MIRA
INFORM REPORT
|
Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PAPER COREA INC. |
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Registered Office : |
2, Jochon-dong, Gunsan-si, Jeollabuk-do - 573-883 |
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Country : |
Korea |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
06/06/1953 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Newsprint |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
PAPER COREA INC. |
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Registered Address |
2, Jochon-dong, Gunsan-si, Jeollabuk-do,
Korea |
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Zip Code |
573-883 |
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Tel |
+82-63-440-5000 |
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Fax |
+82-63-440-5050 |
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E-mail |
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Website |
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Trading Address -Seoul Office |
12FL., Youngpung Bldg., 33, Seorin-dong,
Jongno-gu, Seoul, Korea (P.O.BOX 1390) |
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Tel |
+82-2-3788-0300 |
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Fax |
+82-2- 756-7070 |
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Type |
Export/Import |
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Industry |
Manufacture of Newsprint |
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Main Business |
Paper For Newspaper |
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Established (mm/dd/yyyy) |
06/06/1953 |
The Subject owns
the premises of registered address/Factory(5,566,077㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Standard newsprint(14121901) |
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Sell |
Newsprint and offset papers(14121900) |
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Sell |
Printing and writing paper(14111500) |
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Buy |
Additives(12160000) |
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Buy |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
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Buy |
Printing and writing paper(14111500) |
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Buy |
Paper pulp(14101501) |
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Buy |
Standard newsprint(14121901) |
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Buy |
Wood pulp(11121607) |
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Buy |
Bleaches(47131807) |
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Buy |
Flocculents(47101608) |
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Buy |
Surfactants(12161900) |
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Buy |
Inorganic peroxides(12352304) |
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Buy |
Inorganic metal salts(12352302) |
CEO’s
|
Name |
Koo Hyong-Woo |
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Address |
- |
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Date of Birth |
03/02/1942 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
49,880,080,000 KRW |
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Employees |
334 |
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Formation |
Listed Company (KSE : 001020) as of 1976 A company of GLOBAL P&T |
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Bank Details |
Shinhan Bank-Myung Dong Branch Citi Bank, Korea Hana Bank |
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Corporate Registered No. |
211111-0000042 |
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Business Registered No. |
401-81-00013 |
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Permit & Licenses |
07/1976 KS 10/1995 ISO 9002 06/1998 Good Recycled(GR) Mark Int’l Trade No.: 671192 |
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Shareholder Position |
(*)As of 12/31/2006 |
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Company History |
10/09/1944 Established Buksun Paper
Chemicals Industry 06/06/1953 Incorporated as Baedal
Industrial Co., Ltd. 11/1963 Changed company name to Hankuk
Happan Co., Ltd. 07/1998 Designated as a company neededof
Workout program 11/2002 Completed Workout Procedure 04/02/2003 Changed company name from
Sepoong Corporation to the present company name |
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Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Co-President & CEO |
Mr. |
Koo
Hyong-Woo |
Korean |
1942.03.02 |
Hanyang University |
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Co-President & CEO |
Mr. |
Lee Yeon-Hee |
Korean |
1956.06.05 |
Helsinki
University (MBA) |
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Director |
Mr. |
Seo Ji-Hyun |
Korean |
1965.01.12 |
Yonsei
University |
|
Outside Director |
Mr. |
La Dae-Kon |
Korean |
1940.05.18 |
WonKwang
University |
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Outside Director |
Mr. |
Jung
Won-Young |
Korean |
1939.09.25 |
Seogang
University |
|
Auditor |
Mr. |
Kim Do-Yon |
Korean |
1946.10.09 |
Seoul
National University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
163,338,787,410 |
266,953,365,945 |
7,305,047,355 |
|
|
2005 |
161,440,391,679 |
260,792,463,414 |
4,128,720,555 |
|
2004 |
152,397,285,738 |
274,198,538,908 |
3,081,277,869 |
