MIRA INFORM REPORT

 

 

Report Date :

31.10.2013

 

IDENTIFICATION DETAILS

 

Name :

MOORIM SP CO., LTD.

 

 

Registered Office :

505, Sinsa-dong, Gangnam-gu, Seoul, Korea (P.O.BOX 241) Songpa Bldg. 135-887

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

26.07.1956

 

 

Com. Reg. No.:

211-81-63282

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Printing and Writing Paper

 

 

No. of Employees :

212

 

RATING & COMMENTS

 

MIRA’s Rating :

 

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

Slow but Correct

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

Basic Information

 

Basic

 

Company Name

MOORIM SP CO., LTD.

Registered Address

505, Sinsa-dong, Gangnam-gu, Seoul, Korea (P.O.BOX 241)

Building

Songpa Bldg.

Zip Code

135-887

Tel

+82-2-3485-1500

Fax

+82-2-511-4040

E-mail

dshan@moorim.co.kr

Website

www.moorim.co.kr

Trading Address

Songpa Bldg., 505, Sinsa-dong, Gangnam-gu, Seoul, Korea

(New Address System : 656, Gangnam-daero, Gangnam-gu, Seoul, Korea)

Tel

+82-2-3485-1500

Fax

+82-2-511-4040

Other Address-Daegu Factory

550, Chimsan 3-dong, Buk-gu, Daegu, Korea

Tel

+82-53-351-8111~9

Fax

+82-53-351-8120

Other Address-Jinju Factory

281-1, Sangpyeong-dong, Jinju-si, Gyeongsangnam-do, Korea

Tel

+82-55-751-1234

Fax

+82-55-751-1235

Other Address-Logistics Gonjiam Center

315, Suyang-ri, Silchon-eup, Gwangju-si, Gyeonggi-do, Korea

Tel

+82-31-769-2223

Fax

+82-31-769-2229

Other Address-Logistics Susaek Center

508, Sangam-dong, Mapo-gu, Seoul, Korea

Tel

+82-2-3158-5401

Fax

+82-2-3158-5403

Type

Export

Industry

Manufacture of Printing and Writing Paper

  Main Business

Art Paper, CCP Paper, Milky Paper, Galaxy Paper

Established (mm/dd/yyyy)

07/26/1956

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Paper Materials and Products(14000000)

Sell

Super calendared kraft paper(14122101)

Sell

Art or craft paper(14111606)

Sell

Printer or copier paper(14111507)

Sell

Computer printout paper(14111506)

Sell

Novelty paper(14111600)

Sell

Gift wrapping paper or bags or boxes(14111601)

Sell

Printing and writing paper(14111500)

Buy

Talc(11101518)

Buy

Common clay(11111808)

Buy

Wood pulp(11121607)

Buy

Calcium carbonate(51171501)

Buy

Cereal flour(50221102)

Buy

Latex rubber(13101501)

 

 

CEO’s

 

Name

Lee Dong-Wook

Date of Birth

10/15/1948

Title

Chairman & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

11,068,750,000

Employees

212

Formation

Listed Company (KOSDAQ: 001810) as of 12/29/1999

A Company of MOORIM Group

Bank Details

Hana Bank-Myung Dong Branch

Shinhan Bank

Corporate Registered No.

170111-0001082

Business Registered No.

211-81-63282

Permit & Licenses

Int’l Trade No.: 761318

Shareholder Position

Name

Shares

%

LEE DO-KYUN

4,729,970

21.37

LEE DONG-WOOK

4,613,976

20.84

LEE DONG-KEUN

4,250,400

19.20

OTHERS

8,543,154

38.59

TOTAL

22,137,500

100.00

Company History

07/26/1956 Incorporated as CHUNGGU PAPER MFG. CO., LTD.

01/26/1962 Changed company name to MOORIM Paper Mfg. Co., Ltd.

03/15/1975 Changed company name to MOORIM Paper Co., Ltd from Moorim Paper Mfg. Co., Ltd.

08/01/2006 Changed company name to the present name from MOORIM Paper C., Ltd.

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education/Career

Chairman & CEO

Mr.

Lee Dong-Wook

Korean

1948.10.15

Yonsei University, Korea

President & CEO

Mr.

Kim In-Joong

Korean

1950.08.13

Yonsei University, Korea

Vice President

Mr.

Kim Young-Sik

Korean

1959.10.

Hanyang University, Korea

Outside Director

Mr.

Jung Jin-Taik

Korean

1949.04.

Kunkuk University, Korea

Auditor

Mr.

