MIRA
INFORM REPORT
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Report Date : |
29.12.2008 |
IDENTIFICATION DETAILS
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Name : |
STACO CO., LTD. |
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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) : |
31.12.2007 |
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Date of Incorporation : |
28.01.1992 |
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Com. Reg. No.: |
603-81-18652 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
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 : |
No Complaints |
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Litigation : |
Clear |
Basic
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Company
Name |
STACO CO., LTD. (Korean Company Name : “스타코”) |
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Registered Address |
1589-3, Songjeong-dong, Gangseo-gu, |
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Building |
Noksan Industrial Complex |
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Zip Code |
618-818 |
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Tel |
+82-51-831-7000 |
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Fax |
+82-51-831-7007 |
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E-mail |
business@staco.co.kr;trade@staco.co.kr |
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Website |
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Trading Address |
Noksan
Industrial Complex, 1589-3, Songjeong-dong, Gangseo-gu, |
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Tel |
+82-51-831-7000 |
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Fax |
+82-51-831-7007 |
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Other Address-Daebul Factory |
1697-12,
Nanjeon-Ri, Samho-Myeon, Yeongam-Gun, Jeonnam-Do 526-892 |
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Tel |
+82-61-464-5331 |
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Type |
Export |
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Industry |
Manufacture of Sections for Ships |
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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) |
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Sell |
Graphic design(82140000) |
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Buy |
Marine craft systems and
subassemblies(25111900) |
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Buy |
Sinks(30181504) |
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Buy |
Faucets(40141702) |
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Buy |
Curtains(52131501) |
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Buy |
Doors(30171500) |
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Buy |
Beds(56101515) |
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Buy |
Panels or panelling(30161505) |
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Buy |
Steel plate(30102204) |
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Buy |
Bathtubs(30181501) |
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Buy |
Shower heads(40141703) |
CEO’s
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Name |
Lee Dong-Hyung |
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Address |
180, Dangni-dong, Saha-gu, |
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Date of Birth |
07/05/1946 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
3,000,000,000 KRW |
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Employees |
235 |
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Formation |
Co., Ltd by shares Venture Business |
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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 Int’l Trade No.: 12002212 |
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Shareholder Position |
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Company History |
01/1992 incorporated as 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 03/18/2008 Increased the authorized shares
to 50,000,000 shares from 2,000,000 shares 11/03/2008 Spin off the par value to 500
KRW from 5,000 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
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
Co-President & CEO |
Mr. |
Lee Dong-Hyung |
Male |
Korean |
01/16/2001 |
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Co-President & CEO |
Mr. |
Hong Soon-Kyun |
Male |
Korean |
03/28/2008 |
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Director |
Mr. |
Ok Chi-Heon |
Male |
Korean |
10/30/2003 |
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Director |
Mr. |
Moon Sang-Hoon |
Male |
Korean |
03/28/2008 |
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Auditor |
Mr. |
Lee Doo-Chil |
Male |
Korean |
03/28/2008 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
86,697,399,849 |
39,449,791,480 |
841,995,936 |
|
|
2006 |
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 |
25,000,000,000 |
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Paid-Up Capital |
3,000,000,000 |
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Total Issues Shares |
6,000,000 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
39,449,791,480 |
34,213,489,229 |
22,778,843,658 |
|
Current Assets |
23,294,448,986 |
19,870,499,154 |
14,163,019,082 |
|
-Quick Assets |
19,826,080,382 |
15,584,184,815 |
10,464,560,497 |
|
-Inventories |
3,468,368,604 |
4,286,314,339 |
3,698,458,585 |
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Fixed Assets |
16,155,342,494 |
14,342,990,075 |
8,615,824,576 |
|
-Investment |
7,236,497,449 |
5,601,085,626 |
453,383,104 |
|
-Tangibles |
8,561,508,608 |
8,560,141,345 |
8,162,441,472 |
|
-Intangibles |
55,573,333 |
- |
- |
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-Others |
301,763,104 |
181,763,104 |
- |
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Total Liabilities |
30,489,791,974 |
26,565,049,651 |
16,609,403,353 |
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Current Liabilities |
24,999,720,978 |
21,084,304,492 |
12,264,492,884 |
