|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICHANG OIL IND. CO., LTD. |
|
|
|
|
Registered Office : |
201, Dongsam 3-dong, Yeongdo-gu, Busan, Korea
606-805 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
28.12.1963 |
|
|
|
|
Com. Reg. No.: |
601-81-08046 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Lubricating Oils and Greases |
|
|
|
|
No. of Employees : |
75 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, 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 6.9% in 1998, and then recovered by 9% in 1999-2000. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.
Source
: CIA
|
Company
Name |
MICHANG OIL IND. CO., LTD. (Korean Company Name : “미창석유공업(주)”) |
|
Registered Address |
201, Dongsam 3-dong, Yeongdo-gu, Busan,
Korea |
|
Zip Code |
606-805 |
|
Tel |
+82-51-403-6441 +82-51-409-5019 |
|
Fax |
+82-51-403-6440 |
|
E-mail |
mickjy@michang.co.kr |
|
Website |
www.michang.co.kr |
|
Trading Address |
Shinwon B/D., 20-19, Yangjae-dong
,Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-574-5115 |
|
Fax |
+82-2-574-1877 |
|
Other Address-Ulsan Factory |
306-1, Hwangseong-dong, Nam-gu, Ulsan,
Korea |
|
Tel |
+82-52-256-7851 |
|
Fax |
+82-52-256-4005 |
|
Other Address-Ansan Factory |
Rm. 4-1, 4B, Banwol Gongdan, 740-8, Wonsi-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-492-8090 |
|
Fax |
+82-31-492-8093 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Lubricating Oils and Greases |
|
Main
Business |
Rubber Match Existence, Lubricant, Electrical Insulating Oil |
|
Established (mm/dd/yyyy) |
12/28/1963 |
The Subject owns
the premises of registered HQ address(19,242 ㎡), Ulsan Factory(37,454 ㎡) and Ansan Factory(5,375 ㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Gear oil(15121503) |
|
Sell |
Engine oil(15121501) |
|
Sell |
Hydrocarbonated solvents(12191500) |
|
Sell |
Paraffins(12181503) |
|
Sell |
Lubricating preparations(15121500) |
|
Sell |
Transformer oil(15121505) |
|
Sell |
Hydraulic oil(15121504) |
|
Sell |
Hydrocarbonated solvents(12191500) |
|
Name |
Yoo Jae-Soon |
|
Date of Birth |
11/02/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
8,698,360,000 |
|||||||||||||||||||||
|
Employees |
75 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange:
003650) as of 09/27/1989 Foreign Direct Investment Corporation |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Busan Branch Woori Bank Korea Exchange Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
180111-0000537 |
|||||||||||||||||||||
|
Business Registered No. |
601-81-08046 |
|||||||||||||||||||||
|
Permit & Licenses |
11/30/1967 KS 12/1971 KS 06/1991 KS 10/1994 KS 01/2000 ISO 9001 01/19/2003 ISO 9001 03/2008 ISO 14001 Int’l Trade No.: 832429 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
12/27/1962 Established as Michang Oil
Industry Co. 12/28/1963 Incorporated as the present
name 11/01/1978 Acquired Daehan Refinery
Industries Co., Ltd. 07/25/1985 Designated as A Promising SMEs
by Korea Exchange Bank |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Yoo Jae-Soon |
Korean |
1957.11.02 |
Dongkuk University, Korea |
|
Director |
Mr. |
Sunami Motoshi |
Japanese |
1959.03.04 |
- |
|
Outside Director |
Mr. |
Lee Jung-Hern |
Korean |
1956.11.12 |
Sungkyunkwan University, Korea |
|
Auditor |
Mr. |
Kim Jung-Taik |
Korean |
1951.05.07 |
Dongah University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
319,944,154,552 |
206,933,613,066 |
18,682,510,883 |
|
|
(*)2011 |
