|
Report Date : |
03.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
WHA YOUNG CO., LTD. |
|
|
|
|
Registered Office : |
105, Sapo-ro, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.03.1995 |
|
|
|
|
Com. Reg. No.: |
615-81-04980 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Sections for Ships |
|
|
|
|
No. of Employees : |
98 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
WHA YOUNG CO., LTD. (Korean Company Name : “(주)화영”) |
|
Registered Address |
105, Sapo-ro, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea |
|
Building |
|
|
Zip Code |
627-854 |
|
Tel |
+82-55-359-1100 |
|
Fax |
+82-55-355-1954 |
|
|
pm@whayoung.co.kr |
|
Website |
www.whayoung.co.kr |
|
Trading Address |
105, Sapo-ro, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea (Old Address System : 68-2, Jeonsapo-ri, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-359-1100 |
|
Fax |
+82-55-355-1954 |
|
Other Address |
442, Muan-ro, Muan-myeon, Miryang-si, Gyeongsangnam-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Ship Engine Parts |
|
Sub Business |
|
|
Established (mm/dd/yyyy) |
03/25/1995 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Valves(40141600) |
|
Sell |
Jacks(24101612) |
|
Sell |
Engine components and accessories(26101700) |
|
Sell |
Butterfly lug pattern valves(40141619) |
|
Buy |
Foundry molds(23161606) |
|
Buy |
Gaskets(31181500) |
|
Buy |
Springs(31161900) |
|
Buy |
Processed and synthetic rubber(13101600) |
|
Buy |
Resins(13111000) |
|
Buy |
Steel(11101704) |
|
Buy |
Bolts(31161600) |
|
Buy |
Iron plate(30102203) |
|
Buy |
Nuts(31161700) |
|
Buy |
O ring gaskets(31181506) |
|
Buy |
Bar(30101600) |
CEO’s
|
Name |
Lee Hong-Won |
|
Address |
Suite
304-1306, 234-17, Jungang-ro, Miryang-si, Gyeongsangnam-do, Korea |
|
Date of Birth |
07/03/1956 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
900,000,000 |
||||||||||||||||||
|
Employees |
98 |
||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Gyungnam
Bank-Milyang Branch Korea Exchange
Bank-Bujeon Branch Woori
Bank-Bujeon Branch Kookmin
Bank-Bujeon Branch |
||||||||||||||||||
|
Corporate
Registered No. |
191311-0002990 |
||||||||||||||||||
|
Business
Registered No. |
615-81-04980 |
||||||||||||||||||
|
Permit &
Licenses |
02/24/1998 ISO 9001 02/24/1998 ISO 9002 03/12/2007 Single PPM 01/20/2011 ISO 14001 Int’l Trade No.: 24008141 |
||||||||||||||||||
|
Shareholder
Position |
|
||||||||||||||||||
|
Company
History |
03/25/1995
Incorporated as the present name 10/21/2000
Designated as a Venture Business 11/26/2001
Designated as an INNO-BIZ Company 11/30/2006
Awarded US$ 10 Million Export Top Prize 11/30/2007
Awarded US$ 20 Million Export Top Prize 06/03/2008
Designated as a Venture Business again |
||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Lee Hong-Won |
Male |
Korean |
10/08/2009 |
|
Director |
Mr. |
Kang Chang-Won |
Male |
Korean |
10/08/2009 |
|
Director |
Mr. |
Sung Bong-Soo |
Male |
Korean |
10/08/2009 |
|
Auditor |
Mr. |
Lee Kyung-Il |
Male |
Korean |
07/12/2012 |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
2012 |
43,221,119,860 |
48,105,062,625 |
3,212,118,721 |
|
2011 |
45,656,374,657 |
48,838,746,533 |
3,673,284,258 |
|
2010 |
44,643,894,079 |
46,761,215,583 |
8,708,820,081 |
|
2009 |
37,289,990,877 |
37,700,131,231 |
4,819,491,043 |
|
2008 |
41,264,594,124 |
35,876,378,769 |
4,905,109,293 |
Financial Description
|
Authorized
Capital(KRW) |
1,600,000,000 |
|
Paid-Up
Capital(KRW) |
900,000,000 |
|
Total Issued
Shares |
180,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
48,105,062,625 |
48,838,746,533 |
46,761,215,583 |
|
Current Assets |
30,629,165,220 |
32,201,630,308 |
32,935,250,067 |
|
-Quick Assets |
24,333,578,649 |
25,626,723,349 |
29,121,141,480 |
|
-Inventories |
6,295,586,571 |
6,574,906,959 |
3,814,108,587 |
|
Fixed Assets |
17,475,897,405 |
16,637,116,225 |
13,825,965,516 |
|
-Investment |
2,143,985,770 |
2,090,865,969 |
1,956,872,010 |
|
-Tangibles |
14,536,471,623 |
13,751,793,926 |
11,064,573,610 |
|
-Intangibles |
56,479,652 |
79,955,370 |
90,402,936 |
|
-Others |
738,960,360 |
714,500,960 |
714,116,960 |
|
Total
Liabilities |
8,803,392,164 |
11,749,194,793 |
11,944,948,101 |
|
Current
Liabilities |
7,058,192,164 |
10,636,694,793 |
10,118,368,101 |
|
Fixed
Liabilities |
1,745,200,000 |
1,112,500,000 |
1,826,580,000 |
