MIRA INFORM REPORT

 

 

Report Date :

01.02.2011

 

IDENTIFICATION DETAILS

 

Name :

SPECO LTD.

 

 

Formerly Known As :

SHINSAENG PLANT INDUSTRIAL CO., LTD.

 

 

Registered Office :

2nd Fl., Sam-ik Plaza Bldg, 58-3, Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea 135-815

 

 

Country :

South Korea

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

07.02.1979

 

 

Com. Reg. No.:

124-81-06497

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Other Special Purpose Machinery.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No complaints

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

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

SPECO LTD.

(Korean Company Name : “(주)스페코”)

Registered Address

58-3, Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea

Building

2nd Fl., Sam-ik Plaza Bldg.

Zip Code

135-815

Tel

+82-2-3498-3200

Fax

+82-2-3462-3573

E-mail

nkj@speco.co.kr;yoonkookhak@speco.co.kr

Website

www.speco.co.kr

Trading Address

2nd Fl., Sam-ik Plaza Bldg., 58-3, Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-3498-3200

Fax

+82-2-3462-3573

Other Address-Eumseong Factory

1-6, Daejang 1-ri, Soi-myeon, Eumseong-gun, Chungcheongbuk-do, Korea

Tel

+82-43-871-4711

Fax

+82-43-873-7103

Type

Export/Import

Industry

Manufacture of Other Special Purpose Machinery, n.e.c.

  Main Business

Asphalt Mixing Plant,Concrete Batching Plant,Crushing Plant

Established (mm/dd/yyyy)

02/07/1979

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Industrial drying equipment(23201200)

Sell

Concrete mixers or plants(22101901)

Sell

Paving equipment(22101600)

Sell

Gas analyzers and monitors(41113100)

Sell

Dust collectors(40161503)

Sell

Gear units(26111524)

Buy

Iron plate(30102203)

Buy

Pipe(40142100)

 

 

CEO’s

 

Name

Bae Hyun-Soon

Address

Suite 205-204, 421, Sangdo-dong, Dongjak-gu, Seoul, Korea

Date of Birth

01/30/1961

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

6,225,451,000

Employees

105

Formation

Listed Company (KOSDAQ : 013810) as of 11/03/1997

Venture Business

A Company of SPECO GROUP

Bank Details

Industrial Bank of Korea-Hakdong Station Branch

Corporate Registered No.

134811-0001545

Business Registered No.

124-81-06497

Permit & Licenses

10/1999 ISO 9001

Shareholder Position

Name

Shares

%

KIM JONG-SUP

6,077,071

48.81

KIM SOO-NAM

151,789

1.22

OTHERS

6,222,042

49.97

TOTAL

12,450,902

100.00

Company History

02/07/1979 Incorporated as Shinsaeng Plant Industrial Co., Ltd.

09/12/1997 Changed company name to the present name

09/2006 Spin off into the subject company and SPECO Plant Ltd.

 

 

 

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

President & CEO

Mr.

Bae Hyun-Soon

Korean

61.01.30

Inha University, Korea

Director

Mr.

You Hyung-Min

Korean

59.11.22

-

Outside Director

Mr.

Hwang Sang-Woon

Korean

64.01.01

Yonsei University, Korea

Outside Director

Mr.

Kim In-Joo

Korean

45.02.09

Seoul National University, Korea

Auditor

Mr.

Lee Woo-Young

Korean

68.04.02

Sungkyunkwan University, Korea

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

09/2010

45,129,681,474

76,114,320,750

-2,192,443,132

2009

40,934,880,081

65,342,112,752

760,537,679

2008

48,280,933,592

54,671,519,408

1,353,393,245

2007

38,550,484,773

50,505,724,926

2,053,926,845

2006

49,437,223,830

39,604,572,882

1,299,700,117

 

 

 

Financial Description

 

Authorized Capital(KRW)

150,000,000,000

Paid-Up Capital(KRW)

6,225,451,000

Total Issues Shares

12,450,902

 

 

