MIRA
INFORM REPORT
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Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
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Name : |
STX HEAVY INDUSTRIES CO., LTD. |
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Registered Office : |
66-5, Sinchon-dong, Changwon-si, Gyeongsangnam-do - 641-370 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02/18/2004 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Manufacture of Internal Combustion Piston Engines. Manufacture of Sections for Ships. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
STX HEAVY INDUSTRIES CO., LTD. |
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Registered Address |
66-5, Sinchon-dong, Changwon-si, |
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Zip Code |
641-370 |
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Tel |
+82-55-278-9400 |
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Fax |
+82-55-264-0836 |
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E-mail |
recruit@stxhi.co.kr |
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Website |
www.stxhi.co.kr |
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Trading Address |
66-5, Sinchon-dong, Changwon-si, |
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Tel |
+82-55-278-9400 |
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Fax |
+82-55-264-0836 |
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Type |
Export |
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Industry |
Manufacture of Internal Combustion Piston Engines |
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Main Business |
Diesel Engine, Deck House |
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Sub
Business |
Manufacture of Sections for Ships |
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Established (mm/dd/yyyy) |
02/18/2004 |
The Subject owns the
premises of registered HQ address/Factory (141,960㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Diesel Engine |
|
Sell |
Deck House |
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Sell |
Internal Combustion Piston Engines |
CEO’s
|
Name |
Kim Gang-Soo |
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Date of Birth |
12/21/1951 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
98,561,000,000 KRW |
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Employees |
147 |
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Formation |
Co., Ltd by shares A Company of STX Group |
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Bank Details |
Korea Development Bank Kookmin Bank Woori Bank |
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Corporate Registered No. |
194111-0009004 |
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Business Registered No. |
609-81-62291 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
01/2007 - ASME Certification 12/2006 - ISO9001 Certification ( 12/2006 - Development of 9K80MC engine 10/2006 - Establishment of Establishment of STX( 08/2006 - Completion of the construction of
Plant 2 and expansion of Engine Plant 06/2006 - Large diesel engine for ships
Nominated a Manufacturer of the World Best Goods 12/2005 - ISO9001 Quality Management System
Certification (Engine sector) 11/2005 - Achieved 1 mill HP of engines in
world record time 08/2005 - ISO14001 Certification /
OHSAS18001 Certification 03/2005 - Succeeded in development and
test-run of world first 6S42MC / ME 11/2004 - Completion of the construction of
Plant 08/13/2004 Changed company name to the
present name 02/18/2004 –
Established as Jinhae Precision Co., Ltd. |
Business sectors of
the Subject Company consist of Diesel Engine Business for large ships and
Diesel Power Business, Shipbuilding Business, Offshore Business and Industrial
Plant Business.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
Chairman |
Mr. |
Kang Duck-Soo |
Male |
Korean |
03/10/2006 |
|
President & CEO |
Mr. |
Kim Gang-Soo |
Male |
Korean |
08/11/2006 |
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Director |
Mr. |
Jung Kwang-Seok |
Male |
Korean |
03/10/2006 |
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Director |
Mr. |
Lee Ki-Yeon |
Male |
Korean |
08/11/2006 |
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Director |
Mr. |
Hur Hyuck |
Male |
Korean |
08/11/2006 |
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Director |
Mr. |
Cho Jung-Chul |
Male |
Korean |
03/10/2006 |
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Auditor |
Mr. |
Cheon Byung-Ryool |
Male |
Korean |
03/11/2005 |
Mr. Kim Gang-Soo has been graduated from
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
402,507,143,466 |
314,995,921,467 |
11,655,444,345 |
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|
2005 |
312,092,603,724 |
199,721,433,551 |
12,153,994,687 |
|
2004 |
54,772,712,104 |
127,414,712,718 |
951,464,821 |
Financial
Description
Unit: KRW
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Authorized Capital |
200,000,000,000 |
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Paid-Up Capital |
98,561,000,000 |
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Total Issues Shares |
19,712,200 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
