|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONGWHA ENTERPRISE CO., LTD. |
|
|
|
|
Formerly Known As : |
DONGWHA HOLDINGS CO., LTD |
|
|
|
|
Registered Office : |
28, Gajeong-ro 97beon-gil, Seo-gu, Incheon, Korea, Zip Code 404-810 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
02.04.1948 |
|
|
|
|
Com. Reg. No.: |
137-81-02333 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Densified and Reconstituted Wood |
|
|
|
|
No. of Employees : |
99 |
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 |
|
Payment Behaviour : |
Slow but Correct |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
|
Company Name |
DONGWHA
ENTERPRISE CO., LTD. (Ex. Company
Name : DONGWHA HOLDINGS CO., LTD., “동화홀딩스(주)”) (Korean Company
Name : “동화기업(주)”) |
|
Registered Address |
28, Gajeong-ro 97beon-gil, Seo-gu,
Incheon, Korea |
|
Zip Code |
404-810 |
|
Tel |
+82-32-580-5164 |
|
Fax |
+82-32-577-0056 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
7th Fl., Wonchang Bldg., 26-3,
Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea |
|
Tel |
+82-2-2122-0653 +82-2-2122-0589 |
|
Fax |
+82-2-782-9713 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Densified and Reconstituted Wood |
|
Main Business |
Particle Board, Medium Density Fiberboard, Formalin |
|
Established (mm/dd/yyyy) |
04/02/1948 |
|
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) |
|
Name |
Kim Hong-Jin |
|
Address |
Suite b111-307, 15, Gwangpyeong-ro 10-gil,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
07/09/’1965 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
7,678,378,000 |
||||||||||||||||||
|
Employees |
99 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 025900) as of 07/31/1995 Foreign Direct Investment Corporation A Company of DONGWHA HOLDINGS CO., LTD.(120111-0004218) |
||||||||||||||||||
|
Bank Details |
Korea Exchange Bank Hana Bank |
||||||||||||||||||
|
Corporate Registered No. |
120111-0004218 |
||||||||||||||||||
|
Business Registered No. |
137-81-02333 |
||||||||||||||||||
|
Permit & Licenses |
03/05/2001 KS Mark 07/01/2001 ISO 9002 by SGS |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
04/02/1948 Incorporated as DONGWHA TOGUN CO., LTD. 01/1953 Changed company name to DONGWHA HEUNGUP
CO., LTD. 07/1953 Changed company name to DONGWHA
ENTERPRISE CO., LTD. 09/30/2003 Changed company name to DONGWHA HOLDINGS CO., LTD. 03/2009 Moved to the present HQ address
from 178-26, Gajwa-dong, Seo-gu, Incheon, Korea 08/13/2013 Decided to changed company name
to DONGWHA ENTERPRISE CO., LTD. 10/01/2013 Changed company name to DONGWHA ENTERPRISE CO., LTD., again 10/01/2013 Moved to the present HQ address
from 150-14,
Gajwa 1-dong, Seo-gu, Incheon, Korea 10/04/2013 Acquired DONGWHA ENTERPRISE
CO., LTD.(Wood Business), and transferred Used Cars Business to DONGWHA
A&B HOLDINGS CO., LTD.(110111-5243342), newly established. 10/04/2013 Decreased capital to
7,678,378,000 KRW from 10,057,817,000 KRW |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Hong-Jin |
Korean |
1965.07.09 |
- |
|
Director |
Mr. |
Seung Myung-Ho |
Korean |
1956.01.17 |
Korea University, Korea |
|
Chairman |
Mr. |
Seung Eun-Ho |
Korean |
1942.02.22 |
Yonsei University, Korea |
|
Director |
Mr. |
Kim Hong-Jin |
Korean |
1965.07.09 |
- |
|
Director |
Mr. |
Lee Byung-Chan |
Korean |
1961.11.15 |
|
|
Outside Director |
Mr. |
Cho Jung-Won |
Korean |
1947.12.10 |
