MIRA INFORM REPORT

 

 

Report Date :

29.12.2012

 

IDENTIFICATION DETAILS

 

Name :

OH YOUNG INDUSTRIAL CO., LTD.

 

 

 

 

Registered Office :

1Ra-402, Sihwa Industrial Complex 1250-1, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea 429-914

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

20.08.1981

 

 

Com. Reg. No.:

128-81-02417

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Synthetic Colouring Matter, Tanning Materials and Other Coloring Agents

 

 

No. of Employees :

190

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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 currently is among the world's 20 largest economies. 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. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Basic Information

 

Company Name

OH YOUNG INDUSTRIAL CO., LTD.

(Korean Company Name : “오영산업(주)”)

Registered Address

1250-1, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea

Building

1Ra-402, Sihwa Industrial Complex

Zip Code

429-914

Tel

+82-31-499-2781

Fax

+82-31-499-2785

E-mail

ohyoung@ohyoung.net

Website

www.ohyoung.net

Trading Address

6th Fl., Sem Top Bldg., 448-16, Singil 5-dong, Yeongdeungpo-gu, Seoul, Korea

Tel

+82-2-834-5050

Fax

+82-2-836-5101

Other Address-Munsan Factory

685-3, Seonyu-ri, Munsan-eup, Paju-si, Gyeonggi-do, Korea

Tel

+82-2-834-5050

Fax

+82-2-836-5101

Type

Export/Import

Industry

Manufacture of Synthetic Colouring Matter, Tanning Materials and Other Coloring Agents

  Main Business

Reactive Dyes, Disperse Dyes, Acid Dyes, Direct Dyes, Ink

  Sub Business

Manufacture of Surface-Active Agents

Established (mm/dd/yyyy)

08/20/1981

The Subject owns the premises of registered HQ address and Munsan Factory.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Phthalein dyes(12171502)

Sell

Dyes(12171500)

Sell

Ink and lead refills(44121900)

Sell

Reactive Dyestuffs

 

 

CEO’s

 

Name

Chung Hong-Key

Address

Suite C-4103, 467, Dogok-dong, Gangnam-gu, Seoul, Korea

Date of Birth

135-270

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

500,000,000

Employees

190

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea

Shinhan Bank

Korea Exchange Bank

Corporate Registered No.

115611-0001071

Business Registered No.

128-81-02417

Permit & Licenses

The subject became the first member of ETAD(Ecological and Toxicological Association of Dyes and Organic Pigments Manufacturers) among the Korean dyestuff makers in 1995.

The subject obtained ISO14001 certificate in Shi-wha factory from TUV Rheinland(Germany) in 07/1999.

 

And two patents acquired.

Shareholder Position

Name

Shares

%

CHUNG HONG-KEY

65,277

65.28

CHUNG JIN-WOOK

17,223

17.22

PARK CHUL-SOON

6,000

6.00

CHUNG MI-JI

4,500

4.50

CHUNG JI-NA

4,500

4.50

CHUNG YOONG-SUNG

1,500

1.50

LEE JEONG-BOK

1,000

1.00

TOTAL

100,000

100.00

Company History

1981 Established OH YOUNG Industrial Co., Ltd. and initiated reactive dyestuffs at Moonsan factory in Kyung-Gi province.

1982 Developed and produced triazine H-E reactive dyes for the first time in KOREA

1985 Developed and produced formazane blue (Suncion Blue H-ERD) for the second time in the world

1987 Developed and produced Bifunctional and Vinylsulfone reactive dyes

1988 Established OH YOUNG Central Research Institute

1992 Awarded 'USD 10million Export Tower' by government and prize of 'Promising industrial company' by the minister of commerce and industry

1993 Doubling the production capacity in reactive dyes and initiated disperse dyes by erecting the 2nd factory in Shihwa industrial complex

1995 Being as a first member of ETAD in Korea (Ecological and Toxicological association of dyers and organic pigments manufacturers)

