MIRA INFORM REPORT

 

 

Report Date :

31.12.2012

 

IDENTIFICATION DETAILS

 

Name :

PARCO INTERNATIONAL, INC.

 

 

Registered Office :

7th Fl., Munchang Bldg. 1583-8, Seocho 3-dong, Seocho-gu, Seoul, Korea 137-875

 

 

 

 

Country :

South Korea

 

 

 

 

Financials (as on) :

31.12.2008

 

 

 

 

Date of Incorporation :

22.12.1995

 

 

 

 

Com. Reg. No.:

214-81-97724

 

 

 

 

Legal Form :

Co., Ltd by Shares

 

 

 

 

Line of Business :

Wholesale of Shirts and Outer Garments

 

 

 

 

No. of Employees :

41

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

Slow but correct

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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 currently is among the world's 20 largest economies. 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. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

 

Basic Information

 

Company Name

PARCO INTERNATIONAL, INC.

(Korean Company Name : “(주)파코인터내셔날”)

Registered Address

1583-8, Seocho 3-dong, Seocho-gu, Seoul, Korea

Building

7th Fl., Munchang Bldg.

Zip Code

137-875

Tel

+82-2-2106-3300

Fax

+82-2-597-2182

E-mail

maxinebang@parcointernational.kr

Website

www.parcointernational.kr

Trading Address

7th Fl., Munchang Bldg., 1583-8, Seocho 3-dong, Seocho-gu, Seoul, Korea

Tel

+82-2-2106-3300

Fax

+82-2-597-2182

Type

Import

Industry

Wholesale of Shirts and Outer Garments

  Main Business

Womens Suits

  Sub Business

 

Established (mm/dd/yyyy)

12/22/1995

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Clothing(53100000)

Sell

Womens sweaters(53101704)

Sell

Womens slacks or trousers or shorts(53101504)

 

 

CEO’s

 

Name

Park Joon-Sung

Address

Suite 101, 843-15, Bangbae-dong, Seocho-gu, Seoul, Korea

Date of Birth

05/07/1970

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

1,000,000,000

Employees

41

Formation

Co., Ltd by Shares

Bank Details

Citibank-Seocho Branch

Kookmin Bank

Corporate Registered No.

110111-1224867

Business Registered No.

214-81-97724

Permit & Licenses

N/A

Shareholder Position

Name

Shares

%

PARK SEOK

6,000

3.00

KIM YOUNG-SOOK

2,000

1.00

PARK JOON-SUNG

100,000

50.00

PARK JOON-HO

92,000

46.00

TOTAL

200,000

100.00

Company History

12/22/1995 Incorporated as Parco Club Inc.

10/07/2007 Increased the authorized shares to 1,000,000 shares from 40,000 shares

10/10/2007 Increased capital to 1,000,000,00 KRW from 50,000,000 KRW

01/09/2008 Changed company name to the present name

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Park June Sung

Male

Korean

01/01/2009

Director

Mr.

Park Seok

Male

Korean

12/22/1995

Director

M/S.

Kim Young-Sook

Female

Korean

01/15/1999

Auditor

Mr.

Woo Jae-Ho

Male

Korean

12/22/1995

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

14,259,000,000

 

 

2009

13,910,000,000

 

 

2008

20,440,302,957

7,712,768,304

430,455,206

2007

13,203,122,893

8,926,811,709

1,073,350,826

2006

9,131,000,000

 

 

2005

11,395,000,000

 

 

2004

11,395,000,000

 

 

2003

12,020,000,000

 

 

The latest 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)

5,000,000,000

Paid-Up Capital(KRW)

1,000,000,000

Total Issues Shares

200,000

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2008

As of 12/31/2007

As of 12/31/2006

Total Assets

7,712,768,304

8,926,811,709

 

Current Assets

6,415,925,785

7,894,421,673

 

-Quick Assets

5,352,117,597

6,248,084,813

 

-Inventories

1,063,808,188

1,646,336,860

 

Fixed Assets

1,296,842,519

1,032,390,036

 

-Investment

417,700,000

202,500,000

 

-Tangibles

393,382,271

343,871,803

 

-Intangibles

485,760,248

486,018,233

 

Total Liabilities

6,518,202,062

8,162,700,673

 

Current Liabilities

6,399,665,814

8,077,817,513

 

Fixed Liabilities

118,536,248

84,883,160

 

Capital Stock

1,000,000,000

1,000,000,000

 

Capital Surplus

　

　

 

Profit Surplus

194,566,242

-235,888,964

 

Capital Adjustment

　

　

 

Total Equity

1,194,566,242

764,111,036

 

Liab. & Shareholder’s Equity

7,712,768,304

8,926,811,709

 

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2008

As of 12/31/2007

As of 12/31/2006

Sales

20,440,302,957

13,203,122,893

 

Cost of Sold Goods

7,851,601,563

7,919,054,606

 

Gross Profit

12,588,701,394

5,284,068,287

 

Selling & Admin. Expenses

10,764,543,923

7,156,132,181

 

Operating Income

1,824,157,471

-1,872,063,894

 

Non-Operating Income

241,047,958

2,266,842,275

 

Non-Operating expenses

1,250,411,448

262,930,812

 

Income Before Taxes

814,793,981

131,847,569

 

Income Taxes Expenses

384,338,775

-941,503,257

 

Net Income

430,455,206

1,073,350,826

 

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2008

As of 12/31/2007

As of 12/31/2006

Cash Flows from Operating

2,276,283,091

-5,672,662,335

 

-Net Income

430,455,206

1,073,350,826

 

-Exp. without Cash Outflow

621,930,678

462,674,671

 

-Revenue without Cash Inflows

-76,235,565

-2,242,618,855

 

-Changes in Asset/ & Liability

1,300,132,772

-4,966,068,977

 

Cash Flows from Investing

-861,154,906

-1,076,540,678

 

-Cash Inflow from Investing

509,782,227

48,789,935

 

-Cash Outflows for Investing

-1,370,937,133

-1,125,330,613

 

Cash Flows from Financing

-1,099,202,989

6,945,321,997

 

-Cash Inflows from Financing

2,843,818,781

11,623,533,703

 

-Cash Outflows from Financing

-3,943,021,770

-4,678,211,706

 

Increase/Decrease in Cash

315,925,196

196,118,984

 

Cash at the Beginning of Year

228,892,344

32,773,360

 

Cash at the End of Year

544,817,540

228,892,344

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

Women's Suits

 

Brand Name : Geiger, Malo

 

 

Trade Partners & Competitors

 

Competitors

SEJUNG CORPORATION

11-1, BUGOK 3-DONG, GEUMJEONG-GU, BUSAN, KOREA

TEL:+82-51-515-9999  FAX:+82-51-581-9994

 

SHINWON CORPORATION

SINWON BLDG., 532, DOHWA-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-3274-5000  FAX:+82-2-3274-5611

 

IN THE F CO., LTD.

946-12, DAECHI 3-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-3456-9000  FAX:+82-2-568-8835

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

SUNG CHANG INTER FASHION CO., LTD.(110111-0673081)

Cooperative Enterprise

-Insured Company

LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459)

 

Sales by Region

(Activity & Markets)

 

The Subject imports from Austria and Italy.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

---

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.85

UK Pound

1

Rs.88.39

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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.