|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
STACO CO., LTD. |
|
|
|
|
Registered Office : |
Noksan
Industrial Complex, 1589-3, Songjeong-dong, Gangseo-gu, Busan, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
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, Ship Panel, Cabin Door |
|
|
|
|
No. of Employees : |
334 |
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 : |
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 |
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 (New Address System : 28, Noksansandan
261-ro, Gangseo-gu, Busan, Korea) |
|
Tel |
+82-51-831-7000 |
|
Fax |
+82-51-831-7007 |
|
Other Address |
4FL., 567, Seolleung-ro, 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 |
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Ship Panel, Cabin Door |
|
Sub
Business |
|
|
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 |
Suite 102-1206, 11, Jeseok-ro 79beon-gil,
Saha-gu, Busan, Korea |
|
Date of Birth |
07/05/1946 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
5,800,000,000 |
||||||||||||||||||
|
Employees |
334 |
||||||||||||||||||
|
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 |
|
Director |
Mr. |
Han Ki-Young |
Male |
Korean |
02/01/2013 |
|
Director |
Mr. |
Moon Sang-Hoon |
Male |
Korean |
03/28/2008 |
|
Auditor |
Mr. |
Lee Young-Tae |
Male |
Korean |
10/09/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
136,994,417,146 |
111,250,547,927 |
96,032,609 |
|
|
2011 |
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 |
9,341,667 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
111,250,547,927 |
124,250,988,334 |
102,858,138,549 |
|
Current Assets |
60,253,398,865 |
77,926,610,440 |
63,556,598,023 |
|
-Quick Assets |
50,747,353,559 |
65,153,580,086 |
55,138,326,889 |
|
-Inventories |
9,506,045,306 |
12,773,030,354 |
8,418,271,134 |
|
Fixed Assets |
50,997,149,062 |
46,324,377,894 |
39,301,540,526 |
|
-Investment |
20,560,931,954 |
22,795,860,611 |
18,566,971,156 |
|
-Tangibles |
28,668,335,485 |
21,586,306,717 |
18,786,089,789 |
|
-Intangibles |
117,784,067 |
133,113,010 |
112,782,025 |
|
-Others |
1,650,097,556 |
1,809,097,556 |
1,835,697,556 |
|
Total Liabilities |
81,623,706,475 |
80,495,803,469 |
59,975,096,067 |
|
Current Liabilities |
70,762,736,622 |
61,952,855,706 |
42,058,509,337 |
|
Fixed Liabilities |
10,860,969,853 |
18,542,947,763 |
17,916,586,730 |
|
Capital Stock |
5,800,000,000 |
5,800,000,000 |
5,800,000,000 |
|
Capital Surplus |
7,292,705,743 |
7,279,419,898 |
7,315,907,397 |
|
Profit Surplus |
6,255,187,874 |
19,704,873,868 |
18,865,009,616 |
|
Capital Adjustment |
10,278,947,835 |
10,970,891,099 |
10,902,125,469 |
|
Total Equity |
29,626,841,452 |
43,755,184,865 |
42,883,042,482 |
|
Liab. & Shareholder’s Equity |
111,250,547,927 |
124,250,988,334 |
102,858,138,549 |
|
Current
Liabilities |
70,762,736,622 |
61,952,855,706 |
42,058,509,337 |
|
Trade
Payables |
12,717,104,551 |
26,792,678,320 |
16,903,926,126 |
|
Short-Term
Borrowings |
39,724,046,137 |
25,873,956,326 |
17,875,416,145 |
|
Account
Payables |
1,147,318,969 |
1,922,291,930 |
1,046,300,769 |
|
Advance
Receipts |
259,102,623 |
234,967,301 |
390,795,613 |
|
Withholdings |
90,046,810 |
