MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

STX HEAVY INDUSTRIES CO., LTD.

 

 

Registered Office :

452-7, Nae-dong, Changwon-si, Gyeongsangnam-do, Korea 641-050

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

15.06.2001

 

 

Com. Reg. No.:

609-81-48213

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Internal Combustion Piston Engines

 

 

No. of Employees :

1,454

 

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 :

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)

 

 

 

 

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

 

Basic Information

 

Basic

 

Company Name

STX HEAVY INDUSTRIES CO., LTD.

(Ex. Company Name : STX METAL CO., LTD)

Registered Address

452-7, Nae-dong, Changwon-si, Gyeongsangnam-do, Korea

Zip Code

641-050

Tel

+82-55-282-1131

Fax

+82-55-284-8200

E-mail

sdlee285@stxenpaco.co.kr;hj4018@stxenpaco.co.kr

Website

www.stxhi.co.kr

Trading Address

452-7, Nae-dong, Changwon-si, Gyeongsangnam-do, Korea

(New Address System : 381, Nammyeon-ro, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Kotrea)

Tel

+82-55-282-1131

Fax

+82-55-284-8200

Other Address-Shinchon Factory

67-14, Sinchon-dong, Changwon-si, Gyeongsangnam-do, Korea

Tel

+82-55-239-3822

Fax

+82-55-239-3888

Type

Import/Export

Industry

Manufacture of Internal Combustion Piston Engines

  Main Business

Turbocharger, Cylinder Block, Cylinder Head, Piston, Camshaft, Connecting Rod, Crankshaft, Cylinder Liner

Established (mm/dd/yyyy)

06/15/2001

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Turbocharger(26101720)

Sell

Connecting rods(26101711)

Sell

Machine tools(23171600)

Sell

Camshaft(26101903)

Sell

Marine craft systems and subassemblies(25111900)

Sell

Crankshaft(26101749)

Sell

Cylinder block(26101905)

Sell

Pistons(26101736)

Sell

Cylinder liners(26101764)

Sell

Engine components and accessories(26101700)

Buy

Cushioning supplies(24141600)

Buy

Governors(26101766)

Buy

Pumps(40151500)

Buy

Oil dip sticks or tubes(26101725)

Buy

Pistons(26101736)

Buy

Motor starter controls(39121521)

 

 

CEO’s

 

Name

You Cheon-Il

Address

 

Date of Birth

01/04/1957

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

108,567,542,500

Employees

1,454

Formation

Listed Company(Korea Stock Exchange : 071970) as of 05/15/2009

Foreign Direct Investment Corporation

A Company of STX Group

Bank Details

Korea Development Bank-Changwon Branch

Woori Bank-Chungbu Branch

Shinhan Bank

Corporate Registered No.

194211-0048381

Business Registered No.

609-81-48213

Permit & Licenses

07/12/2001 EM Mark

 

Int’l Trade No.: 11924865

Shareholder Position

Name

Shares

%

STX ENGINE CO., LTD.(194211-0066763)

12,665,527

29.17

KANG DUCK-SOO

20,000

0.05

STX OFFSHORE & SHIPBUILDING CO., LTD.(180111-0002814)

12,147,048

27.97

STX CORPORATION(194211-0000183)

5,187,777

11.95

TREASURY STOCK

126,801

0.29

OTHERS

13,279,864

30.58

TOTAL

43,427,017

100.00

Company History

01/03/2013 Changed company name to the present name after acquiring STX HEAVY INDUSTRIES CO., LTD.(194111-0009004)

03/25/2010 Changed company name to STX METAL CO., LTD.

07/2006 Won the "Korean World-class Product Award 2006" (Crankshaft for Medium Size Marine Diesel Engine)

06/2005 Won the "Korean World-class Product Award 2005" (Turbo-Charger for Medium Size Marine Diesel Engine)

04/2005 Designated as An Affiliated of Business Group by Fair Trade Commission, Korea

01/2005 Changed company name to STX ENPACO. CO., LTD.