Balance Sheet

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

76,114,320,750

65,342,112,752

54,671,519,408

Current Assets

26,141,759,804

23,601,135,316

21,950,268,057

-Quick Assets

24,008,130,433

22,409,513,141

20,966,636,020

-Inventories

2,133,629,371

1,191,622,175

983,632,037

Fixed Assets

49,972,560,946

41,740,977,436

32,721,251,351

-Investment

40,501,648,839

35,913,487,836

26,369,781,580

-Tangibles

1,355,601,489

1,143,953,271

2,495,529,695

-Intangibles

-　

-　

-　

-Others

8,115,310,618

4,683,536,329

3,855,940,076

Total Liabilities

54,577,829,977

43,442,226,420

35,870,023,098

Current Liabilities

34,721,419,482

24,239,188,595

24,952,215,768

Fixed Liabilities

19,856,410,495

19,203,037,825

10,917,807,330

Capital Stock

6,225,451,000

6,225,451,000

6,225,451,000

Capital Surplus

9,354,106,848

9,354,106,848

8,562,091,600

Profit Surplus

6,103,747,671

8,918,666,053

8,158,128,374

Capital Adjustment

-146,814,746

-2,598,337,569

-4,144,174,664

Total Equity

21,536,490,773

21,899,886,332

18,801,496,310

Liab. & Shareholder’s Equity

76,114,320,750

65,342,112,752

54,671,519,408

 

Current Liabilities

34,721,419,482

24,239,188,595

24,952,215,768

Trade Payables

11,302,736,041

9,680,572,546

7,668,741,785

Short-Term Borrowings

17,147,000,000

8,990,000,000

8,950,000,000

Account Payables

1,044,411,223

214,774,581

2,580,283,976

Advance Receipts

1,775,533,864

4,284,274,483

4,266,308,643

Withholdings

44,378,350

47,350,800

53,684,300

Accrued Expenses

588,724,805

449,746,804

487,239,033

Accrued Income Tax

206,270,392

544,717,191

746,200,121

Leasehold Deposit Received

10,057,910

27,752,190

199,757,910

Provisions for Compensation

2,602,306,897

-　

-　

Fixed Liabilities

19,856,410,495

19,203,037,825

10,917,807,330

Debentures

10,000,000,000

10,000,000,000

10,000,000,000

Bond with Warrant

9,000,000,000

9,000,000,000

-　

Provision for Severance & Retirement

1,339,445,260

1,016,356,760

998,202,210

Provision for Repairing

400,528,291

400,528,291

478,683,809

 

Income Statement

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Sales

45,129,681,474

40,934,880,081

48,280,933,592

Cost of Sold Goods

35,340,501,620

28,384,523,856

36,043,780,315

Gross Profit

9,789,179,854

12,550,356,225

12,237,153,277

Selling & Admin. Expenses

7,616,273,295

8,288,126,252

8,636,111,441

Operating Income

2,172,906,559

4,262,229,973

3,601,041,836

Non-Operating Income

1,191,229,683

1,714,738,733

9,352,352,719

Non-Operating Expenses

6,002,900,698

5,363,315,414

12,201,776,057

Ordinary Income

-2,638,764,456

613,653,292

751,618,498

Special Income

-

-

-

Income Before Taxes

-2,638,764,456

613,653,292

751,618,498

Income Taxes Expenses

-446,321,324

-146,884,387

-601,774,747

Net Income

-2,192,443,132

760,537,679

1,353,393,245

 

 

