|
Report No. : |
322452 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
DONG IL CORPORATION |
|
|
|
|
Registered Office : |
516, Teheran-Ro, Gangnam-Gu, Seoul, 8th Fl., Jeong-heon Bldg., Korea 135-846 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.09.1955 |
|
|
|
|
Com. Reg. No.: |
120-81-14879 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Knitted Fabric Mills. |
|
|
|
|
No. of Employees : |
423 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
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, and is currently the world's 12th largest economy. 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 sluggish
growth because of external market slowdowns. 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.
|
Source
: CIA |
|
Company Name |
DONG IL
CORPORATION |
|
Registered Address |
516, Teheran-ro, Gangnam-gu, Seoul, Korea |
|
Building |
8th Fl., Jeong-heon Bldg. |
|
Zip Code |
135-846 |
|
Tel |
+82-2-2222-3071 |
|
Fax |
+82-2-2222-3280 |
|
E-mail |
export@dong-il.com |
|
Website |
www.dong-il.com |
|
Trading Address |
8th Fl., Jeong-heon Bldg., 516,
Teheran-ro, Gangnam-gu, Seoul, Korea (Old Address System : 8th Fl., Jeong-heon Bldg.,
944-1, Daechi 3-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-2222-3071 |
|
Fax |
+82-2-2222-3280 |
|
Other Address-Cheonju Factory |
140-26, Songjeong-dong, Heungdeok-gu,
Cheongju-si, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-263-0701 |
|
Fax |
+82-43-263-0704 |
|
Other Address-Incheon Factory |
37, Manseok-dong, Dong-gu, Incheon, Korea |
|
Tel |
+82-32-764-1531 |
|
Fax |
+82-32-764-2228 |
|
Other Address-Janghang Factory |
450-8, Wonsu-ri, Janghang-eup,
Seocheon-gun, Chungcheongnam-do, Korea |
|
Tel |
+82-41-956-6061 |
|
Fax |
+82-41-956-5181 |
|
Type |
Export/Import |
|
Industry |
Cotton of Spinning |
|
Main Business |
Cotton Yarn, Gassed Mercerized Yarn, Knitted Fabrics |
|
Sub
Business |
Manufacture of Knitted Fabric Mills |
|
Established (mm/dd/yyyy) |
09/01/1955 |
The Subject owns
the premises of registered HQ address, Cheonju Factory, Incheon Factory and
Janghang Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cotton fabrics(11161700) |
|
Sell |
Yarns(11151700) |
|
Sell |
Specialty fabrics or cloth(11162100) |
|
Sell |
Silk yarn(11151705) |
|
Sell |
Cotton thread(11151601) |
|
Sell |
Rubber fabrics(11162117) |
|
Sell |
Synthetic fabrics(11161800) |
|
Name |
Suh Min-Sok |
|
Date of Birth |
06/15/1943 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
11,068,735,000 |
|||||||||||||||||||||||||||
|
Employees |
423 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 001530) as of 01/04/1964 A Company of DONG IL GROUP |
|||||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Teheranro Branch Citibank, Korea Korea Exchange Bank |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0019219 |
|||||||||||||||||||||||||||
|
Business Registered No. |
120-81-14879 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
07/1964 KS Mark 12/1971 KS Mark Int’l Trade No.: 671714 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
09/01/1955 Incorporated as DONG YANG
CORPORATION 01/1966 Changed company name to the present
name 08/1986 Moved to the present HQ address |
|||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Suh Min-Sok |
Korean |
1943.06.15. |
Seoul National University, Korea |
|
Sr. Executive Director & CEO |
Mr. |
Kim In-Hwan |
Korean |
1954.09.21. |
Inha University, Korea |
|
Executive Director |
Mr. |
Moon Ik |
Korean |
1951.10.24. |
Seogyung University, Korea |
|
Executive Director |
Mr. |
Seo Tae-Won |
Korean |
1974.09.06 |
Boston College, USA |
|
Outside Director |
