|
Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
STX MARINE SERVICE CO., LTD. |
|
|
|
|
Registered Office : |
15~18th Fl., STX Pan Ocean Busan Bldg. 83-5, Jungangdong 4-ga, Jung-gu, Busan, Korea 600-725 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.04.2011 |
|
|
|
|
Com. Reg. No.: |
602-81-54470 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Other Supporting Water Transport Activities |
|
|
|
|
No. of Employees : |
1,321 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Exist |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global
economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth
in 2010. The US-South Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The incoming administration in 2013, following
the December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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 |
STX MARINE
SERVICE CO., LTD. (Korean Company
Name : “에스티엑스마린서비스(주)”) |
|
Registered Address |
83-5, Jungangdong 4-ga, Jung-gu, Busan,
Korea |
|
Building |
15~18th Fl., STX Pan Ocean Busan Bldg. |
|
Zip Code |
600-725 |
|
Tel |
+82-51-461-2000 |
|
Fax |
+82-51-461-1529 |
|
E-mail |
bsyoon@onestx.com;mscheon@onestx.com |
|
Website |
www.stxmarine.co.kr |
|
Trading Address |
9th Fl., STX Pan Ocean Busan Bldg., 83-5,
Jungangdong 4-ga, Jung-gu, Busan, Korea |
|
Tel |
+82-51-461-2000 |
|
Fax |
+82-51-461-2176~9 |
|
Other Address-Workshop Office |
50-3, Seongju-dong, Seongsan-gu,
Changwon-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-278-1810 |
|
Fax |
+82-55-278-1999 |
|
Other Address-Branch |
93-3, Jungang-dong
1-ga, Masanhappo-gu, Changwon-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-278-1842 |
|
Fax |
+82-55-278-1996 |
|
Type |
Services |
|
Industry |
Other Supporting Water Transport Activities |
|
Main Business |
Ship Management, Marine Engineering, Marine Equipment Sales &
Procurement |
|
Established (mm/dd/yyyy) |
04/15/2011 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ship Management Services |
|
Sell |
Marine Engineering Services |
|
Sell |
Marine Equipment Sales & Procurement Services |
|
Name |
Lee Kwon-Hee |
|
Address |
Suite A-2602, 1498, U-dong,
Haeundae-gu, Busan, Korea |
|
Date of Birth |
02/06/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
10,000,000,000 |
|||||||||
|
Employees |
1,321 |
|||||||||
|
Formation |
Co., Ltd by Shares A Company of STX Group |
|||||||||
|
Bank Details |
Woori Bank Hana Bank Korea Development Bank |
|||||||||
|
Corporate Registered No. |
180111-0755413 |
|||||||||
|
Business Registered No. |
602-81-54470 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 30714508 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
04/15/2011 Incorporated as the present name
after split off from STX Corporation 05/30/2012 STX GROUP has agreed with Korea Development Bank, which
is the principal bank, on Better Financial Structure |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Kwon-Hee |
Male |
Korean |
04/15/2011 |
|
Director |
Mr. |
Chu Sung-Yeob |
Male |
Korean |
03/28/2013 |
|
Director |
Mr. |
Bae In |
Male |
Korean |
06/17/2013 |
|
Auditor |
Mr. |
Sohn Hyun-Kon |
Male |
Korean |
05/30/2013 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
406,559,637,495 |
226,676,908,810 |
14,342,297,707 |
|
|
2011 |
302,366,698,360 |
198,262,089,072 |
14,754,610,183 |
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
10,000,000,000 |
|
Total Issued Shares |
4,000,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
226,676,908,810 |
198,262,089,072 |
|
|
Current Assets |
150,986,853,192 |
132,846,835,914 |
|
|
Cash
& Cash Equivalents |
