|
Report No. : |
343224 |
|
Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
OCI CORPORATION |
|
|
|
|
Registered Office : |
66, Euljiro
5-gil, Jung-gu, Seoul, Korea, 100-210, 16FL., Ferrum Tower, |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
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. |
|
|
|
|
No. of Employees : |
89 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
economic 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. A system of close government and business ties,
including directed credit and import restrictions, initially 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 7% in 1998, and
then recovered by 9% in 1999-2000. South 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. South
Korea's export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 is likely to face the challenge of balancing heavy
reliance on exports with developing domestic-oriented sectors, such as
services. The South Korean economy's long-term challenges include a rapidly
aging population, inflexible labor market, dominance of large conglomerates
(chaebols), and the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
OCI CORPORATION (Korean Company Name : “(주)오씨아이상사”) |
|
Registered Address |
66, Euljiro
5-gil, Jung-gu, Seoul, Korea |
|
Building |
16FL., Ferrum Tower, |
|
Zip Code |
100-210 |
|
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 |
16FL.,
Ferrum Tower, 66, Euljiro 5-gil, Jung-gu, Seoul, Korea (Old Address System : 16FL., Ferrum Tower, 66, Suha-dong, Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-3709-9900 |
|
Fax |
+82-2-776-3553 |
|
Other Address-Busan Branch |
Rm. 1305, Busan Trade Center Bdlg, 11,
Chungjang-daero, Jung-gu, Busan, Korea (Old Address
System : 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 |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
09/02/1994 |
|
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) |
|
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 |
|
Capital (KRW) |
1,400,000,000 |
||||||||||||
|
Employees |
89 |
||||||||||||
|
Formation |
Co., Ltd by shares A Company of OCI 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 |
||||||||||||
|
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 |
|
President & CEO |
Mr. |
Kim Kyung-Ho |
Male |
Korean |
03/26/2004 |
|
Director |
Mr. |
Jeon Kil-Young |
Male |
Korean |
01/20/2014 |
|
Auditor |
Mr. |
Seo Il-Tae |
Male |
Korean |
03/15/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
770,785,409,971 |
309,137,719,827 |
11,440,205,280 |
|
|
2013 |
661,546,057,194 |
287,869,947,791 |
5,477,357,135 |
|
2012 |
667,756,580,483 |
240,063,547,761 |
1,891,526,556 |
|
2011 |
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 |
|
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 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
309,137,719,827 |
287,869,947,791 |
240,063,547,761 |
|
Current Assets |
156,073,908,835 |
147,404,167,423 |
103,450,958,920 |
|
-Quick Assets |
124,286,887,070 |
118,638,977,638 |
66,532,586,423 |
|
-Inventories |
31,787,021,765 |
28,765,189,785 |
36,918,372,497 |
|
Fixed Assets |
153,063,810,992 |
140,465,780,368 |
136,612,588,841 |
|
-Investment |
149,042,910,168 |
136,743,736,414 |
132,635,732,555 |
|
-Tangibles |
1,252,394,871 |
961,162,573 |
1,286,447,856 |
|
-Intangibles |
12,880,334 |
12,141,000 |
15,975,000 |
|
-Others |
2,755,625,619 |
2,748,740,381 |
2,674,433,430 |
|
Total Liabilities |
214,660,940,159 |
203,233,071,684 |
154,458,753,392 |
|
Current Liabilities |
182,185,625,729 |
171,915,604,920 |
129,919,448,112 |
|
Fixed Liabilities |
32,475,314,430 |
31,317,466,764 |
24,539,305,280 |
|
Capital Stock |
1,400,000,000 |
1,400,000,000 |
1,400,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
90,800,249,171 |
80,033,969,436 |
76,199,360,308 |
|
Capital Adjustment |