1997 Developed cyanuric fluoride reactive dyes

1999 Obtained environmental management system, ISO 14001 certification from TUV Rheinland in Germany

2002 Exporting reactive & disperse dyes to 50 countries in the world, based on its annual production capacity 22,800 tons of reactive dyes and 7,200 tons of disperse dyes respectively

Awarded 'USD 20million Export Tower' by government

12/29/2005 Moved to the present HQ address from 685-3, Seonyu-ri, Munsan-eup, Paju-si, Gyeonggi-do, Korea

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Chung Hong-Key

Male

Korean

08/07/2000

Director

Mr.

Chung Yoong-Sung

Male

Korean

05/18/1999

Director

Mr.

Lee Jeong-Bok

Male

Korean

05/18/2005

Director

Mr.

Kim Seung-Nyon

Male

Korean

06/09/2006

Auditor

M/S.

Chung Mi-Ji

Female

Korean

03/31/2007

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

105,130,676,018

99,986,861,963

382,378,575

2010

124,043,426,197

87,348,800,177

1,741,882,927

2009

108,395,349,366

80,441,551,720

3,975,474,880

2008

91,048,721,052

76,444,332,558

2,723,092,632

2007

66,813,636,284

69,239,217,069

861,986,827

2006

61,739,691,331

62,326,139,922

452,416,555

2005

52,031,979,901

58,844,442,062

307,938,785

2004

50,344,436,618

57,709,001,059

775,480,083

2003

50,022,950,927

58,257,822,559

604,220,322

 

 

Financial Description

 

Authorized Capital(KRW)

1,200,000,000

Paid-Up Capital(KRW)

500,000,000

Total Issues Shares

100,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

99,986,861,963

87,348,800,177

80,441,551,720

Current Assets

75,350,686,321

63,379,610,484

59,045,318,750

-Quick Assets

38,779,079,499

37,017,092,556

31,569,740,238

-Inventories

36,571,606,822

26,362,517,928

27,475,578,512

Fixed Assets

24,636,175,642

23,969,189,693

21,396,232,970

-Investment

3,201,475,496

3,168,861,140

2,328,541,470

-Tangibles

21,050,695,386

20,398,914,059

18,657,246,045

-Intangibles

23,646,760

33,884,094

58,223,384

-Others

360,358,000

367,530,400

352,222,071

Total Liabilities

53,999,353,526

41,743,670,315

35,578,304,785

Current Liabilities

48,173,429,979

35,889,650,978

32,744,418,893

Fixed Liabilities

5,825,923,547

5,854,019,337

2,833,885,892

Capital Stock

500,000,000

500,000,000

500,000,000

Capital Surplus

9,191,920,822

9,191,920,822

9,191,920,822

Profit Surplus

36,295,587,615

35,913,209,040

35,171,326,113

Capital Adjustment

　

　

　

Total Equity

45,987,508,437

45,605,129,862

44,863,246,935

Liab. & Shareholder’s Equity

99,986,861,963

87,348,800,177

80,441,551,720

 

Current Liabilities

48,173,429,979

35,889,650,978

32,744,418,893

Trade Payables

3,946,544,010

4,380,541,838

3,498,354,476

Short-Term Borrowings

39,667,403,261

27,776,308,403

25,711,797,509

Account Payables

784,854,468

17,100,000

285,500,000

Accrued Expenses

3,098,687,577

2,849,909,877

2,144,758,417

Withholdings

440,457,341

354,803,109

264,346,570

Guarantee Deposit Withhold

　

　

6,000,000

Advance Receipts

91,185,282

226,739,341

73,874,791

Accrued Income Tax

39,167,370

160,204,990

651,391,790

Provision for Products Guarantee

105,130,670

124,043,420

108,395,340

Fixed Liabilities

5,825,923,547

5,854,019,337

2,833,885,892

Long-Term Borrowings

1,854,000,000

1,854,000,000

　