06/2004 Technical alliance for submerged cargo oil pump (Kosaka, Japan)

05/2004 Technical alliance for TCA turbocharger (MBD, Germany)

04/2004 Completion of setting up machine for Big-size Cyl. liner of low speed engine

04/2004 Completion of setting up machine for Big-size Block of low speed engine

04/2004 Completion of setting up machine for Crank shaft of medium & big size engine

02/2004 Acquired patent (Technology for friction welding of between two kinds of materials by unique process development &  standardization)

08/2003 Designated as a “specialized parts & materials manufacturer”by  the Ministry of Commerce, Industry & Energy

06/2003 Designated as company with “Excellence in Technology”by  Korea Technology Credit Guarantee Fund

08/2002 Designated as a “Venture company” by the Small & Medium Business Administration

01/2002 Completed dedicated fabrication line for large capacity turbocharger

11/2001 Designated as “Inno-Biz Corporation”(Innovative Technology Business)

06/2001 Enpaco founded (Spun off from STX materials business division)

12/1998 Selected as one of Top 30 Excellent Informationalization Company by the Ministry of Communications

02/1997 Completed low speed diesel engine factory

04/1996 Acquired ISO 9001 certification

11/1994 Launched environmental facilities business

09/1994 Selected as one of Top 100 Quality Management Company by the Industrial Advancement Administration

04/1994 Reached cumulative production of 10 million horsepower in diesel engine

02/1993 Acquired ISO 9002 international quality certification

09/1990 Initial Public Offering

05/1989 Established engine technology research & development center

11/1988 Completed dedicated special purpose engine factory

05/1988 Designated as First Class Quality Management Factory by the Industrial Advancement Administration

10/1980 Designated as diesel engine manufacturer specializing in medium-size diesel engine

12/1978 Completed manufacturing facilities

07/1977 Designated as a defense industry contractor by the Ministry of Commerce & Industry

12/1976 Company founded (currently STX)

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

Group Chairman

Mr.

Kang Duck-Soo

Korean

1950.08.18

Myungji University, Korea

President & CEO

Mr.

Lee Chan-Woo

Korean

1951.03.

Seoul National University, Korea

Vice President

Mr.

Choi Hyung-Jin

Korean

1954.05.

Seogang University, Korea

Outside Director

Mr.

Park Joon-Soo

Korean

1951.06.28

Kunkuk University, Korea

Outside Director

Mr.

Shin Chang-Sub

Korean

1952.04.

Kunkuk University, Korea

Outside Director

Mr.

Shim Sang-Woon

Korean

1952.02.

Chunbuk National University, Korea

Director

Mr.

Shin Banh-Ho

Korean

1948.08.

Seoul National University, Korea

Auditor

Mr.

Kim Jung-Joon

Korean

1949.05.

Dongah University, Korea

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2013

513,708,292,777

2,083,274,817,840

-251,280,055,211

(*)2012

1,400,267,910,275

1,718,599,292,251

-49,122,240,831

(*)2011

1,686,602,479,378

1,878,817,920,256

40,615,552,857

2010

955,036,395,221

1,064,928,475,640

8,508,333,723

2009

1,001,464,759,296

835,409,255,037

32,027,814,372

2008

1,021,414,681,695

693,674,062,909

51,175,781,436

2007

702,076,330,195

342,042,228,119

37,497,592,023

2006

464,070,376,713

263,748,177,681

8,366,978,207

2005

 405,266,680,721

226,934,683,029

 4,243,366,751

2004

405,620,722,705

248,078,421,485

4,290,818,370

2003

248,988,092,949

219,153,120,534

(-)7,716,805,920

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

500,000,000,000

Paid-Up Capital(KRW)

108,567,542,500

Total Issues Shares

43,427,017

 

