MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	WORLD CHEM

Registered Office :	516, Geomdan-ro, Seo-gu, Incheon, Rm.401, Bohyun Officetel, Zip Code 404-821

Country :	South Korea

Date of Incorporation :	25.11.2003

Com. Reg. No.:	137-09-08364

Legal Form :	Sole Proprietorship Concern

Line of Business :	Wholesaler of Cosmetics & Pharmaceuticals Materials as well as Chemicals including Bio Chemicals and Gas Materials

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

South Korea

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. South 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. South 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-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

Source : CIA

Basic

Company Name	WORLD CHEM (Korean Company Name : “월드켐”)
Registered Address	516, Geomdan-ro, Seo-gu, Incheon, Korea
Building	Rm.401, Bohyun Officetel
Zip Code	404-821
Tel	+82-32-567-2081
Fax	+82-32-283-2081.
E-mail	iworldchem@yahoo.co.kr
Trading Address	Rm.401, Bohyun Officetel, 516, Geomdan-ro, Seo-gu, Incheon, Korea (Old Address System : Rm.401, Bohyun Officetel, 676-2, Majeon-dong, Seo-gu, Incheon, Korea)
Tel	+82-32-567-2081
Fax	+82-32-283-2081.
Type	Export/Import
Main Business	Wholesaler of Cosmetics & Pharmaceuticals Materials as well as Chemicals including Bio Chemicals and Gas Materials
Established (mm/dd/yyyy)	11/25/2003

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Cosmetics(53131619)
Sell	Chemicals including Bio Chemicals and Gas Materials(12000000)

CEO’s

Name	Kim Dong-Woon(Mobile : +82-10-3706-2081)
Title	Owner
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	Not Applicable to the Sole Proprietorship
Employees	N/A
Formation	Sole Proprietorship
Bank Details	N/A
Corporate Registered No.	Not Applicable to the Sole Proprietorship
Business Registered No.	137-09-08364
Permit & Licenses	N/A
Shareholder Position	The owner has 100% shares.
Company History	11/25/2003 Established as the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Owner	Mr.	Kim Dong-Woon	Male	Korean	11/25/2003

Financials

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)	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

Cosmetics & Pharmaceuticals Materials as well as Chemicals including Bio Chemicals and Gas Materials

Trade Partners & Competitors

Competitors

KYUNGDONG CHEMICALS CORP.

RM. 704, BYUCKSAN SEONYEONG TECHNOPIA, 196-5, OJEON-DONG, UIWANG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-387-3573~5 FAX:+82-31-387-3576

J CHEM KOREA CO., LTD.

RM. A-2512, MAPO TRAPALACE, 53, MAPO-DAERO, MAPO-GU, SEOUL, KOREA

TEL:+82-2-784-0078 FAX:+82-2-784-0016

SAMWANG CHEMICAL CORPORATION

348, MYOBONG-RI, IDONG-MYEON, CHEOIN-GU, YONGIN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-336-3873 FAX:+82-31-336-3876

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Analysis Done by :	KAR

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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