MIRA INFORM REPORT

 

 

Report Date :

31.12.2014

 

IDENTIFICATION DETAILS

 

Name :

CHEMON CORPORATION

 

 

Registered Office :

79, Nonhyun-ro, Seocho-gu, Seoul, Rm. 1217, Windstone Officetel

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.06.2002

 

 

Com. Reg. No.:

214-87-18866

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesale of Synthetic Rubber and Plastic Materials. 

 

 

No. of Employees :

8

 

 

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 Information

 

Company Name

CHEMON CORPORATION

Registered Address

79, Nonhyun-ro, Seocho-gu, Seoul, Korea

Building

Rm. 1217, Windstone Officetel

Zip Code

137-722

Tel

+82-2-6289-0906

Fax

+82-2-6289-0909

E-mail

whcha1@korea.com;

yrback04@hanafos.com;

chemon0906@hanafos.com

Website

 

Trading Address

Rm. 1217, Windstone Officetel, 79, Nonhyun-ro, Seocho-gu, Seoul, Korea

(Old Address System : Rm. 1217, Windstone Officetel, 275-2, Yangjae 2-dong, Seocho-gu, Seoul, Korea)

Tel

+82-2-6289-0906

Fax

+82-2-6289-0909

 

 

Type

Export/Import

Industry

Wholesale of Synthetic Rubber and Plastics Materials

  Main Business

Plastic Resin, Propylene, PP, PE, HDPE, LDPE, LLDPE, Petrochemical Product

 

 

Established (mm/dd/yyyy)

09/06/2002

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

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Plastic resins(13111059)

Sell

Polypropylene PP(13102022)

 

 

CEO’s

 

Name

Back Young-Rim

Address

Suite 103-1302, 615-1, Irwon-dong ,Gangnam-gu, Seoul, Korea

Date of Birth

08/28/1966

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

100,000,000

Employees

8

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea-Yangjae Dong Branch

Corporate Registered No.

110111-2605074

Business Registered No.

214-87-18866

Permit & Licenses

Int’l Trade No.: 45045835

Shareholder Position

N/A

Company History

09/06/2002 Incorporated as the present name

08/19/2005 Increased capital to 100,000,000 KRW from 50,000,000 KRW

11/2005 AwardedUS$20 Million Export Top Prize

04/09/2009 Moved to the present HQ address from Rm. 1110, Windstone Officetel, 275-2, Yangjae 2-dong, Seocho-gu, Seoul, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Back Young-Rim

Male

Korean

09/06/2002

Director

Mr.

Cha Won-Ho

Male

Korean

08/25/2005

Director

Mr.

Hong Ki-Sun

Male

Korean

08/25/2005

Director

Mr.

Lee Bong-Joo

Male

Korean

08/18/2005

Auditor

M/S.

Ma Hee-Jeon

Female

Korean

03/30/2005

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

 

 

 

2011

106,078,000,000

6,855,000,000

-112,000,000

2010

101,702,000,000

9,337,000,000

777,000,000

2009

107,242,000,000

8,473,000,000

946,000,000

2008

100,854,000,000

8,764,000,000

-447,000,000

2007

77,563,900,000

5,924,000,000

225,750,000

2006

81,374,000,000

 

362,950,000

2005

50,179,000,000

 

380,520,000

2004

28,202,000,000

 

263,000,000

2003

20,856,000,000

 

43,000,000

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)

200,000,000

Paid-Up Capital(KRW)

100,000,000

Total Issues Shares

20,000

 

Balance Sheet

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

6,855,000,000

9,337,000,000

8,473,000,000

Current Assets

6,292,000,000

8,945,000,000

7,042,000,000

-Quick Assets

-

-

-

-Inventories

-

-

-

Fixed Assets

563,000,000

392,000,000

1,431,000,000

-Investment

-

-

-

-Tangibles

-

-

-

-Intangibles

-

-

-

Total Liabilities

5,821,000,000

8,076,000,000

6,972,000,000

Current Liabilities

5,790,000,000

8,076,000,000

6,972,000,000

Fixed Liabilities

31,000,000

-

-

Capital Stock

100,000,000

100,000,000

100,000,000

Capital Surplus

-

-

-

Profit Surplus

-

-

-

Capital Adjustment

-

-

-

Total Equity

1,035,000,000

1,260,000,000

1,501,000,000

Liab. & Shareholder’s Equity

6,856,000,000

9,336,000,000

8,473,000,000

 

Income Statement

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

106,078,000,000

101,702,000,000

107,242,000,000

Cost of Sold Goods

103,396,000,000

97,182,000,000

102,472,000,000

Gross Profit

2,682,000,000

4,520,000,000

4,770,000,000

Selling & Admin. Expenses

2,533,000,000

3,797,000,000

3,630,000,000

Operating Income

149,000,000

723,000,000

1,140,000,000

Non-Operating Income

1,491,000,000

1,670,000,000

2,746,000,000

Non-Operating Expenses

1,658,000,000

1,426,000,000

2,790,000,000

Income Before Taxes

-18,000,000

967,000,000

1,097,000,000

Income Taxes Expenses

94,000,000

190,000,000

150,000,000

Net Income

-112,000,000

777,000,000

946,000,000

 

Cash Flows

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

 

 

 

-Net Income

 

 

 

-Exp. without Cash Outflow

 

 

 

-Revenue without Cash Inflows

 

 

 

-Changes in Asset/ & Liability

 

 

 

Cash Flows from Investing

 

 

 

-Cash Inflow from Investing

 

 

 

-Cash Outflows for Investing

 

 

 

Cash Flows from Financing

 

 

 

-Cash Inflows from Financing

 

 

 

-Cash Outflows from Financing

 

 

 

Increase/Decrease in Cash

 

 

 

Cash at the Beginning of Year

 

 

 

Cash at the End of Year

 

 

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

Plastic Resin, Petrochemical Product

 

Brand Name: HI-PRENE

 

 

Trade Partners & Competitors

 

Competitors

CRESCO CORPORATION LTD.

RM. 407, GWANGHWAMUN OFFICIA, 163, SINMUNNO 1-GA, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-3276-3777  FAX:+82-2-3276-3779

 

SAMMIN CORPORATION

RM. 408, DAEGWANG BLDG., 7-15, NONHYEON 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-547-2556  FAX:+82-2-547-2559

 

JUNGWOO CORPORATION

2ND FL., JEONG-U BLDG., 1552-8, SEOCHO 3-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-523-9661  FAX:+82-2-523-9671

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in Bangladesh, China, Indonesia, Philippines, Vietnam, USA, South America and Middle America.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

------

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.75

UK Pound

1

Rs.98.88

Euro

1

Rs.77.32

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

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.