MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
STACO COMPANY LIMITED |
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Registered Office : |
Noksan Industrial Complex, 1589-3,
Songjeong-dong, Gangseo-gu, Busan – 618-818 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.28.1992 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Manufacturer of Section for Ships |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
STACO CO., LTD. |
|
Registered Address |
1589-3, Songjeong-dong, Gangseo-gu, |
|
Building |
Noksan Industrial Complex |
|
Zip Code |
618-818 |
|
Tel |
+82-51-831-7000 |
|
Fax |
+82-51-831-7007 |
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E-mail |
business@staco.co.kr;trade@staco.co.kr |
|
Website |
www.staco.co.kr |
|
Trading Address |
Noksan
Industrial Complex, 1589-3, Songjeong-dong, Gangseo-gu, |
|
Tel |
+82-51-831-7000 |
|
Fax |
+82-51-831-7007 |
|
Daebul Factory |
1697-12,
Nanjeon-Ri, Samho-Myeon, Yeongam-Gun, Jeonnam-Do 526-892 |
|
Tel |
82-61-464-5331 |
|
Type |
Export |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Ship Panel, Cabin Door |
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Established (mm/dd/yyyy) |
01/28/1992 |
The Subject Company
owns the premises of registered HQ address(15,957.3㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Interior design or decorating(72101901) |
|
Sell |
Marine craft systems and
subassemblies(25111900) |
|
Sell |
Graphic design(82140000) |
|
Buy |
Marine craft systems and
subassemblies(25111900) |
|
Buy |
Sinks(30181504) |
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Buy |
Faucets(40141702) |
|
Buy |
Curtains(52131501) |
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Buy |
Doors(30171500) |
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Buy |
Beds(56101515) |
|
Buy |
Panels or panelling(30161505) |
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Buy |
Steel plate(30102204) |
|
Buy |
Bathtubs(30181501) |
|
Buy |
Shower heads(40141703) |
CEO’s
|
Name |
Lee Dong-Hyung |
|
Address |
180, Dangni-dong, Saha-gu, |
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Date of Birth |
07/05/1946 |
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Title |
President & CEO |
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Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
2,000,000,000 KRW |
|
Employees |
213 |
|
Formation |
Co., Ltd by shares Venture Business |
|
Bank Details |
Industrial Bank of Korea- Noksan Central
Branch Address: No. 1631-3, Songjeong-Dong,
Gangseo-Gu, Busan 618-270 Tel: 82-51-832-0172 Korea Exchange Bank |
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Corporate Registered No. |
180111-0122183 |
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Business Registered No. |
603-81-18652 |
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Permit & Licenses |
04/1999 CE Mark Certificated. 11/1998 ISO 9001 Certificated |
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Shareholder Position |
Lee Dong-Hyung/CEO has 73.0% shares. |
|
Company History |
01/1992 Establishment of ShinSung Eng.
& Archi.Co., Ltd. 11/1996 Wins $1 Mil. 11/1998 Acquisition of ISO 9001
Certificate 11/1998 Wins $5 Mil. 04/1999 Acquisition of C.E. Mark. 11/2001 Wins $10 Mil. 05/2003 Korean World-class Product
Award. 10/17/2003 Moved to the present HQ address
from 556, Sinpyeong-dong, Saha-gu, 12/2003 Establishment of 10/2004 Designated as a
INNO-BIZ(Innovation Business) Company. 11/2004 Wins $20 Mil. 05/18/2005 Changed name of STACO Co.,
Ltd. 07/2005 Opened branch office in 02/2006 Established new factory in 11/2006 Wins $30 Mil. 07/05/2007 Increased capital to
2,000,000,000 KRW from 1,500,000,000 KRW |
The Subject Company
is a supplier of Marine accommodation systems and customized solutions for
commercial vessels, passenger ships and offshore building and Industry.
It manufactures and
supplies fire rated walls, ceiling systems, doors, prefabricated toilet &
shower units, floating floors and furniture, and it also provide total
Engineering and Installation works.
