MIRA INFORM REPORT

 

 

Report Date :

25.03.2013

 

IDENTIFICATION DETAILS

 

Name :

WOO YANG R&B CORPORATION

 

 

Registered Office :

3FL., Sam Yoo Bldg. 33-23, Nonhyeon-dong, Gangnam-gu, Seoul, Korea 135-010

 

 

Country :

South Korea

 

 

Date of Incorporation :

07.01.2000

 

 

Com. Reg. No.:

120-81-97846

 

 

Legal Form :

Co., Ltd. by shares

 

 

Line of Business :

Wholesales of Home Total Fashion and textiles

 

 

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 :

Moderate

Payment Behaviour :

Slow

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

WOO YANG R&B CORPORATION

(Korean Company Name : “(주)우양알앤비”)

Registered Address

33-23, Nonhyeon-dong, Gangnam-gu, Seoul, Korea

Building

3FL., Sam Yoo Bldg.

Zip Code

135-010

Tel

+82-2-518-4877

Fax

+82-2-518-4879

E-mail

bassetti2002@yahoo.co.kr;haro2002@bassetti.co.kr

Website

www.bassetti.co.kr

Trading Address

3FL., Sam Yoo Bldg., 33-23, Nonhyeon-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-518-4877

Fax

+82-2-518-4879

Type

Import

Industry

Wholesales of Home Total Fashion and textiles

  Main Business

High End Carpet, Rug, Designer Edition Custom Made Rug, Master Piece Carpet, Bath Mat

  Sub Business

 

Established (mm/dd/yyyy)

01/07/2000

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

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Blankets(52121508)

Sell

Carpeting(30161701)

Sell

Rugs and mats(52101500)

 

 

CEO’s

 

Name

Park Chan-Yeop

Address

Suite 321-306, 91, Seohyeon-dong, Bundang-gu, Seongnam-si, Gyeonggi-do 463-822 Korea

Date of Birth

02/01/1958

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

200,000,000

Employees

5

Formation

Co., Ltd. by shares

Bank Details

Woori Bank-Bubjo Town Branch

Korea Exchange Bank-Trade Center Branch

Corporate Registered No.

110111-1846083

Business Registered No.

120-81-97846

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

01/07/2000 Incorporated as the present name

01/026/2006 Moved to the present address from 1FL., Kyunghui Bldg., 109-18, Samseong-dong, Gangnam-gu, Seoul, Korea

12/08/2008 Increased the authorized shares to 160,000 shares from 80,000 shares

12/25/2008 Increased capital to 200,000,000 KRW from 100,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Park Chan-Yeop

Male

Korean

03/31/2003

Director

M/S

Yoo Sun-Ok

Female

Korean

01/07/2000

Auditor

Mr.

Chung Hae-Chun

Male

Korean

03/11/2004

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

8,769,000,000

4,827,000,000

186,000,000

2010

7,083,000,000

5,386,000,000

161,000,000

2009

6,427,000,000

4,490,000,000

131,000,000

2008

6,086,580,000

　

105,010,000

2007

5,006,980,000

　

81,550,000

2006

3,937,050,000

　

76,410,000

2005

2,480,860,000

　

44,500,000

2004

2,466,800,000

　

41,420,000

2003

2,810,000,000

　

82,000,000

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)

400,000,000

Paid-Up Capital(KRW)

200,000,000

Total Issued Shares

40,000

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

High End Carpet, Rug, Designer Edition Custom Made Rug, Master Piece Carpet, Bath Mat

 

Brand Name : Bassetti, Zucchi

 

 

Trade Partners & Competitors

 

Suppliers

BASSETTI-ITALY

HABIDECOR(UNDERFOOT MASTERPIECE)-PORTUGAL
HARO-GERMANY

V.M. CARPET-FINLAND

THE SUBJECT IMPORTS FROM THE ABOVE SUPPLIERS.

Customers

The subject sells through major department stores and Marts including Hyundai, Lotte, Shinsegei Department Store.

Competitors

WONU CO., LTD.

2ND FL., SEO-IL BLDG., 222, JAMSILBON-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-569-5722  FAX:+82-2-569-5081

 

NAMHWA CORPORATION

4TH FL., DAR BLDG., 93-5, CHEONGDAM-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-784-9142~4  FAX:+82-2-784-9607

 

BOOMIN ENTERPRISE CO., LTD.

576, GAPSAN-RI, ANGANG-EUP, GYEONGJU-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-761-8677  FAX:+82-54-761-3642

 

 

Sales by Region

 (Activity & Markets)

 

The subject imports from India, Italy and other European countries.

 

 

Court Action

 

Not Available.

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.33

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

 

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.