|
Report No. : |
303500 |
|
Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MICHANG OIL IND. CO., LTD. |
|
|
|
|
Registered Office : |
241, Haeyang-Ro, Yeongdo-Gu, Busan 606-805 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
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 : |
82 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
|
Company Name |
MICHANG OIL IND. CO., LTD. |
|
Registered Address |
241, Haeyang-ro, Yeongdo-gu, Busan, Korea (Old Address System : 201, Dongsam 3-dong,
Yeongdo-gu, Busan, Korea) |
|
Building |
-- |
|
Zip Code |
606-805 |
|
Tel |
+82-51-403-6441~9 +82-51-409-5019 |
|
Fax |
+82-51-403-6440 |
|
E-mail |
mickjy@michang.co.kr |
|
Website |
www.michang.co.kr |
|
Trading Address |
Shinwon Bldg., 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 |
|
Sub
Business |
|
|
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 |
|
Address |
|
|
Date of Birth |
11/02/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
8,698,360,000 |
|||||||||||||||||||||
|
Employees |
82 |
|||||||||||||||||||||
|
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. |
Takahashi Yukiyoshi |
Japanese |
1958.04. |
- |
|
Outside Director |
Mr. |
Cho Young-Bok |
Korean |
1957.09 |
Busan National University, Korea |
|
Outside Director |
Mr. |
Kang Young-Seok |
Korean |
1948.03 |
Hanyang University, Korea |
|
Auditor |
Mr. |
Jung Bong-Hoon |
Korean |
1958.03 |
Chungang University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
275,114,931,361 |
219,209,911,767 |
12,220,648,713 |
|
|
(*)2013 |
370,332,621,949 |
206,853,939,041 |
17,440,262,602 |
|
(*)2012 |
410,608,525,994 |
203,119,301,325 |
24,673,346,990 |
|
(*)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 |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
219,209,911,767 |
206,853,939,041 |
203,119,301,325 |
|
Current
Assets |
148,588,289,535 |
139,856,783,539 |
147,917,263,228 |
|
Cash & Cash Equivalents |
6,076,067,045 |
10,654,581,942 |
2,291,471,680 |
|
Other Finance Assets |
18,572,816,654 |
7,888,795,435 |
11,319,560,481 |
|
Trade Receivables & Other
Receivables |
62,716,109,129 |
63,887,783,163 |
70,029,847,745 |
|
Other Current Assets |
1,649,478,404 |
1,815,128,535 |
5,129,241,227 |
|
Inventories |
59,573,818,303 |
55,610,494,464 |
59,147,142,095 |
|
Non-Current
Assets |
70,621,622,232 |
66,997,155,502 |
55,202,038,097 |
|
Non-Current Financial Instruments |
8,500,000 |
8,500,000 |
8,500,000 |
|
Marketable Financial Instruments |
5,969,734,075 |
2,164,009,075 |
3,654,097,775 |
|
Investment_Related Companies |
6,509,455,789 |
5,037,217,385 |
4,082,742,906 |
|
Tangibles |
45,354,828,022 |
44,398,933,818 |
40,522,749,370 |
|
Investment_Real Estates |
4,391,670,874 |
4,393,045,552 |
4,394,878,457 |
|
Long-Term Trade Receivables &
Other Receivables |
7,496,544,881 |
1,714,024,900 |
1,714,508,900 |
|
Other Non-Current Assets |
0 |
8,251,200,000 |
0 |
|
Deferred Income Tax Assets |
890,888,591 |
1,030,224,772 |
824,560,689 |
|
Total
Liabilities |
28,286,407,613 |
25,150,998,822 |
35,149,211,500 |
|
Current
Liabilities |
27,425,270,917 |
24,016,080,600 |
32,472,212,013 |
|
Trade Payables & Other
Payables |
25,883,760,771 |
19,525,498,699 |
24,879,137,729 |
|