Kyunghee University, Korea |
|
Outside Director |
Mr. |
Lee Sang-Geun |
Korean |
1935.07.29 |
- |
|
Auditor |
Mr. |
Jung Seung-Hwan |
Korean |
1946.07.08 |
Sungkyunkwan University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
14,978,647,507 |
346,960,965,011 |
1,702,600,826 |
|
|
2012 |
20,803,346,251 |
337,060,077,099 |
717,662,246 |
|
2011 |
16,838,871,451 |
337,202,023,609 |
-6,643,463,716 |
|
2010 |
23,926,480,144 |
297,018,407,744 |
3,564,587,210 |
|
2009 |
25,537,940,394 |
283,228,785,478 |
6,739,722,819 |
|
2008 |
22,538,700,874 |
289,339,262,994 |
1,254,588,635 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
7,678,378,000 |
|
Total Issued Shares |
15,356,756 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
346,960,965,011 |
337,060,077,099 |
337,202,023,609 |
|
Current Assets |
112,529,301,575 |
9,872,272,500 |
5,087,599,067 |
|
Cash & Cash
Equivalents |
483,452,976 |
1,068,477,637 |
21,009,040 |
|
Current Financial
Instruments |
253,613,398 |
|
294,856,778 |
|
Trade Receivables
& Other Receivables |
9,814,598,924 |
8,800,636,406 |
4,755,531,329 |
|
Deferred Income Tax
Assets |
155,580 |
274,800 |
1,177,440 |
|
Other Finance Assets |
|
|
|
|
Other Current Assets |
80,853,770 |
2,883,657 |
15,024,480 |
|
Assets Group to be allocated for Owners |
101,896,626,927 |
|
|
|
Non-Current Assets |
234,431,663,436 |
327,187,804,599 |
332,114,424,542 |
|
Non-Current Financial
Instruments |
49,743,380 |
303,356,778 |
5,500,000 |
|
Marketable Financial
Instruments |
142,545,991 |
142,545,991 |
142,545,991 |
|
Investment_Related
Companies |
194,220,660,776 |
295,104,873,891 |
309,015,233,488 |
|
Tangibles |
16,320,681,968 |
7,319,330,608 |
6,791,428,073 |
|
Investment_Real Estates |
4,109,776,000 |
4,109,776,000 |
|
|
Intangibles |
5,720,854,521 |
6,398,770,531 |
1,406,654,540 |
|
Other Finance Assets |
13,867,400,800 |
13,809,150,800 |
14,753,062,450 |
|
Total
Liabilities |
119,296,352,871 |
111,098,065,785 |
112,014,128,303 |
|
Current Liabilities |
108,014,903,669 |
66,782,819,274 |
62,161,086,544 |
|
Trade Payables &
Other Payables |
3,156,001,048 |
1,291,750,105 |
932,589,227 |
|
Short-Term Borrowings |
93,012,322,581 |
64,326,228,882 |
59,991,000,000 |
|
Liabilities Group to be allocated for Owners |
11,290,136,202 |
|
|
|
Other Current
Financial Debts |
412,007,841 |
473,012,492 |
960,351,200 |
|
Other Current
Liabilities |
144,435,997 |
691,827,795 |
277,146,117 |
|
Non-Current Liabilities |
11,281,449,202 |
44,315,246,511 |
49,853,041,759 |
|
Long-Term Borrowings |
9,857,000,000 |
42,465,945,449 |
48,500,290,060 |
|
Provision for
Severance & Retirement |
1,399,953,093 |
1,362,347,662 |
618,349,949 |
|
Other Non-Current
Provisions |
11,904,256 |
11,904,256 |
21,337,449 |
|
Other Non-Current
Financial Debts |
12,591,853 |
475,049,144 |
713,064,301 |
|
Capital Stock |
10,057,817,000 |
10,057,817,000 |
10,057,817,000 |
|
Capital Surplus |
-26,315,361,121 |
-26,315,361,121 |
-26,780,289,907 |
|
Profit Surplus |
243,922,156,261 |
242,219,555,435 |
241,910,368,213 |
|
Total Equity |
227,664,612,140 |
225,962,011,314 |
225,187,895,306 |
|
Liab. &
Shareholder’s Equity |
346,960,965,011 |
337,060,077,099 |
337,202,023,609 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
14,978,647,507 |
20,803,346,251 |
16,838,871,451 |
|
Cost of Sold Goods |
14,978,647,507 |
20,803,346,251 |
16,838,871,451 |
|
Selling & Admin.
