|
Report No. : |
355108 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MOORIM PAPER CO.,
LTD. |
|
|
|
|
Registered Office : |
1003, Namgang-ro, Jinju-si,
Gyeongsangnam-do |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
09.30.2015 |
|
|
|
|
Date of Incorporation : |
29.08.1973 |
|
|
|
|
Com. Reg. No.: |
613-81-00289 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
499 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and business ties, including directed credit and import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 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 the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.
|
Source
: CIA |
Basic
|
Company Name |
MOORIM PAPER CO.,
LTD. (Trade Name : MP) (Korean Company
Name : “무림페이퍼(주)”) |
|
Registered
Address |
1003, Namgang-ro, Jinju-si, Gyeongsangnam-do,
Korea (Old Address System : 281-1,
Sangpyeong-dong, Jinju-si, Gyeongsangnam-do, Korea) |
|
Building |
|
|
Zip Code |
52809 |
|
Tel |
+82-55-751-1234 |
|
Fax |
+82-55-751-1235 |
|
E-mail |
jrkim@moorim.co.kr |
|
Website |
www.moorim.co.kr |
|
Trading Address |
Songpa Bldg., 656, Gangnam-daero,
Gangnam-gu, Seoul, Korea (Old Address System : Songpa Bldg., 505,
Sinsa-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-3485-1500 |
|
Fax |
+82-2-511-4040 |
|
Other Address-Daegu Factory |
550, Chimsan-dong, Buk-gu, Daegu, Korea |
|
Tel |
+82-53-351-8111 |
|
Fax |
+82-53-351-8120 |
|
Other Address-Logistics Center |
315, Suyang-ri, Silchon-eup, Gwangju-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-769-2223~8 |
|
Fax |
+82-31-769-229 |
|
Other Address-Logistics 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 |
Uncoated Wood Free Paper, Wood Free Paper,
Printer Paper, Paper Board |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
08/29/1973 |
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Art or craft paper(14111606) |
|
Sell |
Coated papers(14121800) |
|
Sell |
Novelty paper(14111600) |
|
Sell |
Printing and writing paper(14111500) |
|
Sell |
Silicone coated papers(14121804) |
|
Sell |
Printer or copier paper(14111507) |
|
Sell |
Gift wrapping paper or bags or
boxes(14111601) |
|
Sell |
Computer printout paper(14111506) |
|
Sell |
Raw materials(14101500) |
|
Buy |
Additives(12160000) |
|
Buy |
Cereal flour(50221102) |
|
Buy |
Talc(11101518) |
|
Buy |
Preservatives(12164501) |
|
Buy |
Dyes(12171500) |
|
Buy |
Wood pulp(11121607) |
|
Buy |
Latex rubber(13101501) |
|
Name |
Kim Seok-Man |
|
Address |
27,
Chojang-ro 14beon-gil, Jinju-si, Gyeongsangnam-do, Korea |
|
Date of Birth |
10/21/1948 |
|
Title |
President & CEO |
|
Nationality |
Korean |
|
Capital (KRW) |
104,023,275,000 |
||||||||||||||||||
|
Employees |
499 |
||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
009200) as of 06/09/1990 Foreign Direct Investment Corporation A Company of MOORIM GROUP |
||||||||||||||||||
|
Bank Details |
KEB Hana Bank Shinhan Bank Daegu Bank |
||||||||||||||||||
|
Corporate
Registered No. |
191111-0000782 |
||||||||||||||||||
|
Business
Registered No. |
613-81-00289 |
||||||||||||||||||
|
Permit &
Licenses |
11/09/1995 ISO 9002 05/13/1997 ISO 14001 12/13/2003 ISO 9001 Int’l Trade No.: 811165 |
||||||||||||||||||
|
Shareholder
Position |
|
||||||||||||||||||
