MIRA
INFORM REPORT
|
Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
OCI CORPORATION |
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Registered Office : |
Oriental Chemical Bldg., 50 Sogong Dong, Chung Gu, Seoul, |
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Country : |
Korea (South) |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
09/02/1994 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Wholesale of Industrial Basic Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
Basic INFORMATION
|
Company Name |
OCI CORPORATION |
|
Registered Address |
50, Sogong-dong, Jung-gu, Seoul, Korea |
|
Building |
3rd Fl., Oriental Chemical Industries Bldg. |
|
Zip Code |
100-718 |
|
Tel |
+82-2-3709-9900 |
|
Fax |
+82-2-776-3553 |
|
E-mail |
davidko@ocicorp.co.kr;bjchung@ocicorp.co.kr |
|
Website |
www.ocicorp.co.kr |
|
Trading Address |
3rd Fl., Oriental Chemical Industries Bldg., 50, Sogong-dong, Jung-gu,
Seoul, Korea |
|
Tel |
+82-2-3709-9900 |
|
Fax |
+82-2-776-3553 |
|
Busan Office |
Rm. 1305, Busan Trade Center Bdlg, 87-7, Jungangdong 4-ga, Jung-gu,
Busan, Korea |
|
Tel |
+82-51-464-6032 |
|
Fax |
+82-51-462-6983 |
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Type |
Export/Import |
|
Industry |
Wholesale of Industrial Basic Chemicals |
|
Main Business |
Poly Vinyl Alcohol, Toluene Diisocynate |
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Established (mm/dd/yyyy) |
09/02/1994 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Polyvinyl alcohol(13111042) |
|
Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Polyvinyl alcohol(13111042) |
|
Sell |
Inorganic metal salts(12352302) |
|
Sell |
Borate(11101512) |
|
Sell |
Chloroprene CR(13101706) |
|
Sell |
Latex rubber(13101501) |
|
Sell |
Ethers or its substitutes(12352112) |
CEO’s
|
Name |
Lee Hwa-Young |
|
Address |
330-222, Seongbuk-dong, Seongbuk-gu, Seoul 136-020
Korea |
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Date of Birth |
05/16/1951 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
2,400,000,000 KRW |
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Employees |
84 |
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Formation |
Co., Ltd by shares, A company of Dong Yang
Chemical Group |
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Bank Details |
Citi Bank, Korea-Sokong Dong Branch Korea Exchange Bank Shinhan Bank Woori Bank Kookmin Bank |
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Corporate Registered No. |
110111-1072159 |
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Business Registered No. |
104-81-29104 |
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Permit & Licenses |
Int’l Trade No.: 11185222 |
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Shareholder Position |
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Company History |
09/02/1994 Established as Chemtech Co.,
Ltd. 02/19/1997 Changed company name to the
present name after acquiring Int’l Business from Dong Yang Chemical
Industrial Co., Ltd. 12/24/2004 Increased capital to
2,400,000,000 KRW from 200,000,000 KRW |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
Co-President & CEO |
Mr. |
Lee Hwa-Young |
Male |
Korean |
09/02/1997 |
|
Co-President & CEO |
Mr. |
Cheong Kwang-Hee |
Male |
Korean |
08/01/2005 |
|
Director |
Mr. |
Paik Woo-Suck |
Male |
Korean |
09/02/1997 |
|
Director |
Mr. |