91,852,280 |
75,805,510 |
|
Accrued
Expenses |
1,143,890,598 |
1,021,561,975 |
895,706,027 |
|
Accrued
Income Tax |
12,449,934 |
- |
1,175,582,658 |
|
Current
Portion of Long-Term Debts |
15,668,777,000 |
4,288,271,000 |
3,324,645,000 |
|
Unearned
Income |
- |
162,233,953 |
151,431,590 |
|
Derivatives |
- |
1,565,042,621 |
218,899,899 |
|
Fixed
Liabilities |
10,860,969,853 |
18,542,947,763 |
17,916,586,730 |
|
Debentures |
- |
10,000,000,000 |
10,000,000,000 |
|
Long-Term
Borrowings |
6,507,770,512 |
3,798,492,395 |
3,019,966,503 |
|
Leasehold
Deposit Received |
25,000,000 |
- |
|
|
Provision
for Severance & Retirement |
3,539,385,700 |
3,349,018,900 |
2,700,704,600 |
|
Deferred
Income Tax Credit |
1,103,157,683 |
1,444,728,649 |
2,197,961,129 |
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
136,994,417,146 |
166,232,901,807 |
149,636,458,668 |
|
Cost of Sold Goods |
119,217,867,849 |
149,302,804,208 |
125,086,304,807 |
|
Gross Profit |
17,776,549,297 |
16,930,097,599 |
24,550,153,861 |
|
Selling & Admin. Expenses |
13,520,721,571 |
14,400,268,246 |
12,540,357,802 |
|
Operating Income |
4,255,827,726 |
2,529,829,353 |
12,009,796,059 |
|
Non-Operating Income |
4,460,709,208 |
3,959,242,017 |
4,449,340,124 |
|
Non-Operating Expenses |
8,362,014,619 |
7,119,947,269 |
5,948,563,062 |
|
Income Before Taxes |
354,522,315 |
-630,875,899 |
10,510,573,121 |
|
Income Taxes Expenses |
258,489,706 |
-1,470,740,151 |
2,845,182,171 |
|
Net Income |
96,032,609 |
839,864,252 |
7,665,390,950 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
-6,997,549,768 |
-4,917,680,089 |
-7,669,586,364 |
|
-Net Income |
96,032,609 |
839,864,252 |
7,665,390,950 |
|
-Exp. without Cash Outflow |
5,867,100,321 |
5,859,935,802 |
4,693,062,697 |
|
-Revenue without Cash Inflows |
-2,219,734,231 |
-1,045,729,513 |
-2,666,217,337 |
|
-Changes in Asset/ & Liability |
-10,740,948,467 |
-10,571,750,630 |
-17,361,822,674 |
|
Cash Flows from Investing |
-5,017,666,343 |
-8,831,374,977 |
-176,790,554 |
|
-Cash Inflow from Investing |
1,055,627,250 |
1,362,514,420 |
4,100,896,542 |
|
-Cash Outflows for Investing |
-6,073,293,593 |
-10,193,889,397 |
-4,277,687,096 |
|
Cash Flows from Financing |
5,982,115,123 |
9,454,553,896 |
10,347,678,853 |
|
-Cash Inflows from Financing |
47,671,000,136 |
38,701,884,241 |
47,253,782,330 |
|
-Cash Outflows from Financing |
-41,688,885,013 |
-29,247,330,345 |
-36,906,103,477 |
|
Increase/Decrease in Cash |
6,033,100,988 |
4,294,501,170 |
2,501,301,935 |
|
Cash at the Beginning of Year |
7,338,379,472 |
11,632,880,642 |
9,131,578,707 |
|
Cash at the End of Year |
1,305,278,484 |
7,338,379,472 |
11,632,880,642 |
|
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 |
SMACO ENG CO., LTD (180111-0521872) D&S KOREA CO., LTD.(KOREA) STA INTECH CO., LTD.(180111-0520022) D LINE KOREA CO., LTD.(110111-3896507) |
|
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 |
STACO CHALMERS CO., LTD.(180111-0747072) (50.0% held by the subject company) |
|
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) STA VINA CO., LTD. (100.0% held by the subject company) |
|
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.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.