MIRA INFORM REPORT

 

 

Report Date :

29.12.2012

 

IDENTIFICATION DETAILS

 

Name :

SENEW CO., LTD.

 

 

 

 

Registered Office :

Rm.301, Taesung Bldg. 15-9, Jamwon-dong, Seocho-gu, Seoul, Korea 137-902

 

 

Country :

South Korea

 

 

Date of Incorporation :

10.02.2004

 

 

Com. Reg. No.:

211-87-45215

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Lightings Devices

 

 

No. of Employees :

5

 

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 :

No Complaints

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Basic Information

 

Company Name

SENEW CO., LTD.

(Ex. Company Name : WELL LIVING LTD., “(주)웰리빙”)

(Korean Company Name : “(주)새뉴”)

Registered Address

15-9, Jamwon-dong, Seocho-gu, Seoul, Korea

Building

Rm.301, Taesung Bldg.

Zip Code

137-902

Tel

+82-2-544-6974

Fax

+82-2-545-6258

E-mail

wellliving@design-life.co.kr

Website

www.design-life.co.kr

Trading Address

Rm.301, Taesung Bldg., 15-9, Jamwon-dong, Seocho-gu, Seoul, Korea

Tel

+82-2-544-6974

Fax

+82-2-545-6258

Other Address-Shop

525-1, Baeyang-ri, Jingeon-eup, Namyangju-si, Gyeonggi-do, Korea

Tel

+82-31-527-0701~2

Fax

+82-31-527-0703

Type

Export/Import

Industry

Manufacture of Lightings Devices

  Main Business

Interior Arts Pieces, Casual Kitchenware, Lighting Equipment, Lighting Devices, Kitchenware, Cups, Pots, Wine Bags, Wine Holders, Ornament

  Sub Business

 

Established (mm/dd/yyyy)

02/10/2004

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

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Bath and body(53131600)

Sell

Domestic kitchen tools and utensils(52151600)

Sell

Domestic Appliances and Supplies and Consumer Electronic Products(52000000)

Sell

Domestic cookware(52151800)

 

 

CEO’s

 

Name

Yeom Mok

Address

Suite 102-1201, 1356, Mia-dong, Gangbuk-gu, Seoul, Korea

Date of Birth

09/02/1953

Title

President & CEO

Sex

Male

Nationality

Korean

Profiles

 

Capital (KRW)

200,000,000

Employees

5

Formation

Co., Ltd by shares

Bank Details

Korea Exchange Bank

Shinhan Bank-Shinsa Nam Branch

Corporate Registered No.

110111-2950809

Business Registered No.

211-87-45215

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

02/10/2004 Incorporated as the present name

11/11/2008 Moved to the present HQ address from 1FL., Taesung Bldg., 15-9, Jamwon-dong, Seocho-gu, Seoul, Korea

08/20/2009 Increased capital to 100,000,000 KRW from 50,000,000 KRW

09/25/2009 Increased capital to 150,000,000 KRW from 100,000,000 KRW

04/01/2011 Changed company name to the present name

09/28/2012 Increased capital to 200,000,000 KRW from 150,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Yeom Mok

Male

Korean

08/19/2009

Director

Mr.

Bae Jae-Cheol

Male

Korean

11/11/2009

Auditor

M/S.

Kim In-Sun

Female

Korean

02/10/2007

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

3,331,000,000

1,676,000,000

93,000,000

2010

2,723,000,000

1,557,000,000

77,000,000

2009

2,553,000,000

1,400,000,000

67,000,000

2008

 

 

 

2007

 

 

 

2006

 

 

 

2005

 

 

 

2004

 

 

 

2003

 

 

 

The 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)

200,000,000

Paid-Up Capital(KRW)

200,000,000

Total Issued Shares

40,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Interior Arts Pieces, Casual Kitchenware, Lighting Equipment, Lighting Devices, Kitchenware, Cups, Pots, Wine Bags, Wine Holders, Ornament

 

Brand Name : Design Life, Folkhouse, FORLIFE, Folk Story, Beedan

 

 

Trade Partners & Competitors

 

Competitors

DAISO ASUNG CORPORATION

690-1, GOMAE-DONG, GIHEUNG-GU, YONGIN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-289-0800  FAX:+82-31-289-0981

 

SUN WOO IND. CO., LTD.

251-6, HANG-DONG, HANAM-SI, GYEONGGI-DO, KOREA

TEL:+82-31-793-1172  FAX:+82-31-793-1176

 

LIMOH TRADING CO., LTD.

420-5, MANGWON 2-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-323-4370  FAX:+82-2-323-4473

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

INDECO PRODUCTS INC.

RM.205, SHINSUNG BLDG., NONHYUN-DONG,GANGNAM-GU,SEOUL,KOREA

TEL:+82-2-544-6974

Overseas Office

DESIGN LIFE LIMITED(HONG KONG)

INDECO PRODUCTS INC.(CHINA)

 

 

Sales by Region

 (Activity & Markets)

 

The Subject exports to China, USA and Japan. The Subject imports from China.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.85

UK Pound

1

Rs.88.39

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.