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Report No. : |
304807 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
WOOSUNG FURNACE CO. |
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|
|
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Registered Office : |
98, Gomo-ro 324beon-gil, Jillye-myeon, Gimhae-si, Gyeongsangnam-do |
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|
|
|
Country : |
South Korea |
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|
|
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Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
11.02.1998 |
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Com. Reg. No.: |
606-03-64875 |
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Legal Form : |
Sole Proprietorship |
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|
|
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Line of Business : |
Manufacture of Industrial Ovens, Furnaces and Furnace Burners |
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|
|
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No. of Employee : |
7 |
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 |
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|
|
|
Payment Behaviour : |
Unknown |
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|
|
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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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
|
Company Name |
WOOSUNG FURNACE CO. |
|
Registered Address |
98, Gomo-ro 324beon-gil, Jillye-myeon, Gimhae-si, Gyeongsangnam-do,
Korea |
|
Building |
|
|
Zip Code |
621-882 |
|
Tel |
+82-55-345-7097~8 |
|
Fax |
+82-55-345-3411 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
98, Gomo-ro 324beon-gil, Jillye-myeon, Gimhae-si, Gyeongsangnam-do,
Korea (Old Address System : 114-1, Songhyeon-ri, Jillye-myeon, Gimhae-si,
Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-345-7097~8 |
|
Fax |
+82-55-345-3411 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Industrial Ovens, Furnaces and Furnace Burners |
|
Main Business |
Furnace, Heater |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/02/1998 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Furnaces(40101805) |
|
Name |
Kim Jong-Bae |
|
Address |
|
|
Date of Birth |
06/05/1967 |
|
Title |
Owner |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
Not Applicable to the Sole Proprietorship |
|
Employees |
7 |
|
Formation |
Sole Proprietorship |
|
Bank Details |
Busan Bank-Jangyu Branch Industrial Bank of Korea |
|
Corporate Registered No. |
Not Applicable to the Sole Proprietorship |
|
Business Registered No. |
606-03-64875 |
|
Permit & Licenses |
N/A |
|
Shareholder Position |
The owner has 100% shares. |
|
Company History |
11/02/1998 Established as the present name |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Owner |
Mr. |
Kim Jong-Bae |
Male |
Korean |
11/02/1998 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2012 |
|
|
|
|
2011 |
2,845,662,000 |
1,312,548,000 |
395,680,000 |
|
2010 |
2,515,000,000 |
1,109,000,000 |
144,000,000 |
|
2009 |
1,438,365,000 |
1,095,518,000 |
82,123,000 |
|
2008 |
2,358,459,000 |
1,183,348,000 |
135,533,000 |
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) |
Not Applicable to the Sole Proprietorship |
|
Paid-Up Capital(KRW) |
Not Applicable to the Sole Proprietorship |
|
Total Issues Shares |
Not Applicable to the Sole Proprietorship |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
|
|
1,312,548,000 |
|
Current Assets |
|
|
|
|
-Quick Assets |
|
|
|
|
-Inventories |
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Fixed Assets |
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|
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-Investment |
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-Tangibles |
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|
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-Intangibles |
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|
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Total Liabilities |
|
|
695,353,000 |
|
Current Liabilities |
|
|
|
|
Fixed Liabilities |
|
|
|
|
Capital Stock |
|
|
617,195,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
|
|
|
|
Capital Adjustment |
|
|
|
|
Total Equity |
|
|
617,195,000 |
|
Liab. & Shareholder’s Equity |
|
|
1,312,548,000 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
|
|
2,845,662,000 |
|
Cost of Sold Goods |
|
|
|
|
Gross Profit |
|
|
|
|
Selling & Admin. Expenses |
|
|
|
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Operating Income |
|
|
417,014,000 |
|
Non-Operating Income |
|
|
|
|
Non-Operating Expenses |
|
|
|
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Income Before Taxes |
|
|
|
|
Income Taxes Expenses |
|
|
|
|
Net Income |
|
|
395,680,000 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
|
|
|
|
-Net Income |
|
|
|
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-Exp. without Cash Outflow |
|
|
|
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-Revenue without Cash Inflows |
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|
|
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-Changes in Asset/ & Liability |
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|
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Cash Flows from Investing |
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|
|
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-Cash Inflow from Investing |
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|
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-Cash Outflows for Investing |
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Cash Flows from Financing |
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|
|
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-Cash Inflows from Financing |
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|
|
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-Cash Outflows from Financing |
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|
|
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Increase/Decrease in Cash |
- |
611,050,000 |
100,000,000 |
|
Cash at the Beginning of Year |
- |
- |
- |
|
Cash at the End of Year |
42,578,000 |
73,879,000 |
56,000,000 |
|
Main Products & Services |
Furnace, Heater |
|
Detailed Products Spec. |
-- |
|
Technologies Acquired |
-- |
|
Suppliers |
-- |
|
Customers |
HWA YOUNG ELECTRIC CO., LTD.( 180111-0596651) PYUNGSAN CO., LTD.(195511-0115208) BU YOUNG METAL CO., LTD.(195511-0117303) |
|
Competitors |
WOO YOUL FURNACE CO., LTD. 628-3, BUBONG-RI, SANIN-MYEON, HAMAN-GUN,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-582-4435 FAX:+82-55-582-4438 SOOKOOK CORPORATION 345-4, SUHA-RI, SINDUN-MYEON, ICHEON-SI,
GYEONGGI-DO, KOREA TEL:+82-31-631-3400 FAX:+82-31-631-2730 HAN YANG INDUSTRY CO., LTD. 351-1, JANGHA-DONG, SANGNOK-GU, ANSAN-SI,
GYEONGGI-DO, KOREA TEL:+82-31-486-3200 FAX:+82-31-486-1001 |
The Subject exports to Vietnam, Pakistan,
China, UAE and Thailand.
Not Available.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.