|
Report Date : |
02.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
JEONJU PAPER CORPORATION |
|
|
|
|
Formerly Known As : |
NORSKE SKOG KOREA CO., LTD. |
|
|
|
|
Registered Office : |
180, Palbokdong 2-ga, Deokjin-gu, Jeonju-si, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.12.1998 |
|
|
|
|
Com. Reg. No.: |
418-81-17792 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Newsprint |
|
|
|
|
No. of Employees : |
722 |
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 |
|
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company
Name |
JEONJU PAPER
CORPORATION (Korean Company
Name : “(주)전주페이퍼”) |
|
Registered Address |
180, Palbokdong 2-ga, Deokjin-gu,
Jeonju-si, |
|
Zip Code |
561-843 |
|
Tel |
+82-63-210-8114 |
|
Fax |
+82-63-212-8513 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
6th |
|
Tel |
+82-2-6050-2600 |
|
Fax |
+82-2-6050-2659 |
|
Other Address-Cheongwon Factory |
60-1, Hogye-ri, Gangoe-myeon,
Cheongwon-gun, |
|
Tel |
+82-43-249-3300 |
|
Fax |
+82-43-249-3309 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Newsprint |
|
Main Business |
Newsprint Paper, Middle Grade Printing Paper, Book Paper |
|
Established (mm/dd/yyyy) |
12/10/1998 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Newsprint and offset papers(14121900) |
|
Sell |
Printing and writing paper(14111500) |
|
Sell |
Coated papers(14121800) |
|
Sell |
Educational or vocational
textbooks(55101509) |
|
Buy |
Paper pulp(14101501) |
|
Buy |
Additives(12160000) |
|
Buy |
Chemicals including Bio Chemicals and Gas
Materials(12000000) |
|
Buy |
Inorganic peroxides(12352304) |
|
Buy |
Inorganic metal salts(12352302) |
|
Buy |
Bleaches(47131807) |
|
Buy |
Flocculents(47101608) |
|
Buy |
Surfactants(12161900) |
|
Buy |
Standard newsprint(14121901) |
|
Buy |
Wood pulp(11121607) |
|
Name |
Han In-Su |
|
Address |
|
|
Date of Birth |
03/15/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000,000 |
||||||||||||
|
Employees |
722 |
||||||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
||||||||||||
|
Bank Details |
Shinhan Bank Kookmin Bank Hana Bank |
||||||||||||
|
Corporate Registered No. |
210111-0022435 |
||||||||||||
|
Business Registered No. |
418-81-17792 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11586605 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
10/01/1965 Established as SAEHAN PAPER CO. 08/1968 Changed company name to JEONJU
PAPER CO. 10/1992 Changed company name to 12/10/1998 Incorporated as POPCO JEONJU
CO., LTD. 12/22/1999 Changed company name to PAN ASIA
PAPER KOREA CO., LTD. 12/31/2003 Acquired PAN ASIA PAPER
CHEONGWON CO., LTD. 11/18/2005 Changed company name to NORSKE
SKOG KOREA CO., LTD. 09/2008 Changed company name to the present
name 09/11/2008 Increased the authorized shares
to 100,000,000 shares from 50,000,000 shares 10/31/2008 Acquired MSP INVESTMENT HOLDING
CO., LTD. and SHPE HOLDINGS CO., LTD. 10/31/2008 Increased capital to
100,000,000,000 KRW from 561,441,300,000 KRW 11/05/2008 Registered as a Foreign Direct
Investment Corporation |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Han In-Su |
Male |
Korean |
09/11/2008 |
|
Director |
Mr. |
Lee Sang-Hoon |
Male |
Korean |
11/21/1971 |
|
Director |
Mr. |
Choi Sung-Min |
Male |
|
09/11/2008 |
|
Director |
Mr. |
Jung Hoi-Hoon |
Male |
Korean |
09/11/2008 |
|
Director |
