MIRA INFORM REPORT

           

 

 

Report Date :

18.05.2013

 

IDENTIFICATION DETAILS

 

Name :

SEOSAN CORPORATION

 

 

Registered Office :

233-2 , Ipjeong-dong, Jung-gu, Seoul, Korea, Zip Code 100-853

 

 

Country :

South Korea

 

 

Date of Incorporation :

Not Available 

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesaler of Machine-Tools

 

 

No. of Employees :

Not Available 

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 is currently the world's 12th largest economy. 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. Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. 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

 

Concern  Name

SEOSAN CORPORATION

(Korean Concern  Name : “서산상사”)

Registered Address

233-2 , Ipjeong-dong, Jung-gu, Seoul, Korea

Zip Code

100-853

Tel

+82-2-2267-9558

Fax

N/A

Trading Address

233-2 , Ipjeong-dong, Jung-gu, Seoul, Korea

(New Address System : 6, Chungmu-ro 11-gil, Jung-gu, Seoul, Korea)

Tel

+82-2-2275-7588  +82-2-2274-4746

Type

Export/Import

Industry

Wholesale of Machine-Tools

  Main Business

Tools, Machines

Established (mm/dd/yyyy)

N/A

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Metal working machinery attachments(23172000)

 

 

CEO’s

 

Name

N/A

Address

N/A

Date of Birth

N/A

Title

Owner

Sex

N/A

Nationality

N/A

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

N/A

Formation

Sole Proprietorship

Bank Details

N/A

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

N/A. (The 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.

Concern  History

N/A

 

 

Financials

 

The financials are not available, and the Subject Concern  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

Tools, Machines

 

 

Trade Partners & Competitors

 

Competitors

YOUIL MACHINERY WORKS CO., LTD.

971-1, JANGDEOK-DONG, GWANGSAN-GU, GWANGJU, KOREA

TEL:+82-62-952-6111  FAX:+82-62-952-6115

 

OTRA CO., LTD.

416, GOMAE-DONG, GIHEUNG-GU, YONGIN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-275-2491  FAX:+82-31-275-2494

 

DAESAN MACHINERY IND. CO., LTD.

947, YONGJEONG-RI, GANGHWA-EUP, GANGHWA-GUN, INCHEON, KOREA

TEL:+82-32-934-6500  FAX:+82-32-934-7552

 

 

Sales by Region

(Activity & Markets)

 

Not Available.

 

Court Action

 

Not Available.

 

 

News Clipping

 

---

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.89

UK Pound

1

Rs.83.66

Euro

1

Rs.70.58

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.