|
Company
History |
04/22/2011
Split off the par value to 2,500 KRW from 5,000 KRW 11/2008 MOORIM
SP, Received FSC Certification 04/2008
Moorim Paper, succeeded Donghae Pulp''s M&A 12/2007
Moorim Paper, chosen as an exclusive negotiating party for Donghae Pulp 11/2007
Decide and agree to Purchase Environment-friendly Products 03/2007
MOORIM PAPER, Received FSC Certification 03/2007
Ranked first in productivity for six consecutive years by Metso Paper 12/2006
MOORIM SP, Received 2006 Korea Best Labor-Management Culture Enterprise
Awards 08/01/2006
Changed company name to the present name 07/2006 PI-ERP
Go-Live 07/2006
Celebrated 50th anniversary, new CI launched 05/2005
Concluded Voluntary Agreement for energy conservation 04/2005
Obtained Korea Eco-Label certificate 12/2004
Inaugurated Mr. Kim, In-Jung as a president 12/2004 Agreed
with China's Chenming Paper on joint venture plant 05/2004
Received 2004 Korea Marketing Awards for the second consecutive year 03/2004
Established subsidiary company 'Moorim UK' in the UK 03/2003
Signed M.O.U. with Chenming Paper in China 11/2001 Established
Moorim Chemical Technology Co., Ltd. 06/2001
Signed on M.O.U. Moorim Paper and Huludao city about plantation and
environmental business 11/1999
Shinmoorim Paper completed PM#3 & CM#3 10/1998
Raised $88.7 million from an overseas investment institution IFC/AIG FUND/FMO 08/1998
Completed construction of logistics center in Gonjiam, Korea 11/1996
Established Officeway Co., Ltd. 07/1996
Celebrated 40th anniversary 03/1995
Established Shindong Energy Co., Ltd. 10/1992
Opened the branch office in Hongkong 10/1991
Shinmoorim Paper completed installation of PM #2 & CM #2 06/1989
Inaugurated Mr. Lee, Dong-Wook as a chairman 11/1987
Established subsidiary company 'Moorim USA' in the USA 12/1986
Established Shinmoorim Paper Research Institute 11/12/1979
Changed company name to Shinmoorim Paper Mfg. Co., Ltd 12/18/1975
Chnaged company name to Daelim Pulp Co., Ltd. 08/29/1973
Incorporated as Dongseo Pulp Mfg., Co., Ltd. |
||||||||||||||||||
|
|
|
Management
|
Job
Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Kim Seok-Man |
Korean |
10/21/1948 |
12/26/2013 |
|
Vice President |
Lee Do-Kyun |
Korean |
05/12/1978 |
03/26/2015 |
|
Auditor |
You Young-Seok |
Korean |
01/16/1957 |
03/21/2014 |
|
Outside Director |
Lee Jang-Hwa |
Korean |
05/20/1948 |
03/17/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net
Income |
|
416,662,266,801 |
940,418,696,082 |
4,787,850,029 |
|
|
(*)2014 |
569,901,103,526 |
890,248,163,594 |
-26,343,340,374 |
|
(*)2013 |
536,399,475,779 |
905,982,756,885 |
12,481,023,989 |
|
(*)2012 |
477,365,506,337 |
837,921,384,798 |
-30,067,568,320 |
|
(*)2011 |
629,138,008,683 |
951,984,332,706 |
-21,316,069,314 |
|
(*)2010 |
667,850,223,396 |
1,050,969,661,749 |
21,230,104,024 |
|
2009 |
665,863,755,660 |
909,405,550,748 |
48,901,284,127 |
|
2008 |
630,649,309,511 |
869,202,647,284 |
-24,394,221,887 |
|
2007 |
480,639,415,563 |
528,785,596,072 |
7,718,079,858 |
|
2006 |
415,189,610,226 |
501,852,499,162 |
13,145,341,283 |
|
2005 |
431,652,469,038 |
485,970,367,992 |
27,898,057,185 |
|
2004 |
427,054,271,740 |
460,124,942,679 |
34,483,558,187 |
(*)Figures are based on the K-IFRS Accounting System.