314,995,921,467 |
199,721,433,551 |
127,414,712,718 |
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Current Assets |
67,559,380,648 |
48,803,934,142 |
20,504,655,968 |
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-Quick Assets |
63,961,531,807 |
44,945,054,933 |
20,304,303,143 |
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-Inventories |
3,597,848,841 |
3,858,879,209 |
200,352,825 |
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Fixed Assets |
247,436,540,819 |
150,917,499,409 |
106,910,056,750 |
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-Investment |
17,252,050,074 |
4,923,819,900 |
522,715,000 |
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-Tangibles |
223,682,176,093 |
144,594,231,280 |
106,383,475,082 |
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-Intangibles |
6,502,314,652 |
1,399,448,229 |
3,866,668 |
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Total Liabilities |
191,364,557,343 |
123,274,185,843 |
92,971,683,697 |
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Current Liabilities |
124,709,117,722 |
65,805,496,350 |
48,875,513,357 |
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Fixed Liabilities |
66,655,439,621 |
57,468,689,493 |
44,096,170,340 |
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Capital Stock |
98,561,000,000 |
63,561,000,000 |
33,561,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
24,541,692,053 |
13,036,023,708 |
951,464,821 |
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Capital Adjustment |
528,672,071 |
(-)149,776,000 |
(-)69,435,800 |
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Total Equity |
123,631,364,124 |
76,447,247,708 |
34,443,029,021 |
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Liab. & Shareholder’s Equity |
314,995,921,467 |
199,721,433,551 |
127,414,712,718 |
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Current
Liabilities |
124,709,117,722 |
65,805,496,350 |
48,875,513,357 |
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Trade Payables |
13,679,082,739 |
18,949,590,922 |
9,502,317,632 |
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Short-Term Borrowings |
- |
15,000,000,000 |
25,000,000,000 |
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Account Payables |
2,069,377,882 |
4,092,024,723 |
1,371,171,946 |
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Advance Receipts |
66,011,307,507 |
17,616,174,404 |
12,472,591,688 |
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Withholdings |
628,887,222 |
612,132,379 |
156,938,779 |
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Accrued Expenses |
1,724,006,650 |
909,752,780 |
217,503,330 |
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Accrued Income Tax |
1,730,897,835 |
2,010,471,045 |
154,989,982 |
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Current Portion of Debentures |
20,000,000,000 |
- |
- |
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Current Portion of Long-Term Debts |
18,800,000,000 |
6,600,000,000 |
- |
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Current Portion of Derivatives |
36,511,234 |
- |
- |
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Current Portion of Deferred Income Tax
Credit |
78,909,667 |
15,350,097 |
- |
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Fixed
Liabilities |
66,655,439,621 |
57,468,689,493 |
44,096,170,340 |
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Long-Term Borrowings |
66,400,000,000 |
57,400,000,000 |
44,000,000,000 |
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Derivatives |
180,026,825 |
- |
- |
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Provision for Severance & Retirement |
75,412,796 |
68,689,493 |
96,170,340 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
402,507,143,466 |
312,092,603,724 |
54,772,712,104 |
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Cost of Sold Goods |
377,223,544,574 |
292,478,419,790 |
51,690,638,588 |
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Gross Profit |
25,283,598,892 |
19,614,183,934 |
3,082,073,516 |
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Selling & Admin. Expenses |
5,512,419,542 |
3,142,944,621 |
1,267,853,649 |
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Operating Income |
19,771,179,350 |
16,471,239,313 |
1,814,219,867 |
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Non-Operating Income |
1,346,284,133 |
915,448,700 |
314,405,002 |
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Non-Operating expenses |
6,201,061,987 |
5,092,764,309 |
975,372,296 |
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Ordinary Income |
14,916,401,496 |
12,293,923,704 |
1,153,252,573 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
14,916,401,496 |
12,293,923,704 |
1,153,252,573 |
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Income Taxes Expenses |
3,260,957,151 |
139,929,017 |
201,787,752 |
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Net Income |
11,655,444,345 |
12,153,994,687 |
951,464,821 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
61,235,698,264 |
19,697,432,709 |
16,762,399,191 |
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-Net Income |
11,655,444,345 |
12,153,994,687 |
