|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
STX CORPORATION |
|
|
|
|
Formerly Known As : |
SSANGYONG HEAVY INDUSTRIES CO., LTD |
|
|
|
|
Registered Office : |
105, Jungang-daero, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
24.12.1976 |
|
|
|
|
Com. Reg. No.: |
609-81-01917 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Wholesale of Solid Fuel and Related Products |
|
|
|
|
No of Employees : |
142 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. South 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. South 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-Korea Free Trade Agreement was
ratified by both governments in 2011 and went into effect in March 2012.
Throughout 2012 and 2013 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The
administration in 2014 is likely to face the challenge 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, dominance of large conglomerates (chaebols), and heavy
reliance on exports, which comprise about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
STX CORPORATION (Korean Company Name : “(주)STX”) |
|
Registered Address |
105, Jungang-daero, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea (Old Address System : 93-3, Jungang-dong, Seongsan-gu, Changwon-si,
Gyeongsangnam-do, Korea) |
|
Zip Code |
642-845 |
|
Tel |
+82-55-548-1122 |
|
Fax |
+82-55-546-7928 |
|
E-mail |
stxir@onestx.com |
|
Website |
www.stx.co.kr |
|
Trading Address |
22th Fl., STX Namsan Tower, 98, Huam-ro, Jung-gu, Seoul, Korea (Old Address System : 22th Fl., STX Namsan Tower, 631, Namdaemunno
5-ga, Jung-gu, Seoul, Korea) |
|
Tel |
+82-2-316-9600 +82-2-311-9418 |
|
Fax |
+82-2-316-9999 |
|
Type |
Export/Import |
|
Industry |
Non-Financial Holding Companies |
|
Main Business |
Maritime Equipments, Energy Resources, Ship Maintenance |
|
Sub
Business |
Wholesale of Solid Fuel and Related Products |
|
Established (mm/dd/yyyy) |
12/24/1976 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Management Consulting & Support |
|
Sell |
Energy Resources |
|
Sell |
Investment |
CEO’s
|
Name |
Seo Choong-Il |
|
Address |
Suite 102-3204, 464, Cheongpa-ro, Jung-gu,
Seoul, Korea |
|
Date of Birth |
03/03/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
671,660,977,500 |
||||||||||||||||||||||||
|
Employees |
142 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea stock Exchange : 011810) as of 09/12/1990 A Company of STX Group |
||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Jungbu Sales Dept. |
||||||||||||||||||||||||
|
Corporate Registered No. |
194211-0000183 |
||||||||||||||||||||||||
|
Business Registered No. |
609-81-01917 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 844929 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
12/24/1976 Incorporated as SSANGYONG HEAVY
INDUSTRIES CO., LTD. 05/01/2001 Changed company name to the present
name 11/28/2003 Awarded US$ 200 Million Export
Top Prize 03/2011 Moved to the present HQ address
from 100, Wonpo-dong, Jinhae-gu, Changwon-si,
Gyeongsangnam-do, Korea 04/04/2011 Spin off into the Subject
company and newly established company(STX MARINE SERVICE CO.,
LTD.(180111-0755413)) 09/01/2012 Acquired STX FUTURE INSTITUTE CO., LTD.(110111-4573433) 05/2013 Applied for Collaborate Management by Institutional Creditors 01/2014 Agreed to execute Management Normalization Plan with
Institutional Creditors 02/11/2014 Increased the authorized shares to 500,00,00 shares from
200,00,000 shares 03/13/2014 Increased capital to 671,660,977,500
KRW from 42,883,495,000 KRW |
||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Seo Choong-Il |
Korean |
1955.03.03 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Cha Yong-Sik |
Korean |
