|
Report No. : |
329378 |
|
Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
DONGWHA ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
28, Gajeong-ro 97beon-gil, Seo-gu, Incheon |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
01.01.2015 to 31.03.2015 |
|
|
|
|
Date of Incorporation : |
02.04.1948 |
|
|
|
|
Com. Reg. No.: |
137-81-02333 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Densified and Reconstituted Wood. |
|
|
|
|
No. of Employee : |
618 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and business ties, including directed credit and import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 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 the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.
|
Source
: CIA |
Basic
|
Company Name |
DONGWHA
ENTERPRISE CO., LTD. (Ex. Company
Name : DONGWHA HOLDINGS CO., LTD., |
|
Registered Address |
28, Gajeong-ro 97beon-gil, Seo-gu,
Incheon, Korea (Old Address
System : 148-5, Gajwa 1-dong, Seo-gu, Incheon, Korea) |
|
Building |
|
|
Zip Code |
404-810 |
|
Tel |
+82-32-580-5164 |
|
Fax |
+82-32-577-0056 |
|
E-mail |
jrlee@dongwha-mh.com |
|
Website |
www.dongwha.co.kr |
|
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 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Densified and Reconstituted Wood |
|
Main
Business |
Particle Board, Medium Density Fiberboard, Formalin |
|
Sub
Business |
|
|
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 |
618 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 025900) as of 07/31/1995 Foreign Direct Investment Corporation A Company of DONGWHA GROUP |
||||||||||||||||||
|
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 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 MPARK
HOLDINGS CO., LTD.(110111-5243342), newly established. 10/04/2013 Decreased capital to
7,678,378,000 KRW from 10,057,817,000 KRW 07/2014
Acquired WON CHANG TRADING.CO., LTD.(110111-1053126) |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Hong-Jin |
Korean |
1965.07.09 |
- |
|
Chairman |
Mr. |
Seung Myung-Ho |
Korean |
1956.01.17 |
Korea University, Korea |
|
Outside Director |
Mr. |
Cho Jung-Won |
Korean |
1947.12.10 |
Kyunghee University, Korea |
|
Auditor |
Mr. |
Jung Seung-Hwan |
Korean |
1946.07.08 |
Sungkyunkwan University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
102,125,387,913 |
716,879,083,125 |
4,263,060,417 |
|
|
2014 |
395,784,373,699 |
675,463,458,755 |
15,426,462,920 |
|
2013 |
113,873,787,353 |
645,872,672,748 |
2,287,454,154 |
|
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 |
|
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 |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
716,879,083,125 |
675,463,458,755 |
645,872,672,748 |
|
Current Assets |
142,855,246,057 |
130,043,603,651 |
131,765,547,701 |
|
Cash
& Cash Equivalents |
3,029,136,015 |
2,220,498,327 |
859,872,768 |
|
Current
Financial Instruments |
95,934,060 |
|
282,018,398 |
|
Trade
Receivables & Other Receivables |
72,355,229,172 |
66,323,988,516 |
