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MIRA INFORM REPORT
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Report No. : |
495110 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
WEOL SUNG TEXTILE CO. |
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Registered Office : |
41, Nakdong-daero 1468beon-gil, Sasang-gu,
Busan, Korea, 46903 |
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Country : |
South Korea |
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Date of Incorporation : |
04.02.1998 |
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Com. Reg. No.: |
606-39-99539 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacture, Wholesales and Retails of
Textiles, Fabrics, Clothes and Accessories |
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No. of Employees : |
13 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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South Korea |
A1 |
A1 |
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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 |
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.
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Source
: CIA |
Basic
Information
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Company Name |
WEOL SUNG TEXTILE CO. (Korean Company Name : “월성직물”) |
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Registered Address |
41, Nakdong-daero 1468beon-gil, Sasang-gu,
Busan, Korea |
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Building |
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Zip Code |
46903 |
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Tel |
+82-51-305-6500 |
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Fax |
+82-51-305-6501 |
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E-mail |
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Website |
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Trading Address |
41, Nakdong-daero 1468beon-gil, Sasang-gu,
Busan, Korea (Old Address System : 76-11, Samnak-dong,
Sasang-gu, Busan, Korea) |
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Tel |
+82-51-305-6500 |
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Fax |
+82-51-305-6501 |
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Other Address |
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Tel |
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Fax |
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Type |
Export/Import |
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Industry |
Manufacture, Wholesales and Retails of
Textiles, Fabrics, Clothes and Accessories |
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Main Business |
Cotton Cloth, Shoes |
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Sub
Business |
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Established (mm/dd/yyyy) |
02/04/1998 |
Detailed
Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Synthetic fabrics(11161800) |
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Sell |
Cotton yarn(11151702) |
CEO’s
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Name |
Kwak Jin-Taik |
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Date of Birth |
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Title |
Owner |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
Not Applicable to
the Sole Proprietorship |
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Employees |
13 |
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Formation |
Sole Proprietorship |
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Bank Details |
Busan Bank-Gamjeon Dong Branch |
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Corporate Registered No. |
Not Applicable to the Sole Proprietorship |
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Business Registered No. |
606-39-99539 |
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Permit & Licenses |
N/A |
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Shareholder Position |
The owner has 100% shares. |
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Company History |
02/04/1998 Established as the present name |
Detailed
Information
Management
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Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
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Owner |
Kwak Jin-Taik |
Korean |
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02/04/1998 |
Financials
The financials are
not available, and the Subject Company does not have any obligations to release
its financials to the public.
Financial
Description
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Authorized Capital(KRW) |
Not Applicable to the Sole Proprietorship |
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Paid-Up Capital(KRW) |
Not Applicable to the Sole Proprietorship |
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Total Issued Shares |
Not Applicable to the Sole Proprietorship |
Products,
Technologies, Services Description
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Main Products & Services |
Textiles, Fabrics, Clothes, Accessories |
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Detailed Products Spec. |
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Technologies Acquired |
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Trade
Partners & Competitors
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Suppliers |
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Customers |
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Competitors |
DAE HO TEXTILE CO., LTD. 355-14, GALSAN-DONG, DALSEO-GU, DAEGU,
KOREA TEL:+82-53-527-0954 FAX:+82-53-527-0955 SAN CHAN TEXTILE CO., LTD. 358-116, GALSAN-DONG, DALSEO-GU, DAEGU,
KOREA TEL:+82-53-582-3505 FAX:+82-53-582-3509 JANGAN TEXTILE CO., LTD. 114-7, IBAM-RI, NAM-MYEON, YANGJU-SI,
GYEONGGI-DO, KOREA TEL:+82-31-867-6949 FAX:+82-31-867-6950 |
Sales
by Region (Activity & Markets)
Not Available.
Court
Action
Not Available.
News
Clipping
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 65.22 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
TPT |
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.