MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

DOOSAN DONG-A CO., LTD.

 

 

Registered Office :

270, Yeonji-dong, Jongno-gu, Seoul, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

01.10.2008

 

 

Com. Reg. No.:

101-86-42059

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Subject is engaged in publishing of textbooks and study books.

 

 

No. of Employees :

478

 

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

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 Information

 

Basic

 

Company Name

DOOSAN DONG-A CO., LTD.

(Korean Company Name : “두산동아(주)”)

Registered Address

270, Yeonji-dong, Jongno-gu, Seoul, Korea

Building

5th Fl., Yeonkang Bldg.

Zip Code

110-739

Tel

+82-2-3670-5000

Fax

+82-2-3670-5002

E-mail

doosandonga_service@doosan.com

Website

www.doosandonga.com

Trading Address

5th Fl., Yeonkang Bldg., 270, Yeonji-dong, Jongno-gu, Seoul, Korea

(New Address System : 15, Jong-ro 33-gil, Jongno-gu, Seoul, Korea)

Tel

+82-2-3670-5000

Fax

+82-2-3670-5002

Industry

Publishing of Textbooks and Study Books

  Main Business

Study-aid Book, Textbook, Dictionary, Electronic Dictionary, Catalog, Calendar, Label

  Sub Business

Commercial Printing By Stencil Plate and Similar Plates

Established (mm/dd/yyyy)

10/01/2008

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Magazines(55101506)

Sell

Industrial printing services(73151900)

Sell

Publishing(82121800)

 

CEO’s

 

Name

Jung Jin-Wook

Address

 

Date of Birth

01/1969

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

10,000,000,000

Employees

478

Formation

Co., Ltd by Shares

A Company of DOOSAN GROUP

Bank Details

Woori Bank

Corporate Registered No.

110111-3977117

Business Registered No.

101-86-42059

Permit & Licenses

Int’l Trade No.: 30635292

Shareholder Position

Name

Shares

%

DOOSAN CO., LTD(110111-0013774)

2,000

100.00

TOTAL

2,000

100.00

Company History

10/01/2008 Incorporated as the present name after split off from DOOSAN CO.,LTD(110111-0013774)

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Date of Birth

President & CEO

Mr.

Jung Jin-Wook

Male

Korean

1969.01

Executive Director

Mr.

Shin Seung-Yong

Male

Korean

1967.09

Executive Director

Mr.

Park Young-Ho

Male

Korean

1967.10

Executive Director

Mr.

Paik Seung-Am

Male

Korean

1966.03

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2013

68,146,914,867

144,716,097,487

-5,551,364,659

(*)2012

196,957,977,234

170,595,241,618

-12,586,243,935

(*)2011

242,270,173,254

202,960,572,757

6,619,345,536

2010

232,005,873,271

211,960,259,215

1,419,279,548

2009

227,079,881,937

212,765,807,725

-1,179,048,136

(*)Figures are based on the K-IFRS Accounting System.

 

Financial Description

 

Authorized Capital(KRW)

10,000,000,000

Paid-Up Capital(KRW)

10,000,000,000

Total Issued Shares

2,000,000

 

 

Balance Sheet

 

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

144,716,097,487

170,595,241,618

202,960,572,757

Current Assets

59,612,002,887

78,296,038,456

103,775,857,208

Cash & Cash Equivalents

2,104,620,844

1,260,772,999

3,201,313,992

Trade Receivables & Other Receivables

39,797,019,045

61,194,026,456

73,853,426,574

Inventories

15,395,838,828

12,227,953,163

21,900,309,381

Other Current Assets

2,314,524,170

3,613,285,838

4,820,807,261

Non-Current Assets

85,104,094,600

92,299,203,162

99,184,715,549

Non-Current Financial Instruments

3,000,000

3,000,000

3,000,000

Marketable Financial Instruments

826,099,316

919,438,066

1,034,362,066

Equity Method Investment Assets

13,711,379

16,521,777

10,994,703

Tangibles

53,950,104,627

54,898,449,948

56,484,051,592

Intangibles

27,584,509,295

28,078,697,517

21,864,147,189

Investment_Real Estates

309,954,367

4,275,313,465

9,283,507,257

Other Long-Term Receivables

1,145,837,598

1,229,137,420

4,908,517,745

Deferred Income Tax Assets

1,157,428,757

2,866,052,339

5,450,393,918

Other Non-Current Assets

113,449,261

12,592,630

145,741,079

Total Liabilities

127,250,902,849

147,578,941,297

166,333,556,378

Current Liabilities

87,367,476,706

114,170,943,648

124,097,863,677

Trade Payables & Other Payables

33,104,474,182

39,569,163,586

60,289,328,697

Short-Term Borrowings

33,000,000,000

33,000,000,000

30,062,913,086

Current Portion of Debentures

9,944,760,865

9,886,834,185

19,975,138,045

Current Portion of Long-Term Debts

2,550,000,000

20,110,000,000

325,651,842

Deferred Income Tax Credit

-

512,772,323

2,873,358,479

Provisions

3,768,779,491

5,372,178,512

5,490,517,695

Other Current Liabilities

4,999,462,168

5,719,995,042

5,080,955,833

Non-Current Liabilities

39,883,426,143

33,407,997,649

42,235,692,701

Debentures

-

-

9,776,559,595

Long-Term Borrowings

27,500,000,000

20,000,000,000

20,110,000,000

Provision for Severance & Retirement

12,085,035,135

13,176,392,092

12,319,865,106

Other Payables

36,909,944

42,084,073

-

Other Non-Current Liabilities

261,481,064

189,521,484

29,268,000

Capital Stock

10,000,000,000

10,000,000,000

10,000,000,000

Capital Surplus

27,518,541,765

27,518,541,765

27,518,541,765

Profit Surplus

-20,053,606,103

-14,502,241,444

-891,525,386

Others

258,976

-

-

Total Equity

17,465,194,638

23,016,300,321

36,627,016,379

Liab. & Shareholder’s Equity

144,716,097,487

170,595,241,618

202,960,572,757

 