Balance Sheet

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

2,083,274,817,840

1,718,599,292,251

1,878,817,920,256

Current Assets

972,589,131,697

764,034,413,359

629,571,351,472

Cash & Cash Equivalents

49,816,022,785

11,260,363,889

15,533,791,165

Other Financial Assets

149,519,522,098

125,320,542,507

30,000,000

Marketable Financial Instruments

2,760,000,000

66,600,000,000

9,500,000,000

Derivatives

164,804,961

7,594,979,224

9,147,615,493

Confirmed Agreement

20,918,728,630

30,579,458,748

90,313,673,801

Other Receivables

340,100,515,217

188,494,685,463

215,521,137,585

Other Receivables-Construction

29,762,593,405

25,521,104,227

54,668,499,514

Inventories

281,857,084,459

196,242,554,885

167,943,393,703

Advance Payments

49,041,770,366

61,205,513,737

41,048,559,717

Prepaid Expenses

9,933,930,934

7,942,797,567

8,563,421,402

Other Current Assets

37,550,411,817

43,272,413,112

17,301,259,092

Prepaid Taxes

1,163,747,025

-　

-　

Non-Current Assets

1,110,685,686,143

954,564,878,892

1,249,246,568,784

Other Financial Assets

20,821,191,850

140,992,610,721

7,000,000

Marketable Financial Instruments

741,552,100

637,252,100

602,252,100

Derivatives

-　

243,446,049

-　

Investment_Related Companies

133,646,670,010

295,852,283,239

252,824,653,639

Other Receivables

14,903,015,456

11,101,225,598

1,727,949,741

Other Long-Term Receivables

4,200,537,258

-　

-　

Other Receivables-Construction

-　

-　

454,961,431,329

Other Non-Current Assets

2,484,924,610

-　

9,239,326,228

Tangibles

880,941,162,700

485,960,878,892

496,969,178,946

Intangibles

52,946,632,159

19,777,182,293

32,914,776,801

Total Liabilities

1,891,340,435,232

1,388,303,469,356

1,483,699,856,530

Current Liabilities

1,725,520,173,222

1,271,834,671,384

1,376,261,184,693

Trade Payables

441,394,072,594

573,622,196,862

642,027,956,509

Other Payables-Construction

101,668,374,596

132,565,494,267

41,530,595,423

Advance Receipts

199,659,504,465

209,542,104,228

259,744,178,673

Account Payables

72,655,835,711

79,275,588,518

70,446,717,290

Accrued Expenses

23,895,214,470

18,212,565,973

3,776,669,946

Short-Term Borrowings

651,756,359,137

179,612,537,304

183,409,766,154

Current Portion of Long-Term Debts

37,546,236,369

25,897,700,000

-　

Current Portion of Finance Lease Account Payables

5,920,257,773

17,419,088,626

8,525,257,177

Derivatives

7,822,774,417

624,354,843

13,613,463,813

Confirmed Agreement

16,168,134,454

27,817,845,608

45,658,144,484

Other Current Liabilities

165,972,201,842

7,084,300,327

7,658,621,285

Accrued Income Tax

-　

160,894,828

　

Current Portion of Debentures

-　

-　

99,869,813,939

Provisions

1,061,207,394

-　

-　

Non-Current Liabilities

165,820,262,010

116,468,797,972

107,438,671,837

Long-Term Borrowings

47,748,500,000

3,802,405,000

19,168,735,000

Debentures

54,884,305,267

79,756,516,951

-　

Other Payables

2,202,524,920

-　

-　

Other Non-Current Financial Debts

-　

-　

29,678,418,087

Confirmed Agreement

-　

243,446,049

　

Other Non-Current Liabilities

-　

968,761,770

11,252,582,642

Provisions

2,014,017,331

967,830,809

2,625,580,990

Deferred Income Tax Credit

56,926,146,999

30,729,837,393

44,713,355,118

Confirmed Salaries

2,044,767,493

-　

-　

Capital Stock

108,567,542,500

52,817,542,500

52,817,542,500

Capital Surplus

174,361,661,174

113,736,544,174

113,736,544,174

Capital Adjustment

-669,002,076

-　

-　

Others

25,306,205,190

25,306,205,190

25,306,205,190

Profit Surplus

-115,632,024,180

138,435,531,031

203,257,771,862

Total Equity

191,934,382,608

330,295,822,895

395,118,063,726

Liab. & Shareholder’s Equity

2,083,274,817,840

1,718,599,292,251

1,878,817,920,256

 

