MIRA INFORM REPORT

 

 

Report Date :

13.08.2013

 

IDENTIFICATION DETAILS

 

Name :

WORLDCHEM CORPORATION

 

 

Registered Office :

Rm.2009, Daelim Acrovile 13, Eonju-ro 30-gil, Gangnam-gu, Seoul, Korea 135-971

 

 

Country :

South Korea

 

 

Date of Incorporation :

16.07.2002

 

 

Com. Reg. No.:

105-86-42366

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesale of Synthetic Rubber and Plastics Materials

 

 

No. of Employees :

4

 

 

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 :

Small Company

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. 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. 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-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges 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, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Basic Information

 

Company Name

WORLDCHEM CORPORATION

(Korean Company Name : “월드켐코퍼레이션(주)”)

Registered Address

13, Eonju-ro 30-gil, Gangnam-gu, Seoul, Korea

Building

Rm.2009, Daelim Acrovile

Zip Code

135-971

Tel

+82-2-572-3987

Fax

+82-2-572-3981

E-mail

korea@worldchemcorp.com;kim@worldchemcorp.com

Trading Address

Rm.2009, Daelim Acrovile, 13, Eonju-ro 30-gil, Gangnam-gu, Seoul, Korea

(New Address System : Rm.2009, Daelim Acrovile, 13, Eonju-ro 30-gil, Gangnam-gu, Seoul, Korea)

Tel

+82-2-572-3987

Fax

+82-2-572-3981

Type

Export/Import

Industry

Wholesale of Synthetic Rubber and Plastics Materials

  Main Business

HDPE, LDPE, PVC, Polypropylene(PP), Acrylonitrile Butadiene Styrene(ABS), DOP, PS, PVC Stabilizer, SBS, CaCO₃MB, IPA

Established (mm/dd/yyyy)

07/16/2002

The Subject Company occupies the premises of registered HQ address by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Acrylonitrile butadiene styrene ABS(13102001)

Sell

Polyethylene terpthalate resin(13111017)

Sell

Polystyrene resin(13111023)

Sell

High Density Polyethylene HDPE(13102017)

Sell

Polyvinyl Chloride PVC(13102030)

Sell

Polypropylene PP(13102022)

 

 

CEO’s

 

Name

Kim Hyung-Sik

Address

Suite D-3903, 467, Dogok-dong, Gangnam-gu, Seoul, Korea

Date of Birth

08/22/1960

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

50,000,000

Employees

4

Formation

Co., Ltd by shares

Bank Details

Woori Bank-Dogok Sweet Branch

Korea Exchange Bank-Dogok Station Branch

Corporate Registered No.

110111-2569593

Business Registered No.

105-86-42366

Permit & Licenses

Int’l Trade No.: 30360314

Shareholder Position

N/A

Company History

07/16/2002 Incorporated as Worldchem International Corporation

10/04/2003 Changed company name to the present name

02/20/2008 Moved to C-1910, Daelim Acrotel, 467-6, Dogok 2-dong, Gangnam-gu, Seoul, Korea from Rm.2901, Daelim Acrotel, 467-6, Dogok 2-dong, Gangnam-gu, Seoul, Korea

08/02/2012 Moved to the present HQ address from C-1910, Daelim Acrotel, 467-6, Dogok 2-dong, Gangnam-gu, Seoul, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Hyung-Sik

Male

Korean

10/12/2011

Director

Mr.

Kim Hae-Sik

Male

Korean

10/12/2011

Auditor

Mr.

Koo Ja-In

Male

Korean

10/12/2011

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

 

 

 

2011

 

 

 

2010

 

 

 

2009

 

 

 

2008

 

 

 

2007

41,200,000,000

 

 

2006

10,700,000,000

 

 

2005

10,532,000,000

 

 

2004

5,004,000,000

 

 

2003

2,750,000,000

 

 

The latest & 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)

50,000,000

Total Issues Shares

10,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

HDPE, LDPE, PVC, Polypropylene(PP), Acrylonitrile Butadiene Styrene(ABS), DOP, PS, PVC Stabilizer, SBS, CaCO₃MB, IPA

 

 

Trade Partners & Competitors

 

Competitors

WOORI P & C CORPORATION

7TH FL., HIGLO BLDG., 914-1, DAECHI 4-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-3432-2800  FAX:+82-2-3432-4695

 

HANYONG CORPORATION

RM. 814, MILLIANA 2-CHA OFFICETEL, 79-5, GARAKBON-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-3401-9850  FAX:+82-2-3401-9870

 

JW & Y CORPORATION

RM. 903, HYODEOK BLDG., 32, EULJIRO 1-GA, JUNG-GU, SEOUL, KOREA

TEL:+82-2-773-4062  FAX:+82-2-773-4063

 

 

Sales by Region

 (Activity & Markets)

 

The Subject exports to China, Russia, Middle East, South America and Africa.

 

 

Court Action

 

Not Available.

 

News Clipping

 

--

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.80

UK Pound

1

Rs.94.21

Euro

1

Rs.81.03

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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