Financial Description
Unit: KRW
|
Authorized
Capital |
900,000,000,000 |
|
Paid-Up
Capital |
49,880,080,000 |
|
Total Issues Shares |
9,976,016 |
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Balance Sheet |
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Unit : Korean Won |
01/01/2007~06/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
263,707,400,143 |
266,953,365,945 |
260,792,463,414 |
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Current Assets |
47,953,184,001 |
50,237,775,922 |
42,717,385,115 |
|
-Quick Assets |
38,014,651,684 |
40,730,501,807 |
31,533,781,266 |
|
-Inventories |
9,938,532,317 |
9,507,274,115 |
11,183,603,849 |
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Fixed Assets |
215,754,216,142 |
216,715,590,023 |
218,075,078,299 |
|
-Investment |
2,885,432,818 |
826,004,320 |
207,800,000 |
|
-Tangibles |
204,627,440,047 |
207,950,154,910 |
209,962,655,019 |
|
-Intangibles |
703,362,748 |
879,390,811 |
1,231,446,936 |
|
-Others |
7,537,980,529 |
7,060,039,982 |
6,673,176,344 |
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Total Liabilities |
147,801,531,050 |
149,154,003,104 |
149,303,724,787 |
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Current Liabilities |
56,303,340,083 |
130,036,219,327 |
40,071,758,521 |
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Fixed Liabilities |
91,498,190,967 |
19,117,783,777 |
109,231,966,266 |
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Capital Stock |
49,880,080,000 |
49,880,080,000 |
49,880,080,000 |
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Capital Surplus |
54,589,177,564 |
52,736,592,124 |
52,733,492,265 |
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Profit Surplus |
14,012,455,932 |
13,878,132,587 |
7,570,608,232 |
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Capital Adjustment |
-2,575,844,403 |
1,304,558,130 |
1,304,558,130 |
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Total Equity |
115,905,869,093 |
117,799,362,841 |
111,488,738,627 |
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Liab. & Shareholder’s
Equity |
263,707,400,143 |
266,953,365,945 |
260,792,463,414 |
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Current Liabilities |
56,303,340,083 |
130,036,219,327 |
40,071,758,521 |
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Trade Payables |
11,872,183,653 |
9,437,111,696 |
11,612,329,382 |
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Short-Term Borrowings |
35,275,139,376 |
20,222,271,771 |
5,760,244,297 |
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Account Payables |
2,860,011,716 |
3,236,379,840 |
2,466,094,307 |
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Accrued Expenses |
4,874,738,313 |
6,082,304,993 |
4,909,931,798 |
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Accrued Dividends |
- |
- |
- |
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Accrued Income Tax |
729,905,372 |
1,106,623,838 |
- |
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Advance Receipts |
4,000,004 |
9,354,295 |
67,574,855 |
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Withholdings |
356,983,083 |
320,155,300 |
299,322,554 |
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Current Portion of Finance Lease Account Payables |
328,912,393 |
315,235,436 |
- |
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Short-Term Derivatives |
11,840,989 |
- |
- |
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Current Debentures |
- |
87,000,000,000 |
15,000,000,000 |
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Current Portion of Convertible Bond |
- |
2,500,000,000 |
- |
|
Fixed Liabilities |
91,498,190,967 |
19,117,783,777 |
109,231,966,266 |
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Debentures |
65,000,000,000 |
- |
87,000,000,000 |
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Convertible Bond |
- |
- |
7,500,000,000 |
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Long-Term Borrowings |
9,633,460,410 |
- |
- |
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Finance Lease Account Payables |
904,766,388 |
1,072,714,423 |
- |
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Long-Term Account Payables |
524,823,603 |
617,223,603 |
- |
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Provision for Severance & Retirement |
15,867,529,551 |
17,772,368,382 |
15,769,526,314 |
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Long-Term Derivatives |
539,590 |
- |
- |
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Guarantee Deposit for Trade |
53,000,000 |
53,000,000 |
13,000,000 |
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Income Statement |
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Unit : Korean Won |
01/01/2007~06/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Sales |
83,146,556,033 |
163,338,787,410 |
161,440,391,679 |
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Cost of Sold Goods |
66,524,101,639 |
128,187,670,633 |
128,725,082,733 |
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Gross Profit |
16,622,454,394 |
35,151,116,777 |
32,715,308,946 |
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Selling & Admin. Expenses |
11,262,372,103 |
19,141,640,998 |
17,022,405,183 |
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Operating Income |
5,360,082,291 |
16,009,475,779 |
15,692,903,763 |