Income Statement

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Sales

513,708,292,777

1,400,267,910,275

1,686,602,479,378

Cost of Sold Goods

484,964,962,757

1,264,618,114,793

1,478,225,106,814

Gross Profit

28,743,330,020

135,649,795,482

208,377,372,564

Selling & Admin. Expenses

95,833,910,665

83,608,017,781

76,515,683,974

Operating Income

-67,090,580,645

52,041,777,701

131,861,688,590

Other  Income

247,484,188,410

10,832,086,153

3,386,532,594

Other Expenses

251,297,120,626

108,100,320,691

1,389,105,577

Finance Income

67,227,548,385

105,543,101,713

142,507,102,621

Finance Expenses

251,083,212,819

120,246,691,009

221,139,967,126

Income Before Taxes

-254,759,177,295

-59,930,046,133

55,226,251,102

Income Taxes Expenses

-3,479,122,084

-10,807,805,302

14,610,698,245

Net Income

-251,280,055,211

-49,122,240,831

40,615,552,857

 

Cash Flows

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

-131,409,011,213

476,928,311,510

-98,736,647,823

Net Income

-251,280,055,211

-49,122,240,831

40,615,552,857

Cash Flows from Operating

118,362,174,256

526,148,813,233

-141,468,512,098

Interests Received

1,832,921,340

2,681,644,776

2,122,916,076

Dividends Received

134,233,610

46,747,400

5,194,800

Income Taxes

-458,285,208

-2,826,653,068

-11,799,458

Cash Flows from Investing

162,297,789,916

-406,516,220,658

-49,333,274,415

Cash Flows from Financing

7,587,773,723

-74,664,171,408

141,566,214,969

Increase/Decrease in Cash

38,555,658,896

-4,273,427,276

-6,735,759,261

Cash at the Beginning of Year

11,260,363,889

15,533,791,165

22,269,550,426

Cash at the End of Year

49,816,022,785

11,260,363,889

15,533,791,165

 

Products, Technologies, Services Description

 

Main Products & Services

Cylinder Block

Crank Shaft

Cylinder Liner

Turbo Charger

Cylinder Head

Piston

Cam Shaft

Connecting Rod

Cargo Pump System

H.F.O Supply Unit

Purifier System

 

 

Trade Partners & Competitors

 

Suppliers

HYUNJIN MATERIALS CO., LTD.(180111-0062008)

POSCO SPECIALTY STEEL CO., LTD.(194211-0025248)

YONGHYUNBMCO., LTD.(180111-0414837)

HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386)

 

MAN DIESEL A/S

MIBA GLEITLAGER GMBH

QINGDAO STX MACHINERY

Customers

 

Competitors

SEKWANG CO., LTD

914-8, WORAM-DONG, DALSEO-GU, DAEGU, KOREA

TEL:+82-53-583-7901  FAX:+82-53-583-7904

 

DOOSAN ENGINE CO., LTD.

69-3, SINCHON-DONG, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-260-6000  FAX:+82-55-282-0588

 

KSP CO., LTD.

1658-6, SONGJEONG-DONG, GANGSEO-GU, BUSAN, KOREA

TEL:+82-51-831-6270~9  FAX:+82-51-831-6273

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

STX CORPORATION(194211-0000183)

STX PAN OCEAN CO., LTD.(110111-0004286)

STX OFFSHORE & SHIPBUILDING CO., LTD.(180111-0002814)

STX ENGINE CO., LTD.(194211-0066763)

STX HEAVY INDUSTRIES CO., LTD.(194111-0009004)

STX ENERGY CO., LTD.(135011-0121570)

STX CONSTRUCTION CO., LTD.(194111-0009939)

STX SOLAR CO., LTD.(110111-3788671)

STX RESORT CORPORATION(110111-3794644)

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)