 

Income Statement

 

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Sales

68,146,914,867

196,957,977,234

242,270,173,254

Cost of Sold Goods

46,229,191,280

133,946,748,761

164,118,573,432

Gross Profit

21,917,723,587

63,011,228,473

78,151,599,822

Selling & Admin. Expenses

24,520,141,754

65,118,533,865

63,254,056,465

Operating Income

-2,602,418,167

-2,107,305,392

14,897,543,357

Finance Income

181,239,178

166,293,537

392,296,301

Finance Expenses

2,452,093,416

5,549,760,679

5,578,623,558

Non-Operating Income

1,061,092,889

827,289,365

375,919,467

Non-Operating Expenses

351,958,306

3,037,450,760

2,466,225,657

Equity Method Profits

-2,810,398

5,527,074

1,610,952

Income Before Taxes

-4,166,948,220

-9,695,406,855

7,622,520,862

Income Taxes Expenses

1,384,416,439

2,890,837,080

1,003,175,326

Net Income

-5,551,364,659

-12,586,243,935

6,619,345,536

 

 

Cash Flows

 

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

9,579,690,903

4,906,774,792

17,843,775,975

Cash Flows from Operating

12,008,212,873

12,467,062,044

24,327,250,462

Net Income

-5,551,364,659

-12,586,243,935

6,619,345,536

Adjustment

8,858,599,586

35,395,791,526

29,058,854,337

Changes in Asset/ & Liability

8,700,977,946

-10,342,485,547

-11,350,949,411

Interests Received

9,732,367

41,010,781

56,631,354

Interests Paid

-2,247,681,123

-5,223,170,052

-5,277,383,571

Dividends Received

　

-

2,000,000

Income Taxes

-190,573,214

-2,378,127,981

-1,264,722,270

Cash Flows from Investing

1,324,156,942

-9,456,666,920

-8,508,175,809

Cash Inflow from Investing

4,969,508,825

8,798,051,803

2,406,134,909

Cash Outflows for Investing

-3,645,351,883

-18,254,718,723

-10,914,310,718

Cash Flows from Financing

-10,060,000,000

2,609,351,135

-11,704,920,548

Cash Inflows from Financing

10,000,000,000

22,937,086,915

19,246,022,572

Cash Outflows from Financing

-20,060,000,000

-20,327,735,780

-30,950,943,120

Increase/Decrease in Cash

843,847,845

-1,940,540,993

-2,369,320,382

Cash at the Beginning of Year

1,260,772,999

3,201,313,992

5,570,634,374

Cash at the End of Year

2,104,620,844

1,260,772,999

3,201,313,992

 

Products, Technologies, Services Description

 

Main Products & Services

Study-aid Book, Textbook, Dictionary, Electronic Dictionary, Catalog, Calendar, Label

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

JIHAK PUBLISHING CO., LTD.(110111-0382327)

KYOWON CO., LTD.(110111-0556617)

WOONGJIN THINKBIG CO., LTD.(284911-0065613)

JEI CORPORATION(110111-0218465)

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

DOOSAN CO., LTD.(110111-0013774)

DOOSAN INFRACORE CO., LTD.(120111-0234469)

SRS KOREA CO., LTD.(110111-3139733)

DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD.(194211-0000943)

DOOSAN ENGINE CO., LTD.(194211-0038423)

DOOSAN MECATEC., LTD.(110111-0126022)

DOOSAN CONSTRUCTION & ENGINEERING CO.,LTD.(110111-0194277)

SAEJAE DEVELOPMENT CO., LTD.(110111-1074048)

NEO TRANS CO., LTD.(131111-0141801)

SAMHWA CROWN & CLOSURE CO.,LTD(134111-0003462)

REXCON CO., LTD.(110111-3586273)

ORICOM INC.(110111-0176986)

DOOSAN BEARS INC.(110111-0346919)

NEOPLUX CO., LTD.(110111-1927841)

N.SHAPER(110111-1943574)

GLOBAL LOGISTICS CO., LTD.(110111-1235749)

DOOSAN CUVEX CO.,LTD(140111-0032570)

DOOSAN MOTORS CORP.(110111-3008293)

DONG HYUN ENGINEERING CO., LTD.(110111-0508329)

DOOSAN MOTTROL HOLDINGS CO., LTD.(110111-3892505)

DOOSAN DST CO., LTD.(194211-0096322)

DOOSAN CAPITAL CO., LTD.(110111-1220336)

KOREA AEROSPACE INDUSTRIES, LTD.(110111-1827570)

Overseas Office

 

Liaison Office

 

Overseas Branch

 

Joint Venture

 

Subsidiary

 

Corporate Ownership

DOOSAN CO.,LTD(110111-0013774)

Major Shareholders

 

Cooperative Enterprise

 

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

06/2013

2012

2011

Export

5,010

11,262

10,241

Domestic

63,137

185,696

232,029

Total

68,147

196,958

242,270

 

Not Available.

 

Court Action

 

No.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.