MIRA INFORM REPORT

 

 

Report Date :

24.09.2014

 

IDENTIFICATION DETAILS

 

Name :

HYUNDAI AND SHELL BASE OIL CO., LTD.

 

 

Registered Office :

182, Pyeongsin 2-ro, Daesan-eup, Seosan-si, Chungcheongnam-do, Korea 356-874

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.12.2012

 

 

Com. Reg. No.:

316-81-19188

 

 

Legal Form :

Co., Ltd by Shares

 

 

LINE OF BUSINESS :

MANUFACTURE OF LUBRICATING OILS AND GREASES

 

 

No. of Employees :

7

 

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 :

Slow but correct

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 is currently the world's 12th largest economy. 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. 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 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

Source : CIA

 

Basic Information

 

Basic

 

Company Name

HYUNDAI AND SHELL BASE OIL CO., LTD.

Registered Address

182, Pyeongsin 2-ro, Daesan-eup, Seosan-si, Chungcheongnam-do, Korea

Zip Code

356-874

Tel

+82-2-2004-3044

Fax

+82-2-2004-3553

Website

www.hsbaseoil.com

Trading Address

182, Pyeongsin 2-ro, Daesan-eup, Seosan-si, Chungcheongnam-do, Korea

(Old Address System : 640-6, Daejuk-ri, Daesan-eup, Seosan-si, Chungcheongnam-do, Korea)

Tel

+82-2-2004-3044

Fax

+82-2-2004-3553

Other Address

20th Floor, Yonsei Severance Bldg., 10, Tongil-ro, Jung-gu, Seoul, Korea

Tel

+82-2-2004-3496

Fax

+82-2-2004-3553

Type

Export/Import

Industry

Manufacture of Lubricating Oils and Greases

  Main Business

Lubricants, Grease

Established (mm/dd/yyyy)

04/12/2012

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Grease(15121902)

Sell

Engine oil(15121501)

Sell

Brake oil(15121509)

Sell

Gear oil(15121503)

Sell

Lubricating preparations(15121500)

 

 

CEO’s

 

Name

Moon Jong-Bak

Address

Suite 335-1103, 5, Jamwon-ro 12-gil, Seocho-gu, Seoul, Korea

Date of Birth

10/27/1957

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

13,000,000,000

Employees

7

Formation

Co., Ltd by Shares

Foreign Direct Investment Corporation

A Company of HYUNDAI HEAVY INDUSTRIES GROUP

Bank Details

Korea Exchange Bank

Corporate Registered No.

161411-0027067

Business Registered No.

316-81-19188

Permit & Licenses

N/A

Shareholder Position

Name

Shares

%

HYUNDAI OILBANK CO., LTD.(110111-0090558)

1,080,000

60.00

THE SHELL PETROLEUM COMPANY LIMITED(SHELL CENTRE, LONDON,  SE1 7NA, UNITED KINGDOM)

720,000

40.00

TOTAL

1,800,000

100.00

(*)The list is based as of 12/31/2013.

Company History

04/12/2012 Incorporated as the present name

07/18/2013 Increased the authorized shares to 3,120,000 shares from 1,600,000 shares

01/16/2014 Increased capital to 13,000,000,000 KRW from 9,000,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Moon Jong-Bak

Male

Korean

01/16/2014

Director

Mr.

Ju Young-Min

Male

Korean

04/12/2012

Director

Mr.

Song Myung-Joon

Male

Korean

04/12/2012

Director

Mr.

Ee Chang Sern

Male

Singaporean

04/12/2012

Director

Mr.

Reint Jeroen Brink

Male

Netherlands

04/12/2012

Auditor

Mr.

Kim Dong-Won

Male

Korean

04/12/2012

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

 

180,566,659,180

2,050,805,031

2012

 

32,160,409,922

-430,306,127

 

 

Financial Description

 

Authorized Capital(KRW)

15,600,000,000

Paid-Up Capital(KRW)

13,000,000,000

Total Issued Shares

2,600,000

 

Balance Sheet

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

180,566,659,180

32,160,409,922

 

Current Assets

13,333,190,690

22,529,806,629

 

Cash & Cash Equivalents

9,626,674,810

16,449,268,762

 

Current Financial Instruments

-

5,000,000,000

 

Trade Receivables & Other Receivables

3,392,574,440

349,201,046

 

Deferred Income Tax Assets

60,115,741

44,052,650

 

Other Current Assets

253,825,699

687,284,171

 

Non-Current Assets

167,233,468,490

9,630,603,293

 

Tangibles

163,393,102,400

9,104,657,147

 

Intangibles

203,187,950

139,327,500

 

Deferred Income Tax Assets

3,637,178,140

386,618,646

 

Total Liabilities

88,995,045,158

2,595,516,049

 

