MIRA
INFORM REPORT
|
Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
WOLSAN CO., LTD. |
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Registered Office : |
492-1, Mongnae-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea 425-100 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.12.1992 |
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Com. Reg. No.: |
133-81-24320 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Corrugated Cardboard and Cardboard Boxes |
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 |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic Information
|
Company
Name |
WOLSAN CO., LTD. (Korean Company Name : “(주)월산”) |
|
Registered Address |
492-1, Mongnae-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Zip Code |
425-100 |
|
Tel |
+82-31-491-0010 |
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Fax |
+82-31-491-0023 |
|
E-mail |
son6403@dongilpaper.co.kr |
|
Website |
www.wolsanpaper.co.kr |
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Trading Address |
492-1, Mongnae-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-491-0010 |
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Fax |
+82-31-491-0023 |
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Other Address-Cheongwon Factory |
15-1, Dureung-ri, Ochang-eup,
Cheongwon-gun, Chungcheongbuk-do, Korea |
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Tel |
+82-43-212-1100 |
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Fax |
+82-43-212-3600 |
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Other Address-Masan Factory |
4B-7L, Chilseo Industrial Complex,
Chilseo-myeon, Haman-gun, Gyeongsangnam-do, Korea |
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Tel |
+82-55-586-6000 |
|
Fax |
+82-55-587-7585 +82-55-586-3999 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Corrugated Cardboard and Cardboard Boxes |
|
Main Business |
Corrugated Cardboard, Corrugated Cardboard Boxes, Corrugating Medium
Paper, Liner Paper |
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Established (mm/dd/yyyy) |
12/09/1992 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cardboard(14121503) |
|
Sell |
Machine finished or glazed kraft
paper(14122102) |
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Buy |
Inorganic hydroxides(12352305) |
|
Buy |
Fixative(45141502) |
|
Buy |
Electrical wire(26121500) |
|
Buy |
Paper tubes or cores(24141701) |
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Buy |
Paper wastes(11141604) |
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Buy |
Additives(12160000) |
|
Buy |
Dyes(12171500) |
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Buy |
Anti foaming agents(12161901) |
|
Buy |
Dispersing agents(12161904) |
CEO’s
|
Name |
Jung Young-Sup |
|
Address |
270-4, Gumi-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
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Date of Birth |
11/23/1962 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,320,000,000 |
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Employees |
253 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Citibank, Korea Shinhan Bank Industrial Bank of Korea |
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Corporate Registered No. |
135011-0054557 |
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Business Registered No. |
133-81-24320 |
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Permit & Licenses |
Int’l Trade No.: 21027389 |
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Shareholder Position |
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Company History |
12/09/1992 Incorporated as the present name 12/13/2002 Increased capital to
5,320,000,000 KRW from 4,800,000,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Jung Young-Sup |
Male |
Korean |
03/28/2006 |
|
President & CEO |
Mr. |
Jung Sang-Moon |
Male |
Korean |
03/27/2009 |
|
Director |
Mr. |
Jung Dong-Sup |
Male |
Korean |
03/23/2001 |
|
Director |
Mr. |
Kim Se-Cheol |
Male |
Korean |
03/29/2002 |
|
Director |
Mr. |
Jung Yoo-Cheon |
Male |
Korean |
03/29/2002 |
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Auditor |
Mr. |
Jung Jae-Won |
Male |
Korean |
03/23/1999 |
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Auditor |
M/S. |
Jung Yoo-Jin |
Female |
Korean |
06/21/2000 |
|
Supervisor of HQ Office |
Mr. |
Sohn Joo-Hong |
Male |
Korean |
03/18/1999 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
211,319,563,658 |
252,850,298,901 |
8,327,223,210 |
|
|
2009 |
156,457,650,043 |
198,573,757,716 |
14,642,559,775 |
|
2008 |
164,756,374,532 |
146,654,278,500 |
12,473,718,683 |
|
2007 |
121,373,907,879 |
131,018,251,652 |
10,433,298,910 |
|
2006 |
108,890,107,625 |
103,276,876,302 |
