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MIRA INFORM REPORT
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Report No. : |
499068 |
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Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PARATECH COMPANY LIMITED |
|
|
|
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Registered Office : |
30-21, Gilju-ro 425beon-gil, Bucheon-si, Gyeonggi-do,
Korea, 14488 |
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Country : |
South Korea |
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|
|
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Financials (as on) : |
31.12.2017 |
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|
|
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Date of Incorporation : |
08.06.1973 |
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|
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Com. Reg. No.: |
130-81-00241 |
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|
|
|
Legal Form : |
Listed Company |
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|
|
|
Line of Business : |
Manufacture and Sales of Metal Valves, High
Pressure Gases, and Other Machinery |
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|
|
|
No. of Employees : |
205 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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|
|
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
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.
|
Source
: CIA |
Basic
Information
|
Company Name |
PARATECH COMPANY LIMITED (Korean Company Name : “(주)파라텍") |
|
Registered Address |
30-21, Gilju-ro 425beon-gil, Bucheon-si,
Gyeonggi-do, Korea (Old Address System : 65-2, Chunui-dong,
Bucheon-si, Gyeonggi-do, Korea) |
|
Building |
|
|
Zip Code |
14488 |
|
Tel |
+82-32-675-2287~8 |
|
Fax |
+82-32-675-6297 |
|
E-mail |
helpcare@paratech.co.kr |
|
Website |
www.paratech.co.kr;www.fesco.co.kr |
|
Trading Address |
9FL., Samhwan Camus, 8, Uisadang-daero,
Yeongdeungpo-gu, Seoul, Korea (Old Address System : 9FL., Samhwan Camus,
17-3, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-3780-8704 |
|
Fax |
+82-2-797-0910 |
|
Other Address-Seosan Factory |
41, Suseoksaneop-ro, Seosan-si,
Chungcheongnam-do, Korea (Old Address System : 1169, Suseok-dong, Seosan-si,
Chungcheongnam-do, Korea) |
|
Tel |
+82-41-664-5400 |
|
Fax |
+82-41-664-6151 |
|
Type |
Export/Import |
|
Industry |
Manufacture and Sales of Metal Valves, High
Pressure Gases, and Other Machinery |
|
Main Business |
CPVC Valve, CPVC Pipe, SP-Joint, Sprinkler,
Automatic Sprinkler System, Extinguisher |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
06/08/1973 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Valves(40141600) |
|
Sell |
Pipe fittings(40142300) |
|
Sell |
Hardware and fittings(40141700) |
|
Sell |
Fire sprinkler systems(46191602) |
|
Sell |
Pipe expansion joints(40142312) |
|
Sell |
Flex connectors(39121419) |
|
Sell |
Tube and tubing(31231300) |
CEO’s
|
Name |
Oh Sun-Young |
|
Date of Birth |
11/25/1957 |
|
Title |
Chairman & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
8,335,810,000 |
|||||||||||||||||||||
|
Employees |
205 |
|||||||||||||||||||||
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Formation |
Listed Company (KOSDAQ : 033540) as of 12/26/1997 |
|||||||||||||||||||||
|
Bank Details |
Woori Bank Shinhan Bank Kookmin Bank KEB Hana Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
124311-0000573 |
|||||||||||||||||||||
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Business Registered No. |
130-81-00241 |
|||||||||||||||||||||
|
Permit & Licenses |
Mail Order License No.: 2016-Seoul
Yeongdeungpo-0656 |
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Shareholder Position |
|
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|
Company History |
06/08/1973 Incorporated as KUKDONG
