MIRA INFORM REPORT
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Report Date : |
20.08.2012 |
IDENTIFICATION DETAILS
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Name : |
ARTONE PAPER MFG. CO., LTD. |
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Formerly Known As : |
EN PAPER MFG. CO., LTD. |
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Registered Office : |
150, Nueup-dong, Osan-si, Gyeonggi-do, Korea, Zip Code 447-160 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.03.1971 |
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Com. Reg. No.: |
124-81-00815 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Stationery Paper |
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No. of Employees
: |
373 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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South korea
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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 |
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Company Name |
ARTONE PAPER MFG.
CO., LTD. (Ex. Company
Name : EN PAPER MFG. CO., LTD., “이엔페이퍼(주)”) (Korean Company Name : “아트원제지(주)”) |
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Registered Address |
150, Nueup-dong, Osan-si, Gyeonggi-do,
Korea |
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Zip Code |
447-160 |
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Tel |
+82-31-370-7700 |
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Fax |
+82-31-370-7720 |
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E-mail |
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Website |
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Trading Address-Seoul Branch |
23-24
FL, Pine Avenue Bldg., 100, Eulji-ro, Jung-Gu Seoul Korea |
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Tel |
+82-2-3287-6800 |
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Fax |
+82-2-6031-0925 |
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Other Address-Sintanjin Factory |
1691, Sinil-dong, Daedeok-gu, Daejeon,
Korea |
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Tel |
+82-42-939-2000 |
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Fax |
+82-42-939-2013 |
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Type |
Export/Import |
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Industry |
Manufacture of Stationery Paper |
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Main Business |
Art Paper, Bond Paper, Coated Paper, Giro Sheet, Bankbook Paper, OMR
Sheet, Drawing Paper, Publication Paper, Printing Paper |
|
Established (mm/dd/yyyy) |
03/25/1971 |
The Subject owns
the premises of registered HQ address/factory, Sintanjin Factory, Pyeongtaek Factory, Jinju
Factory, Asan Factory and Daejeon Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Paperboard and packaging papers(14121500) |
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Sell |
Art or craft paper(14111606) |
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Sell |
Coated papers(14121800) |
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Sell |
Silicone coated papers(14121804) |
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Sell |
Printing and writing paper(14111500) |
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Sell |
Sensitized copying papers(14121811) |
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Sell |
Wallpapers(30161502) |
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Sell |
Raw materials(14101500) |
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Sell |
Cigarette papers or filters(50211607) |
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Sell |
Kraft paper(60121124) |
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Sell |
Novelty paper(14111600) |
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Sell |
Cigarette papers or filters(50211607) |
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Sell |
Machine finished or glazed kraft paper(14122102) |
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Sell |
Filter papers(40161803) |
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Sell |
Papers bonded with film(14121701) |
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Sell |
Offset paper(14121904) |
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Sell |
Plotter paper(14111510) |
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Sell |
Tissue papers(14121600) |
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Sell |
Packaging pouches or bags(24121502) |
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Sell |
Label papers(14111537) |
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Sell |
Wood pulp(11121607) |
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Buy |
L-BKP |
|
Buy |
L-BKP |
|
Buy |
CTMP |
|
Buy |
UKP |
|
Buy |
AOCC |
|
Buy |
N-BKP |
|
Buy |
LATEX |
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Name |
Kwon Kyo-Taik |
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Date of Birth |
03/10/1949 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
80,287,460,000 |
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Employees |
373 |
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Formation |
Listed Company (Korea Stock Exchange :
007190 ) as of 06/24/1974 A Company of HANSOL GROUP |
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Bank Details |
Shinhan Bank Industrial Bank of Korea |
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Corporate Registered No. |
134811-0000034 |
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Business Registered No. |
124-81-00815 |
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Permit & Licenses |
11/2005 ISO 14001
Certified 12/2003 ISO 9001 Certified 07/1981 KS Mark 05/1980 KS Mark Int’l Trade No.: 840459 |
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Shareholder Position |
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Company History |
03/25/1971 Incorporated as Samsung Special
Paper Mfg. Co., Ltd. 06/24/1974 Listed at KSE 03/11/1983 Approved of Corporate Closing
Procedure by Suwon District Court 03/11/1983 Changed company name to Shinho
Paper Co., Ltd. 07/24/1991 Finished Corporate Closing
Procedure 10/24/1998 Designated as a Work-Out Company 12/11/1998 Agreed to take Work-Out Program/
restructuring program 04/29/2000 Agreed to take the Revised
Work-Out Program/ restructuring program 11/30/2000 Awarded US$100 Million Export
Top Prize 04/25/2002 Agreed to take the additional
Work-Out Program/ restructuring program 12/31/2004 Finished Work-Out Program/
restructuring program 09/28/2006 The Subject decided to change
the financial closing date from June 30 to December 31. 11/22/2006 Changed company name to the
present name 02/2007 Sold out Daejeon Factory(40-15,
Daehwa-dong, Daedeok-gu, Daejeon, Korea) 03/2008 Sold out Jinju Factory Ⅰ(33-8, Sangdae 2-dong, Jinju-si,
Gyeongsangnam-do, Korea) 11/14/2008
Decided to spin off the subject company into the existing EN PAPER MFG.
