|
Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
WOOJIN, INC. |
|
|
|
|
Registered Office : |
292, Osan-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do 445-813 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.05.1980 |
|
|
|
|
Com. Reg. No.: |
135-81-05713 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Industrial Process Control Equipment |
|
|
|
|
No of Employees : |
177 |
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 : |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Korea |
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 |
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 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, and heavy reliance on exports - which comprise about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
WOOJIN, INC. (Korean Company Name : “(주)우진”) |
|
Registered
Address |
292, Osan-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do,
Korea |
|
Building |
|
|
Zip Code |
445-813 |
|
Tel |
+82-31-379-3114 |
|
Fax |
+82-31-379-3131 |
|
E-mail |
webmaster@woojininc.com |
|
Website |
www.woojininc.com |
|
Trading Address |
3FL., Mosan Bldg., 14-7, Yangjae-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-3460-5005 |
|
Fax |
+82-2-3460-5090 |
|
Other Address-Busan office |
1200-2, Jisa-dong, Gangseo-gu, Busan, Korea |
|
Tel |
+82-31-379-3062 |
|
Fax |
+82-51-831-8420 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Industrial Process Control Equipment |
|
Main Business |
ICI, Indicator, Electronic Flowmeters, CMS, RTD, ATMS |
|
Sub Business |
Manufacture of Ferro-Alloys |
|
Established
(mm/dd/yyyy) |
05/13/1980 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Indicating and recording instruments(41111900) |
|
Sell |
Dissolved oxygen probes(41115612) |
|
Sell |
Temperature and heat measuring instruments(41112200) |
|
Sell |
Thermocouples(41112206) |
|
Sell |
Sampling equipment(41104000) |
|
Sell |
Flowmeters(41112501) |
|
Sell |
Metals and metallurgy and structural materials testing instruments(41114600) |
|
Buy |
Connectors(31163100) |
|
Buy |
Retaining hardware(31163200) |
|
Buy |
Glass tubing(31231315) |
|
Buy |
Platinum(11101803) |
|
Buy |
Heating wire(26121501) |
CEO’s
|
Name |
Lee Sung-Bum |
|
Address |
|
|
Date of Birth |
09/23/1938 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
4,340,000,000 |
|||||||||||||||||||||||||||
|
Employees |
177 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 105840) as of 07/26/2010 Foreign Direct Investment Corporation |
|||||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Seo
Yeoksam Branch |
|||||||||||||||||||||||||||
|
Corporate
Registered No. |
134511-0001814 |
|||||||||||||||||||||||||||
|
Business
Registered No. |
135-81-05713 |
|||||||||||||||||||||||||||
|
Permit &
Licenses |
11/21/1996 ISO 9001 09/12/2001 KT Mark 12/26/2001 NT 12/26/2001 EM 12/24/2003 ISO 9001 01/24/2005 EM 07/28/2005 EM 08/31/2005 ISO 14001 12/08/2005 KT Mark Int’l Trade No.: 807193 |
|||||||||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||||||||
|
Company
History |
05/13/1980
Incorporated as the present name 07/12/1980
Registered as a Foreign Direct Investment Corporation 12/31/2008 Acquired WOOJIN Electri Co., Ltd. 04/27/2009 Acquired Woojin Hurotec Co., Ltd. |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Date of Birth |
Nationality |
Education |
|
Co-President
& CEO |
Mr. |
Lee Sung-Bum |
1938.09.23 |
Korean |
Sungkyunkwan University, Korea |
|
Co-President
& CEO |
Mr. |
Ryu Kye-Hyun |
1955.10.12 |
Korean |
Seoul National University, Korea |
|
Sr.
Executive Director |
Mr. |
Chae Myung-Eun |
1960.08 |
Korean |
Cheonbuk National University, Korea |
|
Sr.
Executive Director |
Mr. |
Kim Jae-Hong |
1958.02.12 |
Korean |
Aju University, Korea |
|
Director |
Mr. |
Baik Seung-Han |
1962.11.09 |
Korean |
Yonsei University, Korea |
|
Director |
Mr. |
Han Jung-Hee |
1964.07.30 |
Korean |
Yonsei University, Korea |
|
Director |
Mr. |
Lee Jae-Sang |
1973.11.30 |
Korean |
Chungju University, Korea |
|
Outside
Director |
Mr. |
Woo Choong-Hee |
1964.01 |
Korean |
Seoul National University, Korea |
|
Outside
Director |
Mr. |
Yoo Chan |
1964.12 |
Korean |
MIT Electrical Engineering, USA |
|
Outside
Director |
Mr. |
Kim Kil-Won |
1944.12.20 |
Korean |
Korea University, Korea |
Financials
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
43,904,280,469 |
111,316,991,859 |
1,586,105,480 |
|
|
(*)2012 |
57,891,773,762 |
107,537,743,184 |
4,843,900,245 |
|
(*)2011 |
59,620,056,687 |
97,695,535,486 |
7,102,740,791 |
|
(*)2010 |
52,351,603,784 |
100,034,233,108 |
8,979,093,515 |
(*)Figures are based on the K-IFRS Accounting
System.
