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Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHEMON CORPORATION |
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|
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Registered Office : |
275-2, Yangjae 2-dong, Seocho-gu, Seoul, Korea Rm. 1217, Windstone Officetel
137-722 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.09.2002 |
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Com. Reg. No.: |
214-87-18866 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Wholesale of Synthetic Rubber and Plastics Materials |
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|
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No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – 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 |
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Very High |
C1 |
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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.
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Source : CIA |
|
Company Name |
CHEMON CORPORATION |
|
Registered Address |
275-2, Yangjae 2-dong, Seocho-gu, Seoul, Korea |
|
Building |
Rm. 1217, Windstone Officetel |
|
Zip Code |
137-722 |
|
Tel |
+82-2-6289-0906 |
|
Fax |
+82-2-6289-0909 |
|
E-mail |
whcha1@korea.com |
|
Trading Address |
Rm. 1217, Windstone Officetel, 275-2, Yangjae 2-dong, Seocho-gu,
Seoul, Korea |
|
Tel |
+82-2-6289-0906 |
|
Fax |
+82-2-6289-0909 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Synthetic Rubber and Plastics Materials |
|
Main Business |
Plastic Resin, Propylene, PP, PE, HDPE, LDPE, LLDPE, Petrochemical
Product |
|
Established (mm/dd/yyyy) |
09/06/2002 |
The Subject Company occupies the premises of
registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Plastic resins(13111059) |
|
Sell |
Polypropylene PP(13102022) |
|
Name |
Back Young-Rim |
|
Address |
Suite 103-1302, 615-1, Irwon-dong
,Gangnam-gu, Seoul, Korea |
|
Date of Birth |
08/28/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000 |
|
Employees |
8 |
|
Formation |
Co., Ltd by shares |
|
Bank Details |
Industrial Bank of Korea-Yangjae Dong
Branch |
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Corporate Registered No. |
110111-2605074 |
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Business Registered No. |
214-87-18866 |
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Permit & Licenses |
Int’l Trade No.: 45045835 |
|
Shareholder Position |
N/A |
|
Company History |
09/06/2002 Incorporated as the present name 08/19/2005 Increased capital to 100,000,000 KRW from 50,000,000 KRW 11/2005 AwardedUS$20 Million Export Top Prize 04/09/2009 Moved to the present HQ address from Rm. 1110, Windstone
Officetel, 275-2, Yangjae 2-dong, Seocho-gu, Seoul, Korea |
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Back Young-Rim |
Male |
Korean |
09/06/2002 |
|
Director |
Mr. |
Cha Won-Ho |
Male |
Korean |
08/25/2005 |
|
Director |
Mr. |
Hong Ki-Sun |
Male |
Korean |
08/25/2005 |
|
Director |
Mr. |
Lee Bong-Joo |
Male |
Korean |
08/18/2005 |
|
Auditor |
M/S. |
Ma Hee-Jeon |
Female |
Korean |
03/30/2005 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
106,078,000,000 |
6,855,000,000 |
-112,000,000 |
|
|
2010 |
101,702,000,000 |
9,337,000,000 |
777,000,000 |
|
2009 |
107,242,000,000 |
8,473,000,000 |
946,000,000 |
|
2008 |
100,854,000,000 |
8,764,000,000 |
-447,000,000 |
|
2007 |
77,563,900,000 |
5,924,000,000 |
225,750,000 |
|
2006 |
81,374,000,000 |
|
362,950,000 |
|
2005 |
50,179,000,000 |
|
380,520,000 |
|
2004 |
28,202,000,000 |
|
263,000,000 |
|
2003 |
20,856,000,000 |
|
43,000,000 |
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Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000 |
|
Total Issues Shares |
20,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
6,855,000,000 |
9,337,000,000 |
8,473,000,000 |
|
Current Assets |
6,292,000,000 |
8,945,000,000 |
7,042,000,000 |
|
-Quick Assets |
- |
- |
- |
|
-Inventories |
- |
- |
- |
|
Fixed Assets |
563,000,000 |
392,000,000 |
1,431,000,000 |
|
-Investment |
- |
- |
- |
|
-Tangibles |
- |
- |
- |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
5,821,000,000 |
8,076,000,000 |
6,972,000,000 |
|
Current Liabilities |
5,790,000,000 |
8,076,000,000 |
6,972,000,000 |
|
Fixed Liabilities |
31,000,000 |
- |
- |
|
Capital Stock |
100,000,000 |
100,000,000 |
100,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
- |
- |
- |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
1,035,000,000 |
1,260,000,000 |
1,501,000,000 |
|
Liab. & Shareholder’s Equity |
6,856,000,000 |
9,336,000,000 |
8,473,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
106,078,000,000 |
101,702,000,000 |
107,242,000,000 |
|
Cost of Sold Goods |
103,396,000,000 |
97,182,000,000 |
102,472,000,000 |
|
Gross Profit |
2,682,000,000 |
4,520,000,000 |
4,770,000,000 |
|
Selling & Admin. Expenses |
2,533,000,000 |
3,797,000,000 |
3,630,000,000 |
|
Operating Income |
149,000,000 |
723,000,000 |
1,140,000,000 |
|
Non-Operating Income |
1,491,000,000 |
1,670,000,000 |
2,746,000,000 |
|
Non-Operating Expenses |
1,658,000,000 |
1,426,000,000 |
2,790,000,000 |
|
Income Before Taxes |
-18,000,000 |
967,000,000 |
1,097,000,000 |
|
Income Taxes Expenses |
94,000,000 |
190,000,000 |
150,000,000 |
|
Net Income |
-112,000,000 |
777,000,000 |
946,000,000 |
|
Main Products & Services |
Plastic Resin, Petrochemical Product Brand Name: HI-PRENE |
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Detailed Products Spec. |
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Technologies Acquired |
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Suppliers |
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Customers |
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Competitors |
CRESCO CORPORATION LTD. RM. 407, GWANGHWAMUN OFFICIA, 163, SINMUNNO
1-GA, JONGNO-GU, SEOUL, KOREA TEL:+82-2-3276-3777 FAX:+82-2-3276-3779 SAMMIN CORPORATION RM. 408, DAEGWANG BLDG., 7-15, NONHYEON 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-547-2556 FAX:+82-2-547-2559 JUNGWOO CORPORATION 2ND FL., JEONG-U BLDG., 1552-8, SEOCHO
3-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-523-9661 FAX:+82-2-523-9671 |
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Sales/ Unit :Mil KRW |
2011 |
2010 |
2009 |
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Export |
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|
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Domestic |
|
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Total |
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The Subject deals with the companies in Bangladesh, China, Indonesia,
Philippines, Vietnam, USA, South America and Middle America.
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.