|
Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHEMCROSS INTERNATIONAL INC. |
|
|
|
|
Registered Office : |
99, Supyo-dong, Jung-gu, Seoul, Korea, 7th Fl., Signature Towers East Annex, Zip Code 100-230 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
10.02.2009 |
|
|
|
|
Com. Reg. No.: |
104-86-19203 |
|
|
|
|
Legal Form : |
Co., Ltd., by Shares |
|
|
|
|
Line of Business : |
Wholesaler of the basic chemicals for
industrial purpose, Online Marketplace |
|
|
|
|
No. of Employees : |
24 |
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 : |
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 |
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 |
|
Company
Name |
CHEMCROSS
INTERNATIONAL INC. (Korean Company Name: “(주)켐크로스인터내셔널”) |
|
Registered Address |
99, Supyo-dong, Jung-gu, Seoul, Korea |
|
Building |
7th
Fl., Signature Towers East Annex |
|
Zip Code |
100-230 |
|
Tel |
+82-2-6020-0700 |
|
Fax |
+82-2-6020-0781 |
|
E-mail |
info@chemcross.com;hosunglee@chemcross.com;recruit@chemcross.com |
|
Website |
|
|
Trading
Address |
7th Fl., Signature Towers East Annex, 99,
Supyo-dong, Jung-gu, Seoul, Korea (New Address System : 100, Cheonggyecheon-ro, Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-22591299 |
|
Fax |
+82-2-22591363 |
|
Type |
Export |
|
Industry |
Wholesales
of the basic chemicals for industrial purpose, Online Marketplace |
|
Main Business |
Paints, Dyes and Related Chemicals,
Fertilizer, Synthetic Rubber, Plastic Materials, Recycling Products, Chemicals |
|
Established (mm/dd/yyyy) |
02/10/2009 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
World wide web WWW site operation host
services(81112105) |
|
Sell |
Basic Chemicals |
|
Sell |
Plastic Materials |
|
Sell |
Chemicals
for Paints & Dyes |
|
Sell |
Chemicals
for Fertilizer |
|
Name |
Lee Soo-Chul |
|
Address |
Suite 80-402, 201, Apgujeong-ro,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
06/24/1949 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
10,600,000,000 |
|||||||||
|
Employees |
24 |
|||||||||
|
Formation |
Co., Ltd., by Shares Foreign
Direct Investment Corporation |
|||||||||
|
Bank Details |
Shinhan Bank Citibank, Korea Korea Exchange Bank |
|||||||||
|
Corporate Registered No. |
110111-4041242 |
|||||||||
|
Business Registered No. |
104-86-19203 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 30653955 |
|||||||||
|
(*)Shareholder Position |
|
|||||||||
|
Company History |
02/10/2009
Incorporated as the present name after taking business from CHEMCROSS INC
KOREA BRANCH(110181-0029542) 02/26/2009 Registered as a Foreign Direct
Investment Corporation 07/20/2009 Increased the authorized shares to 4,000,000 Shares from
400,000 Shares 07/25/2009 Increased capital to 5,000,000,000
KRW from 500,000,000 KRW 08/01/2009 Acquired Business from CHEMCROSS(KOREA),
INC. 11/25/2010 Increased capital to 5,500,000,000
KRW from 5,000,000,000 KRW 11/25/2010 Acquired SOLAR CROSS CO., LTD. 11/25/2010 Acquired Solar Cross Co., Ltd.(110111-3749194) 12/22/2011 Increased capital to 8,500,000,000 KRW from 5,500,000,000 KRW 05/12/2012 Moved to the present HQ address
from 4FL.,
Yonsei Severance Bldg., 84-11, Namdaemunno 5(o)-ga, Jung-gu, Seoul 100-753
Korea 12/27/2012
Increased capital to 10,600,000,000 KRW from 8,500,000,000 KRW |
|||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Lee Soo-Chul |
