|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
STACO CO., LTD. |
|
|
|
|
Registered Office : |
28, Noksansandan 261-ro, Gangseo-gu, Busan, Korea Noksan Industrial Complex |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
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 |
|
|
|
|
No. of Employees : |
321 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
STACO CO., LTD. (Korean Company Name : “스타코(주)”) |
|
Registered
Address |
28, Noksansandan 261-ro, 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, 28, Noksansandan 261-ro, Gangseo-gu, Busan, Korea (Old Address System : Noksan Industrial Complex, 1589-3, Songjeong-dong, 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㎡).
Detailed Products
|
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) |
CEO’s
|
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 |
Profiles
|
Capital (KRW) |
5,800,000,000 |
||||||||||||||||||
|
Employees |
321 |
||||||||||||||||||
|
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 |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
130,930,797,918 |
107,673,538,396 |
-1,083,149,310 |
|
|
2012 |
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
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
107,673,538,396 |
111,250,547,927 |
124,250,988,334 |
|
Current Assets |
63,688,770,768 |
60,253,398,865 |
77,926,610,440 |
|
-Quick Assets |
53,870,371,872 |
50,747,353,559 |
65,153,580,086 |
|
-Inventories |
9,818,398,896 |
9,506,045,306 |
12,773,030,354 |
|
Fixed Assets |
43,984,767,628 |
50,997,149,062 |
46,324,377,894 |
|
-Investment |
17,335,641,676 |
20,560,931,954 |
22,795,860,611 |
|
-Tangibles |
322,847,388 |
117,784,067 |
133,113,010 |
|
-Intangibles |
|
|
|
|
-Others |
1,579,382,456 |
1,650,097,556 |
1,809,097,556 |
|
Total
Liabilities |
78,417,603,735 |
81,623,706,475 |
80,495,803,469 |
|
Current
Liabilities |
63,187,606,822 |
70,762,736,622 |
61,952,855,706 |
|
Fixed
Liabilities |
15,229,996,913 |
10,860,969,853 |
18,542,947,763 |
|
Capital Stock |
5,800,000,000 |
5,800,000,000 |
5,800,000,000 |
|
Capital
Surplus |
7,412,417,773 |
7,292,705,743 |
7,279,419,898 |
|
Profit Surplus |
5,172,038,564 |
6,255,187,874 |
19,704,873,868 |
|
Capital
Adjustment |
10,871,478,324 |
10,278,947,835 |
10,970,891,099 |
|
Total Equity |
29,255,934,661 |
29,626,841,452 |
43,755,184,865 |
|
Liab. &
Shareholder’s Equity |
107,673,538,396 |
111,250,547,927 |
124,250,988,334 |
|
Current
Liabilities |
63,187,606,822 |
70,762,736,622 |
61,952,855,706 |
|
Trade
Payables |
9,643,156,960 |
12,717,104,551 |
26,792,678,320 |
|
Short-Term
Borrowings |
42,646,995,415 |
39,724,046,137 |
25,873,956,326 |
|
Account
Payables |
1,410,006,327 |
1,147,318,969 |
1,922,291,930 |
|
Advance
Receipts |
312,562,236 |
259,102,623 |
234,967,301 |
|
Withholdings |
103,058,190 |
90,046,810 |
91,852,280 |
|
Accrued
Expenses |
1,113,955,304 |
1,143,890,598 |
1,021,561,975 |
|
Accrued
Income Tax |
1,305,143,633 |
12,449,934 |
- |
|
Current
Portion of Long-Term Debts |
6,652,728,757 |
15,668,777,000 |
4,288,271,000 |
|
Unearned
Income |
|
|
162,233,953 |
|
Derivatives |
|
|
1,565,042,621 |
|
Fixed
Liabilities |
15,229,996,913 |
10,860,969,853 |
18,542,947,763 |
|
Debentures |
8,000,000,000 |
- |
10,000,000,000 |
|
Long-Term
Borrowings |
2,278,600,000 |
6,507,770,512 |
3,798,492,395 |
|
Leasehold
Deposit Received |
108,500,000 |
25,000,000 |
- |
|
Provision
for Severance & Retirement |
3,973,128,800 |
3,539,385,700 |
3,349,018,900 |
|
Deferred
Income Tax Credit |
1,595,838,478 |
1,103,157,683 |
1,444,728,649 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
130,930,797,918 |
136,994,417,146 |
166,232,901,807 |
|
Cost of Sold
Goods |
110,749,596,536 |
119,217,867,849 |
149,302,804,208 |
|
Gross Profit |
20,181,201,382 |
17,776,549,297 |
16,930,097,599 |
|
Selling &
Admin. Expenses |
14,679,808,531 |
13,520,721,571 |
14,400,268,246 |
|
Operating
Income |
5,501,392,851 |
4,255,827,726 |
2,529,829,353 |
|
Non-Operating
Income |
4,649,565,215 |
4,460,709,208 |
3,959,242,017 |
|
Non-Operating
Expenses |
9,890,478,705 |
8,362,014,619 |
7,119,947,269 |
|
Income Before
Taxes |
260,479,361 |
354,522,315 |
-630,875,899 |
|
Income Taxes
Expenses |
1,343,628,671 |
258,489,706 |
-1,470,740,151 |
|
Net Income |
-1,083,149,310 |
96,032,609 |
839,864,252 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows
from Operating |
-2,745,541,551 |
-6,997,549,768 |
-4,917,680,089 |
|
-Net Income |
-1,083,149,310 |
96,032,609 |
839,864,252 |
|
-Exp. without
Cash Outflow |
10,497,907,522 |
5,867,100,321 |
5,859,935,802 |
|
-Revenue
without Cash Inflows |
-2,369,701,582 |
-2,219,734,231 |
-1,045,729,513 |
|
-Changes in
Asset/ & Liability |
-9,790,598,181 |
-10,740,948,467 |
-10,571,750,630 |
|
Cash Flows
from Investing |
3,227,014,445 |
-5,017,666,343 |
-8,831,374,977 |
|
-Cash Inflow
from Investing |
8,778,112,733 |
1,055,627,250 |
1,362,514,420 |
|
-Cash Outflows
for Investing |
-5,551,098,288 |
-6,073,293,593 |
-10,193,889,397 |
|
Cash Flows
from Financing |
-777,430,045 |
5,982,115,123 |
9,454,553,896 |
|
-Cash Inflows
from Financing |
56,515,645,342 |
47,671,000,136 |
38,701,884,241 |
|
-Cash Outflows
from Financing |
-57,293,075,387 |
-41,688,885,013 |
-29,247,330,345 |
|
Increase/Decrease
in Cash |
-295,957,151 |
-6,033,100,988 |
4,294,501,170 |
|
Cash at the
Beginning of Year |
1,305,278,484 |
7,338,379,472 |
11,632,880,642 |
|
Cash at the
End of Year |
1,009,321,333 |
1,305,278,484 |
7,338,379,472 |
Products,
Technologies, Services Description
|
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 |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
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 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
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 |
|
Liaison Office |
|
|
Overseas
Branch |
|
|
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) 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) (77.5% held by the subject company) STA VINA CO., LTD. (100.0% held
by the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
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) |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in Italy, Finland, USA,
China and Japan.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.