Current Liabilities

8,950,753,454

2,595,516,049

 

Trade Payables & Other Payables

8,950,738,734

2,595,490,139

 

Other Current Liabilities

14,720

25,910

 

Non-Current Liabilities

80,044,291,704

-

 

Long-Term Borrowings

80,000,000,000

-

 

Confirmed Salaries

44,291,704

-

 

Capital Stock

9,000,000,000

3,000,000,000

 

Capital Surplus

80,955,595,910

26,995,200,000

 

Profit Surplus

1,616,018,112

-430,306,127

 

Total Equity

91,571,614,022

29,564,893,873

 

Liab. & Shareholder’s Equity

180,566,659,180

32,160,409,922

 

 

Income Statement

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

 

 

 

Cost of Sold Goods

 

 

 

Gross Profit

-

-

 

Selling & Admin. Expenses

1,619,710,630

1,227,560,446

 

Operating Income

-1,619,710,630

-1,227,560,446

 

Non-Operating Income

259,474,391

36,183,411

 

Non-Operating Expenses

219,158,780

2,530,438

 

Finance Income

381,640,366

378,269,700

 

Finance Expenses

654,526

1,287,000

 

Income Before Taxes

-1,198,409,179

-816,924,773

 

Income Taxes Expenses

-3,249,214,210

-386,618,646

 

Net Income

2,050,805,031

-430,306,127

 

 

Cash Flows

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

-5,973,408,518

754,810,992

 

Cash Flows from Operating

-5,309,256,005

484,200,479

 

Net Income

2,050,805,031

-430,306,127

 

-Exp. without Cash Outflow

-3,110,429,699

-329,861,063

 

-Revenue without Cash Inflows

-383,874,666

-378,269,700

 

-Changes in Asset/ & Liability

-3,865,756,671

1,622,637,369

 

Interests Received

438,284,536

314,663,163

 

Interests Paid

-1,086,373,958

-    

 

Income Taxes

-16,063,091

-44,052,650

 

Cash Flows from Investing

-140,809,581,344

-14,300,742,230

 

Cash Flows from Financing

139,960,395,910

9,995,200,000

 

Increase/Decrease in Cash

-6,822,593,952

-3,550,731,238

 

Cash at the Beginning of Year

16,449,268,762

20,000,000,000

 

Cash at the End of Year

9,626,674,810

16,449,268,762

 

 

Products, Technologies, Services Description

 

Main Products & Services

Lubricants, Grease

 

 

Trade Partners & Competitors

 

Competitors

GS CALTEX CORPORATION

GS GANGNAM TOWER, 679, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2005-1114  FAX:+82-2-2005-6051

 

S-OIL CORPORATION

45TH FL., KOREA LIFE INSURANCE 63 BLDG., 60, YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3772-5151  FAX:+82-2-786-4030

 

ISU CHEMICAL CO., LTD.

112-4, BANPO 4-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-590-6600  FAX:+82-2-590-6666

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386)

 

HYUNDAI MIPO DOCKYARD CO., LTD.(181211-0000526)

1381, BANGUH-DONG, TONG-GU, ULSAN 682-712 KOREA

TEL:+82-52-250-3114 FAX:+82-52-250-3059

INDUSTRY: SHIPBUILDING, CONVERSION, REPAIRING

 

HYUNDAI VENTURE INVESTMENT CORP.(110111-1399941)

4 FL. HYUNDAI BLDG. 77, MUGYO-DONG, JUNG-GU, SEOUL 100-775 KOREA

TEL:+82-2-728-8990 FAX:+82-2-728-8999

INDUSTRY: INVESTMENT IN VENTURE FIRMS

 

HYUNDAI FUTURES CORPORATION(110111-1367740)

3RD FL. HYUNDAI INVESTMENT TRUST & SECURITIES BLDG., 23-4 YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL 150-725 KOREA

TEL:+82-2-788-7000  FAX:+82-2-788-7040

INDUSTRY: COMMODITY EXCHANGE

 

HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.( 205411-0003915)

1700, YONGDANG-RI, SAMHO-MYEON, YEONGAM-GUN, JEONNAM-DO 526-751 KOREA

TEL:+82-61-460-2114 FAX:+82-61-460-3701

INDUSTRY: BUILDING OF STEEL SHIPS

 

HYUNDAI FINANCE CORP.(110111-1238628)

HYUNDAI BLDG. EAST 77, MUGYO-DONG, JUNG-GU, SEOUL 100-170 KOREA

TEL:+82-2-728-8800 FAX:+82-2-728-8887

INDUSTRY: OTHER CREDIT GRANTING N.E.C.