Short-Term Borrowings |
614,601,000 |
1,582,950,000 |
3,443,586,500 |
|
Other Current Liabilities |
125,625,157 |
322,618,105 |
322,122,377 |
|
Deferred Income Tax Credit |
801,283,989 |
2,585,013,796 |
3,827,365,407 |
|
Non-Current
Liabilities |
861,136,696 |
1,134,918,222 |
2,676,999,487 |
|
Provision for Severance &
Retirement |
861,136,696 |
1,134,918,222 |
2,676,999,487 |
|
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 |
254,651,828 |
170,906,921 |
224,244,601 |
|
Profit Surplus |
169,028,658,216 |
159,891,839,188 |
146,105,651,114 |
|
Total Equity |
190,923,504,154 |
181,702,940,219 |
167,970,089,825 |
|
Liab. & Shareholder’s Equity |
219,209,911,767 |
206,853,939,041 |
203,119,301,325 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
275,114,931,361 |
370,332,621,949 |
410,608,525,994 |
|
Cost of Sold Goods |
250,428,459,393 |
333,194,990,702 |
365,040,917,192 |
|
Gross Profit |
24,686,471,968 |
37,137,631,247 |
45,567,608,802 |
|
Selling & Admin. Expenses |
11,304,290,458 |
13,878,044,470 |
14,163,558,126 |
|
Operating Income |
13,382,181,510 |
23,259,586,777 |
31,404,050,676 |
|
Other Operating Income |
3,917,181,025 |
5,764,542,889 |
3,727,220,941 |
|
Other Operating Expenses |
3,537,840,432 |
7,283,921,070 |
4,482,257,537 |
|
Finance Income |
688,724,286 |
1,091,789,676 |
1,186,699,807 |
|
Finance Expenses |
221,637,939 |
881,541,164 |
760,405,886 |
|
Profits from Investment on Related Companies |
1,472,238,404 |
954,474,479 |
768,721,541 |
|
Income Before Taxes |
15,700,846,854 |
22,904,931,587 |
31,844,029,542 |
|
Income Taxes Expenses |
3,480,198,141 |
5,464,668,985 |
7,170,682,552 |
|
Net Income |
12,220,648,713 |
17,440,262,602 |
24,673,346,990 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2014~09/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating
Activities Cash Flows |
16,526,658,646 |
21,393,799,704 |
23,712,163,397 |
|
Net Income |
12,220,648,713 |
17,440,262,602 |
24,673,346,990 |
|
Adjustment |
4,533,362,703 |
5,580,712,612 |
9,592,658,936 |
|
Changes in Asset/ & Liability |
4,386,206,978 |
5,104,985,109 |
-3,327,915,361 |
|
Interests Received |
537,175,449 |
334,685,363 |
217,155,524 |
|
Interests Paid |
-30,659,321 |
-119,500,685 |
-309,110,495 |
|
Dividends Received |
80,780,000 |
39,000,000 |
77,437,623 |
|
Income Taxes |
-5,200,855,876 |
-6,986,345,297 |
-7,211,409,820 |
|
Cash Flows from Investing |
-16,857,521,830 |
-7,219,088,526 |
-10,205,459,730 |
|
Cash Flows from Financing |
-4,247,567,300 |
-5,810,972,100 |
-12,891,823,700 |
|
Increase/Decrease in Cash |
-4,578,430,484 |
8,363,739,078 |
614,879,967 |
|
Cash at the Beginning of Year |
10,654,581,942 |
2,291,471,680 |
1,676,597,290 |
|
Cash at the End of Year |
6,076,067,045 |
10,654,581,942 |
2,291,471,680 |
|
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) |
|
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) |
|
Sales/ Unit
:Thousand KRW |
09/2014 |
2013 |
2012 |
|
Export |
126,603,543 |
132,593,412 |
168,292,548 |
|
Domestic |
148,511,388 |
149,563,243 |
202,040,073 |
|
Total |
275,114,931 |
282,156,655 |
370,332,621 |
The Subject exports to UK, USA, Japan and France.
No.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.