MIRA INFORM
REPORT
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Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
AJIN P&P CO., LTD. |
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Formerly Known As : |
AJIN PAPER INDUSTRIES CO., LTD |
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Registered Office : |
92-1, Singi-ri, Hyeonpung-myeon, Dalseong-gun, Daegu, Korea, Zip Code 711-871 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.07.1985 |
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Com. Reg. No.: |
514-81-04557 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacturer of Corrugated Cardboard and Cardboard Boxes |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
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Company
Name |
AJIN P&P
CO., LTD. (English Company
Name : AJIN PAPER & PACKING CO., LTD.) (Korean Company Name
: “(주)아진피앤피”) |
|
Registered Address |
92-1, Singi-ri, Hyeonpung-myeon,
Dalseong-gun, Daegu, Korea |
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Zip Code |
711-871 |
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Tel |
+82-53-611-1121~5 |
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Fax |
+82-53-614-1274 |
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E-mail |
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Website |
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Trading Address |
92-1, Singi-ri, Hyeonpung-myeon,
Dalseong-gun, Daegu, Korea |
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Tel |
+82-53-611-1121~5 |
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Fax |
+82-53-614-1274 |
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Other Address-Guji Factory |
226-5, Gobong-ri, Guji-myeon,
Dalseong-gun, Daegu, Korea |
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Tel |
+82-53-615-1101 |
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Fax |
+82-53-614-3031 |
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Type |
Export/Import |
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Industry |
Manufacture of Corrugated Cardboard and Cardboard Boxes |
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Main Business |
Corrugated Cardboard, Corrugating Medium Paper |
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Established (mm/dd/yyyy) |
07/04/1985 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cardboard(14121503) |
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Sell |
Packaging boxes(24121503) |
CEO’s
|
Name |
Chung Tae-Hwa |
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Address |
92, Sin-gi-ri,
Hyeonpung-myeon, Dalseong-gun, Daegu, Korea |
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Date of Birth |
01/11/1937 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
14,148,115,000 |
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Employees |
152 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Korea Exchange Bank Industrial Bank of Korea Korea Development Bank-Sungseo Branch |
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Corporate Registered No. |
174111-0000775 |
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Business Registered No. |
514-81-04557 |
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Permit & Licenses |
Int’l Trade No.: 13012212 |
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Shareholder Position |
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Company History |
07/04/1985 Incorporated as AJIN PAPER
INDUSTRIES CO., LTD. 11/23/2005 Started Work Out Procedure by
Creditors’ Association 05/02/2006 Acquired AJIN Packing Industries
Co., Ltd. 05/02/2006 Changed company name to the
present name 05/10/2006 Increased the authorized shares
to 3,500,000 shares from 1,500,000 shares 12/22/2009 Increased capital to
14,148,115,000 KRW from 12,593,115,000 KRW 03/10/2011 Decided to finish of Work Out
Procedure by Creditors’ Association’s decision |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Chung Tae-Hwa |
Male |
Korean |
03/29/2009 |
|
Director |
Mr. |
Chung Yeon-Wook |
Male |
Korean |
03/29/2009 |
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Director |
Mr. |
Kim Hyun-Kyu |
Male |
Korean |
03/25/2011 |
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Auditor |
Mr. |
Ahn Jeom-Joon |
Male |
Korean |
08/08/2000 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
136,925,083,177 |
97,194,037,042 |
7,177,140,595 |
|
|
2009 |
89,277,245,274 |
85,689,664,917 |
2,840,301,979 |
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2008 |
105,222,308,334 |
73,916,545,079 |
4,585,911,285 |
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2007 |
77,424,991,461 |
72,699,753,265 |
-1,939,325,745 |
|
2006 |
63,457,091,379 |
72,356,846,622 |
-1,892,505,726 |
Financial Description
|
Authorized Capital(KRW) |
17,500,000,000 |
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Paid-Up Capital(KRW) |
14,148,115,000 |
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Total Issues Shares |
2,829,623 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Total Assets |
97,194,037,042 |
85,689,664,917 |
73,916,545,079 |
|
Current Assets |
30,678,415,209 |
27,318,781,498 |
22,378,105,687 |
|
-Quick Assets |
26,581,264,587 |
22,978,877,393 |
17,388,233,601 |
|
-Inventories |
4,097,150,622 |
4,339,904,105 |
4,989,872,086 |
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Fixed Assets |
66,515,621,833 |
58,370,883,419 |
51,538,439,392 |
|
-Investment |
60,292,939 |
239,163,239 |
206,390,966 |
|
-Tangibles |
66,000,028,894 |
57,888,968,180 |
51,164,330,426 |
|
-Intangibles |
455,300,000 |
242,752,000 |
167,718,000 |
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Total Liabilities |
64,404,902,763 |
60,066,179,822 |
63,987,134,995 |
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Current Liabilities |
