MIRA
INFORM REPORT
|
Report Date : |
26.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SOLSANG
INTERNATIONAL CORPORATION |
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Registered Office : |
15-5, Jeong-dong,
Jung-gu, Seoul, Korea |
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Country : |
Korea |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
04.09.2000 |
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Legal Form : |
Company Limited
by Shares |
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Line of Business : |
Wholesale of Spun
Fibers and Yarns. |
RATING &
COMMENTS
|
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 : |
Regular |
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Litigation : |
Clear |
Basic Information
|
Company Name |
Solsang
International Corporation |
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Address |
15-5, Jeong-dong, Jung-gu,
SEOUL, KOREA |
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Building |
Rm. 704,
Jeongdong Bldg. |
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Zip
Code |
100-784 |
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Tel |
+82-2-318-1137 |
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Fax |
+82-2-318-1170 |
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E-mail |
jsfusion@hotmail.com |
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Type |
Export/Import |
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Industry |
Wholesale of Spun
Fibers and Yarns |
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Main
Business |
Polyester Yarn,
Nylon Fiber |
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Established |
09/04/2000 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Spandex
thread(11151611) |
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Sell |
Synthetic
yarn(11151709) |
Others
|
Name |
Park Jin-Soon |
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Address |
366, Junggye-dong,
Nowon-gu, Seoul 139-220 Korea |
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Date of
Birth |
11/25/1960 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital |
285,000,000 KRW |
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Employees |
5 |
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Formation |
Co., Ltd by shares |
The subject deals with the companies in China, Taiwan, India, Japan,
Vietnam, and Turkey.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
Co-President & CEO |
Mr. |
Park Jin-Soon |
Male |
Korean |
03/31/2003 |
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Co-President & CEO |
Mr. |
Choi Won-Young |
Male |
Korean |
03/31/2003 |
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Auditor |
M/S |
Park Kyung-Hee |
Female |
Korean |
03/31/2003 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
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47,061,000,000 |
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|
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2004 |
17,043,000,000 |
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|
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2003 |
19,900,000,000 |
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2002 |
14,500,000,000 |
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Financial Description
Unit: KRW
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Authorized
Capital |
400,000,000 |
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Paid-Up
Capital |
285,000,000 |
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Total Issues
Shares |
57,000 |
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Balance Sheet Unit : Million Korean Won |
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As
of 12/31/2004 |
As
of 12/31/2003 |
As
of 12/31/2002 |
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Total Assets |
2,696 |
3,327 |
2,181 |
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Current
Assets |
2,656 |
3,274 |
2,120 |
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-Quick Assets |
1,605 |
2,102 |
1,478 |
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-Inventories |
1,051 |
1,172 |
642 |
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Fixed Assets |
39 |
53 |
61 |
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-Investment |
21 |
31 |
21 |
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-Tangibles |
18 |
22 |
39 |
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-Intangibles |
- |
- |
1 |
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Total
Liabilities |
1,991 |
2,704 |
1,709 |
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Current
Liabilities |
1,963 |
2,675 |
1,709 |
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Fixed
Liabilities |
29 |
29 |
- |
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Capital
Stock |
285 |
285 |
285 |
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Capital
Surplus |
- |
- |
1 |
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Profit
Surplus |
418 |
337 |
185 |
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Capital
Adjustment |
1 |
1 |
- |
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Total Equity |
704 |
623 |
471 |
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Liab. &
Shareholder’s Equity |
2,696 |
3,327 |
2,181 |
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Income Statement
Unit : Million Korean Won |
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As
of 12/31/2004 |
As
of 12/31/2003 |
As
of 12/31/2002 |
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Sales |
17,044 |
19,889 |
13,867 |
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Cost of Sold
Goods |
15,395 |
18,229 |
12,617 |
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Gross Profit |
1,649 |
1,660 |
1,250 |
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Selling & Admin. Expenses |
1,378 |
1,322 |
1,071 |
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Operating
Income |
271 |
338 |
179 |
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Non-Operating
Income |
40 |
45 |
96 |
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Non-Operating
expenses |
203 |
141 |
64 |
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Ordinary
Income |
108 |
242 |
210 |
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Special
Income |
- |
- |
- |
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Income
Before Taxes |
108 |
242 |
210 |
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Income Taxes
Expenses |
27 |
54 |
48 |
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Net Income |
81 |
188 |
162 |
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Bank Details |
Industrial Bank of Korea |
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Corporate
Registered No. |
110111-2063834 |
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Business
Registered No. |
210-81-31244 |
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Company
History |
09/04/2000 Established Jstex Co., Ltd. 10/23/2002 C&J Marketing Co., Ltd. 10/31/2002 Moved to the present address 08/08/2005 Changed company name to the present name |
Organization Structure
|
Customers |
Leonia-USA |
RATING
EXPLANATIONS
|
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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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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions