MIRA INFORM REPORT
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Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
OCI CORPORATION |
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Formerly Known As : |
CHEMTECH CO., LTD. |
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Registered Office : |
50, Sogong-dong, Jung-gu, Seoul, Korea, 3rd Fl., Oriental Chemical
Industries Bldg.Zip Cdoe 100-718 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.09.1994 |
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Com. Reg. No.: |
104-81-29104 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Wholesale of Industrial Basic Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company Name |
OCI CORPORATION (Korean Company
Name : “(주)오씨아이상사”) |
|
Registered Address |
50, Sogong-dong, Jung-gu, Seoul, Korea |
|
Building |
3rd Fl., Oriental Chemical Industries Bldg. |
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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 |
|
Website |
www.ocicorp.co.kr |
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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 |
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Other Address-Busan Branch |
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 |
|
Industry |
Wholesale of Industrial Basic Chemicals |
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Main Business |
Poly Vinyl Alcohol, Toluene Diisocynate |
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Established (mm/dd/yyyy) |
09/02/1994 |
The Subject Company occupies the premises of registered HQ address by
leasing base.
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) |
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Sell |
Inorganic metal salts(12352302) |
|
Sell |
Borate(11101512) |
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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 |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,400,000,000 |
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Employees |
90 |
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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 Incorporated 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. 03/16/2000 Increased the authorized shares
to 1,280,000 KRW from 320,000 shares 12/24/2004 Increased capital to
2,400,000,000 KRW from 200,000,000 KRW 04/22/2010 Decreased capital to
1,400,000,000 KRW from 2,400,000,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Lee Hwa-Young |
Male |
Korean |
09/02/1997 |
|
Co-President & CEO |
Mr. |
Cheong Kwang-Hee |
Male |
Korean |
08/01/2005 |
|
Co-President & CEO |
Mr. |
Kim Kyung-Ho |
Male |
Korean |
03/26/2004 |
|
Director |
Mr. |
Paik Woo-Suck |
Male |
Korean |
09/02/1997 |
|
Director |
Mr. |
Lee Sang-Hern |
Male |
Korean |
03/16/2011 |
|
Auditor |
Mr. |
Lim Jong-Soo |
Male |
Korean |
03/18/2008 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
727,568,024,685 |
219,642,458,077 |
18,199,498,348 |
|
|
2009 |
732,761,667,345 |
178,754,158,888 |
10,429,986,388 |
|
2008 |
817,390,669,892 |
205,877,800,411 |
25,169,363,114 |
|
2007 |
592,801,803,814 |
144,915,543,678 |
9,645,146,174 |
|
2006 |
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 |
Financial Description
|
Authorized Capital(KRW) |
6,400,000,000 |
|
Paid-Up Capital(KRW) |
1,400,000,000 |
|
Total Issues Shares |
280,000 |
Balance
Sheet
|
|||
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
219,642,458,077 |
178,754,158,888 |
205,877,800,411 |
|
Current Assets |
104,439,270,317 |
94,317,001,140 |
128,646,376,893 |
|
-Quick Assets |
78,144,098,777 |
71,973,452,858 |
104,079,125,348 |
|
-Inventories |
26,295,171,540 |
22,343,548,282 |
24,567,251,545 |
|
Fixed Assets |
115,203,187,760 |
84,437,157,748 |
77,231,423,518 |
|
-Investment |
111,743,114,790 |
81,983,283,865 |
74,853,943,428 |
|
-Tangibles |
1,413,224,320 |
724,608,176 |
677,009,028 |
|
-Intangibles |
3,250,000 |
8,697,700 |
19,461,300 |
|
-Others |
2,043,598,650 |
1,720,568,007 |
1,681,009,762 |
|
Total Liabilities |
145,418,401,597 |
109,226,728,722 |
149,706,956,252 |
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Current Liabilities |
113,285,599,936 |
86,011,354,276 |
142,682,810,750 |
|
Fixed Liabilities |
32,132,801,661 |
23,215,374,446 |
7,024,145,502 |
|
Capital Stock |
1,400,000,000 |
2,400,000,000 |
2,400,000,000 |
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Capital Surplus |
|
|
|
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Profit Surplus |
81,958,655,290 |
64,239,156,942 |
51,435,199,983 |
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Capital Adjustment |
-9,134,598,810 |
2,888,273,224 |
2,335,644,176 |
|
Total Equity |
74,224,056,480 |
69,527,430,166 |
56,170,844,159 |
|
Liab. & Shareholder’s Equity |
219,642,458,077 |
178,754,158,888 |
