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Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIWON CHEMICALS
CO., LTD. |
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Registered Office : |
410-1, Maeam-dong, Nam-gu, Ulsan, Korea 680-050 |
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Country : |
South Korea |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
01.01.2011 |
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Com. Reg. No.: |
610-86-04700 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Surface-Active Agents |
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No. of Employees : |
115 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaint |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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.
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Source : CIA |
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Company Name |
MIWON CHEMICALS
CO., LTD. (Korean Company
Name : “미원화학(주)”) |
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Registered Address |
410-1, Maeam-dong, Nam-gu, Ulsan, Korea |
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Zip Code |
680-050 |
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Tel |
+82-52-261-7988 |
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Fax |
+82-52-269-8413 |
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E-mail |
pcbu@mwc.co.kr |
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Website |
www.miwonchemicals.com |
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Trading Address |
325-1, Seoksu-dong, Manan-gu, Anyang-si,
Gyeonggi-do, Korea |
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Tel |
+82-31-479-9200 |
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Fax |
+82-31-472-9233 |
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Type |
Export |
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Industry |
Manufacture of Surface-Active Agents |
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Main Business |
Surface-Active Agents |
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Established (mm/dd/yyyy) |
01/01/2011 |
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Inorganic compounds(12352300) |
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Sell |
Surfactants(12161900) |
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Sell |
Wetting agents(12161906) |
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Sell |
Inorganic acids(12352301) |
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Name |
Kim Jung-Man |
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Date of Birth |
07/1955 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
2,303,185,000 |
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Employees |
115 |
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Formation |
Listed Company (Korea stock Exchange : 134380) as of 02/15/2011 A Company of MIWON COMMERCIAL GROUP |
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Bank Details |
Korea Exchange Bank-Beomgye Station Branch |
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Corporate Registered No. |
230111-0172244 |
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Business Registered No. |
610-86-04700 |
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Permit & Licenses |
Int’l Trade No.: 30682759 |
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Shareholder Position |
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Company History |
01/01/2011
Incorporated as the present name, after split off from MIWON
COMMERCIAL CO., LTD.(130111-0007707) 04/06/2011 Split off the par value to 1,000
KRW from 5,000 KRW |
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Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
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Co-President & CEO |
Mr. |
Kim Jung-Man |
Korean |
1955.07 |
Chungang University, Korea |
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Co-President & CEO |
Mr. |
Jung Kyu-Sik |
Korean |
1957.03 |
Aju University, Korea |
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Outside Director |
Mr. |
Kim Sun-Wook |
Korean |
1954.12 |
Seoul National University, Korea |
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Auditor |
Mr. |
Sohn Eung-Joo |
Korean |
1961.03 |
Chungang University, Korea |
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
93,416,941,403 |
79,068,628,121 |
6,602,025,999 |
|
|
(*)2011 |
121,172,921,431 |
73,108,212,925 |
9,702,941,322 |
(*)Figures are based
on the K-IFRS Accounting System.
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Authorized Capital(KRW) |
9,100,000,000 |
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Paid-Up Capital(KRW) |
2,303,185,000 |
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Total Issued Shares |
2,303,185 |
Balance Sheet
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|||
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Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
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Total Assets |
79,068,628,121 |
73,108,212,925 |
|
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Current Assets |
38,390,575,915 |
31,105,964,850 |
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Inventories |
11,295,826,136 |
8,924,602,987 |
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Trade Receivables
& Other Receivables |
19,061,830,661 |
15,875,555,865 |
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Marketable Financial
Instruments |
4,891,693,200 |
4,461,569,500 |
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Other Current Assets |
78,022,914 |
165,803,540 |
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Cash & Cash
Equivalents |
3,063,203,004 |
1,678,432,958 |
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Non-Current Assets |
40,678,052,206 |
42,002,248,075 |
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Tangibles |
28,414,545,904 |
34,731,804,790 |
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Intangibles |
528,907,600 |
604,657,600 |
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Investment_Real
Estates |
528,868,050 |
528,868,050 |
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Marketable Financial
Instruments |
10,875,000,000 |
5,940,043,200 |
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Long-Term Trade
Receivables & Other Receivables |
330,730,652 |
196,874,435 |
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Total
Liabilities |
27,669,121,813 |
27,135,742,775 |
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Current Liabilities |
23,762,719,742 |
22,934,957,945 |
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Trade Payables &
Other Payables |
10,779,305,841 |
9,760,888,555 |
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Short-Term Borrowings |
11,299,965,758 |
11,711,152,228 |
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Accrued Income Tax |
964,432,575 |
238,879,302 |
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Provisions |
0 |
76,745,850 |
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Other Current
Liabilities |
719,015,568 |
1,147,292,010 |
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Non-Current Liabilities |
3,906,402,071 |
4,200,784,830 |
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Confirmed Salaries |
117,119,301 |
265,392,807 |
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Deferred Income Tax
Credit |
2,464,282,770 |
2,510,392,023 |
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Long-Term Trade
Payables & Other Payables |
1,325,000,000 |
1,425,000,000 |
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Capital Stock |
2,303,185,000 |
2,303,185,000 |
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Capital Surplus |
30,819,608,662 |
30,819,608,662 |
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Others |
-31,361,959 |
-31,361,959 |
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Installments |
2,042,105,716 |
3,192,490,952 |
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Profit Surplus |
16,265,968,889 |
9,688,547,495 |
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Total Equity |
51,399,506,308 |
45,972,470,150 |
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Liab. & Shareholder’s Equity |
79,068,628,121 |
73,108,212,925 |
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Income Statement
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|||
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Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
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Sales |
93,416,941,403 |
121,172,921,431 |
|
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Cost of Sold Goods |
77,086,495,994 |
97,926,917,469 |
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Gross Profit |
16,330,445,409 |
23,246,003,962 |
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Selling & Admin.
