|
Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
WOO SEOK STS CORPORATION |
|
|
|
|
Registered Office : |
1921-16, Gijang-daero, Jangan-eup, Gijang-gun, Busan, Korea |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.05.1998 |
|
|
|
|
Com. Reg. No.: |
133-81-36700 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
|
|
|
No. of Employees : |
18 |
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 : |
No complaints |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KOREA (SOUTH) - 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.
South 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. South 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-Korea Free Trade Agreement was
ratified by both governments in 2011 and went into effect in March 2012.
Throughout 2012 and 2013 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The
administration in 2014 is likely to face the challenge 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, dominance of large conglomerates
(chaebols), and heavy reliance on exports, which comprise about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
WOO SEOK STS CORPORATION |
|
Registered Address |
1921-16, Gijang-daero, Jangan-eup,
Gijang-gun, Busan, Korea |
|
Zip Code |
619-951 |
|
Tel |
+82-51-710-1700 |
|
Fax |
+82-51-710-1745 |
|
E-mail |
victor@wooseoksts.com |
|
Website |
www.wooseoksts.com |
|
Trading Address |
1921-16, Gijang-daero, Jangan-eup, Gijang-gun,
Busan, Korea (Old Address System : 1127, Giryong-ri, Jangan-eup, Gijang-gun, Busan,
Korea) |
|
Tel |
+82-51-710-1700 |
|
Fax |
+82-51-710-1745 |
|
Other Address |
22-4, Giryong-ri, Jangan-eup, Gijang-gun, Busan,
Korea |
|
Type |
Export |
|
Industry |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
Main Business |
Stainless Steel Pipe, Stainless Steel Tube |
|
Established (mm/dd/yyyy) |
05/26/1998 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tube and tubing(31231300) |
|
Sell |
Stainless steel pipe(40142117) |
CEO’s
|
Name |
Kang Mitchell Victor |
|
Address |
Suite 502, 1490-8, Jung-dong,
Haeundae-gu, Busan, Korea |
|
Date of Birth |
01/09/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,882,657,000 |
||||||||||||||||||||||||||||||
|
Employees |
18 |
||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Suwon Branch Busan Bank Hana Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
135011-0092044 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
133-81-36700 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 21032709 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
05/26/1998 Incorporated as Burim Special
Pipe Co., Ltd. 11/30/2006 Designated as a a Venture
Business 10/28/2009 Changed company name to the
present name 10/28/2009 Moved to the present HQ address
from 1760-1, Songjeong-dong, Gangseo-gu, Busan, Korea 06/23/2010 Increased capital to
3,882,657,000 KRW from 3,868,525,500 KRW |
||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kang Mitchell Victor |
Male |
USA |
12/17/2010 |
|
Outside Director |
Mr. |
Kim Byung-Won |
Male |
Korean |
10/08/2012 |
|
Director |
Mr. |
Kim Jae-Do |
Male |
Korean |
10/08/2012 |
|
Auditor |
Mr. |
Ma Jung-Ho |
Male |
Korean |
12/05/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
12,183,268,883 |
31,335,803,770 |
808,652,337 |
|
|
2012 |
14,459,298,328 |
30,159,789,546 |
754,874,096 |
|
2011 |
23,669,145,104 |
29,839,022,787 |
-419,354,847 |
|
2010 |
20,245,472,185 |
25,332,051,831 |
-1,567,676,723 |
|
2009 |
9,316,397,031 |
22,429,097,534 |
-4,940,211,660 |
|
2008 |
14,528,063,043 |
22,585,270,178 |
-7,947,247,660 |
|
2007 |
14,005,457,372 |
19,609,155,539 |
-1,286,564,276 |
|
2006 |
15,750,264,813 |
11,446,621,062 |
-264,930,092 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
3,882,657,000 |
|
Total Issues Shares |
7,765,314 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
31,335,803,770 |
30,159,789,546 |
29,839,022,787 |
|
Current Assets |
9,032,946,264 |
7,271,888,083 |
9,942,785,186 |
|
-Quick Assets |
2,477,199,662 |
3,784,343,872 |
4,673,620,042 |
|
-Inventories |
6,555,746,602 |
3,487,544,211 |
5,269,165,144 |
|
Fixed Assets |
22,302,857,506 |
22,887,901,463 |
19,896,237,601 |
|
-Investment |
103,978,751 |
125,109,741 |
135,969,559 |
|
-Tangibles |
22,135,936,755 |
