|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
JEONG WEON CHEMICAL CO., LTD. |
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|
|
|
Formerly Known As : |
JEONG WEON CHEMICAL INDUSTRY CO.(Sole
Proprietorship) |
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|
|
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Registered Office : |
1532-6, Songjeong-dong, Gangseo-gu, Busan, Korea, Zip Code 618-817 |
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|
|
|
Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
17.06.1996 |
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|
|
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Com. Reg. No.: |
603-81-28922 |
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|
|
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Legal Form : |
Co., Ltd by Shares |
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|
|
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Line of Business : |
Manufacturer of all other chemical products |
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|
|
|
No. of Employees : |
29 employees |
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 |
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Payment Behaviour : |
No Complaints |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
South Korea - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible 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 currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, 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 6.9% in 1998, and then recovered by 9% in 1999-2000. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.
|
Source : CIA |
|
Company Name |
JEONG WEON
CHEMICAL CO., LTD. (Korean Company
Name : “(주)정원화학) |
|
Registered Address |
1532-6, Songjeong-dong, Gangseo-gu, Busan,
Korea |
|
Zip Code |
618-817 |
|
Tel |
+82-51-266-0500 |
|
Fax |
+82-51-264-4333 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
1532-6, Songjeong-dong, Gangseo-gu, Busan,
Korea |
|
Tel |
+82-51-266-0500 |
|
Fax |
+82-51-264-4333 |
|
Other Address |
Rm. 1210, Life Combi Bldg., 61-4,
Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea |
|
Tel |
+82-2-780-4869 |
|
Fax |
+82-2-785-4566 |
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Type |
Export/Import |
|
Industry |
Manufacture of All Other Chemical Products n.e.c. |
|
Main Business |
Dispersing Agent, Paper Chemicals, Leather Chemicals, Glass Fiber
Sizing Agent |
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Established (mm/dd/yyyy) |
06/17/1996 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Other adhesives and sealants(31201600) |
|
Sell |
Detergent surfactants(12161902) |
|
Sell |
Dispersing agents(12161904) |
|
Sell |
Preservatives(12164501) |
|
Buy |
Anti foaming agents(12161901) |
|
Buy |
Titanium dioxide(12171604) |
|
Buy |
Evaporative coolers(40101703) |
|
Buy |
Boilers(40102000) |
|
Name |
Kwon Moo-Kil |
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Address |
Suite 103-806, 1552-19, Dadae-dong, Saha-gu, Busan, Korea |
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Date of Birth |
01/26/1945 |
|
Title |
Representative Director |
|
Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
141,920,000 |
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|
Employees |
29 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Woori Bank-Shinpyung Dong Branch |
||||||||||||
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Corporate Registered No. |
180111-0208389 |
||||||||||||
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Business Registered No. |
603-81-28922 |
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Permit & Licenses |
01/2000 ISO 9001 |
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Shareholder Position |
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Company History |
04/01/21993 Established as JEONG WEON CHEMICAL INDUSTRY CO.(Sole Proprietorship) 07/01/1996 Incorporated as the present name 04/07/2007 Moved to the present HQ address
from 1086-7, Jangnim-dong,
Saha-gu, Busan, Korea 05/25/2009
Increased capital to 141,920,000 KRW
from 150,000,000 KRW |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Representative Director |
Mr. |
Kwon Moo-Kil |
Male |
Korean |
06/17/1999 |
|
Auditor |
M/S. |
Hwang Young-Wui |
Female |
Korean |
03/23/1998 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
16,118,881,560 |
20,533,327,739 |
1,873,014,619 |
|
|
2010 |
13,292,161,111 |
20,226,531,124 |
982,129,357 |
|
2009 |
17,971,335,769 |
21,420,803,057 |
3,494,510,070 |
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
141,920,000 |
|
Total Issued Shares |
