MIRA INFORM REPORT

 

 

Report Date :

19.07.2014

 

IDENTIFICATION DETAILS

 

Name :

IMS Corporation

 

 

Registered Office :

363, Samil-daero, Jung-gu, Seoul, Rm. 2210~2011, Janggyo Bldg., Zip code 100-760

 

 

Country :

South Korea

 

 

Date of Incorporation :

11.02.2010

 

 

Com. Reg. No.:

130-86-49176

 

 

Legal Form :

Co., Ltd., by Shares

 

 

Line of Business :

·         Engaged in Wholesaling Other Chemical Materials and Chemical Products such as Caustic Soda & Glycerine

Engaged in sale of Inorganic hydroxides, Chemistry Reagents or Solutions & Chemicals including Bio Chemicals and Gas Materials

 

 

No. of Employees

04

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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. 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. 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-South 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, 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

 

 

Type

Export

 

 

  Main Business

·         Engaged in Wholesaling Other Chemical Materials and Chemical Products such as Caustic Soda & Glycerine

Engaged in sale of Inorganic hydroxides, Chemistry Reagents or Solutions & Chemicals including Bio Chemicals and Gas Materials

 

 

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

4

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

2012

46,000,000,000

 

 

2011

28,964,000,000

3,458,000,000

375,000,000

2010

12,870,000,000

595,000,000

141,000,000

 

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)

5,000,000,000

Paid-Up Capital(KRW)

300,000,000

Total Issues Shares

60,000

 

Products, Technologies, Services Description

 

Main Products & Services

Other Chemical Materials and Chemical Products such as Caustic Soda & Glycerine

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.33

UK Pound

1

Rs.103.18

Euro

1

Rs.81.58

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

               

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.