MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
DAEWOONG CHEMICAL CO., LTD. |
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Registered Office : |
906-5, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-Do - 445-922 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04/15/1983 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Medicinal Chemicals and Antibiotics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
DAEWOONG CHEMICAL CO., LTD. |
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Registered Address |
906-5, Sangsin-ri, Hyangnam-eup,
Hwaseong-si, |
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Zip Code |
445-922 |
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Tel |
+82-31-353-5271~3 |
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Fax |
+82-31-353-5626 |
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E-mail |
tony@daewoong.co.kr;dwle@daewoong.co.kr |
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Website |
www.daewoongchemical.co.kr |
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Trading Address |
163-3, Samseong-dong, Gangnam-gu, |
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Tel |
+82-2-550-8641 |
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Fax |
+82-2-550-8249 |
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Type |
Export/Import |
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Industry |
Manufacture of Medicinal Chemicals and Antibiotics |
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Established (mm/dd/yyyy) |
04/15/1983 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Drugs and Pharmaceutical Products(51000000) |
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Sell |
Penicillin(51101507) |
CEO’s
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Name |
Lee Sung-Jae |
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Date of Birth |
06/01/1947 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
4,250,000,000 KRW |
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Employees |
78 |
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Formation |
Listed Company(KOSDAQ: 016890 ) as of 11/12/1999 A Company of Daewoong Business Group |
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Bank Details |
Woori Bank-Samsung Dong Branch |
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Corporate Registered No. |
131112-0004827 |
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Business Registered No. |
124-81-37175 |
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Permit & Licenses |
12/2003 ISO 14001 by Int’l Trade No.: 400703 |
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Shareholder Position |
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Company History |
04/15/1983
Incorporated 11/1990 US$5
Million Export Top Prize 12/21/1993
Acquired Samwoong Chemicals Co., Ltd. 12/31/1994
Approved of FDA-USA 08/18/1998 Approved
of the BGMP from KFDA 11/1999
Awarded US$10 Million Export Top Prize |
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The Subject Company
specializes in the production of pharmaceutical raw materials and intermediates.
The Company's main products are antibiotics, which include bile acids,
anti-hyperlipidaemic agents, tranquilizers, antiulcerants, antifungal agents,
dietary supplements, anti-thrombotics, cephalosporins, anti-hypertensive
agents, hepatic protectors, penicillin and digestives.
Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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President & CEO |
Mr. |
Lee Sung-Jae |
Korean |
47.06.01 |
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Director |
Mr. |
Choi Seung-Seop |
Korean |
54.08.12 |
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Director |
Mr. |
Yoon Jae-Hoon |
Korean |
61.06.08 |
Denver University-USA |
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Director |
Mr. |
Yoon Jae-Chun |
Korean |
59.10.15 |
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Outside Director |
Mr. |
Ahn Yang-Soo |
Korean |
56.11.05 |
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Auditor |
Mr. |
Lee Jin-Ho |
Korean |
52.05.28 |
- |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
48,003,993,660 |
78,149,006,044 |
14,029,520,885 |
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2006 |
60,166,075,972 |
62,708,020,874 |
14,723,083,342 |
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2005 |
45,547,151,963 |
48,950,126,454 |
8,756,214,615 |
Financial Description
Unit: KRW
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Authorized Capital |
6,000,000,000 |
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Paid-Up Capital |
4,250,000,000 |
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Total Issues Shares |
4,250,000 |
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Balance Sheet |
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Unit : Korean Won |
As of 03/31/2007 |
As of 03/31/2006 |
As of 03/31/2005 |
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Total Assets |
78,149,006,044 |
62,708,020,874 |
48,950,126,454 |
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Current Assets |
31,652,528,539 |
24,276,315,979 |
20,527,242,606 |
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-Quick Assets |
20,325,236,677 |
15,113,947,044 |
13,825,830,856 |
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-Inventories |
11,327,291,862 |
9,162,368,935 |
6,701,411,750 |
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Fixed Assets |
46,496,477,505 |
38,431,704,895 |
28,422,883,848 |
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-Investment |
27,776,803,774 |
22,173,047,541 |
15,285,599,734 |
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-Tangibles |
18,548,490,798 |
16,035,504,869 |
12,890,849,252 |
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-Intangibles |
171,182,933 |
223,152,485 |
246,434,862 |
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Total Liabilities |
20,254,133,244 |
13,058,010,688 |
13,506,114,582 |
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Current Liabilities |
17,494,393,354 |
10,912,621,071 |
8,933,926,348 |
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Fixed Liabilities |
2,759,739,890 |
2,145,389,617 |
4,572,188,234 |
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Capital Stock |
4,250,000,000 |
4,250,000,000 |
4,250,000,000 |
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Capital Surplus |
3,702,621,611 |
3,702,621,611 |
3,702,621,611 |
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Profit Surplus |
56,495,221,950 |
43,563,736,361 |
30,237,832,883 |
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Capital Adjustment |
(-)6,552,970,761 |
(-)1,866,347,786 |
(-)2,746,442,622 |
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Total Equity |
57,894,872,800 |