Mr. |
Yang Ki-Seok |
Male |
Korean |
09/11/2008 |
|
Director |
Mr. |
Kim Jong-Kyu |
Male |
Korean |
09/11/2008 |
|
Director |
Mr. |
|
Male |
Korean |
01/31/2011 |
|
Director |
Mr. |
Lee Jung-Woo |
Male |
Korean |
01/31/2011 |
|
Director |
Mr. |
Lee Kyu-Young |
Male |
|
01/31/2011 |
|
Auditor |
Mr. |
Lee Hyo-Il |
Male |
Korean |
03/25/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
183,079,136,122 |
777,038,268,443 |
563,489,312 |
|
|
2011 |
792,900,174,180 |
792,482,484,310 |
-7,177,115,330 |
|
2010 |
741,536,565,202 |
829,948,924,570 |
5,321,064,585 |
|
2009 |
666,123,452,891 |
846,887,891,489 |
1,569,376,808 |
|
2008 |
130,359,699,438 |
889,184,411,159 |
7,469,704,374 |
|
2007 |
610,061,139,557 |
687,137,408,111 |
-24,973,606,648 |
|
Authorized Capital(KRW) |
1,000,000,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000,000 |
|
Total Issues Shares |
10,000,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
777,038,268,443 |
792,482,484,310 |
829,948,924,570 |
|
Current Assets |
190,563,997,098 |
195,561,905,260 |
204,238,022,263 |
|
-Quick Assets |
109,919,872,963 |
107,190,831,635 |
115,387,993,494 |
|
-Inventories |
80,644,124,135 |
88,371,073,625 |
88,850,028,769 |
|
Fixed Assets |
586,474,271,345 |
596,920,579,050 |
625,710,902,307 |
|
-Investment |
7,064,852,474 |
6,944,841,096 |
4,228,058,592 |
|
-Tangibles |
518,500,982,444 |
526,863,270,448 |
547,350,178,226 |
|
-Intangibles |
58,631,859,350 |
60,886,476,524 |
69,994,528,710 |
|
-Others |
2,276,577,077 |
2,225,990,982 |
4,138,136,779 |
|
Total Liabilities |
536,448,190,050 |
553,726,471,136 |
580,841,593,883 |
|
Current Liabilities |
107,976,240,828 |
124,734,730,423 |
127,819,015,327 |
|
Fixed Liabilities |
428,471,949,222 |
428,991,740,713 |
453,022,578,556 |
|
Capital Stock |
100,000,000,000 |
100,000,000,000 |
100,000,000,000 |
|
Capital Surplus |
133,328,676,012 |
133,328,676,012 |
133,328,676,012 |
|
Profit Surplus |
7,746,519,749 |
7,183,030,437 |
14,360,145,767 |
|
Capital Adjustment |
-485,117,368 |
-1,755,693,275 |
1,418,508,908 |
|
Total Equity |
240,590,078,393 |
238,756,013,174 |
249,107,330,687 |
|
Liab. & Shareholder’s Equity |
777,038,268,443 |
792,482,484,310 |
829,948,924,570 |
|
Current Liabilities |
107,976,240,828 |
124,734,730,423 |
127,819,015,327 |
|
Trade Payables |
38,468,454,080 |
50,009,156,589 |
86,824,804,641 |
|
Short-Term
Borrowings |
40,749,998,312 |
45,457,812,772 |
7,000,000,000 |
|
Current Portion of Long-Term Debts |
- |
- |
8,454,400,000 |
|
Account Payables |
22,086,934,522 |
20,880,940,654 |
18,425,947,644 |
|
Advance Receipts |
33,469 |
5,762,034 |
1,869,457,404 |
|
Withholdings |
522,432,193 |
1,007,542,556 |
980,897,062 |
|
Accrued Expenses |
4,550,706,819 |
4,534,277,737 |
1,622,386,053 |
|
Guarantee
Deposit Withhold |
54,050,000 |
54,050,000 |
19,050,000 |
|
Unearned Income |
1,668,493 |
2,502,739 |
249,315 |
|
Derivatives |
1,974,773,851 |
3,278,793,081 |
2,061,289,071 |
|
Interest
Rate Swap |
- |
- |
1,293,426,997 |
|
Fixed
Liabilities |
428,471,949,222 |
428,991,740,713 |
453,022,578,556 |
|
Debentures |
150,000,000,000 |
150,000,000,000 |
- |
|
Long-Term Borrowings |
256,550,000,000 |
256,550,000,000 |
417,550,000,000 |
|
Long-Term Account Payables |
11,212,593,050 |
13,492,642,950 |
22,148,538,550 |
|
Derivatives |
332,038 |
52,146,170 |