CO., LTD., and WOORIM PAPER MFG. CO., LTD., which is newly established, as of
02/20/2009. And the newly established company will be sold to HANSOL PAPER
CO., LTD.(110111-0017867). 02/17/2009 Split off 2 companies, the
subject company, and KGP 03/27/2009 Changed company name to the
present name from EN PAPER MFG. CO., LTD.(131311-0088017) |
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Job
Description |
Title |
Name |
Sex |
Nationality |
Date of
Birth |
|
President & CEO |
Mr. |
Kwon Kyo-Taik |
Male |
Korean |
1949.03.10 |
|
Director |
Mr. |
Lee Chun-Hyun |
Male |
Korean |
1961.01.08 |
|
Director |
Mr. |
Kang Byung-Yoon |
Male |
Korean |
1962.07.28 |
|
Director |
Mr. |
Park Byung-Ho |
Male |
Korean |
1935.07.26 |
|
Director |
Mr. |
Won Yong-Yoon |
Male |
Korean |
1946.11.02 |
|
Director |
Mr. |
Kim Jong-Bok |
Male |
Korean |
1950.02.10 |
|
Director |
Mr. |
Jeon Byung-Hak |
Male |
Korean |
1955.01.13 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
409,491,143,922 |
504,835,914,709 |
-66,815,447,173 |
|
|
(*)2010 |
396,522,149,297 |
640,748,814,611 |
-10,254,520,516 |
|
2009 |
487,003,682,081 |
509,532,207,697 |
4,653,850,037 |
|
2008 |
476,473,991,423 |
626,437,312,991 |
-52,672,385,936 |
|
12/2007 |
521,431,494,822 |
614,769,858,497 |
-78,684,948,933 |
|
12/2006 |
275,042,063,095 |
658,123,163,961 |
-32,905,981,481 |
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06/2005 |
584,377,195,230 |
722,067,691,184 |
18,668,943,179 |
|
06/2004 |
576,289,743,838 |
732,895,069,676 |
11,015,380,439 |
09/28/2006 : The Subject decided to change
the financial closing date from June 30 to December 31.