22,690,543,722 |
18,998,899,866 |
|
-Intangibles |
4,612,000 |
6,918,000 |
97,528,276 |
|
-Others |
58,330,000 |
65,330,000 |
663,839,900 |
|
Total Liabilities |
25,261,663,717 |
24,894,301,830 |
25,328,409,167 |
|
Current Liabilities |
20,304,663,717 |
19,437,301,830 |
20,748,409,167 |
|
Fixed Liabilities |
4,957,000,000 |
5,457,000,000 |
4,580,000,000 |
|
Capital Stock |
3,882,657,000 |
3,882,657,000 |
3,882,657,000 |
|
Capital Surplus |
1,567,773,822 |
1,567,773,822 |
1,567,773,822 |
|
Profit Surplus |
623,709,231 |
-184,943,106 |
-939,817,202 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
6,074,140,053 |
5,265,487,716 |
4,510,613,620 |
|
Liab. & Shareholder’s Equity |
31,335,803,770 |
30,159,789,546 |
29,839,022,787 |
|
Current Liabilities |
20,304,663,717 |
19,437,301,830 |
20,748,409,167 |
|
Trade Payables |
2,932,595,226 |
2,311,810,718 |
3,707,622,235 |
|
Advance Receipts |
194,392,633 |
76,720,003 |
59,243,127 |
|
Short-Term Borrowings |
7,433,183,710 |
4,526,159,474 |
2,956,524,102 |
|
Account Payables |
289,877,124 |
361,818,590 |
758,221,153 |
|
Withholdings |
5,713,232 |
6,101,682 |
6,447,360 |
|
Accrued Expenses |
695,947,222 |
698,603,391 |
1,896,476,013 |
|
Short-Term Borrowings to Shareholders/ Executives/ Employees |
8,252,954,570 |
10,456,087,972 |
11,303,875,177 |
|
Guarantee Deposit Withhold |
|
|
60,000,000 |
|
Current Portion of Long-Term Debts |
500,000,000 |
1,000,000,000 |
- |
|
Fixed Liabilities |
4,957,000,000 |
5,457,000,000 |
4,580,000,000 |
|
Long-Term Borrowings |
4,957,000,000 |
5,457,000,000 |
4,580,000,000 |
|
Provision for Severance & Retirement |
61,909,961 |
74,968,384 |
91,129,941 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
12,183,268,883 |
14,459,298,328 |
23,669,145,104 |
|
Cost of Sold Goods |
9,262,547,638 |
11,737,586,033 |
21,210,829,984 |
|
Gross Profit |
2,920,721,245 |
2,721,712,295 |
2,458,315,120 |
|
Selling & Admin. Expenses |
1,589,685,360 |
1,403,448,123 |
1,958,196,706 |
|
Operating Income |
1,331,035,885 |
1,318,264,172 |
500,118,414 |
|
Non-Operating Income |
114,262,489 |
251,697,145 |
616,569,969 |
|
Non-Operating Expenses |
636,646,037 |
815,087,221 |
1,536,043,230 |
|
Income Before Taxes |
808,652,337 |
754,874,096 |
-419,354,847 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
808,652,337 |
754,874,096 |
-419,354,847 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
636,182,467 |
846,071,518 |
-1,334,482,281 |
|
-Net Income |
808,652,337 |
754,874,096 |
-419,354,847 |
|
-Exp. without Cash Outflow |
968,275,717 |
995,477,244 |
1,509,011,331 |
|
-Revenue without Cash Inflows |
-11,937 |
-82,140,410 |
-456,373,779 |
|
-Changes in Asset/ & Liability |
-1,140,733,650 |
-822,139,412 |
-1,967,764,986 |
|
Cash Flows from Investing |
-326,423,376 |
-3,417,598,289 |
-3,899,479,516 |
|
-Cash Inflow from Investing |
217,598,879 |
1,389,095,218 |
1,383,489,503 |
|
-Cash Outflows for Investing |
-544,022,255 |
-4,806,693,507 |
-5,282,969,019 |
|
Cash Flows from Financing |
-296,109,166 |
2,598,848,167 |
5,234,106,236 |
|
-Cash Inflows from Financing |
5,708,828,498 |
6,530,232,862 |
7,265,776,322 |
|
-Cash Outflows from Financing |
-6,004,937,664 |
-3,931,384,695 |
-2,031,670,086 |
|
Increase/Decrease in Cash |
13,649,925 |
27,321,396 |
144,439 |
|
Cash at the Beginning of Year |
28,552,124 |
1,230,728 |
1,086,289 |
|
Cash at the End of Year |
42,202,049 |
28,552,124 |
1,230,728 |
Products,
Technologies, Services Description
|
Main Products & Services |
Stainless Pipe, Tube, Auto Parts |
Trade Partners
& Competitors
|
Competitors |
SEAH STEEL CORPORATION URI BLDG., 10, BONGNAEDONG 1-GA, JUNG-GU,
SEOUL, KOREA TEL:+82-2-3783-8114 FAX:+82-2-3783-8188 GANA STAINLESS STEEL CO., LTD. 1042, CHANGGOK-RI, PALTAN-MYEON,
HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-352-4292 FAX:+82-31-354-1305~6 JINBANG STEEL KOREA CO., LTD. 605, HO-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-289-5700 FAX:+82-54-278-0421 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
WOOSEOK HOLDINGS CO., LTD.(110111-3212670) |
|
Cooperative Enterprise |
-Insured Company AMERICAN HOME ASSURANCE CO., LTD.(110111-4725010) |
Sales by Region
(Activity & Markets)
Not Available.
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.