MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

SOLSANG INTERNATIONAL CORP.

 

 

Registered Office :

44-1, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea Rm. 711, Daeyoung Bldg. 150-714

 

 

Country :

South Korea

 

 

Date of Incorporation :

04.09.2000

 

 

Com. Reg. No.:

210-81-31244

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesale of Spun Fibers and Yarns

 

 

No. of Employees :

6

 

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

SOLSANG INTERNATIONAL CORP.

Registered Address

44-1, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea

Building

Rm. 711, Daeyoung Bldg.

Zip Code

150-714

Tel

+82-2-318-1137

Fax

+82-2-318-1170

E-mail

jsfusion@hotmail.com

Trading Address

Rm. 711, Daeyoung Bldg., 44-1, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea

(New Address System : 11, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul, Korea)

Tel

+82-2-318-1137

Fax

+82-2-318-1170

Type

Export/Import

Industry

Wholesale of Spun Fibers and Yarns

  Main Business

Polyester Yarn, Nylon Fiber

Established (mm/dd/yyyy)

09/04/2000

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Spandex thread(11151611)

Sell

Synthetic yarn(11151709)

 

 

CEO’s

 

Name

Park Jin-Soon

Address

Suite 115-305, 184, Junggye-ro, Nowon-gu, Seoul, Korea

Date of Birth

11/25/1960

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

485,000,000

Employees

6

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea- Seosomun Branch

Address: 75, Seosomun-Dong, Chung-Ku, Seoul 100-110 Korea

Tel: 82-2-756-9201

Fax: 82-2-756-9058

Corporate Registered No.

110111-2063834

Business Registered No.

210-81-31244

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

09/04/2000 Incorporated as JS Tex Co., Ltd. at 456-133, Sangkye-Dong, Nowon-Ku, Seoul

10/23/2002 Changed the company name to C&J Marketing Co., Ltd.

08/08/2005 Changed company name to the present name

12/19/2007 Moved to the present HQ address from Rm. 704, Jeongdong Bldg., 15-5, Jeong-dong, Jung-gu, Seoul, Korea

09/24/2013 Increased the authorized shares to 500,000 shares from 80,000 shares

09/25/2013 Increased capital to 485,000,000 KRW from 285,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Co-President & CEO

Mr.

Park Jin-Soon

Male

Korean

09/04/2000

Director

Mr.

Choi Won-Young

Male

Korean

09/04/2000

Auditor

M/S.

Park Kyung-Hee

Female

Korean

03/31/2003

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

 

 

 

2011

45,489,000,000

8,041,000,000

56,000,000

2010

 

 

 

2009

54,242,000,000

7,158,000,000

93,000,000

2008

63,656,000,000

6,701,000,000

148,000,000

2007

 

 

 

2006

39,453,000,000

 

 

2005

47,061,000,000

 

 

2004

17,044,000,000

2,696,000,000

81,000,000

2003

19,889,000,000

3,327,000,000

188,000,000

2002

13,867,000,000

2,181,000,000

162,000,000

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)

2,500,000,000

Paid-Up Capital(KRW)

485,000,000

Total Issued Shares

97,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Polyester Yarn, Nylon Fiber

 

 

Trade Partners & Competitors

 

Competitors

DO BEST CO., LTD.

105-112, GONGDEOK-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-3271-3800  FAX:+82-2-3271-3899

 

DREAM SEEKERS INC.

RM. 2410, MASTERS TOWER BLDG., 553, DOHWA-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-3275-5111~2  FAX:+82-2-3275-5113

 

HANWOO CORPORATION

4TH FL., 322-21, HAENGDANG 2-DONG, SEONGDONG-GU, SEOUL, KOREA

TEL:+82-2-2299-9100~8  FAX:+82-2-2299-9109

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

2012

2011

2010

Export

 

 

 

Domestic

 

 

 

Total

 

 

 

The Subject deals with the companies in Taiwan, Vietnam, India, Japan, China and Turkey.

 

 

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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