MIRA INFORM REPORT

 

 

Report Date :

07.03.2012

 

IDENTIFICATION DETAILS

 

Name :

WORLD  SPRING  DEVELOPMENT  CO.

 

 

Registered Office :

Flat A, 12/F., Suen Yue Building, 48 Bonham Strand West, Sheung Wan 

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.12.1989

 

 

Com. Reg. No.:

13254038-000-12

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer, Wholesaler and Re-exporter of Organic foodstuffs, organic agricultural products, etc.

 

 

No. of Employees :

5

 

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 :

Small Concern

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

WORLD  SPRING  DEVELOPMENT  CO.

 

 

Address:           Flat A, 12/F., Suen Yue Building,

                        48 Bonham Strand West, Sheung Wan,

                        Hong Kong.

 

 

(Your enquiry given as:-

WORLD SPRING DEV. CO.

with former address located at:

15/F., Xiu Ping Commercial Building,

104 Jervois Street, Sheung Wan, Hong Kong.)

 

 

PHONE:            2850 7257,  2850 7264,  2850 7270

 

FAX:                 2850 7276

 

E-MAIL:                        wsdevc@netvigator.com

                        wsdevc@gmail.com

                        davidkim@wsdevc.com

 

 

MANAGEMENT

 

General Manager:  Mr. Kim Dong Jin, David  (Mobile:  9012 3306)

 

 

SUMMARY

 

Establishment:                          1st December, 1989.

 

Organization:                  Sole Proprietorship.

 

Capital:                          Not disclosed.

 

Business Category:        Importer, Wholesaler and Re-exporter.

 

Employees:                   5.

 

Main Dealing Bankers:   Korea Exchange Bank, Hong Kong Branch.

Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

ADDRESS

 

Head Office:-

Flat A, 12/F., Suen Yue Building, 48 Bonham Strand West, Sheung Wan, Hong Kong.

 

Shenzhen Office:-

Room Mid-3, 7/F., Building 2 East, SEG Science Park, Huaqiang Road North, Futian, Shenzhen, China.

[           Tel:       86-755-8376 4086, 8376 7152

Fax:      86-755-8376 4086

Mobile:  86-13560726401

E-mail:  ogre1294@hotmail.com]

 

Korea Office:-

4/F., Sam Yong Building, 516-517 Sinsa-Dong, Kangnam-Ku, Seoul, South Korea 135080.

[           Tel:       82-2-3443 4092

Fax:      82-2-3443 4095

E-mail:  zefat8@hotmail.com]

 

Parent Company:-

Dong Woo Ind. Co. Ltd., South Korea.

 

 

BUSINESS REGISTRATION NUMBER

 

13254038-000-12

 

 

MANAGEMENT

 

General Manager:  Mr. Kim Dong Jin, David

 

 

SOLE PROPRIETOR

 

Name:  Mr. KIM Dong Jin

Residential Address:      Flat B, 8/F., 20 Blue Pool Road, Hong Kong.

 

 

HISTORY

 

The subject was established on 1st December, 1989 as a sole proprietorship concern owned by Mr. Kim Dong Jin under the Hong Kong Business Registration Regulations.

Originally the subject was registered under the name of D. J. Enterprise, name changed to the present style in July 2001.

The subject was initially located at Room 1611A, 16/F., Hang Lung Centre, 2‑20 Pateson Street, Causeway Bay, Hong Kong, moved to 11/F., Sandoz Centre, 178-182 Texaco Road, Tsuen Wan, New Territories, Hong Kong in February 1991; to Flat A, 5/F., Wing Sing Commercial Centre, 12-16 Wing Lok Street, Sheung Wan, Hong Kong in July 1992; to 15/F, Xiu Ping Commercial Building, 104 Jervois Street, Sheung Wan, Hong Kong in July 1996; and further moved to the present address in April 2010.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Wholesaler and Re-exporter.

 

Lines:                           Organic foodstuffs, organic agricultural products, etc.

 

Employees:                   5.

 

Commodities Imported from:  Europe, North America, Asian countries, etc.

 

Markets:                       Hong Kong, China, US, Southeast Asia, other Asian countries, etc.

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               L/C or as per contracted.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Traded at a small profitable angle.

 

Condition:                      Keeping in an active state.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      So far so good.

 

Commercial Morality:  Satisfactory.

 

Bankers:-

Korea Exchange Bank, Hong Kong Branch.

Bank of China (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Formerly known as D. J. Enterprise, World Spring Development Co. is set up by Mr. Kim Dong Jin, a Korean in Hong Kong in early December 1989.

The subject is also the branch office of Korea Dong Woo Ind. Co. Ltd. in Hong Kong.  An office in Shenzhen Special Economic Zone, China has been set up.

Since the subject’s inception, it has been trading in foodstuffs, organic agricultural products, feed additives, etc.  Most of its commodities are sourced from Asian countries.  In this way, the subject has been promoting the trade relationships between South Korea and China.  The subject also trades with other countries and have established good reputation and company image in the USA.

The subject carries the following commodities:-

·         Organic maize, soybean meal, sesame seed, other organic feedstuffs

·         Iron scrap

·         Frozen fish, frozen foodstuffs

·         Fertilizers

·         Car tyres

·         Agricultural products

·         Machine tools

·         Bathroom fittings

·         Pharmaceuticals and medicines, etc.

The subject’s business in China is undertaken by its Shenzhen office.  Business is steady in China.

The subject is fully supported by its parent company Dong Woo Ind. Co. Ltd., the manufacturer of squid liver powder in South Korea.  The subject’s business is chiefly handled by Mr. Kim Dong Jin.

On the whole, having a history of over twenty-two years and three months in Hong Kong, the subject is considered good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.03

UK Pound

1

Rs.79.32

Euro

1

Rs.66.02

 

 

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.