MIRA
INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
OCI CORPORATION |
|
|
|
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Registered Office : |
16FL., Ferrum Tower, 66, Suha-dong,
Jung-gu, Seoul, Korea 100-210 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.09.1994 |
|
|
|
|
Com. Reg. No.: |
104-81-29104 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Industrial Basic Chemicals |
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|
|
|
No. of Employees : |
101 |
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 |
|
Payment Behaviour : |
No Complaints |
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
OCI CORPORATION (Korean Company Name : “(주)오씨아이상사”) |
|
Registered Address |
66, Suha-dong,
Jung-gu, Seoul, Korea |
|
Building |
16FL., Ferrum Tower, |
|
Zip Code |
100-210 |
|
Tel |
+82-2-3709-9900 |
|
Fax |
+82-2-776-3553 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
16FL.,
Ferrum Tower, 66, Suha-dong, Jung-gu, Seoul, Korea (New Address System : 16FL., Ferrum Tower, 66, Euljiro 5-gil, Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-3709-9900 |
|
Fax |
+82-2-776-3553 |
|
Other Address-Busan Branch |
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 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Industrial Basic Chemicals |
|
Main Business |
Poly Vinyl Alcohol, Toluene Diisocynate |
|
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) |
|
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 |
20 daesagwan-ro 11ga gil, Seongbuk-gu,
Seoul 136-020 Korea |
|
Date of Birth |
05/16/1951 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,400,000,000 |
||||||||||||
|
Employees |
101 |
||||||||||||
|
Formation |
Co., Ltd by shares A company of DONG YANG CHEMICAL GROUP |
||||||||||||
|
Bank Details |
Citi Bank, Korea-Sokong Dong Branch Korea Exchange Bank Shinhan Bank Woori Bank Kookmin Bank |
||||||||||||
|
Corporate Registered No. |
110111-1072159 |
||||||||||||
|
Business Registered No. |
104-81-29104 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11185222 |
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Shareholder Position |
|
||||||||||||
|
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 07/01/2011 Moved to the present HQ address
from 3rd
Fl., Oriental Chemical Industries Bldg., 50, Sogong-dong, Jung-gu, Seoul,
Korea |
||||||||||||
|
|
|
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 |
|
Auditor |
Mr. |
Seo Il-Tae |
Male |
Korean |
03/15/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
831,257,862,981 |
260,892,762,918 |
13,819,168,381 |
|
|
2010 |
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
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
260,892,762,918 |
219,642,458,077 |
178,754,158,888 |
|
Current Assets |
122,826,245,264 |
104,439,270,317 |
94,317,001,140 |
|
-Quick Assets |
89,678,573,792 |
78,144,098,777 |
71,973,452,858 |
|
-Inventories |
33,147,671,472 |
26,295,171,540 |
22,343,548,282 |
|
Fixed Assets |
138,066,517,654 |
115,203,187,760 |
84,437,157,748 |
|
-Investment |
133,751,045,525 |
111,743,114,790 |
81,983,283,865 |
|
-Tangibles |
1,492,223,064 |
1,413,224,320 |
724,608,176 |
|
-Intangibles |
250,000 |
3,250,000 |
8,697,700 |
|
-Others |
2,822,999,065 |
2,043,598,650 |
1,720,568,007 |
|
Total Liabilities |
174,596,616,467 |
148,657,009,808 |
109,226,728,722 |
|
Current Liabilities |
142,312,501,469 |
113,285,599,936 |
86,011,354,276 |
|
Fixed Liabilities |
32,284,114,998 |
35,371,409,872 |
23,215,374,446 |
|
Capital Stock |
1,400,000,000 |
1,400,000,000 |
2,400,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
102,985,745,220 |
81,958,655,290 |