397,739,649,644 |
194,067,727,470 |
20,913,329,299 |
|
(*)2010 |
339,331,179,856 |
183,066,928,336 |
22,101,821,474 |
|
2009 |
283,108,914,393 |
165,312,768,172 |
25,266,807,567 |
|
2008 |
313,231,928,086 |
127,804,243,865 |
21,462,116,500 |
|
2007 |
203,291,382,225 |
92,204,202,107 |
10,745,742,028 |
|
2006 |
202,530,051,966 |
75,743,859,199 |
5,922,848,790 |
|
2005 |
172,815,239,751 |
73,602,335,615 |
5,440,442,528 |
|
2004 |
154,532,998,127 |
65,579,256,438 |
7,356,062,609 |
|
2003 |
128,094,976,245 |
58,334,927,606 |
6,607,461,742 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
8,698,360,000 |
|
Total Issues Shares |
1,739,672 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
206,933,613,066 |
194,067,727,470 |
183,066,928,336 |
|
Current
Assets |
156,172,498,650 |
139,111,192,015 |
141,845,858,146 |
|
Cash & Cash Equivalents |
584,156,175 |
1,676,597,290 |
932,213,991 |
|
Other Finance Assets |
8,800,000,000 |
3,000,000,000 |
22,038,500,000 |
|
Trade Receivables & Other
Receivables |
77,317,580,549 |
71,089,377,035 |
57,622,436,232 |
|
Other Current Assets |
5,780,111,155 |
5,591,758,028 |
10,512,827,198 |
|
Inventories |
63,690,650,771 |
57,753,459,662 |
50,739,880,725 |
|
Non-Current
Assets |
50,761,114,416 |
54,956,535,455 |
41,221,070,190 |
|
Non-Current Financial Instruments |
8,500,000 |
8,500,000 |
8,500,000 |
|
Marketable Financial Instruments |
1,796,477,731 |
2,075,477,731 |
4,755,003,581 |
|
Investment_Related Companies |
3,814,701,478 |
3,314,021,365 |
2,912,824,942 |
|
Tangibles |
38,362,452,861 |
34,516,115,324 |
20,092,264,635 |
|
Investment_Real Estates |
4,394,878,457 |
12,631,457,407 |
12,656,634,932 |
|
Long-Term Trade Receivables &
Other Receivables |
1,714,508,900 |
1,744,508,900 |
795,842,100 |
|
Deferred Income Tax Assets |
669,594,989 |
666,454,728 |
0 |
|
Total
Liabilities |
44,808,281,900 |
45,791,026,692 |
50,074,730,258 |
|
Current
Liabilities |
42,146,403,905 |
44,171,505,913 |
48,885,972,757 |
|
Trade Payables & Other
Payables |
29,093,978,310 |
27,182,824,592 |
29,579,734,640 |
|
Short-Term Borrowings |
8,361,263,000 |
12,573,632,200 |
16,275,716,700 |
|
Other Current Liabilities |
808,176,637 |
264,003,821 |
233,350,271 |
|
Deferred Income Tax Credit |
3,882,985,958 |
4,151,045,300 |
2,797,171,146 |
|
Non-Current
Liabilities |
2,661,877,995 |
1,619,520,779 |
1,188,757,501 |
|
Long-Term Trade Payables &
Other Payables |
0 |
425,000,000 |
430,000,000 |
|
Provision for Severance &
Retirement |
2,661,877,995 |
1,194,520,779 |
36,186,074 |
|
Deferred Income Tax Credit |
0 |
0 |
722,571,427 |
|
Capital
Stock |
8,698,360,000 |
8,698,360,000 |
8,698,360,000 |
|
Capital Surplus |
13,137,463,470 |
13,137,463,470 |
13,137,463,470 |
|
Capital Adjustment |
-195,629,360 |
-195,629,360 |
-195,629,360 |
|
Others |
72,695,049 |
290,315,049 |
1,489,945,196 |
|
Profit Surplus |
140,412,442,007 |
126,346,191,619 |
109,862,058,772 |
|
Total Equity |
162,125,331,166 |
148,276,700,778 |
132,992,198,078 |
|
Liab. & Shareholder’s Equity |
206,933,613,066 |
194,067,727,470 |
183,066,928,336 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
319,944,154,552 |
397,739,649,644 |
339,331,179,856 |
|
Cost of Sold Goods |
284,849,971,044 |
362,023,378,191 |
302,322,967,860 |
|
Gross Profit |
35,094,183,508 |
35,716,271,453 |
37,008,211,996 |
|
Selling & Admin. Expenses |
10,475,883,487 |
13,627,423,461 |
12,343,474,775 |
|
Other Operating Income |
2,988,665,332 |
13,099,002,388 |