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Non-Operating Income |
2,697,920,324 |
1,473,419,395 |
5,583,219,829 |
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Non-Operating expenses |
4,590,465,940 |
9,021,014,549 |
13,590,213,214 |
|
Ordinary Income |
3,467,536,675 |
8,461,880,625 |
7,685,910,378 |
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Special Income |
- |
- |
- |
|
Income Before Taxes |
3,467,536,675 |
8,461,880,625 |
7,685,910,378 |
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Income Taxes Expenses |
839,405,830 |
1,156,833,270 |
3,557,189,823 |
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Net Income |
2,628,130,845 |
7,305,047,355 |
4,128,720,555 |
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Cash Flows |
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Unit : Korean Won |
01/01/2007~06/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
9,054,033,074 |
20,313,816,661 |
24,142,258,579 |
|
-Net Income |
2,628,130,845 |
7,305,047,355 |
4,128,720,555 |
|
-Exp. without Cash Outflow |
11,705,990,104 |
15,859,723,125 |
18,646,129,362 |
|
-Revenue
without Cash Inflows |
(-)2,400,479,542 |
(-)607,765,266 |
(-)4,502,568,320 |
|
-Changes in
Asset/ & Liability |
(-)2,879,608,333 |
(-)2,243,188,553 |
5,869,976,982 |
|
Cash Flows
from Investing |
503,530,620 |
(-)14,066,707,064 |
(-)98,870,541 |
|
-Cash Inflow
from Investing |
10,264,297,335 |
5,800,957,300 |
7,746,657,780 |
|
-Cash
Outflows for Investing |
(-)9,760,766,715 |
(-)19,867,664,364 |
(-)7,845,528,321 |
|
Cash Flows
from Financing |
(-)7,216,188,090 |
(-)6,086,851,573 |
(-)23,444,376,383 |
|
-Cash
Inflows from Financing |
145,549,712,672 |
39,503,199,610 |
19,592,390,672 |
|
-Cash
Outflows from Financing |
(-)152,765,900,762 |
(-)45,590,051,183 |
(-)43,036,767,055 |
|
Increase/Decrease
in Cash |
2,341,375,604 |
160,258,024 |
599,011,655 |
|
Cash at the
Beginning of Year |
6,253,194,742 |
6,092,936,718 |
5,493,925,063 |
|
Cash at the
End of Year |
8,594,570,346 |
6,253,194,742 |
6,092,936,718 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Paper For Newspaper Brand Name: PaperCorea |
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Annual
Production Capacity(M/T) |
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Organization Structure
|
Suppliers |
The subject imports ONP, OMG and
C/TMP at 90~180 Usance L/C base. |
|
Customers |
NEWS PAPER COMPANIES WHOLESALERS |
|
Competitors |
NORSKE SKOG KOREA CO., LTD. DAEHAN PAPER CO., LTD. BOWATER-KOREA CO., LTD. |
Related Parties (Subsidiaries,
Joint-
Venture & Affiliates)
|
Affiliates |
VIRTUALTEK CO., LTD. VIRTUAL MEDI CO., LTD. GLOBAL P&T(5.88% held by the subject
company) VIRTUALTEK CORP., USA KCTI CO., LTD.(49.29% held by the subject
company) NATURA POWER CO., LTD. (25.93% held by the subject
company) HAESOL AIRTEK CO., LTD.(19.74% held by the
subject company) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
37,480 |
40,532 |
21,475 |
|
Domestic |
125,858 |
120,908 |
130,923 |
|
Total |
163,339 |
161,440 |
152,397 |
The subject deals with the companies in
Taiwan, Macao, Thailand, India, Bangladesh, Australia and Middle Eastern
Countries.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/
Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul Central District Court |
The Subject Company |
YIZON CO., LTD and others(1) |
Claim for Account Receivables |
482 |
|
News
Clipping
Dong-A Precision Accused of Manipulation, Fake
Stocks
KOREA TIMES : 01-28-2004
By Kim Yon-se / Staff Reporter
Regulators on Wednesday filed a complaint with the prosecution against
Dong-A Precision Machinery and the listed firm's majority shareholder on
suspicion of stock price manipulation.
The largest shareholder of Dong-A Precision Machinery was found to have
made 1.04 billion won in illegal gains in collusion with stockbrokers and
private moneylenders after floating fake stocks on the Korea Stock Exchange
(KSE).
Aside from the stock manipulation, he embezzled 7.33 billion won through
the distribution of bogus stocks, the Financial Supervisory Service (FSS)
reported on Wednesday.
The FSS said the price manipulation through the floating of bogus stocks
was quite easy as the company was in the mergers and acquisitions (M&As)
process after a bankruptcy.
The FSS added fraudulent traders and insider traders usually target
firms facing M&As in the wake of poor performance. ``A number of stocks at
the Kosdaq exchange jump to the market's daily price ceiling these days,'' a
securities inspector Yoon Dong-in said.
The widening of regulators' investigation into fake shares comes after
an accounting firm notified the Financial Supervisory Service (FSS) of the
distribution of bogus stocks of four listed companies _ Dong-A Precision
Machinery, Daeho Corp., ChoongAng Paper and Modia.
They forged a number of documents to issue fake stock amounting to 129
billion won ($108.4 million). The amount breaks down to 65 billion won for
Daeho Corp., 25 billion won for Choong Ang Paper, 21 billion won for Modia and
18 billion won for Dong-A Precision Machinery.
The FSS is also looking into their financial statements, announcing that
it seems obvious that their past accounting books are riddled with mistakes and
fake.
In addition, the FSS accused five investors of manipulating the stock
price of KSE-listed Paper Corea in the restructuring process.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)