2,276,530,497 |
3,202,906,671 |
8,005,434,061 |
|
Total Equity |
94,476,779,668 |
84,636,876,107 |
85,604,794,369 |
|
Liab. & Shareholder’s Equity |
309,137,719,827 |
287,869,947,791 |
240,063,547,761 |
|
Current
Liabilities |
182,185,625,729 |
171,915,604,920 |
129,919,448,112 |
|
Trade
Payables |
49,796,348,276 |
74,083,763,650 |
56,817,981,775 |
|
Short-Term
Borrowings |
119,580,214,357 |
95,027,716,035 |
60,382,387,650 |
|
Account
Payables |
7,845,910,022 |
1,414,443,675 |
1,482,545,546 |
|
Accrued
Expenses |
74,684,269 |
92,078,761 |
160,013,898 |
|
Advance
Receipts |
798,921,750 |
1,163,244,106 |
1,911,321,420 |
|
Withholdings |
221,581,172 |
119,013,581 |
178,067,706 |
|
Accrued
Income Tax |
801,526,362 |
- |
971,974,301 |
|
Currency
Swap |
52,311,772 |
- |
|
|
Others |
14,127,749 |
15,345,112 |
15,155,816 |
|
Current
Portion of Long-Term Debts |
3,000,000,000 |
- |
8,000,000,000 |
|
Fixed
Liabilities |
32,475,314,430 |
31,317,466,764 |
24,539,305,280 |
|
Long-Term
Borrowings |
13,000,000,000 |
13,000,000,000 |
6,000,000,000 |
|
Leasehold
Deposit Received |
140,000,000 |
140,000,000 |
135,000,000 |
|
Provision
for Severance & Retirement |
4,715,153,526 |
6,540,742,297 |
6,006,821,697 |
|
Deferred
Income Tax Credit |
18,907,325,476 |
17,406,890,414 |
16,939,262,151 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
770,785,409,971 |
661,546,057,194 |
667,756,580,483 |
|
Cost of Sold Goods |
736,955,176,067 |
628,954,732,793 |
631,243,384,721 |
|
Gross Profit |
33,830,233,904 |
32,591,324,401 |
36,513,195,762 |
|
Selling & Admin. Expenses |
28,836,011,656 |
29,033,733,730 |
30,669,345,615 |
|
Operating Income |
4,994,222,248 |
3,557,590,671 |
5,843,850,147 |
|
Non-Operating Income |
29,933,233,131 |
20,094,694,615 |
11,808,084,072 |
|
Non-Operating Expenses |
20,786,258,986 |
16,182,361,393 |
14,593,103,080 |
|
Income Before Taxes |
14,141,196,393 |
7,469,923,893 |
3,058,831,139 |
|
Income Taxes Expenses |
2,700,991,113 |
1,992,566,758 |
1,167,304,583 |
|
Net Income |
11,440,205,280 |
5,477,357,135 |
1,891,526,556 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
-32,016,779,966 |
16,015,280,441 |
-1,197,090,674 |
|
-Net Income |
11,440,205,280 |
5,477,357,135 |
1,891,526,556 |
|
-Exp. without Cash Outflow |
5,949,703,164 |
7,361,701,439 |
5,780,114,385 |
|
-Revenue without Cash Inflows |
-17,774,008,216 |
-12,499,779,787 |
-3,806,557,493 |
|
-Changes in Asset/ & Liability |
-31,632,680,194 |
15,676,001,654 |
-5,062,174,122 |
|
Cash Flows from Investing |
-1,734,276,427 |
-4,055,315,815 |
2,356,138 |
|
-Cash Inflow from Investing |
77,000,003 |
33,272,728 |
212,770,557 |
|
-Cash Outflows for Investing |
-1,811,276,430 |
-4,088,588,543 |
-210,414,419 |
|
Cash Flows from Financing |
25,885,149,517 |
31,243,381,177 |
3,407,146,830 |
|
-Cash Inflows from Financing |
492,800,310,628 |
247,476,373,989 |
144,107,146,830 |
|
-Cash Outflows from Financing |
-466,915,161,111 |
-216,232,992,812 |
-140,700,000,000 |
|
Increase/Decrease in Cash |
-7,865,906,876 |
43,203,345,803 |
2,212,412,294 |
|
Cash at the Beginning of Year |
49,589,089,151 |
6,385,743,348 |
4,173,331,054 |
|
Cash at the End of Year |
41,723,182,275 |
49,589,089,151 |
6,385,743,348 |
|
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. |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
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 |
|
Affiliates |
UNID CO.,LTD (110111-0275069) (25.06% 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) |
|
Joint Venture |
|
|
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) KEYSTONE INVESTMENT HONG KONG (HOLDINGS) LIMITED |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
|
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.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.08 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.