Financial Description
|
Authorized
Capital(KRW) |
200,000,000,000 |
|
Paid-Up Capital(KRW) |
104,023,275,000 |
|
Total Issued
Shares |
41,609,310 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
AS
OF 12/31/2014 |
AS
OF 12/31/2013 |
|
Total
Assets |
940,418,696,082 |
890,248,163,594 |
905,982,756,885 |
|
Current
Assets |
259,690,062,823 |
226,262,038,723 |
262,659,474,539 |
|
Cash
& Cash Equivalents |
53,453,429,797 |
38,437,172,678 |
37,645,315,177 |
|
National
Subsidies |
0 |
0 |
-24,188,824 |
|
Trade
Receivables & Other Receivables |
105,030,021,876 |
107,802,351,888 |
112,340,248,256 |
|
Advance
Payments |
3,320,678,834 |
957,658,723 |
10,877,301,323 |
|
Prepaid
Expenses |
731,335,947 |
738,990,255 |
699,210,061 |
|
Derivatives |
4,179,016 |
43,824,248 |
107,837,819 |
|
Inventories |
97,150,417,353 |
78,282,040,931 |
101,013,750,727 |
|
Non-Current
Assets |
680,728,633,259 |
663,986,124,871 |
643,323,282,346 |
|
Non-Current
Financial Instruments |
16,500,000 |
16,500,000 |
16,500,000 |
|
Marketable
Financial Instruments |
89,362,508 |
60,170,768 |
80,814,148 |
|
Tangibles |
275,777,312,587 |
264,949,749,083 |
265,146,967,641 |
|
Intangibles |
2,991,210,832 |
3,539,096,978 |
4,251,624,644 |
|
Investment_Real
Estates |
4,845,444,834 |
4,866,319,299 |
4,894,228,382 |
|
Prepaid
Expenses |
284,775,465 |
451,187,660 |
460,668,493 |
|
Other Receivables |
441,025,636 |
438,521,861 |
602,373,058 |
|
Derivatives |
4,053,077,466 |
1,216,364,073 |
0 |
|
Investment_Related
Companies |
392,229,923,931 |
385,816,222,489 |
357,958,761,720 |
|
Deferred
Income Tax Assets |
0 |
2,631,992,660 |
9,911,344,260 |
|
Total
Liabilities |
637,892,687,916 |
592,484,780,224 |
580,303,674,035 |
|
Current
Liabilities |
376,173,125,322 |
321,119,530,438 |
242,494,743,490 |
|
Trade
Payables |
36,814,430,754 |
15,341,499,567 |
48,772,117,157 |
|
Account
Payables |
18,675,063,261 |
23,866,129,530 |
23,193,821,651 |
|
Accrued
Expenses |
5,790,084,398 |
6,887,855,723 |
6,995,601,776 |
|
Other Payables |
799,178,522 |
839,809,848 |
838,260,058 |
|
Advance
Receipts |
450,107,993 |
925,039,285 |
1,205,842,227 |
|
Unearned
Income |
4,210,000 |
0 |
0 |
|
Short-Term
Borrowings |
156,457,134,679 |
88,248,562,999 |
122,581,939,870 |
|
Current
Portion of Long-Term Debts |
156,665,202,668 |
169,122,956,090 |
33,933,745,266 |
|
Derivatives |
517,713,047 |
15,887,677,396 |
4,973,415,485 |
|
Non-Current
Liabilities |
261,719,562,594 |
271,365,249,786 |
337,808,930,545 |
|
Other Long-Term Payables |
1,167,583,971 |
1,184,902,091 |
1,289,738,386 |
|
Long-Term
Borrowings |
231,734,461,088 |
245,673,627,267 |
267,038,328,222 |
|
Confirmed
Salaries |
23,929,808,400 |
21,811,712,235 |
19,617,977,913 |
|
Derivatives |
3,203,544,717 |
2,695,008,193 |
49,862,886,024 |
|
Deferred
Income Tax Credit |
1,684,164,418 |
0 |
0 |
|
Capital
Stock |
104,023,275,000 |
104,023,275,000 |
104,023,275,000 |
|
Capital
Surplus |
36,792,029,474 |
36,792,029,474 |
36,792,029,474 |
|
Profit
Surplus |
127,887,048,633 |
123,147,193,394 |
151,046,791,038 |
|
Others |
33,823,655,059 |
33,800,885,502 |
33,816,987,338 |
|
Total
Equity |
302,526,008,166 |
297,763,383,370 |
325,679,082,850 |
|
Liab.
