MIRA INFORM REPORT

 

 

Report Date :

18.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SUNNYCHEM CO., LTD.

 

 

Registered Office :

A-503, Woolim Lion`s Valley 1-cha 371-28, Gasan-dong, Geumcheon-gu, Seoul, Korea 153-786

 

 

Country :

South Korea

 

 

Date of Incorporation :

05.10.2004

 

 

Com. Reg. No.:

117-81-51960

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesale of Other Chemical Materials and Chemical Products

 

 

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

Payment Behaviour :

No Complaints

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

(31.03.2011)

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 Information

 

Company Name

SUNNYCHEM CO., LTD.

(Korean Company Name : “(주)써니켐”)

Registered Address

371-28, Gasan-dong, Geumcheon-gu, Seoul, Korea

Building

A-503, Woolim Lion`s Valley 1-cha

Zip Code

153-786

Tel

+82-2-2643-5122

Fax

+82-2-2643-5127

E-mail

elin@sunnychem.co.kr;sunny@sunnychem.co.kr;vicky@sunnychem.co.kr

Website

www.sunnychem.co.kr

Trading Address

A-503, Woolim Lion`s Valley 1-cha, 371-28, Gasan-dong, Geumcheon-gu, Seoul, Korea

Tel

+82-70-7605-5120~7

Fax

+82-2-2643-5127

Type

Export

Industry

Wholesale of Other Chemical Materials and Chemical Products

  Main Business

Ethanol, Cyclo Nucleic Acid, Solvent

Established (mm/dd/yyyy)

10/05/2004

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

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Alkanes(12352001)

Sell

Waxes(12181500)

 

 

CEO’s

 

Name

Lee Seon-Ik(Sunny)

Address

Suite 701-604, 925, Mok-dong, Yangcheon-gu, Seoul, Korea

Date of Birth

03/08/1964

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

100,000,000

Employees

8

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea-Mapo Branch

Woori Bank-Mok Dong Branch

Corporate Registered No.

110111-3093096

Business Registered No.

117-81-51960

Permit & Licenses

Int’l Trade No.: 30528853

Shareholder Position

N/A

Company History

10/05/2004 Incorporated as the present name

06/20/2009 Moved to B-908, Mapo Trapalace, 559, Dohwa-dong, Mapo-gu, Seoul, Korea from A-2505, Mapo Trapalace, 559, Dohwa-dong, Mapo-gu, Seoul, Korea

04/28/2010 Moved to Rm. 312, Geunsin-Annex Bldg., 251-1, Dohwa-dong, Mapo-gu, Seoul, Korea from B-908, Mapo Trapalace, 559, Dohwa-dong, Mapo-gu, Seoul, Korea

09/08/2010 Increased the authorized shares to 400,000 shares from 40,000 shares

09/10/2010 Increased capital to 100,000,000 KRW from 50,000,000 KRW

12/06/2010 Moved to Rm. 304, Geunsin-Main Bldg., 250-4, Dohwa-dong, Mapo-gu, Seoul, Korea from Rm. 312, Geunsin-Annex Bldg., 251-1, Dohwa-dong, Mapo-gu, Seoul, Korea

12/17/2011 Moved to the present HQ address from Rm. 304, Geunsin-Main Bldg., 250-4, Dohwa-dong, Mapo-gu, Seoul, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Lee Seon-Ik(Sunny)

Male

Korean

10/05/2007

Director

M/S.

Han Kye-Soo

Female

Korean

10/05/2007

Director

Mr.

Park Yong-Min

Male

Korean

09/08/2010

Auditor

Mr.

Han Dong-Seok

Male

Korean

03/14/2007

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

19,050,000,000

1,939,000,000

376,000,000

2009

13,146,000,000

1,629,000,000

329,000,000

2008

5,186,000,000

1,213,000,000

102,000,000

2007

3,146,000,000

782,000,000

46,000,000

2006

 

 

 

2005

 

 

 

2004

 

 

 

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)

2,000,000,000

Paid-Up Capital(KRW)

100,000,000

Total Issues Shares

20,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Ethanol

Cyclo Nucleic Acid

Bis(triethoxysilylpropyl)disulfide

Vinyltrimethoxysilane

 

 

Trade Partners & Competitors

 

Suppliers

SK ENERGY CO., LTD.(110111-3710385)

Competitors

CHANGHAE ETHANOL CO., LTD.

829, PALBOKDONG 3-GA, DEOKJIN-GU, JEONJU-SI, JEOLLABUK-DO, KOREA

TEL:+82-63-214-7800  FAX:+82-63-214-7805

 

HYUN JIN CO., LTD.

162-1, OHYANG-RI, SILCHON-EUP, GWANGJU-SI, GYEONGGI-DO, KOREA

TEL:+82-31-708-6255  FAX:+82-31-708-0382

 

CHEMICAL NETWORKS CO., LTD.

753-14, WONSAN-RI, ONSAN-EUP, ULJU-GUN, ULSAN, KOREA

TEL:+82-52-237-6111  FAX:+82-52-237-6110

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to China and Taiwan.

 

 

Court Action

 

Not Available.

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

 

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.