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Report No. : |
310995 |
|
Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
WOORI P&C CORPORATION |
|
|
|
|
Registered Office : |
19, Samseong-ro 71-gil, Gangnam-gu, |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.10.2004 |
|
|
|
|
Com. Reg. No.: |
215-86-62484 |
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|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
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Line of Business : |
· Engaged as Wholesaler of Industrial Basic Chemicals such as Phthalic Anhydride, Plasticizers, Bisphenol-A & Surfactant Engaged
in Renting of Non-Residential Buildings Engaged in Selling
of Phenols or its substitutes
or derivatives, Plasticizers
& Aromatic or Heterocyclic Compounds |
|
|
|
|
No of Employees : |
04 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
|
Company
Name |
WOORI P&C CORPORATION (Korean Company Name : “(주)우리피앤씨”) |
|
Registered Address |
19, Samseong-ro 71-gil, Gangnam-gu, Seoul,
Korea |
|
Building |
7th
Fl., Higlo Bldg. |
|
Zip Code |
135-843 |
|
Tel |
+82-2-3432-2800 |
|
Fax |
+82-2-3432-4695 |
|
E-mail |
|
|
Trading
Address |
7th Fl., Higlo Bldg., 19, Samseong-ro
71-gil, Gangnam-gu, Seoul, Korea (Old Address System : 7th Fl., Higlo Bldg., 914-1, Daechi 4-dong,
Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-3432-2800 |
|
Fax |
+82-2-3432-4695 |
|
Type |
Export/Import |
|
Main Business |
· Engaged as Wholesaler of Industrial Basic Chemicals such as Phthalic Anhydride, Plasticizers, Bisphenol-A & Surfactant Engaged
in Renting of Non-Residential Buildings Engaged in Selling
of Phenols or its substitutes
or derivatives, Plasticizers
& Aromatic or Heterocyclic Compounds |
|
Established (mm/dd/yyyy) |
10/07/2004 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Phenols
or its substitutes or derivatives(12191503) |
|
Sell |
Plasticizers(12162000) |
|
Sell |
Aromatic
or heterocyclic compounds(12352005) |
|
Name |
Kang
Myung-Soo |
|
Address |
Suite 103-1101, 309, Yeoksam-ro,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
08/24/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
150,000,000 |
||||||||||||
|
Employees |
4 |
||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||
|
Bank Details |
Suhyup Bank-Samseong Dong Branch Shinhan Bank Industrial bank of Korea Korea Exchange Bank |
||||||||||||
|
Corporate Registered No. |
110111-3095034 |
||||||||||||
|
Business Registered No. |
215-86-62484 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 30322499 |
||||||||||||
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Shareholder Position |
|
||||||||||||
|
Company History |
10/07/2004 Incorporated as the present
name 1/2005 Awarded US$2 Million Export Top
Prize 12/19/2006 Increased capital to
150,000,000 KRW from 50,000,000 KRW |
||||||||||||
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|
|
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kang Myung-Soo |
Male |
Korean |
10/07/2004 |
|
Director |
Mr. |
Kang Kyung-Doo |
Male |
Korean |
08/31/2006 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2013 |
78,219,492,000
|
4,892,664,000
|
141,256,000
|
|
2012 |
88,752,690,820 |
8,493,785,916 |
-362,756,550 |
|
2011 |
117,143,552,204 |
13,574,822,962 |
-70,996,956 |
|
2010 |
106,189,213,934 |
12,403,586,274 |
516,798,249 |
|
2009 |
98,665,007,309 |
9,729,766,649 |
529,302,399 |
|
2008 |
75,693,931,000
|
3,291,537,000
|
482,206,000
|
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
150,000,000 |
|
Total Issued Shares |
30,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
4,892,664,000 |
8,493,785,916 |
13,574,822,962 |
|
Current Assets |
|
4,605,892,817 |
9,596,975,328 |
|
-Quick
Assets |
|
446,832,843 |
854,621,533 |
|
-Inventories |