& Shareholder’s Equity |
940,418,696,082 |
890,248,163,594 |
905,982,756,885 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As
of 12/31/2014 |
As
of 12/31/2013 |
|
Sales |
416,662,266,801 |
569,901,103,526 |
536,399,475,779 |
|
Cost
of Sold Goods |
342,913,579,852 |
499,915,434,972 |
462,730,034,821 |
|
Gross
Profit |
73,748,686,949 |
69,985,668,554 |
73,669,440,958 |
|
Selling
& Admin. Expenses |
48,623,881,445 |
64,950,953,580 |
63,423,405,938 |
|
Operating
Income |
25,124,805,504 |
5,034,714,974 |
10,246,035,020 |
|
Other
Income |
10,955,454,274 |
13,640,676,022 |
16,422,695,647 |
|
Other
Expenses |
4,429,462,840 |
4,299,880,762 |
1,363,852,011 |
|
Finance
Income |
10,871,982,780 |
11,924,784,551 |
21,042,373,515 |
|
Finance
Expenses |
33,411,657,803 |
44,663,738,015 |
31,331,589,183 |
|
Income
Before Taxes |
9,111,121,915 |
-18,363,443,230 |
15,015,662,988 |
|
Income
Taxes Expenses |
4,323,271,886 |
7,979,897,144 |
2,534,638,999 |
|
Net
Income |
4,787,850,029 |
-26,343,340,374 |
12,481,023,989 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~09/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
30,027,495,969 |
14,758,902,150 |
-17,640,568,304 |
|
Cash
Flows from Operating |
36,811,687,211 |
25,215,731,035 |
-11,541,249,615 |
|
Interests
Received |
499,580,416 |
1,013,295,997 |
699,684,070 |
|
Interests
Paid |
-14,373,116,078 |
-19,250,354,850 |
-19,781,535,881 |
|
Dividends
Received |
7,024,421,550 |
8,374,575,500 |
8,040,452,550 |
|
Income
Taxes |
64,922,870 |
-594,345,532 |
4,942,080,572 |
|
Cash Flows from Investing |
-44,959,681,529 |
-87,289,194,717 |
-21,406,514,418 |
|
Cash
Inflow from Investing |
4,789,191,444 |
5,787,067,875 |
7,372,632,074 |
|
Cash
Outflows for Investing |
-49,748,872,973 |
-93,076,262,592 |
-28,779,146,492 |
|
Cash Flows from Financing |
29,421,179,705 |
73,176,617,509 |
13,403,943,254 |
|
Cash
Inflows from Financing |
204,713,517,212 |
395,551,163,001 |
427,194,847,422 |
|
Cash
Outflows from Financing |
-175,292,337,507 |
-322,374,545,492 |
-413,790,904,168 |
|
Increase/Decrease in Cash |
15,016,257,119 |
791,857,501 |
-25,621,732,325 |
|
Cash at the Beginning of Year |
38,437,172,678 |
37,645,315,177 |
63,267,047,502 |
|
Cash at the End of Year |
53,453,429,797 |
38,437,172,678 |
37,645,315,177 |
|
Main Products
& Services |
Coated
Woodfree Paper Brand Name : neo-GLOSS,
neo-MATT, neo-COAT, neo-LABEL SE, NEO STAR |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
|
Suppliers |
MOORIM P&P CO., LTD.(181211-0002548) |
|
Customers |
MOORIM USA,
INC. |
|
Competitors |
HANSOL PAPER
CO.,LTD.(110111-0017867) ARTONE PAPER
MFG. CO.,LTD. (134811-0000034) HANKUK PAPER
MFG CO., LTD.(110111-0002818) HONG WON
PAPER MFG CO., LTD.(110111-0239221) |
|
Affiliates |
MOORIM POWERTECH
CO., LTD.(191111-0010575) (85.63% held
by the subject company) MOORIM
LOGITECH CO., LTD.(110111-1076599) (50.13% held
by the subject company) MOORIM
OFFICEWAY CO., LTD.(110111-1272379) (11.76% held
by the subject company) MOORIM
CHEMTECH CO., LTD.(124611-0267060) MOORIM SP
CO., LTD.(170111-0001082) PINERESORT
CO., LTD.(110111-0107105) ENT GLOBAL
CO., LTD.(110111-1937775) BP KOREA LTD.(110111-1425960) |
|
Overseas
Office |
|
|
Liaison
Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
MOORIM
POWERTECH CO., LTD.(191111-0010575) (85.63% held
by the subject company) MOORIM P&P CO., LTD.(181211-0002548) (53.71% held by the subject company) MOORIM USA,
INC. (100.0% held
by the subject company) MOORIM UK,
LTD. (100.0% held by
the subject company) PT PLASMA NUTFAH MARIND PAPUA(INDONESIA) MOORIM CAPITAL CO., LTD.(110111-4094035) MOORIM INTERNATIONAL CO.,
LTD.(230111-0176098) DAESUNG
CHEMICAL CO., LTD.(191111-0038361) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company DONGBU INSURANCE CO., LTD(110111-0095285) -Brand Using Agreement with MOORIM P&P CO., LTD.(181211-0002548) |
|
Sales/ Unit
:Mil KRW |
03/2012 |
2011 |
2010 |
|
Export |
133,037 |
452,228 |
343,439 |
|
Domestic |
118,458 |
437,297 |
324,411 |
|
Total |
251,495 |
889,525 |
667,850 |
The
Subject exports to USA, UK, Australia, China and Middle East. And it imports
from China, Canada, USA, South East Asia and Europe.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Thousand KRW) |
Status |
|
|
|
The Subject Company & Others(93) |
ISDK CO., LTD.(Korea) |
Confirmation on Not Existing Debts |
18,700 |
Proceeding |
News Clipping
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
KRW |
1 |
Rs.0.056 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.