|
Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNSTAR CO., LTD. |
|
|
|
|
Registered Office : |
178-212, Gajwa 1-dong, Seo-gu, Incheon, Korea 404-812 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.06.1974 |
|
|
|
|
Com. Reg. No.: |
122-81-07995 |
|
|
|
|
Legal Form : |
Co., Ltd by
shares |
|
|
|
|
Line of Business : |
Wholesale of Other Industrial Machinery and Equipment |
|
|
|
|
No. of Employees : |
821 |
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 : |
Slow but correct |
|
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, 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 |
SUNSTAR CO.,
LTD. (Ex. Company Name : SUNSTAR MACHINERY CO., LTD.) (Korean Company
Name : “(주)썬스타”) |
|
Registered Address |
178-212, Gajwa 1-dong, Seo-gu, Incheon,
Korea |
|
Zip Code |
404-812 |
|
Tel |
+82-32-580-5600 |
|
Fax |
+82-32-584-3020 |
|
E-mail |
swflocal@sunstar.co.kr |
|
Website |
www.sunstar-machinery.co.kr |
|
Trading Address |
178-67, Gajwa 1-dong, Seo-gu, Incheon,
Korea |
|
Tel |
+82-32-580-5600 |
|
Fax |
+82-32-584-3020 |
|
Other Address-Branch |
30-2, Dangsan-dong 2-ga, Yeongdeungpo-gu,
Seoul, Korea |
|
Other Address-Branch |
602-22, Gajwa-dong, Seo-gu, Incheon, Korea |
|
Other Address-Branch |
617-23, Ganseok-dong, Namdong-gu, Incheon,
Korea |
|
Type |
Export |
|
Industry |
Wholesale of Other Industrial Machinery and Equipment |
|
Main Business |
Industrial Sewing Machines, Parts for Industrial Sewing Machine,
Textile & Leather Machinery |
|
Established (mm/dd/yyyy) |
06/17/1974 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Motors(26101600) |
|
Sell |
Embroidery making machines(23121501) |
|
Sell |
Servomotors(26101606) |
|
Sell |
Motors(26101600) |
|
Sell |
Sewing machines(23121614) |
|
Buy |
Diodes(32111500) |
|
Buy |
Power supply transformers(39121002) |
|
Buy |
Signal converters(39121008) |
|
Buy |
Floppy drives(43201801) |
|
Buy |
Nuts(31161700) |
|
Buy |
Bolts(31161600) |
|
Buy |
Light emitting diodes LEDs(32111503) |
|
Buy |
Inverters(32121705) |
|
Buy |
Bare printed circuit boards(32131010) |
|
Buy |
Switches and controls and relays and
accessories(39121500) |
|
Buy |
Random access memory RAM(32101601) |
|
Buy |
Resistors(32121600) |
|
Buy |
Integrated circuits(32101600) |
|
Buy |
Capacitors(32121500) |
|
Name |
Choi No-Rim |
|
Address |
Suite 107-701, 169, Seokchonhosu-ro,
Songpa-gu, Seoul, Korea |
|
Date of Birth |
11/18/1957 |
|
Title |
President & CEO / Trustee |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,504,560,000 |
|||||||||
|
Employees |
821 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of SUNSTAR Group |
|||||||||
|
Bank Details |
Industrial Bank of Korea-Euljiro Branch Korea Development Bank Hana Bank-Incheon Branch |
|||||||||
|
Corporate Registered No. |
120111-0005167 |
|||||||||
|
Business Registered No. |
122-81-07995 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 974387 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
06/17/1974 Incorporated as HANKOOK MACHINE
INDUSTRY CO., LTD. 03/01/2001 Changed company name to SUNSTAR MACHINERY
CO., LTD. 10/05/2004 Increased the authorized shares
to 100,000 shares from 10,000 shares 05/01/2005 Acquired SUNSTAR ELECTRIC CO.,
LTD. 11/30/2006 Awarded US$70 Million Export Top
Prize 09/07/2009 Changed company name to the
present name from SUNSTAR MACHINERY CO., LTD., after acquiring SUNSTART
PRECISION CO., LTD. 120111-0060236) 09/07/2009 Increased the authorized shares
to 2,000,000 shares from 100,000 KRW 09/07/2009 Increased capital to
2,084,250,000 KRW from 503,700,000 KRW 10/28/2009 Increased capital to
3,008,260,000 KRW from 2,084,250,000 KRW 11/20/2009 Increased capital to
2,504,560,000 KRW from 3,008,260,000 KRW 03/05/2013 Applied for Corporate Reviving
Procedure to Incheon District Court 03/06/2013 Confirmed Property Preservation
