|
Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONGWHA ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
150-14, Gajwa 1-dong, Seo-gu, Incheon |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
10.01.2003 |
|
|
|
|
Com. Reg. No.: |
137-81-56538 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Densified and Reconstituted Wood |
|
|
|
|
No. of Employees : |
426 |
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 : |
No Complaints |
|
|
|
|
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
|
Company Name |
DONGWHA ENTERPRISE CO., LTD. |
|
Registered
Address |
150-14, Gajwa 1-dong, Seo-gu, Incheon, Korea |
|
Zip Code |
404-810 |
|
Tel |
+82-32-580-5161~4 |
|
Fax |
+82-32-577-0056 |
|
|
|
|
Trading Address |
150-14, Gajwa 1-dong, Seo-gu, Incheon, Korea |
|
Tel |
+82-32-580-5161~4 |
|
Fax |
+82-32-577-0056 |
|
Other Address-Yoido
Branch |
53-2, Yeouinaru-ro, Yeongdeungpo-gu, Seoul, Korea |
|
|
|
|
Other Address-Asan
Branch |
186-3, Munbang-ri, Inju-myeon, Asan-si,
Chungcheongnam-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other Address-Pangyo
Branch |
Rm.701, 140, Unjung-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture
of Densified and Reconstituted Wood |
|
Main Business |
Particle
Board, Medium Density Fiberboard, Formalin |
|
Sub Business |
Manufacture
of Other Basic Organic Chemicals |
|
Established
(mm/dd/yyyy) |
10/01/2003 |
|
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 106-701, 747, Suseo-dong,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
07/09/1965 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
8,962,990,000 |
|||||||||
|
Employees |
426 |
|||||||||
|
Formation |
Co., Ltd by Shares A
Company of DONGWHA HOLDINGS CO., LTD.(120111-0004218) |
|||||||||
|
Bank Details |
Woori Bank Shinhan Bank Korea Development Bank |
|||||||||
|
Corporate Registered No. |
120111-0327933 |
|||||||||
|
Business Registered No. |
137-81-56538 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 14113356 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
10/01/2003 Incorporated as the present name
after Split off from DONGWHA
HOLDINGS CO., LTD.(120111-0004218) 01/01/2009 Acquired DONGWHA
CHEMICAL CO., LTD. 01/01/2010 Acquired DONGWHA CEZAIN
CO., LTD.(110111-3484766) and DONGWHA RESOURCES
CO., LTD.(110111-0634348), and split off MFB/Chemical Business 01/04/2010
Spin off, and newly established DONGWHA
GREENCHEM CO., LTD.(120111-0519225) 01/02/2012
Acquired DONGWHA GREENCHEM CO., LTD.(120111-0519225) 01/02/2012 Increased capital to 8,962,990,000 KRW from 7,162,990,000 KRW 12/17/2012 Acquired Housing Business from
DONGWHA SFC HOUSING CO., LTD.(110111-3453133) 10/04/2013 The Subject has been split off,
and merged into DONGWHA M PARK CO., LTD.(120111-0411893) and DONGWHA HOLDINGS CO., LTD.(120111-0004218) respectively, and
disorganized. |
|||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Co-President
& CEO |
Mr. |
Kim Hong-Jin |
Male |
Korean |
08/31/2010 |
|
Co-President
& CEO |
Mr. |
Lee Byung-Eon |
Male |
Korean |
08/12/2011 |
|
Director |
Mr. |
Lee Si-Joon |
Male |
Korean |
01/18/2012 |
|
Auditor |
Mr. |
Lee Byung-Chan |
Male |
Korean |
07/20/2012 |
|
Supervisor
of HQ Office |
Mr. |
Seo Jae-Jin |
Male |
Korean |
11/07/2005 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
