MIRA INFORM REPORT

 

 

Report Date :

06.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SINSUNG TEXTILE CO.

 

 

Registered Office :

275-3, Daehak-ri, Hayang-eup, Gyeongsan-si, Gyeongsangbuk-do, Korea 712-901

 

 

Country :

South Korea

 

 

Date of Incorporation :

04.01.1995

 

 

Com. Reg. No.:

515-13-65733

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture of Twisted Threads and Processing of Threads

 

 

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 :

Unknown

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

SINSUNG TEXTILE CO.

(Korean Company Name : “신성섬유”)

Registered Address

275-3, Daehak-ri, Hayang-eup, Gyeongsan-si, Gyeongsangbuk-do, Korea

Zip Code

712-901

Tel

+82-53-851-4342

Fax

+82-53-852-1432

Trading Address

275-3, Daehak-ri, Hayang-eup, Gyeongsan-si, Gyeongsangbuk-do, Korea

Tel

+82-53-851-4342

Fax

+82-53-852-1432

Type

Export

Industry

Manufacture of Twisted Threads and Processing of Threads

  Main Business

Yarn

Established (mm/dd/yyyy)

04/01/1995

Mr. Heo Dong-In owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Threads(11151600)

Sell

Synthetic yarn(11151709)

Sell

Yarns(11151700)

 

 

CEO’s

 

Name

Heo Dong-In

Date of Birth

06/14/1958

Title

Owner

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

4

Formation

Sole Proprietorship

Bank Details

Daegu Bank-Hayang Branch

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

515-13-65733

Permit & Licenses

Int’l Trade No.: 13035347

Shareholder Position

The Owner has 100% shares.

Company History

04/01/1995 Established as the present name

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Owner

Mr.

Heo Dong-In

Male

Korean

04/01/1995

 

 

Financials

 

The 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

Yarn

 

 

Trade Partners & Competitors

 

Competitors

SM TECH TEX CO., LTD.

394-1, YANGSAN-RI, BEOLGOK-MYEON, NONSAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-734-2511  FAX:+82-41-734-2411

 

DOWON TRADING CO., LTD.

RM. 1317, KRANTZ TECHNO, 5442-1, SANGDAEWON 2-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA

TEL:+82-31-777-8939  FAX:+82-31-777-8941

 

WORLIGHT CO., LTD.

2ND FL., SEGWANG BLDG., 242-3, YANGJAE 2-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-529-8464  FAX:+82-2-529-8463

 

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Bangladesh, India, Vietnam and South East Asia.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.65

UK Pound

1

Rs.82.66

Euro

1

Rs.71.21

 

 

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%)

 

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