MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SUNSTAR PRECISION CO., LTD. |
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Registered Office : |
178-67, Gajwa 1-dong, Seo-gu, Incheon, 404-812 |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
07.09.1990 |
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Com. Reg. No.: |
137-81-01111 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Manufacture of Sewing Machines |
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 : |
Exists |
Basic
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Company
Name |
SUNSTAR PRECISION CO., LTD. |
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Address |
178-67, Gajwa 1-dong, Seo-gu, Incheon,
Korea |
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Zip Code |
404-812 |
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Tel |
+82-32-580-5800 |
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Fax |
+82-32-571-4546 |
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E-mail |
swfchongmu@sunstar.co.kr |
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Website |
www.sunstar-precision.co.kr |
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Trading Address-Seoul Sales Office |
7th Fl., Sung-in Bldg., 234-86, Sungin
2-dong, Jongno-gu, Seoul, Korea |
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Tel |
+82-2-2234-4282 |
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Fax |
+82-2-2236-8071 |
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Other Address-Branch |
602-22, Gajwa-dong, Seo-gu, Incheon 404-250 Korea |
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Tel |
N/A |
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Fax |
N/A |
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Type |
Export |
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Industry |
Manufacture of Sewing Machines |
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Main Business |
Automatic Embroidery Machines, Punching Software, Industrial Sewing
Machines, Embroidery Punching Machines |
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Established (mm/dd/yyyy) |
07/09/1990 |
The Subject owns
the premises of registered HQ address.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Textile processing machinery and accessories(23121500) -Making the design for the automatic embroidery machine |
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Sell |
Embroidery making machines(23121501) |
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Sell |
Textile working machinery and equipment and accessories(23121600) |
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Buy |
Switches and controls and relays and accessories(39121500) |
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Buy |
Tables(56101519) |
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Buy |
Power supply units(39121004) |
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Buy |
Rotors or stators(26101803) |
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Buy |
Servomotors(26101606) |
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Buy |
Motors(26101600) |
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Buy |
Lugs connectors and terminals(39121400) |
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Buy |
Shells and casings(31261600) |
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Buy |
Linear motion guides(23153030) |
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Buy |
Resistors(32121600) |
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Buy |
Capacitors(32121500) |
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Buy |
Rotors or stators(26101803) |
CEO’s
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Name |
Park In-Chul |
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Address |
241-21, Seobinggo-dong, Yongsan-gu, Seoul 140-751
Korea |
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Date of Birth |
06/02/1952 |
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Title |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
675,000,000 KRW |
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Employees |
509 |
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Formation |
Co., Ltd by shares A company of SUNSTAR Group |
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Bank Details |
Industrial Bank of Korea-Euljiro Branch Woori Bank Hana Bank Kookmin Bank |
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Corporate Registered No. |
120111-0060236 |
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Business Registered No. |
137-81-01111 |
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Permit & Licenses |
04/16/2001 CE Mark (TUV) And three other patents acquired. Int’l Trade No.: 14008180 |
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Shareholder Position |
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Company History |
07/09/1990 Established Korea Special
Precision Co., Ltd. 03/01/2001 Changed company name to the
present name 09/01/2001 Designated as a World Class
Product (Computer Software Making the embroidery design) 08/05/2006 Increased capital to 675,000,000
KRW from 570,000,000 KRW 11/30/2006 Awarded US$100 Million Export
Top Prize and Golden Top Industry Decoration |
The subject has
developed Computer Making Software of the embroidery as
the 3rd next to Germany and Japan.
Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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Chairman & CEO |
Mr. |
Park In-Chul |
Male |
Korean |
07/26/2000 |
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Director |
Mr. |
Lee Soo-Ho |
Male |
Korean |
07/26/2000 |
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Director |
Mr. |
Choi Jeong-Kuk |
Male |
Korean |
07/26/2006 |
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Director |
Mr. |
Seo Jin-Won |
Male |
Korean |
09/18/2006 |
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Auditor |
M/S. |
Jang Wui-Yon |
Female |
Korean |
06/20/1999 |
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Supervisor |
M/S. |
Kwon Soon-Man |
Male |
Korean |
02/07/2001 |
Financials
Unit: KRW
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Year |
Sales |
Assets |
Net income |
|
12/2007 |
124,609,661,966 |
141,767,392,451 |
7,020,906,252 |
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12/2006 |
65,686,871,498 |
129,826,301,568 |
(-)4,948,008,075 |
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06/2006 |
154,475,251,601 |
148,217,427,821 |
(-)17,078,873,565 |
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06/2005 |
133,720,449,295 |
135,224,604,949 |
(-)13,962,765,937 |
In 2006, the
subject has changed the date of financial closing to December 31 from June 30.