Mr. |
Jung Yeon-Jo |
Korean |
1936.05.11. |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Shin Hong-Soon |
Korean |
1941.02.23. |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Lee Sang-Ryeol |
Korean |
1946.12.18 |
Columbia University, USA |
|
Auditor |
Mr. |
Kim Ki-Po |
Korean |
1953.08.16. |
Dongkuk University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
243,419,473,231 |
639,369,630,133 |
-19,884,706,422 |
|
|
(*)2013 |
255,904,574,555 |
662,848,793,562 |
2,193,130,454 |
|
(*)2012 |
261,397,754,675 |
672,500,906,851 |
-9,301,642,247 |
|
(*)2011 |
295,953,323,648 |
709,438,280,893 |
1,236,179,890 |
|
(*)2010 |
244,394,629,358 |
713,573,629,271 |
16,125,770,587 |
|
2009 |
171,817,444,152 |
380,929,243,871 |
5,208,862,754 |
|
2008 |
162,516,632,066 |
384,616,430,647 |
2,413,495,053 |
|
2007 |
133,981,732,455 |
375,985,401,534 |
2,239,537,345 |
|
2006 |
127,214,782,497 |
408,382,284,310 |
59,609,035,221 |
|
2005 |
141,201,770,436 |
331,077,514,318 |
5,872,926,198 |
|
2004 |
143,139,202,718 |
320,490,082,257 |
4,496,725,823 |
|
2003 |
161,409,690,559 |
349,264,971,376 |
11,349,956,057 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
11,068,735,000 |
|
Total Issues Shares |
2,213,747 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
639,369,630,133 |
662,848,793,562 |
672,500,906,851 |
|
Current
Assets |
107,763,267,977 |
111,681,869,288 |
128,416,333,142 |
|
Cash
& Cash Equivalents |
1,840,425,121 |
1,545,332,405 |
12,535,294,155 |
|
Current
Financial Instruments |
3,279,946,045 |
5,092,486,739 |
13,951,138,801 |
|
Trade
Receivables |
45,809,856,256 |
41,847,148,415 |
42,370,155,300 |
|
Other
Receivables |
17,665,336,388 |
4,512,124,297 |
4,665,663,528 |
|
Inventories |
38,819,586,963 |
58,393,225,993 |
54,580,660,945 |
|
Other
Current Assets |
348,117,204 |
291,551,439 |
313,420,413 |
|
Non-Current
Assets |
531,606,362,156 |
551,166,924,274 |
544,084,573,709 |
|
Other
Financial Assets |
39,401,740,839 |
44,998,393,388 |
29,718,124,252 |
|
Investment_Related
Companies |
137,805,192,335 |
147,469,284,781 |
147,469,284,781 |
|
Tangibles |
349,499,423,658 |
353,023,231,047 |
359,245,023,359 |
|
Investment_Related
Companies |
2,303,783,331 |
2,325,251,559 |
2,352,393,639 |
|
Intangibles |
1,496,350,040 |
1,496,350,040 |
1,822,850,040 |
|
Long-Term
Trade Receivables |
305,030,351 |
489,346,376 |
1,231,160,884 |
|
Other
Receivables |
794,841,602 |
1,237,067,083 |
2,117,736,754 |
|
Other
Non-Current Assets |
0 |
128,000,000 |
128,000,000 |
|
Total
Liabilities |
190,250,927,577 |
187,446,586,622 |
200,311,536,170 |
|
Current
Liabilities |
103,963,546,172 |
113,355,725,759 |
113,173,387,718 |
|
Trade
Payables |
7,688,593,400 |
8,939,858,920 |
15,275,920,776 |
|
Other
Current Financial Debts |
92,480,004,985 |
99,455,255,297 |
91,373,735,010 |
|
Other
Payables |
3,739,446,550 |
4,847,032,482 |
6,446,907,662 |
|
Other
Current Liabilities |
55,501,237 |
113,579,060 |
76,824,270 |
|
Non-Current
Liabilities |
86,287,381,405 |
74,090,860,863 |
87,138,148,452 |
|
Other
Non-Current Financial Debts |
22,183,610,672 |
5,323,268,739 |
20,195,693,613 |
|
Provision
for Severance & Retirement |
701,188,936 |
587,506,301 |
0 |
|
Deferred
Income Tax Credit |
57,805,239,530 |
63,772,524,258 |
62,631,078,039 |
|
Other
Payables |
5,597,342,267 |
4,407,561,565 |
4,311,376,800 |
|
Capital
Stock |
11,068,735,000 |
11,068,735,000 |
11,068,735,000 |
|
Others |
-26,342,266,202 |
-22,095,712,638 |
-24,767,124,951 |
|
Profit
Surplus |
464,392,233,758 |
486,429,184,578 |
485,887,760,632 |
|
Total
Equity |
449,118,702,556 |
475,402,206,940 |
472,189,370,681 |
|
Liab.