255,475,702,517 |
558,421,313,829 |
10,757,299,014 |
|
|
2011 |
219,718,348,143 |
419,324,101,064 |
6,106,086,278 |
|
2010 |
215,235,123,267 |
371,133,545,750 |
7,672,105,780 |
|
2009 |
169,453,558,098 |
251,809,670,230 |
7,252,979,217 |
|
2008 |
169,874,939,918 |
238,452,906,455 |
3,751,654,287 |
|
2007 |
187,316,955,902 |
221,907,195,418 |
-821,203,081 |
|
2006 |
197,835,004,925 |
241,001,243,910 |
2,160,360,306 |
|
Authorized Capital(KRW) |
60,000,000,000 |
|
Paid-Up Capital(KRW) |
8,962,990,000 |
|
Total Issued Shares |
17,925,980 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
558,421,313,829 |
419,324,101,064 |
371,133,545,750 |
|
Current Assets |
89,678,675,146 |
68,111,542,689 |
57,124,623,519 |
|
Cash
& Cash Equivalents |
4,056,915,840 |
13,937,782,470 |
588,862,648 |
|
Trade
Receivables & Other Receivables |
42,668,383,059 |
32,484,736,611 |
32,333,327,516 |
|
Inventories |
39,310,664,364 |
20,899,387,091 |
23,596,148,367 |
|
Other Receivables-Construction |
2,735,784,582 |
- |
143,977,962 |
|
Other
Current Assets |
906,927,301 |
789,636,517 |
462,307,026 |
|
Non-Current Assets |
468,742,638,683 |
351,212,558,375 |
314,008,922,231 |
|
Non-Current
Financial Instruments |
3,000,000 |
3,000,000 |
3,000,000 |
|
Long-Term
Trade Receivables & Other Receivables |
- |
- |
6,000,000 |
|
Marketable
Financial Instruments |
274,757,380 |
23,000,000 |
523,000,000 |
|
Investment_Subsidiaries |
21,974,718,444 |
21,974,718,444 |
6,732,881,658 |
|
Tangibles |
429,192,407,139 |
311,469,379,911 |
288,902,840,508 |
|
Investment_Real
Estates |
8,727,312,000 |
8,727,312,000 |
8,727,312,000 |
|
Operating
Rights |
6,606,467,565 |
6,606,467,565 |
6,606,467,565 |
|
Intangibles |
1,579,815,420 |
2,217,601,600 |
2,246,199,285 |
|
Other
Financial Assets |
384,160,735 |
191,078,855 |
261,221,215 |
|
Total Liabilities |
269,121,351,034 |
193,545,636,801 |
149,281,160,981 |
|
Current Liabilities |
131,250,366,408 |
87,118,445,760 |
80,565,964,784 |
|
Trade
Payables & Other Payables |
55,498,243,734 |
35,306,313,472 |
27,429,583,322 |
|
Other Payables-Construction |
285,594,663 |
- |
- |
|
Short-Term
Borrowings |
72,488,359,806 |
47,302,590,000 |
50,386,490,000 |
|
Deferred
Income Tax Credit |
887,782,947 |
1,633,654,528 |
291,740,705 |
|
Other
Current Financial Debts |
711,940,295 |
598,923,637 |
- |
|
Other
Current Liabilities |
1,378,444,963 |
2,276,964,123 |
2,458,150,757 |
|
Non-Current Liabilities |
137,870,984,626 |
106,427,191,041 |
68,715,196,197 |
|
Long-Term
Trade Payables & Other Payables |
75,920,065,000 |
54,353,381,358 |
14,456,380,000 |
|
Provision
for Severance & Retirement |
5,190,283,602 |
2,250,536,328 |
3,279,239,427 |
|
Deferred
Income Tax Credit |
55,012,829,410 |
46,181,649,519 |
45,949,330,883 |
|
Other
Non-Current Financial Debts |
1,138,594,472 |
3,296,488,358 |
3,995,041,004 |
|
Provision |
609,212,142 |
345,135,478 |
- |
|
Other
Non-Current Liabilities |
- |
- |
1,035,204,883 |
|
Capital Stock |
8,962,990,000 |
7,162,990,000 |
7,162,990,000 |
|
Capital
Surplus |
97,570,160,782 |
46,010,953,060 |
46,971,912,146 |
|
Profit
Surplus |
182,766,812,013 |
172,604,521,203 |
167,717,482,623 |
|
Total
Equity |
289,299,962,795 |
225,778,464,263 |
221,852,384,769 |
|
Liab.