|
Authorized Capital(KRW) |
250,000,000,000 |
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Paid-Up Capital(KRW) |
80,287,460,000 |
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Total Issued Shares |
16,057,492 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total
Assets |
504,835,914,709 |
640,748,814,611 |
|
|
Current Assets |
165,099,566,061 |
231,097,829,294 |
|
|
Cash
& Cash Equivalents |
6,585,537,724 |
5,097,839,461 |
|
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Other
Finance Assets |
480,000 |
4,918,125,000 |
|
|
Trade
Receivables & Other Receivables |
94,049,912,033 |
126,844,571,553 |
|
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Income Tax |
45,976,700 |
48,509,787 |
|
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Inventories |
64,417,659,604 |
94,188,783,493 |
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Non-Current Assets |
339,736,348,648 |
409,650,985,317 |
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Other
Financial Assets |
7,831,865,410 |
5,680,397,770 |
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Tangibles |
322,539,500,033 |
393,440,272,946 |
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Intangibles |
5,977,873,930 |
6,914,282,127 |
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Other
Non-Current Assets |
3,387,109,275 |
3,616,032,474 |
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Total Liabilities |
401,485,989,065 |
470,620,208,855 |
|
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Current Liabilities |
237,357,726,075 |
215,787,661,604 |
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Other
Current Financial Debts |
134,171,269,186 |
127,817,429,605 |
|
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Trade
Payables & Other Payables |
103,186,456,889 |
87,970,231,999 |
|
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Non-Current Liabilities |
164,128,262,990 |
254,832,547,251 |
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Other
Non-Current Financial Debts |
143,869,265,241 |
220,419,972,158 |
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Confirmed
Salaries |
10,275,544,308 |
18,890,439,288 |
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Deferred
Income Tax Credit |
9,923,453,441 |
15,452,135,805 |
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Other
Non-Current Financial Debts |
60,000,000 |
70,000,000 |
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Capital Stock |
80,287,460,000 |
80,287,460,000 |
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Capital
Surplus |
63,336,906,957 |
63,336,906,957 |
|
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Capital
Adjustment |
77,951,559 |
71,474,961 |
|
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Others |
2,692,423,866 |
2,522,756,626 |
|
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Profit
Surplus |
-43,044,816,738 |
23,910,007,212 |
|
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Total
Equity |
103,349,925,644 |
170,128,605,756 |
|
|
Liab.
& Shareholder’s Equity |
504,835,914,709 |
640,748,814,611 |
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Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
409,491,143,922 |
396,522,149,297 |
|
|
Cost
of Sold Goods |
378,936,611,688 |
358,457,807,391 |
|
|
Gross
Profit |
30,554,532,234 |
38,064,341,906 |
|
|
Selling
& Admin. Expenses |
33,056,591,943 |
33,867,818,967 |
|
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Other
Operating Income |
2,700,562,673 |
4,688,638,546 |
|
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Other
Operating Expenses |
5,031,403,020 |
3,471,770,984 |
|
|
Operating
Income |
-4,832,900,056 |
5,413,390,501 |
|
|
Finance
Income |
5,686,936,732 |
7,149,027,764 |
|
|
Finance
Expenses |
24,017,658,812 |
16,339,384,144 |
|
|
Income
Before Taxes |
-23,163,622,136 |
-3,776,965,879 |
|
|
Income
Taxes Expenses |
-54,850,400 |
-704,554,400 |
|
|
Income
from Continuous Business |
-23,108,771,736 |
-3,072,411,479 |
|
|
Income
from Stopped Business |
