MIRA INFORM REPORT

 

 

Report Date :

31.07.2014

 

IDENTIFICATION DETAILS

 

Name :

GOLDSTAR PAPER TECH LTD.

 

 

Registered Office :

69, Chungjusandan 7-ro, Chungju-si, Chungcheongbuk-do, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

26.01.1999

 

 

Com. Reg. No.:

123-81-47705

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of machinery for pulp and paper processing.

 

 

No. of Employees

50

 

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 :

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. South 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. South 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-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP

 

Source : CIA

 

 

 

Basic Information

 

Basic

 

Company Name

GOLDSTAR PAPER TECH LTD.

(Trade name : GSPT)

(Korean Company Name : “금성제지기계(주)“)

Registered Address

69, Chungjusandan 7-ro, Chungju-si, Chungcheongbuk-do, Korea

Building

 

Zip Code

380-250

Tel

+82-43-850-8500

Fax

+82-43-850-8501

E-mail

905099@lgmach.co.kr;scryu@gspt.co.kr;jsl@gspt.co.kr

Website

www.gspt.co.kr

Trading Address

69, Chungjusandan 7-ro, Chungju-si, Chungcheongbuk-do, Korea

(Old Address System : 620-25, Yongtan-dong, Chungju-si, Chungcheongbuk-do, Korea)

Tel

+82-43-850-8500

Fax

+82-43-850-8501

Other Address-2nd Factory

168-14, Yongtan-dong, Chungju-si, Chungcheongbuk-do, Korea

Tel

+82-43-850-8511

Fax

+82-43-850-8503

Type

Export/Import

Industry

Manufacture of Machinery for Pulp and Paper Processing

  Main Business

Stock Preparation, Paper Machine, Finishing & Converting, Deinking System of Old News-printing Paper, Equipment for Computer Printing Out and White Ledger, Equipment for Pulp Line, Reproducing System of Old Corrugating Container Paper

  Sub Business

 

Established (mm/dd/yyyy)

01/26/1999

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Paper making and paper processing machinery and equipment and supplies(23151900)

Sell

Paper Machine

 

CEO’s

 

Name

Ha Jae-Cheong

Address

Suite 201-202, 43, Saemgol-gil, Chungju-si, Chungcheongbuk-do, Korea

Date of Birth

03/06/1947

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

 

Profiles

 

Capital (KRW)

500,000,000

Employees

50

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea-Chungju Branch

Industrial Bank of Korea-Kunpo Branch

Korea Exchange Bank-Hokyei Branch

Shinhan Bank-Chungju Branch

Kookmin Bank-Chungju Branch

Woori Bank-Chungju Branch

Corporate Registered No.

135111-0048152

Business Registered No.

123-81-47705

Permit & Licenses

Int’l Trade No.: 11616517

Shareholder Position

Name

Shares

%

HA JAE-CHEONG & OTHERS(9)

100,000

100.00

TOTAL

100,000

100.00

Company History

1977 Established

01/26/1999 Incorporated as the present name

11/25/2005 Moved to the present address from 200, Dangjeong-dong, Gunpo-si, Gyeonggi-do, Korea

12/01/2008 Awarded US$ 70 Million Export Top Prize

11/08/2010 Increased the authorized shares to 400,000 shares from 80,000 shares

12/01/2010 Increased capital to 500,000,000 KRW from 335,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Ha Jae-Cheong

Male

Korean

01/26/1999

Director

Mr.

Lee Ha-Seung

Male

Korean

01/26/1999

Director

Mr.

Kim Jae-Choon

Male

Korean

03/29/2008

Auditor

Mr.

