MIRA INFORM REPORT

 

 

Report Date :

06.10.2012

 

IDENTIFICATION DETAILS

 

Name :

BOOKWANG TECH CO.

 

 

Registered Office :

459-1, Sin-ri, Jicheon-myeon, Chilgok-gun, Gyeongsangbuk-do, Korea

 

 

Country :

South Korea

 

 

Date of Incorporation :

10.05.1993

 

 

Com. Reg. No.:

504-25-67904

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture of Machinery for Other Textiles, Apparel and Leather Processing

 

 

No. of Employees :

4

 

 

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 but correct

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

(31.03.2012)

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

BOOKWANG TECH CO.

(Korean Company Name : “부광테크”)

Registered Address

459-1, Sin-ri, Jicheon-myeon, Chilgok-gun, Gyeongsangbuk-do, Korea

Zip Code

718-821

Tel

+82-54-974-3331~3

Fax

+82-54-974-3330

E-mail

bktec@bktec.co.kr

Website

www.bktec.co.kr

Trading Address

459-1, Sin-ri, Jicheon-myeon, Chilgok-gun, Gyeongsangbuk-do, Korea

Tel

+82-54-974-3331~3

Fax

+82-54-974-3330

Type

Export

Industry

Manufacture of Machinery for Other Textiles, Apparel and Leather Processing

  Main Business

Needle Punching Machine, Conveyor Feeder, Cross Cutting, Winder Machine, Layer, Blender, Web Trimming, Mixing Machine, Heating Machine, Bonding Machine, Dryer, Non-Woven Machinery

Established (mm/dd/yyyy)

05/10/1993

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Textile processing machinery and accessories(23121500)

 

 

CEO’s

 

Name

Lee Jong-Hak

Title

Owner

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

4

Formation

Sole Proprietorship

Venture Business

Bank Details

Daegu Bank-Taejeon Dong Branch

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

504-25-67904

Permit & Licenses

10/2003 ISO 9001

 

Int’l Trade No.: 13004635

Shareholder Position

The owner has 100% shares.

Company History

05/10/1993 Established as BOOIL Machinery Co.(Sole Proprietorship)

03/2003 Changed company name to the present name

03/30/2011 Designated as a Venture Business

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Owner

Mr.

Lee Jong-Hak

Male

Korean

05/10/1993

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

3,655,000,000

 

 

2009

957,000,000

 

 

2008

332,000,000

1,622,000,000

21,000,000

2007

 

 

 

2006

1,200,000,000

 

 

2005

1,700,000,000

 

 

2004

1,100,000,000

 

 

2003

 

 

 

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)

Not Applicable to the Sole Proprietorship

Paid-Up Capital(KRW)

Not Applicable to the Sole Proprietorship

Total Issued Shares

Not Applicable to the Sole Proprietorship

 

 

Products, Technologies, Services Description

 

Main Products & Services

Needle Punching Machine, Conveyor Feeder, Cross Cutting, Winder Machine, Layer, Blender, Web Trimming, Mixing Machine, Heating Machine, Bonding Machine, Dryer, Non-Woven Machinery

 

 

Trade Partners & Competitors

 

Competitors

SAM HWA MACHINERY CO.

312-2, HADAE-RI, NAMSAN-MYEON, GYEONGSAN-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-53-853-1338  FAX:+82-53-853-1966

 

ZEROCOM CO., LTD.

691-1, CHEONNAE-RI, HWAWON-EUP, DALSEONG-GUN, DAEGU, KOREA

TEL:+82-53-635-1691  FAX:+82-53-635-1692

 

DAJIN ENTERPRISE CO., LTD.

13-10, JANGHA-DONG, SANGNOK-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-487-8154~9  FAX:+82-31-487-8160

 

 

Sales by Region (Activity & Markets)

 

The Subject exports to China, India, Iran, Japan and Pakistan.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.61

UK Pound

1

Rs.83.57

Euro

1

Rs.67.17

 

 

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%)

 

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.