1957.04.19 |
Busan National University, Korea |
|
Outside Director |
Mr. |
Shin Dong-Hyuck |
Korean |
1953.08.05 |
Yonsei University, Korea |
|
Sr. Executive
Director |
Mr. |
Kim Soo-Bong |
Korean |
1952.05.13 |
Seoul National University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
290,109,000,000 |
1,152,251,000,000 |
383,684,000,000 |
|
|
(*)2013 |
1,895,063,000,000 |
1,086,567,000,000 |
-1,646,014,000,000 |
|
(*)2012 |
4,116,767,000,000 |
3,226,878,000,000 |
-23,863,000,000 |
|
(*)2011 |
4,173,397,000,000 |
3,302,248,000,000 |
84,657,000,000 |
|
(*)2010 |
3,245,569,511,893 |
2,908,637,451,106 |
30,462,051,822 |
|
2009 |
2,225,676,108,489 |
2,523,599,224,167 |
-171,798,678,357 |
|
2008 |
2,418,949,621,357 |
2,185,999,043,376 |
23,258,333,562 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
1,250,000,000,000 |
|
Paid-Up Capital(KRW) |
671,660,977,500 |
|
Total Issues Shares |
268,607,431(Common :
268,607,348 / Preferable : 83) |
|
Balance Sheet |
|||
|
Unit : Million Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
1,152,251 |
1,086,567 |
3,226,878 |
|
Current Assets |
712,229 |
640,293 |
856,977 |
|
Cash & Cash
Equivalents |
49,680 |
43,139 |
17,643 |
|
Current Financial
Instruments |
245,528 |
231,891 |
79,552 |
|
Derivatives |
2,939 |
2,615 |
3,214 |
|
Trade Receivables |
252,047 |
228,917 |
404,642 |
|
Inventories |
86,939 |
47,749 |
108,537 |
|
Advance Payments |
49,483 |
63,294 |
88,568 |
|
Other Receivables |
22,826 |
20,146 |
152,376 |
|
Current Non-Financial
Instruments |
2,787 |
2,542 |
2,445 |
|
Non-Current Assets |
440,022 |
446,274 |
2,369,890 |
|
Non-Current Financial
Instruments |
78,958 |
82,334 |
47,818 |
|
Investment_Subsidiaries |
108,607 |
108,607 |
421,532 |
|
Investment_Related
Companies |
51,430 |
54,088 |
1,611,214 |
|
Long-Term Trade Receivables |
3,987 |
6,992 |
20,156 |
|
Other Receivables |
54,771 |
50,717 |
93,564 |
|
Tangibles |
61,150 |
62,152 |
69,598 |
|
Investment_Real Estates |
74,944 |
75,066 |
75,556 |
|
Intangibles |
6,175 |
6,318 |
10,255 |
|
Deferred Income Tax
Assets |
|
|
20,197 |
|
Non-Current Assets to
be Sold |
|
|
11 |
|
Total Liabilities |
1,042,852 |
1,608,657 |
2,103,344 |
|
Current Liabilities |
631,524 |
1,071,743 |
1,821,548 |
|
Trade Payables |
74,922 |
117,155 |
211,303 |
|
Advance Receipts |
42,756 |
34,333 |
56,330 |
|
Short-Term Borrowings |
413,604 |
474,021 |
949,942 |
|
Current Portion of
Long-Term Debts |
18,792 |
350,280 |
540,299 |
|
Other Current
Financial Debts |
58,737 |
66,472 |
59,925 |
|
Derivatives |
1,725 |
1,457 |
3,135 |
|
Current Non-Financial
Debts |
20,988 |
28,025 |
614 |
|
Non-Current
Liabilities |
411,328 |
536,914 |
281,796 |
|
Debentures |
117,565 |
144,989 |
180,338 |
|
Long-Term Borrowings |
291,592 |
391,256 |
97,993 |
|
Other Non-Current
Financial Debts |
676 |
669 |
3,465 |
|
Deferred Income Tax
Credit |
1,495 |
|
|
|
Capital Stock |
671,661 |
153,838 |
151,128 |
|
Capital Surplus |
279,876 |
579,097 |
574,117 |
|
Treasury Stock |
|
-23,570 |
-23,570 |
|
Others |
5,633 |
|
|
|
Profit Surplus |
-847,771 |
-1,231,455 |
421,859 |
|
Total Equity |
109,399 |
-522,090 |
1,123,534 |
|
Liab. &
Shareholder’s Equity |
1,152,251 |
1,086,567 |
3,226,878 |
|
Income Statement |
|||
|
Unit : Million Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Revenues |
290,109 |
1,895,063 |
4,116,767 |
|
Operating Expenses |
-283,364 |
-1,962,296 |
-4,099,034 |
|
Cost of Sold Goods |
-272,555 |
-1,814,171 |
-3,997,635 |
|
Selling Expenses |
-5,750 |
-107,046 |
-51,826 |
|
Admin. Expenses |
-5,059 |
-41,079 |
-49,573 |
|
Operating Income |
6,745 |
-67,233 |
17,733 |
|
Other Operating Income |
330 |
156,652 |
3,824 |
|
Other Operating Expenses |
-1,997 |
