|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
JEONJU PAPER CORPORATION |
|
|
|
|
Registered Office : |
59, Palbok-ro, Deokjin-gu, Jeonju-si, Jeollabuk-do |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.12.1998 |
|
|
|
|
Com. Reg. No.: |
418-81-17792 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Newsprint |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
Basic
|
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) |
|
Building |
|
|
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 |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
12/10/1998 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
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) |
CEO’s
|
Name |
Ju Woo-Sik |
|
Address |
|
|
Date of Birth |
06/17/1959 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
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 |
||||||||||||
|
|
|
Management
|
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. |
Jung Hoi-Hoon |
Male |
Korean |
1978.08. |
|
Director |
Mr. |
Yoon Shin-Won |
Male |
Korean |
1980.05. |
|
Director |
Mr. |
Yang Ki-Seok |
Male |
Korean |
1962.11. |
|
Director |
Mr. |
Kim Jong-Kyu |
Male |
Korean |
1965.02. |
|
Director |
Mr. |
Kim Jin-Sub |
Male |
Korean |
1979.06. |
|
Outside Director |
Mr. |
Kang Bong-Kyun |
Male |
Korean |
1943.08. |
|
Auditor |
Mr. |
Lee Hyo-Il |
Male |
Korean |
1959.09. |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
739,262,835,830 |
754,213,724,821 |
12,637,189,065 |
|
|
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 |
Financial Description
|
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 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
754,213,724,821 |
763,744,941,786 |
792,482,484,310 |
|
Current Assets |
193,404,061,799 |
191,858,471,432 |
195,561,905,260 |
|
-Quick Assets |
127,382,200,094 |
111,084,497,099 |
107,190,831,635 |
|
-Inventories |
66,021,861,705 |
80,773,974,333 |
88,371,073,625 |
|
Fixed Assets |
560,809,663,022 |
571,886,470,354 |
596,920,579,050 |
|
-Investment |
7,598,498,001 |
7,317,613,753 |
6,944,841,096 |
|
-Tangibles |
505,960,916,431 |
509,706,955,359 |
526,863,270,448 |
|
-Intangibles |
42,849,539,136 |
51,868,007,832 |
60,886,476,524 |
|
-Others |
4,400,709,454 |
2,993,893,410 |
2,225,990,982 |
|
Total
Liabilities |
491,254,743,506 |
513,696,476,333 |
553,726,471,136 |
|
Current
Liabilities |
252,300,024,186 |
163,987,989,763 |
124,734,730,423 |
|
Fixed
Liabilities |
238,954,719,320 |
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 |
26,127,571,955 |
13,490,382,890 |
7,183,030,437 |
|
Profit Surplus |
3,502,733,348 |
3,229,406,551 |
-1,755,693,275 |
|
Total Equity |
262,958,981,315 |
250,048,465,453 |
238,756,013,174 |
|
Liab. &
Shareholder’s Equity |
754,213,724,821 |
763,744,941,786 |
792,482,484,310 |
|
Current
Liabilities |
252,300,024,186 |
163,987,989,763 |
124,734,730,423 |
|
Trade Payables |
43,239,760,928 |
43,178,612,519 |
50,009,156,589 |
|
Short-Term Borrowings |
62,090,144,719 |
45,700,493,306 |
45,457,812,772 |
|
Current
Portion of Long-Term Debts |
20,000,000,000 |
- |
- |
|
Current
Portion of Debentures |
100,000,000,000 |
50,000,000,000 |
- |
|
Account Payables |
19,586,353,833 |
20,737,190,631 |
20,880,940,654 |
|
Advance Receipts |
23,121,137 |
167,931,823 |
5,762,034 |
|
Withholdings |
1,052,772,138 |
715,329,590 |
1,007,542,556 |
|
Accrued Expenses |
2,392,682,379 |
3,827,602,588 |
4,534,277,737 |
|
Guarantee Deposit Withhold |
8,000,000 |
