MIRA
INFORM REPORT
|
Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
HANMI PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
893-5, Hajeo-ri, Paltan-myeon, Hwaseong-si, Gyeonggi-Do - 445-913 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
06/15/1973 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Medicinal Medicaments |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
Basic
|
Company
Name |
HANMI
PHARMACEUTICAL CO., LTD. |
|
Registered Address/ Paltan Factory |
893-5,
Hajeo-ri, Paltan-myeon, Hwaseong-si, |
|
Zip Code |
445-913 |
|
Tel |
+82-31-356-3311 |
|
Fax |
+82-31-356-5151 |
|
Website |
www.hanmi.co.kr |
|
Trading Address / |
45,
Bangi-dong, Songpa-gu, |
|
Tel |
+82-2-410-9114 |
|
Fax |
+82-2-410-9119 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Medicinal Medicaments |
|
Main Business |
Digestion Reinforcing Agent, Vitamin Compound, Antibiosis Emperor |
|
Established (mm/dd/yyyy) |
06/15/1973 |
The Subject owns the
premises of registered address/factory (22,077.45㎡) and Seoul Office(18,928.57㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Shelf stable juice(50202304) |
|
Sell |
Non narcotic analgesics and antipyretics(51142000) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Antibiotics(51101500) |
|
Sell |
Antiulcer and related gastrointestinal GI drugs(51171900) |
|
Sell |
Estrogens and progestins and internal contraceptives(51181800) |
|
Sell |
Dietary supplements and nutritional therapy products(51191900) |
|
Sell |
Non narcotic analgesics and antipyretics(51142000) |
|
Sell |
Cough and cold and antiallergy products(51161800) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Anaesthetic drugs and related adjuncts and analeptics(51142900) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
|
Sell |
Drugs used for respiratory tract disorders(51161700) |
|
Sell |
Mouth fresheners(53131509) |
|
Sell |
Mouthwash(53131501) |
|
Sell |
Infant foods(50193001) |
|
Sell |
Sport or energy drink(50202309) |
|
Buy |
Fermalac |
|
Buy |
Ceftriaxone |
|
Buy |
Streptokinase & Streptodornase |
|
Buy |
Amlodipine Camsylate |
CEO’s
|
Name |
Jang An-Soo |
|
Address |
- |
|
Date of Birth |
09/10/1943 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
19,794,895,000 KRW |
|||||||||||||||||||||
|
Employees |
1,660 |
|||||||||||||||||||||
|
Formation |
Listed Company (KSE : 008930) as of 06/1988 A company of Hanmi Pharm., Business Group |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Jamsil Branch Citi Kookmin Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
134811-0003187 |
|||||||||||||||||||||
|
Business Registered No. |
124-81-32296 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 986722 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
1973-06-15 Founded Hanmi Pharmaceutical
Co., Ltd. 1986-01-23 Got the Approval from the
Ministry of Health and Welfare according to KGMP standard. Founded the
Central Research Institute. 1987-03-00 Developed new synthetic process for
Ceftriaxone Sodium. 1989-07-00 Licensed our own synthetic
process for Ceftriaxone to Hoffmann La Loche, 1992-03-18 Developed a suppository type of
Omeprazol for the first time in the world and filed in US Patent office. 1994-02-22 Developed a new formulation of
Cyclosporin A, an immunosuppressant, in the form of soft gelatine capsule
with Microemulsion technology. 1997-06-00 Licensed the Microemulsion
