MIRA INFORM REPORT

 

 

Report Date :

19.04.2014

 

IDENTIFICATION DETAILS

 

Name :

FINA CHEMICAL

 

 

Registered Office :

89, Minsokgongwon-ro, Danwon-gu, Ansan-si, Gyeonggi-do, Korea, Rm.401, Chungang Plaza, Zip Code 425-809

 

 

Country :

South Korea

 

 

Date of Incorporation :

01.07.2004

 

 

Com. Reg. No.:

140-01-30736

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesaler of Dyes, Pigments & Paints

 

 

No of Employees :

03

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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 about half of GDP.

 

Source : CIA

 

Basic

 

Concern Name

FINA CHEMICAL

(Korean Concern Name : “휘나화학”)

Registered Address

89, Minsokgongwon-ro, Danwon-gu, Ansan-si, Gyeonggi-do, Korea

Building

Rm.401, Chungang Plaza

Zip Code

425-809

Tel

+82-31-434-4707

Fax

+82-31-434-4734

Trading Address

Rm.401, Chungang Plaza, 89, Minsokgongwon-ro, Danwon-gu, Ansan-si, Gyeonggi-do, Korea

(Old Address System : Rm.401, Chungang Plaza, 745-1, Gojan-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea)

Tel

+82-31-434-4707

Fax

+82-31-434-4734

Type

Export/Import

Industry

Wholesaler of Dyes, Pigments & Paints

Established (mm/dd/yyyy)

07/01/2004

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Pigments(12171600)

 

 

CEO’s

 

Name

Sul Kyung-Seok

Title

Owner

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

Not Applicable to the Sole Proprietorship

Employees

3

Formation

Sole Proprietorship

Bank Details

N/A

Corporate Registered No.

Not Applicable to the Sole Proprietorship

Business Registered No.

140-01-30736

Permit & Licenses

N/A

Shareholder Position

The owner has 100% shares.

Concern History

07/01/2004 Established as the present name

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Owner

Mr.

Sul Kyung-Seok

Male

Korean

07/01/2004

 

 

Financials

 

The financials are not available, and the Subject Concern does not have any obligations to release its financials to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

Not Applicable to the Sole Proprietorship

Paid-Up Capital(KRW)

Not Applicable to the Sole Proprietorship

Total Issued Shares

Not Applicable to the Sole Proprietorship

 

Products, Technologies, Services Description

 

Main Products & Services

Dyes, Pigment & Paints

 

Trade Partners & Competitors

 

Competitors

WOOSHIN PIGMENT CO., LTD.

117-4, GWANGCHEON-RI, SUNSEONG-MYEON, DANGJIN-GUN, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-352-7976  FAX:+82-41-352-2401

 

SAMBO FINE CHEMICALS MFG. CO., LTD.

628-2, HAKJANG-DONG, SASANG-GU, BUSAN, KOREA

TEL:+82-51-311-3001  FAX:+82-51-323-1742

 

FIRST COLOR CO., LTD.

1RA-102, SIHWA INDUSTRIAL COMPLEX, 1236-1, JEONGWANG 3-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-432-6900  FAX:+82-31-432-6328

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.38

UK Pound

1

Rs.101.63

Euro

1

Rs.83.57

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.