-1,526,313 |
-11,534 |
|
Finance Income |
442,326 |
250,308 |
174,647 |
|
Finance Expenses |
-63,720 |
-439,134 |
-230,433 |
|
Income Before Taxes |
383,684 |
-1,625,720 |
-45,763 |
|
Income Taxes Expenses |
- |
-20,294 |
21,900 |
|
Net Income |
383,684 |
-1,646,014 |
-23,863 |
|
Cash Flows |
|||
|
Unit : Million Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
-78,109 |
85,353 |
159,192 |
|
Cash Flows from Operating |
-79,983 |
59,987 |
121,994 |
|
Interests Received |
2,177 |
15,421 |
6,552 |
|
Dividends Received |
2 |
10,127 |
29,121 |
|
Income Taxes |
-305 |
-182 |
1,525 |
|
Cash Flows from Investing |
-13,822 |
256,801 |
-170,700 |
|
Cash Flows from Financing |
98,800 |
-316,469 |
-58,448 |
|
Increase/Decrease in Cash |
6,869 |
25,685 |
-69,956 |
|
Cash at the Beginning of Year |
43,139 |
17,643 |
88,385 |
|
Cash at the End of Year |
49,680 |
43,139 |
17,643 |
|
Main Products & Services |
Investment Business Energy Business |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
NEXOLON COMPANY LIMITED(110111-3720673) |
|
Customers |
STX PAN OCEAN CO., LTD.(110111-0004286) STX ENERGY CO., LTD.(135011-0121570) STX JAPAN CORPORATION CHINATEX GRAINS AND OILS IMP. & EXP. CO., LTD. TRAFIGURA PTE LTD |
|
Competitors |
GS HOLDINGS CORP. 23TH FL., GS GANGNAM TOWER, 679, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2005-8125 FAX:+82-2-2005-8180 LS CORP. 21TH FL., ASEM TOWER, 159-1, SAMSEONG
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2189-9988 FAX:+82-2-2189-9799 SK HOLDINGS CO., LTD. SK BLDG., 99, SEORIN-DONG, JONGNO-GU, SEOUL,
KOREA TEL:+82-2-2121-0114 FAX:+82-2-2121-7001 |
|
Affiliates-Domestic |
STX MARINE SERVICE CO., LTD.(180111-0755413) (100.0% held by the subject company) STX RESORT CORPORATION(110111-3794644) (100.00% held by the
subject company) 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) |
|
Affiliates-Overseas |
STX(DAIRYIAN) ENGINE CO., LTD.(CHINA) STX(DAIRYIAN) METAL CO., LTD.(CHINA) STX(DAIRYIAN) INFORMATION & TECHNOLOGY
CO., LTD.(CHINA) DAIRYIAN STUS A&C CO., LTD.(CHINA) POSI(DAIRYIAN) LOGISTICS CO., LTD.(CHINA) STX BANGJISAN DEVELOPMENT (DAIRYIAN) CO.,
LTD. (CHINA) STX HEAVY INDUSTRIES(MUSOON) CO.,
LTD.(CHINA) STX MIDDLE EAST FZE STX (SHANGHAI) CORPORATION LTD. STX AMERICA INC. ORION STROY STX ENGINEERING & CONSTRUCTION GHANA
LTD. YOUNEX ENTERPRISES CORPORATION STX-YOUNEX CONSTRUCTION CO., LTD. STX CONSTRUCTION AUSTRALIA PTY., LTD. STX INTERNATIONAL TRADING (SINGAPORE) PTE.,
LTD. STX GHANA LTD. STX SERVICE EUROPE B.V. STX SERVICE SINGAPORE PTE., LTD. STX SERVICE AMERICAS, LLC STX BRASIL AGENCIAMENTO DE NEGOCIOS DE IMPORTACOES
E EXPORTACOES DE BENS LTDA. |
|
Subsidiary |
STX MARINE SERVICE CO., LTD.(180111-0755413) (100.0% held by the subject company) STX RESORT CORPORATION(110111-3794644) (100.00% held by the
subject company) |
Investment Business
|
Sales/ Unit :Mil KRW |
03/2011 |
2010 |
2009 |
|
Export |
625,254 |
2,047,398 |
|
|
Domestic |
379,067 |
1,144,331 |
|
|
Total |
1,004,321 |
3,191,729 |
|
Energy Business
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
36,966 |
33,011 |
1,144 |
|
Domestic |
726,250 |
782,371 |
529,420 |
|
Total |
763,216 |
815,382 |
530,564 |
The Subject deals with the companies in
China, Japan, Middle East and Europe.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
The Subject Company |
Sedong Enertec Co., Ltd.(Korea) |
Claim for Compensation from Damages |
1,060 |
1st round is proceeding |
|
|
|
The Subject Company |
SY Tank Terminal Co., Ltd.(Korea) |
Claim for Compensation from Damages |
2,935 |
1st round is proceeding |
News Clipping
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SHG |
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.