MIRA INFORM REPORT

 

 

Report Date :

05.06.2007

 

IDENTIFICATION DETAILS

 

Name :

SOLSANG INTERNATIONAL CORP.

 

 

Registered Office :

Rm. 704, Jeongdong Bldg., 15-5, Jeong-dong, Jung-gu, Seoul - 100-784

 

 

Country :

Korea

 

 

Financials (as on) :

31.12.2004

 

 

Date of Incorporation :

09/04/2000

 

 

Legal Form :

Company Limited by shares

 

 

Line of Business :

Wholesale of Spun Fibers and Yarns

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Basic

 

Company Name

SOLSANG INTERNATIONAL CORP.

Registered Address

15-5, Jeong-dong, Jung-gu, SEOUL, KOREA

Building

Rm. 704, Jeongdong Bldg.

Zip Code

100-784

Tel

+82-2-318-1137~8

Fax

+82-2-318-1170

E-mail

sunghee0402@hotmail.com;jsfusion@hotmail.com;2jeeeun@hanmail.net

Trading Address

Rm. 704, Jeongdong Bldg., 15-5, Jeong-dong, Jung-gu, SEOUL, KOREA

Tel

+82-2-318-1137~8

Fax

+82-2-318-1170

Type

Export/Import

Industry

Wholesale of Spun Fibers and Yarns

  Main Business

Polyester Yarn, Nylon Fiber

Established (mm/dd/yyyy)

09/04/2000

 

The Subject occupies the premises of registered address by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Spandex thread(11151611)

Sell

Synthetic yarn(11151709)

 

 

CEO’s

 

Name

Park Jin-Soon, Choi Won-Young

Address

366, Junggye-dong, Nowon-gu, Seoul, Korea

Date of Birth

11/25/1960

Title

Co-President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital

285,000,000 KRW

Employees

4

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea- Seosomun Branch

Address: 75, Seosomun-Dong, Chung-Ku, Seoul 100-110 Korea

Tel: 82-2-756-9201

Fax: 82-2-756-9058

Corporate Registered No.

110111-2063834

Business Registered No.

210-81-31244

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

11/2006 Awarded US$30 Million Export Top Prize

08/05/2005 Changed its name to Solsang International Corp.

11/01/2002 Increased capital to 285,000,000KRW from 100,000,000 KRW

10/31/2002 Moved its office to Room No. 704, Jungdong Building, 15-5, Jung-Dong, Chung-Ku, Seoul from Room No. 1408, Jungdong Building, 15-5, Jung-Dong, Chung-Ku, Seoul

10/23/2002 Changed its name to C&J Marketing Co., Ltd.

08/2001 Increased capital, 100,000,000KRW

08/2001 Moved ifs office to Room No. 1408, Jungdong Buillding, 15-5, Jung-Dong, Chung-Ku, Seoul

09/2000 Establishment capital, 50,000,000KRW

09/04/2000 Established as JS Tex Co., Ltd. at 456-133, Sangkye-Dong, Nowon-Ku, Seoul

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Day

Co-President & CEO

Mr.

Park Jin-Soon

Male

Korean

09/04/2000

Co-President & CEO

Mr.

Choi Won-Young

Male

Korean

09/04/2000

Auditor

M/S.

Park Kyung-Hee

Female

Korean

03/31/2003

 

 

Financials                                                

 

Unit: KRW

Year

Sales

Assets

Net income

2006

39,453,000,000

 

 

2005

47,061,000,000

 

 

2004

17,044,000,000

2,696,000,000

81,000,000

2003

19,889,000,000

3,327,000,000

188,000,000

2002

13,867,000,000

2,181,000,000

162,000,000

 

 

Financial Description                 

 

Unit: KRW

Authorized Capital

400,000,000

Paid-Up Capital

285,000,000

Total Issues Shares

57,000

 

Balance Sheet

Unit : Million Korean Won

As of 12/31/2004

As of 12/31/2003

As of 12/31/2002

Total Assets

2,696

3,327

2,181

Current Assets

2,656

3,274

2,120

-Quick Assets

1,605

2,102

1,478

-Inventories

1,051

1,172

642

Fixed Assets

39

53

61

-Investment

21

31

21

-Tangibles

18

22

39

-Intangibles

-

-

1

Total Liabilities

1,991

2,704

1,709

Current Liabilities

1,963

2,675

1,709

Fixed Liabilities

29

29

-

Capital Stock

285

285

285

Capital Surplus

-

-

1

Profit Surplus

418

337

185

Capital Adjustment

1

1

-

Total Equity

704

623

471

Liab. & Shareholder’s Equity

2,696

3,327

2,181

 

Income Statement

Unit : Million Korean Won

As of 12/31/2004

As of 12/31/2003

As of 12/31/2002

Sales

17,044

19,889

13,867

Cost of Sold Goods

15,395

18,229

12,617

Gross Profit

1,649

1,660

1,250

Selling & Admin. Expenses

1,378

1,322

1,071

Operating Income

271

338

179

Non-Operating Income

40

45

96

Non-Operating expenses

203

141

64

Ordinary Income

108

242

210

Special Income

-

-

-

Income Before Taxes

108

242

210

Income Taxes Expenses

27

54

48

Net Income

81

188

162

 

 

Products, Technologies, Services

Description

 

Main Products & Services

Polyester Yarn, Nylon Fiber

 

 

Sales by Region (Activity & Markets)

 

The Subject Company deals with the companies in China, Taiwan, India, Japan, Vietnam and Turkey.

 

 

Court Action

 

Not Available.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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