MIRA INFORM REPORT

 

 

Report Date :

29.09.2014

 

IDENTIFICATION DETAILS

 

Name :

NAVID LATEX CO., LTD.

 

 

Registered Office :

64, Cheondeoksan-ro 1beon-gil, Namsa-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea

 

 

Country :

South Korea

 

 

Date of Incorporation :

22.05.2007

 

 

Com. Reg. No.:

142-81-07271

 

 

Legal Form :

Company Limited By Shares

 

 

Line of Business :

Manufacture of Mattress and Upholstered Furniture.

 

 

No of Employees :

50

 

 

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.

 

 

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

 

Company Name

NAVID LATEX CO., LTD.

(Korean Company Name : “(주)나비드라텍스”)

Registered Address

64, Cheondeoksan-ro 1beon-gil, Namsa-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea

Building

 

Zip Code

448-160

Tel

+82-31-266-5412

Fax

+82-31-266-5413

E-mail

navidlatex@yahoo.co.kr

Website

www.navidlatex.com

Trading Address

64, Cheondeoksan-ro 1beon-gil, Namsa-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea

(Old Address System : 865-4, Bongmyeong-ri, Namsa-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea)

Tel

+82-31-266-5412

Fax

+82-31-266-5413

Other Address

 

Tel

 

Fax

 

Type

Export/Import

Industry

Manufacture of Mattresses and Upholstered Furniture

  Main Business

Latex Mattress

  Sub Business

 

Established (mm/dd/yyyy)

05/22/2007

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Mattresses or sleep sets(56101508)

Sell

Beds(56101515)

Sell

Pillows(52121505)

 

 

CEO’s

 

Name

You Yong-Kyu

Address

Suite 103-604, 842, Sanghyeon-dong, Suji-gu, Yongin-si, Gyeonggi-do, Korea

Date of Birth

11/27/1966

Title

Representative Director

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

500,000,000

Employees

50

Formation

Co., Ltd by Shares

Bank Details

Kookmin Bank

(A/C No.: 353901-01-154209)

Corporate Registered No.

134511-0113859

Business Registered No.

142-81-07271

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

05/22/2007 Incorporated as the present name

07/29/2011 Increased the authorized shares to 400,000 shares from 40,000 shares

07/30/2011 Increased capital to 500,000,000 KRW from 50,000,000 KRW

05/23/2012 Moved to the present HQ address from 1003-674, Jukjeon-dong, Suji-gu, Yongin-si, Gyeonggi-do, Korea, Korea

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Representative Director

Mr.

You Yong-Kyu

Male

Korean

05/22/2007

Auditor

M/S.

Jung Kyung-Sook

Female

Korean

03/31/2010

 

 

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)

2,000,000,000

Paid-Up Capital(KRW)

500,000,000

Total Issued Shares

100,000

 

Products, Technologies, Services Description

 

Main Products & Services

Latex Mattress

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

Domestic Major Department Stores including Hyundai, Galleria, Lotte and Shinsegae Department Store

Competitors

KOLATECH, INC.

4-E62, DA-BLOCK, GARDEN 5 TOOL, 292, MUNJEONG 2-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-3443-4676  FAX:+82-2-3443-4678

 

EUNSUNG TRADING CO., LTD.

181-3, GWANGAM-DONG, HANAM-SI, GYEONGGI-DO, KOREA

TEL:+82-2-471-0100  FAX:+82-2-475-0880

 

SHINWOO PALM & LATEX CO., LTD.

96-1, IDONGGYO-RI, SOHOL-EUP, POCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-31-543-5500  FAX:+82-31-542-0528

 

 

Sales by Region (Activity & Markets)

 

The Subject imports from Sri Lanka and Thailand.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

-----

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.45

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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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