|
Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAMWON PAPER CO., LTD. |
|
|
|
|
Registered Office : |
226-3, Yongdap-dong, Seongdong-gu, Seoul, Korea 133-847 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.08.1990 |
|
|
|
|
Com. Reg. No.: |
218-81-17187 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Printing and Writing Paper |
|
|
|
|
No. of Employees : |
124 |
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 : |
Regular |
|
|
|
|
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
|
Company Name |
SAMWON PAPER CO., LTD. |
|
Registered Address |
226-3, Yongdap-dong, Seongdong-gu, Seoul, Korea |
|
Zip Code |
133-847 |
|
Tel |
+82-2-2217-8053 |
|
Fax |
+82-2-2217-8998 |
|
E-mail |
spc@samwonpaper.com |
|
Website |
www.samwonpaper.com |
|
Trading Address |
226-3, Yongdap-dong, Seongdong-gu, Seoul, Korea (New Address System : 6, Jadongchasijang
1(il)-gil, Seongdong-gu, Seoul, Korea) |
|
Tel |
+82-2-2217-8053 |
|
Fax |
+82-2-2217-8998 |
|
Other Address-Icheon Logistics Center |
113-4, Jiseok-ri,
Sindun-myeon, Icheon-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-631-0668 |
|
Fax |
+82-31-631-0672 |
|
Other Address-Busan Branch |
410-1, Samnak-dong,
Sasang-gu, Busan, Korea |
|
Tel |
+82-51-315-3293~4 |
|
Fax |
+82-51-315-3295 |
|
Other Address-Jungbu Branch |
411, Nangwol-dong,
Dong-gu, Daejeon, Korea |
|
Tel |
+82-42-625-3293 |
|
Fax |
+82-42-625-3291 |
|
Other Address-Daegu Branch |
294, Sinam-dong,
Dong-gu, Daegu, Korea |
|
Tel |
+82-53-756-8703~4 |
|
Fax |
+82-53-756-8701 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Printing and Writing Paper |
|
Main Business |
Label Sheet, Note |
|
Established (mm/dd/yyyy) |
08/17/1990 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Undershirts(53102301) |
|
Sell |
Printing and writing paper(14111500) |
|
Sell |
Super calendared kraft paper(14122101) |
|
Sell |
Art or craft paper(14111606) |
|
Sell |
Novelty paper(14111600) |
|
Buy |
Coated papers(14121800) |
|
Buy |
Standard newsprint(14121901) |
|
Buy |
Super calendared kraft paper(14122101) |
|
Buy |
Printing and writing paper(14111500) |
|
Name |
Lee Yeon-Wook |
|
Address |
Suite 803, 640, Yeongdong-daero, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
02/01/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,500,000,000 |
||||||||||||||||||
|
Employees |
124 |
||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Hana Bank Industrial Bank of Korea |
||||||||||||||||||
|
Corporate Registered No. |
110111-0717227 |
||||||||||||||||||
|
Business Registered No. |
218-81-17187 |
||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 546265 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
08/17/1990 Incorporated as Samwon Specialty
Paper Sangsa Co., Ltd. 05/30/1996 Decreased the authorized shares
to 250,000 shares from 700,000 shares 03/31/2004 Changed company name to the
present name 03/31/2006 Increased capital to
1,500,000,000 KRW from 1,210,000,000 KRW |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Lee Yeon-Wook |
Male |
Korean |
03/31/2010 |
|
Co-President & CEO |
Mr. |
Lee Myung-Woo |
Male |
Korean |
05/16/2013 |
|
Director |
Mr. |
Lee Sang-Wook |
Male |
Korean |
12/21/1994 |
|
Director |
Mr. |
Lee Chang-Wook |
Male |
Korean |
03/31/2012 |
|
Auditor |
M/S. |
Lee Sang-Rye |
Female |
Korean |
03/30/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
37,851,722,905 |
48,160,702,150 |
1,984,897,865 |
|
|
2011 |
38,940,967,225 |
48,443,438,933 |
2,542,652,644 |
|
2010 |
36,698,743,606 |
44,135,963,448 |
2,912,256,035 |
|
2009 |
33,215,095,535 |
43,734,585,267 |
3,311,688,582 |
|
Authorized Capital(KRW) |
2,500,000,000 |
|
Paid-Up Capital(KRW) |
1,500,000,000 |
|
Total Issues Shares |
150,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
48,160,702,150 |
48,443,438,933 |
44,135,963,448 |
|
Current Assets |
14,327,260,676 |
14,899,554,422 |
13,052,286,265 |
|
-Quick Assets |
11,112,055,769 |