Yoon Chang-Joon

Korean

1949.02.13

Hanyang University, Korea

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2013

78,042,751,398

251,033,948,249

4,784,189,511

(*)2012

150,595,891,963

240,605,818,162

9,890,013,462

(*)2011

155,840,828,409

234,674,299,875

8,884,140,627

2010

144,626,742,468

216,739,896,992

16,171,035,006

2009

137,704,738,238

204,611,163,924

16,742,729,265

2008

133,969,424,761

201,558,094,093

-7,299,626,698

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

75,000,000,000

Paid-Up Capital(KRW)

11,068,750,000

Total Issued Shares

22,137,500

 

Balance Sheet

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

251,033,948,249

240,605,818,162

234,674,299,875

Current Assets

95,648,289,472

86,161,688,733

81,845,095,976

Cash & Cash Equivalents

24,812,996,657

21,379,768,493

7,699,070,487

Trade Receivables & Other Receivables

33,660,631,260

33,661,629,459

39,961,572,989

Other Current Assets

1,345,113,009

327,982,913

891,354,491

Derivatives

0

0

1,824,228,610

Inventories

35,829,548,546

30,792,307,868

31,468,869,399

Non-Current Assets

155,385,658,777

154,444,129,429

152,829,203,899

Non-Current Financial Instruments

18,000,000

18,000,000

18,000,000

Other Financial Assets

3,541,463,500

3,341,257,000

3,098,443,000

Long-Term Trade Receivables & Other Receivables

14,405,892

14,405,892

14,405,892

Derivatives

0

0

0

Tangibles

61,436,045,254

61,542,200,999

61,532,690,454

Investment_Real Estates

29,534,061,678

29,383,719,944

29,572,445,592

Intangibles

969,769,174

896,725,885

824,503,607

Investment_Related Companies

59,871,913,279

59,247,819,709

57,768,715,354

Total Liabilities

93,022,950,876

85,732,825,682

86,507,035,649

Current Liabilities

33,367,991,433

26,567,555,076

43,424,764,117

Short-Term Borrowings

20,620,011,777

10,412,032,757

27,029,572,038

Trade Payables & Other Payables

11,087,354,855

13,683,530,554

14,131,804,801

Other Current Liabilities

428,749,072

476,553,264

957,147,478

Deferred Income Tax Credit

1,188,543,729

1,919,805,168

1,221,239,800

Derivatives

0

3,969,333

0

Other Current Financial Debts

43,332,000

71,664,000

85,000,000

Non-Current Liabilities

59,654,959,443

59,165,270,606

43,082,271,532

Long-Term Borrowings

35,765,658,395

35,807,795,812

21,000,618,540

Long-Term Trade Payables & Other Payables

1,056,979,000

1,060,059,000

1,060,059,000

Other Non-Current Financial Debts

0

0

40,000,000

Confirmed Salaries

8,279,593,236

7,999,806,907

6,003,652,713

Deferred Income Tax Credit

14,552,728,812

14,297,608,887

14,977,941,279

Capital Stock

11,068,750,000

11,068,750,000

11,068,750,000

Capital Surplus

38,720,004,287

38,720,004,287

38,720,004,287

Others

1,246,350,628

1,123,743,192

934,348,272

Profit Surplus

106,975,892,458

103,960,495,001

97,444,161,667

Total Equity

158,010,997,373

154,872,992,480

148,167,264,226

Liab. & Shareholder’s Equity

251,033,948,249

240,605,818,162

234,674,299,875

 

Income Statement

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Sales

78,042,751,398

150,595,891,963

155,840,828,409

Cost of Sold Goods

65,592,710,258

129,759,697,954

136,035,423,613

Gross Profit

12,450,041,140

20,836,194,009

19,805,404,796

Selling & Admin. Expenses

5,328,448,270

12,506,136,304

10,243,253,381

Operating Income

7,121,592,870

8,330,057,705

9,562,151,415

Other Income

1,633,642,801

5,067,942,230

2,756,960,188

Other Expenses

805,684,708

2,357,295,842

1,190,687,511

Finance Income

718,531,380

2,424,136,865

2,607,560,852

Finance Expenses

2,551,386,385

2,438,359,520

4,289,180,217

Profits from investment on Related Companies

0

1,635,599,200

2,044,499,000

Income Before Taxes

6,116,695,958

12,662,080,638

11,491,303,727

Income Taxes Expenses

1,332,506,447

2,772,067,176

2,607,163,100

Net Income

4,784,189,511

9,890,013,462

8,884,140,627

 

