|
Report Date : |
31.01.2013 |
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 |
|
|
(With
Financials) |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.
Source
: CIA
|
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. |
|
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. |
|
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.53.57 |
|
|
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.