11,894,467,014 |
10,796,143,453 |
|
-Inventories |
3,215,204,907 |
3,005,087,408 |
2,256,142,812 |
|
Fixed Assets |
33,833,441,474 |
33,543,884,511 |
31,083,677,183 |
|
-Investment |
1,317,195,137 |
996,683,197 |
722,750,000 |
|
-Tangibles |
31,859,611,757 |
32,176,841,734 |
29,799,565,603 |
|
-Intangibles |
2,391,240 |
2,391,240 |
2,391,240 |
|
-Others |
654,243,340 |
367,968,340 |
558,970,340 |
|
Total Liabilities |
21,477,879,038 |
22,945,513,686 |
20,580,690,845 |
|
Current Liabilities |
21,081,120,151 |
22,717,601,287 |
20,377,626,232 |
|
Fixed Liabilities |
396,758,887 |
227,912,399 |
203,064,613 |
|
Capital Stock |
1,500,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
25,182,823,112 |
23,997,925,247 |
22,055,272,603 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
26,682,823,112 |
25,497,925,247 |
23,555,272,603 |
|
Liab. & Shareholder’s Equity |
48,160,702,150 |
48,443,438,933 |
44,135,963,448 |
|
Current Liabilities |
21,081,120,151 |
22,717,601,287 |
20,377,626,232 |
|
Trade Payables |
2,679,361,987 |
3,797,350,628 |
3,390,324,911 |
|
Short-Term Borrowings |
16,581,553,000 |
17,281,553,000 |
15,240,000,000 |
|
Account Payables |
993,677,323 |
783,213,804 |
744,404,191 |
|
Advance Receipts |
25,693,759 |
49,633,219 |
24,407,164 |
|
Withholdings |
47,642,700 |
45,924,380 |
38,480,540 |
|
Accrued Expenses |
24,943,560 |
31,884,396 |
24,792,562 |
|
Accrued Income Tax |
168,247,822 |
238,041,860 |
379,216,864 |
|
Leasehold Deposit Received |
560,000,000 |
490,000,000 |
536,000,000 |
|
Fixed Liabilities |
396,758,887 |
227,912,399 |
203,064,613 |
|
Provision for Severance & Retirement |
396,758,887 |
227,912,399 |
203,064,613 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
37,851,722,905 |
38,940,967,225 |
36,698,743,606 |
|
Cost of Sold Goods |
24,900,847,883 |
25,378,133,479 |
23,797,627,577 |
|
Gross Profit |
12,950,875,022 |
13,562,833,746 |
12,901,116,029 |
|
Selling & Admin. Expenses |
10,259,354,219 |
9,772,430,299 |
8,679,129,177 |
|
Operating Income |
2,691,520,803 |
3,790,403,447 |
4,221,986,852 |
|
Non-Operating Income |
634,616,335 |
445,471,430 |
579,939,822 |
|
Non-Operating expenses |
907,329,859 |
1,054,761,963 |
1,009,017,810 |
|
Income Before Taxes |
2,418,807,279 |
3,181,112,914 |
3,792,908,864 |
|
Income Taxes Expenses |
433,909,414 |
638,460,270 |
880,652,829 |
|
Net Income |
1,984,897,865 |
2,542,652,644 |
2,912,256,035 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
2,457,528,809 |
2,378,722,686 |
2,871,346,762 |
|
-Net Income |
1,984,897,865 |
2,542,652,644 |
2,912,256,035 |
|
-Exp. without Cash Outflow |
1,294,641,302 |
1,143,345,540 |
687,495,715 |
|
-Revenue without Cash Inflows |
-2,181,819 |
-1,687,736 |
-6,727,702 |
|
-Changes in Asset/ & Liability |
-819,828,539 |
-1,305,587,762 |
-721,677,286 |
|
Cash Flows from Investing |
-1,100,558,998 |
-2,576,794,876 |
-933,248,785 |
|
-Cash Inflow from Investing |
2,664,181,819 |
3,351,710,336 |
10,124,942,526 |
|
-Cash Outflows for Investing |
-3,764,740,817 |
-5,928,505,212 |
-11,058,191,311 |
|
Cash Flows from Financing |
-1,500,000,000 |
1,441,553,000 |
-2,360,000,000 |
|
-Cash Inflows from Financing |
4,300,000,000 |
3,581,553,000 |
1,020,000,000 |
|
-Cash Outflows from Financing |
-5,800,000,000 |
-2,140,000,000 |
-3,380,000,000 |
|
Increase/Decrease in Cash |
-143,030,189 |
1,243,480,810 |
-421,902,023 |
|
Cash at the Beginning of Year |
2,352,763,032 |
1,109,282,222 |
1,531,184,245 |
|
Cash at the End of Year |
2,209,732,843 |
2,352,763,032 |
1,109,282,222 |
|
Main Products & Services |
Label Sheet, Note |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
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 |
|
Affiliates |
KORYEO P&B CO., LTD.(281111-0078152) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
|
Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject imports from Europe and USA.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.