MIRA INFORM REPORT

 

 

Report Date :

11.12.2014

 

IDENTIFICATION DETAILS

 

Name :

DONGWOO INTERNATIONAL CO., LTD.

 

 

Formerly Known As :

DONGA HANGYOK CO., LTD.

 

 

Registered Office :

19, Gukhoe-Daero 74-Gil, Yeongdeungpo-Gu, Seoul

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.11.1978

 

 

Com. Reg. No.:

116-81-44904

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Freight Transport Brokerage, Agency and Other Supporting Transport Services

 

 

No. of Employees :

42

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. South 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. South 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-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

 

Source : CIA

 

Basic Information

 

Company Name

DONGWOO INTERNATIONAL CO., LTD.

Registered Address

19, Gukhoe-daero 74-gil, Yeongdeungpo-gu, Seoul, Korea

Building

6th Fl., Dongwoo In’t Bldg.

Zip Code

150-870

Tel

+82-2-369-7700

Fax

+82-2-369-7770~1

E-mail

affairs@dongwoo.com ; seaexport@dongwoo.com  

Website

www.dongwoo.com

Trading Address

6th Fl., Dongwoo In’t Bldg., 19, Gukhoe-daero 74-gil, Yeongdeungpo-gu, Seoul, Korea

(Old Address System : 6th Fl., Dongwoo In’t Bldg., 13-4, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea)

Tel

+82-2-369-7700

Fax

+82-2-369-7770~1

Other Address-Busan Warehouse

260, Uam-dong, Nam-gu, Busan, Korea

Tel

+82-51-646-2514

Fax

+82-51-631-4987

Other Address-Busan Branch

Rm.808, marine Center, 79-1, Jungang-dong 4-ga, Jung-gu, Busan, Korea

Tel

+82-51-466-8194

Fax

+82-51-465-1790

Type

Export/Import

Industry

Freight Transport Brokerage, Agency and Other Supporting Transport Services

  Main Business

Multimodal Freight Forwarding

  Sub Business

 

Established (mm/dd/yyyy)

11/02/1978

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Transport arrangements(78141500)

Sell

International trade services(80151600)

Sell

Freight forwarders services(78141501)

 

 

CEO’s

 

Name

Jun Bok-Ja

Address

Suite 103-401, 320, Dogok-ro, Gangnam-gu, Seoul, Korea

Date of Birth

09/09/1941

Title

Chairman & CEO

Sex

Female

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

5,000,000,000

Employees

42

Formation

Co., Ltd by Shares

Bank Details

Shinhan Bank

Corporate Registered No.

110111-0241169

Business Registered No.

116-81-44904

Permit & Licenses

Int’l Trade No.: 290717

Shareholder Position

Name

 

Shares

%

JUN BOK-JA

500

5.00

CHO CHUL-HO

4,000

40.00

CHO CHUL-YONG

5,100

51.00

CHO HYUN-JUNG

400

4.00

TOTAL

10,000

100.00

Company History

11/02/1978 Incorporated as DongA Hangyok Co., Ltd.

08/1979 Changed company name to Donga Shipping Co., Ltd.

03/01/1985 Changed company name to Dongwoo International Transportation Co., Ltd.

03/01/1991 Changed company name to the present name

09/15/1998 Increased capital to 5,000,000,000 KRW from 2,000,000,000 KRW

09/15/1998 Increased the authorized shares to 2,000,000 shares from 600,000 shares

11/2003 Acquired Dongwoo Shipping & Air Co., Ltd.

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Chairman & CEO

M/S.

Jun Bok-Ja

Female

Korean

03/31/2001

Co-President & CEO

Mr.

Cho Chul-Ho

Male

Korean

04/30/1996

Co-President & CEO

Mr.

Cho Chul-Yong

Male

Korean

03/29/2006

Director

Mr.

Lee Seung-Ho

Male

Korean

03/31/2005

Auditor

M/S.

Cho Hyun-Jung

Female

Korean

03/26/2003

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

13,361,397,154

14,309,059,393

748,433,077

2012

15,325,464,060

15,397,937,469

87,668,892

2011

11,318,625,212

15,128,683,397

298,037,910

2010

9,754,025,874

13,881,528,404

217,489,756

2009

8,869,829,372

14,600,633,359

3,982,573,072

 

 

Financial Description

 

Authorized Capital(KRW)

10,000,000,000

Paid-Up Capital(KRW)

5,000,000,000

Total Issued Shares

10,000

 

Balance Sheet

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

14,309,059,393

15,397,937,469

15,128,683,397

Current Assets

1,422,630,090

2,106,301,046

1,752,284,024

-Quick Assets

1,422,630,090

2,106,241,046

1,752,224,024

-Inventories

-

60,000

60,000

Fixed Assets

12,886,429,303

13,291,636,423

13,376,399,373

-Investment

260,000,000

260,000,000

155,000,000

-Tangibles

12,528,791,003

12,965,858,123

13,134,833,073

-Intangibles

 

 

 

