MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	IMS CORPORATION

Registered Office :	363, Samil-Daero, Jung-Gu, Seoul, Rm. 2210~2011, Janggyo Bldg., 100-760

Country :	South Korea

Financials (as on) :	31.12.2013

Date of Incorporation :	11.02.2010

Com. Reg. No.:	130-86-49176

Legal Form :	Co., Ltd., by Shares

Line of Business :	Wholesale of Other Chemical Materials and Chemical Products

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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

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	IMS CORPORATION
Registered Address	363, Samil-daero, Jung-gu, Seoul, Korea (Old Address System : 1, Janggyo-dong, Jung-gu, Seoul, Korea)
Building	Rm. 2210~2011, Janggyo Bldg.
Zip Code	100-760
Tel	+82-2-588-8818
Fax	+82-2-588-9384
E-mail	msk@imscorp.kr
Website	www.imscorp.kr
Trading Address	Rm.403, Sunwoo Bldg., 39, Banpo-daero 28-gil, Seocho-gu, Seoul, Korea (Old Address System : Rm.403, Sunwoo Bldg., 1556-9, Seocho-dong, Seocho-gu, Seoul, Korea )
Tel	+82-70-8899-9384
Fax	+82-2-588-9384
Other Address
Tel
Fax
Type	Export
Industry	Wholesale of Other Chemical Materials and Chemical Products
Main Business	Caustic Soda, Glycerine
Sub Business
Established (mm/dd/yyyy)	02/11/2010

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

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Inorganic hydroxides(12352305)
Sell	Chemistry reagents or solutions(41116105)
Sell	Chemicals including Bio Chemicals and Gas Materials(12000000)

CEO’s

Name	Kim Min-Sang
Address	Suite 204-301, 300, Omok-ro, Yangcheon-gu, Seoul, Korea
Date of Birth	03/20/1974
Title	Representative Director
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	300,000,000
Employees	5
Formation	Co., Ltd., by Shares
Bank Details	Korea Exchange Bank-Nonhyun Nam Branch
Corporate Registered No.	121111-0198599
Business Registered No.	130-86-49176
Permit & Licenses	N/A
Shareholder Position	N/A
Company History	02/11/2010 Incorporated as the present name 01/27/2012 Increased the authorized shares to 1,000,000 shares from 80,000 shares 01/28/2012 Increased capital to 200,000,000 KRW from 100,000,000 KRW 05/25/2012 Moved to the present HQ address from Samkyung Bldg.,167, Nae-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea 10/30/2013 Increased capital to 300,000,000 KRW from 200,000,000 KRW

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Representative Director	Mr.	Kim Min-Sang	Male	Korean	02/11/2010
Auditor	M/S.	Kim Ji-Young	Female	Korean	02/11/2010

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013	61,189,687,000	8,117,333,000	620,009,000
2012	45,984,528,000	8,072,942,000	503,557,000
2011	28,963,922,000	3,457,776,000	374,720,000
2010	12,869,809,000	593,119,000	138,565,000

Financial Description

Authorized Capital(KRW)	5,000,000,000
Paid-Up Capital(KRW)	300,000,000
Total Issues Shares	60,000

Balance Sheet
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	8,117,333,000	8,072,942,000	3,457,776,000
Current Assets
-Quick Assets
-Inventories
Fixed Assets
-Investment
-Tangibles
-Intangibles
Total Liabilities	6,220,136,000	6,893,864,000	2,880,387,000
Current Liabilities
Fixed Liabilities
Capital Stock	300,000,000	200,000,000	100,000,000
Capital Surplus
Profit Surplus
Capital Adjustment
Total Equity	1,897,197,000	1,179,078,000	577,389,000
Liab. & Shareholder’s Equity	8,117,333,000	8,072,942,000	3,457,776,000

Income Statement
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Sales	61,189,687,000	45,984,528,000	28,963,922,000
Cost of Sold Goods
Gross Profit
Selling & Admin. Expenses
Operating Income	939,606,000	647,810,000	417,796,000
Non-Operating Income
Non-Operating Expenses
Income Before Taxes
Income Taxes Expenses
Net Income	620,009,000	503,557,000	374,720,000

Products, Technologies, Services Description

Main Products & Services

Chemical Products

Trade Partners & Competitors

Suppliers

SK ENERGY CO., LTD.(110111-3710385)

SKC LTD(130111-0001585)

HONAM PETRO CHEMICAL CORPORATION(110111-0193196)

Customers

SAMSUNG ELECTRONICS CO., LTD.( 130111-0006246)

MARUBENI CORPORATION(JAPAN)

Competitors

JMC CORPORATION

125, HWASAN-RI, ONSAN-EUP, ULJU-GUN, ULSAN, KOREA

TEL:+82-52-231-5741 FAX:+82-52-238-9210

KOC CO., LTD.

749-4, HWASAN-RI, ONSAN-EUP, ULJU-GUN, ULSAN, KOREA

TEL:+82-52-238-5885 FAX:+82-52-238-5886

KWANGJIN CHEMICAL CO., LTD.

1DA-306, SIHWA INDUSTRIAL COMPLEX, 1245-5, JEONGWANG 3-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-498-4555 FAX:+82-31-498-4557

Sales by Region (Activity & Markets)

The Subject deals with the companies in Japan.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.32
UK Pound	1	Rs.98.68
Euro	1	Rs.78.11

INFORMATION DETAILS

Analysis Done by :	SUB

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