Expenses |
8,810,275,130 |
11,474,142,599 |
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Other Operating
Income |
1,375,352,304 |
1,219,159,399 |
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Other Operating
Expenses |
414,674,942 |
981,140,930 |
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Operating Income |
8,480,847,641 |
12,009,879,832 |
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Finance Income |
166,477,726 |
23,750,176 |
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Finance Expenses |
300,929,261 |
482,010,134 |
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Net Finance Income |
-134,451,535 |
-458,259,958 |
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Income Before Taxes |
8,346,396,106 |
11,551,619,874 |
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Income Taxes Expenses |
1,744,370,107 |
1,848,678,552 |
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Net Income |
6,602,025,999 |
9,702,941,322 |
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Cash Flows
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Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
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Operating
Activities Cash Flows |
4,281,084,365 |
12,462,010,186 |
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Net Income |
6,602,025,999 |
9,702,941,322 |
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Adjustment |
4,059,841,492 |
4,350,863,248 |
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Changes in Asset/ & Liability |
-5,507,178,407 |
103,789,346 |
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Cash Flows from Operating |
5,154,689,084 |
14,157,593,916 |
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Income Taxes |
-733,518,696 |
-1,255,115,795 |
|
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Interests Received |
15,365,345 |
17,380,127 |
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Interests Paid |
-284,662,168 |
-457,848,062 |
|
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Dividends Received |
129,210,800 |
0 |
|
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Cash Flows from Investing |
-2,500,272,067 |
-16,104,811,404 |
|
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Cash Flows from Financing |
-397,746,470 |
5,283,004,853 |
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Increase/Decrease in Cash |
1,383,065,828 |
1,640,203,635 |
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Cash at the Beginning of Year |
1,678,432,958 |
40,596,583 |
|
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Cash at the End of Year |
3,063,203,004 |
1,678,432,958 |
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Main Products & Services |
Surface Active Agent |
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Suppliers |
NAMHAE CHEMICAL CORPORATION(110111-0164717) |
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Competitors |
HUCHEMS FINE CHEMICAL CORPORATION 5TH FL., KUKDONG BLDG., 60-1, CHUNGMURO
3-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-2262-0600 FAX:+82-2-2265-9381 COSMO CHEMICAL CO., LTD. 1534-5, SEOCHO 3-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-32-451-6100 FAX:+82-32-451-6119 FOOSUNG CO., LTD. 427-9, NOHA-RI, PALTAN-MYEON, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-495-7243 FAX:+82-31-491-1649 |
|
Affiliates |
MIWON COMMERCIAL CO., LTD.(130111-0007707) TAEKWANG FINE CHEMICAL CO.,
LTD.(120111-0052142) ASIA STABILIZERS CO., LTD.(ASCL: 134711-0016596) MIWON CHEMICALS CO., LTD.(230111-0172244) MIWON SPECIALTY
CHEMICAL CO., LTD.(210111-0063190) MIWON COMMERCIAL CO., LTD.(130111-0007707) MISUNG TRADING CO., LTD.(134111-0025929) MISUNG TOTAL CORPORATION(180111-0167832) MIWHA LOGISTICS CO., LTD.(230111-0072014) MIWOO SILUP CO., LTD.(KOREA) MIWON EOD CO., LTD.(161411-0023544) QIDONG QINGYUN FINE CHEMICAL CO.,
LTD.(CHINA) MIWON NORTH AMERICA. INC.(USA) MIWON EUROPE GMBH |
Not Available.
No.
---
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.84.48 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.