MIRA INFORM REPORT

 

 

Report Date :

02.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MICHAEL & SON SOLUTION CORP.

 

 

Registered Office :

217, Dosan-daero, Gangnam-gu, Seoul, Korea 8FL., Gangnam Bldg 135-722

 

 

Country :

South Korea

 

 

Date of Incorporation :

28.12.2006

 

 

Com. Reg. No.:

211-87-91290

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesales and Retails of Textile

 

 

No. of Employees :

05

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

MICHAEL & SON SOLUTION CORP.

(Korean Company Name : “마이클앤선솔루션(주)”)

Registered Address

217, Dosan-daero, Gangnam-gu, Seoul, Korea

Building

8FL., Gangnam Bldg.

Zip Code

135-722

Tel

+82-2-518-2379

Fax

+82-2-2214-4198

E-mail

sf_market@naver.com;dsi76@naver.com

Website

www.sewingfactory.co.kr

Trading Address

8FL., Gangnam Bldg., 217, Dosan-daero, Gangnam-gu, Seoul, Korea

(Old Address System : 8FL., Gangnam Bldg., 588-21, Sinsa-dong, Gangnam-gu, Seoul, Korea)

Tel

+82-2-518-2379

Fax

+82-2-2214-4198

Other Address

 

Tel

 

Fax

 

Type

Export/Import

Industry

Wholesales and Retails of Textile

  Main Business

Sewing Machine, Accessories, Fabric, Textile, Books

  Sub Business

E-Commerce

Established (mm/dd/yyyy)

12/28/2006

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Sewing machines(23121614)

Sell

Embroidery making machines(23121501)

Sell

Textile processing machinery and accessories(23121500)

 

CEO’s

 

Name

Choi Eun-Mi

Address

111-30, Itaewon-ro 55-gil, Yongsan-gu, Seoul, Korea

Date of Birth

08/30/1959

Title

Representative Director

Sex

Female

Nationality

Korean

 

Profiles

 

Capital (KRW)

50,000,000

Employees

5

Formation

Co., Ltd by Shares

Bank Details

Woori Bank-Dosan Ro Branch

Shinhan Bank(A/C No.: 140-008-016760)

Corporate Registered No.

110111-3588120

Business Registered No.

211-87-91290

Permit & Licenses

Int’l Trade No.: 45297717

Shareholder Position

N/A

Company History

12/28/2006 Incorporated as the present name

03/28/2011 Moved to the present HQ addr5ess from 233-8, Yongdap-dong, Seongdong-gu, Seoul, Korea

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Representative Director

M/S.

Choi Eun-Mi

Female

Korean

01/12/2010

Auditor

Mr.

Kim Do-Young

Male

Korean

03/25/2009

 

 

Financials

 

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)

200,000,000

Paid-Up Capital(KRW)

50,000,000

Total Issued Shares

10,000

 

Products, Technologies, Services Description

 

Main Products & Services

Sewing Machine, Accessories, Fabric, Textile, Books

 

Brand Name : Sewingfactory

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

UNICORN INDUSTRIAL SEWING MACHINE CORP.

BROTHER BLDG., 233-8, YONGDAP-DONG, SEONGDONG-GU, SEOUL, KOREA

TEL:+82-2-3444-9289  FAX:+82-2-3446-2773

 

YANG JI INTERNATIONAL CO., LTD.

4TH FL., HACOM BLDG., 111, EULJIRO 4-GA, JUNG-GU, SEOUL, KOREA

TEL:+82-2-2285-4726  FAX:+82-2-2285-4729

 

JAE WOON CO., LTD.

RM. 702, SUNG-IN BLDG., 234-86, SUNGIN 2-DONG, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-2265-8071  FAX:+82-2-2277-2174

 

 

Sales by Region (Activity & Markets)

 

Not Available.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.07

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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.