Cash Flows

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

-2,327,879,504

20,084,499,784

4,005,706,629

Net Income

4,784,189,511

9,890,013,462

8,884,140,627

Adjustment

4,363,648,237

6,678,180,405

5,929,316,707

Changes in Asset/ & Liability

-9,085,945,142

7,427,046,071

-6,321,069,562

Interests Received

299,464,832

224,839,894

141,827,968

Interests Paid

-898,947,444

-1,706,992,546

-1,871,442,818

Dividends Received

53,562,800

51,506,000

49,148,000

Income Taxes

-1,843,852,298

-2,480,093,502

-2,806,214,293

Cash Flows from Investing

-1,921,914,950

-2,903,493,210

-5,296,260,195

Cash Flows from Financing

7,688,356,087

-3,497,261,790

5,763,205,172

Increase/Decrease in Cash

3,438,561,633

13,683,744,784

4,472,651,606

Cash at the Beginning of Year

21,379,768,493

7,699,070,487

3,205,891,409

Cash at the End of Year

24,812,996,657

21,379,768,493

7,699,070,487

 

 

Products, Technologies, Services Description

 

Main Products & Services

Industry Paper: Neo-CCP, Neo-MGB, Neo-Green Release Base Paper, etc.

Information paper: Neo-Computer Paper, Neo-OMR, Neo-Misty Yellow Form Base Paper, Neo-Ballot Paper, etc.

Commodity Paper: Neo-Chlorine free Art Paper, Neo-Ticket Paper, Neo-Stamp Base Paper, etc.

Fancy Paper: Neo-Clean Polaris, Neo-Milky Paper, Neo-Galaxy Paper, Neo- Drawing Paper, etc.

 

Brand Names : NEO ART, Ultra, CRYSTAL, Shiny Gloss, High Kote

 

 

Trade Partners & Competitors

 

Suppliers

DONG HAE PULP CO., LTD.

KEUMHO PETROCHEMICAL CO., LTD.

Customers

Publication Companies, Printing Companies

 

-Sales Channel

Factory=>Wholesalers(70%)=>End Users(30%)

 

-Payment Condition

Domestic: Cash(45%), Credit(55%) with 90 days

Export: LOCAL L/C, DIRECT Export by L/C

Competitors

-C.C.P

SAMHWA PAPER CO., LTD.

KYESUNG PAPER CO., LTD.

 

-Art Paper

HANSOL PAPER CO.,LTD

EN PAPER MFG CO.,LTD

HANKUK PAPER MFG CO.,LTD

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

MOORIM PAPER CO., LTD.(191111-0000782)

MOORIM POWERTECH CO., LTD.(191111-0010575)

MOORIM LOGITECH CO., LTD.(110111-1076599)

MOORIM OFFICEWAY CO., LTD.(110111-1272379)

MOORIM CHEMTECH CO., LTD.(124611-0267060)

SEHA CORPORATION(174111-0000618)

MOORIM SP CO., LTD.(170111-0001082)

PINERESORT CO., LTD.(110111-0107105)

ENT GLOBAL CO., LTD.(110111-1937775)

DAESUNG CHEMICAL CO., LTD.(191111-0038361)

MOORIM CAPITAL CO., LTD.(110111-4094035)

MOORIM INTERNATIONAL CO., LTD.(230111-0176098)

DPI

JIANGXI CHENMING PAPER CO., LTD.

Overseas Office

MOORIM USA

4600 S. ULSTER STREET SUITE 220, DENVER, CO 80237, USA

TEL: 303-770-8809  FAX: 303-770-8813

 

MOORIM UK

SUITE B, THE CHANDLERY POOLE WORKING SURREY GU 21, 6DY, UK

TEL: 44-1483-215160  FAX: 44-1483-728128

 

HONG KONG OFFICE

6F., UNIT C, CHINAWEAL CENTER, 414-424, JAFFE ROAD, CAUSEWAY BAY, HONG KONG

TEL: 852-2121-0071  FAX: 852-2121-0073

 

SHANGHAI OFFICE

1211, BLOCK B, FAR EAST INTERNATIONAL PLAZA, NO.317, XIANXIA ROAD, SHANGHAI, CHINA

TEL: 8621-6235-0515  FAX: 8621-6235-0556

Subsidiary

MOORIM OFFICEWAY CO., LTD.(110111-1272379)

MOORIM CHEMTECH CO., LTD.(124611-0267060)

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

2012

2011

2010

Export

 

 

 

Domestic

 

 

 

Total

 

 

 

The Subject imports pulp from Japan, Canada and Australia, and exports to China, Hong Kong, Australia, USA, South America and UK.

 

 

News Clipping

 

Not Available

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.98.71

Euro

1

Rs.84.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.