MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
OCI CORPORATION |
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Registered Office : |
3rd Fl., Oriental
Chemical Industries Bldg., 50, Sogong-dong, Jung-gu, Seoul 100-718 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
09/03/1994 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Wholesale of
Industrial Basic Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
OCI CORPORATION |
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Address |
3rd Fl., Oriental Chemical
Industries Bldg., 50, Sogong-dong, Jung-gu, SEOUL, KOREA |
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Zip Code |
100-718 |
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Tel |
+82-2-3709-9900 |
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Fax |
+82-2-776-3553 |
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E-mail |
davidko@ocicorp.co.kr;bjchung@ocicorp.co.kr |
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Website |
www.ocicorp.co.kr |
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Busan Office |
Rm. 1305, Busan Trade Center
Bdlg, 87-7, Jungangdong 4-ga, Jung-gu, BUSAN, KOREA |
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Tel |
+82-51-464-6032 |
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Fax |
+82-51-462-6983 |
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Type |
Export/Import |
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Industry |
Wholesale of
Industrial Basic Chemicals |
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Main Business |
Poly Vinyl
Alcohol, Toluene Diisocynate |
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Established |
09/03/1994 |
Detailed Products
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Activity |
Detailed
Products (UNSPSC) |
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Sell |
Aromatic or heterocyclic
compounds(12352005) |
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Sell |
Polyvinyl
alcohol(13111042) |
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Sell |
Chemicals
including Bio Chemicals and Gas Materials(12000000) |
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Sell |
Chemistry
reagents or solutions(41116105) |
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Sell |
Polyvinyl
alcohol(13111042) |
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Sell |
Inorganic metal
salts(12352302) |
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Sell |
Borate(11101512) |
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Sell |
Chloroprene
CR(13101706) |
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Sell |
Latex
rubber(13101501) |
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Sell |
Ethers or its
substitutes(12352112) |
Others
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Name |
Lee Hwa-Young |
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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 |
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Capital |
2,400,000,000 KRW |
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Employees |
72 |
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Formation |
Co., Ltd by shares, A company of Dong Yang Chemical Group |
The subject deals with the companies in Australia, China, Japan and USA.
Management
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Day |
|
Co-President & CEO |
Mr. |
Lee Hwa-Young |
Male |
Korean |
09/02/1997 |
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Co-President & CEO |
Mr. |
Cheong Kwang-Hee |
Male |
Korean |
08/01/2005 |
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Director |
Mr. |
Paik Woo-Suck |
Male |
Korean |
09/02/1997 |
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Director |
Mr. |
Kim Kyung-Ho |
Male |
Korean |
03/26/2004 |
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Auditor |
Mr. |
Kang Byung-Ho |
Male |
Korean |
03/26/2004 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
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463,900,837,742 |
99,518,074,117 |
1,487,384,984 |
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2004 |
472,857,956,962 |
81,717,258,827 |
3,862,804,412 |
Financial Description
Unit: KRW
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Authorized Capital |
6,400,000,000 |
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Paid-Up Capital |
2,400,000,000 |
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Total Issues Shares |
480,000 |
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Balance
Sheet Unit :
Korean Won |
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As of
12/31/2005 |
As of
12/31/2004 |
As of
12/31/2003 |
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Total Assets |
99,518,074,117 |
81,717,258,827 |
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Current Assets |
95,757,287,062 |
76,699,408,248 |
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-Quick Assets |
76,951,107,280 |
65,297,886,006 |
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-Inventories |
18,806,179,782 |
11,401,522,242 |
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Fixed Assets |
3,760,787,055 |
5,017,850,579 |
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-Investment |
3,368,903,472 |
4,551,371,455 |
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-Tangibles |
305,718,016 |
317,570,457 |
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-Intangibles |
86,165,567 |
148,908,667 |
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Total Liabilities |
81,797,269,846 |
64,676,594,655 |
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Current Liabilities |
80,824,791,668 |
64,134,133,510 |
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Fixed Liabilities |
972,478,178 |
542,461,145 |
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Capital Stock |
2,400,000,000 |
2,400,000,000 |
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Capital Surplus |
- |
- |
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Profit Surplus |
16,228,939,084 |
15,221,554,100 |
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Capital Adjustment |
(-)908,134,813 |
(-)580,889,928 |
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Total Equity |
17,720,804,271 |
17,040,664,172 |
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Liab. & Shareholder’s Equity |
99,518,074,117 |
81,717,258,827 |
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Income Statement Unit : Korean Won |
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As of
12/31/2005 |
As of
12/31/2004 |
As of
12/31/2003 |
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Sales |
463,900,837,742 |
472,857,956,962 |
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Cost of Sold Goods |
441,882,985,115 |
445,053,715,617 |
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Gross Profit |
22,017,852,627 |
27,804,241,345 |
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Selling
& Admin. Expenses |
19,248,829,469 |
22,879,757,486 |
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Operating Income |
2,769,023,158 |
4,924,483,859 |
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Non-Operating Income |
7,381,190,704 |
8,460,318,837 |
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Non-Operating expenses |
7,916,307,770 |
7,812,669,050 |
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Ordinary Income |
2,233,906,092 |
5,572,133,646 |
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Special Income |
- |
- |
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Income Before Taxes |
2,233,906,092 |
5,572,133,646 |
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Income Taxes Expenses |
746,521,108 |
1,709,329,234 |
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Net Income |
1,487,384,984 |
3,862,804,412 |
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Bank Details |
Chohung Bank Sokong Dong Branch |
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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 |
Organization
Structure
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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)
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Affiliates |
Oriental Chemical Industries UNID Bulls One Samkwang Glass OCI I&T Yi Yang Chemicals DC Pero Union |
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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 |
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Subsidiary |
OCI(Hong Kong) Ltd. – Hong Kong OCI International Inc. - USA OCI(Shaghai) International Trading Ltd. -China |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)