Provision for Severance & Retirement

7,984,689,880

7,601,970,840

5,683,832,690

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

105,130,676,018

124,043,426,197

108,395,349,366

Cost of Sold Goods

92,152,188,862

107,990,031,585

90,985,602,311

Gross Profit

12,978,487,156

16,053,394,612

17,409,747,055

Selling & Admin. Expenses

10,923,379,684

12,679,972,122

11,812,821,991

Operating Income

2,055,107,472

3,373,422,490

5,596,925,064

Non-Operating Income

1,816,702,275

2,391,075,587

3,769,878,090

Non-Operating Expenses

3,336,588,403

3,468,642,070

4,516,963,584

Income Before Taxes

535,221,344

2,295,856,007

4,849,839,570

Income Taxes Expenses

152,842,769

553,973,080

874,364,690

Net Income

382,378,575

1,741,882,927

3,975,474,880

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

-9,217,010,173

3,017,834,077

6,900,174,357

-Net Income

382,378,575

1,741,882,931

3,975,474,880

-Exp. without Cash Outflow

6,140,861,510

5,196,341,689

7,078,646,125

-Revenue without Cash Inflows

-722,733,439

-348,838,268

-1,391,748,086

-Changes in Asset/ & Liability

-15,017,516,819

-3,571,552,275

-2,762,198,562

Cash Flows from Investing

-3,562,070,907

-4,578,813,636

-3,817,667,716

-Cash Inflow from Investing

966,274,673

1,357,337,581

1,288,800,540

-Cash Outflows for Investing

-4,528,345,580

-5,936,151,217

-5,106,468,256

Cash Flows from Financing

11,512,456,822

2,801,044,688

-2,907,381,008

-Cash Inflows from Financing

88,037,081,360

88,239,229,813

95,736,101,095

-Cash Outflows from Financing

-76,524,624,538

-85,438,185,125

-98,643,482,103

Increase/Decrease in Cash

-1,266,624,258

1,240,065,129

175,125,633

Cash at the Beginning of Year

2,075,340,082

835,274,953

660,149,320

Cash at the End of Year

808,715,824

2,075,340,082

835,274,953

 

 

Products, Technologies, Services Description

 

Main Products & Services

Reactive Dyes

Disperse Dyes

Acid Dyes

Direct Dyes

Ink

Petrochemical Raw Materials

Inorganic Chemical & Fertilizer

 

Brand Name: “Suncolours”, “Suncid”, “Sunrrect”, “Suntex”, “Sunfix Sufra”

 

 

Trade Partners & Competitors

 

Suppliers

HANA CAPITAL CO., LTD.(110111-0519970) provides vehicles leasing service to the subject company.

Competitors

COLORANT COREA CORPORATION

782-4, EOGOK-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-388-9003  FAX:+82-55-388-9006

 

MYUNGJIN TRADING CO., LTD.

4TH FL., MYEONGJIN BLDG., 236-7, NONHYEON 2-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-546-5040  FAX:+82-2-546-6566

 

YOOJIN CHEMICAL CO., LTD.

8B-28L, BANWOL INDUSTRIAL COMPLEX, 743-7, WONSI-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-494-0618  FAX:+82-31-494-0617

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

SEM INC.(110111-2013681)

1250-2, JEONGWANG-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-434-8390

Cooperative Enterprise

-Insured Company

LIG INSURANCE CO., LTD.(110111-0017859)

 

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit :Mil KRW

2011

2010

2009

Export

52,091,535,794

72,253,498,749

58,822,891,984

Domestic

52,910,921,725

51,749,290,903

49,544,285,087

Others

128,218,499

40,636,545

28,172,295

Total

105,130,676,018

124,043,426,197

108,395,349,366

The subject deals with the companies in China, India, Turkey, USA and Pakistan.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.85

UK Pound

1

Rs.88.39

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.