|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
WEARFUN INTERNATIONAL, INC. |
|
|
|
|
Registered Office : |
5th Fl., |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
17.12.1990 |
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|
|
|
Date of Incorporation : |
31.12.2011 |
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|
|
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Com. Reg. No.: |
215-81-14162 |
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|
|
|
Legal Form : |
Co., Ltd by shares |
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|
|
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Line of Business : |
Wholesale of Shirts and Outer Garments |
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|
|
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No. of Employees : |
95 |
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 : |
No Complaints |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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Company
Name |
WEARFUN INTERNATIONAL, INC. (Korean Company Name : “(주)웨어펀인터내셔날”) |
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Registered Address |
68-22, Cheongdam-dong, Gangnam-gu, |
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Building |
5th Fl., |
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Zip Code |
135-953 |
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Tel |
+82-2-3446-3100 |
|
Fax |
+82-2-3446-3109 |
|
E-mail |
andre-cho@wearfun.co.kr |
|
Website |
www.wearfun.co.kr |
|
Trading Address |
5th Fl., Sinil Tower, 68-22,
Cheongdam-dong, Gangnam-gu, |
|
Tel |
+82-2-3446-3100 |
|
Fax |
+82-2-3446-3109 |
|
Type |
Import |
|
Industry |
Wholesale of Shirts and Outer Garments |
|
Main Business |
Clothing, Accessory, Jewelry |
|
Established (mm/dd/yyyy) |
12/17/1990 |
The Subject owns the
premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Mens suits(53101902) |
|
Sell |
Clothing(53100000) |
|
Sell |
Womens slacks or trousers or shorts(53101504) |
|
Name |
Gwon Gee-Chan |
|
Address |
|
|
Date of Birth |
03/01/1951 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,400,000,000 |
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|
Employees |
95 |
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|
Formation |
Co., Ltd by shares |
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Bank Details |
Woori Bank-Jamsil Branch Kookmin Bank Shinhan Bank SC First Bank of Hana Bank Kookmin Bank |
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Corporate Registered No. |
110111-0737085 |
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Business Registered No. |
215-81-14162 |
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Permit & Licenses |
Int’l Trade No.: 11555993 |
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Shareholder Position |
|
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Company History |
12/17/1990 Incorporated as the present name 11/30/2004 Increased the authorized shares
to 600,000 shares from 300,000 shares 03/21/2007 Moved to the present HQ address
from 106-8, Cheongdam-dong, Gangnam-gu, 10/28/2008 Increased capital to
1,900,000,000 KRW from 1,500,000,000 KRW 06/25/2010 Increased capital to
2,400,000,000 KRW from 1,900,000,000 KRW 12/12/2010 Moved to the present HQ address
from 6th
Fl., Wearfun Bldg., 52-17, Samseong 1-dong, Gangnam-gu, 07/13/2011 Acquired WEARFUN |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Gwon Gee-Chan |
Male |
Korean |
12/17/1993 |
|
Director |
Mr. |
Yang Joo-Hwan |
Male |
Korean |
12/17/1993 |
|
Director |
M/S. |
Lee Kyung-Jae |
Female |
Korean |
12/17/1993 |
|
Auditor |
Mr. |
Kim Jae-Myung |
Male |
Korean |
03/20/1994 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
23,879,111,383 |
25,295,992,009 |
450,967,066 |
|
|
2010 |
21,499,030,096 |
19,972,820,056 |
519,292,716 |
|
2009 |
19,238,763,662 |
28,024,193,456 |
-1,025,842,318 |
|
2008 |
21,138,504,620 |
30,281,212,957 |
-1,165,980,939 |
|
2007 |
21,178,870,790 |
28,800,404,497 |
2,478,001,545 |
|
2006 |
22,755,094,550 |
16,896,476,789 |
612,443,181 |
|
2005 |
21,736,739,436 |
15,622,103,522 |
556,108,204 |
|
2004 |
18,206,362,517 |
14,879,834,280 |
174,678,853 |
|
Authorized Capital(KRW) |
3,000,000,000 |
|
Paid-Up Capital(KRW) |
2,400,000,000 |
|
Total Issued Shares |
480,000 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
25,295,992,009 |
19,972,820,056 |
28,024,193,456 |
|
Current Assets |
19,264,516,566 |
18,232,599,737 |
12,944,436,333 |
|
-Quick Assets |
3,811,164,426 |
10,328,857,282 |
3,596,680,941 |
|
-Inventories |
15,453,352,140 |
7,903,742,455 |
9,347,755,392 |
|
Fixed Assets |
6,031,475,443 |
1,740,220,319 |
15,079,757,123 |
|
-Investment |
