅲ, 939-2, TAEGOK-RI, BUK-MYEON, JEONGEUP-SI,
JEOLLABUK-DO, KOREA TEL:+82-63-536-1931 FAX:+82-63-536-1935 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Subsidiary |
DONGYI EQUIPMENT FOR ENVIROMENT PROTECTION CO., LTD. (100.0% held by the subject company) |
(Activity &
Markets)
|
Sales/ Unit : KRW |
2012 |
2011 |
2010 |
|
Export |
1,917,379,862 |
2,219,272,531 |
1,787,056,312 |
|
Domestic |
15,008,130,032 |
14,196,186,671 |
11,758,643,521 |
|
Total |
16,925,509,894 |
16,415,459,202 |
13,545,699,833 |
The Subject exports
to China.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
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.