205,877,800,411 |
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Current
Liabilities |
113,285,599,936 |
86,011,354,276 |
142,682,810,750 |
|
Trade
Payables |
69,302,050,039 |
63,800,614,478 |
66,814,301,238 |
|
Short-Term
Borrowings |
31,683,532,459 |
17,515,155,520 |
33,794,518,837 |
|
Account
Payables |
1,960,927,342 |
1,245,104,963 |
1,604,536,996 |
|
Accrued
Expenses |
153,499,003 |
84,498,082 |
192,013,765 |
|
Advance
Receipts |
3,003,620,309 |
1,036,088,935 |
2,070,316,134 |
|
Withholdings |
233,391,280 |
223,265,815 |
212,875,707 |
|
Accrued
Income Tax |
945,519,274 |
2,097,495,169 |
48,101,613 |
|
Currency
Swap |
1,400,000 |
1,480,688 |
145,635,000 |
|
Others |
1,660,230 |
7,650,626 |
61,105,439 |
|
Current
Portion of Long-Term Debts |
6,000,000,000 |
- |
37,739,406,021 |
|
Fixed
Liabilities |
32,132,801,661 |
23,215,374,446 |
7,024,145,502 |
|
Long-Term
Borrowings |
20,500,000,000 |
14,500,000,000 |
- |
|
Leasehold
Deposit Received |
100,000,000 |
100,000,000 |
- |
|
Provision
for Severance & Retirement |
4,535,286,719 |
3,989,064,090 |
2,870,546,798 |
|
Deferred
Income Tax Credit |
10,181,135,746 |
7,449,606,632 |
6,649,215,106 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
727,568,024,685 |
732,761,667,345 |
817,390,669,892 |
|
Cost of Sold Goods |
691,209,382,763 |
699,242,591,485 |
775,680,759,656 |
|
Gross Profit |
36,358,641,922 |
33,519,075,860 |
41,709,910,236 |
|
Selling & Admin. Expenses |
29,958,815,644 |
28,531,044,530 |
26,274,848,784 |
|
Operating Income |
6,399,826,278 |
4,988,031,330 |
15,435,061,452 |
|
Non-Operating Income |
33,905,312,073 |
32,317,731,937 |
76,553,119,749 |
|
Non-Operating Expenses |
17,347,955,044 |
24,084,239,295 |
62,791,237,061 |
|
Ordinary Income |
22,957,183,307 |
13,221,523,972 |
29,196,944,140 |
|
Special Income |
|
|
|
|
Income Before Taxes |
22,957,183,307 |
13,221,523,972 |
29,196,944,140 |
|
Income Taxes Expenses |
4,757,684,959 |
2,791,537,584 |
4,027,581,026 |
|
Net Income |
18,199,498,348 |
10,429,986,388 |
25,169,363,114 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
173,684,109 |
28,095,604,147 |
-15,760,824,873 |
|
-Net Income |
18,199,498,348 |
10,429,986,388 |
25,169,363,114 |
|
-Exp. without Cash Outflow |
2,278,372,819 |
2,030,540,237 |
15,160,044,919 |
|
-Revenue without Cash Inflows |
-19,336,591,201 |
-9,039,802,071 |
-40,544,626,070 |
|
-Changes in Asset/ & Liability |
-967,595,857 |
24,674,879,593 |
-15,545,606,836 |
|
Cash Flows from Investing |
-1,497,877,318 |
-117,252,851 |
-3,139,178,774 |
|
-Cash Inflow from Investing |
394,075,434 |
196,411,067 |
129,381,252 |
|
-Cash Outflows for Investing |
-1,891,952,752 |
-313,663,918 |
-3,268,560,026 |
|
Cash Flows from Financing |
-685,828,029 |
-30,580,649,725 |
24,087,460,509 |
|
-Cash Inflows from Financing |
73,219,172,604 |
22,253,688,087 |
103,857,186,531 |
|
-Cash Outflows from Financing |
-73,905,000,633 |
-52,834,337,812 |
-79,769,726,022 |
|
Increase/Decrease in Cash |
-2,010,021,238 |
-2,602,298,429 |
5,187,456,862 |
|
Cash at the Beginning of Year |
5,472,607,615 |
8,074,906,044 |
2,887,449,182 |
|
Cash at the End of Year |
3,462,586,377 |
5,472,607,615 |
8,074,906,044 |
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. |
Trade Partners & Competitors
|
Suppliers |
DAELIM COPORATION(110111-1081093) HONAM PETRO CHEMICAL
CORPORATION(110111-0193196) LOTTE DAESAN PETROCHEMICAL
CORPORATION(161411-0014684) UNION STEELCO., LTD.(110111-0041501) 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 |
|
Competitors |
SHIN WOUN CHEMICAL CO., LTD. 1RA-106, SIHWA INDUSTRIAL COMPLEX, 1236-5,
JEONGWANG 3-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-432-6688 FAX:+82-31-432-9204 E-YOUNG CHEMICAL CO., LTD. 108B-4L, NAMDONG INDUSTRIAL COMPLEX, 658-1,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-822-1321~6 FAX:+82-32-822-1327 SDC CO., LTD. 41B-4L, NAMDONG INDUSTRIAL COMPLEX, 720-4,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-817-8901 FAX:+82-32-817-8905 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
UNID CO.,LTD (110111-0275069) (25.1% held by the subject company) OCI COMPANY LTD.(174611-0000981) 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) (100.0% held by the subject company) OCI INTERNATIONAL INC.(USA) (100.0% held by the subject company) OCI(SHAGHAI) INTERNATIONAL TRADING
LTD.(CHINA) OCI UNID EUROPE B.V (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
2009 |
2008 |
2007 |
|
Export |
|
632,734,807 |
430,487,451 |
|
Domestic |
|
183,223,875 |
161,140,628 |
|
Others |
|
1,431,988 |
1,173,725 |
|
Total |
|
817,390,670 |
592,801,804 |
The subject deals
with the companies in Australia, China, Japan and USA.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.84 |
|
UK Pound |
1 |
Rs.75.40 |
|
Euro |
1 |
Rs.65.68 |
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.