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MIRA INFORM REPORT
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Report No. : |
503064 |
|
Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNID GLOBAL CORPORATION |
|
|
|
|
Formerly Known As : |
OCI
CORPORATION |
|
|
|
|
Registered Office : |
19, Eulji-Ro 5-Gil, Jung-Gu, Seoul, Korea 16FL., Ferrum Tower, 04539 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
02.09.1994 |
|
|
|
|
Com. Reg. No.: |
104-81-29104 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Export/Import, Wholesale of Industrial
Basic Chemicals Poly Vinyl Alcohol, Toluene Diisocynate |
|
|
|
|
No. of Employees : |
108 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
|
Source
: CIA |
Basic
Information
|
Company Name |
UNID GLOBAL CORPORATION (Ex.
Company Name : OCI CORPORATION) |
|
Registered Address |
19, Eulji-ro
5-gil, Jung-gu, Seoul, Korea |
|
Building |
16FL., Ferrum
Tower, |
|
Zip Code |
04539 |
|
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, 19, Eulji-ro 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 |
11, Chungjang-daero, Jung-gu, Busan, Korea (Old Address System : 87-7,
Jungang-dong 4(sa)-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 |
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 |
|
Date of Birth |
05/16/1951 |
|
Title |
Chairman & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,400,000,000 |
||||||||||||
|
Employees |
108 |
||||||||||||
|
Formation |
Co., Ltd by Shares A Company of OCI GROUP |
||||||||||||
|
Bank Details |
Citi Bank, Korea-Sokong Dong Branch KEB Hana 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 OCI CORPORATION,”
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 09/06/2017 Changed company name to the
present name |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Lee Hwa-Young |
Korean |
05/16/1951 |
09/02/1997 |
|
President & CEO |
Jeon Kil-Young |
Korean |
08/02/1960 |
01/01/2017 |
|
Director |
Ji Sung-Hwan |
Korean |
08/27/1968 |
01/01/2017 |
|
Auditor |
Seo Il-Tae |
Korean |
07/16/1957 |
03/15/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
981,658,510,826 |
345,063,831,107 |
9,217,035,582 |
|
|
2015 |
1,004,419,091,273 |
316,666,350,602 |
18,646,811,290 |
|
2014 |
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 |
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 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Total Assets |
345,063,831,107 |
316,666,350,602 |
309,137,719,827 |
|
Current Assets |
166,602,971,197 |
147,037,515,812 |
156,073,908,835 |
|
-Quick Assets |
125,519,092,878 |
112,398,439,462 |
124,286,887,070 |
|
-Inventories |
41,083,878,319 |
34,639,076,350 |
31,787,021,765 |
|
Fixed Assets |
178,460,859,910 |
169,628,834,790 |
153,063,810,992 |
|
-Investment |
171,297,366,567 |
164,738,740,075 |
149,042,910,168 |
|
-Tangibles |
1,674,637,260 |
1,761,334,893 |
1,252,394,871 |
|
-Intangibles |
281,013,584 |
363,418,584 |
12,880,334 |
|
-Others |
5,207,842,499 |
2,765,341,238 |
2,755,625,619 |
|
Total Liabilities |
226,738,986,883 |
203,315,308,121 |
214,660,940,159 |
|
Current Liabilities |
191,736,846,341 |
181,674,405,628 |
182,185,625,729 |
|
Fixed Liabilities |
35,002,140,542 |
21,640,902,493 |
32,475,314,430 |
|
Capital Stock |
1,400,000,000 |
1,400,000,000 |
1,400,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
114,383,932,668 |
107,789,035,216 |
90,800,249,171 |
|
Capital Adjustment |
2,540,911,556 |
4,162,007,265 |
2,276,530,497 |
|
Total Equity |
118,324,844,224 |
113,351,042,481 |
94,476,779,668 |
|
Liab. & Shareholder’s Equity |
345,063,831,107 |
316,666,350,602 |
309,137,719,827 |
|
Current Liabilities |
191,736,846,341 |
181,674,405,628 |
182,185,625,729 |
|
Trade
Payables |
108,087,970,802 |
68,270,816,176 |
49,796,348,276 |
|
Short-Term
Borrowings |
75,057,549,267 |
91,024,861,110 |
