MIRA INFORM REPORT

 

 

Report Date :

08.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SERIM CORPORATION

 

 

Registered Office :

1B-23L, Andong Industrial Complex, 11-59, Gimhae-daero 2596beon-gil, Gimhae-si, Gyeongsangnam-do 621-914

 

 

Country :

South Korea

 

 

Date of Incorporation :

10.01.1995

 

 

Com. Reg. No.:

622-81-08849

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Washing, Dyeing, Finishing and Processing Industrial Machinery Fibres

 

 

No of Employees :

12

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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. South 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. South 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-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP

Source : CIA

Basic Information

 

Basic

 

Company Name

SERIM CORPORATION

(Korean Company Name : “(주)세림”)

Registered Address

11-59, Gimhae-daero 2596beon-gil, Gimhae-si, Gyeongsangnam-do, Korea

Building

1B-23L, Andong Industrial Complex

Zip Code

621-914

Tel

+82-55-324-6550

Fax

+82-55-324-0272

E-mail

serimvsd@yahoo.co.kr

Website

 

Trading Address

1B-23L, Andong Industrial Complex, 11-59, Gimhae-daero 2596beon-gil, Gimhae-si, Gyeongsangnam-do, Korea

(Old Address System : 1B-23L, Andong Industrial Complex, 538-24, An-dong, Gimhae-si, Gyeongsangnam-do, Korea)

Tel

+82-55-324-6550

Fax

+82-55-324-0272

Other Address

 

Tel

 

Fax

 

Type

Export

Industry

Manufacture of Washing, Dyeing, Finishing and Processing Industrial Machinery Fibres

  Main Business

Staking Machine

  Sub Business

 

Established (mm/dd/yyyy)

01/10/1995

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Textile working machinery and equipment and accessories(23121600)

 

CEO’s

 

Name

Kang Ki-Tak

Address

Suite 506-601, 503, Geumgang-ro, Geumjeong-gu, Busan, Korea

Date of Birth

11/26/1946

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

100,000,000

Employees

12

Formation

Co., Ltd by shares

Bank Details

Woori Bank

Corporate Registered No.

184611-0013685

Business Registered No.

622-81-08849

Permit & Licenses

Int’l Trade No.: 24009953

Shareholder Position

N/A

Company History

01/10/1995 Incorporated as the present name

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kang Ki-Tak

Male

Korean

01/10/1995

Director

Mr.

Kang Young-Woo

Male

Korean

01/10/1995

Director

Mr.

Kang Tae-Joon

Male

Korean

02/19/2004

Director

Mr.

Kang Tae-Keun

Male

Korean

02/23/2013

Director

M/S

Kang Tae-Yeon

Female

Korean

02/23/2013

Auditor

M/S

Kim Young-Sook

Female

Korean

01/10/1995

 

Financial Description

 

Authorized Capital(KRW)

400,000,000

Paid-Up Capital(KRW)

100,000,000

Total Issued Shares

10,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Staking Machine

 

 

Trade Partners & Competitors

 

Competitors

SAMILL INDUSTRIAL CO., LTD.

48B-12L, SEONGSEO INDUSTRIAL COMPLEX, 595-11, DAECHEON-DONG, DALSEO-GU, DAEGU, KOREA

TEL:+82-53-583-2661  FAX:+82-53-582-7384

 

DAPANG INDUSTRY

RM 518, BIWON OFFICETEL, 648-6, DEUNGCHON 1-DONG, GANGSEO-GU, SEOUL, KOREA

TEL:+82-2-3665-6742  FAX:+82-2-3665-6756

 

JINWOO ENTERPRISE CO.

RM. 402, DUSEONG BLDG., 246-5, NEUNG-DONG, GWANGJIN-GU, SEOUL, KOREA

TEL:+82-2-456-0036  FAX:+82-2-456-0038

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

KORONA CORPORATION

62-10, SACHON-RI, SAENGNIM-MYEON, GIMHAE-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-325-6700  FAX:+82-55-325-6004

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.85

UK Pound

1

Rs. 96.73

Euro

1

Rs. 76.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

SMT

 

 

Report Prepared by :

DPT

 

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

 

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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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