|
Report No. : |
304850 |
|
Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
WORLDCHEM
CORPORATION |
|
|
|
|
Registered Office : |
13, Eonju-ro 30-gil, Gangnam-gu, Seoul,
Korea, Rm.2009, Daelim Acrovile, 135-971 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.07.2002 |
|
|
|
|
Com. Reg. No.: |
105-86-42366 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Wholesale of Synthetic Rubber and Plastics Materials |
|
|
|
|
No. of Employee : |
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, 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 |
|
Company Name |
WORLDCHEM
CORPORATION (Korean Company
Name : “월드켐코퍼레이션(주)”) |
|
Registered Address |
13, Eonju-ro 30-gil, Gangnam-gu, Seoul,
Korea |
|
Building |
Rm.2009, Daelim Acrovile |
|
Zip Code |
135-971 |
|
Tel |
+82-2-572-3987 |
|
Fax |
+82-2-572-3981 |
|
E-mail |
korea@worldchemcorp.com;kim@worldchemcorp.com |
|
Website |
|
|
Trading Address |
Rm.2009, Daelim Acrovile, 13, Eonju-ro 30-gil,
Gangnam-gu, Seoul, Korea (New Address System : Rm.2009, Daelim
Acrovile, 13, Eonju-ro 30-gil, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-572-3987 |
|
Fax |
+82-2-572-3981 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Wholesale of Synthetic Rubber and Plastics Materials |
|
Main Business |
HDPE, LDPE, PVC, Polypropylene(PP), Acrylonitrile Butadiene
Styrene(ABS), DOP, PS, PVC Stabilizer, SBS, CaCO₃MB, IPA |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
07/16/2002 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Acrylonitrile butadiene styrene
ABS(13102001) |
|
Sell |
Polyethylene terpthalate resin(13111017) |
|
Sell |
Polystyrene resin(13111023) |
|
Sell |
High Density Polyethylene HDPE(13102017) |
|
Sell |
Polyvinyl Chloride PVC(13102030) |
|
Sell |
Polypropylene PP(13102022) |
|
Name |
Kim Hyung-Sik |
|
Address |
Suite A-1901, 56, Eonju-ro 30-gil, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
08/22/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
50,000,000 |
||||||||||||
|
Employees |
8 |
||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||
|
Bank Details |
Woori Bank-Dogok Sweet Branch Korea Exchange Bank-Dogok Station Branch Kookmin Bank |
||||||||||||
|
Corporate Registered No. |
110111-2569593 |
||||||||||||
|
Business Registered No. |
105-86-42366 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 30360314 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
07/16/2002 Incorporated as Worldchem
International Corporation 10/04/2003 Changed company name to the
present name 02/20/2008 Moved to C-1910, Daelim
Acrotel, 467-6, Dogok 2-dong, Gangnam-gu, Seoul, Korea from Rm.2901, Daelim Acrotel, 467-6, Dogok 2-dong, Gangnam-gu,
Seoul, Korea 08/02/2012 Moved to the present HQ address from C-1910, Daelim
Acrotel, 467-6, Dogok 2-dong, Gangnam-gu, Seoul, Korea |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Hyung-Sik |
Male |
Korean |
10/12/2011 |
|
Director |
Mr. |
Kim Hae-Sik |
Male |
Korean |
10/12/2011 |
|
Auditor |
Mr. |
Koo Ja-In |
Male |
Korean |
10/12/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
50,819,564,662 |
7,859,179,530 |
-320,705,743 |
|
|
2012 |
85,456,148,088 |
11,449,093,478 |
2,052,031,623 |
|
2011 |
158,705,636,000 |
8,033,956,000 |
2,120,841,000 |
|
2010 |
71,922,219,000 |
6,764,916,000 |
711,645,000 |
|
2009 |
44,631,403,000 |
1,744,501,000 |
435,360,000 |
|
2008 |
43,351,554,000 |
1,478,619,000 |
365,782,000 |
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
50,000,000 |
|
Total Issues Shares |
10,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
7,859,179,530 |
11,449,093,478 |
8,033,956,000 |
|
Current Assets |