It also has been
engaged in the Tailor-made cabin elements and entire interior design and
furnishing project on turnkey principle.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Lee Dong-Hyung |
Male |
Korean |
01/16/2001 |
|
Director |
Mr. |
Hong Soon-Kyun |
Male |
Korean |
01/16/2001 |
|
Director |
Mr. |
Ok Chi-Heon |
Male |
Korean |
10/30/2003 |
|
Auditor |
M/S. |
Kim Yang-Sook |
Female |
Korean |
10/30/2003 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
60,080,932,603 |
34,213,489,229 |
1,584,269,177 |
|
|
2005 |
47,128,042,826 |
22,778,843,658 |
1,299,179,811 |
|
2004 |
33,912,974,865 |
20,880,844,100 |
1,064,876,928 |
|
2003 |
29,281,817,779 |
17,477,115,909 |
619,334,592 |
Financial Description
Unit: KRW
|
Authorized Capital |
10,000,000,000 |
|
Paid-Up Capital |
2,000,000,000 |
|
Total Issues Shares |
400,000 |
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Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Total Assets |
34,213,489,229 |
22,778,843,658 |
20,880,844,100 |
|
Current Assets |
19,870,499,154 |
14,163,019,082 |
12,257,264,697 |
|
-Quick Assets |
15,584,184,815 |
10,464,560,497 |
9,455,672,610 |
|
-Inventories |
4,286,314,339 |
3,698,458,585 |
2,801,592,087 |
|
Fixed Assets |
14,342,990,075 |
8,615,824,576 |
8,623,579,403 |
|
-Investment |
5,782,848,730 |
453,383,104 |
402,222,000 |
|
-Tangibles |
8,560,141,345 |
8,162,441,472 |
8,221,357,403 |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
26,565,049,651 |
16,609,403,353 |
15,910,583,606 |
|
Current Liabilities |
21,084,304,492 |
12,264,492,884 |
11,085,269,959 |
|
Fixed Liabilities |
5,480,745,159 |
4,344,910,469 |
4,825,313,647 |
|
Capital Stock |
1,500,000,000 |
1,000,000,000 |
500,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
6,153,709,482 |
5,169,440,305 |
4,470,260,494 |
|
Capital Adjustment |
(-)5,269,904 |
- |
- |
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Total Equity |
7,648,439,578 |
6,169,440,305 |
4,970,260,494 |
|
Liab. & Shareholder’s Equity |
34,213,489,229 |
22,778,843,658 |
20,880,844,100 |
|
Current
Liabilities |
21,084,304,492 |
12,264,492,884 |
11,085,269,959 |
|
Trade Payables |
6,173,355,167 |
3,188,449,194 |
2,597,419,850 |
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Short-Term Borrowings |
10,318,058,662 |
5,796,058,905 |
6,548,914,291 |
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Account Payables |
1,540,235,237 |
584,735,877 |
529,291,500 |
|
Advance Receipts |
321,858,444 |
301,143,450 |
173,998,585 |
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Withholdings |
41,919,580 |
38,948,300 |
25,663,326 |
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Accrued Expenses |
765,249,692 |
748,868,345 |
489,242,946 |
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Accrued Income Tax |
211,614,298 |
126,730,256 |
125,995,396 |
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Current Portion of Long-Term
Debts |
1,648,593,412 |
1,346,070,468 |
542,144,065 |
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Unearned Income |
63,420,000 |
133,488,089 |
52,600,000 |
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Fixed
Liabilities |
5,480,745,159 |
4,344,910,469 |
4,825,313,647 |
|
Long-Term Borrowings |
4,265,960,167 |
3,365,593,758 |
3,922,740,910 |
|
Leasehold Deposit Received |
130,000,000 |
130,000,000 |
130,000,000 |
|
Provision for Severance &
Retirement |
1,084,784,992 |
849,316,711 |
772,572,737 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Sales |
60,080,932,603 |
47,128,042,826 |
33,912,974,865 |
|
Cost of Sold Goods |
51,861,478,519 |
40,036,115,995 |
28,656,274,480 |
|
Gross Profit |
8,219,454,084 |
7,091,926,831 |
5,256,700,385 |
|
Selling & Admin. Expenses |
7,496,509,209 |
5,959,371,834 |
4,551,664,057 |
|
Operating Income |
722,944,875 |
1,132,554,997 |
705,036,328 |
|
