MIRA
INFORM REPORT
|
Report Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MSC CO. LTD. |
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Registered Office : |
439-13, Soju-Ri, Ungsang-Up, Yangsan-City,
Kyeongnam-Do, Korea |
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Country : |
Korea |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
04/12/1974 |
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Legal Form : |
Listed
Company |
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Line of Business : |
Manufacturers
of Food Additive Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Ⅰ.
Basic Information
Basic
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Company Name |
MSC Co. Ltd. |
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Address |
439-13, Soju-Ri, Ungsang-Up, Yangsan-City,
Kyeongnam-Do, Korea |
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Building
|
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Zip
Code |
626-846 |
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Tel |
+82-55-389-1001 |
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Fax |
+82-55-383-0478 |
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E-mail |
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Website |
www.msckorea.com |
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Seoul
Barnch |
Sunae-dong, Bundang-gu, Seongnam-si,
Gyeonggi-do, 463-825 Korea |
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Tel |
+82-31-719-4161 |
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Fax |
+82-31-719-4160 |
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Miryang
Factory |
2191-3, Songbaek-ri, Sannae-myeon,
Miryang-si, Gyeongsangnam-do, 627-834 Korea |
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Tel |
+82-55-352-0547 |
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Fax |
+82-55-352-0548 |
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Myeongshin
Fertilizer Factory |
San 2117-3, Jakdong-ri, Samdong-myeon,
Ulju-gun, Ulsan, 689-933 Korea |
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Tel |
+82-52-264-8951 |
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Fax |
+82-52-264-8956 |
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Type |
Export |
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Industry
|
Manufacture
of Food Additive Products |
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Main Business |
Carrageenan,
Natural Food Colors |
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Sub Business |
|
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Established
(mm/dd/yyyy) |
04/12/1974 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
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Sell |
Cooking
sauce(50171831) |
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Sell |
Fresh
juice(50202305) |
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Sell |
Prepared
and preserved foods(50190000) |
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Sell |
Shelf
stable aquatic plants(50121804) |
Others
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Name |
Suh Jae-Bong |
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Address |
- |
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Date
of Birth (mm/dd/yyyy) |
07/12/1945 |
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Title
|
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital
|
4,400,000,000KRW |
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Employees |
342 |
|
Formation |
Listed
Company (KOSDAQ : 009780)
as of 04/01/1997 |
Ⅱ. Detailed Information
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Day |
|
President & CEO |
Mr. |
Suh Jae-Bong |
Korean |
45.07.12 |
Korea University |
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Director |
Mr. |
Kim Kil-Jae |
Korean |
46.08.05 |
Hanyang University |
|
Auditor |
Mr. |
Kim Il-Suck |
Korean |
48.01.08 |
Dong Ah University |
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Outer Director |
Mr. |
Chang Joon-Ki |
Korean |
47.07.21 |
Kyunghee University |
Financials
Unit:
KRW
|
Year |
Sales |
Assets |
Net income |
|
2005 |
68,610,551,434 |
88,404,880,783 |
762,112,343 |
|
2004 |
66,104,051,258 |
85,921,105,921 |
2,054,166,300 |
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2003 |
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2002 |
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Financial Description
Unit:
KRW
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Authorized
Capital |
12,000,000,000 |
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Paid-Up
Capital |
4,400,000,000 |
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Total
Issued Shares |
880,000 |
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Balance
Sheet Unit:
KRW |
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As of 12/31/2005 |
As of 12/31/2004 |
2003 |
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Total
Assets |
88,404,880,783 |
85,921,105,921 |
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||||||||||||||||||
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Current
Assets |
35,161,646,903 |
30,550,006,739 |
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Quick assets |
11,307,878,327 |
9,971,476,061 |
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Inventories |
23,853,768,576 |
20,578,530,678 |
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Fixed Assets |
53,243,233,880 |
55,371,099,182 |
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Investments |
4,490,805,016 |
4,358,191,385 |
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Tangibles |
48,751,307,264 |
51,011,385,797 |
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Intangibles |
1,121,600 |
1,522,000 |
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Total
Liabilities |
60,803,596,831 |
58,891,112,482 |
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Current
Liabilities |
28,066,006,625 |
45,936,720,162 |
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Fixed
Liabilities |
32,737,590,206 |
12,954,392,320 |
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Capital
Stock |
4,400,000,000 |
4,400,000,000 |