technology to Novartis AG, 1998-04-00 Developed Meddy, an transgenic
Korean traditional black goat. 1999-12-00 Developed G-CSF with trangenic
goat Meddy 2001-11-00 Launched oral anti fungal agent
`Itra tab.` |
The Subject Company
is a manufacturer and supplier of pharmaceuticals and over-the-counter (OTC)
medications. The Company applies the microemulsion technology and the
transdermal inoculation technology to produce pharmaceuticals. Hanmi
Pharmaceutical's core products include cephalosporin derivatives such as
cefotaxime, ceftriaxone, ceftazidime and cefixime; recombinant proteins such as
human growth hormone (HGH), G-CSF, IFN-apha-2b and interleukins, and paclitaxel
derivatives produced by the semi-synthetic process. In addition to its domestic
pharmaceutical operations, which are conducted through approximately 40
nationwide sales branches. On May 21, 2007, the Company established a
Korea-based subsidiary engaged in corporate management consulting business. As
of June 19, 2007, the Company invested KRW 37,511,500 into a Japan-based company,
which specializes in the provision of medicine, resulting in the latter
becoming a wholly owned subsidiary of Hanmi Pharmaceutical.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Im Sung-Ki |
Korean |
1940.03.01 |
|
|
Vice Chairman |
Mr. |
Jung Ji-Suck |
Korean |
1942.01.07 |
|
|
Vice Chairman |
Mr. |
Min Kyung-Yoon |
Korean |
1951.01.06 |
|
|
President & CEO |
Mr. |
Jang An-Soo |
Korean |
1943.09.10 |
|
|
President & CEO |
Mr. |
Im Sun-Min |
Korean |
1948.08.05 |
|
|
Vice President |
Mr. |
Lee Chang-Hyun |
Korean |
1947.01.21 |
|
|
Executive Director |
Mr. |
Han Chang-Hee |
Korean |
1959.07.21 |
|
|
Outside Director |
Mr. |
Ahn Moon-Taeck |
Korean |
1937.03.17 |
|
|
Outside Director |
Mr. |
Ko Sung-Soo |
Korean |
1950.07.22 |
|
|
Outside Director |
|
Jang Ji-Yong |
Korean |
1940.02/06 |
|
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
422,183,756,828 |
485,675,268,420 |
72,596,974,109 |
|
|
2005 |
376,540,824,161 |
380,879,489,931 |
42,147,442,591 |
|
2004 |
317,010,852,421 |
306,406,190,734 |
30,165,465,593 |
Financial Description
Unit: KRW
|
Authorized Capital |
40,000,000,000 |
|
Paid-Up Capital |
20,746,232,500 |
|
Total Issues Shares |
8,298,493 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
516,771,345,620 |
485,675,268,420 |
380,879,489,931 |
|
Current Assets |
228,050,367,740 |
225,331,105,960 |
201,458,653,811 |
|
-Quick Assets |
183,432,353,502 |
184,938,982,163 |
166,272,651,008 |
|
-Inventories |
44,618,014,238 |
40,392,123,797 |
35,186,002,803 |
|
Fixed Assets |
288,720,977,880 |
260,344,162,460 |
179,420,836,120 |
|
-Investment |
112,603,519,660 |
101,333,144,246 |
74,482,979,971 |
|
-Tangibles |
133,341,386,969 |
114,453,521,105 |
76,254,001,623 |
|
-Intangibles |
28,117,894,520 |
26,859,098,378 |
21,491,216,011 |
|
-Others |
14,658,176,731 |
17,698,398,731 |
7,192,638,515 |
|
Total Liabilities |
233,802,158,323 |
211,021,520,849 |
173,948,681,948 |
|
Current Liabilities |
156,632,594,071 |
131,849,249,550 |
103,639,977,125 |
|
Fixed Liabilities |
77,169,564,252 |
79,172,271,299 |
70,308,704,823 |
|
Capital Stock |
20,746,232,500 |
19,794,895,000 |
18,888,647,500 |
|
Capital Surplus |
29,940,238,464 |
30,891,575,964 |
31,797,823,464 |
|
Profit Surplus |
228,791,736,171 |
216,593,172,174 |
148,662,436,815 |
|
Capital Adjustment |
(-)14,195,949,570 |
(-)13,973,259,570 |