by Incheon District Court 04/08/2013 Started Corporate Reviving
Procedure(2013HOIHAP9) by the approval from Incheon District Court |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO / Trustee |
Mr. |
Choi No-Rim |
Male |
Korean |
04/15/2013 |
|
Director |
Mr. |
Seo Hoon |
Male |
Korean |
04/15/2013 |
|
Auditor |
Mr. |
Kim Woo-Ki |
Male |
Korean |
03/12/2013 |
|
Supervisor of HQ Office |
Mr. |
Noh Hwan-Keun |
Male |
Korean |
05/30/2004 |
|
Supervisor of HQ Office |
Mr. |
Hur Hwa-Kyung |
Male |
Korean |
06/27/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
190,293,742,422 |
242,807,514,690 |
-54,193,350,443 |
|
|
2011 |
235,656,916,838 |
246,057,186,598 |
-10,374,917,073 |
|
2010 |
209,107,169,498 |
211,226,784,179 |
6,749,752,170 |
|
2009 |
112,669,250,008 |
242,856,678,664 |
-60,350,487,964 |
|
2008 |
122,129,349,128 |
132,227,004,346 |
-54,228,361,249 |
|
2007 |
132,906,474,594 |
121,395,363,264 |
-5,222,420,742 |
|
2006 |
127,383,665,296 |
106,511,122,662 |
-21,439,499,276 |
|
2005 |
97,021,848,113 |
118,878,078,284 |
-4,437,484,244 |
|
2004 |
32,048,218,336 |
35,283,224,107 |
-4,188,934,296 |
|
2003 |
120,856,583,060 |
96,081,030,767 |
-51,908,511,704 |
|
Authorized Capital(KRW) |
1,000,000,000 |
|
Paid-Up Capital(KRW) |
2,504,560,000 |
|
Total Issues Shares |
500,912(Common : 61,000 / Preferable : 439,912) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
242,807,514,690 |
246,057,186,598 |
211,226,784,179
|
|
Current Assets |
141,559,651,758 |
136,503,900,077 |
96,683,604,974 |
|
-Quick Assets |
124,438,490,740 |
116,092,433,893 |
79,826,232,828 |
|
-Inventories |
17,121,161,018 |
20,411,466,184 |
16,857,372,146 |
|
Fixed Assets |
101,247,862,932 |
109,553,286,521 |
114,543,179,205 |
|
-Investment |
7,306,229,132 |
11,284,774,901 |
17,125,075,015 |
|
-Tangibles |
67,546,101,132 |
68,757,298,097 |
69,803,148,360 |
|
-Intangibles |
21,165,797,436 |
21,695,764,959 |
20,691,774,368 |
|
-Others |
5,229,735,232 |
7,815,448,564 |
6,923,181,462 |
|
Total Liabilities |
293,518,981,432 |
243,240,300,431 |
198,420,215,429 |
|
Current Liabilities |
276,158,268,025 |
226,491,392,102 |
183,067,028,564 |
|
Fixed Liabilities |
17,360,713,407 |
16,748,908,329 |
15,353,186,865 |
|
Capital Stock |
2,504,560,000 |
2,504,560,000 |
2,504,560,000 |
|
Capital Surplus |
2,208,874,786 |
2,208,874,786 |
2,208,874,786 |
|
Profit Surplus |
-58,518,850,100 |
-3,625,164,903 |
6,749,752,170 |
|
Capital Adjustment |
3,093,948,572 |
1,728,616,284 |
1,343,381,794 |
|
Total Equity |
-50,711,466,742 |
2,816,886,167 |
12,806,568,750 |
|
Liab. & Shareholder’s Equity |
242,807,514,690 |
246,057,186,598 |
211,226,784,179 |
|
Current
Liabilities |
276,158,268,025 |
226,491,392,102 |
183,067,028,564 |
|
Trade Payables |
77,615,813,951 |
74,232,994,412 |
54,020,738,917 |
|
Account Payables |
15,140,849,073 |
15,905,895,324 |
11,904,713,866 |
|
Advance Receipts |
3,641,598,867 |
8,273,824,799 |
19,635,823,891 |
|
Short-Term Borrowings |
163,173,494,041 |
116,012,135,198 |
86,976,530,423 |
|
Accrued Expenses |
9,438,892,203 |
3,615,480,252 |
2,764,719,354 |
|
Withholdings |
6,586,577,306 |
7,630,405,516 |
3,709,032,525 |
|
Guarantee Deposit Withhold |
511,620,000 |
436,160,000 |
429,240,000 |
|
Current Portion of Long-Term Debts |
- |
- |
31,050,000 |
|
Others |
49,422,584 |
384,496,601 |
3,595,179,588 |
|
Fixed
Liabilities |
17,360,713,407 |
16,748,908,329 |
15,353,186,865 |
|
Provision for Severance & Retirement |
13,930,241,857 |
14,339,031,323 |
11,903,356,154 |
|
Deferred Income Tax |
7,244,760,218 |
6,141,742,528 |
6,488,539,212 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
190,293,742,422 |
235,656,916,838 |
209,107,169,498 |
|
Cost of Sold Goods |
158,572,423,674 |
191,930,431,973 |
170,398,675,208 |
|
Gross Profit |
31,721,318,748 |
