|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
STACO CO., LTD. |
|
|
|
|
Registered Office : |
1589-3, Songjeong-dong, Gangseo-gu, Busan |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.01.1992 |
|
|
|
|
Com. Reg. No.: |
603-81-18652 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Sections for Ships |
|
|
|
|
No. of Employees : |
336 |
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 : |
Clear |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name |
STACO CO., LTD. (Korean Company Name : “스타코(주)”) |
|
Registered Address |
1589-3, Songjeong-dong,
Gangseo-gu, Busan, Korea |
|
Building |
Noksan Industrial Complex |
|
Zip Code |
618-818 |
|
Tel |
+82-51-831-7000 |
|
Fax |
+82-51-831-7007 |
|
E-mail |
business@staco.co.kr;trade@staco.co.kr |
|
Website |
www.staco.co.kr |
|
Trading Address |
Noksan
Industrial Complex, 1589-3, Songjeong-dong, Gangseo-gu, Busan, Korea |
|
Tel |
+82-51-831-7000 |
|
Fax |
+82-51-831-7007 |
|
Other Address |
4FL., 683-10, Yeoksam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-569-6898 |
|
Fax |
+82-2-566-0403 |
|
Other Address-Daebul
Factory |
1697-12,
Nanjeon-Ri, Samho-Myeon, Yeongam-Gun, Jeonnam-Do 526-892 Korea |
|
Tel |
+82-61-464-5331 |
|
Type |
Export |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Ship Panel, Cabin Door |
|
Established (mm/dd/yyyy) |
01/16/1992 |
The
Subject Company owns the premises of registered HQ address(15,957.3㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Interior design or
decorating(72101901) |
|
Sell |
Marine craft systems and
subassemblies(25111900) |
|
Sell |
Graphic design(82140000) |
|
Buy |
Marine craft systems and
subassemblies(25111900) |
|
Buy |
Sinks(30181504) |
|
Buy |
Faucets(40141702) |
|
Buy |
Curtains(52131501) |
|
Buy |
Doors(30171500) |
|
Buy |
Beds(56101515) |
|
Buy |
Panels or panelling(30161505) |
|
Buy |
Steel plate(30102204) |
|
Buy |
Bathtubs(30181501) |
|
Buy |
Shower heads(40141703) |
|
Name |
Lee Dong-Hyung |
|
Address |
180, Dangni-dong,
Saha-gu, Busan, Korea |
|
Date of Birth |
07/05/1946 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
5,800,000,000 |
|||||||||||||||||||||||||||
|
Employees |
336 |
|||||||||||||||||||||||||||
|
Formation |
Co., Ltd by shares Venture Business |
|||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-
Noksan Central Branch No. 1631-3, Songjeong-Dong,
Gangseo-Gu, Busan 618-270 Korea Tel: +82-51-832-0172 Korea Exchange Bank |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0122183 |
|||||||||||||||||||||||||||
|
Business Registered No. |
603-81-18652 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
04/1999 CE Mark Certificated. 11/1998 ISO 9001 Certificated Int’l Trade No.: 12002212 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
01/16/1992 Incorporated as
ShinSung Eng. & Archi.Co., Ltd. 11/1996 Wins $1 Mil. Export
Tower Award. 11/1998 Acquisition of ISO
9001 Certificate 11/1998 Wins $5 Mil. Export
Tower Award. 04/1999 Acquisition of C.E.
Mark 11/2001 Wins $10 Mil. Export
Tower Award 05/2003 Korean World-class
Product Award 10/17/2003 Moved to the
present HQ address from 556, Sinpyeong-dong, Saha-gu, Busan, Korea 12/2003 Establishment of STACO
R&D Center 10/2004 Designated as a
INNO-BIZ(Innovation Business) Company 11/2004 Wins $20 Mil. Export
Tower Award 05/18/2005 Changed name to
STACO CO., LTD. 07/2005 Opened branch office
in Shanghai, China and Mumbai, India 02/2006 Established new
factory in China under name of STACO Zhangjiagang New tech Material Co., Ltd 11/2006 Wins $30 Mil. Export
Tower Award 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 08/17/2009 Increased capital
to 4,000,000,000 KRW from 3,000,000,000 KRW 04/30/2010 Increased capital
to 5,000,000,000 KRW from 4,000,000,000 KRW 08/31/2010 Increased capital
to 5,800,000,000 KRW from 5,000,000,000 KRW |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Lee Dong-Hyung |