64,239,156,942 |
|
Capital Adjustment |
-18,089,598,769 |
-12,373,207,021 |
2,888,273,224 |
|
Total Equity |
86,296,146,451 |
70,985,448,269 |
69,527,430,166 |
|
Liab. & Shareholder’s Equity |
260,892,762,918 |
219,642,458,077 |
178,754,158,888 |
|
Current
Liabilities |
142,312,501,469 |
113,285,599,936 |
86,011,354,276 |
|
Trade
Payables |
83,490,144,457 |
69,302,050,039 |
63,800,614,478 |
|
Short-Term
Borrowings |
38,991,625,086 |
31,683,532,459 |
17,515,155,520 |
|
Account
Payables |
2,048,352,348 |
1,960,927,342 |
1,245,104,963 |
|
Accrued
Expenses |
208,079,597 |
153,499,003 |
84,498,082 |
|
Advance
Receipts |
1,440,169,551 |
3,003,620,309 |
1,036,088,935 |
|
Withholdings |
98,191,080 |
233,391,280 |
223,265,815 |
|
Accrued
Income Tax |
533,909,488 |
945,519,274 |
2,097,495,169 |
|
Currency
Swap |
812,499 |
1,400,000 |
1,480,688 |
|
Others |
1,217,363 |
1,660,230 |
7,650,626 |
|
Current
Portion of Long-Term Debts |
15,500,000,000 |
6,000,000,000 |
- |
|
Fixed
Liabilities |
32,284,114,998 |
35,371,409,872 |
23,215,374,446 |
|
Long-Term
Borrowings |
14,000,000,000 |
20,500,000,000 |
14,500,000,000 |
|
Leasehold
Deposit Received |
135,000,000 |
100,000,000 |
100,000,000 |
|
Provision
for Severance & Retirement |
5,427,522,488 |
4,535,286,719 |
3,989,064,090 |
|
Deferred
Income Tax Credit |
16,814,128,356 |
13,419,743,957 |
7,449,606,632 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
831,257,862,981 |
727,568,024,685 |
732,761,667,345 |
|
Cost of Sold Goods |
792,274,190,319 |
691,209,382,763 |
699,242,591,485 |
|
Gross Profit |
38,983,672,662 |
36,358,641,922 |
33,519,075,860 |
|
Selling & Admin. Expenses |
34,391,969,684 |
29,958,815,644 |
28,531,044,530 |
|
Operating Income |
4,591,702,978 |
6,399,826,278 |
4,988,031,330 |
|
Non-Operating Income |
32,639,101,410 |
33,905,312,073 |
32,317,731,937 |
|
Non-Operating Expenses |
19,939,362,997 |
17,347,955,044 |
24,084,239,295 |
|
Income Before Taxes |
17,291,441,391 |
22,957,183,307 |
13,221,523,972 |
|
Income Taxes Expenses |
3,472,273,010 |
4,757,684,959 |
2,791,537,584 |
|
Net Income |
13,819,168,381 |
18,199,498,348 |
10,429,986,388 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-3,762,144,225 |
173,684,109 |
28,095,604,147 |
|
-Net Income |
13,819,168,381 |
18,199,498,348 |
10,429,986,388 |
|
-Exp. without Cash Outflow |
4,410,891,818 |
2,278,372,819 |
2,030,540,237 |
|
-Revenue without Cash Inflows |
-18,564,938,354 |
-19,336,591,201 |
-9,039,802,071 |
|
-Changes in Asset/ & Liability |
-3,427,266,070 |
-967,595,857 |
24,674,879,593 |
|
Cash Flows from Investing |
-2,781,836,513 |
-1,497,877,318 |
-117,252,851 |
|
-Cash Inflow from Investing |
3,697,624,743 |
394,075,434 |
196,411,067 |
|
-Cash Outflows for Investing |
-6,479,461,256 |
-1,891,952,752 |
-313,663,918 |
|
Cash Flows from Financing |
7,254,725,415 |
-685,828,029 |
-30,580,649,725 |
|
-Cash Inflows from Financing |
69,745,674,036 |
73,219,172,604 |
22,253,688,087 |
|
-Cash Outflows from Financing |
-62,490,948,621 |
-73,905,000,633 |
-52,834,337,812 |
|
Increase/Decrease in Cash |
710,744,677 |
-2,010,021,238 |
-2,602,298,429 |
|
Cash at the Beginning of Year |
3,462,586,377 |
5,472,607,615 |
8,074,906,044 |
|
Cash at the End of Year |
4,173,331,054 |
3,462,586,377 |
5,472,607,615 |
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 UNID LED CO., LTD.(110111-4593623) (27.20% held by the subject company) |
|
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-UNID PHILS. INC. (100.0% held by the subject company) 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.55.52 |
|
UK Pound |
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.