MIRA INFORM REPORT

 

 

Report Date :

04.08.2011

 

IDENTIFICATION DETAILS

 

Name :

WHA YOUNG CO., LTD.

 

 

Registered Office :

68-2, Jeonsapo-ri, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea 627-854

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.03.1995

 

 

Com. Reg. No.:

615-81-04980

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacture of Internal Combustion Piston Engines Parts

 

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

WHA YOUNG CO., LTD.

(Korean Company Name : “(주)화영”)

Registered Address

68-2, Jeonsapo-ri, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea

Building

 

Zip Code

627-854

Tel

+82-55-359-1100

Fax

+82-55-355-1954

E-mail

wh@whayoung.co.kr;sales@whayoung.co.kr

Website

www.whayoung.co.kr

Trading Address

68-2, Jeonsapo-ri, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea

Tel

+82-55-359-1100

Fax

+82-55-355-1954

Other Address

894, Maheul-ri, Muan-myeon, Miryang-si, Gyeongsangnam-do, Korea

Tel

+82-55-359-1100

Fax

+82-55-355-1954

Type

Export/Import

Industry

Manufacture of Internal Combustion Piston Engines Parts

  Main Business

Ship Engine Parts

  Sub Business

 

Established (mm/dd/yyyy)

03/25/1995

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Engine valves(26101743)

Sell

Valves(40141600)

Sell

Actuators(31251500)

 

 

CEO’s

 

Name

Lee Hong-Won

Address

Suite 304-1306, 15-1, Sammun-dong, Miryang-si, Gyeongsangnam-do, Korea

Date of Birth

07/03/1956

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

900,000,000

Employees

98

Formation

Co., Ltd by Shares

Bank Details

Woori Bank

Corporate Registered No.

191311-0002990

Business Registered No.

615-81-04980

Permit & Licenses

Int’l Trade No.: 24008141

Shareholder Position

Name

Shares

%

LEE HONG-WON

91,620

50.90

SONG MI-SUN

33,140

18.41

KANG CHANG-WON

22,900

12.72

OTHERS

32,340

17.97

TOTAL

180,000

100.00

Company History

03/25/1995 Incorporated as the present name

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Lee Hong-Won

Male

Korean

10/08/2009

Director

Mr.

Kang Chang-Won

Male

Korean

10/08/2009

Director

Mr.

Sung Bong-Soo

Male

Korean

10/08/2009

Auditor

Mr.

Lee Kyung-Il

Male

Korean

01/28/2005

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2010

44,643,894,079

46,761,215,583

8,708,820,081

2009

37,289,990,877

37,700,131,231

4,819,491,043

2008

41,264,594,124

35,876,378,769

4,905,109,293

2007

39,875,795,572

29,321,987,550

6,833,282,616

2006

35,152,825,065

25,535,371,628

5,524,586,691

 

 

Financial Description

 

Authorized Capital(KRW)

1,600,000,000

Paid-Up Capital(KRW)

900,000,000

Total Issues Shares

180,000

 

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

46,761,215,583

37,700,131,231

35,876,378,769

Current Assets

32,935,250,067

24,579,052,103

21,240,560,487

-Quick Assets

29,121,141,480

21,224,285,256

16,215,708,647

-Inventories

3,814,108,587

3,354,766,847

5,024,851,840

Fixed Assets

13,825,965,516

13,121,079,128

14,635,818,282

-Investment

1,956,872,010

1,540,812,048

2,693,231,472

-Tangibles

11,064,573,610

10,899,053,768

11,346,642,464

-Intangibles

90,402,936

107,196,352

100,895,386

-Others

714,116,960

574,016,960

495,048,960

Total Liabilities

11,944,948,101

11,092,683,830

13,588,422,411

Current Liabilities

10,118,368,101

8,391,997,166

10,581,346,411

Fixed Liabilities

1,826,580,000

2,700,686,664

3,007,076,000

Capital Stock

900,000,000

900,000,000

900,000,000

Capital Surplus

-　

-　

-　

Profit Surplus

33,916,267,482

25,707,447,401

21,387,956,358

Capital Adjustment

-　

-　

-　

Total Equity

34,816,267,482

26,607,447,401

22,287,956,358

Liab. & Shareholder’s Equity

46,761,215,583

37,700,131,231

35,876,378,769

 

