MIRA
INFORM REPORT
|
Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MSC CO., LTD. |
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Registered Office : |
439-13, Soju-dong, Yangsan-si, Gyeongsangnam-do, 626-280 |
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Country : |
Korea |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
12.04.1974 |
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Com. Reg. No.: |
621-81-09054 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Other Food Additive Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
MSC CO., LTD. |
|
Registered Address/Factory |
439-13, Soju-dong, Yangsan-si,
Gyeongsangnam-do, Korea |
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Zip Code |
626-280 |
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Tel |
+82-55-389-1001~20 |
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Fax |
+82-55-366-0478 |
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E-mail |
msc@msckorea.com;
mscjp@msckorea.com;exp@msckorea.com |
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Website |
www.msckorea.com |
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Trading Address |
12-2, Sunae-dong, Bundang-gu, Seongnam-si,
Gyeonggi-do, Korea |
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Tel |
+82-31-719-4161 |
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Fax |
+82-31-719-4160 |
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Type |
Export |
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Industry |
Manufacture of Other Food Additive Products |
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Main Business |
Carrageenan, Natural Food Colors |
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Established (mm/dd/yyyy) |
04/12/1974 |
The Subject owns the
premises of registered HQ address/Factory (45,157㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Prepared and preserved foods(50190000) |
|
Sell |
Shelf stable aquatic plants(50121804) |
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Sell |
Shelf stable juice(50202304) |
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Sell |
Cooking sauce(50171831) |
CEO’s
|
Name |
Suh Jae-Bong |
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Date of Birth |
07/12/1945 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
4,400,000,000 KRW |
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Employees |
317 |
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Formation |
Listed Company(KOSDAQ : 009780) as of
04/01/1997 |
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Bank Details |
Busan Bank-International Business Operating
Team Industrial Bank of Korea-Busan Branch Kookmin Bank Woori Bank |
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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 Int’l Trade No.: 751036 |
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Shareholder Position |
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Company History |
04/01/1974 Founded
Myeong Shin Chemical Ind.co., Ltd. 10/01/1974 Completed
the construction of Carrageenan Factory (Technical cooperation with
NISSIN KASEI, Japan) 06/01/1987 Established
Annexed R&D Institute. (Ministry of Science and Technology No.462) 03/01/1991 Won
official commendation for an Exemplary Taxpayer (by the Commissioner of
the Office of National Taxation) 11/01/1991 Awarded
the Export Tower Trophy and Minister of Commerce and Industry's Award at
the 28th Trade Day. 10/01/1993 Listed
Stock on KOSDAQ(over-the-counter market.) 03/01/1994 Designated
as the Military Service Preference Company (The Military of National
