MIRA INFORM REPORT

 

 

Report Date :

05.11.2012

 

IDENTIFICATION DETAILS

 

Name :

HASNAIN INTERNATIONAL CO.

 

 

Registered Office :

2923, Unseo-dong, Jung-gu, Incheon, Korea, Rm.101-1102, Youngjong Awollim 1-Cha 400-340

 

 

Country :

South Korea 

 

 

Date of Incorporation :

14.02.2002

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale of Other Industrial Machinery and Equipment

 

 

No. of Employees :

1

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

Payment Behaviour :

---

Litigation :

---

 

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

(31.03.2012)

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

 

Company Name

HASNAIN INTERNATIONAL CO.

(Korean Company Name : “하스낸인터내셔널”)

Registered Address

2923, Unseo-dong, Jung-gu, Incheon, Korea

Building

Rm.101-1102, Youngjong Awollim 1-Cha

Zip Code

400-340

Tel

+82-32-751-7287

Fax

+82-32-752-7287

E-mail

tradeko@korea.com;misco7@hotmail.com

Trading Address

Rm.101-1102, Youngjong Awollim 1-Cha, 2923, Unseo-dong, Jung-gu, Incheon, Korea

Tel

+82-32-751-7287

Fax

+82-32-752-7287

Other Address

Rm. 502, Taeyang Ville, 1827-11, Sindang-dong, Dalseo-gu, Daegu, Korea

Tel

+82-53-581-2722

Fax

+82-53-581-2723

Type

Export

Industry

Wholesale of Other Industrial Machinery and Equipment

  Main Business

Used Textile Machinery, Jewelry , Paper and Packaging , Machinery , Industrial Electrical, Generators, Cables

Established (mm/dd/yyyy)

02/14/2002

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Textile working machinery and equipment and accessories(23121600)

Sell

Twisting machines(23121504)

Sell

Textile processing machinery and accessories(23121500)

Sell

Embroidery making machines(23121501)

 

 

CEO’s

 

Name

Naeem Muha Mmad Khan(Mobile :+82-10-6355-7287)

Title

Owner

Sex

Male

Nationality

Pakistani

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

1

Formation

Sole Proprietorship

Foreign Direct Investment Corporation

Bank Details

N/A

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

204-07-68***(The full numbers are kept by the National Tax Service confidentially.)

Because the subject’s full Business Registered No., for checking through the National Tax Service whether the subject is still existing or not, is not available, so we cannot confirm if the subject exist or not legally.)

Permit & Licenses

N/A

Shareholder Position

The owner has 100% shares.

Company History

02/14/2002 Established as the present name

02/23/2005 Registered as a Foreign Direct Investment Corporation by Pakistan

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Owner

Mr.

Naeem Muha Mmad Khan

Male

Pakistani

02/14/2002

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

 

 

 

2009

 

 

 

2008

 

 

 

2007

 

 

 

2006

375,000,000

32,000,000

-6,000,000

2005

772,000,000

23,000,000

- 63,000,000

2004

611,000,000

25,000,000

14,000,000

2003

 

 

 

The full & latest 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)

Not Applicable to the Sole Proprietorship

Paid-Up Capital(KRW)

Not Applicable to the Sole Proprietorship

Total Issues Shares

Not Applicable to the Sole Proprietorship

 

Products, Technologies, Services Description

 

Main Products & Services

Used Textile Machinery

 

 

Trade Partners & Competitors

 

Competitors

JEIL MACHINERY CO.

GA-118, GORYEO COMPLEX, 10-279, JONGAM-DONG, SEONGBUK-GU, SEOUL, KOREA

TEL:+82-2-941-2977  FAX:+82-2-917-8921

 

JEIL CORPORATION

657-5, ILPAE-DONG, NAMYANGJU-SI, GYEONGGI-DO, KOREA

TEL:+82-2-943-0041  FAX:+82-2-911-4229

 

SOO SUNG MACHINE COMPANY

768-2, HASIN-RI, GEUMSEONG-MYEON, GEUMSAN-GUN, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-751-2644  FAX:+82-41-751-2646

 

 

Sales by Region (Activity & Markets)

 

The Subject exports to Bangladeshi, India, Pakistan and Egypt.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

---

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.66

UK Pound

1

Rs.86.36

Euro

1

Rs.69.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.