10,401,644,754 |
19,585,980,610 |
|
|
Current
Financial Instruments |
12,125,845,613 |
8,993,529,038 |
|
|
Trade
Receivables |
93,316,631,150 |
61,952,074,046 |
|
|
Other
Receivables |
13,617,942,624 |
9,405,587,372 |
|
|
Advance
Payments |
19,037,441,932 |
27,985,067,787 |
|
|
Inventories |
1,806,801,578 |
4,434,002,453 |
|
|
Other
Current Assets |
680,545,541 |
490,594,608 |
|
|
Non-Current Assets |
75,690,055,618 |
65,415,253,158 |
|
|
Marketable
Financial Instruments |
175,422 |
175,422 |
|
|
Non-Current
Financial Instruments |
979,623,976 |
- |
|
|
Investment_Related
Companies |
7,003,171,156 |
1,739,215,156 |
|
|
Tangibles |
9,041,817,367 |
6,662,664,171 |
|
|
Investment_Related
Companies |
52,858,103,131 |
53,115,961,807 |
|
|
Intangibles |
1,204,130,341 |
1,022,125,496 |
|
|
Other
Financial Assets |
1,071,100,000 |
- |
|
|
Other
Non-Current Assets |
1,099,091,000 |
1,139,091,000 |
|
|
Deferred
Income Tax Assets |
2,432,843,225 |
1,736,020,106 |
|
|
Total Liabilities |
141,051,463,118 |
124,978,941,087 |
|
|
Current Liabilities |
138,283,722,345 |
124,413,824,087 |
|
|
Trade
Payables |
57,881,940,825 |
42,157,149,820 |
|
|
Short-Term
Borrowings |
27,000,000,000 |
30,000,000,000 |
|
|
Account
Payables |
9,240,560,940 |
8,739,503,118 |
|
|
Advance
Receipts |
24,606,904,891 |
27,044,193,661 |
|
|
Accrued
Income Tax |
- |
2,374,346,477 |
|
|
Other
Current Liabilities |
19,554,315,689 |
14,098,631,011 |
|
|
Non-Current Liabilities |
2,767,740,773 |
565,117,000 |
|
|
Provision
for Severance & Retirement |
590,893,230 |
- |
|
|
Other
Non-Current Liabilities |
2,176,847,543 |
565,117,000 |
|
|
Capital Stock |
10,000,000,000 |
10,000,000,000 |
|
|
Capital
Surplus |
48,528,537,802 |
48,528,537,802 |
|
|
Profit
Surplus |
27,096,907,890 |
14,754,610,183 |
|
|
Total
Equity |
85,625,445,692 |
73,283,147,985 |
|
|
Liab.
& Shareholder’s Equity |
226,676,908,810 |
198,262,089,072 |
|
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
406,559,637,495 |
302,366,698,360 |
|
|
Cost
of Sold Goods |
-347,473,244,280 |
-256,148,612,649 |
|
|
Gross
Profit |
59,086,393,215 |
46,218,085,711 |
|
|
Selling
& Admin. Expenses |
-39,017,755,383 |
-27,534,154,064 |
|
|
Operating
Income |
20,068,637,832 |
18,683,931,647 |
|
|
Other
Operating Income |
3,869,291,549 |
8,128,957,580 |
|
|
Other
Operating Expenses |
-8,814,293,554 |
-6,249,767,993 |
|
|
Finance
Income |
726,557,819 |
425,586,558 |
|
|
Finance
Expenses |
-2,232,807,655 |
-1,721,457,933 |
|
|
Income
Before Taxes |
13,617,385,991 |
19,267,249,859 |
|
|
Income
Taxes Expenses |
724,911,716 |
-4,512,639,676 |
|
|
Net
Income |
14,342,297,707 |
14,754,610,183 |
|
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
15,420,190,816 |
22,890,097,701 |
|
|
Cash
Flows from Operating |
17,085,380,113 |
24,942,278,465 |
|
|
Interests
Received |
681,068,583 |
409,103,790 |
|
|
Income
Taxes |
-2,346,257,880 |
-2,461,284,554 |
|
|
Cash
Flows from Investing |
-16,258,438,182 |
-11,309,812,778 |
|
|
Cash
Flows from Financing |
-7,242,171,491 |
-1,651,054,780 |
|
|
Increase/Decrease
in Cash |
-8,080,418,857 |
9,929,230,143 |
|
|
Cash
at the Beginning of Year |
19,585,980,610 |
9,500,000,000 |
|
|
Cash
at the End of Year |
10,401,644,754 |
19,585,980,610 |
|
|
Main Products & Services |
Ship Management, Marine Engineering, Marine Equipment Sales &
Procurement |
|
Competitors |
FORTUNE MARINE CO., LTD. 3RD FL., GYEONGBOK BLDG., 4-2, GWANGBOKDONG
1-GA, JUNG-GU, BUSAN, KOREA TEL:+82-51-244-6635 FAX:+82-51-244-3639 GLOBAL SERVICE CORPORATION 28TH FL., MAPO TRAPALACE, 559, DOHWA-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-782-9770 FAX:+82-2-782-9775 HANJIN SHIP MANAGEMENT CO., LTD. 25TH FL., HANJIN SHIPPING BLDG., 79-9,