|
Capital Stock |
900,000,000 |
900,000,000 |
900,000,000 |
|
Capital
Surplus |
|
|
|
|
Profit Surplus |
38,401,670,461 |
36,189,551,740 |
33,916,267,482 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
39,301,670,461 |
37,089,551,740 |
34,816,267,482 |
|
Liab. &
Shareholder’s Equity |
48,105,062,625 |
48,838,746,533 |
46,761,215,583 |
|
-Quick Assets |
24,333,578,649 |
25,626,723,349 |
29,121,141,480 |
|
-Inventories |
6,295,586,571 |
6,574,906,959 |
3,814,108,587 |
|
Fixed Assets |
17,475,897,405 |
16,637,116,225 |
13,825,965,516 |
|
-Investment |
2,143,985,770 |
2,090,865,969 |
1,956,872,010 |
|
-Tangibles |
14,536,471,623 |
13,751,793,926 |
11,064,573,610 |
|
-Intangibles |
56,479,652 |
79,955,370 |
90,402,936 |
|
-Others |
738,960,360 |
714,500,960 |
714,116,960 |
|
Total
Liabilities |
8,803,392,164 |
11,749,194,793 |
11,944,948,101 |
|
Current
Liabilities |
7,058,192,164 |
10,636,694,793 |
10,118,368,101 |
|
Fixed
Liabilities |
1,745,200,000 |
1,112,500,000 |
1,826,580,000 |
|
Capital Stock |
900,000,000 |
900,000,000 |
900,000,000 |
|
Capital
Surplus |
|
|
|
|
Profit Surplus |
38,401,670,461 |
36,189,551,740 |
33,916,267,482 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
39,301,670,461 |
37,089,551,740 |
34,816,267,482 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
43,221,119,860 |
45,656,374,657 |
44,643,894,079 |
|
Cost of Sold Goods |
37,392,289,507 |
38,309,904,491 |
30,991,025,660 |
|
Gross Profit |
5,828,830,353 |
7,346,470,166 |
13,652,868,419 |
|
Selling &
Admin. Expenses |
3,302,944,681 |
3,685,089,188 |
3,073,394,582 |
|
Operating
Income |
2,525,885,672 |
3,661,380,978 |
10,579,473,837 |
|
Non-Operating
Income |
2,039,945,497 |
1,533,857,827 |
1,196,674,876 |
|
Non-Operating
Expenses |
575,621,578 |
966,192,310 |
701,692,922 |
|
Income Before
Taxes |
3,990,209,591 |
4,229,046,495 |
11,074,455,791 |
|
Income Taxes
Expenses |
778,090,870 |
555,762,237 |
2,365,635,710 |
|
Net Income |
3,212,118,721 |
3,673,284,258 |
8,708,820,081 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
2,613,672,730 |
6,121,909,159 |
9,012,765,751 |
|
-Net Income |
3,212,118,721 |
3,673,284,258 |
8,708,820,081 |
|
-Exp. without
Cash Outflow |
1,185,425,703 |
1,630,587,534 |
1,021,879,689 |
|
-Revenue
without Cash Inflows |
-702,464,689 |
-637,391,369 |
-255,126,721 |
|
-Changes in
Asset/ & Liability |
-1,081,407,005 |
1,455,428,736 |
-462,807,298 |
|
Cash Flows
from Investing |
-2,827,172,454 |
-2,955,272,307 |
-11,649,656,307 |
|
-Cash Inflow
from Investing |
1,001,695,525 |
1,277,803,736 |
13,458,497,680 |
|
-Cash Outflows
for Investing |
-3,828,867,979 |
-4,233,076,043 |
-25,108,153,987 |
|
Cash Flows
from Financing |
1,245,032,627 |
-2,316,427,188 |
-932,836,369 |
|
-Cash Inflows
from Financing |
2,959,112,627 |
- |
63,150,295 |
|
-Cash Outflows
from Financing |
-1,714,080,000 |
-2,316,427,188 |
-995,986,664 |
|
Increase/Decrease
in Cash |
1,031,532,903 |
850,209,664 |
-3,569,726,925 |
|
Cash at the
Beginning of Year |
3,932,602,267 |
3,082,392,603 |
6,652,119,528 |
|
Cash at the
End of Year |
4,964,135,170 |
3,932,602,267 |
3,082,392,603 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Ship Engine Parts |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
DOOSAN ENGINE CO., LTD.(194211-0038423) |
|
Competitors |
STX ENGINE
CO., LTD. 80,
SEONGSAN-DONG, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-280-0114 FAX:+82-55-285-2030 DOOWON
PRECISION INDUSTRY CO., LTD. 180,
GEONJI-RI, DAEDEOK-MYEON, ANSEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-670-6000 FAX:+82-31-670-6200 CASCO CO.,
LTD. 938-2,
TAEGOK-RI, BUK-MYEON, JEONGEUP-SI, JEOLLABUK-DO, KOREA TEL:+82-63-570-6114 FAX:+82-63-570-6198 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative
Enterprise |
-Insured
Company HYUNDAI MARINE & FIRE INSURANCE CO.,
LTD.(110111-0035893) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
2012 |
2011 |
2010 |
|
Export |
16,403,222,773 |
20,775,988,336 |
19,467,369,056 |
|
Domestic |
26,817,897,087 |
24,880,386,321 |
25,176,525,023 |
|
Total |
43,221,119,860 |
45,656,374,657 |
44,643,894,079 |
The Subject
deals with the companies in Germany, Swiss, Japan and China.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.90 |
|
|
1 |
Rs.102.74 |
|
Euro |
1 |
Rs.85.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.