MIRA INFORM REPORT

 

 

Report Date :

02.07.2012

 

IDENTIFICATION DETAILS

 

Name :

WOOSUNG INDUSTRY FURNACE CO.

 

 

Registered Office :

114-1, Songhyeon-ri, Jillye-myeon, Gimhae-si, Gyeongsangnam-do, Korea 621-882

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

02.11.1998

 

 

Com. Reg. No.:

606-03-64875

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture of Industrial Ovens, Furnaces and Furnace Burners

 

 

No. of Employees :

7

 

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 :

Unknown

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 Information

 

Company Name

WOOSUNG INDUSTRY FURNACE CO.

(Korean Company Name : “우성산업”)

Registered Address

114-1, Songhyeon-ri, Jillye-myeon, Gimhae-si, Gyeongsangnam-do, Korea

Building

 

Zip Code

621-882

Tel

+82-55-345-7097~8

Fax

+82-55-345-3411

E-mail

sergiokang@teramail.com;wsung123@hanmail.net

Website

www.wsfurnace.com

Trading Address

114-1, Songhyeon-ri, Jillye-myeon, Gimhae-si, Gyeongsangnam-do, Korea

(New Address System : 98, Gomo-ro 324beon-gil, Jillye-myeon, Gimhae-si, Gyeongsangnam-do, Korea)

Tel

+82-55-345-7097~8

Fax

+82-55-345-3411

Type

Export

Industry

Manufacture of Industrial Ovens, Furnaces and Furnace Burners

  Main Business

Furnace, Heater

  Sub Business

 

Established (mm/dd/yyyy)

11/02/1998

Mr. Kim Jong-Bae owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Furnaces(40101805)

 

 

CEO’s

 

Name

Kim Jong-Bae

Date of Birth

06/05/1967

Title

Owner

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

7

Formation

Sole Proprietorship

Bank Details

Busan Bank-Jangyu Branch

Industrial Bank of Korea

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

606-03-64875

Permit & Licenses

N/A

Shareholder Position

The owner has 100% shares.

Company History

11/02/1998 Established as the present name

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Owner

Mr.

Kim Jong-Bae

Male

Korean

11/02/1998

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

 

 

 

2009

1,438,365,000

1,095,518,000

82,123,000

2008

2,358,459,000

1,183,348,000

135,533,000

2007

1,767,000,000

1,195,000,000

113,000,000

 

 

Financial Description

 

Authorized Capital(KRW)

Not Applicable to the Sole Proprietorship

Paid-Up Capital(KRW)

Not Applicable to the Sole Proprietorship

Total Issues Shares

Not Applicable to the Sole Proprietorship

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Total Assets

1,095,518,000

1,183,348,000

1,195,000,000

Current Assets

633,218,000

687,814,000

703,000,000

-Quick Assets

-

-

-

-Inventories

-

-

-

Fixed Assets

462,300,000

495,534,000

492,000,000

-Investment

-

-

-

-Tangibles

-

-

-

-Intangibles

-

-

-

Total Liabilities

1,037,530,000

766,501,000

341,000,000

Current Liabilities

1,037,530,000

155,451,000

241,000,000

Fixed Liabilities

-

611,050,000

100,000,000

Capital Stock

57,988,000

416,847,000

854,000,000

Capital Surplus

-

-

-

Profit Surplus

-

-

-

Capital Adjustment

-

-

-

Total Equity

57,988,000

416,847,000

854,000,000

Liab. & Shareholder’s Equity

1,095,518,000

1,183,348,000

1,195,000,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Sales

1,438,365,000

2,358,459,000

1,767,000,000

Cost of Sold Goods

-

-

-

Gross Profit

239,118,000

342,482,000

300,000,000

Selling & Admin. Expenses

-

-

-

Operating Income

123,477,000

209,412,000

169,000,000

Non-Operating Income

-

611,050,000

100,000,000

Non-Operating Expenses

42,578,000

73,879,000

56,000,000

Ordinary Income

82,123,000

135,533,000

113,000,000

Special Income

-

-

-

Income Before Taxes

82,123,000

135,533,000

113,000,000

Income Taxes Expenses

-

-

-

Net Income

82,123,000

135,533,000

113,000,000

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Cash Flows from Operating

 

 

 

-Net Income

 

 

 

-Exp. without Cash Outflow

 

 

 

-Revenue without Cash Inflows

 

 

 

-Changes in Asset/ & Liability

 

 

 

Cash Flows from Investing

 

 

 

-Cash Inflow from Investing

 

 

 

-Cash Outflows for Investing

 

 

 

Cash Flows from Financing

 

 

 

-Cash Inflows from Financing

 

 

 

-Cash Outflows from Financing

 

 

 

Increase/Decrease in Cash

-

611,050,000

100,000,000

Cash at the Beginning of Year

-

-

-

Cash at the End of Year

42,578,000

73,879,000

56,000,000

 

Products, Technologies, Services Description

 

Main Products & Services

Furnace, Heater

 

 

Trade Partners & Competitors

 

Customers

HWA YOUNG ELECTRIC CO., LTD.( 180111-0596651)

PYUNGSAN CO., LTD.(195511-0115208)

BU YOUNG METAL CO., LTD.(195511-0117303)

Competitors

WOO YOUL FURNACE CO., LTD.

628-3, BUBONG-RI, SANIN-MYEON, HAMAN-GUN, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-582-4435  FAX:+82-55-582-4438

 

SOOKOOK CORPORATION

345-4, SUHA-RI, SINDUN-MYEON, ICHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-31-631-3400  FAX:+82-31-631-2730

 

HAN YANG INDUSTRY CO., LTD.

351-1, JANGHA-DONG, SANGNOK-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-486-3200  FAX:+82-31-486-1001

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Pakistan, China, UAE and Thailand.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.31

UK Pound

1

Rs.88.06

Euro

1

Rs.70.91

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.