5,864,615,039 |
|
Other Operating Expenses |
3,757,503,889 |
9,261,641,209 |
3,466,104,416 |
|
Operating Income |
23,849,461,464 |
25,926,209,171 |
27,063,247,844 |
|
Finance Income |
878,334,575 |
1,868,222,459 |
2,255,624,417 |
|
Finance Expenses |
730,001,356 |
1,699,080,446 |
1,483,019,908 |
|
Profits from Investment on Related Companies |
500,680,113 |
1,303,896,423 |
1,305,654,722 |
|
Income Before Taxes |
24,498,474,796 |
27,399,247,607 |
29,141,507,075 |
|
Income Taxes Expenses |
5,815,963,913 |
6,485,918,308 |
7,039,685,601 |
|
Net Income |
18,682,510,883 |
20,913,329,299 |
22,101,821,474 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
10,888,664,608 |
-2,843,818,735 |
8,112,952,766 |
|
Net Income |
18,682,510,883 |
20,913,329,299 |
22,101,821,474 |
|
Adjustment |
8,433,816,354 |
-401,563,257 |
5,996,675,508 |
|
Changes in Asset/ & Liability |
-10,513,838,903 |
-18,749,459,901 |
-12,558,723,722 |
|
Interests Received |
181,293,868 |
859,849,623 |
723,366,757 |
|
Interests Paid |
-276,323,794 |
-698,906,873 |
-401,434,953 |
|
Dividends Received |
77,182,500 |
1,138,599,900 |
989,669,300 |
|
Income Taxes |
-5,695,976,300 |
-5,905,667,526 |
-8,738,421,598 |
|
Cash Flows from Investing |
-3,929,163,987 |
10,856,062,710 |
88,454,742 |
|
Cash Flows from Financing |
-8,047,076,200 |
-7,267,855,600 |
-8,800,931,095 |
|
Increase/Decrease in Cash |
-1,089,981,115 |
744,383,299 |
-599,524,251 |
|
Cash at the Beginning of Year |
1,676,597,290 |
932,213,991 |
1,531,738,242 |
|
Cash at the End of Year |
586,616,175 |
1,676,597,290 |
932,213,991 |
|
Main Products & Services |
Automotive Lubricants -Gasoline Engine Oil -Diesel Engine Oil -Gear Oil Marine Lubricants -Cylinder Oil for Crosshead Type and Trunk
- Piston Type Diesel Engines -Medium, High-Speed Trunk-Piston Type
Diesel Engine Oils -Engine Oils for Fishing Boats Industrial Lubricants -Hydraulic Oils -Machine Oils -Gear Oils -Turbine Oils -Refrigerating Machine Oils -Electric Discharge Machine Oils Transformer Oil Process Oil -The Paraffin Process Oil -The Naphthene Process Oil -The Aromatic Process Oil Liquid Paraffin -Medicines, Cosmetics -Food Additives -Textile, Chemical Industry Hydro-carbon Solvents & Cleaners -Hydro-Carbon Solvents -Cleaners Brand Name: MICKING, ENEOS, PROCESS OIL,
MICTRANS, D-ATF SP |
|
Suppliers |
NIPPON OIL CORPORATION-JAPAN S-OIL CORPORATION(110111-0189955) SK HOLDINGS CO., LTD.(110111-0022816) |
|
Customers |
NIPPON OIL CORPORATION-JAPAN ELF-FRANCE BP-UK CASTROL-UK |
|
Competitors |
HANKOOK SHELL OIL CO., LTD.(180111-0002591) KUKDONG OIL＆CHEMICALS
CO., LTD. (184511-0001335) KOREA PETRO INDUSTRIAL CO.,
LTD(110111-0048490) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
BUSAN STAR MOTROS CO., LTD.(180111-0338029) (30.09% held by the subject company) |
|
Subsidiary |
ETECH CREDIT CO., LTD. (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company FIRST FIRE & MARINE INSURANCE
CO.,LTD.(110111-0017586) HYUNDAIMARINE&FIREINSURANCECO.,LTD.(110111-0035893) DONGBU INSURANCE CO.,LTD.(110111-0095285) AMERICAN HOME INSURANCE CORPORATION -Technical Support from JX NIPPON OIL & ENERGY CORPORATION(JAPAN) |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
177,943,423 |
203,284,222 |
170,723,852 |
|
Domestic |
142,000,731 |
194,455,427 |
168,607,328 |
|
Total |
319,944,154 |
397,739,649 |
339,331,180 |
The Subject exports to UK, USA, Japan and France.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.