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|
|
MIRA INFORM REPORT
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Report No. : |
505050 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNID GLOBAL CORPORATION |
|
|
|
|
Formerly Known As : |
OCI CORPORATION |
|
|
|
|
Registered Office : |
19, Eulji-Ro 5-Gil, Jung-Gu, Seoul, 16FL.,
Ferrum Tower, Korea 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 : |
Wholesale of Industrial Basic Chemicals (Poly Vinyl Alcohol, Toluene
Diisocynate) |
|
|
|
|
No. of Employees : |
105 |
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
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
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 |
105 |
||||||||||||
|
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, “(주)오씨아이상사” 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 |
|
949,033,691,002 |
313,105,379,986 |
6,751,205,194 |
|
|
2016 |
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 |
313,105,379,986 |
345,063,831,107 |
316,666,350,602 |
|
Current Assets |
133,015,107,186 |
166,602,971,197 |
147,037,515,812 |
|
-Quick Assets |
97,557,548,407 |
125,519,092,878 |
112,398,439,462 |
|
-Inventories |
35,457,558,779 |
41,083,878,319 |
34,639,076,350 |
|
Fixed Assets |
180,090,272,800 |
178,460,859,910 |
169,628,834,790 |
|
-Investment |
175,362,974,080 |
171,297,366,567 |
164,738,740,075 |
|
-Tangibles |
1,493,160,321 |
1,674,637,260 |
1,761,334,893 |
|
-Intangibles |
418,057,915 |
281,013,584 |
363,418,584 |
|
-Others |
2,816,080,484 |
5,207,842,499 |
2,765,341,238 |
|
Total Liabilities |
192,482,888,081 |
226,738,986,883 |
203,315,308,121 |
|
Current Liabilities |
161,048,960,759 |
191,736,846,341 |
181,674,405,628 |
|
Fixed Liabilities |
31,433,927,322 |
35,002,140,542 |
21,640,902,493 |
|
Capital Stock |
1,400,000,000 |
1,400,000,000 |
1,400,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
118,972,401,914 |
114,383,932,668 |
107,789,035,216 |
|
Capital Adjustment |
250,089,991 |
2,540,911,556 |
4,162,007,265 |
|
Total Equity |
120,622,491,905 |
118,324,844,224 |
113,351,042,481 |
|
Liab. & Shareholder’s Equity |
313,105,379,986 |
345,063,831,107 |
316,666,350,602 |
|
Current
Liabilities |
161,048,960,759 |
191,736,846,341 |
181,674,405,628 |
|
Trade
Payables |
60,234,275,883 |
108,087,970,802 |
68,270,816,176 |
|
Short-Term
Borrowings |
84,951,138,716 |
75,057,549,267 |
91,024,861,110 |
|
Account
Payables |
5,309,985,593 |
5,624,422,985 |
5,690,696,031 |
|
Accrued
Expenses |
265,116,189 |
68,978,117 |
79,610,380 |
|
Advance
Receipts |
2,354,653,374 |
1,614,453,459 |
2,074,170,644 |
|
Withholdings |
41,689,876 |
176,387,374 |
149,839,876 |
|
Accrued
Income Tax |
1,097,471,818 |
- |
939,937,124 |
|
Currency
Swap |
2,649,417,737 |
92,956,588 |
181,889,542 |
|
Others |
1,145,211,573 |
14,127,749 |
262,584,745 |
|
Current
Portion of Long-Term Debts |
3,000,000,000 |
1,000,000,000 |
13,000,000,000 |
|
Fixed
Liabilities |
31,433,927,322 |
35,002,140,542 |
21,640,902,493 |
|
Long-Term
Borrowings |
9,000,000,000 |
12,000,000,000 |
- |
|
Leasehold
Deposit Received |
- |
150,000,000 |
150,000,000 |
|
Provision
for Severance & Retirement |
- |
- |
237,798,320 |
|
Deferred
Income Tax Credit |
22,433,927,322 |
22,852,140,542 |
21,253,104,173 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
949,033,691,002 |
981,658,510,826 |
1,004,419,091,273 |
|
Cost of Sold Goods |
908,596,531,504 |
936,382,431,996 |
960,623,891,753 |
|
Gross Profit |
40,437,159,498 |
45,276,078,830 |
43,795,199,520 |
|
Selling & Admin. Expenses |
38,405,197,091 |
40,671,281,375 |
35,316,364,578 |
|
Operating Income |
2,031,962,407 |
4,604,797,455 |
8,478,834,942 |
|
Non-Operating Income |
32,749,958,035 |
47,685,197,082 |
42,701,401,784 |
|
Non-Operating Expenses |
24,228,535,407 |
40,315,725,747 |
28,866,321,228 |
|
Income Before Taxes |
10,553,385,035 |
11,974,268,790 |
22,313,915,498 |
|
Income Taxes Expenses |
3,802,179,841 |
2,757,233,208 |
3,667,104,208 |
|
Net Income |
6,751,205,194 |
9,217,035,582 |
18,646,811,290 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Cash Flows from Operating |
-31,258,364,097 |
38,811,791,170 |
-4,563,814,952 |
|
-Net Income |
6,751,205,194 |
9,217,035,582 |
18,646,811,290 |
|
-Exp. without Cash Outflow |
7,157,752,591 |
8,638,791,905 |
4,526,634,928 |
|
-Revenue without Cash Inflows |
-13,886,544,064 |
-15,766,868,968 |
-22,098,953,716 |
|
-Changes in Asset/ & Liability |
-31,280,777,818 |
36,722,832,651 |
-5,638,307,454 |
|
Cash Flows from Investing |
2,223,704,330 |
-2,574,597,924 |
1,939,573,408 |
|
-Cash Inflow from Investing |
2,740,995,037 |
2,428,498,206 |
3,904,088,558 |
|
-Cash Outflows for Investing |
-517,290,707 |
-5,003,096,130 |
-1,964,515,150 |
|
Cash Flows from Financing |
13,455,931,514 |
-19,422,328,231 |
-32,453,939,827 |
|
-Cash Inflows from Financing |
517,733,717,300 |
576,401,720,482 |
604,877,730,380 |
|
-Cash Outflows from Financing |
-504,277,785,786 |
-595,824,048,713 |
-637,331,670,207 |
|
Increase/Decrease in Cash |
-15,578,728,253 |
16,814,865,015 |
-35,078,181,371 |
|
Cash at the Beginning of Year |
23,459,865,919 |
6,645,000,904 |
41,723,182,275 |
|
Cash at the End of Year |
7,881,137,666 |
23,459,865,919 |
6,645,000,904 |
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. OCI INTERNATIONAL PERU S.A.C OCI DO BRAZIL QUIMICA LTDA |
|
Cooperative Enterprise |
-Insured Company KB INSURANCE CO., LTD.(110111-0017859) |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Thousand KRW |
2017 |
2016 |
2015 |
|
Export |
754,957,984 |
800,861,159 |
834,624,711 |
|
Domestic |
189,694,070 |
176,133,520 |
166,118,452 |
|
Others |
4,381,637 |
4,663,832 |
3,675,928 |
|
Total |
949,033,691 |
981,658,511 |
1,004,419,091 |
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 66.02 |
|
|
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
|
KRW |
1 |
INR 0.062 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.