Male |
Korean |
01/16/2001 |
|
Co-President & CEO |
Mr. |
Hong Soon-Kyun |
Male |
Korean |
03/28/2008 |
|
Director |
Mr. |
Moon Sang-Hoon |
Male |
Korean |
03/28/2008 |
|
Outside Director |
Mr. |
Chae Doo-Seok |
Male |
Korean |
10/29/2010 |
|
Auditor |
Mr. |
Kwon Oh-Kyung |
Male |
Korean |
03/30/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
166,232,901,807 |
124,250,988,334 |
839,864,252 |
|
|
2010 |
149,636,458,668 |
102,858,138,549 |
7,665,390,950 |
|
2009 |
146,131,255,770 |
81,001,876,891 |
11,838,761,494 |
|
2008 |
117,760,038,970 |
64,149,973,488 |
2,014,138,221 |
|
2007 |
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
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
5,800,000,000 |
|
Total Issues Shares |
10,941,667
(Common : 9,341,667 / Preferable : 1,600,000) |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
124,250,988,334 |
102,858,138,549 |
81,001,876,891 |
|
Current Assets |
77,926,610,440 |
63,556,598,023 |
40,531,673,848 |
|
-Quick Assets |
65,153,580,086 |
55,138,326,889 |
34,803,999,212 |
|
-Inventories |
12,773,030,354 |
8,418,271,134 |
5,727,674,636 |
|
Fixed Assets |
46,324,377,894 |
39,301,540,526 |
40,470,203,043 |
|
-Investment |
22,795,860,611 |
18,566,971,156 |
19,771,415,993 |
|
-Tangibles |
21,586,306,717 |
18,786,089,789 |
19,195,318,725 |
|
-Intangibles |
133,113,010 |
112,782,025 |
99,974,300 |
|
-Others |
1,809,097,556 |
1,835,697,556 |
1,403,494,025 |
|
Total Liabilities |
80,495,803,469 |
59,975,096,067 |
51,696,419,341 |
|
Current Liabilities |
61,952,855,706 |
42,058,509,337 |
41,084,764,735 |
|
Fixed Liabilities |
18,542,947,763 |
17,916,586,730 |
10,611,654,606 |
|
Capital Stock |
5,800,000,000 |
5,800,000,000 |
4,000,000,000 |
|
Capital Surplus |
7,279,419,898 |
7,315,907,397 |
331,907,397 |
|
Profit Surplus |
19,704,873,868 |
18,865,009,616 |
14,199,618,666 |
|
Capital Adjustment |
10,970,891,099 |
10,902,125,469 |
10,773,931,487 |
|
Total Equity |
43,755,184,865 |
42,883,042,482 |
29,305,457,550 |
|
Liab. & Shareholder’s
Equity |
124,250,988,334 |
102,858,138,549 |
81,001,876,891 |
|
Current
Liabilities |
61,952,855,706 |
42,058,509,337 |
41,084,764,735 |
|
Trade Payables |
26,792,678,320 |
16,903,926,126 |
12,162,795,932 |
|
Short-Term Borrowings |
25,873,956,326 |
17,875,416,145 |
21,672,848,447 |
|
Account Payables |
1,922,291,930 |
1,046,300,769 |
1,486,223,563 |
|
Advance Receipts |
234,967,301 |
390,795,613 |
779,728,058 |
|
Withholdings |
91,852,280 |
75,805,510 |
73,395,980 |
|
Accrued Expenses |
1,021,561,975 |
895,706,027 |
2,268,846,019 |
|
Accrued Income Tax |
- |
1,175,582,658 |
1,276,693,917 |
|
Current Portion of Long-Term Debts |
4,288,271,000 |
3,324,645,000 |
1,302,806,000 |
|
Unearned Income |
162,233,953 |
151,431,590 |
61,426,819 |
|
Derivatives |
1,565,042,621 |
218,899,899 |
- |
|
Fixed
Liabilities |
18,542,947,763 |
17,916,586,730 |
10,611,654,606 |
|
Debentures |
10,000,000,000 |
10,000,000,000 |
- |
|
Long-Term Borrowings |
3,798,492,395 |
3,019,966,503 |
6,361,193,726 |
|
Provision for Severance & Retirement |
3,349,018,900 |
2,700,704,600 |
2,337,995,760 |
|
Deferred Income Tax Credit |
1,444,728,649 |
2,197,961,129 |
1,930,059,267 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
166,232,901,807 |
149,636,458,668 |
146,131,255,770 |
|
Cost of Sold Goods |
149,302,804,208 |
125,086,304,807 |
113,712,280,612 |
|
Gross Profit |
16,930,097,599 |
24,550,153,861 |
32,418,975,158 |
|
Selling & Admin. Expenses |
14,400,268,246 |
12,540,357,802 |
13,198,549,304 |
|
Operating Income |
2,529,829,353 |
12,009,796,059 |
19,220,425,854 |
|
Non-Operating Income |
3,959,242,017 |
4,449,340,124 |
4,365,040,900 |
|
Non-Operating Expenses |
7,119,947,269 |
5,948,563,062 |
8,514,537,924 |
|
Income Before Taxes |
-630,875,899 |
10,510,573,121 |