Kim Kyung-Ho |
Male |
Korean |
03/26/2004 |
|
Auditor |
Mr. |
Jung Ui-Seung |
Male |
Korean |
03/22/2007 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
508,769,740,766 |
128,499,191,614 |
4,025,722,182 |
|
|
2005 |
463,900,837,742 |
99,518,074,117 |
1,487,384,984 |
|
2004 |
472,857,956,962 |
81,717,258,827 |
3,862,804,412 |
|
2003 |
396,273,539,976 |
71,845,750,733 |
2,839,977,260 |
|
2002 |
359,903,583,451 |
51,358,118,789 |
2,654,661,471 |
Financial Description
Unit: KRW
|
Authorized Capital |
6,400,000,000 |
|
Paid-Up Capital |
2,400,000,000 |
|
Total Issues Shares |
480,000 |
Balance Sheet
|
Unit : Korean Won |
As of
12/31/2006 |
As of
12/31/2005 |
As of
12/31/2004 |
|
Total Assets |
128,499,191,614 |
99,518,074,117 |
81,717,258,827 |
|
Current Assets |
89,001,561,479 |
95,757,287,062 |
76,699,408,248 |
|
-Quick Assets |
76,934,298,784 |
76,951,107,280 |
65,297,886,006 |
|
-Inventories |
12,067,262,695 |
18,806,179,782 |
11,401,522,242 |
|
Fixed Assets |
39,497,630,135 |
3,760,787,055 |
5,017,850,579 |
|
-Investment |
39,140,525,703 |
3,368,903,472 |
4,551,371,455 |
|
-Tangibles |
328,365,932 |
305,718,016 |
317,570,457 |
|
-Intangibles |
28,738,500 |
86,165,567 |
148,908,667 |
|
Total Liabilities |
107,263,344,907 |
81,797,269,846 |
64,676,594,655 |
|
Current Liabilities |
76,189,618,311 |
80,824,791,668 |
64,134,133,510 |
|
Fixed Liabilities |
31,073,726,596 |
972,478,178 |
542,461,145 |
|
Capital Stock |
2,400,000,000 |
2,400,000,000 |
2,400,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
19,894,661,266 |
16,228,939,084 |
15,221,554,100 |
|
Capital Adjustment |
(-)1,058,814,559 |
(-)908,134,813 |
(-)580,889,928 |
|
Total Equity |
21,235,846,707 |
17,720,804,271 |
17,040,664,172 |
|
Liab. & Shareholder’s Equity |
128,499,191,614 |
99,518,074,117 |
81,717,258,827 |
|
Current Liabilities |
76,189,618,311 |
80,824,791,668 |
64,134,133,510 |
|
Trade Payables |
55,931,546,308 |
65,164,330,024 |
42,038,619,080 |
|
Short-Term Borrowings |
17,093,832,645 |
13,519,785,686 |
18,257,734,214 |
|
Account Payables |
1,019,768,588 |
1,247,978,672 |
1,372,206,473 |
|
Accrued Expenses |
228,442,528 |
22,870,896 |
- |
|
Advance Receipts |
690,246,646 |
326,577,886 |
378,935,277 |
|
Withholdings |
132,388,623 |
75,498,943 |
97,996,911 |
|
Accrued Income Tax |
973,517,554 |
408,787,079 |
1,929,611,075 |
|
Currency Swap |
37,992,067 |
- |
- |
|
Others |
81,883,352 |
58,962,482 |
59,030,480 |
|
Fixed Liabilities |
31,073,726,596 |
972,478,178 |
542,461,145 |
|
Long-Term Borrowings |
27,898,661,485 |
- |
- |
|
Currency Swap |
707,886,305 |
- |
- |
|
Provision for Severance & Retirement |
2,109,860,031 |
1,816,480,031 |
1,419,594,314 |
|
Deferred Income Tax Credit |
1,632,928,561 |
260,873,156 |
- |
Income Statement
|
Unit : Korean Won |
As of
12/31/2006 |
As of
12/31/2005 |
As of
12/31/2004 |
|
Sales |
508,769,740,766 |
463,900,837,742 |
472,857,956,962 |
|
Cost of Sold Goods |
483,584,322,285 |
441,882,985,115 |
445,053,715,617 |
|
Gross Profit |
25,185,418,481 |
22,017,852,627 |
27,804,241,345 |
|
Selling & Admin. Expenses |
23,404,137,649 |
19,248,829,469 |
22,879,757,486 |
|
Operating Income |
1,781,280,832 |
2,769,023,158 |
4,924,483,859 |
|
Non-Operating Income |
13,176,289,426 |
7,381,190,704 |
8,460,318,837 |
|
Non-Operating expenses |
9,152,881,322 |
7,916,307,770 |
7,812,669,050 |
|
Ordinary Income |
5,804,688,936 |
