|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEM NEWS CORP. |
|
|
|
|
Registered Office : |
Rm.601, Sungji Bldg., 538, Dohwa-dong, Mapo-gu, Seoul-121-040 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.08.2006 |
|
|
|
|
Com. Reg. No.: |
105-87-01208 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesaler of Other Chemical Materials and Chemical Products |
|
|
|
|
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 : |
Slow But Correct |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. 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 |
CHEM
NEWS CORP. (Korean
Company Name : “(주)켐뉴스코프”) |
|
Registered Address |
538, Dohwa-dong, Mapo-gu, Seoul, Korea |
|
Building |
Rm.601, Sungji Bldg. |
|
Zip Code |
121-040 |
|
Tel |
+82-2-711-2274 |
|
Fax |
+82-2-711-2259 |
|
E-mail |
hblee@chemnews.co.kr;office@chemnews.co.kr |
|
Website |
www.chemnews.co.kr |
|
Trading Address |
Rm.601, Sungji Bldg., 538, Dohwa-dong,
Mapo-gu, Seoul, Korea |
|
Tel |
+82-2-711-2274 |
|
Fax |
+82-2-711-2259 |
|
Type |
Import/Export |
|
Industry |
Wholesale of Other Chemical Materials and Chemical Products |
|
Main Business |
EG(TEG, DEG, MEG), Acetone, PA, Phenol, Fertilizer |
|
Established (mm/dd/yyyy) |
08/31/2006 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Chemical fertilizers and plant nutrients(10171600) |
CEO’s
|
Name |
Chu Hao-Lim |
|
Address |
Suite 109-2101, 300-30, Ichon-dong,
Yongsan-gu, Seoul, Korea |
|
Date of Birth |
12/16/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Taiwan |
Profiles
|
Capital (KRW) |
100,000,000 |
|
Employees |
8 |
|
Formation |
Co., Ltd by shares |
|
Bank Details |
Korea Exchange Bank-Mapo Branch |
|
Corporate Registered No. |
110111-3519026 |
|
Business Registered No. |
105-87-01208 |
|
Permit & Licenses |
Int’l Trade No.: 45296963 |
|
Shareholder Position |
N/A |
|
Company History |
08/31/2006 Incorporated as the present name 03/29/2008 Increased capital to 100,000,000 KRW from 50,000,000 KRW |
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Chu Hao-Lim |
Male |
Taiwan |
01/07/2009 |
|
Auditor |
Mr. |
Kim Sang-Eon |
Male |
Korean |
08/31/2006 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
181,064,000,000 |
9,761,000,000 |
304,000,000 |
|
|
2012 |
98,701,000,000 |
6,920,000,000 |
324,000,000 |
|
2011 |
120,225,000,000 |
3,302,000,000 |
301,000,000 |
|
2010 |
100,820,000,000 |
|
|
|
2009 |
72,692,000,000 |
2,658,000,000 |
264,000,000 |
|
2008 |
72,706,000,000 |
1,252,000,000 |
357,000,000 |
|
2007 |
39,358,000,000 |
|
|
|
2006 |
3,391,000,000 |
|
|
Financial Description
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000 |
|
Total Issued Shares |
20,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
9,761,000,000 |
6,920,000,000 |
3,302,000,000 |
|
Current Assets |
9,447,000,000 |
6,541,000,000 |
3,207,000,000 |
|
-Quick Assets |
- |
- |
- |
|
-Inventories |
- |
- |
- |
|
Fixed Assets |
314,000,000 |
379,000,000 |
95,000,000 |
|
-Investment |
- |
- |
- |
|
-Tangibles |
- |
- |
- |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
8,398,000,000 |
5,311,000,000 |
1,817,000,000 |
|
Current Liabilities |
8,398,000,000 |
5,311,000,000 |
1,817,000,000 |
|
Fixed Liabilities |
- |
- |
- |
|
Capital Stock |
100,000,000 |
100,000,000 |
100,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
- |
- |
- |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
1,363,000,000 |
1,609,000,000 |
1,485,000,000 |
|
Liab. & Shareholder’s Equity |
9,761,000,000 |
6,920,000,000 |
3,302,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
181,064,000,000 |
98,701,000,000 |
120,225,000,000 |
|
Cost of Sold Goods |
176,577,000,000 |
95,711,000,000 |
113,779,000,000 |
|
Gross Profit |
4,487,000,000 |
2,990,000,000 |
6,446,000,000 |
|
Selling & Admin. Expenses |
4,188,000,000 |
2,716,000,000 |
5,997,000,000 |
|
Operating Income |
299,000,000 |
274,000,000 |
449,000,000 |
|
Non-Operating Income |
1,650,000,000 |
858,000,000 |
1,223,000,000 |
|
Non-Operating Expenses |
1,556,000,000 |
738,000,000 |
1,303,000,000 |
|
Income Before Taxes |
393,000,000 |
394,000,000 |
368,000,000 |
|
Income Taxes Expenses |
90,000,000 |
70,000,000 |
68,000,000 |
|
Net Income |
304,000,000 |
324,000,000 |
301,000,000 |
Products, Technologies,
Services Description
|
Main Products & Services |
Petrochemicals Aromatics-Benzene/ Toluene/ Xylene/ OX Raw Materials of Synthetic
Fiber-PX/PTA/MEG/DMT Plastics & Engineering
Plastics-PVC/LDPE/LLDPE/HDPE/PS/PP/ABS Solvent-IPA Intermediates-PA/FA/PIA TDI/MDI/PPG/PENTA/MPG/PVC Film/PSF |
Trade Partners &
Competitors
|
Competitors |
DOUGLAS CHEM INC RM. 812, DAEWOO BLDG. BOKAP-DONG, 167,
NAESU-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-6272-7130 FAX:+82-2-6272-7131 MYOUNGJI CHEMICAL CO., LTD. RM. 1001, DAEWOO OFFICETEL, 45-5,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-761-6660 FAX:+82-2-761-0337 CHEMICAL NETWORKS CO., LTD. 753-14, WONSAN-RI, ONSAN-EUP, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-237-6111 FAX:+82-52-237-6110 |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.07 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
SMT |
|
|
|
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.