68,278,020,478 |
|
Marketable
Financial Instruments |
|
|
15,330,000 |
|
Inventories |
62,160,713,873 |
57,061,867,873 |
52,627,471,404 |
|
Other Receivables-Construction |
761,566,191 |
431,065,459 |
4,338,848,212 |
|
Deferred
Income Tax Assets |
|
|
299,115,314 |
|
Other
Financial Assets |
2,029,440,000 |
2,157,816,000 |
3,007,872,000 |
|
Other
Current Assets |
2,423,226,746 |
1,848,367,476 |
2,026,999,127 |
|
Assets to be Sold |
|
|
30,000,000 |
|
Non-Current Assets |
574,023,837,068 |
545,419,855,104 |
514,107,125,047 |
|
Non-Current
Financial Instruments |
145,456,827 |
236,390,887 |
16,120,000 |
|
Marketable
Financial Instruments |
1,961,610,445 |
761,196,815 |
934,107,488 |
|
Investment_Related
Companies |
151,831,294,552 |
120,618,191,892 |
130,114,927,347 |
|
Tangibles |
378,620,987,964 |
380,492,960,698 |
346,728,014,159 |
|
Investment_Real
Estates |
4,774,437,078 |
4,777,650,388 |
4,790,503,628 |
|
Operating Rights |
10,743,419,367 |
10,743,419,367 |
6,606,467,565 |
|
Intangibles |
6,045,708,821 |
6,337,926,186 |
7,297,896,454 |
|
Other
Financial Assets |
19,900,922,014 |
17,462,118,871 |
17,619,088,406 |
|
Other
Non-Current Assets |
|
3,990,000,000 |
|
|
Total Liabilities |
409,344,002,882 |
371,913,498,830 |
381,060,603,743 |
|
Current Liabilities |
275,856,144,241 |
254,802,461,382 |
273,306,391,890 |
|
Trade
Payables & Other Payables |
64,628,107,452 |
66,603,743,146 |
65,906,954,155 |
|
Other Payables-Construction |
1,238,731,053 |
2,063,109,622 |
167,998,205 |
|
Short-Term
Borrowings |
203,067,766,632 |
178,751,672,738 |
203,100,614,700 |
|
Accrued
Income Tax |
3,160,411,448 |
2,873,783,781 |
|
|
Other
Current Financial Debts |
319,023,391 |
438,719,361 |
695,408,608 |
|
Other
Current Liabilities |
3,442,104,265 |
4,071,432,734 |
3,435,416,222 |
|
Non-Current Liabilities |
133,487,858,641 |
117,111,037,448 |
107,754,211,853 |
|
Long-Term
Borrowings |
81,426,099,299 |
66,335,415,986 |
67,519,470,990 |
|
Confirmed
Salaries |
12,259,947,742 |
10,875,696,644 |
7,191,452,223 |
|
Provisions |
892,798,123 |
892,798,123 |
808,138,711 |
|
Deferred
Income Tax Credit |
37,292,587,876 |
37,315,805,678 |
31,469,922,011 |
|
Other
Non-Current Financial Debts |
1,616,425,601 |
1,691,321,017 |
765,227,918 |
|
Capital Stock |
7,678,378,000 |
7,678,378,000 |
7,678,378,000 |
|
Capital
Surplus |
35,194,997,605 |
35,194,997,605 |
12,484,687,003 |
|
Profit
Surplus |
264,656,005,282 |
260,671,207,595 |
244,645,797,136 |
|
Others |
5,699,356 |
5,376,725 |
3,206,866 |
|
Total
Equity |
307,535,080,243 |
303,549,959,925 |
264,812,069,005 |
|
Liab.
& Shareholder’s Equity |
716,879,083,125 |
675,463,458,755 |
645,872,672,748 |
INCOME STATEMENT
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
102,125,387,913 |
395,784,373,699 |
113,873,787,353 |
|
Cost
of Sold Goods |
82,642,804,171 |
319,072,048,065 |
87,440,184,048 |
|
Gross
Profit |
19,482,583,742 |
76,712,325,634 |
26,433,603,305 |
|
Selling
Expenses |
7,687,513,586 |
31,550,043,822 |
9,051,114,360 |
|
Admin.