80,519,233 |
|
Non-Current
Portion of Deferred Income Tax Credit |
7,528,060,853 |
6,379,924,380 |
4,771,676,337 |
|
Provision for Severance & Retirement |
17,447,645,030 |
16,769,571,470 |
20,424,591,680 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
183,079,136,122 |
792,900,174,180 |
741,536,565,202 |
|
Cost of Sold Goods |
154,434,254,472 |
676,237,058,700 |
603,093,964,956 |
|
Gross Profit |
28,644,881,650 |
116,663,115,480 |
138,442,600,246 |
|
Selling & Admin. Expenses |
19,996,186,466 |
89,755,052,912 |
90,412,464,208 |
|
Operating Income |
8,648,695,184 |
26,908,062,568 |
48,030,136,038 |
|
Non-Operating Income |
1,386,139,466 |
8,048,275,816 |
8,227,016,630 |
|
Non-Operating Expenses |
7,817,499,242 |
39,842,387,430 |
48,770,988,231 |
|
Income Before Taxes |
2,217,335,408 |
-4,886,049,046 |
7,486,164,437 |
|
Income Taxes Expenses |
1,653,846,096 |
2,291,066,284 |
2,165,099,852 |
|
Net Income |
563,489,312 |
-7,177,115,330 |
5,321,064,585 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
7,273,867,282 |
-15,656,307,645 |
90,743,162,503 |
|
-Net Income |
563,489,312 |
-7,177,115,330 |
5,321,064,585 |
|
-Exp. without Cash Outflow |
15,133,962,709 |
64,395,712,625 |
61,135,387,517 |
|
-Revenue without Cash Inflows |
-326,143,552 |
-183,042,583 |
-401,418,206 |
|
-Changes in Asset/ & Liability |
-8,097,441,187 |
-72,691,862,357 |
24,688,128,607 |
|
Cash Flows from Investing |
-2,558,645,529 |
-29,648,186,078 |
-23,327,435,496 |
|
-Cash Inflow from Investing |
300,000,000 |
595,454,546 |
699,589,084 |
|
-Cash Outflows for Investing |
-2,858,645,529 |
-30,243,640,624 |
-24,027,024,580 |
|
Cash Flows from Financing |
-4,669,823,843 |
18,492,492,446 |
-47,995,600,000 |
|
-Cash Inflows from Financing |
- |
437,946,892,446 |
13,550,000,000 |
|
-Cash Outflows from Financing |
-4,669,823,843 |
-419,454,400,000 |
-61,545,600,000 |
|
Increase/Decrease in Cash |
45,397,910 |
-26,812,001,277 |
19,420,127,007 |
|
Cash at the Beginning of Year |
2,040,243,735 |
28,852,245,012 |
9,432,118,005 |
|
Cash at the End of Year |
2,085,641,645 |
2,040,243,735 |
28,852,245,012 |
|
Main Products & Services |
Newsprint Paper, Middle Grade Printing Paper, Book Paper |
|
Suppliers |
HANSOL CSN CO., LTD.(110111-0150659) provides raw material handing
equipments leasing services to the subject company. |
|
Competitors |
PAPER COREA INC. 2, JOCHON-DONG, GUNSAN-SI, TEL:+82-63-440-5000 FAX:+82-63-440-5050 SEOUL PAPER CO., LTD. 5TH FL., GAEPUNG BLDG., 656-766, SEONGSU
2-GA 1-DONG, SEONGDONG-GU, TEL:+82-2-2205-0301~5 FAX:+82-2-2205-0505~6 FOCUS CORPORATION RM. 1607, SUNHWA BLDG., 5-2, SUNHWA-DONG,
JUNG-GU, TEL:+82-2-753-0218~9 FAX:+82-2-754-3253 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
JEONJU ENERGY CO., LTD.(205911-0015978) (100.0% held by the subject company) HANVIT GREEN ENVIRONMENT CO., LTD.(150111-0046181) (100.0% held by the subject company) |
|
Cooperative |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD(110111-0005078) |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
03/2012 |
2011 |
2010 |
|
Export |
94,014 |
401,584 |
362,115 |
|
Domestic |
89,065 |
391,316 |
379,422 |
|
Total |
183,079 |
792,900 |
741,537 |
The Subject deals
with the companies in
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
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.