119,580,214,357 |
|
Account
Payables |
5,624,422,985 |
5,690,696,031 |
7,845,910,022 |
|
Accrued
Expenses |
68,978,117 |
79,610,380 |
74,684,269 |
|
Advance
Receipts |
1,614,453,459 |
2,074,170,644 |
798,921,750 |
|
Withholdings |
176,387,374 |
149,839,876 |
221,581,172 |
|
Accrued
Income Tax |
- |
939,937,124 |
801,526,362 |
|
Currency
Swap |
92,956,588 |
181,889,542 |
52,311,772 |
|
Others |
14,127,749 |
262,584,745 |
14,127,749 |
|
Current
Portion of Long-Term Debts |
1,000,000,000 |
13,000,000,000 |
3,000,000,000 |
|
Fixed Liabilities |
35,002,140,542 |
21,640,902,493 |
32,475,314,430 |
|
Long-Term
Borrowings |
12,000,000,000 |
- |
13,000,000,000 |
|
Leasehold
Deposit Received |
150,000,000 |
150,000,000 |
140,000,000 |
|
Provision
for Severance & Retirement |
0 |
237,798,320 |
427,988,954 |
|
Deferred
Income Tax Credit |
22,852,140,542 |
21,253,104,173 |
18,907,325,476 |
|
Income
Statement |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Sales |
981,658,510,826 |
1,004,419,091,273 |
770,785,409,971 |
|
Cost of Sold Goods |
936,382,431,996 |
960,623,891,753 |
736,955,176,067 |
|
Gross Profit |
45,276,078,830 |
43,795,199,520 |
33,830,233,904 |
|
Selling & Admin. Expenses |
40,671,281,375 |
35,316,364,578 |
28,836,011,656 |
|
Operating Income |
4,604,797,455 |
8,478,834,942 |
4,994,222,248 |
|
Non-Operating Income |
47,685,197,082 |
42,701,401,784 |
29,933,233,131 |
|
Non-Operating Expenses |
40,315,725,747 |
28,866,321,228 |
20,786,258,986 |
|
Income Before Taxes |
11,974,268,790 |
22,313,915,498 |
14,141,196,393 |
|
Income Taxes Expenses |
2,757,233,208 |
3,667,104,208 |
2,700,991,113 |
|
Net Income |
9,217,035,582 |
18,646,811,290 |
11,440,205,280 |
|
Cash
Flows |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Cash Flows
from Operating |
38,811,791,170 |
-4,563,814,952 |
-32,016,779,966 |
|
-Net Income |
9,217,035,582 |
18,646,811,290 |
11,440,205,280 |
|
-Exp. without Cash Outflow |
8,638,791,905 |
4,526,634,928 |
5,805,546,040 |
|
-Revenue without Cash Inflows |
-15,766,868,968 |
-22,098,953,716 |
-17,774,008,216 |
|
-Changes in Asset/ & Liability |
36,722,832,651 |
-5,638,307,454 |
-31,488,523,070 |
|
Cash Flows
from Investing |
-2,574,597,924 |
1,939,573,408 |
-1,734,276,427 |
|
-Cash Inflow from Investing |
2,428,498,206 |
3,904,088,558 |
77,000,003 |
|
-Cash Outflows for Investing |
-5,003,096,130 |
-1,964,515,150 |
-1,811,276,430 |
|
Cash Flows
from Financing |
-19,422,328,231 |
-32,453,939,827 |
25,885,149,517 |
|
-Cash Inflows from Financing |
576,401,720,482 |
604,877,730,380 |
492,800,310,628 |
|
-Cash Outflows from Financing |
-595,824,048,713 |
-637,331,670,207 |
-466,915,161,111 |
|
Increase/Decrease
in Cash |
16,814,865,015 |
-35,078,181,371 |
7,865,906,876 |
|
Cash at the
Beginning of Year |
6,645,000,904 |
41,723,182,275 |
49,589,089,151 |
|
Cash at the
End of Year |
23,459,865,919 |
6,645,000,904 |
41,723,182,275 |
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) LOTTE 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) (25.06% 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) UNID LED CO., LTD.(110111-4593623) (17.04% 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) 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 (SHANGHAI) INTERNATIONAL TRADING LTD. |
|
Cooperative Enterprise |
-Insured Company KB INSURANCE CO., LTD.(110111-0017859) |
Sales
by Region (Activity & Markets)
|
Sales/ Unit :Thousand KRW |
2016 |
2015 |
2014 |
|
Export |
800,861,159 |
834,624,711 |
613,077,204 |
|
Domestic |
176,133,520 |
166,118,452 |
154,367,709 |
|
Others |
4,663,832 |
3,675,928 |
3,340,497 |
|
Total |
981,658,511 |
1,004,419,091 |
770,785,410 |
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 |
INR 64.99 |
|
|
1 |
INR 90.96 |
|
Euro |
1 |
INR 79.51 |
|
KRW |
1 |
INR 0.061 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.