49,650,010,186 |
35,444,011,872 |
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Liab. & Shareholder’s Equity |
78,149,006,044 |
62,708,020,874 |
48,950,126,454 |
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Current
Liabilities |
17,494,393,354 |
10,912,621,071 |
8,933,926,348 |
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Trade Payables |
7,156,034,825 |
5,192,361,077 |
5,329,454,648 |
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Account Payables |
1,164,712,802 |
3,325,369,915 |
1,865,685,818 |
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Withholdings |
164,276,459 |
74,770,522 |
105,842,320 |
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Accrued Expenses |
12,586,300 |
- |
2,054,092 |
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Accrued Income Tax |
996,782,968 |
2,306,815,801 |
1,013,019,328 |
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Current Portion of Deferred
Income Tax Credit |
- |
13,303,756 |
- |
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Short-Term Borrowings |
8,000,000,000 |
- |
- |
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Current Portion of Long-Term
Debts |
- |
- |
617,870,142 |
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Fixed
Liabilities |
2,759,739,890 |
2,145,389,617 |
4,572,188,234 |
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Provision for Severance &
Retirement |
342,464,202 |
260,044,966 |
411,222,077 |
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Non-Current Portion of Deferred
Income Tax Credit |
2,417,275,688 |
1,885,344,651 |
1,120,166,157 |
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Long-Term Borrowings |
- |
- |
3,040,800,000 |
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Income Statement |
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Unit : Korean Won |
As of 03/31/2007 |
As of 03/31/2006 |
As of 03/31/2005 |
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Sales |
48,003,993,660 |
60,166,075,972 |
45,547,151,963 |
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Cost of Sold Goods |
36,735,395,429 |
43,401,702,030 |
36,546,407,304 |
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Gross Profit |
11,268,598,231 |
16,764,373,942 |
9,000,744,659 |
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Selling & Admin. Expenses |
4,027,020,023 |
2,582,420,601 |
1,885,270,645 |
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Operating Income |
7,241,578,208 |
14,181,953,341 |
7,115,474,014 |
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Non-Operating Income |
10,372,975,320 |
5,657,493,758 |
5,234,638,212 |
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Non-Operating expenses |
1,271,165,863 |
742,177,592 |
585,339,150 |
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Ordinary Income |
16,343,387,665 |
19,097,269,507 |
11,764,773,076 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
16,343,387,665 |
19,097,269,507 |
11,764,773,076 |
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Income Taxes Expenses |
2,313,866,780 |
4,374,186,165 |
3,008,558,461 |
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Net Income |
14,029,520,885 |
14,723,083,342 |
8,756,214,615 |
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Cash Flows |
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Unit : Korean Won |
As of 03/31/2007 |
As of 03/31/2006 |
As of 03/31/2005 |
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Cash Flows from Operating |
223,577,272 |
11,665,577,906 |
5,441,978,997 |
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-Net Income |
14,029,520,885 |
14,723,083,342 |
8,756,214,615 |
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-Exp. without Cash Outflow |
4,353,127,930 |
2,083,812,900 |
1,720,480,364 |
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-Revenue without Cash Inflows |
(-)9,905,260,805 |
(-)4,951,389,513 |
(-)4,443,221,624 |
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-Changes in Asset/ & Liability |
(-)8,253,810,738 |
(-)189,928,823 |
(-)591,494,358 |
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Cash Flows from Investing |
(-)4,118,065,432 |
(-)7,010,958,760 |
(-)6,796,456,927 |
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-Cash Inflow from Investing |
4,952,643,385 |
1,966,579,654 |
7,368,957,519 |
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-Cash Outflows for Investing |
(-)9,070,708,817 |
(-)8,977,538,414 |
(-)14,165,414,446 |
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Cash Flows from Financing |
3,752,413,370 |
(-)4,628,529,142 |
843,855,945 |
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-Cash Inflows from Financing |
8,000,000,000 |
1,200,000,000 |
3,000,000,000 |
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-Cash Outflows from Financing |
(-)4,247,586,630 |
(-)5,828,529,142 |
(-)2,156,144,055 |
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Increase/Decrease in Cash |
(-)142,074,790 |
26,090,004 |
(-)510,621,985 |
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Cash at the Beginning of Year |
228,934,456 |
202,844,452 |
713,466,437 |
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Cash at the End of Year |
86,859,666 |
228,934,456 |
202,844,452 |
Products,
Technologies, Services
Description
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Main Products & Services |
Alibendol Amoxicillin Antifungals Anti-hyperlipidaemic agents Anti-hypertensives Anti-thrombotics Antiulcerants Bile acids Cephalosporins Dietary Supplements Digestives Diphenyl dimethyl bicarboxylate Hepatic protectors Penicillin Tranquilisers |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
DAEWOONG CO.,LTD(131111-0000271) (30.98%
held by the subject company) DAEWOONG PHARMA CO., LTD.(134811-0075342) DAEWOONG INTERNATIONAL
CORP.(110111-0742985) (35.21% held by the subject company) R&P KOREA CO.,LTD.(110111-0358021)
(11.88% held by the subject company) EZMEDICOM.CO.,LTD(110111-2063818) PAGE1 CO.,LTD(110111-1771040) DAEWOONG DEVELOPMENT CO.,
LTD.(131111-0083649) SANWOONG DEVELOPMENT CO., LTD. SANWOONG ENGINEERING CO., LTD. PHARMPAC CO., LTD. DAEWOONG NUTRITIONS CO., LTD. IDS&TRUST CO., LTD. CG BIO CO., LTD. HR GROUP BIO ALPA CO., LTD. HEALIANCE TRUST CO., LTD. |
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Subsidiary |
M-CIRCLE CO., Ltd. (100.00% held by the
subject company) |
Sales by Region (Activity
& Markets)
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Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
16,235 |
33,170 |
21,848 |
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Domestic |
31,769 |
26,996 |
23,699 |
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Total |
48,004 |
60,166 |
45,547 |
The Subject exports to
Court Action
No.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)