SPRINGKRA CO., LTD. 12/05/1997 Changed company name to PARADISE
INDUSTRY CO., LTD. 04/10/2004 Split off the par value to 500
KRW from 5,000 KRW 03/27/2015 Changed company name to the
present name 03/30/2017 Increased capital to
5,644,081,500 KRW from 5,607,104,000 KRW 09/06/2017 Increased capital to
8,335,810,000 KRW from 5,644,081,500 KRW |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Oh Sun-Young |
Korean |
11/25/1957 |
03/30/2017 |
|
President & CEO |
Ahn Kye-Hwan |
Korean |
03/01/1964 |
03/30/2017 |
|
Outside Director |
Oh Chang-Seok |
Korean |
02/15/1964 |
03/30/2017 |
|
Auditor |
Lee Jin-Myung |
Korean |
05/20/1946 |
03/30/2017 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2017 |
271,052,517,899 |
144,354,701,402 |
12,756,852,665 |
|
2016 |
226,669,028,427 |
143,316,005,152 |
3,758,744,498 |
|
2015 |
147,846,421,697 |
99,477,503,430 |
3,559,428,449 |
|
2014 |
130,527,978,751 |
93,204,857,590 |
5,060,727,708 |
|
2013 |
106,588,578,097 |
89,514,927,725 |
4,036,260,051 |
|
2012 |
89,929,254,692 |
80,199,711,206 |
154,475,911 |
Financial
Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
8,335,810,000 |
|
Total Issued Shares |
16,671,620 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
144,354,701,402 |
143,316,005,152 |
99,477,503,430 |
|
Current Assets |
118,720,397,620 |
109,160,738,082 |
67,897,495,811 |
|
Cash
& Cash Equivalents |
589,973,438 |
410,896,166 |
18,588,483,404 |
|
Finance
Assets from this year's Income |
0 |
0 |
993,200,000 |
|
Trade
Receivables & Other Receivables |
48,895,080,070 |
48,284,047,498 |
26,346,223,417 |
|
Inventories |
9,635,260,912 |
8,618,589,999 |
5,098,797,540 |
|
Other
Receivables-Construction |
58,836,783,095 |
50,920,121,579 |
15,892,341,140 |
|
Other
Current Assets |
763,300,105 |
927,082,840 |
978,450,310 |
|
Non-Current Assets |
25,634,303,782 |
34,155,267,070 |
31,580,007,619 |
|
Non-Current
Financial Instruments |
4,000,000 |
4,000,000 |
- |
|
Marketable
Financial Instruments |
1,129,296,400 |
564,185,800 |
588,632,800 |
|
Investment_Related
Companies |
29,900,000 |
729,853,850 |
229,853,850 |
|
Investment_Subsidiaries |
107,068,431 |
107,068,431 |
107,068,431 |
|
Investment_Real
Estates |
4,970,873,611 |
4,996,054,855 |
5,021,236,099 |
|
Tangibles |
4,298,141,293 |
17,404,682,071 |
16,323,718,111 |
|
Intangibles |
508,881,047 |
645,032,063 |
655,338,328 |
|
Guanatees |
14,586,143,000 |
9,704,390,000 |
8,654,160,000 |
|
Total Liabilities |
59,408,800,307 |
70,045,240,477 |
27,309,562,062 |
|
Current Liabilities |
51,711,422,754 |
61,373,064,772 |
25,043,267,857 |
|
Trade Payables |
18,769,184,324 |
32,187,484,500 |
15,564,398,547 |
|
Short-Term
Borrowings |
12,000,000,000 |
8,559,928,714 |
- |
|
Accrued
Expenses |
8,998,499,306 |
14,824,645,611 |
4,193,105,623 |
|
VAT
Withhold |
2,227,961,967 |
2,814,566,053 |
1,993,337,876 |
|
Accrued
Income Tax |
2,813,982,268 |
941,058,988 |
1,773,112,676 |
|
Other Payables-Construction |
4,497,275,129 |
759,295,865 |
785,252,702 |
|
Fiannce Guarantees |
41,298,436 |
56,280,477 |
5,855,069 |
|
Other
Current Liabilities |
2,363,221,324 |
1,229,804,564 |
728,205,364 |
|
Non-Current Liabilities |
7,697,377,553 |
8,672,175,705 |
2,266,294,205 |
|
Confirmed
Salaries |
-494,318,833 |
616,057,083 |
304,904,662 |
|
Deferred
Income Tax Credit |
1,611,817,365 |
1,806,118,622 |
1,711,389,543 |
|
Leasehold Deposit Received |
6,280,000,000 |
6,250,000,000 |
250,000,000 |
|
Other Non-Current Liabilities |
299,879,021 |
|
|
|
Capital Stock |
8,335,810,000 |
5,607,104,000 |
5,560,000,000 |
|
Capital
Surplus |
3,157,986,234 |
3,157,986,234 |
3,157,986,234 |
|
Profit
Surplus |
75,916,098,644 |
67,087,377,466 |
64,711,898,931 |
|
Installments |
-55,202,090 |
-31,048,454 |
-11,979,794 |
|
Others |
-2,408,791,693 |
-2,550,654,571 |
-1,249,964,003 |
|
Total
Equity |
84,945,901,095 |
73,270,764,675 |
72,167,941,368 |
|
Liab.