52,640,049,697 |
18,360,352,953 |
15,848,305,738 |
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Fixed Liabilities |
11,764,853,066 |
41,705,826,869 |
48,138,829,257 |
|
Capital Stock |
14,148,115,000 |
14,148,115,000 |
8,267,115,000 |
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Capital Surplus |
8,198,475,440 |
8,198,475,440 |
4,664,599,859 |
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Profit Surplus |
7,009,571,799 |
-167,568,796 |
-3,007,870,775 |
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Capital Adjustment |
3,432,972,040 |
3,444,463,451 |
5,566,000 |
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Total Equity |
32,789,134,279 |
25,623,485,095 |
9,929,410,084 |
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Liab. & Shareholder’s Equity |
97,194,037,042 |
85,689,664,917 |
73,916,545,079 |
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Current Liabilities |
52,640,049,697 |
18,360,352,953 |
15,848,305,738 |
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Trade Payables |
4,928,021,195 |
6,424,871,497 |
4,624,488,925 |
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Short-Term Borrowings |
3,180,422,211 |
4,397,844,727 |
2,864,574,889 |
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Account Payables |
11,916,487,151 |
4,887,515,579 |
2,042,415,417 |
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Advance Receipts |
595,931 |
16,160,722 |
3,615,880 |
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Withholdings |
52,380,290 |
44,732,060 |
48,018,860 |
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VAT Withhold |
- |
79,895,364 |
129,520,119 |
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Accrued Expenses |
1,176,696,280 |
509,333,004 |
575,479,929 |
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Accrued Income Tax |
484,131,739 |
- |
- |
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Current Portion of Long-Term Debts |
30,901,314,900 |
2,000,000,000 |
3,945,000,000 |
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Current Portion of Convertible Bonds |
- |
- |
1,555,000,000 |
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Fixed
Liabilities |
11,764,853,066 |
41,705,826,869 |
48,138,829,257 |
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Long-Term Borrowings |
8,602,358,333 |
37,565,780,899 |
46,975,906,912 |
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Long-Term Account Payables |
1,696,344,100 |
2,712,054,400 |
- |
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Provision for Severance & Retirement |
1,466,150,633 |
1,427,991,570 |
1,162,922,345 |
Income
Statement
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|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
136,925,083,177 |
89,277,245,274 |
105,222,308,334 |
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Cost of Sold Goods |
118,058,036,387 |
76,524,132,928 |
88,268,676,489 |
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Gross Profit |
18,867,046,790 |
12,753,112,346 |
16,953,631,845 |
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Selling & Admin. Expenses |
8,840,124,796 |
7,973,699,968 |
8,107,717,662 |
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Operating Income |
10,026,921,994 |
4,779,412,378 |
8,845,914,183 |
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Non-Operating Income |
613,706,862 |
1,438,875,836 |
633,640,546 |
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Non-Operating Expenses |
2,969,797,972 |
3,377,986,235 |
4,893,643,444 |
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Income Before Taxes |
7,670,830,884 |
2,840,301,979 |
4,585,911,285 |
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Income Taxes Expenses |
493,690,289 |
- |
- |
|
Net Income |
7,177,140,595 |
2,840,301,979 |
4,585,911,285 |
Cash
Flows
|
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Cash Flows from Operating |
10,439,333,512 |
6,647,522,401 |
6,253,313,588 |
|
-Net Income |
7,177,140,595 |
2,840,301,979 |
4,585,911,285 |
|
-Exp.
without Cash Outflow |
5,029,550,608 |
4,282,111,960 |
5,762,438,894 |
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-Revenue
without Cash Inflows |
-4,930,965 |
-669,396,708 |
-59,941,677 |
|
-Changes in
Asset/ & Liability |
-1,762,426,726 |
194,505,170 |
-4,035,094,914 |
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Cash Flows
from Investing |
-7,880,423,603 |
-2,668,326,628 |
-2,058,976,983 |
|
-Cash Inflow
from Investing |
180,000,000 |
417,135,336 |
67,594,554 |
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-Cash
Outflows for Investing |
-8,060,423,603 |
-3,085,461,964 |
-2,126,571,537 |
|
Cash Flows
from Financing |
-2,627,104,982 |
-1,422,776,808 |
-2,604,893,627 |
|
-Cash
Inflows from Financing |
- |
1,688,269,838 |
- |
|
-Cash
Outflows from Financing |
-2,627,104,982 |
-3,111,046,646 |
-2,604,893,627 |
|
Increase/Decrease
in Cash |
-68,195,073 |
2,556,418,965 |
1,589,442,978 |
|
Cash at the
Beginning of Year |
6,829,033,663 |
4,272,614,698 |
2,683,171,720 |
|
Cash at the End of Year |
6,760,838,590 |
6,829,033,663 |
4,272,614,698 |
Products, Technologies, Services Description
|
Main Products & Services |
Corrugated Cardboard, Corrugating Medium Paper |
Trade Partners & Competitors
|
Suppliers |
LSIS
CO., LTD.(110111-0520076) |
|
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)
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
No.
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
|
UK Pound |
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
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 |
|
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NB |
New Business |
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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.