Yoo Seung-Chan

Male

Korean

03/29/2005

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

7,907,009,270

44,844,220,313

2,812,273,502

2012

50,375,430,040

44,431,348,333

15,693,070,601

2011

28,606,441,907

51,125,104,052

3,941,323,221

2010

24,919,502,651

48,469,107,885

1,781,226,914

2009

11,294,591,472

34,218,132,947

-25,163,657,549

 

Financial Description

 

Authorized Capital(KRW)

2,000,000,000

Paid-Up Capital(KRW)

500,000,000

Total Issued Shares

100,000

 

Balance Sheet

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

44,844,220,313

44,431,348,333

51,125,104,052

Current Assets

33,586,769,579

35,582,155,903

40,985,969,185

-Quick Assets

29,867,340,623

35,186,929,048

31,523,080,956

-Inventories

3,719,428,956

395,226,855

9,462,888,229

Fixed Assets

11,257,450,734

8,849,192,430

10,139,134,867

-Investment

5,408,223,124

2,985,440,951

4,068,136,221

-Tangibles

5,633,238,780

5,695,381,479

5,902,628,646

-Intangibles

215,988,830

168,370,000

168,370,000

Total Liabilities

17,234,430,251

19,191,447,383

41,564,702,015

Current Liabilities

14,047,911,532

15,672,905,025

37,465,118,944

Fixed Liabilities

3,186,518,719

3,518,542,358

4,099,583,071

Capital Stock

500,000,000

500,000,000

500,000,000

Capital Surplus

70,473,000

70,473,000

70,473,000

Profit Surplus

27,331,701,452

24,669,427,950

8,989,929,037

Capital Adjustment

-292,384,390

 

 

Total Equity

27,609,790,062

25,239,900,950

9,560,402,037

Liab. & Shareholder’s Equity

44,844,220,313

44,431,348,333

51,125,104,052

 

Current Liabilities

14,047,911,532

15,672,905,025

37,465,118,944

Trade Payables

2,377,345,255

4,280,708,278

8,746,941,835

Account Payables

2,587,460,078

2,640,425,316

9,096,679,815

Withholdings

59,251,537

53,686,753

71,341,189

Guarantee Deposit Withhold

9,142,345

10,236,945

17,052,780

Advance Receipts

8,219,226,242

6,515,979,560

14,760,062,620

Short-Term Borrowings

 

1,606,650,000

4,315,331,508

Accrued Expenses

254,577,435

205,218,173

127,709,197

Current Portion of Long-Term Debts

540,000,000

360,000,000

330,000,000

Accrued Dividends

908,640

 

 

Fixed Liabilities

3,186,518,719

3,518,542,358

4,099,583,071

Long-Term Borrowings

2,050,000,000

2,590,000,000

2,970,000,000

Provision for Severance & Retirement

1,287,269,579

1,069,368,403

1,004,848,214

Long-Term Account Payables

58,127,430

66,696,230

327,947,609

 

 

 

Income Statement

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

7,907,009,270

50,375,430,040

28,606,441,907

Cost of Sold Goods

6,332,983,355

31,894,811,810

24,066,341,564

Gross Profit

1,574,025,915

18,480,618,230

4,540,100,343

Selling & Admin. Expenses

1,440,750,768

2,265,186,366

1,908,068,566

Operating Income

133,275,147

16,215,431,864

2,632,031,777

Non-Operating Income

3,960,080,160

1,511,855,987

3,138,750,483

Non-Operating Expenses

1,281,081,805

2,034,217,250

1,698,021,079

Income Before Taxes

2,812,273,502

15,693,070,601

4,072,761,181

Income Taxes Expenses

 

 

131,437,960

Net Income

2,812,273,502

15,693,070,601

3,941,323,221

 

Cash Flows

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Cash Flows from Operating

-2,835,445,058

12,184,206,757

2,710,061,826

-Net Income

2,812,273,502

15,693,070,601

3,941,323,221

-Exp. without Cash Outflow

844,518,081

381,647,611

759,719,642

-Revenue without Cash Inflows

-1,550,531,214

 