10,936,336,038 |
Financial Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
5,320,000,000 |
|
Total Issued Shares |
1,064,000 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
252,850,298,901 |
198,573,757,716 |
146,654,278,500 |
|
Current Assets |
53,732,807,373 |
35,216,274,870 |
38,138,294,122 |
|
-Quick Assets |
41,623,100,242 |
28,339,298,404 |
27,015,125,075 |
|
-Inventories |
12,109,707,131 |
6,876,976,466 |
11,123,169,047 |
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Fixed Assets |
199,117,491,528 |
163,357,482,846 |
108,515,984,378 |
|
-Investment |
83,354,176,305 |
79,384,606,227 |
42,416,835,573 |
|
-Tangibles |
115,019,430,075 |
82,872,923,865 |
63,942,137,027 |
|
-Intangibles |
5,777,795 |
31,922,277 |
106,788,921 |
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-Others |
738,107,353 |
1,068,030,477 |
2,050,222,857 |
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Total Liabilities |
129,226,182,819 |
79,854,065,148 |
89,031,131,468 |
|
Current Liabilities |
96,757,203,974 |
58,795,109,029 |
76,341,687,173 |
|
Fixed Liabilities |
32,468,978,845 |
21,058,956,119 |
12,689,444,295 |
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Capital Stock |
5,320,000,000 |
5,320,000,000 |
5,320,000,000 |
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Capital Surplus |
2,596,118,000 |
2,596,118,000 |
2,596,118,000 |
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Profit Surplus |
75,511,723,012 |
67,184,499,802 |
52,541,940,027 |
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Capital Adjustment |
40,196,275,070 |
43,619,074,766 |
-2,834,910,995 |
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Total Equity |
123,624,116,082 |
118,719,692,568 |
57,623,147,032 |
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Liab. & Shareholder’s Equity |
252,850,298,901 |
198,573,757,716 |
146,654,278,500 |
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Current Liabilities |
96,757,203,974 |
58,795,109,029 |
76,341,687,173 |
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Trade Payables |
8,160,498,909 |
5,878,357,219 |
3,330,265,495 |
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Account Payables |
7,875,381,665 |
4,844,104,798 |
3,599,218,589 |
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Short-Term Borrowings |
73,971,191,949 |
37,792,627,666 |
49,878,307,728 |
|
Debentures |
- |
6,500,000,000 |
6,500,000,000 |
|
Advance Receipts |
4,898,359 |
5,652,446 |
402,183 |
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Withholdings |
153,141,931 |
126,290,839 |
77,057,274 |
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Accrued Expenses |
1,040,245,025 |
827,489,976 |
665,643,969 |
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VAT Withhold |
568,564,293 |
370,232,108 |
780,697,270 |
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Accrued Income Tax |
1,642,092,331 |
1,023,326,644 |
1,135,122,642 |
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Currency Swap |
- |
- |
12,479,346 |
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Current Portion of Long-Term Debts |
3,341,189,512 |
1,427,027,333 |
10,362,492,677 |
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Fixed Liabilities |
32,468,978,845 |
21,058,956,119 |
12,689,444,295 |
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Long-Term Borrowings |
27,444,021,300 |
16,539,940,833 |
10,162,482,323 |
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Provision for Severance & Retirement |
6,178,868,841 |
4,662,840,174 |
2,666,269,920 |
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Leasehold Deposit Received |
5,000,000 |
5,000,000 |
5,000,000 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
211,319,563,658 |
156,457,650,043 |
164,756,374,532 |
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Cost of Sold Goods |
179,618,426,534 |
126,791,208,440 |
135,915,297,540 |
|
Gross Profit |
31,701,137,124 |
29,666,441,603 |
28,841,076,992 |
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Selling & Admin. Expenses |
17,950,199,248 |
15,748,382,570 |
11,776,441,513 |
|
Operating Income |
13,750,937,876 |
13,918,059,033 |
17,064,635,479 |
|
Non-Operating Income |
7,576,316,134 |
6,890,825,579 |
6,594,516,700 |
|
Non-Operating Expenses |
10,144,194,371 |
4,679,288,983 |
9,712,193,806 |
|
Income Before Taxes |
11,183,059,639 |
16,129,595,629 |
13,946,958,373 |
|
Income Taxes Expenses |
2,855,836,429 |
1,487,035,854 |
1,473,239,690 |
|
Net Income |
8,327,223,210 |
14,642,559,775 |
12,473,718,683 |
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from
Operating |
7,448,864,524 |
21,956,931,946 |
13,173,169,415 |
|
-Net Income |
8,327,223,210 |
14,642,559,775 |
12,473,718,683 |
|
-Exp.
