MIRA INFORM
REPORT
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Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
STARFLEX CO., LTD. |
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Registered Office : |
669, Seonjeong-ri, Samseong-myeon, Eumseong-gun, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.07.1996 |
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Com. Reg. No.: |
136-81-19262 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacturer of Plastic Films, Sheets and Plates |
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 |
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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
STARFLEX CO., LTD. (Korean Company Name : “(주)스타플렉스”) |
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Registered Address |
669, Seonjeong-ri, Samseong-myeon,
Eumseong-gun, |
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Zip Code |
369-832 |
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Tel |
+82-43-878-4071 |
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Fax |
+82-43-881-1363 |
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E-mail |
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Website |
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Trading Address |
14th Fl., Christian Broadcasting System
Bldg., 917-1, Mok 1-dong, Yangcheon-gu, |
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Tel |
+82-2-2644-4071 |
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Fax |
+82-2-2644-4077 |
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Other Address- Gimpo Factory |
310-8, Yuhyeon-ri, Yangchon-myeon, Gimpo-si, |
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Tel |
+82-31-989-4642~4 |
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Fax |
+82-31-989-4645 |
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Type |
Export/Import |
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Industry |
Manufacture of Plastic Films, Sheets and Plates |
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Main Business |
Flex-Sheets |
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Established (mm/dd/yyyy) |
07/11/1996 |
The Subject owns the premises of registered
HQ address/Factory and Gimpo Factory.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Plastic sheet(30102515) |
CEO’s
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Name |
Kim Se-Kwon |
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Date of Birth |
04/05/1954 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
2,700,000,000 KRW |
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Employees |
220 |
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Formation |
Listed Company (KOSDAQ : 115570) as of 01/27/2010 |
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Bank Details |
Industrial Bank of Korea-Gonghang Dong
Branch (Business Registered No.:131-81-19262,
Corporate Registered No.:120111-0136459) Korea Exchange Bank Citi |
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Corporate Registered No. |
120111-0136459 |
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Business Registered No. |
136-81-19262 |
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Permit & Licenses |
04/2002 ISO 9001 Int’l Trade No.: 14024373 |
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Shareholder Position |
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Company History |
07/1996 Established as Kang Woo
Corporation(Sole Proprietorship) 07/11/1996 Incorporated as KANG WOO CORPORATION 05/2001 Changed company name to Kang Woo
Co., Ltd. 04/2002 ISO 9001:2000 07/2002 Designated as a Promising SMEs 12/2002 Designated as promising SMEs by
Industrial Bank of 11/2003 Awarded US$10 Million Export Top
Prize 12/2003 Established a Corporation in 11/2004 Awarded US$20 Million Export Top
Prize 11/2005 Awarded US$30 Million Export Top
Prize 06/2006 Changed company name to the
present name 08/2006 Established Eumsung Factory 01/03/2007 Decided to split the par value to 500 KRW from 5,000 KRW 07/2008 Moved to the present HQ address from 310-8, Yuhyeon-ri,
Yangchon-myeon, Gimpo-si, 12/2009 Awarded US$50 Million Export Top Prize |
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Management
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Job
Description |
Title |
Name |
Sex |
Nationality |
Date of
Birth |
|
President & CEO |
Mr. |
Kim Se-Kwon |
Male |
Korean |
1954.04.05 |
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Executive Director |
Mr. |
Kang Min-Pyo |
Male |
Korean |
1965.09.04 |
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Director |
Mr. |
Lee Jeong-Yong |
Male |
Korean |
1966.03.28 |
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Auditor |
Mr. |
Kwon Byung-Joon |
Male |
Korean |
1956.09.20 |
Financials
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Unit: KRW |
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Year |
Sales |
Assets |
Net Income |
|
18,429,851,678 |
83,422,327,274 |
2,336,176,392 |
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2009 |
75,671,764,621 |
58,975,209,213 |
8,036,968,555 |
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2008 |
69,618,752,662 |