Financial Description
Unit: KRW
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Authorized Capital |
10,000,000,000 |
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Paid-Up Capital |
675,000,000 |
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Total Issues Shares |
135,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Total Assets |
141,767,392,451 |
129,826,301,568 |
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Current Assets |
113,463,931,924 |
98,378,365,924 |
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-Quick Assets |
98,412,494,469 |
87,029,622,640 |
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-Inventories |
15,051,437,455 |
11,348,743,284 |
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Fixed Assets |
28,303,460,527 |
31,447,935,644 |
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-Investment |
8,562,458,524 |
9,740,232,033 |
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-Tangibles |
17,280,326,042 |
18,998,634,731 |
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-Intangibles |
440,578,324 |
523,191,243 |
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-Others |
2,020,097,637 |
2,185,877,637 |
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Total Liabilities |
69,952,129,502 |
65,982,327,170 |
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Current Liabilities |
66,889,903,482 |
62,144,496,852 |
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Fixed Liabilities |
3,062,226,020 |
3,837,830,318 |
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Capital Stock |
675,000,000 |
675,000,000 |
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Capital Surplus |
34,775,000,000 |
34,775,000,000 |
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Profit Surplus |
37,396,090,038 |
30,453,301,114 |
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Capital Adjustment |
-1,030,827,089 |
-2,059,326,716 |
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Total Equity |
71,815,262,949 |
63,843,974,398 |
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Liab. & Shareholder’s Equity |
141,767,392,451 |
129,826,301,568 |
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Current
Liabilities |
66,889,903,482 |
62,144,496,852 |
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Trade Payables |
23,578,790,491 |
22,878,791,476 |
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Short-Term Borrowings |
39,111,033,019 |
33,963,640,626 |
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Advance Receipts |
448,506,454 |
788,549,190 |
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Account Payables |
2,211,451,707 |
2,336,522,835 |
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Accrued Expenses |
1,108,816,459 |
1,182,296,067 |
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Withholdings |
70,315,352 |
33,046,658 |
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Guarantee Deposit Withhold |
236,790,000 |
112,750,000 |
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Current Portion of Long-Term
Debts |
124,200,000 |
848,900,000 |
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Fixed
Liabilities |
3,062,226,020 |
3,837,830,318 |
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Long-Term Borrowings |
279,450,000 |
1,108,650,000 |
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Provision for Severance &
Retirement |
4,106,112,868 |
4,261,168,919 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Sales |
124,609,661,966 |
65,686,871,498 |
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Cost of Sold Goods |
92,435,457,184 |
50,605,593,204 |
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Gross Profit |
32,174,204,782 |
15,081,278,294 |
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Selling & Admin.
Expenses |
21,522,437,399 |
14,754,348,588 |
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Operating Income |
10,651,767,383 |
326,929,706 |
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Non-Operating Income |
7,753,239,923 |
5,691,181,231 |
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Non-Operating expenses |
10,435,133,864 |
10,966,119,012 |
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Ordinary Income |
7,969,873,442 |
(-)4,948,008,075 |
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Special Income |
- |
- |
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Income Before Taxes |
7,969,873,442 |
(-)4,948,008,075 |
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Income Taxes Expenses |
948,967,190 |
- |
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Net Income |
7,020,906,252 |
(-)4,948,008,075 |
Cash
Flows
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Cash Flows from Operating |
(-)6,962,404,837 |
(-)1,966,664,714 |
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-Net Income |
7,020,906,252 |
(-)4,948,008,075 |
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-Exp. without Cash Outflow |
11,224,280,413 |
10,231,535,476 |
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-Revenue
without Cash Inflows |
(-)721,369,763 |
(-)2,369,111,389 |
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-Changes in
Asset/ & Liability |
(-)24,486,221,739 |
(-)4,881,080,726 |
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Cash Flows
from Investing |
2,971,246,502 |
3,557,407,214 |
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-Cash Inflow
from Investing |
40,578,250,183 |
54,942,533,520 |
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-Cash Outflows
for Investing |
(-)37,607,003,681 |
(-)51,385,126,306 |
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Cash Flows
from Financing |
3,593,492,393 |
(-)722,958,954 |
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-Cash
Inflows from Financing |
53,322,694,389 |
83,409,794,207 |
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-Cash
Outflows from Financing |
(-)49,729,201,996 |
(-)84,132,753,161 |
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Increase/Decrease
in Cash |
(-)397,665,942 |
867,783,546 |
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Cash at the
Beginning of Year |
1,560,747,425 |
692,963,879 |
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Cash at the End of Year |
1,163,081,483 |
1,560,747,425 |
Products, Technologies, Services Description
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Main Products & Services |
Automatic Embroidery Machines Punching Software Industrial Sewing Machines Embroidery Punching Machines Industrial Manufacturing and Processing Machinery and Accessories Textile and fabric machinery and accessories Textile processing machinery and accessories Computer Software Making the embroidery design Rand Name: SWF |
Trade
Partners
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Suppliers |
N/A |
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Customers |
N/A |
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Competitors |
The subject is ranked as the 1st player (16%) in Computer Software
Making the embroidery in the world in terms of market share. |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
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Affiliates |
SUNSTAR MACHINERY CO., LTD.(120111-0005167) (28.77% held by the subject company) SUNSTAR R&C CO., LTD. (16.00% held by the subject company) JAE WOON CO., LTD. SUNSTAR CO., LTD. KOREA SEWING MACHINE INC. SUNSTAR HONGKONG LTD. SUNSTAR MACHINERY SHANGHAI SUNSTAR MACHINERY EUROPE |
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Subsidiary |
SUNSTAR MACHINERY (SINGAPORE) PTE LTD. BULSAN SHINSEDAL (CHINA) CO., LTD. |
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Cooperative Enterprise-Insured Company |
LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by
Region (Activity &
Markets)
Not Available.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/
Applicant(s) |
Defendant(s)/ Debtor(s)/
Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Supreme Court |
K&V
International Emb. Co.Ltd |
The subject |
Claim for the
products |
20,000,000 |
Pending |
|
Seoul
District Court 2006 Ga-Hap- 37002 |
Seoul
District Court |
The subject |
Shinhan Bank |
Claim for
damages |
7,796,500,000 |
Pending |
News
Clipping
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.95 |
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UK Pound |
1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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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%)