491,402,815 |
146,600,952 |
258,230,460 |
|
-Tangibles |
2,004,060,778 |
1,362,879,974 |
14,782,035,270 |
|
-Intangibles |
3,261,384,976 |
- |
39,491,393 |
|
-Others |
274,626,874 |
230,739,393 |
|
|
Total Liabilities |
18,158,885,544 |
13,287,244,394 |
22,435,413,462 |
|
Current Liabilities |
17,947,564,091 |
12,002,569,390 |
22,385,413,462 |
|
Fixed Liabilities |
211,321,453 |
1,284,675,004 |
50,000,000 |
|
Capital Stock |
2,400,000,000 |
2,400,000,000 |
1,900,000,000 |
|
Profit Surplus |
4,735,943,776 |
4,288,071,710 |
3,768,778,994 |
|
Capital Adjustment |
1,162,689 |
-2,496,048 |
-79,999,000 |
|
Total Equity |
7,137,106,465 |
6,685,575,662 |
5,588,779,994 |
|
Liab. & Shareholder’s Equity |
25,295,992,009 |
19,972,820,056 |
28,024,193,456 |
|
Current Liabilities |
17,947,564,091 |
12,002,569,390 |
22,385,413,462 |
|
Short-Term Borrowings |
13,518,682,462 |
9,758,179,768 |
18,797,871,751 |
|
Trade Payables |
1,389,139,751 |
409,093,900 |
310,829,516 |
|
Account Payables |
962,049,143 |
1,001,269,824 |
659,470,212 |
|
Advance Receipts |
426,689,281 |
519,962,265 |
442,834,134 |
|
Withholdings |
36,967,144 |
29,034,223 |
24,718,621 |
|
Accrued Expenses |
260,014,359 |
235,415,528 |
295,720,797 |
|
Accrued Income Tax |
238,141,602 |
49,613,882 |
- |
|
Current Portion of Long-Term Debts |
16,660,000 |
- |
- |
|
Leasehold Deposit Received |
- |
- |
256,000,000 |
|
Current Portion of Debentures |
1,100,000,000 |
- |
1,600,000,000 |
|
Fixed Liabilities |
211,321,453 |
1,284,675,004 |
50,000,000 |
|
Debentures |
- |
1,100,000,000 |
- |
|
Provision for Severance & Retirement |
56,321,453 |
46,329,200 |
- |
|
Leasehold Deposit Received |
75,000,000 |
50,000,000 |
- |
|
Guarantee Deposit Withhold |
80,000,000 |
90,000,000 |
50,000,000 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
23,879,111,383 |
21,499,030,096 |
19,238,763,662 |
|
Cost of Sold Goods |
8,717,557,348 |
8,973,450,792 |
8,780,923,544 |
|
Gross Profit |
15,161,554,035 |
12,525,579,304 |
10,457,840,118 |
|
Selling & Admin. Expenses |
13,559,786,229 |
11,434,767,530 |
10,348,857,082 |
|
Operating Income |
1,601,767,806 |
1,090,811,774 |
108,983,036 |
|
Non-Operating Income |
367,983,897 |
1,563,023,163 |
1,003,674,852 |
|
Non-Operating Expenses |
1,253,779,625 |
2,079,727,859 |
2,138,500,206 |
|
Income Before Taxes |
715,972,078 |
574,107,078 |
-1,025,842,318 |
|
Income Taxes Expenses |
265,005,012 |
54,814,362 |
- |
|
Net Income |
450,967,066 |
519,292,716 |
-1,025,842,318 |
|
Unit :
Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows
from Operating |
-1,367,871,750 |
2,041,726,901 |
-225,192,263 |
|
-Net Income |
450,967,066 |
519,292,716 |
-1,025,842,318 |
|
-Exp.
without Cash Outflow |
1,152,870,010 |
1,335,770,378 |
1,045,430,881 |
|
-Revenue
without Cash Inflows |
-181,488,439 |
-1,254,363,925 |
-568,393,335 |
|
-Changes in
Asset/ & Liability |
-2,790,220,387 |
1,441,027,732 |
323,612,509 |
|
Cash Flows
from Investing |
5,534,336,071 |
7,198,567,696 |
-147,998,483 |
|
-Cash Inflow
from Investing |
8,673,515,772 |
15,597,368,641 |
1,758,625,776 |
|
-Cash
Outflows for Investing |
-3,139,179,701 |
-8,398,800,945 |
-1,906,624,259 |
|
Cash Flows
from Financing |
-4,273,146,678 |
-8,982,580,080 |
341,531,853 |
|
-Cash
Inflows from Financing |
12,458,260,258 |
8,720,025,078 |
17,867,608,792 |
|
-Cash
Outflows from Financing |
-16,731,406,936 |
-17,702,605,158 |
-17,526,076,939 |
|
Increase/Decrease
in Cash |
-96,522,974 |
257,714,517 |
-31,658,893 |
|
Cash at the
Beginning of Year |
268,868,193 |
11,153,676 |
42,812,569 |
|
Cash at the
End of Year |
172,345,219 |
268,868,193 |
11,153,676 |
|
Main Products & Services |
Clothing, Accessory, Jewelry Brand Name : VERSACE, AIGNER, KENZO, SONIA RYKIEL, ORLA KIELY, ANYA
HINDMARCH, PAULE KA, HARRODS, KENZO HOMME, ICEBERG, BASLER |
|
Suppliers |
HANA CAPITAL, CO., LTD.(110111-0519970) and HYUNDAI CAPITAL SERVICES,
INC.(110111-0995378) provide the vehicle leasing services to the subject
company. |
|
Customers |
WOORI HOME SHOPPING CO., LTD.(110111-2248957) |
|
Competitors |
HERMES KOREA LTD. 630-26, SINSA-DONG, GANGNAM-GU, TEL:+82-2-544-7722 FAX:+82-2-545-1224 KOREA OZAKI CO., LTD. RM. 603, TEL:+82-2-2633-7821 FAX:+82-2-2633-7834 MERKAVA CO., LTD. 1029-28, HOGYE 1-DONG, DONGAN-GU,
ANYANG-SI, TEL:+82-70-7090-4900 FAX:+82-31-427-4950 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
FUN SUPPLY CO., LTD.(110111-1984635) WEARFUN KOREA CO., LTD.(110111-1337149) W& FUN ENTERTAINMENT CO. LTD.(110111-3663998) OPERA GALLERY KOREA LTD.(110114-0070843) |
|
Cooperative |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
(Activity &
Markets)
The Subject imports
from
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.