14,192 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
20,533,327,739 |
20,226,531,124 |
21,420,803,057 |
|
Current Assets |
17,562,789,060 |
17,271,210,737 |
17,288,096,861 |
|
-Quick Assets |
16,148,235,992 |
16,069,326,319 |
16,093,112,154 |
|
-Inventories |
1,414,553,068 |
1,201,884,418 |
1,194,984,707 |
|
Fixed Assets |
2,970,538,679 |
2,955,320,387 |
4,132,706,196 |
|
-Investment |
147,604,460 |
131,650,060 |
799,099,080 |
|
-Tangibles |
2,729,101,789 |
2,729,837,897 |
3,194,774,686 |
|
-Intangibles |
93,832,430 |
93,832,430 |
138,832,430 |
|
Total Liabilities |
704,177,918 |
283,515,922 |
473,037,212 |
|
Current Liabilities |
481,356,108 |
178,449,922 |
415,060,103 |
|
Fixed Liabilities |
222,821,810 |
105,066,000 |
57,977,109 |
|
Capital Stock |
141,920,000 |
141,920,000 |
141,920,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
19,687,229,821 |
19,801,095,202 |
21,572,382,845 |
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Capital Adjustment |
|
|
-766,537,000 |
|
Total Equity |
19,829,149,821 |
19,943,015,202 |
20,947,765,845 |
|
Liab. & Shareholder’s Equity |
20,533,327,739 |
20,226,531,124 |
21,420,803,057 |
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Current Liabilities |
481,356,108 |
178,449,922 |
415,060,103 |
|
Account Payables |
28,263,140 |
14,656,164 |
17,932,282 |
|
Advance Receipts |
|
|
250,000 |
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Withholdings |
47,900,490 |
47,795,960 |
43,650,270 |
|
Accrued Expenses |
107,882,520 |
106,696,790 |
118,221,100 |
|
Accrued Income Tax |
297,309,958 |
9,301,008 |
193,969,184 |
|
VAT Withhold |
|
|
41,037,267 |
|
Fixed Liabilities |
222,821,810 |
105,066,000 |
57,977,109 |
|
Provision for Severance & Retirement |
222,821,810 |
105,066,000 |
57,977,109 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
16,118,881,560 |
13,292,161,111 |
17,971,335,769 |
|
Cost of Sold Goods |
12,771,550,967 |
10,924,308,464 |
12,508,255,508 |
|
Gross Profit |
3,347,330,593 |
2,367,852,647 |
5,463,080,261 |
|
Selling & Admin. Expenses |
1,751,899,354 |
1,743,241,992 |
1,944,837,987 |
|
Operating Income |
1,595,431,239 |
624,610,655 |
3,518,242,274 |
|
Non-Operating Income |
723,211,876 |
573,890,898 |
733,123,355 |
|
Non-Operating Expenses |
84,141,438 |
114,061,103 |
208,113,085 |
|
Income Before Taxes |
2,234,501,677 |
1,084,440,450 |
4,043,252,544 |
|
Income Taxes Expenses |
361,487,058 |
102,311,093 |
548,742,474 |
|
Net Income |
1,873,014,619 |
982,129,357 |
3,494,510,070 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
2,859,212,921 |
1,665,615,074 |
3,524,853,615 |
|
-Net Income |
1,873,014,619 |
982,129,357 |
3,494,510,070 |
|
-Exp. without Cash Outflow |
512,324,857 |
743,174,056 |
687,171,910 |
|
-Revenue without Cash Inflows |
-21,855,287 |
-6,232,926 |
- |
|
-Changes in Asset/ & Liability |
495,728,732 |
-53,455,413 |
-656,828,365 |
|
Cash Flows from Investing |
4,141,690,624 |
-21,326,703 |
-2,237,389,890 |
|
-Cash Inflow from Investing |
10,261,602,330 |
14,046,320,000 |
14,167,167,899 |
|
-Cash Outflows for Investing |
-6,119,911,706 |
-14,067,646,703 |
-16,404,557,789 |
|
Cash Flows from Financing |
-1,986,880,000 |
-1,986,880,000 |
-496,720,000 |
|
-Cash Inflows from Financing |
- |
- |
|
|
-Cash Outflows from Financing |
-1,986,880,000 |
-1,986,880,000 |
-496,720,000 |
|
Increase/Decrease in Cash |
5,014,023,545 |
-342,591,629 |
790,743,725 |
|
Cash at the Beginning of Year |
2,113,376,319 |
2,455,967,948 |
1,665,224,223 |
|
Cash at the End of Year |
7,127,399,864 |
2,113,376,319 |
2,455,967,948 |
|
Main Products & Services |
Paper Chemicals, Film Formers For Glass
Fiber Sizing, Leather Chemicals, Other Functional Chemicals |
|
Competitors |
COLORANT COREA CORPORATION 782-4, EOGOK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-388-9003 FAX:+82-55-388-9006 MYUNGJIN TRADING CO., LTD. 4TH FL., MYEONGJIN BLDG., 236-7, NONHYEON
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-546-5040 FAX:+82-2-546-6566 YOOJIN CHEMICAL CO., LTD. 8B-28L, BANWOL INDUSTRIAL COMPLEX, 743-7, WONSI-DONG,
DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-494-0618 FAX:+82-31-494-0617 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) |
(Activity & Markets)
|
Sales/ Unit : KRW |
2011 |
2010 |
2009 |
|
Export |
4,839,546,550 |
4,144,071,907 |
5,417,086,707 |
|
Domestic |
11,279,335,010 |
9,148,089,204 |
12,554,249,062 |
|
Total |
16,118,881,560 |
13,292,161,111 |
17,971,335,769 |
The Subject deals
with the companies in India and China.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.74 |
|
UK Pound |
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.