9,092,090 |
54,050,000 |
|
Unearned Income |
- |
5,486,575 |
2,502,739 |
|
Accrued Income Taxes |
3,597,224,133 |
- |
- |
|
Derivatives |
- |
- |
3,278,793,081 |
|
Interest Rate
Swap |
461,536,399 |
- |
- |
|
Fixed
Liabilities |
238,954,719,320 |
349,708,486,570 |
428,991,740,713 |
|
Debentures |
30,000,000,000 |
100,000,000,000 |
150,000,000,000 |
|
Long-Term Borrowings |
188,917,000,000 |
222,522,000,000 |
256,550,000,000 |
|
Long-Term Account Payables |
1,621,433,690 |
7,077,602,433 |
13,492,642,950 |
|
Derivatives |
- |
- |
52,146,170 |
|
Interest Rate
Swap |
162,671,834 |
- |
- |
|
Non-Current
Portion of Deferred Income Tax Credit |
16,423,625,019 |
16,612,986,356 |
6,379,924,380 |
|
Provision for Severance & Retirement |
22,133,753,920 |
19,676,962,700 |
16,769,571,470 |
Income
Statement
|
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
739,262,835,830 |
751,617,161,725 |
792,900,174,180 |
|
Cost of Sold
Goods |
614,729,738,939 |
629,285,676,138 |
676,585,127,052 |
|
Gross Profit |
124,533,096,891 |
122,331,485,587 |
116,315,047,128 |
|
Selling &
Admin. Expenses |
87,532,872,796 |
85,101,451,544 |
89,755,052,912 |
|
Operating
Income |
37,000,224,095 |
37,230,034,043 |
26,559,994,216 |
|
Non-Operating
Income |
7,940,661,362 |
6,619,172,722 |
8,048,275,816 |
|
Non-Operating
Expenses |
28,767,902,848 |
29,882,938,637 |
39,494,319,078 |
|
Income Before
Taxes |
16,172,982,609 |
13,966,268,128 |
-4,886,049,046 |
|
Income Taxes
Expenses |
3,535,793,544 |
5,557,766,719 |
2,291,066,284 |
|
Net Income |
12,637,189,065 |
8,408,501,409 |
-7,177,115,330 |
Cash Flows
|
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows
from Operating |
77,583,887,610 |
76,666,553,944 |
-15,656,307,645 |
|
-Net Income |
12,637,189,065 |
8,408,501,409 |
-7,177,115,330 |
|
-Exp. without
Cash Outflow |
66,058,519,469 |
60,741,773,290 |
64,395,712,625 |
|
-Revenue
without Cash Inflows |
-2,379,593,782 |
-1,738,095,255 |
-183,042,583 |
|
-Changes in
Asset/ & Liability |
1,267,772,858 |
9,254,374,500 |
-72,691,862,357 |
|
Cash Flows
from Investing |
-53,327,546,550 |
-28,409,589,659 |
-29,648,186,078 |
|
-Cash Inflow
from Investing |
928,735,478 |
1,703,618,636 |
595,454,546 |
|
-Cash Outflows
for Investing |
-54,256,282,028 |
-30,113,208,295 |
-30,243,640,624 |
|
Cash Flows
from Financing |
-16,251,480,502 |
-33,212,784,430 |
18,492,492,446 |
|
-Cash Inflows
from Financing |
83,748,519,498 |
23,337,215,570 |
437,946,892,446 |
|
-Cash Outflows
from Financing |
-100,000,000,000 |
-56,550,000,000 |
-419,454,400,000 |
|
Increase/Decrease
in Cash |
8,004,860,558 |
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 |
25,089,284,148 |
17,084,423,590 |
2,040,243,735 |
|
Main Products
& Services |
Newsprint Paper, Middle Grade Printing Paper, Book Paper |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
|
Suppliers |
HANSOL CSN CO., LTD.(110111-0150659) provides raw material
handing equipments leasing services to the subject company. |
|
Customers |
|
|
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 |
Related
Parties (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) |
|
Sales/ Unit
:Mil KRW |
2013 |
2012 |
2011 |
|
Export |
399,294 |
388,589 |
401,584 |
|
Domestic |
339,969 |
363,028 |
391,316 |
|
Total |
739,263 |
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. 60.26 |
|
|
1 |
Rs. 100.78 |
|
Euro |
1 |
Rs. 83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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.