JUNGANG-DONG 4-GA, JUNG-GU, BUSAN, KOREA TEL:+82-51-460-8000 FAX:+82-51-469-1596 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
STX CORPORATION(194211-0000183) STX PAN OCEAN CO., LTD.(110111-0004286) STX CONSTRUCTION CO., LTD.(194111-0009939) STX SOLAR CO., LTD.(110111-3788671) FORCE TEC CO., LTD.(194211-0019522) HEUNG KOOK MUTUAL SAVINGS
BANK(180111-0010255) SAEROM SUNGWON INDUSTRIAL CO.,
LTD.(194211-0004523) CXD CO., LTD.(194111-0012685) CHEIL A&C CO., LTD.(110111-3159351) STX HEAVY INDUSTRIES CO.,
LTD.(194111-0009004) STX ELECTRIC POWER CO., LTD.(144711-0019225) STX MARINE SERVICE CO., LTD.(180111-0755413) STX FUTURE INSTITUTE CO., LTD.(110111-4573433) STX OFFSHORE & SHIPBUILDING CO.,
LTD.(180111-0002814) STX ENGINE CO., LTD.(194211-0066763) STX ENERGY CO., LTD.(135011-0121570) STX RESORT CORPORATION(110111-3794644) |
|
Affiliates-Overseas |
STX NORWAY AS STX EUROPE AS STX(DAIRYIAN) SHIPBUILDING CO., LTD.(CHINA) STX(DAIRYIAN) PRECISION CO., LTD. (CHINA) STX(DAIRYIAN) OFFSHORE & HEAVY
INDUSTRIES CO., LTD.(CHINA) STX(DAIRYIAN) ENGINE CO., LTD.(CHINA) STX(DAIRYIAN) METAL CO., LTD.(CHINA) STX(DAIRYIAN) HEAVY INDUSTRIES CO.,
LTD.(CHINA) STX(DAIRYIAN) HEAVY EQUIPMENT CO.,
LTD.(CHINA) STX CONSTRUCTION(DAIRYIAN) CO., LTD.(CHINA) STX(DAIRYIAN) INFORMATION & TECHNOLOGY
CO., LTD.(CHINA) DAIRYIAN STUS A&C CO., LTD.(CHINA) POSI(DAIRYIAN) LOGISTICS CO., LTD.(CHINA) STX(DAIRYIAN) TRADING CO., LTD.(CHINA) STX BANGJISAN DEVELOPMENT (DAIRYIAN) CO.,
LTD. (CHINA) STX-VINA HEAVY INDUSTRY CO., LTD STX HEAVY INDUSTRIES(MUSOON) CO.,
LTD.(CHINA) STX MONGOLIA LLC STX CITINET, LLC. STX MIDDLE EAST FZE. STX (SHANGHAI) CORPORATION LTD. STX BRASIL TRADING LTDA. STX AMERICA INC. STX PANOCEAN (AMERICA), INC. STX PANOCEAN SINGAPORE PTE. LTD. STX GULF SHIPPING DMCCO STX LOGISTICS SINGAPORE PTE. LTD. STX PANOCEAN LNG PTE. LTD. STX PANOCEAN (HONG KONG) CO., LTD. STX PANOCEAN (U.K) CO., LTD. DTK OCEANIC LIMITED STX JAPAN CORPORATION STX GLOBAL LOGIX CO.,LTD. STX PANOCEAN (CHINA) CO., LTD. QINGDAO STX INTERNATIONAL LOGISTICS CO.,
LTD. QINGDAO STX-KEYUN LOGISTICS CO., LTD TIANJIN STX-SINOTRANS LOGISTICS CO., LTD. SEA WIN SHIPPING CO., LTD. LIANYUNGANG GLOBAL OCEAN SHIPPING CO., LTD. FAR EASTERN SHIPYARD-STX DS CEMENT LLP STX WINDPOWER B.V. QINGDAO STX MACHINERY CO., LTD. SP/F STX FAROES LTD. STX IRELAND LIMITED STX ENERGY AMERICA, INC. ORION STORY STX ENGINEERING & CONSTRUCTION GHANA
LIMITED YOUNEX ENTERPRISES CORPORATION STX APRILIS, INC STX INTERNATIONAL TRADING (SINGAPORE) PTE, LTD. POS-FIL SHIP MANAGEMENT CO. (25.00% held by the subject company) POS-FIL MTC CO. (39.98% held by the subject company) |
|
Subsidiary |
YEGRINA CO., LTD.(194211-0193649) (26.25% held by the subject company) STX SERVICE EUROPE B.V. (100.00% held by the subject company) STX SERVICE SINGAPORE PTE. LTD. (100.00% held by the subject company) STX SERVICE AMERICAS LLC. (100.00% held by the subject company) POS-FIL SHIP MANAGEMENT CO.(PHILIPPINES) (25.00% held by the subject company) POS-FIL MTC CO.(PHILIPPINES) (39.98% held by the subject company) |
|
Corporate Ownership |
STX CORPORATION(194211-0000183) |
|
Major Shareholders |
STX CORPORATION(194211-0000183) |
(Activity & Markets)
The Subject deals
with the companies in China.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
ORIENT SHIPYARD CO., LTD.(180111-0188953) |
The Subject Company |
Refund of Advance Receipts |
- |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
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.