Defense No. 94-4) 11/01/1995 Awarded
an Export Trophy on the 32nd Trading Day ($10 Million). 05/01/1996 Won
Presidential Commendation for an Exemplary Minor Enterprise 12/01/1996 Won
Official Commendation for exporting $10 million worth agricultural &
marine products (by the Governor of Kyeongnam Province) 05/01/1997 Built
a new refrigerating plant (total floor space of 5,189.16m²) 12/01/1997 Changed
the company name into MSC Co., Ltd. 06/01/1998 Asset
Revaluation the Property Revalution (Revaluation Surplus: 1.097 billion
won) 10/01/1998 Increased
Paid-in Share Capital to 4.4 billion won 11/01/1998 Designated
as a Venture Enterprise (Small and Medium Business Administration) 12/01/1998 Won
the Bronze Prize at the 21st Venture Enterprise Award (The Ministry of
Science and Technology) 06/01/2000 Set
up a full set of PET Bottling Line 10/01/2000 Acquired
ISO 9001 quality certificate 10/01/2001 Completed
Seoul Branch Office Building & Opened Seoul Flavors Research
Laboratory 12/01/2001 Completed
installation of ERP system 10/01/2002 Established
Genfood Flavor Corporation as an affiliate. 01/01/2004 Completed
a new Building for the MSC Annexed "Food Technology Research
Institute" 03/01/2004 Rewarded
an Exemplary Company Award by the Ministry of Commerce, Industry and
Energy 05/01/2005 Awarded
a Testimonial for labor-management cooperation and innovative management 12/01/2005 Acquired
Quality Certification for organically farmed agricultural products
processing company 07/01/2006 Completed
the construction of Genfood factory (5,527m²) 07/01/2006 Genfood
authorized HACCP by KFDA (Retort Foods) 06/01/2008 Designated
as a Technology Innovation Small & Medium Business Enterprise 08/01/2008 Designated
as a GMP application company |
The Subject Company
is a Korean company that is principally engaged in the production and sale of
food additives. The Company's main products are carrageenan, a natural seaweed hydrocolloid
used as jelly agent in dairy meat products, instant jelly mix powders,
pharmaceuticals and cosmetics products; non-digestible polysaccharide extracted
from red algae that is used for jellies, cookies and bacteriological
cultivation bases, as well as natural food colors, concentrated juices,
seasonings, spice and flavors. The Company also produces and markets functional
food ingredients, various sauces and other food additives.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Suh Jae-Bong |
Korean |
1945.07.12 |
Korea University |
|
Director |
Mr. |
Kim Kil-Je |
Korean |
1946.08.05 |
Hanyang University |
|
Auditor |
Mr. |
Kim Il-Seok |
Korean |
1948.01.08 |
Dongah University |
|
Outside Director |
Mr. |
Chang Joon-Ki |
Korean |
1947.07.21 |
Kyunghee University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
77,015,570,864 |
91,688,850,062 |
1,435,508,591 |
|
|
2006 |
72,550,343,460 |
93,437,307,134 |
2,971,876,938 |
|
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 |
|
2003 |
73,991,090,720 |
81,792,980,506 |
1,328,938,145 |
Financial Description
Unit: KRW
|
Authorized
Capital |
12,000,000,000 |
|
Paid-Up
Capital |
4,400,000,000 |
|
Total Issues Shares |
880,000 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~06/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
96,167,165,049 |
91,688,850,062 |
93,437,307,134 |
|
Current Assets |
45,706,568,966 |
40,709,915,608 |
41,732,929,625 |
|
-Quick Assets |
18,003,980,891 |
15,495,624,223 |
15,049,178,154 |
|
-Inventories |
27,702,588,075 |
25,214,291,385 |
26,683,751,471 |
|
Fixed Assets |
50,460,596,083 |
50,978,934,454 |
51,704,377,509 |
|
-Investment |
3,071,029,477 |
2,756,703,866 |
2,563,326,610 |
|
-Tangibles |
44,509,699,873 |
