MIRA INFORM REPORT

 

 

Report No. :

494265

Report Date :

03.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

JM SPONGE

 

 

Registered Office :

1784-27, Gimhae-daero, Gimhae-si, Gyeongsangnam-do, Korea, Rm.107-802, Gimhae Bukbu Doosan We've APT., 50881

 

 

Country :

South Korea

 

 

Date of Incorporation :

Not available

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Sales of Foamed Plastic Products, Sponge

 

 

No. of Employees :

Not available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.

Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.

The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.

In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.

In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.

 

Source : CIA

 

Basic Information

 

Company Name

JM SPONGE

(Korean Company Name : “N/A")

Registered Address

1784-27, Gimhae-daero, Gimhae-si, Gyeongsangnam-do, Korea

Building

Rm.107-802, Gimhae Bukbu Doosan We've APT.

Zip Code

50881

Tel

N/A

Fax

N/A

E-mail

 

Website

 

Trading Address

Rm.107-802, Gimhae Bukbu Doosan We've APT., 1784-27, Gimhae-daero, Gimhae-si, Gyeongsangnam-do, Korea

(Old Address System : Rm.107-802, Gimhae Bukbu Doosan We've APT., 401-11, Samgye-dong, Gimhae-si, Gyeongsangnam-do, Korea)

Tel

N/A

Fax

N/A

Type

N/A

Industry

Sales of Foamed Plastic Products

  Main Business

Sponge

  Sub Business

 

Established (mm/dd/yyyy)

N/A

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Sponge

 

 

CEO’s

 

Name

N/A

Date of Birth

 

Title

Owner

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

N/A

Formation

Sole Proprietorship

Bank Details

N/A

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

N/A. (The numbers are kept by the National Tax Service confidentially.)

Because the subject’s full Business Registered No., for checking through the National Tax Service whether the subject is still existing or not, is not available, so we cannot confirm if the subject exist or not legally.)

Permit & Licenses

N/A

Shareholder Position

The owner(s) has 100% shares.

Company History

N/A

The premises(Building : 128.5749 sq. meters, Land : 82.0769/22,478 sq. meters) as residential apartment have been owned by Mr. Park Sam-Sik(DOB : 09/30/1962) since 05/29/2004.

And it has been pledged as a collateral amounting 31,200,000 KRW as of 05/22/2012, amounting 22,800,000 KRW as of 12/30/2015, and amounting 24,000,000 KRW as of 02/13/2018 against Gimhae Samgye Branch of Kookmin Bank(110111-2365321) respectively.

 

And we could find the companies at Samgye-dong, Gimhae-si, Gyeongsangnam-do 50845 Korea dealing with sponge products as below;

LIVE SPONGE(Rep. Mr. Hwang Sung-Oh, Reg. No.: 615-04-44792) at 17-1, Angok-ro, Gimhae-si, Gyeongsangnam-do 50845 Korea(Old Address System : 1110-1, Samgye-dong, Gimhae-si, Gyeongsangnam-do 50845 Korea)

 

Detailed Information

 

Management

 

Job Description

Name

Nationality

Date of Birth

Inauguration Date

Owner

N/A

 

 

 

 

 

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)

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

Sponge

 

 

 

Sales by Region (Activity & Markets)

 

Not Available.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.23

UK Pound

1

INR 89.71

Euro

1

INR 79.50

KRW

1

INR 0.060

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

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.