|
|
|
MIRA INFORM REPORT
|
Report No. : |
483659 |
|
Report Date : |
01.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
DONG IL CORPORATION |
|
|
|
|
Registered Office : |
516, Teheran-ro, Gangnam-gu, Seoul, Korea, 8th Fl., Jeong-heon Bldg. 06180 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
01.09.1955 |
|
|
|
|
Com. Reg. No.: |
120-81-14879 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
·
Export/Import Cotton of
Spinning Cotton Yarn, Gassed Mercerized Yarn, Knitted Fabrics ·
Manufacture of Knitted Fabric
Mills |
|
|
|
|
No. of Employees : |
439 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
|
Source
: CIA |
Basic
Information
|
Company Name |
DONG IL CORPORATION |
|
Registered Address |
516, Teheran-ro, Gangnam-gu, Seoul, Korea |
|
Building |
8th Fl., Jeong-heon Bldg. |
|
Zip Code |
06180 |
|
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 |
Detailed
Products
|
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) |
CEO’s
|
Name |
Suh Min-Sok |
|
Date of Birth |
06/15/1943 |
|
Title |
Chairman & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
11,678,930,000 |
|||||||||||||||||||||
|
Employees |
439 |
|||||||||||||||||||||
|
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 KEB Hana Bank Kookmin 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 03/14/2003 Increased capital to 6,000,000
shares from 3,000,000 shares 03/18/2016 Increased capital to
11,471,555,000 KRW from 11,269,260,000 KRW 03/31/2016 Acquired DONG-IL INDUSTRIAL CO.,
LTD.(130111-0006973) and DONG-IL Y&K INC.(110111-0090384) 03/17/2017 Increased capital to
11,678,930,000 KRW from 11,471,555,000 KRW |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Suh Min-Sok |
Korean |
06/15/1943 |
02/28/1994 |
|
President & CEO |
Kim In-Hwan |
Korean |
09/21/1954 |
03/19/2010 |
|
Sr. Executive Director |
Seo Tae-Won |
Korean |
09/06/1974 |
03/18/2011 |
|
Director |
Jung Kyu-Young |
Korean |
04/24/1963 |
03/18/2016 |
|
Director |
You Yong-Ho |
Korean |
02/10/1969 |
03/30/2017 |
|
Outside Director |
Kang In-Sang |
Korean |
01/17/1968 |
03/18/2016 |
|
Outside Director |
Shin Hong-Soon |
Korean |
02/23/1941 |
03/18/2011 |
|
Outside Director |
Lee Sang-Ryeol |
Korean |
12/18/1946 |
03/18/2011 |
|
Auditor |
Kim Ki-Po |
Korean |
08/16/1953 |
03/16/2007 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
141,619,667,428 |
727,200,782,065 |
4,977,339,466 |
|
|
2016 |
283,992,654,510 |
726,449,573,797 |
662,236,566 |
|
2015 |
243,880,194,911 |
651,104,528,837 |
-10,055,465,208 |
|
2014 |
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 |
Financial
Description