66,111,648,520 |
4,202,639,396 |
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2007 |
56,142,011,938 |
58,356,881,168 |
2,693,135,108 |
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2006 |
57,421,514,497 |
44,927,215,545 |
5,051,895,400 |
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2005 |
54,268,800,670 |
28,921,303,937 |
5,676,578,002 |
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2004 |
44,380,192,079 |
25,829,386,467 |
2,251,746,746 |
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2003 |
33,077,248,729 |
19,972,756,405 |
3,354,305,359 |
Financial Description
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|
Unit: KRW |
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Authorized Capital |
5,000,000,000 |
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Paid-Up Capital |
2,700,000,000 |
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Total Issues Shares |
5,400,000 |
Balance Sheet
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Unit : Korean Won |
01/01/2010~03/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
83,422,327,274 |
58,975,209,213 |
66,111,648,520 |
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Current Assets |
43,450,126,009 |
19,800,273,674 |
23,888,069,809 |
|
-Quick Assets |
30,671,541,218 |
10,990,477,598 |
13,254,315,147 |
|
-Inventories |
12,778,584,791 |
8,809,796,076 |
10,633,754,662 |
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Fixed Assets |
39,972,201,265 |
39,174,935,539 |
42,223,578,711 |
|
-Investment |
890,404,029 |
254,620,000 |
142,300,000 |
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-Tangibles |
37,746,149,658 |
37,594,667,961 |
41,728,223,893 |
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-Intangibles |
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-Others |
1,335,647,578 |
1,325,647,578 |
353,054,818 |
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Total Liabilities |
24,055,832,397 |
21,950,674,757 |
37,124,082,619 |
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Current Liabilities |
13,183,859,238 |
11,143,024,462 |
31,957,876,025 |
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Fixed Liabilities |
10,871,973,159 |
10,807,650,295 |
5,166,206,594 |
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Capital Stock |
2,700,000,000 |
2,000,000,000 |
2,000,000,000 |
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Capital Surplus |
19,670,000,000 |
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Profit Surplus |
37,360,710,848 |
35,024,534,456 |
26,987,565,901 |
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Capital Adjustment |
-364,215,971 |
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Total Equity |
59,366,494,877 |
37,024,534,456 |
28,987,565,901 |
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Liab. & Shareholder’s Equity |
83,422,327,274 |
58,975,209,213 |
66,111,648,520 |
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Current
Liabilities |
13,183,859,238 |
11,143,024,462 |
31,957,876,025 |
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Trade Payables |
4,497,599,354 |
3,384,196,210 |
3,835,642,199 |
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Short-Term Borrowings |
2,700,000,000 |
2,000,000,000 |
22,170,000,000 |
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Account Payables |
2,602,412,346 |
1,893,357,259 |
2,361,984,179 |
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Advance Receipts |
767,507,093 |
822,690,252 |
601,418,606 |
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Short-Term Borrowings to Shareholders/ Executives/
Employees |
- |
- |
1,670,000,000 |
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Withholdings |
97,958,665 |
100,122,105 |
88,477,110 |
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Accrued Expenses |
2,490,023 |
15,374,491 |
201,673,525 |
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Accrued
Dividends |
- |
- |
- |
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Accrued Income Tax |
1,833,681,757 |
2,089,154,145 |
566,590,406 |
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Current Portion of Long-Term Debts |
531,210,000 |
684,130,000 |
408,090,000 |
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Leasehold Deposit Received |
151,000,000 |
154,000,000 |
54,000,000 |
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Fixed
Liabilities |
10,871,973,159 |
10,807,650,295 |
5,166,206,594 |
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Long-Term Borrowings |
4,267,350,000 |
4,267,350,000 |
4,951,480,000 |
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Provision for Severance &
Retirement |
920,370,543 |
846,319,179 |
384,833,272 |
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Finance Lease Debts |
5,860,361,510 |
5,860,361,510 |
- |
Income Statement
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Unit : Korean Won |
01/01/2010~03/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
18,429,851,678 |
75,671,764,621 |
69,618,752,662 |
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Cost of Sold Goods |
13,723,569,774 |
55,319,762,838 |
57,105,778,106 |
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Gross Profit |
