|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
JEONJU PAPER
CORPORATION |
|
|
|
|
Registered Office : |
180, Palbokdong 2-ga, Deokjin-gu,
Jeonju-si, Jeollabuk-do, Korea 561-843 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
10.12.1998 |
|
|
|
|
Com. Reg. No.: |
418-81-17792 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Newsprint |
|
|
|
|
No. of Employees : |
720 |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible growth and global integration to become a high-tech industrialized
economy. In the 1960s, GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. In 2004, South Korea joined the trillion dollar
club of world economies, and is currently the world's 12th largest economy.
Initially, a system of close government and business ties, including directed
credit and import restrictions, made this success possible. The government
promoted the import of raw materials and technology at the expense of consumer
goods, and encouraged savings and investment over consumption. The Asian
financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's
development model including high debt/equity ratios and massive short-term
foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in
1999-2000. Korea adopted numerous economic reforms following the crisis,
including greater openness to foreign investment and imports. Growth moderated
to about 4% annually between 2003 and 2007. Korea's export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is likely
to face the challenges of balancing heavy reliance on exports with developing
domestic-oriented sectors, such as services. The South Korean economy's long
term challenges include a rapidly aging population, inflexible labor market,
and heavy reliance on exports - which comprise half of GDP.
Source
: CIA
|
Company Name |
JEONJU PAPER
CORPORATION (Korean Company
Name : “(주)전주페이퍼”) |
|
Registered Address |
180, Palbokdong 2-ga, Deokjin-gu,
Jeonju-si, Jeollabuk-do, Korea |
|
Zip Code |
561-843 |
|
Tel |
+82-63-210-8114 |
|
Fax |
+82-63-212-8513 |
|
E-mail |
youngsun@jeonjupaper.com |
|
Website |
www.norskeskog.co.kr |
|
Trading Address |
6th Fl., Korea Chamber of Commerce &
Industry, 45, Namdaemunno 4-ga, Jung-gu, Seoul, Korea |
|
Tel |
+82-2-6050-2600 |
|
Fax |
+82-2-6050-2659 |
|
Other Address-Cheongwon Factory |
60-1, Hogye-ri, Gangoe-myeon,
Cheongwon-gun, Chungbuk, Korea |
|
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 |
Suite 203-601, 159, Singongdeok-dong,
Mapo-gu, Seoul, Korea |
|
Date of Birth |
03/15/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000,000 |
||||||||||||
|
Employees |
720 |
||||||||||||
|
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 PAPCO CO. 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 12/2011 awarded US$ 300 Million Export Top Prize |
||||||||||||
|
|
|
|
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 |
USA |
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. |
Nam Hyung-Kwon |
Male |
Korean |
01/31/2011 |
|
Director |
Mr. |
Lee Jung-Woo |
Male |
Korean |
01/31/2011 |
|
Outside Director |
Mr. |
Kang Bong-Kyun |
Male |
Korean |
- |
|
Auditor |
Mr. |
Lee Hyo-Il |
Male |
Korean |
03/25/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
751,617,161,725 |
763,744,941,786 |
8,408,501,409 |
|
|
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 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
763,744,941,786 |
792,482,484,310 |
829,948,924,570 |
|
Current Assets |
191,858,471,432 |
195,561,905,260 |
204,238,022,263 |
|
-Quick Assets |
111,084,497,099 |
107,190,831,635 |
115,387,993,494 |
|
-Inventories |
80,773,974,333 |
88,371,073,625 |
88,850,028,769 |
|
Fixed Assets |
571,886,470,354 |
596,920,579,050 |
625,710,902,307 |
|
-Investment |
7,317,613,753 |
6,944,841,096 |
4,228,058,592 |
|
-Tangibles |
509,706,955,359 |
526,863,270,448 |
547,350,178,226 |
|
-Intangibles |
51,868,007,832 |
60,886,476,524 |
69,994,528,710 |
|
-Others |
2,993,893,410 |
2,225,990,982 |
4,138,136,779 |
|
Total Liabilities |
513,696,476,333 |
553,726,471,136 |
580,841,593,883 |
|
Current Liabilities |
163,987,989,763 |
124,734,730,423 |
127,819,015,327 |
|
Fixed Liabilities |
349,708,486,570 |