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
11,678,930,000 |
|
Total Issues Shares |
2,335,786 |
|
Balance
Sheet |
|||
|
Unit
: Korean Won |
01/01/2017~06/30/2017 |
As
of 12/31/2016 |
As
of 12/31/2015 |
|
Total
Assets |
727,200,782,065 |
726,449,573,797 |
651,104,528,837 |
|
Current
Assets |
135,037,468,955 |
130,384,345,938 |
116,305,880,250 |
|
Cash
& Cash Equivalents |
2,646,262,719 |
5,735,615,706 |
8,047,755,557 |
|
Current
Financial Instruments |
290,636,970 |
2,270,798,984 |
258,277,208 |
|
Trade
Receivables & Other Receivables |
83,642,918,933 |
74,600,096,677 |
67,680,206,095 |
|
Deferred
Income Tax Assets |
51,209,810 |
959,555,347 |
217,489,870 |
|
Inventories |
45,741,626,775 |
44,404,075,384 |
38,345,797,470 |
|
Other
Current Assets |
2,664,813,748 |
2,414,203,840 |
1,756,354,050 |
|
Non-Current
Assets |
592,163,313,110 |
596,065,227,859 |
534,798,648,587 |
|
Other
Financial Assets |
20,948,871,390 |
20,253,160,271 |
37,042,727,005 |
|
Investment_Related
Companies |
134,314,185,640 |
135,606,985,098 |
147,893,140,031 |
|
Tangibles |
385,986,019,343 |
387,602,090,945 |
344,020,669,315 |
|
Investment_Related
Companies |
30,472,717,694 |
30,505,708,086 |
2,282,315,103 |
|
Intangibles |
3,278,606,960 |
3,282,493,250 |
3,029,700,040 |
|
Long-Term
Trade Receivables & Other Receivables |
338,338,875 |
365,126,488 |
530,097,093 |
|
Assets
to be Sold |
16,824,573,208 |
18,449,663,721 |
0 |
|
Total
Liabilities |
255,617,520,685 |
259,411,679,511 |
212,884,104,241 |
|
Current
Liabilities |
160,328,913,557 |
162,050,133,275 |
122,981,835,501 |
|
Trade
Payables & Other Payables |
9,985,346,699 |
8,527,298,188 |
9,176,162,046 |
|
Other
Current Financial Debts |
148,986,965,892 |
152,015,386,964 |
113,540,101,735 |
|
Other
Current Liabilities |
1,356,600,966 |
1,507,448,123 |
265,571,720 |
|
Non-Current
Liabilities |
95,288,607,128 |
97,361,546,236 |
89,902,268,740 |
|
Other
Non-Current Financial Debts |
16,296,333,336 |
18,505,000,002 |
21,720,000,000 |
|
Provision
for Severance & Retirement |
190,259,127 |
48,857,468 |
419,087,858 |
|
Deferred
Income Tax Credit |
70,662,225,988 |
70,268,665,089 |
57,994,587,246 |
|
Other
Payables |
8,139,788,677 |
8,539,023,677 |
9,768,593,636 |
|
Capital
Stock |
11,678,930,000 |
11,471,555,000 |
11,269,260,000 |
|
Capital
Surplus |
31,717,303,300 |
31,754,563,880 |
0 |
|
Capital
Adjustment |
-27,501,025,135 |
-27,550,884,135 |
-27,614,806,135 |
|
Others |
-807,658,093 |
-1,187,292,766 |
1,615,850,625 |
|
Profit
Surplus |
456,495,711,308 |
452,549,952,307 |
452,950,120,106 |
|
Total
Equity |
471,583,261,380 |
467,037,894,286 |
438,220,424,596 |
|
Liab.