& Shareholder’s Equity |
558,421,313,829 |
419,324,101,064 |
371,133,545,750 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
255,475,702,517 |
219,718,348,143 |
215,235,123,267 |
|
Cost of Sold Goods |
-210,954,226,301 |
-182,025,403,908 |
-181,961,137,119 |
|
Gross Profit |
44,521,476,216 |
37,692,944,235 |
33,273,986,148 |
|
Selling Expenses |
-12,295,334,597 |
-12,752,948,968 |
-12,429,565,003 |
|
Admin. Expenses |
-15,901,782,306 |
-13,842,716,817 |
-11,146,634,440 |
|
R&D |
-1,225,496,961 |
- |
|
|
Other Income |
|
|
5,278,294,910 |
|
Other Expenses |
|
|
-2,366,622,098 |
|
Operating Income |
15,098,862,352 |
11,097,278,450 |
12,609,459,517 |
|
Finance Income |
1,741,751,605 |
160,324,796 |
1,000,081,468 |
|
Finance Expenses |
-5,553,480,587 |
-4,988,649,542 |
-3,865,394,862 |
|
Non-Operating Income |
6,662,157,470 |
5,576,424,972 |
|
|
Non-Operating Expenses |
-3,439,984,019 |
-2,548,327,036 |
|
|
Income Before Taxes |
14,509,306,821 |
9,297,051,640 |
9,744,146,123 |
|
Income Taxes Expenses |
-3,752,007,807 |
-3,190,965,362 |
-2,072,040,343 |
|
Net Income |
10,757,299,014 |
6,106,086,278 |
7,672,105,780 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
15,582,577,372 |
16,097,718,734 |
-9,430,229,230 |
|
Net
Income |
10,757,299,014 |
6,106,086,278 |
7,672,105,780 |
|
-Exp.
without Cash Outflow |
20,290,960,294 |
16,827,870,851 |
14,926,649,406 |
|
-Revenue
without Cash Inflows |
-4,857,874,354 |
-3,560,094,482 |
-3,480,753,687 |
|
Changes
in Asset/ & Liability |
-403,875,278 |
1,866,060,296 |
-22,568,101,878 |
|
Interests
Received |
127,315,353 |
304,302,758 |
- |
|
Interests
Paid |
-5,339,252,906 |
-4,173,608,029 |
-2,934,628,713 |
|
Income
Taxes |
-4,991,994,751 |
-1,272,898,937 |
-3,045,500,138 |
|
Cash Flows from Investing |
-58,568,506,239 |
-38,803,404,309 |
-15,000,527,178 |
|
Cash
Inflow from Investing |
12,765,617,488 |
2,933,465,081 |
1,545,470,484 |
|
Cash
Outflows for Investing |
-71,334,123,727 |
-41,736,869,390 |
-16,545,997,662 |
|
Cash Flows from Financing |
33,106,010,000 |
36,275,479,395 |
19,591,570,000 |
|
Cash
Inflows from Financing |
205,309,600,000 |
197,443,599,395 |
155,545,122,500 |
|
Cash
Outflows from Financing |
-172,203,590,000 |
-161,168,120,000 |
-135,953,552,500 |
|
Increase/Decrease in Cash |
-9,879,918,867 |
13,569,793,820 |
-4,839,186,408 |
|
Cash at the Beginning of Year |
13,937,782,470 |
588,862,648 |
5,428,049,056 |
|
Cash at the End of Year |
4,056,915,840 |
13,937,782,469 |
588,862,648 |
|
Main Products & Services |
Particle
Board, Medium Density Fiberboard, Formalin |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
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 |
|
Affiliates-Domestic |
DONGWHA HOLDINGS CO., LTD.(120111-0004218) DAESUNG WOOD IND.CO.,LTD.(120111-0018524) DONGWHA NATURE FLOORING
CO.,LTD.(120111-0411827) DONGWHA LOGISTICS CO., LTD.9120111-0411893) EUNIQUE CO., LTD.(110111-1255614) DONGWHA SFC HOUSING CO.,
LTD.(110111-3453133) WON CHANG TRADING.CO., LTD.(110111-1053126) ELITEDOOR CO.,LTD.(120111-0202507) DONGWHA AUTOCARE CO., LTD.(120111-0497405) DONGWHA YELLO HAT CO., LTD.(110111-4102185) |
|
Affiliates-Overseas |
DONGWHA INTERNATIONAL CO.,LTD VRG DONGWHA JOINT STOCK COMPANY DONGWHA FIBREBOARD SDN., BHD. DONGWA MDF MALAYSIA DONGWHA MALAYSIA HOLDINGS DONGWHA CHEMICAL MALAYSIA DONGWHA PANTINA NZ LTD. DONGWHA TIMBER PTY LTD. VRG
DONGWHA JOINT STOCK COMPANY |
|
Subsidiary |
DONGWHA VINA CO., LTD.(HONG KONG) (80.0%
held by the Subject company) |
|
Corporate Ownership |
DONGWHA INTERNATIONAL CO. LIMITED (Ex.: MH HOLDINGS CO., LTD.) DONGWHA HOLDINGS CO., LTD.(120111-0004218) |
|
Major Shareholders |
DONGWHA HOLDINGS CO., LTD.(120111-0004218) |
|
Cooperative Enterprise |
-Insured Company MERITZ
FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Not Available.
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.