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Capital
Surplus |
6,924,786,303 |
6,924,786,303 |
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Profit
Surplus |
16,502,828,068 |
15,938,667,575 |
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Capital
Adjustment |
(-)226,330,419 |
(-)233,460,439 |
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Total
Equity |
27,601,283,952 |
27,029,993,439 |
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Total
Liabilities & Equity |
88,404,880,783 |
85,921,105,921 |
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Income Statement Unit KRW |
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As of 12/31/2005 |
As of 12/31/2004 |
2003 |
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Sales |
68,610,551,434 |
66,104,051,258 |
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Cost
of Sold Goods |
52,522,377,565 |
51,152,522,844 |
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Gross
Profit |
16,088,173,869 |
14,951,528,414 |
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Selling
& Admin. Expenses |
12,428,379,881 |
9,675,832,637 |
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Operating
Income |
3,659,793,988 |
5,275,695,777 |
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Non-Operating
Income |
985,410,860 |
816,174,284 |
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Non-Operating
expenses |
3,739,103,664 |
3,431,432,592 |
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Ordinary
Income |
906,101,184 |
2,660,437,469 |
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Special
Income |
- |
- |
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Income
Before Taxes |
906,101,184 |
2,660,437,469 |
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Income
Taxes Expenses |
143,988,841 |
606,271,169 |
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Net
Income |
762,112,343 |
2,054,166,300 |
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Bank Details |
Industrial
Bank of Korea Busan
Branch |
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Corporate Registered No. |
184511-0000147 |
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Business Registered No. |
621-81-09054 |
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Permit & Licenses |
10/27/2000
ISO 9001 |
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Shareholder Position |
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Company History |
Apr-74 Founded Myeong Shin Chemical Ind.co.,
Ltd. Oct-74 Completed the construction of
Carrageenan Factory (Technical cooperation with NISSIN KASEI, Japan) Jun-87 Established Annexed R&D
Institute. (Ministry of Science and Technology No.462) Mar-91 Won official commendation for an
Exemplary Taxpayer (by the Commissioner of the Office of National
Taxation) Nov-91 Awarded the Export Tower Trophy and
Minister of Commerce and Industry's Award at the 28th Trade Day. Oct-93 Listed Stock on
KOSDAQ(over-the-counter market.) Mar-94 Designated as the Military Service
Preference Company (The Military of National Defense No. 94-4) Nov-95 Awarded an Export Trophy on the 32nd
Trading Day ($10 Million). May-96 Won Presidential Commendation for an
Exemplary Minor Enterprise Dec-96 Won Official Commendation for
exporting $10 million worth agricultural & marine products (by
the Governor of Kyeongnam Province) May-97 Built a new refrigerating
plant (total floor space of 5,189.16m²) Dec-97 Changed the company name into MSC Co.,
Ltd. Jun-98 Asset Revaluation the Property
Revalution (Revaluation Surplus: 1.097 billion won) Oct-98 Increased Paid-in Share Capital to 4.4
billion won Nov-98 Designated as a Venture
Enterprise (Small and Medium Business Administration) Dec-98 Won the Bronze Prize at the 21st
Venture Enterprise Award (The Ministry of Science and Technology) Jun-00 Set up a full set of PET Bottling
Line Oct-00 Acquired ISO 9001 quality certificate Oct-01 Completed Seoul Branch Office Building
& Opened Seoul Flavors Research Laboratory Dec-01 Completed installation of ERP system Oct-02 Established Genfood Flavor Corporation
as an affiliate. Jan-04 Completed a new Building for the MSC
Annexed "Food Technology Research Institute" Mar-04 Rewarded an Exemplary Company Award by
the Ministry of Commerce, Industry and Energy May-05 Awarded a Testimonial for
labor-management cooperation and innovative management Dec-05 Acquired Quality Certification for
organically farmed agricultural products processing company |
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Products, Technologies, Services
Description
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Main
Products & Services |
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Detailed
Products Spec. |
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Technologies
Acquired |
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Organization Structure
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Suppliers |
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Customers |
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Competitors |
The
subject’s market share is the highest in the market. |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
GENFOOD
CO., LTD. Address
: 491-5 Soju Ungsang Yangsan Kyeongnam Korea Telephone:
+82-55-389-1864 Miryang
Agar Agar Co., Ltd Myeongshin
Fertilizer |
|
Overseas
Office |
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Liaison
Office |
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Overseas
Branch |
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Join
Venture |
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Subsidiary |
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Corporate
Ownership |
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Major
Shareholders |
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Cooperative
Enterprise |
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Sales
Spread
|
Unit : Mil KRW |
2005 |
2004 |
2003 |
|
Export |
19,087 |
18,340 |
18,459 |
|
Domestic |
49,523 |
47,764 |
55,532 |
|
Total |
68,610 |
66,104 |
73,991 |
The subject
exports to Denmark, Japan and USA.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |