MIRA INFORM REPORT

 

 

Report Date :

30.12.2014

 

IDENTIFICATION DETAILS

 

Name :

PARK SYSTEMS CORP.

 

 

Formerly Known as : 

PSIA CO., LTD.

 

 

Registered Office :

109, Gwanggyo-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea, 4th Fl., Korea Advanced Nano Fab Center, Zip Code 443-270

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.04.1997

 

 

Com. Reg. No.:

214-86-15106

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

·         Engaged as Manufacturer of Measuring, Testing, Navigation, Control and Other Precision Instruments

·         Subject product ranges includes Scanning Probe Microscope &  Atomic Force Microscope

 

 

No of Employees :

101

 

 

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 :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 is currently the world's 12th largest economy. 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. South 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. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

 

Source : CIA

 

 

Basic

 

Company Name

PARK SYSTEMS CORP.

(Korean Company Name : “(주)파크시스템스”)

Registered Address

109, Gwanggyo-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea

Building

4th Fl., Korea Advanced Nano Fab Center

Zip Code

443-270

Tel

+82-31-546-6800

Fax

+82-31-546-6805

E-mail

gsm@parkafm.com

Website

www.parkafm.co.kr

Trading Address

4th Fl., Korea Advanced Nano Fab Center, 109, Gwanggyo-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea

(Old Address System : 4th Fl., Korea Advanced Nano Fab Center, 906-10, Iui-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea)

Tel

+82-31-546-6800

Fax

+82-31-546-6805

Type

Export

  Main Business

Manufacturer of Measuring, Testing, Navigation, Control and Other Precision Instruments

Established (mm/dd/yyyy)

04/02/1997

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Measuring and observing and testing instruments(41110000)

Sell

Viewing and observing instruments and accessories(41111700)

Sell

Metallurgical microscopes(41111718)

 

 

CEO’s

 

Name

Park Sang-Il

Address

Suite 1305-3204, 918, Unjung-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea

Date of Birth

08/11/1958

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

2,671,777,500

Employees

101

Formation

Co., Ltd by Shares

Venture Business

Foreign Direct Investment Corporation

Bank Details

Citibank, Korea-Sungnam Industrial Complex Branch

Kookmin Bank

Corporate Registered No.

110111-1397648

Business Registered No.

214-86-15106

Permit & Licenses

07/203 NT Mark

10/2003 CE Mark

 

Int’l Trade No.: 11423665

Shareholder Position

Name

Shares

%

PARK SANG-IL

2,458,871

46.02

JAFCO ASIA TECHNOLOGY FUND IV

500,000

9.36

KTB INVESTMENT & SECURITIES CO., LTD.(110111-0878706)

464,125

8.69

HONG SEOK-KYU

232,063

4.34

HONG SEOK-HYUN

232,062

4.34

SHINHAN K2 SECONDARY INVESTME4NT ASSOCIATION

158,000

2.96

WOORI TECHNOLOGY INVESTMENT CO., LTD.(160111-0058887)

158,000

2.96

AVC PARTNERS CO., LTD.(110111-3540675)

158,000

2.96

YB PARTNERS CO., LTD.(110111-1944720)

158,000

2.96

OTHERS

824,434

15.43

TOTAL

5,343,555

100.00

Company History

04/02/1997 Incorporated as PSIA CO., LTD.

07/1998 Designated as a Venture Business

07/15/2006 Moved to the present HQ address from 517-13, Sangdaewon-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea

11/15/2006 Designated as a Venture Business again

03/2007 Changed company name to the present name

10/07/2008 Registered as a Foreign Direct Investment Corporation

11/15/2006 Designated as a Venture Business again

02/21/2011 Increased capital to 2,614,777,500 KRW from 2,582,527,500 KRW

04/09/2012 Increased capital to 2,633,527,500 KRW from 2,614,777,500 KRW

03/28/2013 Increased capital to 2,671,777,500 KRW from 2,633,527,500 KRW

12/05/2013 Designated as a Venture Business again

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Park Sang-Il

Male

Korean

02/15/2005

Outside Director

Mr.

Kwon Sook-Il

Male

Korean

02/20/2003

Director

Mr.

Lee Byung-Joo

Male

Korean

11/20/2014

Outside Director

Mr.

Lee Kwang-Hyung

Male

Korean

02/15/2005

Outside Director

Mr.

Sung Chang-Mo

Male

Korean

03/08/2007

Outside Director

Mr.

Lee Hae-Won

Male

Korean

03/16/2011

Auditor

Mr.

Kim Hong-Sub

Male

Korean

02/28/2006

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

13,952,888,900

17,704,885,415

-1,953,869,270

2012

18,168,793,762

18,581,378,248

829,100,558

2011

15,566,367,186

16,972,088,135

842,664,657

2010

16,489,168,524

15,244,426,020

1,341,230,148

2009

14,188,709,918

15,813,492,674

364,448,593

2008

11,771,379,962

16,483,112,404

1,200,498,998

2007

9,577,741,478

10,854,743,027

977,204,680

2006

9,392,063,033

10,213,232,689

438,755,418

 

 

Financial Description

 

Authorized Capital(KRW)

25,000,000,000

Paid-Up Capital(KRW)

2,671,777,500

Total Issues Shares

5,343,555 (Common : 4,843,555 / Preferable : 500,000)

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

17,704,885,415

18,581,378,248

16,972,088,135

Current Assets

13,526,630,757

13,176,847,339

14,895,900,674

Cash & Cash Equivalents

3,779,711,473

1,623,581,785

2,202,302,479

Current Financial Instruments

 

 

