|
Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
JEONJU PAPER CORPORATION |
|
|
|
|
Formerly Known As : |
NORSKE SKOG KOREA CO., LTD. |
|
|
|
|
Registered Office : |
59, Palbok-ro, Deokjin-gu, Jeonju-si,
Jeollabuk-do, Korea, Code 561-843 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
10.12.1998 |
|
|
|
|
Com. Reg. No.: |
418-81-17792 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Newsprint Paper, Middle Grade Printing Paper & Book
Paper |
|
|
|
|
No. of Employees |
717 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge 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 about half of GDP.
|
Source
: CIA |
|
Company Name |
JEONJU PAPER
CORPORATION (Korean Company Name : “(주)전주페이퍼”) |
|
Registered Address |
59, Palbok-ro, Deokjin-gu, Jeonju-si,
Jeollabuk-do, Korea (Old Address System : 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 |
|
|
Website |
|
|
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 |
Manufacturer
of 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 |
Ju
Woo-Sik |
|
Date of Birth |
06/17/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000,000 |
||||||||||||
|
Employees |
717 |
||||||||||||
|
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 |
Date of
Birth |
|
President
& CEO |
Mr. |
Ju
Woo-Sik |
Male |
Korean |
1959.06.17 |
|
Director |
Mr. |
Choi Sung-Min |
Male |
USA |
1975.06. |
|
Director |
Mr. |
Lee Jung-Woo |
Male |
Korean |
1977.03. |
|
Director |
Mr. |
Yoon Shin-Won |
Male |
Korean |
1980.05. |
|
Director |
Mr. |
Choi Yong-Min |
Male |
Korean |
1982.05. |
|
Director |
Mr. |
Yang Ki-Seok |
Male |
Korean |
1962.11. |
|
Director |
Mr. |
Kim Jong-Kyu |
Male |
Korean |
1965.02. |
|
Director |
Mr. |
Nam Hyung-Kwon |
Male |
Korean |
1975.06. |
|
Outside
Director |
Mr. |
Kang Bong-Kyun |
Male |
Korean |
1943.08. |
|
Auditor |
Mr. |
Lee Hyo-Il |
Male |
Korean |
1959.09. |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
538,631,539,131 |
731,464,451,882 |
4,692,831,809 |
|
|
2012 |
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 |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
731,464,451,882 |
763,744,941,786 |
792,482,484,310 |
|
Current Assets |
169,607,019,073 |
191,858,471,432 |
195,561,905,260 |
|
-Quick
Assets |
90,399,153,605 |
111,084,497,099 |
107,190,831,635 |
|
-Inventories |
79,207,865,468 |
80,773,974,333 |
88,371,073,625 |
|
Fixed
Assets |
561,857,432,809 |
571,886,470,354 |
596,920,579,050 |
|
-Investment |
7,148,485,128 |
7,317,613,753 |
6,944,841,096 |
|
-Tangibles |
505,094,168,605 |
509,706,955,359 |
526,863,270,448 |
|
-Intangibles |
45,104,156,310 |
51,868,007,832 |
60,886,476,524 |
|
-Others |
4,510,622,766 |
2,993,893,410 |
2,225,990,982 |
|
Total Liabilities |
476,262,365,946 |
513,696,476,333 |
553,726,471,136 |
|
Current Liabilities |
222,008,226,774 |
163,987,989,763 |
124,734,730,423 |
|
Fixed Liabilities |
254,254,139,172 |
349,708,486,570 |
428,991,740,713 |
|
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 |
|
Capital Adjustment |
3,690,195,225 |
3,229,406,551 |
-1,755,693,275 |
|
Profit Surplus |
18,183,214,699 |
13,490,382,890 |
7,183,030,437 |
|
Total Equity |
255,202,085,936 |
250,048,465,453 |
238,756,013,174 |
|
Liab. & Shareholder’s Equity |
731,464,451,882 |
763,744,941,786 |
792,482,484,310 |
|
Current
Liabilities |
222,008,226,774 |
163,987,989,763 |
124,734,730,423 |
|
Trade Payables |
36,504,641,202 |
43,178,612,519 |
50,009,156,589 |
|
Short-Term
Borrowings |
62,694,243,901 |