& Shareholder’s Equity |
639,369,630,133 |
662,848,793,562 |
672,500,906,851 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
243,419,473,231 |
255,904,574,555 |
261,397,754,675 |
|
Cost of Sold Goods |
245,232,602,000 |
250,233,597,961 |
277,348,943,023 |
|
Gross Profit |
-1,813,128,769 |
5,670,976,594 |
-15,951,188,348 |
|
Selling & Admin. Expenses |
7,566,450,981 |
7,801,979,761 |
9,185,638,238 |
|
Operating Income |
-9,379,579,750 |
-2,131,003,167 |
-25,136,826,586 |
|
Finance Income |
13,494,642,478 |
12,825,457,811 |
23,829,282,811 |
|
Finance Expenses |
9,944,969,059 |
8,499,022,101 |
8,304,734,057 |
|
Other Income |
793,846,056 |
1,168,329,151 |
1,168,956,591 |
|
Other Expenses |
20,107,166,313 |
1,107,638,501 |
4,373,248,913 |
|
Income Before Taxes |
-25,143,226,588 |
2,256,123,193 |
-12,816,570,154 |
|
Income Taxes Expenses |
-5,258,520,166 |
62,992,739 |
-3,514,927,907 |
|
Net Income |
-19,884,706,422 |
2,193,130,454 |
-9,301,642,247 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating
Activities Cash Flows |
15,352,783,189 |
959,165,992 |
13,019,910,707 |
|
Net Income |
-19,884,706,422 |
2,193,130,454 |
-9,301,642,247 |
|
Adjustment |
29,790,382,968 |
-6,886,577,243 |
9,536,717,339 |
|
Interests Received |
507,980,298 |
411,503,034 |
828,038,890 |
|
Interests Paid |
-2,628,107,608 |
-2,851,576,747 |
-3,997,348,332 |
|
Dividends Received |
7,580,714,383 |
8,008,058,974 |
12,276,229,118 |
|
Income Taxes |
-13,480,430 |
84,627,520 |
3,677,915,939 |
|
Cash Flows from Investing |
-20,758,799,140 |
-2,813,554,717 |
16,162,050,221 |
|
Cash Flows from Financing |
5,701,493,352 |
-9,135,542,349 |
-19,641,147,940 |
|
Increase/Decrease in Cash |
295,477,401 |
-10,989,931,074 |
9,540,812,988 |
|
Cash at the Beginning of Year |
1,545,332,405 |
12,535,294,155 |
2,995,914,119 |
|
Cash at the End of Year |
1,840,425,121 |
1,545,332,405 |
12,535,294,155 |
|
Main Products & Services |
Greige Yarn Dyed Yarn Woven Fabric Knitted Fabric |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
ILSHIN SPINNING CO., LTD.(110111-0041717) ILSHIN BLDG., 15-15, YEOUIDO-DONG,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3774-0114 FAX:+82-2-786-5891~3 CHONBANG CO.,LTD.(110111-0005664) 12TH FI., CHUNGJEONG TOWER BLDG., 464,
CHUNGJEONGNO 3-GA, SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-2122-6000 FAX:+82-2-392-3923 KYUNGBANG CO., LTD.(110111-0013287) 441-10, YEONGDEUNGPODONG 4-GA,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2639-6114 FAX:+82-2-2639-6079 |
|
Affiliates-Domestic |
DONG-IL INDUSTRIAL CO.,
LTD.(130111-0006973) (99.64% held by the subject company) DONG IL RENOWN INC.(120111-0002444) (85.71% held by the subject company) DONG-IL ALUMNIUM CO., LTD.(161511-0005350) (90.23% held by the subject company) DONG-IL Y&K INC.(110111-0090384) (72.68% held by the subject company) DONG-IL DEVANLAY INC.(110111-1973604) (50.0% held by the subject company) DI BIZ CO., LTD.(110111-0584858) (2.0% held by the subject company) |
|
Affiliates-Overseas |
PT DONG-IL INDONESIA (75.0% held by the subject company) DIB-EGYPT (96.0% held by the subject company) QINGDAO DONG-IL CO., LTD.-CHINA DIA ALUMINUM INDIA PVT. LTD |
|
|
|
|
Subsidiary |
DONG-IL INDUSTRIAL CO.,
LTD.(130111-0006973) (99.64% held by the subject company) DONG IL RENOWN INC.(120111-0002444) (85.71% held by the subject company) DONG-IL ALUMNIUM CO., LTD.(161511-0005350) (90.23% held by the subject company) DONG-IL Y&K INC.(110111-0090384) (72.68% held by the subject company) DONG-IL DEVANLAY INC.(110111-1973604) (50.0% held by the subject company) PT DONG-IL INDONESIA (75.0% held by the subject company) DIB-EGYPT (96.0% held by the subject company) DONG-IL CNE CO., LTD.(110111-0395205) DONG-IL ALUMNIUM INDIA (50.0% held by the subject company) PLOT NO.A-6/2, MIDC RANJANGAON, TAL. SHIRUR, DIST. PUNE 412-220,
MAHARASHTRA, INDIA DONG-IL VIETNAM LOT F, LOC AN-BIHN SON INDUSTRIAL ZONE, LONG THANH DISTRICT, DONG NAI
PROVINCE, VIETNAM |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
|
Sales/ Unit :Mil
KRW |
03/2012 |
2011 |
2010 |
|
Export |
38,312 |
182,345 |
146,855 |
|
Domestic |
27,038 |
113,608 |
97,540 |
|
Total |
65,350 |
295,953 |
244,395 |
The Subject Company
exports the dyed yarn and functional yarn to Asia, Europe and USA. And it
imports from USA, Egypt, Australia, China, Pakistan and Uzbekistan.
No.
----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
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.