6,728,429,847 |
10,167,129,056 |
|
|
-Quick Assets |
4,840,405,651 |
6,295,474,056 |
|
|
-Inventories |
1,888,024,196 |
3,871,655,000 |
|
|
Fixed Assets |
1,130,749,683 |
1,281,964,422 |
|
|
-Investment |
27,038,888 |
21,737,064 |
|
|
-Tangibles |
1,042,871,475 |
1,104,584,358 |
|
|
-Intangibles |
|
|
|
|
-Others |
60,839,320 |
155,643,000 |
|
|
Total Liabilities |
2,898,856,809 |
5,818,065,014 |
3,944,959,000 |
|
Current Liabilities |
2,644,947,447 |
5,783,122,908 |
|
|
Fixed Liabilities |
253,909,362 |
34,942,106 |
|
|
Capital Stock |
50,000,000 |
50,000,000 |
50,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
4,910,322,721 |
5,581,028,464 |
|
|
Capital Adjustment |
|
|
|
|
Total Equity |
4,960,322,721 |
5,631,028,464 |
4,088,997,000 |
|
Liab. & Shareholder’s Equity |
7,859,179,530 |
11,449,093,478 |
8,033,956,000 |
|
Current
Liabilities |
2,644,947,447 |
5,783,122,908 |
|
|
Trade Payables |
2,211,882,418 |
5,266,325,192 |
|
|
Account Payables |
9,897,956 |
26,287,182 |
|
|
Withholdings |
6,740,950 |
4,158,160 |
|
|
Advance Receipts |
413,880,023 |
260,082,714 |
|
|
Accrued Income Tax |
2,546,100 |
226,269,660 |
|
|
Fixed
Liabilities |
253,909,362 |
34,942,106 |
|
|
Provision for Severance & Retirement |
253,909,362 |
34,942,106 |
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
50,819,564,662 |
85,456,148,088 |
158,705,636,000 |
|
Cost of Sold Goods |
46,145,749,460 |
77,610,888,407 |
|
|
Gross Profit |
4,673,815,202 |
7,845,259,681 |
|
|
Selling & Admin. Expenses |
4,464,840,307 |
5,383,116,598 |
|
|
Operating Income |
208,974,895 |
2,462,143,083 |
3,201,746,000 |
|
Non-Operating Income |
325,501,450 |
270,924,075 |
|
|
Non-Operating Expenses |
827,174,978 |
182,057,965 |
|
|
Income Before Taxes |
-292,698,633 |
2,551,009,193 |
|
|
Income Taxes Expenses |
28,007,110 |
498,977,570 |
|
|
Net Income |
-320,705,743 |
2,052,031,623 |
2,120,841,000 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-3,419,505,099 |
6,577,458,733 |
|
|
-Net Income |
-320,705,743 |
2,052,031,623 |
|
|
-Exp. without Cash Outflow |
501,342,184 |
87,477,436 |
|
|
-Revenue without Cash Inflows |
- |
-2,580,431 |
|
|
-Changes in Asset/ & Liability |
-3,600,141,540 |
4,440,530,105 |
|
|
Cash Flows from Investing |
665,385,179 |
-1,511,818,747 |
|
|
-Cash Inflow from Investing |
678,256,100 |
154,780,192 |
|
|
-Cash Outflows for Investing |
-12,870,921 |
-1,666,598,939 |
|
|
Cash Flows from Financing |
-350,000,000 |
-1,515,779,605 |
|
|
-Cash Inflows from Financing |
- |
- |
|
|
-Cash Outflows from Financing |
-350,000,000 |
-1,515,779,605 |
|
|
Increase/Decrease in Cash |
-3,104,119,920 |
3,549,860,381 |
|
|
Cash at the Beginning of Year |
4,877,299,411 |
1,327,439,030 |
|
|
Cash at the End of Year |
1,773,179,491 |
4,877,299,411 |
|
|
Main Products & Services |
HDPE, LDPE, PVC, Polypropylene(PP), Acrylonitrile Butadiene
Styrene(ABS), DOP, PS, PVC Stabilizer, SBS, CaCO₃MB, IPA |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
WOORI P & C CORPORATION 7TH FL., HIGLO BLDG., 914-1, DAECHI 4-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3432-2800 FAX:+82-2-3432-4695 HANYONG CORPORATION RM. 814, MILLIANA 2-CHA OFFICETEL, 79-5,
GARAKBON-DONG, SONGPA-GU, SEOUL, KOREA TEL:+82-2-3401-9850 FAX:+82-2-3401-9870 JW & Y CORPORATION RM. 903, HYODEOK BLDG., 32, EULJIRO 1-GA,
JUNG-GU, SEOUL, KOREA TEL:+82-2-773-4062 FAX:+82-2-773-4063 |
|
Affiliates |
WORLDBEST CORPORATION(110111-4706713) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
The Subject exports
to China, Russia, Middle East, South America and Africa.
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.