Expenses |
11,297,064,082 |
17,092,488,581 |
12,396,245,429 |
|
Operating Income |
3,681,583,425 |
3,710,857,670 |
4,442,626,022 |
|
Finance Income |
920,408,069 |
3,863,111,039 |
445,267,471 |
|
Finance Expenses |
3,414,388,690 |
6,569,905,338 |
7,056,275,309 |
|
Other Income |
1,547,639,336 |
2,088,247,973 |
2,224,760,868 |
|
Other Expenses |
803,578,454 |
1,426,448,166 |
1,966,531,355 |
|
Other Profits from Related Companies |
- |
320,878,302 |
-4,520,464,057 |
|
Income Before Taxes |
1,931,663,686 |
1,986,741,480 |
-6,430,616,360 |
|
Income Before Taxes |
- |
-1,269,079,234 |
212,847,356 |
|
Income from
Continuous Business |
1,931,663,686 |
- |
- |
|
Income from Stopped
Business |
-229,062,860 |
- |
- |
|
Net Income |
1,702,600,826 |
717,662,246 |
-6,643,463,716 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from
Operating |
2,426,249,212 |
-2,143,140,206 |
-2,275,322,973 |
|
Net Income |
1,702,600,826 |
717,662,246 |
-6,643,463,716 |
|
Adjustment |
3,494,705,547 |
3,266,466,888 |
8,754,694,936 |
|
Interests Received |
416,065,555 |
502,346,018 |
33,297,426 |
|
Interests Paid |
-3,187,241,936 |
-5,346,405,118 |
-4,419,861,076 |
|
Income Taxes |
119,220 |
-1,283,210,240 |
9,457 |
|
Cash Flows from
Investing |
-9,642,436,092 |
9,041,129,853 |
-46,257,269,976 |
|
Cash Flows from
Financing |
6,631,162,219 |
-5,850,521,050 |
48,464,112,870 |
|
Increase/Decrease in
Cash |
-585,024,661 |
1,047,468,597 |
-68,480,079 |
|
Cash at the Beginning
of Year |
1,068,477,637 |
21,009,040 |
89,489,119 |
|
Cash at the End of Year |
483,452,976 |
1,068,477,637 |
21,009,040 |
|
Main Products & Services |
Non-Financial Holding Companies |
|
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 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DONGWHA CORPORATION(120111-0327933) (100.0% held by the subject company) DAESUNG WOOD IND.CO.,LTD.(120111-0018524) (58.0% held by the
subject company) DONGWHA NATURE FLOORING CO.,LTD.(120111-0411827) (100.0% held by the subject company) DONGWHA DEVELOPER CO., LTD.(120111-0411893) (100.0% held by the subject company) EUNIQUE CO., LTD.(110111-1255614) (100.0% held by the subject company) DONGWHA SFC HOUSING CO., LTD.(110111-3453133) (50.0% held by the subject company) WON CHANG TRADING.CO., LTD.(110111-1053126) (100.0% held by the subject company) ELITEDOOR CO.,LTD.(120111-0202507) (20.0% held by the subject company) DONGWHA AUTOCARE CO., LTD.(120111-0497405) (100.0% held by the subject company) DONGWHA YELLO HAT CO., LTD.(110111-4102185) (100.0% held by the subject company) |
|
Overseas Office |
DONGWHA HONG KONG INTERNATIONAL SUITE 2006, THE CENTER,99 QUEEN’S ROAD, CENTRAL,HONG KONG TEL: +852-2542-2093 DONGWHA USA 7000 SW HAMPTON ST. STE 205, TIGARD, OR 97223 USA TEL: +1-503-620-1071 VRG DONGWHA 2TH FL., RIVER VIEW BUILDING, 7A THAI VAN LUNG STREET, DISTRICT 1,
HCMC, VIETNAM TEL: +84-8-910-3966 DONGWHA FIBREBOARD SDN. BHD. LEVEL 17, MENARA BOUSTEAD PENANG, NO. 39, JALAN SULTAN AHMAD SHAH,
10050 PENANG, MALAYSIA TEL: +60-4- 818 2323 DONGWHA PATINNA NZ P.O.BOX 189 GORE,301 PIONEER HIGHWAY,4RD GORE, NEW ZEALAND TEL:+ 64-3-209-3133 TASCO 300 BORDERICK ROAD, LARA, VICTORIA 3212, AUSTRALIA TEL:+ +61-3-5275-0660 TASFOR 300 BORDERICK ROAD, LARA, VICTORIA 3212, AUSTRALIA TEL: +61-3-5275-0660 |
(Activity & Markets)
The Subject imports
from Australia, China, USA and Europe.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
UK Pound |
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.68 |
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.