45,589,730,434 |
47,403,716,395 |
|
-Intangibles |
225,600 |
390,800 |
721,200 |
|
-Others |
2,879,641,133 |
2,632,109,354 |
1,736,613,304 |
|
Total Liabilities |
64,514,594,461 |
60,364,786,789 |
63,949,008,162 |
|
Current Liabilities |
54,288,037,895 |
50,393,955,710 |
27,027,248,442 |
|
Fixed Liabilities |
10,226,556,566 |
9,970,831,079 |
36,921,759,720 |
|
Capital Stock |
4,400,000,000 |
4,400,000,000 |
4,400,000,000 |
|
Capital Surplus |
6,924,786,303 |
6,924,786,303 |
6,924,786,303 |
|
Profit Surplus |
21,055,268,269 |
20,565,538,003 |
19,372,981,262 |
|
Capital Adjustment |
-727,483,984 |
-566,261,033 |
-1,209,468,593 |
|
Total Equity |
31,652,570,588 |
31,324,063,273 |
29,488,298,972 |
|
Liab. &
Shareholder’s Equity |
96,167,165,049 |
91,688,850,062 |
93,437,307,134 |
|
Current
Liabilities |
54,288,037,895 |
50,393,955,710 |
27,027,248,442 |
|
Trade Payables |
5,590,335,169 |
3,416,665,283 |
3,997,722,522 |
|
Account Payables |
3,068,607,107 |
2,426,306,851 |
3,051,097,292 |
|
Short-Term Borrowings |
29,247,897,912 |
14,628,751,072 |
16,042,835,979 |
|
Advance Receipts |
1,308,519,500 |
1,271,487,800 |
1,418,868,750 |
|
Withholdings |
226,822,898 |
380,459,249 |
283,524,060 |
|
Accrued Income Tax |
69,373,042 |
125,734,091 |
227,547,057 |
|
Accrued Expenses |
1,038,918,591 |
711,226,834 |
763,523,829 |
|
Current Portion of Debentures |
4,000,000,000 |
4,000,000,000 |
- |
|
Current Portion of Long-Term Debts |
9,714,920,000 |
23,199,200,000 |
1,158,100,000 |
|
Deferred Income Tax Credit |
22,643,676 |
234,124,530 |
84,028,953 |
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Fixed
Liabilities |
10,226,556,566 |
9,970,831,079 |
36,921,759,720 |
|
Debenture |
- |
- |
4,000,000,000 |
|
Long-Term Borrowings |
1,599,800,000 |
1,919,760,000 |
25,118,960,000 |
|
Provision for Severance & Retirement |
8,405,244,266 |
7,828,755,879 |
7,595,711,920 |
|
Others |
362,000,000 |
372,000,000 |
372,000,000 |
Income
Statement
|
Unit : Korean Won |
01/01/2008~06/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
36,244,857,231 |
77,015,570,864 |
72,550,343,460 |
|
Cost of Sold Goods |
28,828,114,570 |
60,997,587,642 |
55,803,695,734 |
|
Gross Profit |
7,416,742,661 |
16,017,983,222 |
16,746,647,726 |
|
Selling & Admin. Expenses |
5,925,071,354 |
11,878,809,860 |
13,061,810,407 |
|
Operating Income |
1,491,671,307 |
4,139,173,362 |
3,684,837,319 |
|
Non-Operating Income |
671,960,354 |
887,557,126 |
3,025,605,608 |
|
Non-Operating expenses |
1,782,498,474 |
3,871,803,170 |
3,619,601,860 |
|
Ordinary Income |
381,133,187 |
1,154,927,318 |
3,090,841,067 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
381,133,187 |
1,154,927,318 |
3,090,841,067 |
|
Income Taxes Expenses |
-320,048,929 |
-280,581,273 |
118,964,129 |
|
Net Income |
701,182,116 |
1,435,508,591 |
2,971,876,938 |
Cash
Flows
|
Unit : Korean Won |
01/01/2008~06/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
340,517,238 |
7,743,034,761 |
3,670,251,909 |
|
-Net Income |
701,182,116 |
1,435,508,591 |
2,971,876,938 |
|
-Exp. without Cash Outflow |
3,499,176,366 |
6,885,030,137 |
6,307,982,460 |
|
-Revenue
without Cash Inflows |
(-)86,464,038 |
(-)39,508,081 |
(-)2,197,331,251 |
|
-Changes in
Asset/ & Liability |
(-)3,773,377,206 |
(-)537,995,886 |
(-)3,412,276,238 |
|
Cash Flows
from Investing |
(-)1,403,644,184 |
(-)4,473,985,946 |
(-)5,869,017,011 |
|
-Cash Inflow
from Investing |
9,418,202,806 |
13,953,910,100 |
17,984,006,188 |
|
-Cash
Outflows for Investing |
(-)10,821,846,990 |
(-)18,427,896,046 |
(-)23,853,023,199 |
|
Cash Flows
from Financing |
1,211,458,238 |
(-)3,439,630,980 |
2,638,366,492 |
|
-Cash