951,464,821 |
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-Exp. without Cash Outflow |
9,403,843,800 |
6,386,518,148 |
2,165,652,162 |
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-Revenue without Cash Inflows |
(-)124,163,381 |
(-)3,249,470 |
- |
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-Changes in Asset/ & Liability |
40,300,573,500 |
1,160,169,344 |
13,645,282,208 |
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Cash Flows from Investing |
(-)114,897,949,662 |
(-)48,053,800,997 |
(-)95,417,538,403 |
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-Cash Inflow from Investing |
135,074,509 |
- |
- |
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-Cash Outflows for Investing |
(-)115,033,024,171 |
(-)48,053,800,997 |
(-)95,417,538,403 |
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Cash Flows from Financing |
60,886,974,000 |
39,850,224,000 |
88,930,564,200 |
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-Cash Inflows from Financing |
84,686,974,000 |
49,850,224,000 |
88,930,564,200 |
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-Cash Outflows from Financing |
(-)23,800,000,000 |
(-)10,000,000,000 |
- |
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Increase/Decrease in Cash |
7,224,722,602 |
11,493,855,712 |
10,275,424,988 |
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Cash at the Beginning of Year |
21,769,280,700 |
10,275,424,988 |
- |
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Cash at the End of Year |
28,994,003,302 |
21,769,280,700 |
10,275,424,988 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Low-speed engine up to 98 bore sized
engine, Shipbuilding materials, Deck house (accommodations) -Low-Speed Diesel Engine -Pre-Treatment of Steel Materials -Deck-House -Industrial Plant Key Facilities- Engine plant, Pre-treatment
plant |
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Annual Productivity |
Manufacturing one million horse power of large-size low-speed diesel
engines hi output, 30 units of Deck House and 120,000 tons of steel materials
processing |
Trade Partners
|
Customers |
STX ENGINE STX SHIPBUILDING POSI CO., LTD.(194211-0057506) MBD B&W DIESEL A/S |
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Competitors |
HYUNDAI HEAVY INDUSTRIES CO., LTD. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
STX CORPORATION Industry:Investment, Trading & Service Address:448-2 Dogok 2-dong, Gangnam-gu, Tel 02-3460-3600
Fax 02-3460-9991 http://www.stx.co.kr STX
PAN OCEAN CO., LTD. Industry:Sea Transportation Address:Gwanghwamun Officia bldg, 163 Shinmunno
1-ga, Jongno-gu, Tel 02-316-5114 Fax 02-316-5296 http://www.stxpanocean.co.kr/ STX SHIPBUILDING Industry:Shipbuilding, Offshore & Plants Address:100, Wonpo-dong, Tel 055-548-1122
Fax 055-546-4321 http://www.stxship.co.kr STX ENGINE Industry:High-speed & Medium-speed Diesel
Engines (for military or marine use), Power Plant, Environment Plant Address:80, Seongsan-dong, Tel 055-280-0114
Fax 055-285-2030 http://www.stxengine.co.kr STX ENPACO Industry:Modules & Core Parts of Diesel
Engine, Industrial Materials Address:452-7 Nae-dong, Tel 055-280-0690 Fax 055-282-1938 http://www.stxenpaco.co.kr STX ENERGY Industry:Combined Heat and Power Plants, sales of
energy (steam and electricity) Address:661 Choji-dong, Danwon-gu, Tel 031-490-3502
Fax 031-492-5539 http://www.stxenergy.co.kr STX CONSTRUCTION Industry:Building & housing, Plant, Civil
Works, Overseas-construction in Address:Sevencore Bldg., 654-3, Seok-dong, Tel 055-540-2000
Fax 055-540-2020 www.stxconst.co.kr KOREA LNG TRADING CO., LTD. (18% held by the
Subject Company) FORCE TEC CO., LTD.(194211-0019522) POSI CO., LTD.(194211-0057506) |
|
Subsidiary |
STX(DAIRYON) HEAVY INDUSTRIES CO., LTD-CHINA (60.0% held by the Subject Company) |
Sales by Region (Activity
& Markets)
Not Available
Court Action
No
News Clipping
STX Shipbuilding, CJ Group expand in
JoongangIlbo & Joins.com:04/02/2007
More Korean companies are announcing expansion into
STX Shipbuilding Co., the world’s seventh-largest shipbuilder, held a
groundbreaking ceremony yesterday for the first Korean shipyard in
The shipbuilder has already won $1.1 billion in deals to build bulk
carriers and other ships in
STX Shipbuilding also aims to receive $4.5 billion worth of new orders
this year, or 13 percent more than last year. Korean shipyards are going abroad
to lower costs and increase capacity in order to meet rising demand for
vessels.
The joint venture, 51 percent owned by CJ, will produce and sell
processed soybean products such as tofu and soy milk.
The products include a leading tofu brand that currently enjoys a 70
percent share of the
The venture’s assets will be about $11 million, and CJ will be in charge
of management. “Packaged tofu demand in
“We also expect that the Chinese food market will rapidly grow with the Olympics
next year. ”By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
- Copyrights : JoongangIlbo & Joins.com, All rights reserved. -
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<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 |
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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%)