MIRA INFORM REPORT

 

 

Report Date :

10.12.2014

 

IDENTIFICATION DETAILS

 

Name :

LOTCHEM CO., LTD.

 

 

Registered Office :

3FL., Neoffice Bldg., 16, Bangbaejungang-ro 27-gil, Seocho-gu, Seoul, 137-828

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

25.10.2012

 

 

Com. Reg. No.:

210-81-70738

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesale of Other Chemical Materials and Chemical Products

 

 

No of Employees :

3

           

 

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 :

No Complaints

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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 Information

 

Basic

 

Company Name

LOTCHEM CO., LTD.

(Korean Company Name : “(주)로트켐”)

Registered Address

16, Bangbaejungang-ro 27-gil, Seocho-gu, Seoul, Korea

Building

3FL., Neoffice Bldg.

Zip Code

137-828

Tel

+82-2-902-0738

Fax

+82-2-902-0739

E-mail

dream72000@lotchem.co.kr

Website

www.lotchem.co.kr

Trading Address

3FL., Neoffice Bldg.,16, Bangbaejungang-ro 27-gil, Seocho-gu, Seoul, Korea

(Old Address System : 3FL., Neoffice Bldg., 762-13, Bangbaebon-dong, Seocho-gu, Seoul, Korea)

Tel

+82-2-902-0738

Fax

+82-2-902-0739

Other Address

 

Tel

 

Fax

 

Type

Export/Import

Industry

Wholesale of Other Chemical Materials and Chemical Products

  Main Business

Glycols, Alkylakanolamines

  Sub Business

 

Established (mm/dd/yyyy)

10/25/2012

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Alcohols or its substitutes(12352104)

Sell

Chemistry reagents or solutions(41116105)

Sell

Chemicals including Bio Chemicals and Gas Materials(12000000)

 

CEO’s

 

Name

Kim Myung-Gon(Thomas)

Address

Suite 208-303, 86, Euncheon-ro, Gwanak-gu, Seoul, Korea

Date of Birth

07/20/1972

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

90,000,000

Employees

3

Formation

Co., Ltd by Shares

Bank Details

N/A

Corporate Registered No.

110111-4988494

Business Registered No.

210-81-70738

Permit & Licenses

Int’l Trade No.: 30738193

Shareholder Position

N/A

Company History

10/25/2012 Incorporated as LOTCHEM KOREA CO., LTD.

11/15/2012 Changed company name to the present name

01/05/2013 Increased capital to 90,000,000 KRW from 50,000,000 KRW

03/18/2013 Moved to the present HQ address from 352, Dobong-ro, Gangbuk-gu, Seoul, Korea

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Myung-Gon(Thomas)

Male

Korean

10/25/2012

Director

Mr.

Lee Do-Hoon

Male

Korean

10/25/2012

Auditor

M/S.

Choi In-Hee

Female

Korean

10/25/2012

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

-

-

-

2012

496,493,000

722,027,000

128,264,000

The latest 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)

90,000,000

Total Issued Shares

18,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

 

722,027,000

 

Current Assets

 

 

 

-Quick Assets

 

 

 

-Inventories

 

 

 

Fixed Assets

 

 

 

-Investment

 

 

 

-Tangibles

 

 

 

-Intangibles

 

 

 

Total Liabilities

 

543,763,000

 

Current Liabilities

 

 

 

Fixed Liabilities

 

 

 

Capital Stock

 

50,000,000

 

Capital Surplus

 

 

 

Profit Surplus

 

 

 

Capital Adjustment

 

 

 

Total Equity

 

178,264,000

 

Liab. & Shareholder’s Equity

 

722,027,000

 

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

 

496,493,000

 

Cost of Sold Goods

 

 

 

Gross Profit

 

 

 

Selling & Admin. Expenses

 

 

 

Operating Income

 

127,324,000

 

Non-Operating Income

 

 

 

Non-Operating Expenses

 

 

 

Income Before Taxes

 

 

 

Income Taxes Expenses

 

 

 

Net Income

 

128,264,000

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

Glycols, Alkylakanolamines, Chemicals

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

SAMI TRADING INC.

B-707, SAMSUNG TRAPALACE, 559, DOHWA-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-3272-9912  FAX:+82-2-3272-9971

 

WOORI P & C CORPORATION

RM. 905, OLYMPIA BLDG., 196, JAMSILBON-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-3432-2800  FAX:+82-2-3432-4695

 

HANYONG CORPORATION

RM. 814, MILLIANA 2-CHA OFFICETEL, 79-5, GARAKBON-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-3401-9850  FAX:+82-2-3401-9870

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.87

UK Pound

1

Rs. 96.90

Euro

1

Rs. 76.29

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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

 

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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%)

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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.