Inflows from Financing |
60,137,246,914 |
81,585,896,658 |
83,719,209,198 |
|
-Cash
Outflows from Financing |
(-)58,925,788,676 |
(-)85,025,527,638 |
(-)81,080,842,706 |
|
Increase/Decrease in Cash |
148,331,292 |
(-)170,582,165 |
439,601,390 |
|
Cash at the Beginning of Year |
1,057,448,935 |
1,228,031,100 |
788,429,710 |
|
Cash at the End of Year |
1,205,780,227 |
1,057,448,935 |
1,228,031,100 |
Products, Technologies, Services
Description
|
Main Products
& Services |
Food additives Natural food colors Concentrated juices Seasonings Sauces Flavors, Nano calcium Functional food ingredients Carrageenan Carrageenan is a polysaccharide extracted
from red algae that grows in clean seawater area, and works as the most
suitable gelatinizer in various food systems. It is used in processing of foods as
suspending and emulsifying stabilizer, swelling agent, fat replacer, binder,
dietary fiber, crystallization inhibitor, and gelling agent. Aside from then use for food products, it
is now finding a variety of applications in pharmaceuticals, cosmetics, and
other miscellaneous areas. Agar-agar Agar-agar is a non-digestible polysaccharide extracted from red algae
such as Gelidium amansii growing in clean seawater area. Having been used as
a material for home cooking since the old days, Agar-agar is now widely used
for making jellies, cookies, tissue culture, and bacteriological cultivation
base. Concentrated juices It produces concentrated juices alive with their natural freshness
from strictly selected quality fruits and vegetables supplied directly from
farms. Beverage Line It serves to diversified customer requirements for PET bottling and
Spout-Pouch filling of a wide range of beverages, including carbonated or
emulsified beverages, tea beverages, functional beverages, and jelly drinks. Seasonings Being produced from natural raw materials such as cereals, fisheries
and vegetables, its seasonings help food products enhance their original
tastes and flavors with pure natural smoothness. |
Trade
Partners
|
Suppliers |
TUNSA-INDONESIA PUKAMAYO-PERU MIRYANG AGAR-AGAR CO., LTD.(191311-0002536) MYEONGSHIN FERTILIZER CO., LTD.(181211-0031406) |
|
Customers |
GENFOOD CO., LTD.( 234111-0030240) |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
MIRYANG AGAR-AGAR CO., LTD.(191311-0002536) (33.93% held by the subject company) 2191-3, SONGBAEK-RI, SANNAE-MYEON, MIRYANG-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-352-0547 FAX:+82-55-352-0548 MYEONGSHIN FERTILIZER CO., LTD.(181211-0031406) (40.00% held by the subject company) SAN277-1, JAKDONG-RI, SAMDONG-MYEON,
ULJU-GUN, ULSAN, KOREA TEL:+82-52-264-8951 FAX:+82-52-264-8956 GENFOOD CO., LTD.( 234111-0030240) (14.00% held by the subject company) 491-5 SOJU YANGSAN-SI, KYEONGNAM-DO, KOREA TEL:+82-55-389-1864 |
|
Subsidiary |
QINGDAO MYEONGSHIN FOOD CO., LTD-CHINA (100.00 held by the subject company) SHANGHAI AEMIHEE FOOD CO., LTD.-CHINA (100.00 held by the subject company) MYANMAR MSC CO., LTD (100.00 held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company FIRST FIRE & MARINE INSURANCE
CO.,LTD(110111-0017586) SAMSUNG FIRE & MARINE INSURANCE CO.,
LTD(110111-0005078) DONGBU INSURANCE CO., LTD(110111-0095285) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
17,899 |
18,762 |
19,087 |
|
Domestic |
59,117 |
53,788 |
49,523 |
|
Total |
77,016 |
72,550 |
68,610 |
The Subject exports to Denmark, Japan and USA. And it imports from
India, Turkey and Egypt.
Court
Action
No.
News
Clipping
-
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.62 |
|
UK Pound |
1 |
Rs.76.71 |
|
Euro |
1 |
Rs.61.30 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)