4,706,281,904 |
20,352,001,783 |
12,512,974,556 |
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Selling & Admin. Expenses |
1,784,571,002 |
7,293,629,540 |
7,392,651,316 |
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Operating Income |
2,921,710,902 |
13,058,372,243 |
5,120,323,240 |
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Non-Operating Income |
505,166,982 |
3,349,472,721 |
3,167,471,493 |
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Non-Operating Expenses |
392,814,180 |
5,162,696,630 |
3,603,532,419 |
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Ordinary Income |
3,034,063,704 |
11,245,148,334 |
4,684,262,314 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
3,034,063,704 |
11,245,148,334 |
4,684,262,314 |
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Income Taxes Expenses |
697,887,312 |
3,208,179,779 |
481,622,918 |
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Net Income |
2,336,176,392 |
8,036,968,555 |
4,202,639,396 |
Cash Flows
|
Unit : Korean Won |
01/01/2010~03/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Cash Flows from Operating |
174,282,677 |
16,042,099,303 |
5,752,163,580 |
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-Net Income |
2,336,176,392 |
8,036,968,555 |
4,202,639,396 |
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-Exp. without Cash Outflow |
1,234,369,453 |
7,785,461,165 |
6,165,901,801 |
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-Revenue without Cash Inflows |
(-)116,351,645 |
(-)349,015,377 |
(-)202,480,608 |
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-Changes in Asset/ & Liability |
(-)3,279,911,523 |
568,684,960 |
(-)4,413,897,009 |
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Cash Flows from Investing |
(-)22,288,446,602 |
3,550,218,544 |
(-)5,406,783,149 |
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-Cash Inflow from Investing |
5,000,000,000 |
7,000,818,182 |
2,844,625,000 |
|
-Cash Outflows for Investing |
(-)27,288,446,602 |
(-)3,450,599,638 |
(-)8,251,408,149 |
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Cash Flows from Financing |
19,472,252,349 |
(-)22,248,090,000 |
4,555,884,284 |
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-Cash Inflows from Financing |
23,070,000,000 |
19,500,000,000 |
17,030,400,000 |
|
-Cash Outflows from Financing |
(-)3,597,747,651 |
(-)41,748,090,000 |
(-)12,474,515,716 |
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Increase/Decrease in Cash |
(-)2,641,911,576 |
(-)2,655,772,153 |
4,901,264,715 |
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Cash at the Beginning of Year |
2,842,700,393 |
5,498,472,546 |
597,207,831 |
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Cash at the End of Year |
200,788,817 |
2,842,700,393 |
5,498,472,546 |
Products, Technologies, Services Description
|
Main Products & Services |
Manufacture of Plastic Films, Sheets and Plates Brand Name : FRONTLIT |
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Detailed Products Spec. |
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Trade
Partners & Competitors
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Customers |
STARFLEX-EUROPE Sales Channel and Condition Domestic: Local Wholesalers and Agents Export : Direct Contact to the buyers, For
Europe, the Subject sells Belgium Corporation and this corporation sells to
small buyers directly. |
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Competitors |
LG HANHWA WONPOONG The Subject estimates its domestic market
shares as 20~25%. |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
KANG WOO CO., LTD.( SFP CO., LTD.( |
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Overseas Branch |
STARFLEX SHANGHAI CO., LTD.( 10 TOWER 401 & 402, 658 NONG, TEL 86-21-5150-7773 FAX 86-21-5150-7799 STARFLEX EUROPE ( STARFLEX EUROPE S.A., 2, RUE DESCARTES,
7000 TEL: +32-65-321-540 FAX: +32-65-554-174 |
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Subsidiary |
STARFLEX- EUROPE CO., LTD. (100.0% held by the subject company) STARFLEX SHANGHAI CO., LTD. (60.0% held by the subject company) |
|
Cooperative |
-Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
Sales by
Region
(Activity &
Markets)
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Sales/ Unit :Thousand KRW |
2009 |
2008 |
2007 |
|
Export |
15,951,099 |
65,628,581 |
60,548,953 |
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Domestic |
2,478,752 |
10,043,183 |
9,069,799 |
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Total |
18,429,851 |
75,671,764 |
69,618,752 |
The Subject exports the products to Asia(
Court
Action
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Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
YTIP CO., LTD.(110111-3963695) |
The Subject Company |
Infringement of Utility Right |
100,000,000 |
The Subject won at 1st round and 2nd round is
proceeding. |
News
Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.81 |
|
|
1 |
Rs.59.81 |
|
Euro |
1 |
Rs.69.29 |
RATING EXPLANATIONS
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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 |
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.