MIRA INFORM REPORT

 

 

Report Date :           

22.03.2012

 

IDENTIFICATION DETAILS

 

Name :

WOORI PACKING CORP.

 

 

Registered Office :

304-6, Yadong-dong, Paju-si, Gyeonggi-do, Korea, Zip Code 413-040

 

 

Country :

South korea

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

14.06.2002

 

 

Com. Reg. No.:

128-81-72820

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacture of Paper Sacks and Paper Bags

 

 

No. of Employees :

30

 

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

 

 

Payment Behaviour :

No Complaints

 

 

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 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

South Korea

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

WOORI PACKING CORP.

(Korean Company Name : “(주)우리포장”)

Registered Address

304-6, Yadong-dong, Paju-si, Gyeonggi-do, Korea

Zip Code

413-040

Tel

+82-31-945-6084

Fax

+82-31-942-2257

Trading Address

304-6, Yadong-dong, Paju-si, Gyeonggi-do, Korea

Tel

+82-31-956-1823

Fax

+82-31-942-2257

Type

Export

Industry

Manufacture of Paper Sacks and Paper Bags

  Main Business

Paper Bags, Shopping Bags

Established (mm/dd/yyyy)

06/14/2002

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Gift wrapping paper or bags or boxes(14111601)

Sell

Packaging paper(14121504)

 

 

CEO’s

 

Name

Shin Yong-Hang

Address

Suite 50-1504, 3-5 Block, Sangam-dong, Mapo-gu, Seoul, Korea

Date of Birth

01/28/1972

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

400,000,000

Employees

30

Formation

Co., Ltd by Shares

Bank Details

Industrial Bank of Korea

Corporate Registered No.

115611-0038272

Business Registered No.

128-81-72820

Permit & Licenses

N/A

Shareholder Position

N/A

Company History

06/14/2002 Incorporated as the present name

04/02/2004 Increased the authorized shares to 500,000 shares from 40,000 shares

04/14/2004 Increased capital to 400,000,000 KRW from 50,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Shin Yong-Hang

Male

Korean

09/23/2005

Director

M/S.

Lee kyung-Soon

Female

Korean

09/23/2005

Director

Mr.

Jung Myung-Kyun

Male

Korean

09/23/2005

Auditor

Mr.

Lee Young-Jin

Male

Korean

03/20/2008

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2010

 

 

 

2009

7,327,586,000

5,485,257,000

852,427,000

The latest financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

2,500,000,000

Paid-Up Capital(KRW)

400,000,000

Total Issued Shares

80,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

 

5,485,257,000

 

Current Assets

 

3,353,462,000

 

-Quick Assets

 

-

 

-Inventories

 

-

 

Fixed Assets

 

2,131,795,000

 

-Investment

 

-

 

-Tangibles

 

-

 

-Intangibles

 

-

 

Total Liabilities

 

1,060,587,000

 

Current Liabilities

 

588,646,000

 

Fixed Liabilities

 

471,941,000

 

Capital Stock

 

400,000,000

 

Capital Surplus

 

-

 

Profit Surplus

 

4,024,670,000

 

Capital Adjustment

 

-

 

Total Equity

 

4,424,670,000

 

Liab. & Shareholder’s Equity

 

5,485,257,000

 

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Sales

 

7,327,586,000

 

Cost of Sold Goods

 

5,648,103,000

 

Gross Profit

 

1,679,483,000

 

Selling & Admin. Expenses

 

889,375,000

 

Operating Income

 

790,108,000

 

Non-Operating Income

 

471,941,000

 

Non-Operating Expenses

 

4,625,000

 

Income Before Taxes

 

916,703,000

 

Income Taxes Expenses

 

64,276,000

 

Net Income

 

852,427,000

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

Paper Bags, Shopping Bags

 

 

Trade Partners & Competitors

 

Customers

LOTTE ALUMINIUM CO., LTD.( 110111-0003121)

BUIN INDUSTRIAL CO., LTD.(115611-0003001)

KYOBO BOOK CENTRE CO., LTD.(110111-0286058)

Competitors

KUMPOONG CO., LTD.

93, SEODAE-RI, CHUBU-MYEON, GEUMSAN-GUN, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-754-7679  FAX:+82-41-754-7683

 

SINWOO CO., LTD.

433-1, GEUMEO-RI, POGOK-EUP, CHEOIN-GU, YONGIN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-338-9811~5  FAX:+82-31-338-9816

 

BM KOREA

35-19, MAJANG-RI, GWANGTAN-MYEON, PAJU-SI, GYEONGGI-DO, KOREA

TEL:+82-31-946-6571  FAX:+82-31-946-6574

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

BUIN INDUSTRIAL CO., LTD.(115611-0003001)

300-1, YADONG-DONG, PAJU-SI, GYEONGGI-DO, KOREA

 

 

Sales by Region

(Activity & Markets)

 

Not Available.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

-


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.59

UK Pound

1

Rs.80.34

Euro

1

Rs.67.14

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.