Financial Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
8,680,000,000 |
|
Total Issued Shares |
17,360,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
111,316,991,859 |
107,537,743,184 |
97,695,535,486 |
|
Current Assets |
43,973,856,995 |
66,107,527,232 |
57,154,114,062 |
|
Inventories |
15,633,933,572 |
13,856,627,483 |
10,915,385,664 |
|
Other Receivables-Construction |
9,113,055,876 |
7,596,202,587 |
11,742,011,274 |
|
Trade Receivables
& Other Receivables |
12,359,155,516 |
16,509,996,693 |
9,399,900,693 |
|
Income Taxes |
0 |
562,673,894 |
0 |
|
Current Financial
Instruments |
184,029,825 |
5,632,836,175 |
12,502,575,815 |
|
Derivatives |
957,407,977 |
77,711,698 |
0 |
|
Other Current Assets |
5,306,873,623 |
4,866,538,794 |
1,085,981,844 |
|
Cash & Cash
Equivalents |
419,400,606 |
17,004,939,908 |
11,508,258,772 |
|
Non-Current Assets |
67,343,134,864 |
41,430,215,952 |
40,541,421,424 |
|
Tangibles |
25,916,967,366 |
18,758,805,069 |
17,454,717,951 |
|
Intangibles |
2,492,841,331 |
2,429,418,818 |
2,276,716,488 |
|
Investment_Real
Estates |
2,072,028,776 |
6,148,863,832 |
6,276,959,943 |
|
Investment_Subsidiaries |
22,695,481,510 |
5,517,718,884 |
5,517,718,884 |
|
Investment_Related
Companies |
6,335,590,637 |
6,335,590,637 |
6,335,590,637 |
|
Derivatives |
312,049,781 |
228,125,153 |
0 |
|
Non-Current Financial
Instruments |
7,518,175,463 |
2,011,693,559 |
2,679,717,521 |
|
Total
Liabilities |
20,568,405,080 |
17,332,810,283 |
15,077,172,231 |
|
Current Liabilities |
16,552,883,728 |
16,109,318,886 |
13,331,464,866 |
|
Trade Payables &
Other Payables |
7,986,486,513 |
9,340,088,438 |
6,485,246,239 |
|
Other Payables-Construction |
2,924,129,376 |
2,720,051,877 |
2,602,666,930 |
|
Other Current
Financial Debts |
4,186,463,893 |
664,655,716 |
385,792,857 |
|
Derivatives |
48,918,102 |
0 |
40,287,160 |
|
Deferred Income Taxes |
365,116,582 |
0 |
760,376,663 |
|
Other Current
Liabilities |
1,041,769,262 |
3,384,522,855 |
3,057,095,017 |
|
Non-Current Liabilities |
4,015,521,352 |
1,223,491,397 |
1,745,707,365 |
|
Other Non-Current
Financial Debts |
3,075,040,000 |
46,200,000 |
46,200,000 |
|
Deferred Income Tax
Credit |
378,621,352 |
572,431,397 |
1,191,647,365 |
|
Other Non-Current
Liabilities |
561,860,000 |
604,860,000 |
507,860,000 |
|
Capital Stock |
8,680,000,000 |
8,680,000,000 |
4,340,000,000 |
|
Capital Surplus |
39,755,048,692 |
39,755,048,692 |
44,128,605,248 |
|
Others |
0 |
-2,742,924,496 |
-9,805,197,913 |
|
Profit Surplus |
42,313,538,087 |
44,512,808,705 |
43,954,955,920 |
|
Total Equity |
90,748,586,779 |
90,204,932,901 |
82,618,363,255 |
|
Liab. &
Shareholder’s Equity |
111,316,991,859 |
107,537,743,184 |
97,695,535,486 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
24,820,607,192 |
59,620,056,687 |
52,351,603,784 |
|
Cost of Sold Goods |
18,191,167,306 |
41,450,721,370 |
35,461,084,361 |
|
Gross Profit |
6,629,439,886 |
18,169,335,317 |
16,890,519,423 |
|
Selling & Admin.