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

Affiliates-Subsidiaries of STX EUROPE

STX EUROPE HOLDING AS

STX NORWAY OFFSHORE AS

STX NORWAY OFFSHORE BREVIK AS

STX GRENLAND INDUSTRIER AS

STX SHIPYARD SUPPORT AS

HJALLUM AS

STX BREVIK SUPPORT AS

BRIDGE EIENDOM AS

SCANDINOR AS

STX RO OFFSHORE BRAILA SA

BRAILA SHIP REPAIR SA

AJA SHIP DESIGN SA

STX RO BREVIK HOLDING SRL

RONOR AS

NORYARDS AS

SCANROM SRL

VENTIGROS SRL

NORFARM SRL

STX NORWAY ELECTRO AS

STX RO ELECTRO TULCEA SRL

STX BRAZIL ELECTRO

STX RO ELECTRO BRAILA SRL

STX NORWAY ELECTRO BREVIK AS

STX ELECTRO BREVIK AS

STX BREVIK PHILADELPHIA

STX BRAZIL OFFSHORE SA

STX RO HOLDING SRL

STX RO OFFSHORE TULCEA SRL

STX SCANYARDS SRL

STX BRATTVAAG OFFSHORE MARITIME SRL

STX SINGAPORE OFFSHORE PTE. LTD.

STX VIETNAM OFFSHORE LTD.

JOHNSEN MARITIME AS

JOHNSEN MARITIME TULCEA SRL

STX NORWAY OFFSHORE DESIGN AS

STX NORWAY PIPESERVICE AS

STX FRANCE HOLDING AS

STX FRANCE SA

STX FRANCE LORIENT SAS

STX FRANCE SOLUTIONS SAS

STX FRANCE LNG TECHOLOGY SAS

STX FRANCE CABINS SAS

STX NORWAY FLORØ AS

AFS ELEKTRO AS

STX NORWAY DESIGN FLORØ AS

KRAMFORS ASA

AKER BRAVO AS

STX EUROPE TECHNOLOGY AS

STX FINLAND OY

STX FINLAND CABINS OY

STX USA LIFECYCLE SERVICES INC.

AKER ARTIC TECHNOLOGY OY

SHIPBUILDING COMPLETION OY

NEMARC SHIPPING OY

TECHNOLOGY DESIGN AND ENG'ND OY

STX CANADA MARINE INC.

STX US MARINE INC.

Overseas Office

STX ENPACO DENMARK-HOLEBY, DENMARK

ØSTERVEJ 2 DK 4970 HOLEBY

TEL:+45 54691401 FAX:+45 54691409

 

STX METAL QINGDAO

LONG QUAN 3ROAD NORTHERN INDUSTRIAL PARK QING DAO, CHINA

TEL:+86 532 8653 9511 FAX:+86 532 8653 9512

Subsidiary

QINGDAO STX MACHINE CO., LTD.(CHINA)

(100.0% held by the subject company)

 

QINGDAO STX MACHINERY CO., LTD.

 

STX HEAVY INDUSTRIES AUSTRALIA PTY LTD

TERRACE EAST PERTH WA 6004, AUSTRALIA

 

STX WINDPOWER B.V

8219 PK LELYSTAD THE NETHERLANDS

 

STX HI MALAYSIA SDN. BHD.

KOTA KINABALU, SABAH, MALAYSIA

Corporate Ownership

STX ENGINE CO., LTD.(194211-0066763)

Major Shareholders

STX ENGINE CO., LTD.(194211-0066763)

Cooperative Enterprise

-Technical Support from

MAN B&W DIESEL A/S(TURBO CHARGER)

KOSAKA(CARGO PUMP SYSTEM)

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2010

2009

2008

Export

102,682

143,347

78,744

Domestic

519,061

858,118

942,671

Total

621,743

1,001,465

1,021,415

The Subject deals with the companies in China and Denmark.

 

 

Court Action

 

Case No.

Court

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

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

Cause

Amount (Million KRW)

Status

 

 

Changwon-City

The Subject Company

-

3,834

Proceeding

 

 

Diseco(Korea)

The Subject Company

Confirmationon Not existing Liabilities

1,547

Proceeding

 

 

Seah E&T(Korea)

The Subject Company

Claim for Compensation from Damages

4,009

Proceeding

 

 

Hongsung Construction(Korea)

The Subject Company

Receivables

1,542

Proceeding

 

 

PT Kanlangmas wunggul

The Subject Company

Receivables

1,530

Proceeding

 

 

News Clipping

 

Not Available

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

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.