Male |
Korean |
03/23/2012 |
|
Director |
Mr. |
Hur Won-Joon |
Male |
Korean |
12/24/2009 |
|
Director |
Mr. |
Fuji Ishoon |
Male |
Japanese |
08/02/2010 |
|
Director |
Mr. |
Jung Bum-Shik |
Male |
Korean |
03/31/2011 |
|
Director |
Mr. |
Ko Jung-Seok |
Male |
Korean |
03/29/2013 |
|
Director |
Mr. |
Shim Il-Bo |
Male |
Korean |
03/23/2012 |
|
Auditor |
Mr. |
Lee ha-Young |
Male |
Korean |
03/29/2013 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
746,014,844,595 |
41,590,410,142 |
-974,901,049 |
|
|
2011 |
684,035,252,303 |
70,363,543,114 |
-2,684,862,232 |
|
2010 |
521,060,575,467 |
56,849,286,215 |
247,428,073 |
|
2009 |
195,096,723,520 |
60,448,893,093 |
696,590,810 |
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
10,600,000,000 |
|
Total Issues Shares |
2,120,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
41,590,410,142 |
70,363,543,114 |
56,849,286,215 |
|
Current Assets |
39,302,958,416 |
68,499,508,839 |
55,605,876,121 |
|
-Quick
Assets |
35,092,240,913 |
57,884,638,577 |
31,796,466,854 |
|
-Inventories |
4,210,717,503 |
10,614,870,262 |
23,809,409,267 |
|
Fixed
Assets |
2,287,451,726 |
1,864,034,275 |
1,243,410,094 |
|
-Investment |
497,176,023 |
478,358,734 |
534,731,087 |
|
-Tangibles |
|
|
|
|
-Intangibles |
1,790,275,703 |
1,385,675,541 |
708,679,007 |
|
Total Liabilities |
34,565,180,202 |
64,431,711,125 |
50,437,595,994 |
|
Current Liabilities |
34,223,515,285 |
58,373,839,469 |
38,828,929,603 |
|
Fixed Liabilities |
341,664,917 |
6,057,871,656 |
11,608,666,391 |
|
Capital Stock |
10,600,000,000 |
8,500,000,000 |
5,500,000,000 |
|
Capital Surplus |
32,471,338 |
32,471,338 |
32,471,338 |
|
Profit Surplus |
-3,498,144,398 |
-2,523,243,349 |
944,018,883 |
|
Capital Adjustment |
-109,097,000 |
-77,396,000 |
-64,800,000 |
|
Total Equity |
7,025,229,940 |
5,931,831,989 |
6,411,690,221 |
|
Liab. & Shareholder’s Equity |
41,590,410,142 |
70,363,543,114 |
56,849,286,215 |
|
Current Liabilities |
34,223,515,285 |
58,373,839,469 |
38,828,929,603 |
|
Short-Term Borrowings |
1,113,944,000 |
12,846,500,774 |
4,566,666,600 |
|
Trade Payables |
32,105,458,291 |
44,644,295,567 |
32,433,427,475 |
|
Advance Receipts |
289,212,106 |
51,026,409 |
671,849,011 |
|
Withholdings |
44,177,598 |
86,303,647 |
93,616,998 |
|
Account Payables |
309,756,127 |
128,784,893 |
176,785,977 |
|
Accrued Expenses |
360,967,163 |
616,928,179 |
886,583,542 |
|
Fixed Liabilities |
341,664,917 |
6,057,871,656 |
11,608,666,391 |
|
Long-Term Borrowings |
- |
5,766,500,000 |
11,389,000,000 |
|
Provision for Severance & Retirement |
349,878,470 |
318,628,460 |
258,654,180 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
746,014,844,595 |
684,035,252,303 |
521,060,575,467 |
|
Cost of Sold Goods |
734,022,621,655 |
671,736,276,641 |
506,725,661,698 |
|
Gross Profit |
11,992,222,940 |
12,298,975,662 |
14,334,913,769 |
|
Selling & Admin. Expenses |
13,650,532,161 |
15,647,951,019 |
14,888,496,064 |
|
Operating Income |
-1,658,309,221 |
-3,348,975,357 |
-553,582,295 |
|
Non-Operating Income |
7,162,799,155 |
13,829,042,964 |
12,496,105,961 |
|
Non-Operating Expenses |
6,733,938,322 |
13,864,692,022 |
11,585,682,672 |
|
Income Before Taxes |
-1,229,448,388 |
-3,384,624,415 |
356,840,994 |
|
Income Taxes Expenses |
-254,547,339 |
-699,762,183 |
109,412,921 |
|
Net Income |
-974,901,049 |
