|
|
|
MIRA INFORM REPORT
|
Report No. : |
510271 |
|
Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
DONG IL
CORPORATION |
|
|
|
|
Formerly Known As : |
DONG YANG CORPORATION |
|
|
|
|
Registered Office : |
516, Teheran-ro, Gangnam-gu, Seoul, Korea, 8th Fl., Jeong-heon Bldg, 06180 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2018 |
|
|
|
|
Date of Incorporation : |
01.09.1955 |
|
|
|
|
Com. Reg. No.: |
120-81-14879 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
·
Export/Import of Cotton Yarn, Gassed Mercerized
Yarn, Knitted Fabrics ·
Manufacture of Knitted Fabric Mills |
|
|
|
|
No. of Employees : |
389 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
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) |
11,891,545,000 |
||||||||||||||||||||||||
|
Employees |
389 |
||||||||||||||||||||||||
|
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 03/16/2018 Increased capital to
11,891,545,000 KRW from 11,678,930,000 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 |
|
Vice President & CEO |
Kim In-Hwan |
Korean |
09/21/1954 |
03/19/2010 |
|
Executive Director |
Yoo Yong-Ho |
Korean |
02/10/1969 |
03/30/2017 |
|
Executive Director |
Kim Jong-Gyu |
Korean |
06/07/1964 |
03/18/2018 |
|
Vice President |
Seo Tae-Won |
Korean |
09/06/1974 |
03/18/2011 |
|
Executive Director |
Jung Kyu-Young |
Korean |
04/24/1963 |
03/18/2016 |
|
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 |
|
75,896,888,995 |
731,111,657,085 |
7,534,260,579 |
|
|
2017 |
280,898,529,169 |
715,282,459,746 |
-5,606,020,715 |
|
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) |
11,891,545,000 |
|
Total Issues Shares |
2,378,309 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Total
Assets |
731,111,657,085 |
715,282,459,746 |
726,449,573,797 |
|
Current
Assets |
157,622,877,349 |
140,764,363,558 |
130,384,345,938 |
|
Cash
& Cash Equivalents |
2,982,188,094 |
8,303,751,349 |
5,735,615,706 |
|
Current
Financial Instruments |
1,670,438,748 |
667,777,056 |
2,270,798,984 |
|
Trade
Receivables & Other Receivables |
94,288,768,448 |
83,923,029,933 |
74,600,096,677 |
|
Deferred
Income Tax Assets |
0 |
365,415,620 |
959,555,347 |
|
Inventories |
56,373,447,627 |
45,605,592,092 |
44,404,075,384 |
|
Other
Current Assets |
2,308,034,432 |
1,898,797,508 |
2,414,203,840 |
|
Non-Current
Assets |
573,488,779,736 |
574,518,096,188 |
596,065,227,859 |
|
Other
Financial Assets |
18,241,372,645 |
18,238,176,249 |
20,253,160,271 |
|
Investment_Related
Companies |
138,314,185,640 |
138,314,185,640 |
135,606,985,098 |
|
Tangibles |
383,099,787,442 |
384,051,475,836 |
387,602,090,945 |
|
Investment_Related
Companies |
30,423,232,105 |
30,439,727,302 |
30,505,708,086 |
|
Intangibles |
2,964,894,352 |
2,966,972,266 |
3,282,493,250 |
|
Long-Term
Trade Receivables & Other Receivables |
237,278,552 |
299,529,895 |
365,126,488 |
|
Assets
to be Sold |
208,029,000 |
208,029,000 |
18,449,663,721 |
|
Total
Liabilities |
265,751,738,048 |
256,454,686,926 |
259,411,679,511 |
|
Current
Liabilities |
170,606,120,403 |
160,788,861,470 |
162,050,133,275 |
|
Trade
Payables & Other Payables |
13,197,003,309 |
10,098,413,238 |
8,527,298,188 |
|
Other
Current Financial Debts |
156,859,432,370 |
150,006,056,832 |
152,015,386,964 |
|
Accrued
Income Taxes |
225,628,417 |
0 |
|
|
Other
Current Liabilities |
324,056,307 |
684,391,400 |
1,507,448,123 |
|
Non-Current
Liabilities |
95,145,617,645 |
95,665,825,456 |
97,361,546,236 |
|
Other
Non-Current Financial Debts |
12,886,583,337 |
14,023,166,670 |
18,505,000,002 |
|
Provision
for Severance & Retirement |
857,433,033 |
753,724,777 |
48,857,468 |
|
Deferred
Income Tax Credit |
69,445,480,952 |
68,932,813,686 |
70,268,665,089 |
|
Other
Payables |
11,956,120,323 |
11,956,120,323 |
8,539,023,677 |
|
Capital
Stock |
11,678,930,000 |
11,678,930,000 |
11,471,555,000 |
|
Capital
Surplus |
31,717,303,300 |
31,717,303,300 |
31,754,563,880 |
|
Others |
-29,852,633,927 |
-29,902,649,083 |
-28,738,176,901 |
|
Profit
Surplus |
451,816,319,664 |
445,334,188,603 |
452,549,952,307 |
|
Total
Equity |
465,359,919,037 |
458,827,772,820 |
467,037,894,286 |
|
Liab.
