MIRA
INFORM REPORT
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Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
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Name : |
SH POLYCHEM CORP. |
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Registered Office : |
467-24, Dogok 2-dong, Gangnam-gu, Seoul, Korea Rm. 302, Woosung
Character 199 Officetel 135-856 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
18.02.2008 |
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Com. Reg. No.: |
105-87-18029 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Wholesale of Other Chemical Materials and Chemical Products |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
SH POLYCHEM CORP. |
|
Registered Address |
467-24, Dogok 2-dong, Gangnam-gu, Seoul, Korea |
|
Building |
Rm. 302, Woosung Character 199 Officetel |
|
Zip Code |
135-856 |
|
Tel |
+82-2-3143-1406 |
|
Fax |
+82-2-3143-1407 |
|
E-mail |
stanley@shcorp.kr |
|
Website |
www.shcorp.kr |
|
Trading Address |
Rm. 302, Woosung Character 199 Officetel, 467-24, Dogok 2-dong,
Gangnam-gu, Seoul, Korea (New Address System : 118, Eonju-ro, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-3143-1406 |
|
Fax |
+82-2-3143-1407 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Other Chemical Materials and Chemical Products |
|
Main Business |
Polyurethane Hardener, Paint Material, Paint Additives |
|
Established (mm/dd/yyyy) |
02/18/2008 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Resins(13111000) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Polyurethane resins(13111061) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
CEO’s
|
Name |
Chung Sang-Hoon(Stanly) |
|
Address |
Suite 120-1003, 54, Sunae-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
02/17/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
50,000,000 |
|
Employees |
1 |
|
Formation |
Co., Ltd by Shares |
|
Bank Details |
Suhyup Bank |
|
Corporate Registered No. |
110111-3842469 |
|
Business Registered No. |
105-87-18029 |
|
Permit & Licenses |
N/A |
|
Shareholder Position |
N/A |
|
Company History |
02/18/2008 Incorporated as the present name 04/16/2010 Moved to the present HQ address
from 200-30, Donggyo-dong, Mapo-gu, Seoul, Korea |
|
|
|
Detailed Information
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Chung Sang-Hoon (Stanly) |
Male |
Korean |
02/18/2008 |
|
Director |
Mr. |
Lee Chan-Joo |
Male |
Korean |
02/18/2008 |
|
Director |
M/S. |
Seo Moon-Ja |
Female |
Korean |
02/18/2008 |
|
Auditor |
M/S. |
Lee Soo-Mi |
Female |
Korean |
02/18/2008 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2011 |
|
|
|
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2010 |
|
|
|
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2009 |
1,772,000,000 |
381,000,000 |
25,000,000 |
|
2008 |
900,000,000 |
67,000,000 |
14,000,000 |
The 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 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
|
381,000,000 |
67,000,000 |
|
Current Assets |
|
271,000,000 |
57,000,000 |
|
-Quick Assets |
|
254,000,000 |
57,000,000 |
|
-Inventories |
|
17,000,000 |
- |
|
Fixed Assets |
|
110,000,000 |
10,000,000 |
|
-Investment |
|
|
|
|
-Tangibles |
|
- |
- |
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-Intangibles |
|
- |
- |
|
Total Liabilities |
|
293,000,000 |
3,000,000 |
|
Current Liabilities |
|
291,000,000 |
2,000,000 |
|
Fixed Liabilities |
|
1,000,000 |
1,000,000 |
|
Capital Stock |
|
50,000,000 |
50,000,000 |
|
Capital Surplus |
|
- |
- |
|
Profit Surplus |
|
39,000,000 |
14,000,000 |
|
Capital Adjustment |
|
- |
- |
|
Total Equity |
|
89,000,000 |
64,000,000 |
|
Liab. & Shareholder’s Equity |
|
381,000,000 |
67,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
|
1,772,000,000 |
900,000,000 |
|
Cost of Sold Goods |
|
1,656,000,000 |
839,000,000 |
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Gross Profit |
|
116,000,000 |
61,000,000 |
|
Selling & Admin. Expenses |
|
90,000,000 |
56,000,000 |
|
Operating Income |
|
26,000,000 |
5,000,000 |
|
Non-Operating Income |
|
30,000,000 |
39,000,000 |
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Non-Operating Expenses |
|
28,000,000 |
28,000,000 |
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Income Before Taxes |
|
28,000,000 |
16,000,000 |
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Income Taxes Expenses |
|
3,000,000 |
2,000,000 |
|
Net Income |
|
25,000,000 |
14,000,000 |
Products, Technologies, Services Description
|
Main Products & Services |
Chemicals, Food Additives and Toxic
Chemicals Polyurethane Hardner |
Trade Partners & Competitors
|
Customers |
PENINSULA POLYMERS LLC. 920 EAST 14TH AVE SUITE 201 NORTH KANSAS
CI, USA |
|
Competitors |
YEEYOUNG CERACHEM CO., LTD. RM. 722, SUSEO HYUNDAI VENTURE VILLE, 713,
SUSEO-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-420-0331 FAX:+82-2-424-1877 HAXION SPECIALTY CHEMICALS KOREA CO., LTD. 580-3, HWASAN-RI, ONSAN-EUP, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-231-5174 FAX:+82-52-231-5028 YOUNG-HI CHEMICALS LTD. RM. 401, JUNGANG BLDG., 411-18, DOGOK
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-572-8516 FAX:+82-2-572-8516 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Overseas Office |
SH POLYCHEM CORP.(CANADA OFFICE) NO.902, 28, WILLIAM CARSON CRES. TORONTO, ON, CANAADA, M2P 2HI TEL:+1-647-350-7334 |
Sales by Region (Activity &
Markets)
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Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
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Export |
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Domestic |
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Total |
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The Subject deals with the companies in
Singapore and USA.
News Clipping
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
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 |
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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 |
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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 |
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NB |
New Business |
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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.