-Others

97,638,300

65,778,300

86,566,300

Total Liabilities

5,514,004,590

7,231,315,743

6,909,730,563

Current Liabilities

4,344,388,590

5,212,623,173

4,789,914,563

Fixed Liabilities

1,169,616,000

2,018,692,570

2,119,816,000

Capital Stock

5,000,000,000

5,000,000,000

5,000,000,000

Capital Surplus

332,975,181

332,975,181

332,975,181

Profit Surplus

3,462,079,622

2,833,646,545

2,885,977,653

Capital Adjustment

 

 

 

Total Equity

8,795,054,803

8,166,621,726

8,218,952,834

Liab. & Shareholder’s Equity

14,309,059,393

15,397,937,469

15,128,683,397

 

Current Liabilities

4,344,388,590

5,212,623,173

4,789,914,563

Short-Term Borrowings

3,517,500,404

4,229,000,000

3,853,481,431

Trade Payables

500,516,214

633,125,681

696,332,065

Account Payables

188,365,924

159,258,826

127,824,436

Accrued Expenses

2,887,534

3,918,575

8,794,037

Withholdings

122,118,514

187,320,091

103,482,594

Advance Receipts

13,000,000

-

　

Fixed Liabilities

1,169,616,000

2,018,692,570

2,119,816,000

Leasehold Deposit Received

1,169,616,000

1,611,616,000

2,119,816,000

Provision for Severance & Retirement

-

407,076,570

-

 

Income Statement

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

13,361,397,154

15,325,464,060

11,318,625,212

Cost of Sold Goods

9,865,528,158

10,886,986,689

7,859,385,532

Gross Profit

3,495,868,996

4,438,477,371

3,459,239,680

Selling & Admin. Expenses

3,916,886,301

4,098,529,298

3,032,741,282

Operating Income

-421,017,305

339,948,073

426,498,398

Non-Operating Income

1,424,585,839

124,834,406

124,309,242

Non-Operating Expenses

255,135,457

377,113,587

252,769,730

Income Before Taxes

748,433,077

87,668,892

298,037,910

Income Taxes Expenses

-

-

-

Net Income

748,433,077

87,668,892

298,037,910

 

Cash Flows

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Cash Flows from Operating

-592,194,939

1,194,476,927

330,639,868

-Net Income

748,433,077

87,668,892

298,037,910

-Exp. without Cash Outflow

859,741,119

816,863,220

370,524,458

-Revenue without Cash Inflows

-1,197,610,537

-32,170,844

-9,357,425

-Changes in Asset/ & Liability

-1,002,758,598

322,115,659

-328,565,075

Cash Flows from Investing

1,213,549,776

-280,651,658

-1,386,460,173

-Cash Inflow from Investing

1,751,278,000

56,082,282

1,320,453,544

-Cash Outflows for Investing

-537,728,224

-336,733,940

-2,706,913,717

Cash Flows from Financing

-1,273,499,596

-272,681,431

695,281,431

-Cash Inflows from Financing

6,363,000,404

7,432,218,569

4,989,481,431

-Cash Outflows from Financing

-7,636,500,000

-7,704,900,000

-4,294,200,000

Increase/Decrease in Cash

-652,144,759

641,143,838

-360,538,874

Cash at the Beginning of Year

823,578,462

182,434,624

542,973,498

Cash at the End of Year

171,433,703

823,578,462

182,434,624

 

 

Products, Technologies, Services Description

 

Main Products & Services

Worldwide Seafreight Export and Import

Worldwide Airfreight Export and Import

Warehousing and Project shipment

Customs Clearance and Distribution

Brokerage Services

 

 

Trade Partners & Competitors

 

Suppliers

BAIKRYEON ENTERPRISE CO., LTD.(KOREA)

Customers

WOOJIN ENTERPRISE CO., LTD.(KOREA)

Competitors

YOUNG CHEON LOGISTICS CO., LTD.

4TH FL., YEONGCHEON BLDG., 33-2, GONGHANG-DONG, GANGSEO-GU, SEOUL, KOREA

TEL:+82-2-3663-9009 FAX:+82-2-3665-3004

 

AGILITY LTD.

2ND FL., YEOLRIN BLDG., 1666-3, SEOCHO 1-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-539-9411  FAX:+82-2-539-2071

 

AIRSTAR INTERNATIONAL CO., LTD.

2ND FL., SEOYEONG BLDG., 367-9, SEOGYO-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-333-3933  FAX:+82-2-323-5700

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

WOOJIN ENTERPRISE CO., LTD.(KOREA)

(65.00% held by the subject company)

 

BAIKRYEON ENTERPRISE CO., LTD.(KOREA)

Cooperative Enterprise

-Insured Company

MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328)

HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456)

DONGBU INSURANCE CO., LTD.( 110111-0095285)

 

 

Sales by Region (Activity & Markets)

 

Not Available.

 

 

Court Action

 

No.

 

 

News Clipping

 

--------

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.95

UK Pound

1

Rs.97.16

Euro

1

Rs.76.75

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

 

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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.