MIRA INFORM REPORT

 

 

Report Date :

28.01.2011

 

IDENTIFICATION DETAILS

 

Name :

WOOJIN IND. CO., LTD.

 

 

Registered Office :

140-35, Galsan-ri, Wolgot-myeon, Gimpo-si, Gyeonggi-do, Korea 415-871

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

17.05.1990

 

 

Com. Reg. No.:

136-81-05604

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacturer of Other Smelting, Refining and Alloys of Non-ferrous Metals

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

WOOJIN IND. CO., LTD.

(Korean Company Name : “(주)우진산업”)

Registered Address

140-35, Galsan-ri, Wolgot-myeon, Gimpo-si, Gyeonggi-do, Korea

Zip Code

415-871

Tel

+82-31-987-5034~6

Fax

+82-31-987-5037

E-mail

wjmaster@wjic.co.kr

Website

www.wjic.co.kr

Trading Address

140-35, Galsan-ri, Wolgot-myeon, Gimpo-si, Gyeonggi-do, Korea

Tel

+82-31-987-5034~6

Fax

+82-31-987-5037

Other Address

332-1, Yuhyeon-ri, Yangchon-myeon, Gimpo-si, Gyeonggi-do, Korea

Type

Export

Industry

Manufacture of Other Smelting, Refining and Alloys of Non-ferrous Metals

  Main Business

Ferro-Vanadium, Slag Forming, Ferro-Molybdenum, Ferrosilicon

Established (mm/dd/yyyy)

05/17/1990

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Ferrous alloy(11101712)

 

 

CEO’s

 

Name

Ki In-Jong

Address

Suite 305-1001, 787, Madu-dong, Ilsandong-gu, Goyang-si, Gyeonggi-do, Korea

Date of Birth

09/14/1949

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

700,000,000

Employees

40

Formation

Co., Ltd by Shares

Venture Business

Bank Details

Industrial Bank of Korea-Gimpo Branch

Hana Bank

Kookmin Bank

Corporate Registered No.

124411-0009838

Business Registered No.

136-81-05604

Permit & Licenses

11/2006 ISO 14001

 

Int’l Trade No.: 14008982

Shareholder Position

Name

Shares

%

KI IN-JONG

77,000

55.00

LEE DONG-SOON

63,000

45.00

TOTAL

140,000

100.00

Company History

05/17/1990 Incorporated as the present name

05/2005 Designated as an INNO-BIZ Company

10/2005 Awarded US$ 20 Million Export Top Prize

10/25/2006 Moved to the present HQ address from 332-1, Yuhyeon-ri, Yangchon-myeon, Gimpo-si, Gyeonggi-do, Korea

07/2007 Awarded US$ 50 Million Export Top Prize

12/04/2007 Increased the authorized shares to 160,000 shares from 40,000 shares

03/10/2008 Increased capital to 700,000,000 KRW from 400,000,000 KRW

06/2008 Awarded US$ 100 Million Export Top Prize

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Ki In-Jong

Male

Korean

07/11/2000

Director

M/S.

Lee Dong-Soon

Female

Korean

07/11/2003

Director

Mr.

Ki In-Young

Male

Korean

03/10/2008

Auditor

Mr.

Ki Nam-Young

Male

Korean

03/04/2009

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2009

36,172,416,642

33,779,348,598

(-)5,167,472,417

2008

152,294,177,404

27,363,581,423

1,928,020,254

2007

86,931,808,939

22,337,769,546

1,007,837,075

2006

45,244,529,346

17,633,991,339

(-)2,501,921,405

2005

58,884,853,031

18,477,509,523

2,371,254,036

 

Financial Description

 

Authorized Capital(KRW)

800,000,000

Paid-Up Capital(KRW)

700,000,000

Total Issues Shares

140,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Total Assets

33,779,348,598

27,363,581,423

22,337,769,546

Current Assets

22,780,437,918

17,198,852,191

16,379,870,772

-Quick Assets

8,092,036,243

9,272,611,028

10,265,475,082

-Inventories

14,688,401,675

7,926,241,163

6,114,395,690

Fixed Assets

10,998,910,680

10,164,729,232

5,957,898,774

-Investment

3,446,084,514

2,207,547,764

1,254,900,000

-Tangibles

7,334,626,566

7,708,981,868

4,512,439,974

-Intangibles

-　

-　

-

-Others

218,199,600

248,199,600

190,558,800

Total Liabilities

31,679,330,514

20,096,090,922

18,670,661,329

Current Liabilities

29,407,560,540

17,782,949,113

18,478,586,186

Fixed Liabilities

2,271,769,974

2,313,141,809

192,075,143

Capital Stock

700,000,000

700,000,000

400,000,000

Capital Surplus

-　

-　

-

Profit Surplus

-522,343,946

4,645,128,471

3,417,108,217

Capital Adjustment

1,922,362,030

1,922,362,030

-150,000,000

Total Equity

2,100,018,084

7,267,490,501

3,667,108,217

Liab. & Shareholder’s Equity

33,779,348,598

27,363,581,423

22,337,769,546

 