-43,706,675,437 |
-7,182,109,037 |
|
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Net
Income |
-66,815,447,173 |
-10,254,520,516 |
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating Activities Cash Flows |
49,555,581,188 |
5,960,505,752 |
|
|
Net
Income |
-66,815,447,173 |
-10,254,520,516 |
|
|
Adjustment |
71,379,941,134 |
31,908,181,010 |
|
|
Changes
in Asset/ & Liability |
57,690,276,387 |
-4,400,651,443 |
|
|
Interests
Received |
328,609,408 |
271,951,312 |
|
|
Interests
Paid |
-13,030,331,655 |
-12,243,151,719 |
|
|
Income
Taxes |
2,533,087 |
678,697,108 |
|
|
Cash
Flows from Investing |
24,012,602,363 |
-42,486,035,689 |
|
|
Cash
Flows from Financing |
-72,080,485,288 |
30,473,727,210 |
|
|
Increase/Decrease
in Cash |
1,487,698,263 |
-6,051,802,727 |
|
|
Cash
at the Beginning of Year |
5,097,839,461 |
11,149,642,188 |
|
|
Cash
at the End of Year |
6,585,537,724 |
5,097,839,461 |
|
|
Main Products & Services |
-Printing Paper Art Paper, Bond Paper, Coated Paper,
Business Foam Paper, Special Paper, Tissue Paper -Industrial Paper Kraft Paper, Cub Base Paper, Silk Wallpaper |
|
Suppliers |
KDB CAPITAL CORPORATION (110111-0137558)
& HAN KOOK CAPITAL CO., LTD.(160111-0019277) & KOREA NON-BANK LEASE
FINANCING CO., LTD.(110111-1568033) provides the machinery to the subject
company by leasing base. |
|
Customers |
Publication & Printing Companies,
Wholesalers of Paper |
|
Competitors |
HANKUK PAPER MFG CO., LTD. (110111-0002818) 1358-6, SEOCHO 2-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-3475-7200 FAX:+82-2-3473-2133 HANSOL PAPER CO., LTD. (110111-0017867) 21ST FL., HANSOL BLDG., 736-1, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3287-7114 FAX:+82-2-3287-6114 MOORIM PAPER CO., LTD.(191111-0000782) 281-1, SANGPYEONG-DONG, JINJU-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-751-1234 FAX:+82-55-751-1235 KYESUNG PAPER CO., LTD.(134811-0000654) 637, OSAN-DONG, OSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-379-5500 FAX:+82-31-379-5691 HONG WON PAPER MFG CO., LTD.(110111-0239221) 14TH FL., IMGWANG BLDG., 267, MIGEUN-DONG,
SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-360-6300 FAX:+82-2-360-6405 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
HANSOL PAPER CO., LTD.(110111-0017867) HANSOL
HOMEDECO CO.,LTD.(110111-0825624) HANSOL
CHEMICAL CO., LTD(110111-0270895) HANSOL
CONSTRUCTION CO.,LTD.(110111-2664400) HANSOL
DEVELOPMENT CO., LTD.(141211-0005540) HANSOL LCD
INC.(110111-0004682) HANSOL CSN
CO.,LTD(110111-0150659) HANSOL EME
CO., LTD.(160111-0123185) INNOPTIX
CO.,LTD(110111-2296253) HANSOL PNS CO.,LTD. (110111-0175970) SEOUL PAPER CO., LTD.(110111-0990609) CNP CHEMICAL
CO., LTD.(124411-0043349) E-SERVICE
CO.,LTD.(284311-0011634) HANSOL
LIGHTING INC.(110111-3626003) SEOUL PAPER
CO.,LTD.(110111-0990609) MUNGYEONG ESCO CO.,LTD.(131311-0079553) HANSOL INTICUBE CO., LTD.(110111-2915605) MAUL SOUP CO., LTD.(110111-3858078) ARTONE PAPER MFG. CO.,LTD.(134811-0000034) ILJIN PAPER CO.,LTD.(110111-0641327) |
|
Affiliates-Overseas |
GLOBAL FIBRES INC. SOUTH CHINA PAPER HANSOL AUSTRALIA C. K. FIBERS HANSOL HONG KONG HANSOL P.I. HANSOL NEW ZEALAND KOPRI HANSOL ELECTRONICS THAILAND BRIGHTECH CO., LTD. HANSOL LCD SLOVAKIA S.R.O KOREA INTERNATIONAL FREIGHT TRANSPORTATION
(SHANGHAI) CO., LTD. KOREA INTERNATIONAL FREIGHT TRANSPORTATION
(TENJIN) CO., LTD. HANSOL GOLDPOINT TIANJIN DAEYOUNG PAINT CO.LTD HANSOL CSN LOGISTICS INDIA PRIVATE LIMITED TIANJIN OPTOWAVE CO., LTD |
|
Cooperative Enterprise |
Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
147,658 |
184,465 |
190,039 |
|
Domestic |
152,579 |
321,193 |
296,965 |
|
Total |
300,237 |
505,658 |
487,004 |
The subject company
deals with the companies in Australia, Canada and USA, and mainly imports Pulp
from Canada and USA.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
Seoul Dongbu District Court |
The Subject Company |
SHLP Co., Ltd., and Others(2) |
Cancellation on Fraud Activities |
1,662 |
3rd Round is proceeding |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.