MIRA INFORM REPORT

 

 

Report Date :

13.12.2014

 

IDENTIFICATION DETAILS

 

Name :

HUMADE CORPORATION

 

 

Registered Office :

331, Dongmak-ro, Mapo-gu, Seoul, Rm. 1810, Masters Tower Bldg., Zip Code 121-748

 

 

Country :

South Korea

 

 

Date of Incorporation :

26.04.2004

 

 

Com. Reg. No.:

105-86-66524

 

 

Legal Form :

Co., Ltd., by shares

 

 

Line of Business :

Wholesaler of Acetone, MC (Methylene Chloride), Acrylic Acid, MDI (Methylene Diphenyl Diisocyanate), Adipic Acid, MIBK (Methyl Isobutyl Ketone), BPA (Bisphenol-A), MPG (Mono Propylene Glycol), Butyl Acrylate, PE (Poly Ethylene), DBP (Di-butyl Phthalate), PET (Poly Ethylene Terephthalate), DINP (Di-isononyl Phthalate), Pentaerythritol, DMC (Di-methyl Carbonate), Phenol, DOA (Di-octyl Adipate), Polyol, DOP (Di-octyl Phthalate), PP (Poly Propylene), DOTP (Di-Octyl Terephthalate), PTA (Purified Terephthalic Acid), DPHP (Di-Propyle Hexyl Phthalate), PT-MEG (Polytetrametylene Ether Glycol), DL-Malic Acid, PVC (Polyvinyl Chloride), EG (Ethylene Glycol), PA (Phthalic Anhydride), Epoxy Resin, TDI (Toluene Diisocyanate), Fumaric Acid, THF (Tetrahydrofuran), Glycerin, THPA (Tetrahydrophthalic Anhydride), IPA (Purified Isophthalic Acid), TOTM (Trioctyl Trimelliate) & MA (Maleic Anhydride)

 

 

No of Employees :

09

 

 

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 – 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

 

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

 

Company Name

HUMADE CORPORATION

(Korean Company Name : “(주)휴메이드”)

Registered Address

331, Dongmak-ro, Mapo-gu, Seoul, Korea

Building

Rm. 1810, Masters Tower Bldg.

Zip Code

121-748

Tel

+82-2-3275-5155~8

Fax

+82-2-3275-5157

E-mail

kimch@humade.co.kr;dgkang@humade.co.kr

Website

www.humade.co.kr

Trading Address

Rm. 1810, Masters Tower Bldg., 331, Dongmak-ro, Mapo-gu, Seoul, Korea

(Old Address System : Rm. 1810, Masters Tower Bldg., 553, Dohwa 1-dong, Mapo-gu, Seoul, Korea)

Tel

+82-2-3275-5155~8

Fax

+82-2-3275-5157

Type

Import/Export

  Main Business

Wholesaler of Acetone, MC (Methylene Chloride), Acrylic Acid, MDI (Methylene Diphenyl Diisocyanate), Adipic Acid, MIBK (Methyl Isobutyl Ketone), BPA (Bisphenol-A), MPG (Mono Propylene Glycol), Butyl Acrylate, PE (Poly Ethylene), DBP (Di-butyl Phthalate), PET (Poly Ethylene Terephthalate), DINP (Di-isononyl Phthalate), Pentaerythritol, DMC (Di-methyl Carbonate), Phenol, DOA (Di-octyl Adipate), Polyol, DOP (Di-octyl Phthalate), PP (Poly Propylene), DOTP (Di-Octyl Terephthalate), PTA (Purified Terephthalic Acid), DPHP (Di-Propyle Hexyl Phthalate), PT-MEG (Polytetrametylene Ether Glycol), DL-Malic Acid, PVC (Polyvinyl Chloride), EG (Ethylene Glycol), PA (Phthalic Anhydride), Epoxy Resin, TDI (Toluene Diisocyanate), Fumaric Acid, THF (Tetrahydrofuran), Glycerin, THPA (Tetrahydrophthalic Anhydride), IPA (Purified Isophthalic Acid), TOTM (Trioctyl Trimelliate) & MA (Maleic Anhydride)

