MIRA
INFORM REPORT
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Report Date : |
16th
November, 2006 |
IDENTIFICATION
DETAILS
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Correct Name : |
PEERLESS
STRINGSCO., LTD. |
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Registered Office : |
484-1, Jangrim 2-dong, Saha-gu, Busan, Korea |
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Country : |
Korea |
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Date of Incorporation : |
11/12/1970 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Manufacture of Other Musical Instruments |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Basic Information
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Company Name |
Peerless
Strings Co., Ltd. |
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Address |
484-1, Jangrim 2-dong, Saha-gu, BUSAN, KOREA |
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Building |
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Zip Code |
604-846 |
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Tel |
+82-51-263-8281~3 |
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Fax |
+82-51-263-7461 |
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E-mail |
prs@peerlessguitar.com |
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Website |
www.peerlessguitar.com |
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Type |
Export |
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Industry |
Manufacture of Other Musical Instruments |
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Main
Business |
Acoustic Guitar, Electric Guitar |
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Established |
11/12/1970 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Acoustic Guitar |
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Sell |
Electric Guitar |
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Sell |
Guitar Bag |
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Sell |
Hard Shell Guitar Case |
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Sell |
Hard Shell |
Others
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Name |
Lee Jong-Hyung |
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Address |
940, Goejeong-dong, Saha-gu, Busan 604-080 Korea |
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Date of Birth |
02/28/1949 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital |
240,000,000 KRW |
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Employees |
60 |
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Formation |
Co., Ltd by shares, Foreign Direct
Investment Corporations |
Since 1970, the
subject, a joint corporation with a Japan company, has been in guitar
manufacturing business for 36 years. The subject has been specialized in
manufacturing guitars, and has produced and exported 3 million pieces of
guitars so far.
In the early stage of
business, the subject used to produce 30,000 pieces of guitars per month to
meet buyer's order. The subject has set high standard of quality guitars to be effectively
and have been exported guitars such as Gretsch of Fender, Epiphone of Gibson,
Alvarez of St. Louis Music and some brands of Japan and Europe as OEM products.
The subject also sells
some guitars of peerless brand in the domestic market. From 2000, the subject
has been producing 2,000 pieces of guitars per month to ensure the enhanced
quality of guitars and also limiting the daily production capacity to 80 pieces
and to 2,000 pieces per month for the quality assurance.
Management
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Day |
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President & CEO |
Mr. |
Lee Jong-Hyung |
Male |
Korean |
03/13/2000 |
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Director |
Mr. |
飯田晃男 |
Male |
Japan |
03/13/2000 |
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Director |
Mr. |
Lee
Jong-Eok |
Male |
Korean |
03/14/2001 |
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Director |
Mr. |
Yooo
Byung-Hwan |
Male |
Korean |
03/14/2001 |
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Auditor |
Mr. |
Kim
Bu-Dol |
Male |
Korean |
03/14/2001 |
Financials
Unit: KRW
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Year |
Sales |
Assets |
Net income |
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2005 |
4,500,000,000 |
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2004 |
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2003 |
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2002 |
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The latest financial is not available.
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Bank Details |
Busan Bank Goejeong-dong
Branch |
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Corporate Registered
No. |
180111-0009513 |
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Business Registered
No. |
603-81-03542 |
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Permit &
Licenses |
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Shareholder Position |
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Company History |
1970 07 16 Gained
Approval for Foreigner's investment from Economic Planing Board.
(Tujin322-1155) 1970 11 12
Registered company Establishment No. 111 to Busan Local Court Name of Company
: Peerless Co., Ltd. 1971 06 28
Operation of Factory at #808, Gamcheon-dong, Seo-gu, Busan City The First
President, Ihihda Taruoh, Inaugurated as Representative Director 1974 11 28
Selected as Sincerely Reported Juridical Person from the Office of National
Tax Administration (35 Companies among 13,000 Juridical Persons) 1975 10 30
Accomplished 1 Million Guitar Production 1979 11 15
Accomplished 2 Millions Guitar Production 1982 09 23 The
2nd President, Lee, Jong Hung, Inaugurated as Representative Director 1982 11 01 Change
of Company Name to "Peerless String Instrument Co., Ltd." 1983 05 16
Completed Factory and Moved to #484-1, Jangrim-dong, Saha-gu, Busan city and
drove to high grade goods 1995 11 30
Awarded a Letter of Commendation as a Man of Merit for Export from the
Minister of Commerce and Industry 2002 07 29
Designated as Promising Small and Medium Enterprises by Busan Bank 2006 09 01
Increased capital to 240,000,000 KRW |
Organization Structure
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Customers |
Gretsch of Fender Epiphone of Gibson Alvarez of St. Louis Music |
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Competitors |
Samik Musical Instruments Shinko Eunsung Musical Instruments Kaya Musical Instruments Sangjin Industrial World Musical Instruments Wild Wood Musical Instruments |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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