Non-Operating Income |
3,584,055,865 |
1,465,087,207 |
1,381,330,263 |
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Non-Operating expenses |
2,419,390,485 |
1,109,048,367 |
832,079,157 |
|
Ordinary Income |
1,887,610,255 |
1,488,593,837 |
1,254,287,434 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
1,887,610,255 |
1,488,593,837 |
1,254,287,434 |
|
Income Taxes Expenses |
303,341,078 |
189,414,026 |
189,410,506 |
|
Net Income |
1,584,269,177 |
1,299,179,811 |
1,064,876,928 |
|
Cash Flows |
|||
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
694,129,699 |
21,379,537 |
90,940,359 |
|
-Net Income |
1,584,269,177 |
1,299,179,811 |
1,064,876,928 |
|
-Exp. without Cash Outflow |
2,118,932,659 |
1,315,345,931 |
981,497,754 |
|
-Revenue without Cash Inflows |
(-)702,506,150 |
(-)823,895,128 |
(-)696,204,778 |
|
-Changes in
Asset/ & Liability |
(-)2,306,565,987 |
(-)1,769,251,077 |
(-)1,259,229,545 |
|
Cash Flows
from Investing |
(-)6,756,160,163 |
(-)846,308,327 |
(-)417,539,843 |
|
-Cash Inflow
from Investing |
3,543,133,108 |
3,654,386,918 |
4,327,961,031 |
|
-Cash Outflows
for Investing |
(-)10,299,293,271 |
(-)4,500,695,245 |
(-)4,745,500,874 |
|
Cash Flows
from Financing |
6,232,860,808 |
205,944,993 |
1,741,450,745 |
|
-Cash
Inflows from Financing |
33,777,905,337 |
25,260,876,756 |
15,778,722,877 |
|
-Cash
Outflows from Financing |
(-)27,545,044,529 |
(-)25,054,931,763 |
(-)14,037,272,132 |
|
Increase/Decrease
in Cash |
170,830,344 |
(-)618,983,797 |
1,414,851,261 |
|
Cash at the
Beginning of Year |
1,742,114,696 |
2,361,098,493 |
946,247,232 |
|
Cash at the End of Year |
1,912,945,040 |
1,742,114,696 |
2,361,098,493 |
Products,
Technologies, Services
DescriptOn
|
Main Products & Services |
Ship Panel, Cabin Door Wall Panel Ceiling Panel Cabins Unit Toilet Cabin Door Interior Furnishing Marine Engineering Installation |
|
Detailed Products Spec. |
Cabin Door - 45 mm thick mineral wool core - Available in 0.4 and 0.6 mm steel plate. Galvanized steel also
available. - Face sheets are totally supported by rigid mineral wool for increased
impact resistance. - Superior insulating characteristics. |
Trade Partners
|
Customers |
SHINSUNG INTERIOR TECHNOLOGY CO., LTD. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
SHINSUNG INTERIOR TECHNOLOGY CO., LTD Address: Rm. 901, Bando Bldg. 36-14,
Jungangdong 4-Ga, Jung-Gu, Busan 600-014 STA ME CO., LTD. STA SB CO., LTD. STA JH CO., LTD. SAMCO |
|
Overseas Office |
#1 Cheng Dun Rd., Gangkou street, Fenghuang
Town, Zhangjiagang city, Jiangsu Province, China TEL : + 82 512 56987000 FAX : +86 512 56987001 Shanghai Branch Office Rm.2707, TEL : +86 21 6270387 62703872 FAX: +86 21 62703797 STACO C/612, Legend Apt., Santacruz (East), TEL/FAX : + 91 22 2665 3899 |
|
Subsidiary |
STACO NEW TECH MATERIAL CO., LTD- (100.0% held by the subject company) Chengdun Rd.1, |
|
Cooperative |
Livart Furniture Co., Ltd. Address: 54-10, Buk-Ri, Namsa-Myeon,
Cheoin-Gu, Yongin-Si, Gyeonggi-Do 449-884 Tel: 82-31-331-7921 Fax: 82-31-332-7656 Industry: Manufacture of Other Wood
Furniture Sigong Tech Co., Ltd. Address: Sigong Bldg., 107-7, Samseong
1-Dong, Gangnam-Gu, Tel: 82-2-3438-0077 Fax: 82-2-3438-0088 Industry: Architectural Services Nagasaki Senbaku Sobi
(NSS)(www.nssjpn.co.jp) Location: (OEM Contract in B&B ITALIA spA(www.bebitalia.it) Location: S.A.Svendsen Oy(www.sasvendsen.com) Address: kiniementie 3 B, FIN-00210
HELSINKI, FINLAND Tel: 358 9 681 1170 Fax: 358 9 681 11 768 |
Sales by Region (Activity
& Markets)
|
Sales/ Unit : KRW |
2006 |
2005 |
2004 |
|
Export |
43,517,623,419 |
37,215,601,393 |
24,214,388,309 |
|
Domestic |
16,563,309,184 |
9,912,441,433 |
9,698,586,556 |
|
Total |
60,080,932,603 |
47,128,042,826 |
33,912,974,865 |
The Subject deals with the companies in
Court Action
No.
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%)