3decades

MIRA INFORM REPORT

Report No. :	490767
Report Date :	06.02.2018

IDENTIFICATION DETAILS

Name :	WOO JIN CHEMICAL CO., LTD.

Registered Office :	220, Yeongsin-Ro, Yeongdeungpo-Gu, Seoul, Rm. 613, KnK Digital Tower, Korea 07228

Country :	South Korea

Date of Incorporation :	01.11.1990

Com. Reg. No.:	116-81-29878

Legal Form :	Co., Ltd by shares

Line of Business :	· Wholesale and Retails of Industrial Basic Chemicals · Wholesale of Metal Plates, Bars, Pipes, and Basic Metals

No. of Employees :	4

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

South Korea

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

After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.

Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.

The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.

In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.

In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.

Source : CIA

Basic Information

Company Name	WOO JIN CHEMICAL CO., LTD.
Registered Address	220, Yeongsin-ro, Yeongdeungpo-gu, Seoul, Korea
Building	Rm. 613, KnK Digital Tower
Zip Code	07228
Tel	+82-2-786-3111~3
Fax	+82-2-786-3114
E-mail	woojing@chol.com;woojing@unitel.co.kr;woojin@woojinchem.co.kr
Website	www.woojinchem.co.kr
Trading Address	Rm. 613, KnK Digital Tower, 220, Yeongsin-ro, Yeongdeungpo-gu, Seoul, Korea (Old Address System : Rm. 613, KnK Digital Tower, 92, Yeongdeungpo-dong 8-ga, Yeongdeungpo-gu, Seoul, Korea)
Tel	+82-2-786-3111~3
Fax	+82-2-786-3114
Type	Export/Import
Industry	Wholesale and Retails of Industrial Basic Chemicals
Main Business	Microcrystalline Wax, Paraffin Wax, Secondary Steel Sheet, Coil, Chemicals
Sub Business	Wholesale of Metal Plates, Bars, Pipes, and Basic Metals
Established (mm/dd/yyyy)	11/01/1990

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Waxes(12181500)
Sell	Organic derivatives and substituted compounds(12352100)
Sell	Iron plate(30102203)
Sell	Plasticizers(12162000)
Sell	Flooring(30161700)
Sell	Art or craft paper(14111606)
Sell	Paraffins(12181503)
Sell	Vinyl flooring(30161707)

CEO’s

Name	Gong Ki-Won
Date of Birth	09/14/1953
Title	Representative Director
Nationality	Korean

Profiles

Capital (KRW)

50,000,000

Employees

Formation

Co., Ltd by shares

Bank Details

Kookmin Bank

Corporate Registered No.

110111-0727177

Business Registered No.

116-81-29878

Permit & Licenses

Int’l Trade No.: 547336

Shareholder Position

Name	Shares	%
GONG KI-WON	5,100	51.00
KIM MYUNG-SOOK	1,700	17.00
GONG SUNG-WON	1,600	16.00
GONG CHANG-WON	1,600	16.00
TOTAL	10,000	100.00

Company History

10/24/1990 Incorporated as the present name

06/14/2013 Moved to the present HQ address from 4-502, Ace Hightech City, 55-20, Mullaedong 3-ga, Yeongdeungpo-gu, Seoul, Korea

Management

Job Description	Name	Nationality	Date of Birth	Inauguration Date
Representative Director	Gong Ki-Won	Korean	09/14/1953	10/24/1990
Auditor	Kim Myung-Sook	Korean	11/18/1958	04/19/2000

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2016
2015
2014
2013
2012
2011
2010	5,165,101,000	1,757,393,000	-195,695,000
2009	7,956,790,000	2,561,878,000	368,024,000

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)	200,000,000
Paid-Up Capital(KRW)	50,000,000
Total Issued Shares	10,000

Products, Technologies, Services Description

Main Products & Services

Microcrystalline Wax

Paraffin Wax

Secondary Steel Sheet

Coil

Chemicals

Trade Partners & Competitors

Suppliers

Customers

Competitors

SHARON CHEMICALS & TRADE CO., LTD.

105-117, DONGJAK SANGTEVILLE OFFICETEL, 719, SINDAEBANG 2-DONG, DONGJAK-GU, SEOUL, KOREA

TEL:+82-2-832-6822~3 FAX:+82-2-832-6825

DNS INTERNATIONAL

RM. 701, HARVARD OFFICETEL, 875-7, CHEONGNYONG-DONG, GWANAK-GU, SEOUL, KOREA

TEL:+82-2-872-0947 FAX:+82-2-6280-0960

SAMBO GLOBAL CO., LTD

RM. 818, HANSHIN CORE OFFICETEL, 11-9, SINCHEON-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-2202-2251 FAX:+82-2-2202-2254

Sales by Region (Activity & Markets)

The Subject exports to Bangladeshi, Hong Kong, Iran, South Africa and Other African Countries.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.03
UK Pound	1	INR 90.40
Euro	1	INR 79.73
KRW	1	INR 0.059

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.