|
Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNGJIN CORPORATION |
|
|
|
|
Registered Office : |
1535-3, Seocho-dong, Seocho-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.06.1998 |
|
|
|
|
Com. Reg. No.: |
214-86-24056 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Dyes, Pigments and Related Products |
|
|
|
|
No. of Employees : |
8 |
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 : |
Slow but correct |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 is currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. 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 |
Basic
|
Company Name |
UNGJIN CORPORATION |
|
Registered Address |
1535-3, Seocho-dong, Seocho-gu, Seoul, Korea |
|
Building |
Rm.602, Sunheung Bldg. |
|
Zip Code |
137-872 |
|
Tel |
+82-2-3472-9000 |
|
Fax |
+82-2-3472-1524 |
|
E-mail |
ungjin@ungjin.com;ungjin21@hotmail.com |
|
Website |
www.ungjin.com |
|
Trading Address |
Rm.602, Sunheung Bldg., 1535-3, Seocho-dong, Seocho-gu, Seoul, Korea (New Address System : 59, Banpo-daero, Seocho-gu, Seoul, Korea) |
|
Tel |
+82-2-3472-9000 |
|
Fax |
+82-2-3472-1524 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Dyes, Pigments and Related Products |
|
Main Business |
Dyestuff, Thickening Agent, Textiles |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
06/02/1998 |
The Subject Company occupies the premises of
registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Dyes(12171500) |
|
Sell |
International trade services(80151600) |
CEO’s
|
Name |
Kim Dong-Wook |
|
Address |
Suite 601, 807-11, Bangbae-dong,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
11/28/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
500,000,000 |
|
Employees |
8 |
|
Formation |
Co., Ltd by shares |
|
Bank Details |
Shinhan Bank-Bubjo Town Branch |
|
Corporate Registered No. |
110111-1551880 |
|
Business Registered No. |
214-86-24056 |
|
Permit & Licenses |
Int’l Trade No.: 11532107 |
|
Shareholder Position |
N/A |
|
Company History |
12/1981 Established as UngJin Corporation 12/1983 Joined the Association of Foreign
Trading Agents of Korea. 03/1985 Joined Korea Industry &
Commerce Association. 02/1990 Joint venture factory of Sodium
Alginate has been established. 08/1994 Pharmaceutical department has been
organized for the trading of raw materials for pharmacy. 06/02/1998 Incorporated as the present name 05/20/1999 Increased the authorized shares
to 100,000 shares from 40,000 shares 05/21/1999 Increased capital to 200,000,000
KRW from 50,000,000 KRW 05/01/2000 Moved to the present HQ address
from 1543-6, Seocho-dong, Seocho-gu, Seoul, Korea 10/17/2001 Increased the authorized shares to 500,000 shares from
100,000 shares 10/18/2001 Increased capital to 500,000,000 KRW from 200,000,000 KRW 12/2001 UngJin Corporation's factory of
printing thickener in China-Shanghai UngJin Chemical Co.,Ltd. has been
established. 06/01/2012 Moved to the present HQ address
from Rm. 601, Dongho Bldg., 53-3, Banpo 4-dong, Seocho-gu, Seoul, Korea |
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Dong-Wook |
Male |
Korean |
06/02/1998 |
|
Director |
M/S. |
Kim Hyun-Sook |
Female |
Korean |
06/02/1998 |
|
Director |
Mr. |
Kim Dong-Hoon |
Male |
Korean |
03/31/2013 |
|
Auditor |
Mr. |
Cho Myung-Hwan |
Male |
Korean |
03/31/2007 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2,849,000,000 |
3,550,000,000 |
172,000,000 |
|
|
2011 |
2,290,000,000 |
3,182,000,000 |
102,000,000 |
|
2010 |
2,548,751,000 |
2,874,685,000 |
141,578,000 |
|
2009 |
2,900,455,000 |
2,556,510,000 |
41,072,000 |
|
2008 |
20,050,000,000 |
7,774,000,000 |
559,000,000 |
|
2007 |
18,140,000,000 |
7,225,000,000 |
562,000,000 |
|
2006 |
15,065,000,000 |
6,359,000,000 |
408,000,000 |
|
2005 |
1,800,000,000 |
|
|
|
2004 |
2,900,000,000 |
|
|
Financial
Description
|
Authorized Capital(KRW) |
2,500,000,000 |
|
Paid-Up Capital(KRW) |
500,000,000 |
|
Total Issued Shares |
100,000 |
Balance Sheet
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
3,550,000,000 |
3,182,000,000 |
2,874,000,000 |
|
Current Assets |
2,998,000,000 |
2,569,000,000 |
2,311,000,000 |
|
-Quick Assets |
- |
- |
- |
|
-Inventories |
- |
- |
- |
|
Fixed Assets |
552,000,000 |
613,000,000 |
563,000,000 |
|
-Investment |
- |
- |
- |
|
-Tangibles |
- |
- |
- |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
2,191,000,000 |
1,995,000,000 |
1,790,000,000 |
|
Current Liabilities |
2,186,000,000 |
1,990,000,000 |
1,790,000,000 |
|
Fixed Liabilities |
5,000,000 |
5,000,000 |
- |
|
Capital Stock |
500,000,000 |
500,000,000 |
500,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
- |
- |
- |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
1,359,000,000 |
1,187,000,000 |
1,084,000,000 |
|
Liab. & Shareholder’s Equity |
3,550,000,000 |
3,182,000,000 |
2,874,000,000 |
Income Statement
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
2,849,000,000 |
2,290,000,000 |
2,549,000,000 |
|
Cost of Sold Goods |
1,612,000,000 |
1,294,000,000 |
1,595,000,000 |
|
Gross Profit |
1,237,000,000 |
996,000,000 |
954,000,000 |
|
Selling & Admin. Expenses |
893,000,000 |
779,000,000 |
809,000,000 |
|
Operating Income |
344,000,000 |
217,000,000 |
145,000,000 |
|
Non-Operating Income |
133,000,000 |
101,000,000 |
131,000,000 |
|
Non-Operating Expenses |
286,000,000 |
203,000,000 |
114,000,000 |
|
Income Before Taxes |
191,000,000 |
116,000,000 |
161,000,000 |
|
Income Taxes Expenses |
19,000,000 |
13,000,000 |
20,000,000 |
|
Net Income |
172,000,000 |
102,000,000 |
142,000,000 |
Products,
Technologies, Services Description
|
Main Products & Services |
TEXTILES Polyester Acrylic Acetate Silk Nylon Polyester/Cotton Cotton/Rayon PHARMACEUTICALS Hormones Antibiotics Antipyrine Excipients STEEL |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners
& Competitors
|
Competitors |
NATO CORPORATION LTD. 73, YONGAM-RI, EUNHYEON-MYEON, YANGJU-SI,
GYEONGGI-DO, KOREA TEL:+82-31-862-8181 FAX:+82-31-864-4294 TAESUK INTERNATIONAL CORP. RM. 1502, GOLDEN TOWER BLDG., 191,
CHUNGJEONGNO 2-GA, SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-365-0727 FAX:+82-2-365-4786 WOOSHIN CORPORATION RM. 309, HIGH-TECHNOLOGY SUPPORTING CENTER,
1-11, HOSAN-DONG, DALSEO-GU, DAEGU, KOREA TEL:+82-53-593-0236 FAX:+82-53-593-0235 |
The Subject deals with the companies in
China, India and USA. It imports from Japan, Netherlands, Norway, USA, India
and Hong Kong.
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.