(-)13,751,121,570 |
|
Total Equity |
282,969,187,297 |
274,653,747,571 |
206,930,807,983 |
|
Liab. & Shareholder’s Equity |
516,771,345,620 |
485,675,268,420 |
380,879,489,931 |
|
Current Liabilities |
156,632,594,071 |
131,849,249,550 |
103,639,977,125 |
|
Trade Payables |
25,020,302,327 |
24,942,277,060 |
24,174,712,361 |
|
Short-Term Borrowings |
16,880,600,000 |
8,859,200,000 |
9,052,000,000 |
|
Account Payables |
41,615,630,114 |
52,335,370,436 |
26,006,640,376 |
|
Advance Receipts |
44,033,890 |
3,051,930,740 |
563,754,300 |
|
Withholdings |
8,363,213,900 |
9,772,199,490 |
7,319,829,066 |
|
Accrued Expenses |
786,765,155 |
700,278,493 |
703,269,742 |
|
Accrued Income Tax |
23,941,767,074 |
17,879,484,991 |
10,314,138,610 |
|
VAT Withhold |
4,315,909,940 |
3,421,078,080 |
5,020,831,390 |
|
Transaction Guarantee Deposit |
18,680,000 |
21,680,000 |
13,680,000 |
|
Current Portion of Debentutes |
30,026,004,645 |
10,040,532,591 |
20,000,000,000 |
|
Provision for Sales Accumulation |
354,481,369 |
367,177,541 |
471,121,280 |
|
Accrued Dividends |
4,756,698,750 |
- |
- |
|
Derivatives |
531,358,193 |
458,040,128 |
- |
|
Fixed Liabilities |
77,169,564,252 |
79,172,271,299 |
70,308,704,823 |
|
Debentures |
9,978,572,444 |
29,986,785,540 |
30,000,000,000 |
|
Long-Term Borrowings |
29,464,064,718 |
9,514,641,741 |
- |
|
Provision for Severance & Retirement |
25,212,404,532 |
23,597,632,685 |
20,767,260,370 |
|
Leasehold Deposit Received |
3,946,567,800 |
6,393,372,800 |
8,532,437,800 |
|
Long-Term Deferred Income Tax Credit |
10,023,096,518 |
11,651,390,843 |
13,373,238,314 |
|
Provision for Refund |
4,675,873,248 |
4,405,006,450 |
3,564,689,978 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
111,787,103,707 |
422,183,756,828 |
376,540,824,161 |
|
Cost of Sold Goods |
38,181,137,142 |
148,042,982,022 |
142,602,497,030 |
|
Gross Profit |
73,605,966,565 |
274,140,774,806 |
233,938,327,131 |
|
Selling & Admin. Expenses |
53,731,224,817 |
221,594,750,015 |
186,622,345,879 |
|
Operating Income |
19,874,741,748 |
52,546,024,791 |
47,315,981,252 |
|
Non-Operating Income |
4,888,957,835 |
54,201,968,273 |
15,684,658,385 |
|
Non-Operating expenses |
2,053,440,806 |
11,827,859,384 |
8,156,481,348 |
|
Ordinary Income |
22,710,258,777 |
94,920,133,680 |
54,844,158,289 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
22,710,258,777 |
94,920,133,680 |
54,844,158,289 |
|
Income Taxes Expenses |
5,754,996,030 |
22,323,159,571 |
12,696,715,698 |
|
Net Income |
16,955,262,747 |
72,596,974,109 |
42,147,442,591 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
1,726,051,016 |
50,755,698,042 |
37,941,160,481 |
|
-Net Income |
16,955,262,747 |
72,596,974,109 |
42,147,442,591 |
|
-Exp. without Cash Outflow |
5,757,913,446 |
18,933,454,298 |
17,485,584,321 |
|
-Revenue without Cash Inflows |
(-)2,684,903,411 |
(-)45,858,466,857 |
(-)7,269,515,492 |
|
-Changes in Asset/ & Liability |
(-)18,302,221,766 |
5,083,736,492 |
(-)14,422,350,939 |
|
Cash Flows from Investing |
(-)36,134,315,750 |
(-)47,153,649,611 |
(-)22,344,652,902 |
|
-Cash Inflow from Investing |
1,187,338,794 |
47,617,861,012 |
4,470,567,480 |
|
-Cash Outflows for Investing |
(-)37,321,654,544 |
(-)94,771,510,623 |
(-)26,815,220,382 |
|
Cash Flows from Financing |
27,777,310,000 |
(-)4,896,376,750 |
(-)11,604,531,810 |
|
-Cash Inflows from Financing |
50,000,000,000 |
49,909,000,000 |
