MIRA INFORM REPORT

 

 

Report Date :

01.11.2013

 

IDENTIFICATION DETAILS

 

Name :

KEMIRA KOREA CORPORATION

 

 

Registered Office :

648-23, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

30.08.2006

 

 

Com. Reg. No.:

104-86-03055

 

 

Legal Form :

Limited Responsibility Company

 

 

Line of Business :

Wholesale of other chemical materials and chemical products.

 

 

No. of Employees :

12

 

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 – 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

 

Basic

 

Company Name

KEMIRA KOREA CORPORATION

(Korean Company Name : “한국케미라(유)”)

Registered Address

648-23, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea

Building

13th Fl., Yeosam Bldg.

Zip Code

135-748

Tel

+82-2-318-3770

Fax

+82-2-318-3776

E-mail

jung-in.choi@kemira.com

Website

www.kemira.com

Trading Address

13th Fl., Yeosam Bldg., 648-23, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea

(New Address System : 123, Teheran-ro, Gangnam-gu, Seoul, Korea)

Tel

+82-2-318-3770

Fax

+82-2-318-3776

Other Address-Bundang Branch

Rm. 901, Hyundai Office Bldg., 9-4, Sunae 1-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea

Tel

+82-31-719-5635

Fax

+82-31-719-7063

Type

Export/Import

Industry

Wholesale of Other Chemical Materials and Chemical Products

  Main Business

Chemicals, Coagulant, Optical Brightener

  Sub Business

 

Established (mm/dd/yyyy)

08/30/2006

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Fluorescent dyes(12171501)

Sell

Fixatives(12352500)

Sell

Water treatment consumables(47101600)

 

CEO’s

 

Name

Koh Young-Bok

Address

Suite 8-1411, 1685, Seocho-dong, Seocho-gu, Seoul, Korea

Date of Birth

03/25/1958

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

1,000,000,000

Employees

12

Formation

Limited Responsibility Company

Foreign Direct Investment Corporation

Bank Details

N/A

Corporate Registered No.

110114-0063880

Business Registered No.

104-86-03055

Permit & Licenses

N/A

Shareholder Position

It is known that the subject has been invested from the investor(s) in Finland.

Company History

08/30/2006 Incorporated as the present name

04/22/2009 Registered as a Foreign Direct Investment Corporation

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Koh Young-Bok

Male

Korean

08/30/2009

Director

Mr.

Qai Mo Chan

Male

UK

02/13/2012

Director

Mr.

Hong Bo Sun

Male

Chinese

03/30/2011

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

 

 

 

2011

9,761,000,000

5,141,000,000

-120,000,000

2010

11,725,000,000

5,151,000,000

264,000,000

2009

9,997,000,000

6,453,000,000

651,700,000

2008

13,411,910,000

 

125,690,000

2007

9,986,580,000

 

589,220,000

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)

Not Applicable to Limited Responsibility Company

Paid-Up Capital(KRW)

1,000,000,000

Total Issues Shares

Not Applicable to Limited Responsibility Company

 

 

Products, Technologies, Services Description

 

Main Products & Services

Chemicals, Coagulant, Optical Brightener

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

JUNYOUNG CORPORATION

6TH FL., GREEN POINT BLDG., 655-12, SINSA-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-547-8595  FAX:+82-2-547-8598

 

NAMDUCK MOOLSAN CO., LTD.

RM. 1014, YEOUIDO DEPT. STORE, 36-2, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3774-0900  FAX:+82-2-3774-0901

 

COGNIS KOREA LTD.

5TH FL., GANGNAM METRO BLDG., 1339-9, SEOCHO 2-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-3489-7600  FAX:+82-2-584-7603

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

KEMIRA OYJ

PORKKALANKATU 3, P.O. BOX 330, FI-00101 HELSINKI, FINLAND

TEL:+358 10 8611 FAX:+358 10 862 1119

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in China, Indonesia, Japan and Thailand.

 

 

Court Action

 

Not Available.

 

 

News Clipping

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.98.29

Euro

1

Rs.84.12

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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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