45,700,493,306 |
45,457,812,772 |
|
Current Portion of Debentures |
100,000,000,000 |
50,000,000,000 |
- |
|
Account Payables |
19,729,009,665 |
20,737,190,631 |
20,880,940,654 |
|
Advance Receipts |
6,594,099 |
167,931,823 |
5,762,034 |
|
Withholdings |
412,167,876 |
715,329,590 |
1,007,542,556 |
|
Accrued Expenses |
2,429,756,239 |
3,827,602,588 |
4,534,277,737 |
|
Guarantee
Deposit Withhold |
10,637,900 |
9,092,090 |
54,050,000 |
|
Unearned Income |
- |
5,486,575 |
2,502,739 |
|
Derivatives |
|
- |
3,278,793,081 |
|
Interest
Rate Swap |
443,053,078 |
- |
- |
|
Fixed
Liabilities |
254,254,139,172 |
349,708,486,570 |
428,991,740,713 |
|
Debentures |
30,000,000,000 |
100,000,000,000 |
150,000,000,000 |
|
Long-Term Borrowings |
199,214,000,000 |
222,522,000,000 |
256,550,000,000 |
|
Long-Term Account Payables |
2,963,746,578 |
7,077,602,433 |
13,492,642,950 |
|
Derivatives |
16,059,415 |
- |
52,146,170 |
|
Interest
Rate Swap |
231,732,446 |
- |
- |
|
Non-Current
Portion of Deferred Income Tax Credit |
15,791,936,650 |
16,612,986,356 |
6,379,924,380 |
|
Provision for Severance & Retirement |
21,564,102,770 |
19,676,962,700 |
16,769,571,470 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
538,631,539,131 |
751,617,161,725 |
792,900,174,180 |
|
Cost of Sold Goods |
449,842,462,362 |
629,285,676,138 |
676,585,127,052 |
|
Gross Profit |
88,789,076,769 |
122,331,485,587 |
116,315,047,128 |
|
Selling & Admin. Expenses |
65,815,846,577 |
85,101,451,544 |
89,755,052,912 |
|
Operating Income |
22,973,230,192 |
37,230,034,043 |
26,559,994,216 |
|
Non-Operating Income |
8,517,331,425 |
6,619,172,722 |
8,048,275,816 |
|
Non-Operating Expenses |
23,534,432,976 |
29,882,938,637 |
39,494,319,078 |
|
Income Before Taxes |
7,956,128,641 |
13,966,268,128 |
-4,886,049,046 |
|
Income Taxes Expenses |
3,263,296,832 |
5,557,766,719 |
2,291,066,284 |
|
Net Income |
4,692,831,809 |
8,408,501,409 |
-7,177,115,330 |
Cash Flows
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows from Operating |
50,946,743,110 |
76,666,553,944 |
-15,656,307,645 |
|
-Net Income |
4,692,831,809 |
8,408,501,409 |
-7,177,115,330 |
|
-Exp. without Cash Outflow |
45,868,082,598 |
60,741,773,290 |
64,395,712,625 |
|
-Revenue without Cash Inflows |
-1,603,931,427 |
-1,738,095,255 |
-183,042,583 |
|
-Changes in Asset/ & Liability |
1,989,760,130 |
9,254,374,500 |
-72,691,862,357 |
|
Cash Flows from Investing |
-36,338,359,125 |
-28,409,589,659 |
-29,648,186,078 |
|
-Cash Inflow from Investing |
901,178,183 |
1,703,618,636 |
595,454,546 |
|
-Cash Outflows for Investing |
-37,239,537,308 |
-30,113,208,295 |
-30,243,640,624 |
|
Cash Flows from Financing |
-25,605,912,606 |
-33,212,784,430 |
18,492,492,446 |
|
-Cash Inflows from Financing |
93,614,777,515 |
23,337,215,570 |
437,946,892,446 |
|
-Cash Outflows from Financing |
-119,220,690,121 |
-56,550,000,000 |
-419,454,400,000 |
|
Increase/Decrease in Cash |
-10,997,528,621 |
15,044,179,855 |
-26,812,001,277 |
|
Cash at the Beginning of Year |
17,084,423,590 |
2,040,243,735 |
28,852,245,012 |
|
Cash at the End of Year |
6,086,894,969 |
17,084,423,590 |
2,040,243,735 |
|
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 |
09/2013 |
2012 |
2011 |
|
Export |
299,009 |
388,589 |
401,584 |
|
Domestic |
239,623 |
363,028 |
391,316 |
|
Total |
538,632 |
751,617 |
792,900 |
The Subject deals
with the companies in Australia, Hong Kong and USA.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.