16,146,200

Trade Receivables

4,119,922,185

5,207,520,475

6,864,477,359

Other Receivables

9,364,394

56,932,202

538,456,316

Deferred Income Tax Assets

5,095,304

21,935,419

-

Inventories

5,404,605,525

5,723,467,172

4,612,025,545

Other Current Assets

207,931,876

543,410,286

662,492,775

Non-Current Assets

4,178,254,658

5,404,530,909

2,076,187,461

Marketable Financial Instruments

6,020,000

6,020,000

6,020,000

Investment_Subsidiaries

2,149,847,244

3,501,284,813

108,150,805

Other Receivables

514,595,520

457,964,240

469,999,000

Tangibles

1,507,791,894

1,428,284,449

1,324,992,729

Intangibles

-

10,977,407

167,024,927

Total Liabilities

10,331,939,830

9,364,381,064

8,674,433,808

Current Liabilities

5,154,811,240

4,093,642,913

3,900,540,107

Trade Payables

936,586,680

1,057,720,907

930,738,654

Other Payables

840,159,717

1,016,403,617

1,219,948,773

Short-Term Borrowings

2,988,710,000

1,598,520,000

1,257,310,000

Provisions

77,255,593

52,922,748

70,119,855

Other Current Liabilities

312,099,250

366,459,911

369,237,940

Deferred Income Tax Credit

-

1,615,730

53,184,885

Non-Current Liabilities

5,177,128,590

5,270,738,151

4,773,893,701

Long-Term Borrowings

4,092,114,440

3,927,399,144

3,282,447,944

Derivatives

143,314,963

143,314,963

143,314,963

Other Payables

844,592,314

995,259,323

1,156,528,480

Deferred Income Tax Credit

97,106,873

204,764,721

191,602,314

Capital Stock-Common

2,421,777,500

2,383,527,500

2,364,777,500

Capital Surplus

1,124,488,525

1,045,969,798

1,016,696,145

Others

345,661,557

352,612,613

310,393,967

Profit Surplus

3,481,018,003

5,434,887,273

4,605,786,715

Total Equity

7,372,945,585

9,216,997,184

8,297,654,327

Liab. & Shareholder’s Equity

17,704,885,415

18,581,378,248

16,972,088,135

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

13,952,888,900

18,168,793,762

15,566,367,186

Cost of Sold Goods

6,610,030,014

7,397,474,990

6,456,893,123

Gross Profit

7,342,858,886

10,771,318,772

9,109,474,063

Selling & Admin. Expenses

7,471,427,239

8,471,933,038

7,107,184,167

Operating Income

-128,568,353

2,299,385,734

2,002,289,896

Other Income

365,443,853

617,944,386

521,056,764

Other Expenses

-491,975,635

-1,147,554,474

-359,052,783

Finance Income

14,468,395

99,308,909

40,960,124

Finance Expenses

-478,921,450

-411,355,020

-372,162,891

Profits from Investment on Related Companies

-1,351,437,569

-587,316,148

-798,902,561

Income Before Taxes

-2,070,990,759

870,413,387

1,034,188,549

Income Taxes Expenses

-117,121,489

41,312,829

191,523,892

Net Income

-1,953,869,270

829,100,558

842,664,657

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

1,125,437,972

2,602,168,674

672,637,027

Cash Flows from Operating

1,148,438,932

2,627,893,690

777,545,628

Interests Received

14,481,898

117,893,322

55,733,286

Interests Paid

-65,595,017

-41,963,342

-42,361,877

Income Taxes

28,112,159

-101,654,996

-118,280,010

Cash Flows from Investing

-173,379,608

-3,908,731,223

610,153,647

Cash Flows from Financing

1,212,679,500

729,882,500

-527,026,500

Increase/Decrease in Cash

2,164,737,864

-576,680,049

755,764,174

Cash at the Beginning of Year

1,623,581,785

2,202,302,479

1,444,929,378

Cash at the End of Year

3,779,711,473

1,623,581,785

2,202,302,479

 

 

Products, Technologies, Services Description

 

Main Products & Services

Scanning Probe Microscope &  Atomic Force Microscope

 

 

Trade Partners & Competitors

 

Competitors

DONG IL SHIMADZU CORPORATION

3RD FL., DI BLDG., 58-6, NONHYEON 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-540-5541  FAX:+82-2-541-2163

 

SEC CO., LTD.

RM. 415, FACTORY WORLD, 332-2, WONCHEON-DONG, YEONGTONG-GU, SUWON-SI, GYEONGGI-DO, KOREA

TEL:+82-31-215-7341~2  FAX:+82-31-215-7343

 

JEOL KOREA LTD.

7TH FL., DONG-U BLDG., 458-5, GIL-DONG, GANGDONG-GU, SEOUL, KOREA

TEL:+82-2-511-5501  FAX:+82-2-511-2635

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Subsidiary

PARK SYSTEMS INC.

(100.0% held by the subject company)

3040 OLCOTT ST. SANTA CLARA, CA 95054 USA

TEL: +1-408-986-1110  FAX: +1-408-986-1199

 

PARK SYSTEMS JAPAN INC.

(100.0% held by the subject company)

1-17-1 KANDA-NISHIKICHO, CHIYODA-KU, TOKYO, JAPAN

TEL: +81-3-3219-1001  FAX: +81-3-3219-1002

 

PARK SYSTEMS PTE LTD.

(100.0% held by the subject company)

Cooperative Enterprise

-Insured company

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893)

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

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to China, Taiwan, France, Germany, Italy, Japan, Philippines, UK and USA.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.65

UK Pound

1

Rs.99.14

Euro

1

Rs.77.60

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.