MIRA INFORM REPORT

 

 

Report Date :

23.07.2014

 

IDENTIFICATION DETAILS

 

Name :

DAESUNG CORPORATION

 

 

Registered Office :

8-7, Cheongsa-ro 5beon-gil, Uijeongbu-si, Gyeonggi-do, Rm.703, City Meditown, Zip Code 480-864

 

 

Country :

South Korea

 

 

Date of Incorporation :

01.05.1995

 

 

Com. Reg. No.:

212-37-65994

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

·         Engaged in Wholesaling Other Industrial Machinery and Equipment such as Soft Gelatin Making Machines

Engaged in sale of Capsulating machines

 

 

No of Employees :

03

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

Concern Name

DAESUNG CORPORATION

(Korean Concern Name : “대성교역”)

Registered Address

8-7, Cheongsa-ro 5beon-gil, Uijeongbu-si, Gyeonggi-do, Korea

Building

Rm.703, City Meditown

Zip Code

480-864

Tel

+82-31-853-6151

Fax

+82-31-853-6153

E-mail

gelcaps@kornet.net

Trading Address

Rm.703, City Meditown, 8-7, Cheongsa-ro 5beon-gil, Uijeongbu-si, Gyeonggi-do, Korea

(Old Address System : Rm.703, City Meditown, 761-6, Singok 2-dong, Uijeongbu-si, Gyeonggi-do, Korea)

Tel

+82-31-853-6151

Fax

+82-31-853-6153

Type

Export/Import

  Main Business

·         Engaged in Wholesaling Other Industrial Machinery and Equipment such as Soft Gelatin Making Machines

Engaged in sale of Capsulating machines

Established (mm/dd/yyyy)

05/01/1995

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Capsulating machines(23151803)

 

 

CEO’s

 

Name

Kim Ju-Su

Address

 

Date of Birth

 

Title

Owner

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

3

Formation

Sole Proprietorship

Bank Details

Woori Bank-Uijungbu Kumoh Branch

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

212-37-65994

Permit & Licenses

08/23/2004 CE Mark

 

Int’l Trade No.: 11248796

Shareholder Position

The owner has 100% shares.

Concern History

05/01/1995 Established as the present name

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Owner

Mr.

Kim Ju-Su

Male

Korean

05/01/1995

 

 

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

·         Soft Gelatin Making Machines

Capsulating machines

 

 

Trade Partners & Competitors

 

Competitors

INNOTECH SYSTEMS LTD.

RM. 726, KOPOMO TECHNO CENTER 2-CHA, 1298-6, JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-434-7007  FAX:+82-31-434-7447

 

HOONG A CORPORATION

83-4, DODANG-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-32-682-4355 FAX:+82-32-675-1525

 

HL PHARM TECH CO., LTD.

3BA-815, SIHWA INDUSTRIAL COMPLEX, 2180-8, JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-434-0126~7  FAX:+82-31-433-3157

 

SHINWHA PHARMA TECH

3RA-202, SIHWA INDUSTRIAL COMPLEX, 1273-1, JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-434-3240  FAX:+82-31-434-3239

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Mexico, USA, Italy, Canada and Colombia.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.23

UK Pound

1

Rs.102.86

Euro

1

Rs.81.44

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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.