Current Liabilities

29,407,560,540

17,782,949,113

18,478,586,186

Trade Payables

7,012,021,211

1,648,540,197

2,293,376,178

Account Payables

163,834,595

57,708,520

147,256,751

Withholdings

17,803,910

23,443,880

13,425,210

VAT Withhold

-

74,910

417,534

Advance Receipts

37,123,883

-

823,290

Short-Term Borrowings

16,770,000,000

14,640,000,000

11,126,996,528

Accrued Income Tax

-

620,273,575

169,019,440

Accrued Expenses

40,052,450

50,228,531

27,185,269

Received Finance

4,551,724,491

742,679,500

4,700,085,986

Short-Term Borrowings to Shareholders/ Executives/ Employees

215,000,000

-

-

Current Portion of Long-Term Debts

600,000,000

-

-

Fixed Liabilities

2,271,769,974

2,313,141,809

192,075,143

Long-Term Borrowings

1,700,000,000

1,800,000,000

-

Leasehold Deposit Received

40,000,000

40,000,000

40,000,000

Provision for Severance & Retirement

535,600,374

476,972,209

155,905,543

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Sales

36,172,416,642

152,294,177,404

86,931,808,939

Cost of Sold Goods

37,218,064,570

146,241,962,432

83,655,479,086

Gross Profit

1,045,647,928

6,052,214,972

3,276,329,853

Selling & Admin. Expenses

3,216,085,846

4,375,197,233

2,394,899,065

Operating Income

-4,261,733,774

1,677,017,739

881,430,788

Non-Operating Income

1,636,638,335

6,228,986,290

1,866,969,699

Non-Operating Expenses

2,542,376,978

5,153,978,740

1,376,487,282

Ordinary Income

-5,167,472,417

2,752,025,289

1,371,913,205

Special Income

 

 

 

Income Before Taxes

-5,167,472,417

2,752,025,289

1,371,913,205

Income Taxes Expenses

-

824,005,035

364,076,130

Net Income

-5,167,472,417

1,928,020,254

1,007,837,075

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Cash Flows from Operating

-2,631,703,737

8,861,295

-3,175,497,230

-Net Income

-5,167,472,417

1,928,020,254

1,007,837,075

-Exp. without Cash Outflow

630,206,173

1,209,931,352

611,862,952

-Revenue without Cash Inflows

-234,433,876

-136,226,003

-89,545,154

-Changes in Asset/ & Liability

2,139,996,383

-2,992,864,308

-4,705,652,103

Cash Flows from Investing

-749,939,684

-1,141,424,569

-1,840,691,044

-Cash Inflow from Investing

247,212,000

1,573,490,188

655,957,732

-Cash Outflows for Investing

-997,151,684

-2,714,914,757

-2,496,648,776

Cash Flows from Financing

4,390,350,000

2,485,558,922

4,174,417,045

-Cash Inflows from Financing

4,677,750,000

5,313,003,472

4,616,817,045

-Cash Outflows from Financing

-287,400,000

-2,827,444,550

-442,400,000

Increase/Decrease in Cash

1,008,706,579

1,352,995,648

-841,771,229

Cash at the Beginning of Year

1,357,551,718

4,556,070

846,327,299

Cash at the End of Year

2,366,258,297

1,357,551,718

4,556,070

 

Products, Technologies, Services Description

 

Main Products & Services

Ferro-Vanadium, Slag Forming, Ferro-Molybdenum, Ferrosilicon

 

 

Trade Partners & Competitors

 

Customers

POSCO(174611-0000741)

HYUNDAI STEEL COMPANY(120111-0001743)

DONGKUK STEEL MILL CO., LTD.(110111-0031338)

 

SOJITZ(JAPAN)

AMSTEEL(MALAYSIA)

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

WOOJIN METAL CO., LTD.(120111-0182626)

WOOJIN SFAT CO., LTD.(110111-3610303)

Cooperative Enterprise

-Insured Company

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

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Germany, Malaysia, Japan, China and Taiwan. The Subject imports the raw materials from China, South Africa and USA.

 

 

Court Action

 

No.

 

 

News Clipping

 

---

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.57

UK Pound

1

Rs.72.50

Euro

1

Rs.62.46

 

 

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

 

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.