15,070,928,830 |
|
Income Taxes Expenses |
-1,470,740,151 |
2,845,182,171 |
3,232,167,336 |
|
Net Income |
839,864,252 |
7,665,390,950 |
11,838,761,494 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-4,917,680,089 |
-7,669,586,364 |
15,358,862,091 |
|
-Net Income |
839,864,252 |
7,665,390,950 |
11,838,761,494 |
|
-Exp. without Cash Outflow |
5,859,935,802 |
4,693,062,697 |
6,175,534,529 |
|
-Revenue without Cash Inflows |
-1,045,729,513 |
-2,666,217,337 |
-2,618,414,683 |
|
-Changes in Asset/ &
Liability |
-10,571,750,630 |
-17,361,822,674 |
-37,019,249 |
|
Cash Flows from Investing |
-8,831,374,977 |
-176,790,554 |
-12,708,338,327 |
|
-Cash Inflow from Investing |
1,362,514,420 |
4,100,896,542 |
2,867,535,756 |
|
-Cash Outflows for Investing |
-10,193,889,397 |
-4,277,687,096 |
-15,575,874,083 |
|
Cash Flows from Financing |
9,454,553,896 |
10,347,678,853 |
178,504,663 |
|
-Cash Inflows from Financing |
38,701,884,241 |
47,253,782,330 |
25,911,900,765 |
|
-Cash Outflows from Financing |
-29,247,330,345 |
-36,906,103,477 |
-25,733,396,102 |
|
Increase/Decrease in Cash |
-4,294,501,170 |
2,501,301,935 |
2,829,028,427 |
|
Cash at the Beginning of Year |
11,632,880,642 |
9,131,578,707 |
6,302,550,280 |
|
Cash at the End of Year |
7,338,379,472 |
11,632,880,642 |
9,131,578,707 |
|
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. |
|
Technologies Acquired |
|
|
Customers |
SHINSUNG INTERIOR TECHNOLOGY
CO., LTD. |
|
Competitors |
SHINHAN MACHINERY CO., LTD. 117, UBONG-RI, ONSAN-EUP,
ULJU-GUN, ULSAN, KOREA 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, BUSAN, KOREA TEL:+82-51-200-3040 FAX:+82-51-200-3046 ILJIN MACHINERY CO., LTD. 725-2, HWANGSEONG-DONG, NAM-GU,
ULSAN, KOREA TEL:+82-52-259-8800 FAX:+82-52-257-5525 |
|
Affiliates |
STA INTERIOR TECHNOLOGY CO., LTD(180111-0303519) RM. 901, BANDO BLDG. 36-14,
JUNGANGDONG 4-GA, JUNG-GU, BUSAN 600-014 KOREA KARK F KOREA CO., LTD.(
110111-3896507) SMACO(KOREA) D&S KOREA CO., LTD.(KOREA) |
|
Overseas Office |
CHINA HEAD OFFICE (FACTORY) #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, #2077, YANAN RD.
(WEST), CHANGNING, DISTRICT, SHANGHAI, CHINA TEL :+86 21 6270387
62703872 FAX:+86 21 62703797 STACO INDIA BRANCH OFFICE C/612, LEGEND APT., SANTACRUZ
(EAST), MUMBAI, INDIA 400055 TEL/FAX :+ 91 22 2665 3899 MOBILE:+ 91 932 331 7008 |
|
Joint Venture |
|
|
Subsidiary |
STAPREVILLE CO., LTD.(110111-4164581) (66.7% held
by the subject company) GREEN FILED CO., LTD.(KOREA) (59.6% held
by the subject company) STACO NEW TECH MATERIAL (ZHANGJIAGANG) CO., LTD.(CHINA) (92.0% held by the subject
company) CHENGDUN RD.1, CANGKOU ST,
FENGHUANG TN, JIANG JIAGANG CITY, JIANGSU PROVINCE, CHINA STACO NEW TECH MATERIAL (DALIAN) CO., LTD.(CHINA) (100.0% held by the subject
company) STACO CHALMERS CO., LTD.(180111-0747072) STA VINA CO., LTD. |
|
Major Shareholders |
|
|
Cooperative Enterprise |
LIVART FURNITURE CO., LTD. 54-10, BUK-RI, NAMSA-MYEON, CHEOIN-GU,
YONGIN-SI, GYEONGGI-DO 449-884 KOREA TEL:+82-31-331-7921
FAX:+82-31-332-7656 INDUSTRY: MANUFACTURE OF OTHER
WOOD FURNITURE SIGONG TECH CO., LTD. SIGONG BLDG., 107-7, SAMSEONG
1-DONG, GANGNAM-GU, SEOUL 135-873 KOREA TEL:+82-2-3438-0077 FAX:+82-2-3438-0088 INDUSTRY: ARCHITECTURAL
SERVICES NAGASAKI SENBAKU SOBI
(NSS)(WWW.NSSJPN.CO.JP) LOCATION: NAGASAKI, JAPAN (OEM CONTRACT IN JAPAN) B&B ITALIA
SPA(WWW.BEBITALIA.IT) LOCATION: MILAN, ITALY S.A.SVENDSEN
OY(WWW.SASVENDSEN.COM) KINIEMENTIE 3 B, FIN-00210
HELSINKI, FINLAND TEL:+358 9 681 1170 FAX:+358 9
681 11 768 -Insured Company HEUNGKUK FIRE & MARINE INSURANCE CO.,
LTD.(110111-0016728) HANWHA NON-LIFE INSURANCE CO.,
LTD.(110111-0006456) |
The Subject deals with the companies in Italy, Finland, USA,
China and Japan.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 Business |
-- |
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.