MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	POLYCHEM KOREA LTD.

Registered Office :	6, 2nd Fl. Eunpyeong-ro 16-gil, Eunpyeong-gu, Seoul, Korea

Country :	South Korea

Date of Incorporation :	01.10.2004

Com. Reg. No.:	110-10-57148

Legal Form :	Sole Proprietorship

Line of Business :	Wholesale of Synthetic Rubber and Plastics Materials

No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

South Korea

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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. 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

Company Name	POLYCHEM KOREA LTD.
Registered Address	6, Eunpyeong-ro 16-gil, Eunpyeong-gu, Seoul, Korea
Building	2nd Fl.
Zip Code	122-906
Tel	+82-2-357-8398
Fax	+82-2-357-8310
E-mail	cbjlnsok@yahoo.co.kr
Website
Trading Address	2nd Fl., 6, Eunpyeong-ro 16-gil, Eunpyeong-gu, Seoul, Korea (Old Address System : 2nd Fl., 72-8, Eungam 1-dong, Eunpyeong-gu, Seoul, Korea)
Tel	+82-2-357-8398
Fax	+82-2-357-8310

Type	Export/Import
Industry	Wholesale of Synthetic Rubber and Plastics Materials
Main Business	Compound Resin, High Density Polyethylene(HDPE), Low Density Polyethylene(LDPE), Linear Low Density Polyethylene(LLDPE), Polypropylene(PP), DOP

Established (mm/dd/yyyy)	10/01/2004

The Subject occupies the premises of registered address by leasing base.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Elastomers(13101700)
Sell	Plasticizers(12162000)

CEO’s

Name	Choi Byoung-Jin(Mobile: +82-10-6799-0398)
Address	--
Date of Birth	10/13/1962
Title	Owner
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	Not applicable to the Sole Proprietorship
Employees	1
Formation	Sole Proprietorship
Bank Details	N/A
Corporate Registered No.	Not applicable to the Sole Proprietorship
Business Registered No.	110-10-57148
Permit & Licenses	N/A
Shareholder Position	The owner has 100% shares.
Company History	10/01/2004 Established as the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Owner	Mr.	Choi Byoung-Jin	Male	Korean	10/01/2004

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

Compound Resin, High Density Polyethylene(HDPE), Low Density Polyethylene(LDPE), Linear Low Density Polyethylene(LLDPE), Polypropylene(PP), DOP

Trade Partners & Competitors

Competitors

DYM CO., LTD.

624-2, EOPSEONG-DONG, SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-621-6250 FAX:+82-41-621-8420

JUNGWOO TRADING CO., LTD.

869-11, EOGOK-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-386-5003 FAX:+82-55-364-1778

HUMADE CORPORATION

RM. 2310, MASTERS TOWER BLDG., 553, DOHWA 1-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-3275-5155~8 FAX:+82-2-3275-5157

Sales by Region (Activity & Markets)

The Subject deals with the companies in China, Germany and India.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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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