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Fixed Liabilities |
5,490,070,996 |
5,480,745,159 |
4,344,910,469 |
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Capital Stock |
2,000,000,000 |
1,500,000,000 |
1,000,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
6,395,705,418 |
6,153,709,482 |
5,169,440,305 |
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Capital Adjustment |
564,294,088 |
(-)5,269,904 |
- |
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Total Equity |
8,959,999,506 |
7,648,439,578 |
6,169,440,305 |
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Liab. &
Shareholder’s Equity |
39,449,791,480 |
34,213,489,229 |
22,778,843,658 |
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Current
Liabilities |
24,999,720,978 |
21,084,304,492 |
12,264,492,884 |
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Trade Payables |
6,690,415,986 |
6,173,355,167 |
3,188,449,194 |
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Short-Term Borrowings |
13,435,585,282 |
10,318,058,662 |
5,796,058,905 |
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Account Payables |
1,278,952,484 |
1,540,235,237 |
584,735,877 |
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Advance Receipts |
390,854,307 |
321,858,444 |
301,143,450 |
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Withholdings |
84,461,180 |
41,919,580 |
38,948,300 |
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Accrued Expenses |
952,044,306 |
765,249,692 |
748,868,345 |
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Accrued Income Tax |
268,888,430 |
211,614,298 |
126,730,256 |
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Current Portion of Long-Term Debts |
1,898,519,003 |
1,648,593,412 |
1,346,070,468 |
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Unearned Income |
- |
63,420,000 |
133,488,089 |
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Fixed
Liabilities |
5,490,070,996 |
5,480,745,159 |
4,344,910,469 |
|
Long-Term Borrowings |
4,182,586,699 |
4,265,960,167 |
3,365,593,758 |
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Leasehold Deposit Received |
130,000,000 |
130,000,000 |
130,000,000 |
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Provision for Severance & Retirement |
1,316,631,200 |
1,218,880,000 |
960,370,000 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
86,697,399,849 |
60,080,932,603 |
47,128,042,826 |
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Cost of Sold Goods |
74,481,856,423 |
51,861,478,519 |
40,036,115,995 |
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Gross Profit |
12,215,543,426 |
8,219,454,084 |
7,091,926,831 |
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Selling & Admin. Expenses |
8,619,851,698 |
7,496,509,209 |
5,959,371,834 |
|
Operating Income |
3,595,691,728 |
722,944,875 |
1,132,554,997 |
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Non-Operating Income |
2,432,165,166 |
3,584,055,865 |
1,465,087,207 |
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Non-Operating expenses |
4,779,283,948 |
2,419,390,485 |
1,109,048,367 |
|
Ordinary Income |
1,248,572,946 |
1,887,610,255 |
1,488,593,837 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
1,248,572,946 |
1,887,610,255 |
1,488,593,837 |
|
Income Taxes Expenses |
406,577,010 |
303,341,078 |
189,414,026 |
|
Net Income |
841,995,936 |
1,584,269,177 |
1,299,179,811 |
Cash
Flows
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
2,511,487,580 |
694,129,699 |
21,379,537 |
|
-Net Income |
841,995,936 |
1,584,269,177 |
1,299,179,811 |
|
-Exp. without Cash Outflow |
4,534,591,602 |
2,118,932,659 |
1,315,345,931 |
|
-Revenue
without Cash Inflows |
(-)573,115,536 |
(-)702,506,150 |
(-)823,895,128 |
|
-Changes in
Asset/ & Liability |
(-)2,291,984,422 |
(-)2,306,565,987 |
(-)1,769,251,077 |
|
Cash Flows
from Investing |
(-)6,080,951,673 |
(-)6,756,160,163 |
(-)846,308,327 |
|
-Cash Inflow
from Investing |
3,212,909,200 |
3,543,133,108 |
3,654,386,918 |
|
-Cash
Outflows for Investing |
(-)9,293,860,873 |
(-)10,299,293,271 |
(-)4,500,695,245 |
|
Cash Flows
from Financing |
2,886,739,923 |
6,232,860,808 |
205,944,993 |
|
-Cash
Inflows from Financing |
31,128,535,133 |
33,777,905,337 |
25,260,876,756 |
|
-Cash
Outflows from Financing |
(-)28,241,795,210 |
(-)27,545,044,529 |
(-)25,054,931,763 |
|
Increase/Decrease in Cash |
(-)682,724,170 |
170,830,344 |
(-)618,983,797 |
|
Cash at the Beginning of Year |
1,912,945,040 |
1,742,114,696 |
2,361,098,493 |
|
Cash at the End of Year |
1,230,220,870 |
1,912,945,040 |
1,742,114,696 |
Products, Technologies, Services
Description
|
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. |
|
Competitors |
SHINHAN MACHINERY CO., LTD. 117, UBONG-RI, ONSAN-EUP, ULJU-GUN, TEL:+82-52-240-5000~1 FAX:+82-52-240-5041 SAMGONG CO., LTD. 5B-1L, NOKSAN INDUSTRIAL COMPLEX, 1464-2,
SONGJEONG-DONG, GANGSEO-GU, TEL:+82-51-200-3040 FAX:+82-51-200-3046 ILJIN MACHINERY CO., LTD. 725-2, TEL:+82-52-259-8800 FAX:+82-52-257-5525 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SHINSUNG INTERIOR TECHNOLOGY CO.,
LTD(180111-0303519) ADDRESS: RM. 901, BANDO BLDG. 36-14,
JUNGANGDONG 4-GA, JUNG-GU, BUSAN 600-014 STA ME CO., LTD.(180111-0504365) STA SB CO., LTD.(180111-0520022) STA JH CO., LTD. SMACO |
|
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- (95.18% 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 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 TEL: 358 9 681 1170 FAX: 358 9 681 11 768 -Insured Company FIRST FIRE & MARINE INSURANCE CO.,
LTD.(110111-0017586) HANWHA NON-LIFE INSURANCE CO.,
LTD.(110111-0006456) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit : KRW |
2007 |
2006 |
2005 |
|
Export |
|
43,517,623,419 |
37,215,601,393 |
|
Domestic |
|
12,314,386,567 |
7,761,029,901 |
|
Others |
|
4,248,922,617 |
2,151,411,532 |
|
Total |
86,697,399,849 |
60,080,932,603 |
47,128,042,826 |
The Subject deals with the companies in
Court
Action
No.
News
Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.76 |
|
|
1 |
Rs.71.68 |
|
Euro |
1 |
Rs.69.17 |
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%)