MIRA INFORM REPORT

 

 

Report Date :

24.09.2012

 

 

 

IDENTIFICATION DETAILS

 

Name :

C&N APPAREL CO., LTD.

 

 

Registered Office :

566-25, Janghang 1-dong, Ilsandong-gu, Goyang-si, Gyeonggi-do

 

 

Country :

South Korea

 

 

Date of Incorporation :

21.05.1998

 

 

Com. Reg. No.:

207-81-51977

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacture of Underwear and Night Clothes

 

 

No. of Employees :

25

 

 

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)

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

 

Company Name

C&N APPAREL CO., LTD.

(Korean Company Name : “(주)씨엔엔어페럴”)

Registered Address

566-25, Janghang 1-dong, Ilsandong-gu, Goyang-si, Gyeonggi-do, Korea

Zip Code

410-834

Tel

+82-31-903-6912~5

Fax

+82-31-903-6884

Trading Address

566-25, Janghang 1-dong, Ilsandong-gu, Goyang-si, Gyeonggi-do, Korea

(New Address System : 297-37, Janghang-ro, Ilsandong-gu, Goyang-si, Gyeonggi-do, Korea)

Tel

+82-31-903-6912~5

Fax

+82-31-903-6884

Type

Export

Industry

Manufacture of Underwear and Night Clothes

  Main Business

Undershirt, Panties, Long Underwear

Established (mm/dd/yyyy)

05/21/1998

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Clothing accessories(53102500)

Sell

Undergarments(53102300)

Sell

Underpants(53102303)

Sell

Undershirts(53102301)

 

 

CEO’s

 

Name

Kim Jung-Gil

Address

Suite 618-903, 27, Hwajeong-ro, Deogyang-gu, Goyang-si, Gyeonggi-do, Korea

Date of Birth

01/07/1960

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

400,000,000

Employees

25

Formation

Co., Ltd by Shares

Bank Details

Industrial Bank of Korea-Ilsan Janghang Branch

Hana Bank-Hongdae Ipgu Branch

Corporate Registered No.

1101111-548184

Business Registered No.

207-81-51977

Permit & Licenses

Int’l Trade No.: 11831178

Shareholder Position

Name

Shares

%

SONG JUNG-HAK

18,000

45.00

KIM JUNG-GIL

14,000

35.00

KIM KYUNG-HEE

8,000

20.00

TOTAL

40,000

100.00

Company History

05/21/1998 Incorporated as the present name

07/16/2002 Moved to the present HQ address from 326-18, Seogyo-dong, Mapo-gu, Seoul, Korea

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Jung-Gil

Male

Korean

05/21/1998

Director

M/S.

Song Mi-Sook

Female

Korean

02/01/2010

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

9,952,000,000

7,274,000,000

110,000,000

2010

10,823,000,000

5,080,000,000

355,000,000

2009

9,374,000,000

4,830,000,000

306,000,000

2008

9,206,000,000

4,344,000,000

-595,060,000

2007

8,461,410,000

 

262,530,000

2006

 

 

 

2005

 

 

 

2004

 

 

 

2003

 

 

 

The full 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)

2,000,000,000

Paid-Up Capital(KRW)

400,000,000

Total Issues Shares

40,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Undershirt, Panties, Long Underwear

 

Trade Partners & Competitors

 

Competitors

BYC CO., LTD.(110111-0005995)

1104-1, DAERIM 2-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-840-3114  FAX:+82-2-840-3193

 

GOOD PEOPLE CO., LTD.(110111-0939326)

5TH FL., DAE-A BLDG., 165-5, DONGGYO-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-320-6600  FAX:+82-2-334-0137

 

SBW INC.(110111-3891169)

161-17, SAMSEONG 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-3485-6000  FAX:+82-2-546-6862

 

 

Sales by Region (Activity & Markets)

 

The Subject exports to China.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

----

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.90

UK Pound

1

Rs.87.60

Euro

1

Rs.70.00

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

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