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 |
13,490,382,890 |
7,183,030,437 |
14,360,145,767 |
|
Capital Adjustment |
3,229,406,551 |
-1,755,693,275 |
1,418,508,908 |
|
Total Equity |
250,048,465,453 |
238,756,013,174 |
249,107,330,687 |
|
Liab. & Shareholder’s Equity |
763,744,941,786 |
792,482,484,310 |
829,948,924,570 |
|
Current
Liabilities |
163,987,989,763 |
124,734,730,423 |
127,819,015,327 |
|
Trade Payables |
43,178,612,519 |
50,009,156,589 |
86,824,804,641 |
|
Short-Term
Borrowings |
45,700,493,306 |
45,457,812,772 |
7,000,000,000 |
|
|
50,000,000,000 |
- |
- |
|
Current Portion of Long-Term Debts |
|
- |
8,454,400,000 |
|
Account Payables |
20,737,190,631 |
20,880,940,654 |
18,425,947,644 |
|
Advance Receipts |
167,931,823 |
5,762,034 |
1,869,457,404 |
|
Withholdings |
715,329,590 |
1,007,542,556 |
980,897,062 |
|
Accrued Expenses |
3,827,602,588 |
4,534,277,737 |
1,622,386,053 |
|
Guarantee
Deposit Withhold |
9,092,090 |
54,050,000 |
19,050,000 |
|
Unearned Income |
5,486,575 |
2,502,739 |
249,315 |
|
Derivatives |
- |
3,278,793,081 |
2,061,289,071 |
|
Interest
Rate Swap |
- |
- |
1,293,426,997 |
|
Fixed
Liabilities |
349,708,486,570 |
428,991,740,713 |
453,022,578,556 |
|
Debentures |
100,000,000,000 |
150,000,000,000 |
- |
|
Long-Term Borrowings |
222,522,000,000 |
256,550,000,000 |
417,550,000,000 |
|
Long-Term Account Payables |
7,077,602,433 |
13,492,642,950 |
22,148,538,550 |
|
Derivatives |
- |
52,146,170 |
80,519,233 |
|
Non-Current
Portion of Deferred Income Tax Credit |
16,612,986,356 |
6,379,924,380 |
4,771,676,337 |
|
Provision for Severance & Retirement |
19,676,962,700 |
16,769,571,470 |
20,424,591,680 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
751,617,161,725 |
792,900,174,180 |
741,536,565,202 |
|
Cost of Sold Goods |
629,285,676,138 |
676,585,127,052 |
604,822,495,770 |
|
Gross Profit |
122,331,485,587 |
116,315,047,128 |
136,714,069,432 |
|
Selling & Admin. Expenses |
85,101,451,544 |
89,755,052,912 |
90,412,464,208 |
|
Operating Income |
37,230,034,043 |
26,559,994,216 |
46,301,605,224 |
|
Non-Operating Income |
6,619,172,722 |
8,048,275,816 |
8,227,016,630 |
|
Non-Operating Expenses |
29,882,938,637 |
39,494,319,078 |
47,042,457,417 |
|
Income Before Taxes |
13,966,268,128 |
-4,886,049,046 |
7,486,164,437 |
|
Income Taxes Expenses |
5,557,766,719 |
2,291,066,284 |
2,165,099,852 |
|
Net Income |
8,408,501,409 |
-7,177,115,330 |
5,321,064,585 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
76,666,553,944 |
-15,656,307,645 |
90,743,162,503 |
|
-Net Income |
8,408,501,409 |
-7,177,115,330 |
5,321,064,585 |
|
-Exp. without Cash Outflow |
60,741,773,290 |
64,395,712,625 |
61,135,387,517 |
|
-Revenue without Cash Inflows |
-1,738,095,255 |
-183,042,583 |
-401,418,206 |
|
-Changes in Asset/ & Liability |
9,254,374,500 |
-72,691,862,357 |
24,688,128,607 |
|
Cash Flows from Investing |
-28,409,589,659 |
-29,648,186,078 |
-23,327,435,496 |
|
-Cash Inflow from Investing |
1,703,618,636 |
595,454,546 |
699,589,084 |
|
-Cash Outflows for Investing |
-30,113,208,295 |
-30,243,640,624 |
-24,027,024,580 |
|
Cash Flows from Financing |
-33,212,784,430 |
18,492,492,446 |
-47,995,600,000 |
|
-Cash Inflows from Financing |
23,337,215,570 |
437,946,892,446 |
13,550,000,000 |
|
-Cash Outflows from Financing |
-56,550,000,000 |
-419,454,400,000 |
-61,545,600,000 |
|
Increase/Decrease in Cash |
15,044,179,855 |
-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 |
17,084,423,590 |
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, JEOLLABUK-DO,
KOREA 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, SEOUL, KOREA TEL:+82-2-2205-0301~5 FAX:+82-2-2205-0505~6 FOCUS CORPORATION RM. 1607, SUNHWA BLDG., 5-2, SUNHWA-DONG,
JUNG-GU, SEOUL, KOREA 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 Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD(110111-0005078) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
|
Export |
388,589 |
401,584 |
362,115 |
|
Domestic |
363,028 |
391,316 |
379,422 |
|
Total |
751,617 |
792,900 |
741,537 |
The Subject deals
with the companies in Australia, Hong Kong and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.