MIRA INFORM REPORT

 

 

Report Date :

19.11.2014

 

IDENTIFICATION DETAILS

 

Name :

JIN WON TRADING CO. LTD.

 

 

Registered Office :

1354-2. Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea, 1Ma-303, Sihwa Industrial Complex, 429-915

 

 

Country :

South Korea

 

 

Date of Incorporation :

11.01.1994

 

 

Com. Reg. No.:

215-81-37807

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesale of Dyes, Pigments and Related Products like Dyes, Dyestuff, Reactive Dyestuffs

 

 

No of Employees :

13

 

 

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 :

Unknown

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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 Information

 

Company Name

JIN WON TRADING CO. LTD.

(Korean Company Name : “(주)진원트래드”)

Registered Address

1354-2. Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea

Building

1Ma-303, Sihwa Industrial Complex

Zip Code

429-915

Tel

+82-2-409-6258

Fax

+82-2-449-5300

E-mail

jinwon94@hotmail.com

Website

 

Trading Address

1Ma-303, Sihwa Industrial Complex, 68, Gyeongje-ro, Siheung-si, Gyeonggi-do, Korea

(Old Address System : 1Ma-303, Sihwa Industrial Complex, 1354-2. Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea)

Tel

+82-2-409-6258

Fax

+82-2-449-5300

Other Address

Rm. 709, Geobugi Officetel, 98-7, Garakbon-dong, Songpa-gu, Seoul, Korea

Tel

+82-2-409-6258

Fax

+82-2-449-5300

Type

Export/Import

Industry

Wholesale of Dyes, Pigments and Related Products

  Main Business

Dyes, Dyestuff, Reactive Dyestuffs

  Sub Business

 

Established (mm/dd/yyyy)

01/11/1994

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Phthalein dyes(12171502)

Sell

Dyes(12171500)

 

 

CEO’s

 

Name

Choi Baek-Yul

Address

Suite 7-1004, 486, Godeok-dong, Gangdong-gu, Seoul, Korea

Date of Birth

06/05/1955

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

300,000,000

Employees

13

Formation

Co., Ltd by Shares

Bank Details

Industrial Bank of Korea- Garak Dong Branch

Korea Exchange Bank-Garak Dong Branch

Corporate Registered No.

110111-1001463

Business Registered No.

215-81-37807

Permit & Licenses

Int’l Trade no.: 11508548

Shareholder Position

N/A

Company History

01/11/1994 Incorporated as the present name

07/15/2009 Moved to 2Na-211-1, Sihwa Industrial Complex, 1260-15, Jeongwang 2-dong, Siheung-si, Gyeonggi-do, Korea from Rm. 709, Geobugi Officetel, 98-7, Garakbon-dong, Songpa-gu, Seoul, Korea

12/17/2009 Increased the authorized shares to 200,000 shares from 40,000 shares

12/18/2009 Increased capital to 200,000,000 KRW from 100,000,000 KRW

12/21/2010 Increased capital to 300,000,000 KRW from 200,000,000 KRW

05/01/2013 Moved to the present HQ address from 2Na-211-1, Sihwa Industrial Complex, 1260-15, Jeongwang 2-dong, Siheung-si, Gyeonggi-do, Korea

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Choi Baek-Yul

Male

Korean

05/13/2005

Director

M/S.

Ryou Eun-Hee

Female

Korean

05/13/2005

Director

Mr.

Kim Ho-Sung

Male

Korean

04/07/2013

Auditor

M/S.

Jung Myung-Hee

Female

Korean

07/06/2006

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

 

 

 

2012

 

 

 

2011

 

 

 

2010

 

 

 

2009

 

 

 

2008

1,628,000,000

983,000,000

44,000,000

2007

925,000,000

889,000,000

13,000,000

The latest financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

Financial Description

 

Authorized Capital(KRW)

1,000,000,000

Paid-Up Capital(KRW)

300,000,000

Total Issues Shares

60,000

 

 

Income Statement

Unit : Million Korean Won

 

 

As of 12/31/2011

Sales

 

 

925

Cost of Sold Goods

 

 

681

Gross Profit

 

 

244

Selling & Admin. Expenses

 

 

221

Operating Income

 

 

23

Non-Operating Income

 

 

27

Non-Operating Expenses

 

 

32

Ordinary Income

 

 

18

Special Income

 

 

-

Income Before Taxes

 

 

18

Income Taxes Expenses

 

 

5

Net Income

 

 

13

 

 

Products, Technologies, Services Description

 

Main Products & Services

Dyes, Dyestuff, Reactive Dyestuffs

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Competitors

CHEMA INTERNATIONAL CORP.

RM. 503, SAMYANG BLDG., 404-5, GALHYEON 1-DONG, EUNPYEONG-GU, SEOUL, KOREA

TEL:+82-2-358-8508~9  FAX:+82-2-358-5005

 

POLYPLUS CO., LTD.

645-2, WOLHA-DONG, YEOSU-SI, JEOLLANAM-DO, KOREA

TEL:+82-61-685-6121  FAX:+82-61-685-4332

 

KANGSHIN INDUSTRIAL CO., LTD.

GANGSIN BLDG., 167, DONGSEONDONG 2-GA, SEONGBUK-GU, SEOUL, KOREA

TEL:+82-2-920-4000  FAX:+82-2-929-8900

 

 

Sales by Region (Activity & Markets)

 

The Subject Company imports from Hong Kong, Spain and India.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.81

UK Pound

1

Rs.96.77

Euro

1

Rs.77.09                      

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.