2,233,906,092 |
5,572,133,646 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
5,804,688,936 |
2,233,906,092 |
5,572,133,646 |
|
Income Taxes Expenses |
1,778,966,754 |
746,521,108 |
1,709,329,234 |
|
Net Income |
4,025,722,182 |
1,487,384,984 |
3,862,804,412 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of
12/31/2006 |
As of
12/31/2005 |
As of
12/31/2004 |
|
Cash Flows
from Operating |
3,910,915,039 |
7,711,205,353 |
(-)6,175,448,831 |
|
-Net Income |
4,025,722,182 |
1,487,384,984 |
3,862,804,412 |
|
-Exp. without
Cash Outflow |
6,259,264,939 |
2,523,478,814 |
2,710,574,664 |
|
-Revenue
without Cash Inflows |
(-)6,014,848,175 |
(-)1,932,706,309 |
(-)1,348,579,382 |
|
-Changes in
Asset/ & Liability |
(-)359,223,907 |
5,633,047,864 |
(-)11,400,248,525 |
|
Cash Flows
from Investing |
(-)31,151,725,023 |
475,333,265 |
(-)1,104,665,737 |
|
-Cash Inflow
from Investing |
365,076,222 |
691,606,938 |
30,644,371 |
|
-Cash
Outflows for Investing |
(-)31,516,801,245 |
(-)216,273,673 |
(-)1,135,310,108 |
|
Cash Flows from
Financing |
31,676,322,004 |
(-)5,113,196,930 |
5,046,394,532 |
|
-Cash
Inflows from Financing |
55,670,087,490 |
15,923,550,543 |
18,657,734,214 |
|
-Cash
Outflows from Financing |
(-)23,993,765,486 |
(-)21,036,747,473 |
(-)13,611,339,682 |
|
Increase/Decrease
in Cash |
4,435,512,020 |
3,073,341,688 |
(-)2,233,720,036 |
|
Cash at the
Beginning of Year |
3,227,885,766 |
154,544,078 |
2,388,264,114 |
|
Cash at the
End of Year |
7,663,397,786 |
3,227,885,766 |
154,544,078 |
Products, Technologies,
Services
Description
|
Main Products & Services |
Poly Vinyl Alcohol, Toluene Diisocynate (*)The Subject imports a variety of
materials to meet the demand of textile, paint, and adhesive industries in
Korea. |
Organization
Structure
|
Suppliers |
DAELIM COPORATION(110111-1081093) HONAM PETRO CHEMICAL
CORPORATION(110111-0193196) LOTTE DAESAN PETROCHEMICAL CORPORATION
(161411-0014684) PT.PERTAMINA CELANESE CHEMICAL(USA) ELF ATOCHEM(FRANCE), N.A.C.C.(USA) OCCIDENTAL CHEMICAL(USA) J.H.C.(JAPAN) OXITENO(BRAZIL) |
|
Customers |
ORIENTAL CHEMICAL INDUSTRIES UNID BULLS ONE SAMKWANG GLASS YI YANG CHEMICALS DC PERO UNION OCI(HONG KONG) LTD. – HONG KONG OCI INTERNATIONAL INC. - USA OCI(SHAGHAI) INTERNATIONAL TRADING LTD.
–CHINA |
Related Parties (Subsidiaries,
Joint-
Venture &
Affiliates)
|
Affiliates |
UNID CO.,LTD (110111-0275069) DC CHEMICAL CO.,LTD (174611-0000981) SAMKWANG GLASS IND CO.,LTD (110111-0079817) UNION CORPORATION(110111-0200579) ETEC E&C LIMITED(110111-0327555) DONG YANG SILICONE COMPANY
LIMITED(110111-0586375) DC-FERRO CO LTD(110111-2410233) BULLSONE(110111-2187676) ORDEG CO. ,LTD.(110111-0407357) OCI INFORMATION &
COMMUNICATION(110111-1443780) EYANG CHEMICAL CO., LTD.(110111-0506216) SHIN YOUNG WOOD CO., LTD(110111-1083643) ITVMEDIA(110111-1691446) GUNJANG ENERGY CO., LTD.(211111-0014332) REGENDARY SOFT CO., LTD. SEOUL VIDEO VENTURE BUSINESS ASSOCIATES |
|
Overseas Office |
Akaretler, Spor Cad Bjk Plaza No. 92 A-Blok
D;58 Besiktas Istanbul Turkey Phone: +90-212-236-9081 FAX +90-212-236-9085 E-Mail: ociistanbul@atlas.net.tr |
|
Subsidiary |
OCI(HONG KONG) LTD. – HONG KONG OCI INTERNATIONAL INC. - USA OCI(SHAGHAI) INTERNATIONAL TRADING LTD.
-CHINA |
Sales by Region (Activity
& Markets)
The subject deals
with the companies in Australia, China, Japan and USA.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)