Established (mm/dd/yyyy)

04/26/2004

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Rubber compound(13101607)

Sell

Processed and synthetic rubber(13101600)

Sell

Chemicals including Bio Chemicals and Gas Materials(12000000)

 

CEO’s

 

Name

Kim Cheol-Ho

Address

Suite 103-303, 75, Nohae-ro 63-gil, Dobong-gu, Seoul, Korea

Date of Birth

04/07/1964

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

290,000,000

Employees

9

Formation

Co., Ltd., by shares

Bank Details

Shinhan Bank

Nonghyup Bank-Gwangyang Branch

Korea Exchange Bank

Corporate Registered No.

110111-3000538

Business Registered No.

105-86-66524

Permit & Licenses

Int’l Trade No.: 45160541

Shareholder Position

N/A

Company History

04/26/2004 Incorporated as the present name

12/28/2005 Increased capital to 100,000,000KRW from 50,000,000 KRW

08/20/2007 Moved to the present HQ address from Rm. 1505, Masters Tower Bldg., 553, Dohwa 1-dong, Mapo-gu, Seoul, Korea

08/05/2008 Increased the authorized shares to 200,000 shares from 40,000 shares

08/13/2008 Increased capital to 200,000,000 KRW from 100,000,000 KRW

08/12/2010 Moved to the present HQ address from Rm. 2310, Masters Tower Bldg., 553, Dohwa 1-dong, Mapo-gu, Seoul, Korea

09/26/2014 Increased capital to 290,000,000 KRW from 200,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Cheol-Ho

Male

Korean

04/26/2004

Director

Mr.

Kang Dong-Gu

Male

Korean

04/26/2004

Auditor

M/S

Kim Jeong-Sook

Female

Korean

04/26/2004

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2009

38,510,020,000

 

284,020,000

2008

45,357,880,000

3,740,000,000

356,790,000

2007

42,568,230,000

3,263,000,000

212,000,000

2006

24,801,990,000

2,386,000,000

73,000,000

2005

15,218,000,000

1,007,000,000

54,000,000

2004

9,700,000,000

 

 

The full 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)

1,000,000,000

 

 

Paid-Up Capital(KRW)

290,000,000

 

 

Total Issued Shares

58,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Acetone, MC (Methylene Chloride), Acrylic Acid, MDI (Methylene Diphenyl Diisocyanate), Adipic Acid, MIBK (Methyl Isobutyl Ketone), BPA (Bisphenol-A), MPG (Mono Propylene Glycol), Butyl Acrylate, PE (Poly Ethylene), DBP (Di-butyl Phthalate), PET (Poly Ethylene Terephthalate), DINP (Di-isononyl Phthalate), Pentaerythritol, DMC (Di-methyl Carbonate), Phenol, DOA (Di-octyl Adipate), Polyol, DOP (Di-octyl Phthalate), PP (Poly Propylene), DOTP (Di-Octyl Terephthalate), PTA (Purified Terephthalic Acid), DPHP (Di-Propyle Hexyl Phthalate), PT-MEG (Polytetrametylene Ether Glycol), DL-Malic Acid, PVC (Polyvinyl Chloride), EG (Ethylene Glycol), PA (Phthalic Anhydride), Epoxy Resin, TDI (Toluene Diisocyanate), Fumaric Acid, THF (Tetrahydrofuran), Glycerin, THPA (Tetrahydrophthalic Anhydride), IPA (Purified Isophthalic Acid), TOTM (Trioctyl Trimelliate) & MA (Maleic Anhydride)

 

 

Trade Partners & Competitors

 

Customers

OCI CO., LTD.(174611-0000981)

YONGSAN CHEMICALS, INC.(110111-0145709)

KOREA KUMHO PETRO CHEMICAL CO., LTD.(110111-0205975)

Competitors

HEARTYCHEM CORP.

RM. 1806, KOREA TRADE TOWER, 159-1, SAMSEONG 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-6000-0886  FAX:+82-2-6000-0888

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.38

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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