MIRA INFORM REPORT

 

 

Report Date :

21.08.2012

 

IDENTIFICATION DETAILS

 

Name :

PALMPRING CO., LTD.

 

 

Formerly Known As :

PALMPRING CO.

 

 

Registered Office :

49-1, Masan-ri, Gasan-myeon, Pocheon-si, Gyeonggi-do, Korea, Zip Code 487-814

 

 

Country :

South korea

 

 

Date of Incorporation :

12.04.2001

 

 

Com. Reg. No.:

132-81-39005

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacturer of Mattresses and Upholstered Furniture

 

 

No. of Employees :

06 employees

 

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

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

           
Basic

 

Company Name

PALMPRING CO., LTD.

(Korean Company Name : “(주)팜프링”)

Registered Address

49-1, Masan-ri, Gasan-myeon, Pocheon-si, Gyeonggi-do, Korea

Zip Code

487-814

Tel

+82-31-541-2784~6

Fax

+82-31-541-8997

E-mail

pp@palmpring.co.kr

Website

www.palmpring.com

Trading Address

49-1, Masan-ri, Gasan-myeon, Pocheon-si, Gyeonggi-do, Korea

Tel

+82-31-541-2784~6

Fax

+82-31-541-8997

Type

Import/Export

Industry

Manufacture of Mattresses and Upholstered Furniture

  Main Business

Bed Mattress, Insole, Pad, Natural Latex Pillow

  Sub Business

Wholesale of Curtains and Bedding

Established (mm/dd/yyyy)

04/12/2001

 

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

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Shoe accessories(53112000)

Sell

Pillows(52121505)

Sell

Mattresses or sleep sets(56101508)

Sell

Bedclothes(52121500)

Sell

Chair mat(52101512)

 

 

CEO’s

 

Name

Kim Dae-Sup

Address

suite 501-1002, 1068, Sanggye-dong, Nowon-gu, Seoul, Korea

Date of Birth

04/19/1948

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

200,000,000

Employees

6

Formation

Co., Ltd by shares

Bank Details

SC First Bank of Korea-Jungkye Dong Branch

Korea Exchange Bank

Corporate Registered No.

115211-0036660

Business Registered No.

132-81-39005

Permit & Licenses

07/18/2002 ISO 9001

06/29/2005 ISO 9001

02/16/2006 ISO 14001

 

Int’l Trade No.: 11386201

Shareholder Position

N/A

Company History

01/1997 Established as PALMPRING CO.

04/12/2001 Incorporated as the present name

04/2001 Palmpring Coir Sole business started

08/2001 Certificate of Venture Business #2001162938-3526

07/2002 Member of the International Sleep Products Association

07/2002 ISO9001 Certified International Environment Approved Firm (UKAS K-2079)

08/2002 Mail and Communications Sales Business Registration(Kyonggi-Do)

03/2003 Member of the Kyonggi Venture Association

07/2003 Started supply contract & Sales with Post office mall

09/2003 Started supply contract & Sales with ROKAF walfare Services ....Group(Airforce Military)

04/2004 Enlarge a factory #196-4 Geumhyen-Li, Gasan-Myeon, .Pochun-Si, Kyonggi-Do, South Korea

02/2005 Palmpring Insole supply Fila Golf shoes

07/2005 Palmpring Mattress Export to U.S.A.

07/2005 ISO9001 Certified International Environment Approved Firm. (TQCSI (SK646-QC)

06/2006 ISO14001 Certified International Environment Approved Firm. (CI/7642E)

05/08/2008 Moved to the present HQ address from 196-4, Geumhyeon-ri, Gasan-myeon, Pocheon-si, Gyeonggi-do, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Dae-Sup

Male

Korean

02/20/2007

Director

Mr.

Kim Jae-Hoon

Male

Korean

02/20/2007

Auditor

M/S.

Kim Yeon-Sook

Female

Korean

03/31/2004

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2008

539,000,000

998,000,000

11,000,000

2007

 

 

 

2006

673,000,000

880,000,000

11,000,000

2005

534,000,000

830,000,000

9,000,000

 

The latest & full 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)

400,000,000

Paid-Up Capital(KRW)

200,000,000

Total Issues Shares

40,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Bed Mattress, Insole, Pad, Natural Latex Pillow

 

Brand Name : Duroflex

 

 

Trade Partners & Competitors

 

Competitors

KEUMSUNG TOTAL FURNITURE CO., LTD.

69-3, SAMSUNG-DONG, YANGJU-SI, GYEONGGI-DO, KOREA

TEL:+82-31-847-4196  FAX:+82-31-847-1496

 

KINGKOIL FURNITURE CO., LTD.

418-9, JINU-RI, DOCHEOK-MYEON, GWANGJU-SI, GYEONGGI-DO, KOREA

TEL:+82-31-769-0051  FAX:+82-31-764-3409

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Overseas Office

PALMPRING U.S.A. & SHOW ROOM

3000 WILSHRE BLVD STE 107 LOS ANGELES. CA. 90010-1136

TEL : +1-(213)7365883 / +1-(213)2550395 FAX : +1-(213)3808456

 

JHAUS

S.WESTERN AVE. #237 928

GLOS ANGELES, CA. 90006

TEL : +1-(323)6920000 / +1-(213)3897480

 

 

Sales by Region

(Activity & Markets)

 

The Subject deals with the companies in India, Japan and USA.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

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%)

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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.