Cash Flows

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

-423,610,386

-2,067,840,388

6,304,508,252

-Net Income

-2,192,443,132

760,537,679

1,353,393,245

-Exp. without Cash Outflow

3,227,411,960

3,182,571,316

4,069,819,103

-Revenue without Cash Inflows

-32,458,098

-113,566,961

-576,703,206

-Changes in Asset/ & Liability

-1,426,121,116

-5,897,382,422

1,457,999,110

Cash Flows from Investing

-8,044,665,273

-8,448,367,558

-5,011,188,962

-Cash Inflow from Investing

11,057,431,786

12,388,297,454

250,863,024,087

-Cash Outflows for Investing

-19,102,097,059

-20,836,665,012

-255,874,213,049

Cash Flows from Financing

7,516,830,470

8,687,994,280

2,476,840,090

-Cash Inflows from Financing

48,246,000,000

43,282,600,000

57,979,733,102

-Cash Outflows from Financing

-40,729,169,530

-34,594,605,720

-55,502,893,012

Increase/Decrease in Cash

-951,445,189

-1,828,213,666

3,770,159,380

Cash at the Beginning of Year

3,240,137,444

5,068,351,110

1,298,191,730

Cash at the End of Year

2,288,692,255

3,240,137,444

5,068,351,110

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

SAMICK MUSICAL INSTRUMENTS CO., LTD.(120111-0001818)

(16.64% held by the subject company)

 

SPECO SHANGHAI MACHINERY CO., LTD.(CHINA)

100.0% held by the subject company)

 

SPECO PLANT CO., LTD.(154511-0034283)

(13.83% held by the subject company)

 

SAMSONG MFG. CO., LTD.(120111-0010330)

SIMS MUSIC CO., LTD.(120111-0298415)

FLAT LEAD CO., LTD.(120111-0325961)

SAMICK MUSIC PLAZA CO., LTD.(120111-0383901)

SAMICK MUSIC SCHOOL CO., LTD.(110111-3387530)

Affiliates-Overseas

SAMICK  MUSIC CORP.(USA)

575 AIRPORT ROAD , BUILDING #1, GALLATIN , TN 37066, U.S.A

TEL:+1-615-206-0077 FAX:+1-615-452-0451

 

P.T SAMICK INDONESIA(INDONESIA)

JL. PERKEBUNAM, DESA KIDUL KEC. CILEUNGSI, KAB. BOGOR JAWA BARAT, INDONESIA

Tel:+62-21-823-0538 Fax:+62-21-823-4644

 

SAMICK HARBIN CO., LTD.(CHINA)

LI-MIN ECONOMIC AND TECHNICAL DEVELOPMENT ZONE, HULAN XIAN, HARBIN CITY, HEILONGJIANG PROVIENCE, CHINA

Tel:+86-451-5735-1164 Fax:+86-451-5735-1626

 

BERLIN BECHSTEIN SHANGHAI CO., LTD.(CHINA)

RM 4408, MAXDO CENTRE, 8, XINGYI ROAD, CHANGNING DISTRICT, SHANGHAI, CHINA, 200336

TEL:+86-21-5208-0830 TEL:+86-21-5208-0852(EXT.17)

 

SAMICK BECHSTEIN TRADING (SHANGHAI) CO., LTD.(CHINA)

NO.753 HUANCHENG-NORTH ROAD COMPREHENSIVE INDUSTRIAL DEVELOPMENT ZONE FENGXIAN-QU, SHANGHAI CHINA (ZIP CODE:201400)

TEL:+86-21-5743-4705  FAX:+86-21-5743-4707

 

SAMICK JAPAN CO., LTD.(JAPAN)

SUITE # 1102, GOTANDA DAIWA MANSION, 1-10-11, HIGASHI GOTANDA, SHINAGAWA-KU, TOKYO, JAPAN 141-0022

TEL:+81-3-5798-4464 FAX:+81-3-5798-4465

 

YICHANG SAMING MUSICAL INSTRUMENTS MFG., CO., LTD.(CHINA)

 

SEILER PIANOFORTEFABRIK GMBH(GERMANY)

 

SPECO WIND POWER(MEXICO)

(81.25% held by the subject company)

 

STEINWAY MUSICAL INSTRUMENT(USA)

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in China and South East Asia.

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (Million KRW)

Status

 

Seoul High Court

The Subject Company

Shinhan Corporation(Korea)

Insurance related to Libya

1,347

2nd Round is proceeding.

 

 

News Clipping

 

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FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.72.78

Euro

1

Rs.62.15

 

 

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

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

----

NB

New Company

----

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.