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MIRA INFORM REPORT
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Report No. : |
481775 |
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Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
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Name : |
DMC REP OFFICE PYONGYANG |
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Registered Office : |
Rm 309 Pyongyang Hotel
Otan Dong, Central Dist, Pyongyang |
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Country : |
Democratic People's
Republic of Korea |
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Date of Incorporation : |
Not available |
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Legal Form : |
Government-owned
Enterprise |
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Line of Business : |
·
Growing of cereals (except rice), leguminous crops
and oil seeds ·
Manufacture of oils and fats |
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No. of Employees : |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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Status : |
Poor |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Democratic People's Republic of Korea |
D |
D |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
DEMOCRATIC PEOPLE'S REPUBLIC
OF KOREA - ECONOMIC OVERVIEW
North Korea, one of the world's most centrally directed and least open economies, faces chronic economic problems. Industrial capital stock is nearly beyond repair as a result of years of underinvestment, shortages of spare parts, and poor maintenance. Large-scale military spending and development of its ballistic missile and nuclear program severely draws off resources needed for investment and civilian consumption. Industrial and power outputs have stagnated for years at a fraction of pre-1990 levels. Frequent weather-related crop failures aggravated chronic food shortages caused by on-going systemic problems, including a lack of arable land, collective farming practices, poor soil quality, insufficient fertilization, and persistent shortages of tractors and fuel.
The mid 1990s were marked by severe famine and widespread starvation. Significant food aid was provided by the international community through 2009. Since that time, food assistance has declined significantly. In the last few years, domestic corn and rice production has improved, although domestic production does not fully satisfy demand. A large portion of the population continues to suffer from prolonged malnutrition and poor living conditions. Since 2002, the government has allowed semi-private markets to begin selling a wider range of goods, allowing North Koreans to partially make up for diminished public distribution system rations. It also implemented changes in the management process of communal farms in an effort to boost agricultural output.
In December 2009, North Korea carried out a redenomination of its currency, capping the amount of North Korean won that could be exchanged for the new notes, and limiting the exchange to a one-week window. A concurrent crackdown on markets and foreign currency use yielded severe shortages and inflation, forcing Pyongyang to ease the restrictions by February 2010. In response to the sinking of the South Korean warship Cheonan and the shelling of Yeonpyeong Island in 2010, South Korea’s government cut off most aid, trade, and bilateral cooperation activities. In February 2016, South Korea ceased its remaining bilateral economic activity by closing the Kaesong Industrial Complex in response to North Korea’s fourth nuclear test a month earlier. This nuclear test and another in September 2016 resulted in two United Nations Security Council Resolutions that targeted North Korea’s foreign currency earnings, particularly coal and other mineral exports. Over the last decade, China has been North Korea’s primary trading partner.
The North Korean Government continues to stress its goal of improving the overall standard of living, but has taken few steps to make that goal a reality for its populace. In 2016, the regime used two mass mobilizations — one totaling 70 days and another 200 days — to spur the population to increase production and complete construction projects quickly. The regime released a five-year economic development strategy in May 2016 that outlined plans for promoting growth across sectors. Firm political control remains the government’s overriding concern, which likely will inhibit formal changes to North Korea’s current economic system.
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Source : CIA |
Company
name
DMC REP OFFICE PYONGYANG
Company Summary
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Business Name |
DMC REP OFFICE PYONGYANG |
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Country |
DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA |
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Main Activity Code |
0111 |
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Main Activity Description |
Growing of cereals (except rice), leguminous crops and oil
seeds |
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Company Status |
(Active) |
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Latest Turnover Figure |
- |
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Latest Shareholder Equity Figure |
- |
Basic Information
Business Name DMC
REP OFFICE PYONGYANG
Registered Company Name DMC
REP OFFICE PYONGYANG
Cou ntry DEMOCRATIC
PEOPLE'S REPUBLIC OF KOREA
Legal Form Government-owned
Enterprise
Company Status (Active)
Main Address
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Address |
Country |
Telephone |
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Rm 309 Pyongyang Hotel Otan Dong, Central Dist, Pyongyang |
DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA |
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No other addresses for this company.
No previous addresses for this
company.
Activities
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Activity Code |
Activity Description |
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0111 |
Growing of cereals (except rice), leguminous crops and oil
seeds |
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1041 |
Manufacture of oils and fats |
No email for this company.
Web Pages
No web pages for this company.
Employee Information
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Date Reported |
Number of Employees |
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2018 |
N/A |
No banker information for this company.
Advisors Information
No advisor information for this company.
Miscellaneous Information
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Import Countries |
Middle-East, North America, Canada, Ukraine. |
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Additional Business Information |
Core Business: The primary business
focus of DMC REP OFFICE PYONGYANG is Importing - Finished products.Key
products include: Soybeans, Non-biotechnology soybean, Sunflower, Sunflower
oil. |
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Additional Financial Information |
Based on the corporate laws of Korea,
North (DPRK), legal entities which are a Government-owned Enterprise are not
required to make public disclosure of their annual financials. Therefore no
financials are available for this entity. |
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Number of Employees at Address |
N/A |
Additional Miscellaneous Information
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Note |
(1) Not applicable. According to
the corporate statutory laws for this type of Legal Form - Category
(Government-owned Enterprise) in Korea, North (DPRK), there is no requirement
for Authorized Capital.Due to the lack of SBE's operational status, and
circumstances involved, the information as listed below is only historical /
on-file data and as such it has not been possible to verify against any
current sources. |
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Reputation |
Due to the prevailing circumstances
regarding the status of DMC REP OFFICE PYONGYANG, assessment of reputation is
not relevant. |
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Nega-Scan - Adverse Data Monitoring |
Dishonored checks, Debt, Civil
litigation, Performance defaults. Adverse local media coverage / adverse
filing history: No record found. |
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Company Directors |
Not applicable - According to the
corporate statutory laws for this type of Legal Form - Category
(Government-owned Enterprise) in Korea, North (DPRK), there is no requirement
for Directors. |
No financial information for this
company.
No directors information for this company
Nominal Share Capital Issued Share Capital
Shareholders
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Shareholder |
Address |
% Shares Held |
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GOVERNMENT OF THE DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA |
Korea, North (DPRK) |
100 |
Ultimate
Holding Parent
No Ultimate Holding Parent for this company.
Immediate Holding Parent
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Name Status |
Registration Address |
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Number |
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GOVERNMENT OF THE DEMOCRATIC PEOPLES REPUBLIC Active |
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OF KOREA |
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Subsidaries
No subsidaries for this company.
Affiliates
No affiliates for this company.
No negative information for this company
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.98 |
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1 |
INR 88.13 |
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Euro |
1 |
INR 78.35 |
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KPW |
1 |
INR 0.071 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.