44,368,661,100 |
|
-Cash Outflows from Financing |
(-)22,222,690,000 |
(-)54,805,376,750 |
(-)55,973,192,910 |
|
Increase/Decrease in Cash |
(-)6,630,954,734 |
(-)1,294,328,319 |
3,991,975,769 |
|
Cash at the Beginning of Year |
19,585,904,358 |
20,880,232,677 |
16,888,256,908 |
|
Cash at the End of Year |
12,954,949,624 |
19,585,904,358 |
20,880,232,677 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Digestion Reinforcing Agent, Vitamin Compound, Antibiosis Emperor |
Organization
Structure
|
Competitors |
DONG-A PHARM YUHAN CORPORATION GREEN CROSS CORPORATION CHOONGWAE PHARM. The subject is ranked at the 2nd
player next to Dong-A as of 12/31/2006. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
HANMI FINE CHEMICAL CO., LTD.( 131111-0005106) (63.00% held by the subject company) HANMI FT CO., LTD. HANMI PHARM.( (70.00% held by the subject company) HANMI MEDICARE CO., LTD. (57.69% held by the subject company) HANMI IT CO., LTD. (9.00% held by the subject company) ERMURUS CO., LTD. (92.24% held by the subject company) YOUNGNAM BROADCASTING CO., LTD. |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
59,279 |
53,632 |
54,116 |
|
Domestic |
362,905 |
322,909 |
262,894 |
|
Total |
422,184 |
376,541 |
317,011 |
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company |
|
50,000,000 |
Proceeding |
|
|
|
The Subject Company(3 Cases) |
|
|
361,000,000 |
Proceeding |
News Clipping
Gov't Permits Four Firms to Expand
Facilities Near
MAEIL NEWSPAPER :12/07/2006
The government is set to allow four giant
firms to expand their production facilities within the
The Ministry of Commerce, Industry and
Energy (MOCIE) disclosed on Thursday that a confirmation was made during a
morning government-ruling party consultation session, allowing facility expansions
in the metropolitan growth management zones of these four corporations.
This is the participatory government's third
consent to plant additions in the metropolis, following Samsung Electronics and
Ssangyong Motor in 2004 and eight high-tech businesses in 2005.
Accordingly, MOCIE is set to amend the
enforcement ordinance of legal matters regarding direct industrial
revitalization and plant establishment by February.
As a result, the three industries; a printed
circuit board manufacturer, a broadcast and wireless telecommunications unit
manufacturer, and a pharmaceutical firm, which were originally banned from
enlarging plants in the metropolitan growth management zones, are expected to
be exempted from being bound by the regulation until next year.
Growth management zones total of 5,907.2 sq.
km, with Osan, Hwaseong and Gimpo included, within which businesses need
permission to establish factories.
Despite the recent decision, MOCIE still
plans to limit further development and complete its operations next year.
Meanwhile, MOCIE estimated that an annual
economic effect of 1.85 trillion won in production and $780 million in exports
will be generated by year 2012 once the corporate facilities are expanded.
[Dong-eun Lee / CJB]
6 File Damage Suit Over Cold Drugs
Stroke Sufferers Demand 500 Million Won in Compensation
By Na Jeong-ju / Staff Reporter
Six people Tuesday filed a 500-million-won damage suit against the
government and cold drug makers, claiming they had suffered side-effects from
medicines containing phenylpropanolamine (PPA), which allegedly causes
hemorrhagic strokes.