Affiliates

MIPO ENGINEERING CO., LTD.(230111-0108075)

4TH FL., GISEONG BLDG., 1304-10, DAL-DONG, NAM-GU, ULSAN, KOREA

TEL:+82-52-261-7101  FAX:+82-52-261-8796

 

ULSAN HYUNDAI FOOTBALL CLUB CO.,LTD.(230111-0141413)

137-1, SEOBU-DONG, DONG-GU, ULSAN, KOREA

TEL:+82-52-202-6141~4  FAX:+82-52-202-6145

 

WARTSILA-HYUNDAI ENGINE COMPANY LTD(205414-0004701)

5B, DAEBUL INDUSTRIAL COMPLEX, 611-2, NABUL-RI, SAMHO-EUP, YEONGAM-GUN, JEOLLANAM-DO, KOREA

TEL:+82-61-983-1107  FAX:+82-61-983-1110

 

HYMS CO., LTD.(230111-0143443)

RM. 208, MAEGOK INDUSTRIAL COMPLEX, 342-2, MAEGOK-DONG, BUK-GU, ULSAN, KOREA

TEL:+82-52-203-9073  FAX:+82-52-203-9092

 

KOMAS CORPORATION(230111-0146231) (100.0%

686, BANGEO-DONG, DONG-GU, ULSAN, KOREA

TEL:+82-52-202-1458  FAX:+82-52-202-1424

 

HI INVESTMENT & SECURITIES CO.,LTD.(180111-0093095)

153-10, ONCHEON 1-DONG, DONGNAE-GU, BUSAN, KOREA

TEL:+82-51-554-5111  FAX:+82-51-554-5222

 

HI ASSET MANAGEMENT CO., LTD.(110111-165498)

25, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-727-2734 FAX:+82-2-727-2897

 

HYUNDAI CORPORATION(110111-0205850)

11TH FI., HYUNDAI BLDG., 140-2, GYE-DONG, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-390-1114  FAX:+82-2-390-1101

 

HYUNDAI OILBANK CO., LTD.(110111-0090558)

640-6. DAEJUK-RI, DAESAN-EUP, SEOSAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-660-5114  FAX:+82-41-660-5111

Affiliates

HOTEL HYUNDAI GYEONGPODAE CO., LTD.(141111-0031183)

274-1, GANGMUN-DONG, GANGNEUNG-SI, GANGWON-DO, KOREA

TEL:+82-33-651-2233  FAX:+82-33-644-2203

 

HOTEL HYUNDAI CO., LTD.(134511-0045797)

(100.0% held by the subject company)

477-2, SINPYEONG-DONG, GYEONGJU-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-748-2233  FAX:+82-54-748-8234

 

TAEBAEK WIND POWER CO., LTD.(144811-0007492)

524-153, HASAMI-DONG, TAEBAEK-SI, GANGWON-DO, KOREA

TEL:+82-2-746-8402 FAX:+82-2-746-7675

 

MUJU WIND POWER CO., LTD.(210111-0070434)

CHANGJUK WIND PIWER CO., LTD.(144811-0008101)

HYUNDAI RESOURCES DEVELOPMENT CO., LTD.(110111-4573807)

HYUNDAI-AVANCICS CO., LTD.(150111-0142989)

HYUNDAI COSMO PETROCHEMICAL CO., LTD.(161411-0022364)

HYUNDAI OI L TERMINAL CO., LTD.(230111-0188027)

NEW KOREA COUNTRY CLUB CO., LTD.(114711-0000014)

Affiliates-Overseas

HYUNDAI TECHNOLOGIES CENTER HUNGARY KFT

HYUNDAI HEAVY INDUSTRIES CO. BULGARIA

HYUNDAI HEAVY INDUSTRIES EUROPE N.V.

HYUNDAI CONSTRUCTION EQUIPMENT AMERICAS, INC.

VLADIVOSTOK BUSINESS CENTER CO., LTD.

WEI HYUNDAI WIND POWER TECHNOLOGY CO., LTD.(CHINA)

HYUNDAI(SHANDONG) HEAVY INDUSTRIES MACHINERY CO., LTD.(CHINA)

HYUNDAI ELECTRIC SYSTEMS ALABAMA, INC.

HYUNDAI HEAVY INDUSTRIES(SHANGHAI) CO., LTD.(CHINA)

YANTAI HYUNDAI HEAVY INDUSTRIES CO., LTD.

Corporate Ownership

HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386)

HYUNDAI OILBANK CO., LTD.(110111-0090558)

Major Shareholders

HYUNDAI OILBANK CO., LTD.(110111-0090558)

THE SHELL PETROLEUM COMPANY LIMITED

 

 

News Clipping

 

Not Available.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.87

UK Pound

1

Rs.99.63

Euro

1

Rs.78.23

 

INFORMATION DETAILS

 

Analysis Done by :

 SUM

 

 

Report Prepared by :

SDA

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.