& Shareholder’s Equity |
727,200,782,065 |
726,449,573,797 |
651,104,528,837 |
|
Income
Statement |
|||
|
Unit
: Korean Won |
01/01/2017~06/30/2017 |
As
of 12/31/2016 |
As
of 12/31/2015 |
|
Sales |
141,619,667,428 |
283,992,654,510 |
243,880,194,911 |
|
Cost
of Sold Goods |
135,653,688,184 |
272,280,897,740 |
240,264,286,669 |
|
Gross
Profit |
5,965,979,244 |
11,711,756,770 |
3,615,908,242 |
|
Selling
& Admin. Expenses |
4,478,219,849 |
8,354,797,661 |
6,710,786,154 |
|
Operating
Income |
1,487,759,395 |
3,356,959,109 |
-3,094,877,912 |
|
Finance
Income |
14,733,082,054 |
18,932,820,478 |
12,861,521,426 |
|
Finance
Expenses |
4,224,555,722 |
14,185,851,580 |
9,238,807,960 |
|
Other
Income |
479,978,537 |
882,532,294 |
1,373,763,942 |
|
Other
Expenses |
7,114,198,310 |
8,195,838,439 |
12,286,292,393 |
|
Income
Before Taxes |
5,362,065,954 |
790,621,862 |
-10,384,692,897 |
|
Income
Taxes Expenses |
384,726,488 |
128,385,296 |
-329,227,689 |
|
Net
Income |
4,977,339,466 |
662,236,566 |
-10,055,465,208 |
|
Cash
Flows |
|||
|
Unit
: Korean Won |
01/01/2017~06/30/2017 |
As
of 12/31/2016 |
As
of 12/31/2015 |
|
Operating
Activities Cash Flows |
12,169,471,506 |
9,349,077,624 |
7,042,607,474 |
|
Net
Income |
4,977,339,466 |
662,236,566 |
-10,055,465,208 |
|
Adjustment |
763,329,081 |
3,633,104,537 |
10,457,926,347 |
|
Interests
Received |
647,954,972 |
994,758,268 |
817,881,734 |
|
Interests
Paid |
-2,339,662,110 |
-4,241,254,187 |
-2,614,858,145 |
|
Dividends
Received |
7,311,906,447 |
9,092,297,290 |
8,542,748,196 |
|
Income
Taxes |
808,603,650 |
-792,064,850 |
-105,625,450 |
|
Cash
Flows from Investing |
-8,557,207,830 |
-3,316,351,431 |
-17,130,534,601 |
|
Cash
Flows from Financing |
-6,697,520,816 |
-8,386,276,966 |
16,281,910,783 |
|
Increase/Decrease
in Cash |
-3,085,257,140 |
-2,353,550,773 |
6,193,983,656 |
|
Cash
at the Beginning of Year |
5,735,615,706 |
8,047,755,557 |
1,840,425,121 |
|
Cash
at the End of Year |
2,646,262,719 |
5,735,615,706 |
8,047,755,557 |
Products,
Technologies, Services Description
|
Main Products & Services |
Greige Yarn Dyed Yarn Woven Fabric Knitted Fabric |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade
Partners & Competitors
|
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 |
Related
Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
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 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 (95.00% held by the subject company) DIB-EGYPT LIMITED LIABILITY (100.00% held by the subject company) QINGDAO DONG-IL CO., LTD.-CHINA DIA ALUMINUM INDIA PVT. LTD. (50.00% held by the subject company) DONG-IL VIETNAM (100.00% held by the subject company) |
|
Joint Venture |
|
|
Subsidiary |
DIR INC.(120111-0002444) (100.00% 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) (90,39% held by the subject company) DONG-IL DEVANLAY INC.(110111-1973604) (50.0% held by the subject company) DONG-IL AIGLE INC.(110111-5635622) D I BIZ CO., LTD.(110111-5783637) (100.00% held by the subject company) PT DONG-IL INDONESIA (75.0% held by the subject company) DIB-EGYPT (100.00% held by the subject company) DONG-IL CNE CO., LTD.(110111-0395205) (100.00% held by the subject company) 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 (100.00% held by the subject company) LOT F, LOC AN-BIHN SON INDUSTRIAL ZONE,
LONG THANH DISTRICT, DONG NAI PROVINCE, VIETNAM PT DONG-IL INDONESIA (95.00% held by the subject company) DIB-EGYPT LIMITED LIABILITY (100.00% held by the subject company) |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO.,
LTD.(110111-0013328) |
Sales
by Region (Activity & Markets)
|
Sales/ Unit :Mil KRW |
06/2017 |
2016 |
2015 |
|
Export |
48,593 |
114,508 |
104,183 |
|
Domestic |
93,026 |
169,485 |
139,697 |
|
Total |
141,620 |
283,993 |
243,880 |
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.
Court
Action
No.
News
Clipping
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.93 |
|
|
1 |
INR 86.07 |
|
Euro |
1 |
INR 76.39 |
|
KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.