It is the first time Koreans have taken legal action against drug makers
and the Korean government since the Korean Food and Drug Administration (KFDA)
on Aug. 1 banned the production and sale of cold remedies containing PPA.
Yuhan Corp, Choongwae Pharma, Hanmi Pharm, Yungjin Pharm, Wyeth
Seo Kwon-shik, one of the lawyers who represent the six plaintiffs, said
the Korean government should take responsibility for neglecting its duty to
protect the public from the harmful effects of PPA-containing medicines.
Seo also claimed Korean and foreign pharmaceutical firms had continued
to produce PPA-containing drugs for the past four years, despite a warning
issued in 2000 by the United States Food and Drug Administration over the
potential danger of the drugs.
``We have received complaints from more than 20 patients and their
families regarding side effects of PPA-containing drugs,'' Seo said. ``We have
evidence proving six of them suffered strokes after taking PPA-containing
drugs. We are also undertaking studies to prove more cases showing the use of
PPA drugs causes strokes.''
In a complaint filed with the Seoul Central District Court, the patients
claimed the government failed to remove the PPA drugs from the market although they
first recognized the potential harmful effects of the drug four years ago.
Also, the pharmaceutical firms were required to inform patients of
potential side-effects from consuming PPA-containing drugs before selling them,
but they failed to follow the regulation, they added.
The lawyers said, during a news conference at the court, that they are
consulting with law firms based in
The firms made contracts with Korean firms to offer technology needed
for the manufacture of PPA-containing cold drugs and collected royalties from
sales in the Korean market, according to the lawyers.
On Aug. 9, the Ministry of Health and Welfare concluded the KFDA had
taken belated measures against PPA-containing products and the delayed action
had caused widespread health problems.
The ban on PPA-containing drugs came after a group of nine Korean
medical professors released the results of their two-year research showing
ingesting PPA increases the likelihood of hemorrhagic strokes among people over
the age of 30, especially women.
167 Cold Remedies Banned
Drugs With PPA Can Cause Strokes: KFDA
By Na Jeong-ju / Staff Reporter
The Korea Food and Drug Administration (KFDA) on Saturday banned
production and sales of 167 cough and cold medications containing
phenylpropanolamine (PPA), an ingredient that can cause hemorrhagic strokes.
Following the total ban of PPA, 75 pharmaceutical manufacturers are
required to remove PPA-containing pills, syrups and tablets off shelves
nationwide.
Consumers are also advised to stop using over-the-counter (OTC) and
prescription medicines having the harmful substance. The regulator asked
doctors and pharmacists to stop prescribing or selling the products
immediately.
The measure is based on the result of a years' research by the KFDA that
has concluded PPA could cause hemorrhagic stroke for medicine-takers.
The KFDA said it has ordered the drug manufacturers to recall their
PPA-containing products completely within the next month for disposal.
The measure came four years after the U.S. Food and Drug Administration
issued a public health advisory in November 2000 concerning the use of PPA hydrochloride,
which was being widely used for diet and cold pills, and requested all drug
companies discontinue marketing products containing PPA.
Immediately after the FDA advisory, the Korean regulator took similar
measures to ask pharmaceutical firms to voluntarily stop producing and selling
the listed cold relievers.
Drugs with the PPA have almost disappeared in the
Public anger grew Monday over the belated ban for the substance. Critics
argued the KFDA released the list of products containing PPA on the weekend to
avoid media attention on the issue and a possible backlash from pharmaceutical
firms.
The 167 banned products include some popular OTC and prescription
medicines such as Contac 600 and 400 manufactured by Yuhan Corp., Facol-F by
Choongwae Pharma, Suspen Cold and Cospen by Hanmi Pharm., and Colmin by Yungjin
Pharm.
Wyeth
PPA is an ingredient used in many over-the-counter and prescription
cough and cold medications as a decongestant. Some Korean manufactures have
been arrested for illegally using PPA to make OTC diet products.
In 2001, the KFDA banned the use of PPA as a substance to contain
appetite, following in the footsteps of the
In early 2000, scientists at
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)