& Shareholder’s Equity |
144,354,701,402 |
143,316,005,152 |
99,477,503,430 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
271,052,517,899 |
226,669,028,427 |
147,846,421,697 |
|
Cost
of Sold Goods |
249,585,166,747 |
209,976,120,173 |
135,843,278,237 |
|
Gross
Profit |
21,467,351,152 |
16,692,908,254 |
12,003,143,460 |
|
Selling
& Admin. Expenses |
11,058,936,625 |
11,021,661,530 |
7,443,545,577 |
|
Operating
Income |
10,408,414,527 |
5,671,246,724 |
4,559,597,883 |
|
Finance
Income |
583,152,471 |
462,267,381 |
643,762,513 |
|
Finance
Expenses |
262,692,849 |
126,884,294 |
11,513,130 |
|
Non-Operating
Income |
6,879,818,945 |
999,517,135 |
1,745,868,416 |
|
Non-Operating
Expenses |
1,009,082,569 |
956,202,592 |
2,325,117,122 |
|
Income
Before Taxes |
16,599,610,525 |
6,049,944,354 |
4,612,598,560 |
|
Income
Taxes Expenses |
3,842,757,860 |
2,291,199,856 |
1,053,170,111 |
|
Net
Income |
12,756,852,665 |
3,758,744,498 |
3,559,428,449 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating Activities Cash Flows |
-3,148,417,218 |
-21,749,422,176 |
4,805,634,645 |
|
Cash
Flows from Operating |
-1,639,168,356 |
-19,305,435,199 |
6,244,454,880 |
|
Interests
Received |
740,977,593 |
278,869,940 |
212,317,073 |
|
Dividends
Received |
4,889,400 |
6,522,919 |
11,041,650 |
|
Interests
Paid |
-277,674,890 |
-76,458,886 |
-403,001 |
|
Income
Taxes |
-1,977,440,965 |
-2,652,920,950 |
-1,661,775,957 |
|
Cash
Flows from Investing |
451,105,709 |
-3,061,973,023 |
7,317,595,701 |
|
Cash
Flows from Financing |
2,896,990,706 |
6,655,953,854 |
1,284,954,512 |
|
Increase/Decrease
in Cash |
179,077,272 |
-18,177,587,238 |
13,408,184,858 |
|
Cash
at the Beginning of Year |
410,896,166 |
18,588,483,404 |
5,180,298,546 |
|
Cash
at the End of Year |
589,973,438 |
410,896,166 |
18,588,483,404 |
Products,
Technologies, Services Description
|
Main Products & Services |
CPVC Valve, CPVC Pipe, SP-Joint, Sprinkler,
Automatic Sprinkler System, Extinguisher Brand Name : FESCO |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade
Partners & Competitors
|
Suppliers |
|
|
Customers |
SAMSUNG C&T CORPORATION(110111-0015762) SK ENGINEERING & CONSTRUCTION CO., LTD.(110111-0038805) |
|
Competitors |
ASIA UNION CO., LTD. 1021, POCHEON-RO, GUNNAE-MYEON, POCHEON-SI,
GYEONGGI-DO, KOREA TEL:+82-31-544-6501~4 FAX:+82-31-544-6591~2 WONIL INDUSTRIAL CO., LTD. 595-1, SONGCHEON-RI, SUDONG-MYEON,
NAMYANGJU-SI, GYEONGGI-DO, KOREA TEL:+82-31-594-8033 FAX:+82-31-594-8034 KWANG WON I & D CO., LTD. 45, SACHANG-RI, YANGGAM-MYEON, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-353-3245 FAX:+82-31-353-4146 DONG YANG CO., LTD. 858-1, EOGOK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-367-2311 FAX:+82-55-367-2316 |
Related
Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
CAMUS E&C CO., LTD.(110111-0243793) BASE MYUNGDONG. CO., LTD.(110111-5000073) KUKDONG PRECISION CO., LTD.(KOREA) (29.9% held by the subject company) YONGIN LOGIX CO., LTD.(134511-0250106) PARADISE DUTY FREE CO., LTD.(180111-0703446) (30.0% held by the subject company) TH MULSAN CO., LTD.(110111-4992627) TAEHUNG INDUSTRY CO., LTD.(KOREA) PENTA CO., LTD.(110111-6094885) (23.8% held by the subject company) HUNEED CO., LTD.(KOREA) MYUNGDONG AMC CO., LTD.(110111-4098912) TAEHUNG C&E LTD.(110114-0179116) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
LEDECO, CO., LTD.(121111-0208207) (60.0% held by the subject company) FESCO JAPAN CO., LTD.(JAPAN) (51.0% held by the subject company) |
|
Corporate Ownership |
BASE HD CO., LTD.(110111-4660290) |
|
Major Shareholders |
BASE HD CO., LTD.(110111-4660290) |
|
Cooperative Enterprise |
|
Sales
by Region (Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2017 |
2016 |
2015 |
|
Export |
4,441 |
7,856 |
|
|
Domestic |
214,154 |
218,813 |
|
|
Total |
80,140 |
226,669 |
|
Court
Action
No Records.
News
Clipping
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.20 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
|
KRW |
1 |
INR 0.061 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.