-2,684,862,232 |
247,428,073 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
2,001,736,443 |
9,714,863,268 |
-15,747,894,977 |
|
-Net Income |
-974,901,049 |
-2,684,862,232 |
247,428,073 |
|
-Exp. without Cash Outflow |
649,198,631 |
730,138,055 |
409,495,022 |
|
-Revenue without Cash Inflows |
-363,567,967 |
-43,133,103 |
-290,007,256 |
|
-Changes in Asset/ & Liability |
2,691,006,828 |
11,712,720,548 |
-16,114,810,816 |
|
Cash Flows from Investing |
-311,652,927 |
-114,786,393 |
3,061,755,762 |
|
-Cash Inflow from Investing |
10,454,545 |
25,290,909 |
3,390,987,082 |
|
-Cash Outflows for Investing |
-322,107,472 |
-140,077,302 |
-329,231,320 |
|
Cash Flows from Financing |
-15,355,292,181 |
4,711,324,334 |
2,236,470,847 |
|
-Cash Inflows from Financing |
2,068,299,000 |
11,225,324,334 |
4,603,574,847 |
|
-Cash Outflows from Financing |
-17,423,591,181 |
-6,514,000,000 |
-2,367,104,000 |
|
Increase/Decrease in Cash |
-13,665,208,665 |
14,311,401,209 |
-10,059,450,247 |
|
Cash at the Beginning of Year |
28,355,437,434 |
14,044,036,225 |
24,103,486,472 |
|
Cash at the End of Year |
14,690,228,769 |
28,355,437,434 |
14,044,036,225 |
|
Main Products & Services |
Global Chemical B2B Company ChemCross.com is share brokering & consulting division with the
trading division. The broking & consulting division is on-line broking services
whereby buyers and sellers of benzene/toluene/xylene/para xylene/styrene
monomer etc chemical products. In addition to exchange service, Chemcross
offers asia-specific market information and consulting services. The
trading division is in business fiber intermediates, vinyls &
plasticizers, poly olefins, styrenics, phenol & derivatives, methanol
& solvents division. |
|
Competitors |
BIZ MRO CO., LTD. 4TH FL., IN-U BLDG., 109-1, SAMSEONG
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3702-0900 FAX:+82-2-3702-0901 CYBER DISTY CO., LTD. A-501, WOOLIM LION`S VALLEY 1-CHA, 371-28,
GASAN-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-2026-5600 FAX:+82-2-2026-5629 ENTOB CORPORATION RM. 701, ANAM TOWER, 702-10, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2007-0800 FAX:+82-2-2007-0888 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
CHEMCROSS INC. 12012 WICKCHESTER LN., SUITE 325 HOUSTON,
TX 77079 USA |
|
Overseas Office |
CHEMCROSS (SHANGHAI) TRADING INC. 13-16 RM, 24 FLOOR, BANK OF CHINA TOWER, 200 MID. YIN CHENG RD. PU
DONG SHANGHAI P.R. CHINA. TEL:+86-21-6887-2108 FAX:+86-21-6887-2123/6887-2006 CHEMCROSS HONGKONG LIMITED ROOM 1808, 18/F,
TOWER II, ADMIRALTY CENTRE, 18 HARCOURT ROAD, ADMIRALTY, HONG KONG TEL:+852-2528-9899 FAX:+852-2804-1004 TOKYO 26-1-101, 2-CHOME, HAZAWA, NERIMA-KU, TOKYO
176-0003 JAPAN TEL : 81-90-8726-3060 FAX : 81-3-3557-6779 E-MAIL : INFO-JAPAN@CHEMCROSS.COM SINGAPORE 105 CECIL STREET #12-01 THE OCTAGON
SINGAPORE 069536 TEL : 65-6223-2911 FAX : 65-6223-0695 E-MAIL : SINGAPORE@CHEMCROSS.COM CHEMCROSS NETHERLANDS RIJZENDEWEG 48 4634TZ WOENSDRECHT THE
NETHERLANDS TEL:+31-164-616058 |
|
Corporate Ownership |
CHEMCROSS.COM, INC. 11999 KATY FREEWAY SUITE 625, HOUSTON, TX
77079 TEL:+1-281-596-0011 FAX:+1-281-596-0143 |
|
Cooperative Enterprise |
-Insured Company SAMSUNG
FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity & Markets)
The Subject exports
to China.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.