|
4,159,059,974 |
8,742,353,795 |
|
Fixed
Assets |
|
3,887,893,099 |
3,977,847,634 |
|
-Investment |
|
23,989,288 |
11,998,644 |
|
-Tangibles |
|
3,863,444,811 |
3,965,389,990 |
|
-Intangibles |
|
- |
- |
|
-Others |
|
459,000 |
459,000 |
|
Total Liabilities |
2,986,810,000 |
6,729,188,004 |
11,447,468,500 |
|
Current Liabilities |
|
5,248,560,821 |
10,616,718,500 |
|
Fixed Liabilities |
|
1,480,627,183 |
830,750,000 |
|
Capital Stock |
150,000,000 |
150,000,000 |
150,000,000 |
|
Capital Surplus |
|
- |
- |
|
Profit Surplus |
|
1,614,597,912 |
1,977,354,462 |
|
Capital Adjustment |
|
- |
- |
|
Total Equity |
1,905,854,000 |
1,764,597,912 |
2,127,354,462 |
|
Liab. & Shareholder’s Equity |
4,892,664,000 |
8,493,785,916 |
13,574,822,962 |
|
Current
Liabilities |
|
5,248,560,821 |
10,616,718,500 |
|
Trade Payables |
|
4,070,302,105 |
9,013,633,449 |
|
Short-Term Borrowings |
|
100,000,000 |
800,000,000 |
|
Short-Term Borrowings to Shareholders/
Executives/ Employees |
|
900,000,000 |
650,000,000 |
|
Account Payables |
|
83,751,792 |
50,389,488 |
|
Advance Receipts |
|
61,071,164 |
50,644,513 |
|
Withholdings |
|
28,816,120 |
5,361,740 |
|
Accrued Income Tax |
|
4,619,640 |
46,689,310 |
|
Fixed
Liabilities |
|
1,480,627,183 |
830,750,000 |
|
Leasehold Deposit Received |
|
150,000,000 |
155,000,000 |
|
Provision for Severance & Retirement |
|
1,340,780,000 |
675,750,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
78,219,492,000 |
88,752,690,820 |
117,143,552,204 |
|
Cost of Sold Goods |
|
86,565,796,204 |
114,124,714,773 |
|
Gross Profit |
|
2,186,894,616 |
3,018,837,431 |
|
Selling & Admin. Expenses |
|
2,692,927,251 |
3,228,215,653 |
|
Operating Income |
94,739,000 |
-506,032,635 |
-209,378,222 |
|
Non-Operating Income |
|
668,083,366 |
1,678,005,752 |
|
Non-Operating Expenses |
|
473,991,221 |
1,388,365,186 |
|
Income Before Taxes |
|
-311,940,490 |
80,262,344 |
|
Income Taxes Expenses |
|
50,816,060 |
151,259,300 |
|
Net Income |
141,256,000 |
-362,756,550 |
-70,996,956 |
Cash Flows
|
|||
|
Unit : Korean Won |
|
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows from Operating |
|
-7,166,752 |
363,867,916 |
|
-Net Income |
|
-362,756,550 |
-70,996,956 |
|
-Exp. without Cash Outflow |
|
101,230,921 |
73,884,767 |
|
-Revenue without Cash Inflows |
|
-194,832 |
-9,089,909 |
|
-Changes in Asset/ & Liability |
|
254,553,709 |
370,070,014 |
|
Cash Flows from Investing |
|
44,918,446 |
-109,690,095 |
|
-Cash Inflow from Investing |
|
56,909,090 |
52,217,265 |
|
-Cash Outflows for Investing |
|
-11,990,644 |
-161,907,360 |
|
Cash Flows from Financing |
|
-455,000,000 |
-26,000,000 |
|
-Cash Inflows from Financing |
|
250,000,000 |
- |
|
-Cash Outflows from Financing |
|
-705,000,000 |
-26,000,000 |
|
Increase/Decrease in Cash |
|
-417,248,306 |
228,177,821 |
|
Cash at the Beginning of Year |
|
525,966,572 |
297,788,751 |
|
Cash at the End of Year |
|
108,718,266 |
525,966,572 |
|
Competitors |
RAYSTAR CORPORATION 11TH FL., YUHWA SECURITIES BLDG., 23-7,
YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3770-0550 FAX:+82-2-3770-0554 A CHEM CORPORATION RM. 1110, WINDSTONE OFFICETEL, 275-2, YANGJAE
2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-573-7385 FAX:+82-2-576-9239 VISIONCHEM CORPORATION RM. 1-308, OFFICETEL TREBELL, 1057,
CHEONHO-DAERO, GANGDONG-GU, SEOUL, KOREA TEL:+82-2-3276-3540 FAX:+82-2-7259313 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company LIG
INSURANCE CO., LTD.(110111-0017859) |
(Activity & Markets)
The Subject deals with the companies in China, Iran, Malaysia, Singapore
and Arab Emirate.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.75 |
|
UK Pound |
1 |
Rs.94.60 |
|
Euro |
1 |
Rs.67.09 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.