-608,091

-Changes in Asset/ & Liability

-4,941,705,427

-3,890,511,455

-1,990,372,946

Cash Flows from Investing

2,980,631,682

-2,846,472,564

-6,798,911,468

-Cash Inflow from Investing

4,652,810,021

2,462,987,244

9,688,091

-Cash Outflows for Investing

-1,672,178,339

-5,309,459,808

-6,808,599,559

Cash Flows from Financing

-2,168,706,598

-9,514,936,007

-4,684,570,064

-Cash Inflows from Financing

908,640

 

20,000,000

-Cash Outflows from Financing

-2,169,615,238

-9,514,936,007

-4,704,570,064

Increase/Decrease in Cash

-2,023,519,974

-177,201,814

-8,773,419,706

Cash at the Beginning of Year

3,754,419,429

3,931,621,243

12,705,040,949

Cash at the End of Year

1,730,899,455

3,754,419,429

3,931,621,243

 

Products, Technologies, Services Description

 

Main Products & Services

-Paper machine

Head box & Wire part

1. The head box is the most important thing in paper making processes. It sprays ingredients to wires. It feature operating efficiency, adaptability and security under any conditions.

2. The fourdriner part is the most part in both quality and bond of papers. Our company has arranged and supplied the elements in order to form papers at the best condition based on its own unique design.

 

Press part

1. Our company has supplied the uni press operated in low speed lower than 600m/min with a little investment cost and tri-nip press in high more than 1,000m/min and intermediate speed more than 600m/min. Also the wide nip press, L.N.P is available.

 

Dry end section

1. The GSPT has produced all machines in dryer section containing hood. The Multi-cylinder manufactured in chilled casting method has heat transfer efficiency of high strength.

2. It has designed the soft calendar supplying equivalent N/P with calendar having a number of stacks.

3. The surface drum type reel has contributed itself in rolling up paper. It's composed of system automatically supplying pool roll by using the spool magazine.

4. The two drum winder features safe and clean cutting with roll-up for all types of paper. It's built in with the N/C slitter that supplied winder having a capacity of 2000m/min speed at max. and 6,000mm width.

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

JU YOUNG INDUSTRIAL MACHINERY CO., LTD

TECHWIN CO., LTD.

KUMSUNG PRECISION CO., LTD.

SAMHWA METAL CO., LTD.(KOREA)

SKF KOREA CO., LTD.(KOREA)

E+L(GERMANY)

Customers

DAEWOO INTERNATIONAL CORPORATION(110111-2137358)

Competitors

CBM TECH CO., LTD.

112-4, GEOMULDAE-RI, DAEGOT-MYEON, GIMPO-SI, GYEONGGI-DO, KOREA

TEL:+82-31-984-5880 FAX:+82-31-984-9961

 

DAE JIN ENGINEERING CO.

3RD FL., 399-7, SINDORIM-DONG, GURO-GU, SEOUL, KOREA

TEL:+82-2-2634-6418  FAX:+82-2-2634-6416

 

WOOK IL MACHINERY CO., LTD.

1447-5, SEONGSAN-RI, SEONGJU-EUP, SEONGJU-GUN, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-931-6162~6  FAX:+82-54-931-6106~9

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

I-TEK CO., LTD.(KOREA)

Overseas Office

CHANGSHU GOLDSTAR PAPER TECH. LTD.

(55.07% held by the subject company)

XIANGJIANG-ROAD, SOUTH-EAST ECONORMY DEVELOPMENT ZONE, CHANGSHU, JIANGSU PROVINCE, CHINA

TEL:+86-512-52358511 FAX:+86-512-52358512

Liaison Office

 

Overseas Branch

 

Joint Venture

 

Subsidiary

 

Corporate Ownership

 

Major Shareholders

 

Cooperative Enterprise

-Insured Company

DONGBU INSURANCE CO., LTD.(110111-0095285)

 

 

Sales by Region (Activity & Markets)

 

The Subject exports its products to China, Japan, Middle East, Canada & USA.

 

Court Action

 

No.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.15

UK Pound

1

Rs.101.92

Euro

1

Rs.80.64

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.