& Shareholder’s Equity |
731,111,657,085 |
715,282,459,746 |
726,449,573,797 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Sales |
75,896,888,995 |
280,898,529,169 |
283,992,654,510 |
|
Cost of Sold Goods |
71,879,881,511 |
270,659,305,642 |
272,280,897,740 |
|
Gross Profit |
4,017,007,484 |
10,239,223,527 |
11,711,756,770 |
|
Selling & Admin. Expenses |
2,325,085,223 |
9,217,192,320 |
8,354,797,661 |
|
Operating Income |
1,691,922,261 |
1,022,031,207 |
3,356,959,109 |
|
Finance Income |
8,640,910,748 |
16,954,019,775 |
18,932,820,478 |
|
Finance Expenses |
1,575,262,077 |
8,862,189,932 |
14,185,851,580 |
|
Other Income |
47,233,792 |
528,036,633 |
882,532,294 |
|
Other Expenses |
439,302,304 |
16,129,693,879 |
8,195,838,439 |
|
Income Before Taxes |
8,365,502,420 |
-6,487,796,196 |
790,621,862 |
|
Income Taxes Expenses |
831,241,841 |
-881,775,481 |
128,385,296 |
|
Net Income |
7,534,260,579 |
-5,606,020,715 |
662,236,566 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2018~03/31/2018 |
As of 12/31/2017 |
As of 12/31/2016 |
|
Operating
Activities Cash Flows |
-10,428,558,777 |
17,833,176,011 |
9,349,077,624 |
|
Net Income |
7,534,260,579 |
-5,606,020,715 |
662,236,566 |
|
Adjustment |
-17,042,067,426 |
12,762,871,152 |
3,633,104,537 |
|
Interests Received |
319,969,876 |
1,340,965,763 |
994,758,268 |
|
Interests Paid |
-1,205,219,141 |
-4,513,744,164 |
-4,241,254,187 |
|
Dividends Received |
52,341,225 |
13,204,964,875 |
9,092,297,290 |
|
Income Taxes |
-87,843,890 |
644,139,100 |
-792,064,850 |
|
Cash Flows from Investing |
-502,498,290 |
-8,321,419,250 |
-3,316,351,431 |
|
Cash Flows from Financing |
5,608,685,062 |
-6,829,412,575 |
-8,386,276,966 |
|
Increase/Decrease in Cash |
-5,321,563,255 |
2,568,135,643 |
-2,312,139,851 |
|
Cash at the Beginning of Year |
8,303,751,349 |
5,735,615,706 |
8,047,755,557 |
|
Cash at the End of Year |
2,982,188,094 |
8,303,751,349 |
5,735,615,706 |
Products, Technologies, Services
Description
|
Main Products & Services |
Greige Yarn Dyed Yarn Woven Fabric Knitted Fabric |
Trade
Partners & Competitors
|
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 YANG TEXTILE MFG. CO., LTD.(134111-0000319) (22.77% 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 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 |
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) (50.00% held by
the subject company) DI BIZ CO., LTD.(110111-5783637) (100.00% held by the subject company) PT DONG-IL INDONESIA (95.0% 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 |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Sales
by Region (Activity & Markets)
|
Sales/ Unit
:Mil KRW |
03/2018 |
2017 |
2016 |
|
Export |
24,740 |
99,282 |
114,508 |
|
Domestic |
51,157 |
181,617 |
169,485 |
|
Total |
75,897 |
280,899 |
283,993 |
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 Records.
News
Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.72 |
|
|
1 |
INR 91.65 |
|
Euro |
1 |
INR 79.89 |
|
KRW |
1 |
INR 0.063 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
SYL |
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.