Expenses |
3,825,217,763 |
17,316,289,844 |
9,782,522,722 |
|
Operating
Income |
7,969,852,393 |
27,845,991,968 |
7,599,966,223 |
|
Finance
Income |
337,090,107 |
2,817,319,929 |
2,352,528,868 |
|
Finance
Expenses |
3,336,585,853 |
13,096,789,359 |
6,484,491,575 |
|
Other
Income |
1,284,444,382 |
5,272,627,752 |
3,904,081,982 |
|
Other
Expenses |
392,752,116 |
4,737,984,274 |
3,974,314,512 |
|
Profits
from Investment on Related Companies |
|
|
-275,000,000 |
|
Income
Before Taxes |
5,862,048,913 |
18,101,166,016 |
3,122,770,986 |
|
Income
Taxes Expenses |
1,598,988,496 |
2,674,703,096 |
606,253,972 |
|
Income
from Continuous Business |
4,263,060,417 |
15,426,462,920 |
2,516,517,014 |
|
Income
from Stopped Business |
|
|
-229,062,860 |
|
Net
Income |
4,263,060,417 |
15,426,462,920 |
2,287,454,154 |
CASH FLOWS
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Cash Flows from Operating |
-4,956,036,389 |
41,364,613,369 |
10,563,674,021 |
|
Cash Flows from Operating |
-1,344,924,424 |
53,312,354,935 |
10,558,514,884 |
|
-Net Income |
4,263,060,417 |
15,426,462,920 |
2,287,454,154 |
|
-Exp. without Cash Outflow |
10,563,964,679 |
38,222,133,089 |
16,411,937,290 |
|
-Revenue without Cash Inflows |
-846,121,032 |
-3,473,183,298 |
-8,531,801,313 |
|
-Changes in Asset/ & Liability |
-15,325,828,488 |
3,136,942,224 |
390,924,753 |
|
Interests Received |
35,745,299 |
22,642,729 |
65,301,034 |
|
Interests Paid |
-2,389,671,994 |
-10,655,823,397 |
-5,618,094,887 |
|
Dividends Received |
|
|
5,558,772,000 |
|
Income Taxes |
-1,257,185,270 |
-1,314,560,898 |
-819,010 |
|
Cash Flows from Investing |
-33,400,646,672 |
-8,204,143,778 |
-7,970,127,895 |
|
-Cash Inflow from Investing |
7,915,000,000 |
898,422,736 |
11,613,295,472 |
|
-Cash Outflows for Investing |
-41,315,646,672 |
-9,102,566,514 |
-19,583,423,367 |
|
Cash Flows from Financing |
39,166,908,871 |
-31,799,844,032 |
-2,802,150,995 |
|
-Cash Inflows from Financing |
129,481,711,885 |
286,309,412,815 |
149,755,306,961 |
|
-Cash Outflows from Financing |
-90,314,803,014 |
-318,109,256,847 |
-152,557,457,956 |
|
Increase/Decrease in Cash |
810,225,810 |
1,360,625,559 |
-208,604,869 |
|
Cash at the Beginning of Year |
2,220,498,327 |
859,872,768 |
1,068,477,637 |
|
Cash at the End of Year |
3,029,136,015 |
2,220,498,327 |
859,872,768 |
|
Main Products & Services |
Particle Board, Medium Density Fiberboard, Formalin Brand Name : DONGWHA ECO BOARD |
|
Detailed Products Spec. |
-- |
|
Technologies Acquired |
-- |
|
Suppliers |
-- |
|
Customers |
-- |
|
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 |
DONGWHA MPARK HOLDINGS CO., LTD.(110111-5243342) DONGWHA MPARK CO., LTD.(120111-0411893) DONGWHA MPARK SERVICE CO., LTD (110111-4809103) DONGWHA A&A CO., LTD.(110111-4102185) NEWSIS(110111-1119620) KOREA MEDIA NETWORK CO., LTD.(110111-1870991) THE HANKOOK CHILDREN''S DAILY(110111-1022526) HANNAM LEISURE CO., LTD.(110111-0136774) HANKOOK ILBO CULTURE BUSINESS CO., LTD.(110111-4886698) HANKOOK MEDIA R&C CO., LTD.(110111-4132439) DONGWHA AUTOCARE CO., LTD.(120111-0497405) (100.0% held by the subject company) |
|
Overseas Office |
DONGWHA FIBREBOARD SDN BHD DONGWHA INTERNATIONAL KOR DONGWHA HONG KONG INTERNATIONAL DONGWHA PATINNA NZ LTD. DONGWHA USA INC. DONGWHA AUSTRALIA HOLDING WOODIKO LTD. TASCO FORESTRY RESOURCES PTY LTD. |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
HANKOOK ILBO CO., LTD.(110111-0223810) DAESUNG WOOD IND.CO., LTD.(120111-0018524) KOREA TIMES CO., LTD.(110111-0343452) DONGWHA VINA CO., LTD. DONGWHA TIMBERS PTY LTD. THE AUSTRALIAN SAWMILLING CO. PTY LTD. VRG DONGWHA JOINT STOCK COMPANY |
|
Corporate Ownership |
DONGWHA INTERNATIONAL CO.
LIMITED(HONG KONG) |
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
The Subject imports
from Australia, China, USA and Europe.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.