43,726,484,865 |
38,708,494,290 |
|
Selling & Admin. Expenses |
57,261,650,465 |
36,731,914,018 |
19,695,678,271 |
|
Operating Income |
-25,540,331,717 |
6,994,570,847 |
19,012,816,019 |
|
Non-Operating Income |
6,383,032,077 |
11,358,394,228 |
17,272,449,311 |
|
Non-Operating Expenses |
33,933,033,113 |
29,074,678,832 |
28,073,726,145 |
|
Income Before Taxes |
-53,090,332,753 |
-10,721,713,757 |
8,211,539,185 |
|
Income Taxes Expenses |
1,103,017,690 |
-346,796,684 |
1,461,787,015 |
|
Net Income |
-54,193,350,443 |
-10,374,917,073 |
6,749,752,170 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
-46,896,586,876 |
-23,490,974,017 |
4,444,315,791 |
|
-Net Income |
-54,193,350,443 |
-10,374,917,073 |
6,749,752,170 |
|
-Exp. without Cash Outflow |
52,396,806,520 |
22,829,230,845 |
14,274,448,598 |
|
-Revenue without Cash Inflows |
-4,957,466,732 |
-5,947,794,896 |
-12,806,216,415 |
|
-Changes in Asset/ & Liability |
-40,142,576,221 |
-29,997,492,893 |
-3,773,668,562 |
|
Cash Flows from Investing |
-444,994,120 |
-8,346,725,536 |
16,474,875,499 |
|
-Cash Inflow from Investing |
12,769,236,810 |
1,882,274,653 |
45,273,627,366 |
|
-Cash Outflows for Investing |
-13,214,230,930 |
-10,229,000,189 |
-28,798,751,867 |
|
Cash Flows from Financing |
47,161,358,843 |
29,004,554,775 |
-19,464,739,051 |
|
-Cash Inflows from Financing |
66,346,649,744 |
40,294,689,354 |
12,469,636,814 |
|
-Cash Outflows from Financing |
-19,185,290,901 |
-11,290,134,579 |
-31,934,375,865 |
|
Increase/Decrease in Cash |
180,222,153 |
2,833,144,778 |
1,454,452,239 |
|
Cash at the Beginning of Year |
527,702,103 |
3,360,846,881 |
1,906,394,642 |
|
Cash at the End of Year |
347,479,950 |
527,702,103 |
3,360,846,881 |
(*)The Subject
needs to be monitored because Net Income is (-)54,193,350,000 KRW, and Current Liabilities exceed Current Assets as much as 134,598,616,000KRW.
|
Main Products & Services |
Industrial Sewing Machines |
|
Competitors |
UNICORN INDUSTRIAL SEWING MACHINE CORP. BROTHER BLDG., 233-8, YONGDAP-DONG,
SEONGDONG-GU, SEOUL, KOREA TEL:+82-2-3444-9289 FAX:+82-2-3446-2773 YANG JI INTERNATIONAL CO., LTD. 4TH FL., HACOM BLDG., 111, EULJIRO 4-GA,
JUNG-GU, SEOUL, KOREA TEL:+82-2-2285-4726 FAX:+82-2-2285-4729 JAE WOON CO., LTD. RM. 702, SUNG-IN BLDG., 234-86, SUNGIN
2-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-2265-8071 FAX:+82-2-2277-2174 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
SUNSTAR
PRECISION CO., LTD.(120111-0060236) (28.89% held by the subject company) SUNSTAR R&C CO., LTD.(124611-0257954) (100.0% held by the subject company) JAE WOON CO., LTD.(110111-0216823) (43.33% held by the subject company) |
|
Affiliates-Overseas |
SUNSTAR HONGKONG LTD. (100.0% held by the subject company) SUNSTAR MACHINERY SHANGHAI CO., LTD.(CHINA) (100.0% held by the subject company) SUNSTAR MACHINERY EUROPE GMBH (100.0% held by the subject company) SUNSTAR EUROPE INTERNATIONAL GMBH (100.0% held by the subject company) SUNSTAR USA INC (100.0% held by the subject company) SUNSTAR MACHINERY(SINGAPORE) PTE.LTD. (100.0% held by the subject company) BULSAN SHINSEDAL SPECIAL PRECISION CO., LTD.(CHINA : 불산신세달특수정밀유한공사) (100.0% held by the subject company) |
|
Subsidiary |
BULSAN SHINSEDAL SPECIAL PRECISION CO., LTD.(CHINA : 불산신세달특수정밀유한공사) SUNSTAR MACHINERY(SINGAPORE) PTE. LTD. SUNSTAR USA. INC SUNSTAR MACHINERY EUROPE GMBH SUNSTAR MACHINERY SHANGHAI CO., LTD.(CHINA) |
|
Cooperative Enterprise |
-Insured Company FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) LIG INSURANCE CO., LTD.(110111-0017859) |
(Activity & Markets)
The Subject exports
to China, USA, Asia, Middle East and Europe.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.62 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.96 |
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.