Expenses |
4,760,070,183 |
9,701,739,507 |
7,676,593,698 |
|
Operating Income |
1,863,594,369 |
8,545,039,862 |
9,380,906,073 |
|
Finance Income |
1,635,419,336 |
2,601,588,127 |
2,028,837,859 |
|
Finance Expenses |
161,520,342 |
1,484,950,278 |
747,208,607 |
|
Other Operating
Income |
23,114,080 |
196,311,714 |
232,000,478 |
|
Other Operating
Expenses |
28,889,414 |
118,867,662 |
65,020,130 |
|
Income Before Taxes |
3,337,493,363 |
9,661,677,711 |
10,662,535,325 |
|
Income Taxes Expenses |
522,230,113 |
2,558,936,920 |
1,683,441,810 |
|
Net Income |
2,815,263,250 |
7,102,740,791 |
8,979,093,515 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
682,666,046 |
-4,775,183,364 |
12,468,267,090 |
|
Cash Flows from
Operating |
-1,517,523,230 |
-2,738,842,015 |
16,417,663,922 |
|
Net Income |
1,586,105,480 |
4,843,900,245 |
7,102,740,791 |
|
-Exp. without Cash Outflow |
3,867,366,865 |
3,232,952,305 |
5,810,519,045 |
|
-Revenue without Cash Inflows |
-5,438,024,992 |
-2,887,192,819 |
-2,553,309,902 |
|
Changes in Asset/
& Liability |
-1,532,970,583 |
-7,928,501,746 |
6,057,713,988 |
|
Interests Received |
800,945,970 |
807,783,610 |
1,595,325,452 |
|
Interests Paid |
-19,720,252 |
0 |
-160,000,000 |
|
Dividends Received |
2,053,000,000 |
912,900,000 |
183,900,000 |
|
Dividends Paid |
-1,041,600,000 |
-2,201,401,260 |
-3,884,895,000 |
|
Income Tax |
407,563,558 |
-1,555,623,699 |
-1,683,727,284 |
|
Cash Flows from Investing |
-23,732,889,799 |
6,519,619,703 |
-8,427,779,581 |
|
-Cash Inflow from Investing |
6,741,716,667 |
24,060,950,557 |
9,225,158,835 |
|
-Cash Outflows for Investing |
-30,474,606,466 |
-17,541,330,854 |
-17,652,938,416 |
|
Cash Flows from Financing |
6,467,789,261 |
3,782,727,180 |
-7,125,163,000 |
|
-Cash Inflows from Financing |
6,467,789,261 |
3,825,589,200 |
0 |
|
-Cash Outflows from Financing |
0 |
-42,862,020 |
-7,125,163,000 |
|
Increase/Decrease in Cash |
-16,582,434,492 |
5,527,163,519 |
-3,084,675,491 |
|
Cash at the Beginning of Year |
17,004,939,908 |
11,508,258,772 |
14,590,174,742 |
|
Cash at the End of Year |
419,400,606 |
17,004,939,908 |
11,508,258,772 |
|
Main Products
& Services |
ICI, Indicator, Electronic Flowmeters, CMS, RTD, ATMS |
|
Suppliers |
IST MEGGITT JAC EMERSON SHINKAWA EMCO SONIC |
|
Customers |
POSCO(174611-0000741) KOREA HYDRO & NUCLEAR POWER CO., LTD.(110111-2207127) HYUNDAI STEEL COMPANY(120111-0001743) DONGKUK STEEL MILL CO., LTD.(110111-0031338) |
|
Competitors |
FLOTRON
CORPORATION LIMITED 3~5 FL., YEWON
BLDG., 1666-11, SEOCHO 1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3470-5709 FAX:+82-2-522-6317 HISCO INC. 15-5,
YANGPYEONG-DONG 4-GA, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2677-6041 FAX:+82-2-2672-1873 YOUNG HEUNG
INSTRUMENTS CO., LTD. A-139, ANSEONG
MACHINE TOOLS COMPLEX, 410-13, SINDORIM-DONG, GURO-GU, SEOUL, KOREA TEL:+82-2-2671-3956 FAX:+82-2-2671-6490 |
Related
Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Joint Venture |
WOOJIN
ELECTRO-NITE INC.(134811-0124123) (34.0% held by the subject company, 66.0% held by Heraeus
Electro-Nite International N.V.) CHINO KOREA
CO., LTD.(134111-0027214) (50.0% held by the subject company, 50.0% held by Chino Japan) KOREA NAGANO
CO., LTD.(134111-0026703) (51.0% held by the subject company, 49.0% held by Nagano Keiki Co., Ltd., & Marufuji Kogyo Co., Ltd.) SVC INC.(124411-0002105) (65% held by the subject company) WOOJIN NTEC INC.(134811-0260331) (66.67% held by the subject company) OVAL
ENGINEERING INC.(135811-0103192) (40.0% held by the subject company, 60.0% held by OVAL JAPAN) TOW INC.(134811-0057845) (50.0% held by the subject company, 50.0% held by TOHO
Japan) WOOJIN JAPAN INC. (100% held by the subject company) |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
UK Pound |
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
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.