MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

HOMEO CO., LTD.

 

 

Registered Office :

342-8, Seogyo-dong, Mapo-gu, Seoul, Korea 121-837

 

 

Country :

South Korea

 

 

Date of Incorporation :

02.12.2008

 

 

Com. Reg. No.:

120-87-34765

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesale of Household Furniture

 

 

No. of Employees :

8

 

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 – 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 Information

 

Basic

 

Company Name

HOMEO CO., LTD.

Registered Address

342-8, Seogyo-dong, Mapo-gu, Seoul, Korea

Zip Code

121-837

Tel

+82-2-544-1727

Fax

+82-2-544-1720

E-mail

homeo7@hanmail.net

Website

www.homeo.kr

Trading Address

342-8, Seogyo-dong, Mapo-gu, Seoul, Korea

(New Address System : 80, Wausan-ro 29ga-gil, Mapo-gu, Seoul, Korea)

Tel

+82-2-544-1727

Fax

+82-2-544-1720

Other Address

1652-188, Beopheung-ri, Tanhyeon-myeon, Paju-si, Gyeonggi-do, Korea

Tel

+82-31-946-1727

Fax

+82-31-946-0342

Other Address

69-16, Samseong 1-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-542-1727

Type

Import

Industry

Wholesale of Household Furniture

  Main Business

Interior Furniture, Interior Design Goods, Accessories, Interior Goods

Established (mm/dd/yyyy)

12/02/2008

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

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Interior design or decorating(72101901)

Sell

Furniture(56101500)

 

 

CEO’s

 

Name

Park Yong-Ho

Address

Suite 102-102, 511, Daechi-dong, Gangnam-gu, Seoul, Korea

Date of Birth

06/13/1958

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

2,100,000,000

Employees

8

Formation

Co., Ltd by Shares

Bank Details

N/A

Corporate Registered No.

110111-4007575

Business Registered No.

120-87-34765

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

12/02/2008 Incorporated as GIKO CORPORATION

08/20/2009 Changed company name to the present name

03/09/2010 Moved to the present HQ address from 1FL., Jihyun Bldg., 69-16, Samseong-dong, Gangnam-gu, Seoul, Korea

12/15/2010 Increased the authorized shares to 1,000,000 shares from 20,000 shares

12/23/2010 Increased capital to 1,500,000,000 KRW from 50,000,000 KRW

12/22/2011 Increased capital to 2,100,000,000 KRW from 1,500,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Park Yong-Ho

Male

Korean

03/08/2010

Director

Mr.

Park Kyung-Ho

Male

Korean

12/02/2008

Director

M/S.

You Jong-Sook

Female

Korean

08/17/2011

Auditor

Mr.

Bae Byung-Hyun

Male

Korean

12/02/2008

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

 

 

 

2011

 

 

 

2010

 

 

 

2009

 

 

 

2008

 

 

 

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)

10,000,000,000

Paid-Up Capital(KRW)

2,100,000,000

Total Issues Shares

210,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Interior Furniture, Interior Design Goods, Accessories, Interior Goods

 

 

Trade Partners & Competitors

 

Competitors

LIMOH TRADING CO., LTD.

420-5, MANGWON 2-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-323-4370  FAX:+82-2-323-4473

 

DONAHOME CO.

1ST FL., CHEONGRIM BLDG., 68-16, NONHYEON 2-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-541-6095  FAX:+82-2-541-6790

 

HAPPYLON INC.

164, GOCHEON-DONG, UIWANG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-452-4480  FAX:+82-31-454-6213

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

2012

2011

2010

Export

 

 

 

Domestic

 

 

 

Total

 

 

 

The Subject imports from Hong Kong and India.

 

 

News Clipping

 

Not Available.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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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