without Cash Outflow |
16,599,913,070 |
11,178,713,452 |
12,338,602,847 |
|
-Revenue
without Cash Inflows |
-6,927,091,831 |
-6,630,608,394 |
-6,223,988,018 |
|
-Changes in
Asset/ & Liability |
-10,551,179,925 |
2,766,267,113 |
-5,415,164,097 |
|
Cash Flows
from Investing |
-49,837,270,541 |
-10,689,483,862 |
-17,448,990,647 |
|
-Cash Inflow
from Investing |
16,856,267,778 |
777,500,981 |
1,373,943,443 |
|
-Cash
Outflows for Investing |
-66,693,538,319 |
-11,466,984,843 |
-18,822,934,090 |
|
Cash Flows
from Financing |
42,717,028,901 |
-11,975,466,774 |
1,985,189,649 |
|
-Cash
Inflows from Financing |
239,795,901,684 |
161,443,691,728 |
191,550,878,131 |
|
-Cash
Outflows from Financing |
-197,078,872,783 |
-173,419,158,502 |
-189,565,688,482 |
|
Increase/Decrease
in Cash |
328,622,884 |
-708,018,690 |
2,290,631,583 |
|
Cash at the
Beginning of Year |
1,101,546,071 |
1,809,564,761 |
4,100,196,344 |
|
Cash at the
End of Year |
1,430,168,955 |
1,101,546,071 |
1,809,564,761 |
Products, Technologies, Services Description
|
Main Products & Services |
Corrugated Cardboard, Corrugated Cardboard Boxes, Corrugating Medium
Paper, Liner Paper |
Trade Partners & Competitors
|
Competitors |
SAM BO CORRUGATED BOARD CO., LTD. 195, CHUNUI-DONG, WONMI-GU, BUCHEON-SI,
GYEONGGI-DO, KOREA TEL:+82-32-662-2227 FAX:+82-32-653-4300 KWANG SIN PANJI CO., LTD. 23B-10L, 770, WONSI-DONG, DANWON-GU,
ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-490-7514 FAX:+82-31-492-6676 YU JIN FIBRE BOARD IND. CO., LTD. 4NA-201, SIHWA INDUSTRIAL COMPLEX, 1293,
JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-488-7000 FAX:+82-31-488-7029 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
DONGIL PAPER MFG CO., LTD.(130111-0026236) (2.83% held by the subject company) TAILIM PACKAGING IND., CO., LTD.(130111-0010015) (26.88% held by the subject company) J. TAUSEND INC.(110111-2767626) (20.00% held by the subject company) DONG-GWANG PANJI .,CO., LTD.( 135511-0184958) (25.00% held by the subject company) KORENSO KOREA CO., LTD.(135511-0158234) (33.33% held by the subject company) DONGWON PAPER CO., LTD.(211211-0005628) (19.83% held by the subject company) |
|
Cooperative Enterprise |
-Insured company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales by Region
(Activity &
Markets)
The Subject exports
to Japan & East-Asian countries.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.08 |
|
|
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
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.