Current Liabilities

10,118,368,101

8,391,997,166

10,581,346,411

Trade Payables

4,732,396,331

4,750,157,442

6,203,720,075

Short-Term Borrowings

1,247,892,728

1,127,969,691

1,245,043,372

Account Payables

1,229,399,510

1,034,269,012

526,283,505

Accrued Expenses

10,326,154

15,408,767

17,661,490

Withholdings

53,194,901

109,808,610

101,328,460

Accrued Income Tax

1,971,051,813

858,396,980

1,291,255,509

Current Portion of Long-Term Debts

874,106,664

495,986,664

1,196,054,000

Fixed Liabilities

1,826,580,000

2,700,686,664

3,007,076,000

Long-Term Borrowings

1,825,580,000

2,699,686,664

3,006,076,000

Guarantee Deposit Withhol

1,000,000

1,000,000

1,000,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Sales

44,643,894,079

37,289,990,877

41,264,594,124

Cost of Sold Goods

30,991,025,660

29,107,321,009

32,401,764,237

Gross Profit

13,652,868,419

8,182,669,868

8,862,829,887

Selling & Admin. Expenses

3,073,394,582

3,440,606,552

2,728,224,719

Operating Income

10,579,473,837

4,742,063,316

6,134,605,168

Non-Operating Income

1,196,674,876

2,102,967,635

1,937,068,882

Non-Operating Expenses

701,692,922

1,005,539,908

1,666,005,641

Income Before Taxes

11,074,455,791

5,839,491,043

6,405,668,409

Income Taxes Expenses

2,365,635,710

1,020,000,000

1,500,559,116

Net Income

8,708,820,081

4,819,491,043

4,905,109,293

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

9,012,765,751

6,055,556,473

4,419,614,424

-Net Income

8,708,820,081

4,819,491,043

4,905,109,293

-Exp. without Cash Outflow

1,021,879,689

974,513,455

1,640,090,270

-Revenue without Cash Inflows

-255,126,721

-302,914,674

-4,597,904

-Changes in Asset/ & Liability

-462,807,298

564,466,649

-2,120,987,235

Cash Flows from Investing

-11,649,656,307

-586,357,843

-3,885,021,180

-Cash Inflow from Investing

13,458,497,680

9,845,700,054

1,963,237,402

-Cash Outflows for Investing

-25,108,153,987

-10,432,057,897

-5,848,258,582

Cash Flows from Financing

-932,836,369

-1,623,530,353

142,494,000

-Cash Inflows from Financing

2,382,239,972

1,323,384,995

2,229,268,942

-Cash Outflows from Financing

-3,315,076,341

-2,946,915,348

-2,086,774,942

Increase/Decrease in Cash

-3,569,726,925

3,845,668,277

677,087,244

Cash at the Beginning of Year

6,652,119,528

2,806,451,251

2,129,364,007

Cash at the End of Year

3,082,392,603

6,652,119,528

2,806,451,251

 

 

Products, Technologies, Services Description

 

Main Products & Services

RT-Flex Supply Unit

Fuel Pump Ass’y

Pressure Control Valve

Intermediate Fuel Accumueator

Collector Block Ass’y

Fuel & Hyd Actuator Pump

Regulating Shaft Ass’y

Starting Valve Complete

 

Brand Name : Wartsila, Man Diesel

 

 

Trade Partners & Competitors

 

Customers

HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386)

DOOSAN ENGINE CO., LTD.(194211-0038423)

SAMSUNG HEAVY INDUSTRIES CO., LTD.(110111-0168595)

Competitors

HAN ENERGY SYSTEM CO., LTD.

RM. 716, BIZ CENTER, SKN TECHNO PARK, 190-1, SANGDAEWON 1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA

TEL:+82-31-776-0333  FAX:+82-31-776-0330

 

JAEYOUNG SOLUTEC CO., LTD.

7-6, SONGDO-DONG, YEONSU-GU, INCHEON, KOREA

TEL:+82-32-815-4401  FAX:+82-32-815-0104

 

DENSO PS CORPORATION

47, SEONGSAN-DONG, SEONGSAN-GU, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-600-9509  FAX:+82-55-600-9787

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Cooperative Enterprise

-Insured Company

HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893)

 

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit : KRW

2010

2009

2008

Export

19,467,369,056

18,952,528,295

21,848,798,963

Domestic

25,176,525,023

18,337,462,582

19,415,795,161

Total

44,643,894,079

37,289,990,877

41,264,594,124

 

Not Available.

 

 

Court Action

 

No.

 

 

News Clipping

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.20

Euro

1

Rs.62.87

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.