MIRA INFORM REPORT

 

 

Report Date :

21.11.2012

 

IDENTIFICATION DETAILS

 

Name :

HUMADE CORPORATION

 

 

Registered Office :

553, Dohwa 1-dong, Mapo-gu, Seoul, Korea, Rm. 1810, Masters Tower Bldg.,. Zip Code 121-748

 

 

Country :

South Korea

 

 

Date of Incorporation :

26.04.2004

 

 

Com. Reg. No.:

105-86-66524

 

 

Legal Form :

Co., Ltd., by shares

 

 

Line of Business :

Wholesaler of Synthetic Rubber and Plastics Materials

 

 

No. of Employees :

09 employees

 

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 :

Unknown

 

 

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

(31.03.2012)

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

 

Company Name

HUMADE CORPORATION

(Korean Company Name : “(주)휴메이드”)

Registered Address

553, Dohwa 1-dong, Mapo-gu, Seoul, Korea

Building

Rm. 1810, Masters Tower Bldg.

Zip Code

121-748

Tel

+82-2-3275-5155~8

Fax

+82-2-3275-5157

E-mail

kimch@humade.co.kr;dgkang@humade.co.kr

Trading Address

Rm. 1810, Masters Tower Bldg., 553, Dohwa 1-dong, Mapo-gu, Seoul, Korea

Tel

+82-2-3275-5155~8

Fax

+82-2-3275-5157

Type

Import/Export

Industry

Wholesale of Synthetic Rubber and Plastics Materials

  Main Business

Synthetic Rubber, Compound Resin, FA Materials

Established (mm/dd/yyyy)

04/26/2004

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Rubber compound(13101607)

Sell

Processed and synthetic rubber(13101600)

Sell

Chemicals including Bio Chemicals and Gas Materials(12000000)

 

 

CEO’s

 

Name

Kim Cheol-Ho

Address

Suite 102-1506, 363, Junggye-dong, Nowon-gu, Seoul 139-220 Korea

Date of Birth

04/07/1964

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

200,000,000

Employees

9

Formation

Co., Ltd., by shares

Bank Details

Shinhan Bank

Nonghyup Bank-Gwangyang Branch

Korea Exchange Bank

Corporate Registered No.

110111-3000538

Business Registered No.

105-86-66524

Permit & Licenses

Int’l Trade No.: 45160541

Shareholder Position

N/A

Company History

04/26/2004 Incorporated as the present name

12/28/2005 Increased capital to 100,000,000KRW from 50,000,000 KRW

08/20/2007 Moved to the present HQ address from Rm. 1505, Masters Tower Bldg., 553, Dohwa 1-dong, Mapo-gu, Seoul, Korea

08/05/2008 Increased the authorized shares to 200,000 shares from 40,000 shares

08/13/2008 Increased capital to 200,000,000 KRW from 100,000,000 KRW

08/12/2010 Moved to the present HQ address from Rm. 2310, Masters Tower Bldg., 553, Dohwa 1-dong, Mapo-gu, Seoul, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Cheol-Ho

Male

Korean

04/26/2004

Director

Mr.

Kang Dong-Gu

Male

Korean

04/26/2004

Auditor

M/S

Kim Jeong-Sook

Female

Korean

04/26/2004

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2009

38,510,020,000

 

284,020,000

2008

45,357,880,000

3,740,000,000

356,790,000

2007

42,568,230,000

3,263,000,000

212,000,000

2006

24,801,990,000

2,386,000,000

73,000,000

2005

15,218,000,000

1,007,000,000

54,000,000

2004

9,700,000,000

 

 

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)

200,000,000

Paid-Up Capital(KRW)

100,000,000

Total Issued Shares

20,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Synthetic Rubber, Compound Resin

 

 

Trade Partners & Competitors

 

Customers

OCI CO., LTD.(174611-0000981)

YONGSAN CHEMICALS, INC.(110111-0145709)

KOREA KUMHO PETRO CHEMICAL CO., LTD.(110111-0205975)

Competitors

HEARTYCHEM CORP.

RM. 1806, KOREA TRADE TOWER, 159-1, SAMSEONG 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-6000-0886  FAX:+82-2-6000-0888

 

DYM CO., LTD.

624-2, EOPSEONG-DONG, SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-621-6250  FAX:+82-41-621-8420

 

JUNGWOO TRADING CO., LTD.

869-11, EOGOK-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-386-5003  FAX:+82-55-364-1778

 

 

Sales by Region

(Activity & Markets)

 

Not Available.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.91

UK Pound

1

Rs.87.38

Euro

1

Rs.70.24

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

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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