MIRA
INFORM REPORT
|
Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
NEWGEN PHARM., Inc. |
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Registered Office : |
Newgen Bldg., 42-24, Hwayang-dong, Gwangjin-gu, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05/01/1992 |
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Legal Form : |
Company Limited by shares Venture Business |
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Line of Business : |
Manufacture of Medicinal Medicaments. |
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 |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
|
Company
Name |
NEWGEN PHARM., Inc. |
|
Registered Address |
42-24, Hwayang-dong, Gwangjin-gu, |
|
Building |
Newgen Bldg. |
|
Zip Code |
143-917 |
|
Tel |
+82-2-876-7777 |
|
Fax |
+82-2-461-1228 |
|
E-mail |
bk119@newgenpharm.com |
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Website |
|
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Trading Address |
Newgen Bldg., 42-24, Hwayang-dong,
Gwangjin-gu, |
|
Tel |
+82-2-461-1131 |
|
Fax |
+82-2-461-1419 |
|
Iksan Factory |
3Cha-16B., The 2nd Industrial
Complex, 649, Seogam-dong, Iksan-si, |
|
Tel |
+82-63-831-6054 |
|
Fax |
+82-63-831-0926 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Medicinal Medicaments |
|
Main Business |
Arthritis Cure, Circulatory Organ Cure, Health Assistance Food |
|
Established (mm/dd/yyyy) |
05/01/1992 |
The Subject owns
the premises of Iksan Factory(3,365.0m2).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Antihypertensive drugs(51121700) |
|
Sell |
Thrombolytic drugs and platelet aggregation
inhibitors(51131700) |
|
Sell |
Antacids and antiflatulents(51171500) |
|
Sell |
Hormones and antihormones(51111800) |
|
Sell |
Cough and cold and antiallergy products(51161800) |
|
Sell |
Centrally acting skeletal muscle
relaxants(51151900) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Antibiotics(51101500) |
|
Sell |
Urinary anti infectives and
analgesics(51102200) |
|
Sell |
Gonadotropic hormones and ovarian stimulants
and inhibitors(51181900) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Nonsteroidal anti inflammatory drugs
NSAIDs(51142100) |
|
Sell |
Dental drugs(51212100) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Non narcotic analgesics and
antipyretics(51142000) |
|
Sell |
Dietary supplements and nutritional therapy
products(51191900) |
|
Sell |
Antacids and antiflatulents(51171500) |
|
Sell |
Hormones and antihormones(51111800) |
|
Sell |
Cardiovascular drugs(51120000) |
CEO’s
|
Name |
Won Yong-Tae |
|
Address |
103-806, Hyundai APT, Sillim-dong,
Gwanak-gu, |
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Date of Birth |
02/16/1958 |
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Title |
President & CEO |
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Sex |
Male |
|
Nationality |
Korean |
Mr. Won Yong-Tae is also a President & CEO of NEWGEN BIT CORPORATION
(110111-0973077).
Profiles
|
Capital |
4,089,511,500 KRW |
|
Employees |
90 |
|
Formation |
Co., Ltd by shares Venture Business |
|
Bank Details |
Industrial Bank of Citi SC First Bank of Korea-Kwanak Branch |
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Corporate Registered No. |
110111-0855720 |
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Business Registered No. |
112-81-32084 |
|
Permit & Licenses |
N/A |
|
Shareholder Position |
NEWGEN BIT CORPORATION(110111-0973077) has
8,179,023 Shares(100%). |
|
Company History |
12/19/2006 Increased capital to
4,089,511,500 KRW from 3,997,674,500 KRW 07/25/2006 Moved to the present address 09/15/2005 Signed the agreement on the
comprehensive stock exchange with NEWGEN BIT
CORPORATION 11/30/2003 Awarded US$1 Million Export Top
Prize 12/2002 Designated as a Venture Business
again 06/14/2002 Designated as the Clean 11/29/2000 Changed company name to the
present name 10/19/2000 Designated as a Venture
Business 09/01/2000 Designated as a Promising SME 03/16/2000 Changed company name to Inter
Medi Pharm Inc 08/25/1997 Changed company name to Won
Kyung Pharm., Inc. 05/01/1992 Established as Won Kyung New
Pharm Co., Ltd. |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Won Yong-Tae |
Male |
Korean |
01/23/1996 |
|
Director |
Mr. |
Hyun Woong |
Male |
Korean |
03/31/2005 |
|
Director |
Mr. |
Kwon Young-Ok |
Male |
Korean |
03/29/2002 |
|
Director |
Mr. |
Kang In-Ki |
Male |
Korean |
03/30/2006 |
|
Director |
Mr. |
Svandof Raitec |
Male |
Korean |
04/12/2006 |
|
Auditor/Supervisor |
Mr. |
Kim Ji-Young |
Male |
Korean |
11/01/2005 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
13,420,258,050 |
22,219,858,356 |
(-)2,270,906,336 |
|
|
2005 |
10,612,842,720 |
17,440,585,946 |
(-)3,651,868,865 |
|
2004 |
11,272,773,073 |
14,141,271,727 |
120,325,331 |
Financial Description
Unit: KRW
|
Authorized Capital |
50,000,000,000 |
|
Paid-Up Capital |
4,089,511,500 |
|
Total Issues Shares |
8,179,023 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Total Assets |
22,219,858,356 |
17,440,585,946 |
14,141,271,727 |
|
Current Assets |
13,251,175,196 |
10,334,956,969 |
11,630,724,151 |
|
-Quick Assets |
11,453,744,626 |
9,123,189,333 |
10,599,622,965 |
|
-Inventories |
1,797,430,570 |
1,211,767,636 |
1,031,101,186 |
|
Fixed Assets |
8,968,683,160 |
7,105,628,977 |
2,510,547,576 |
|
-Investment |
6,482,463,300 |
5,476,724,840 |
270,420,000 |
|
-Tangibles |
1,222,787,756 |
904,754,423 |
920,569,762 |
|
-Intangibles |
1,263,432,104 |
724,149,714 |
1,319,557,814 |
|
Total Liabilities |
7,380,953,206 |
7,345,507,175 |
8,097,304,996 |
|
Current Liabilities |
4,863,283,598 |
6,249,883,372 |
5,803,435,421 |
|
Fixed Liabilities |
2,517,669,608 |
1,095,623,803 |
2,293,869,575 |
|
Capital Stock |
4,089,511,500 |
3,314,000,000 |
2,564,000,000 |
|
Capital Surplus |
16,494,276,270 |
9,677,101,515 |
2,529,229,300 |
|
Profit Surplus |
(-)4972037770 |
2,701,131,434 |
950,737,431 |
|
Capital Adjustment |
(-)772,844,850 |
(-)194,891,310 |
- |
|
Total Equity |
14,838,905,150 |
10,095,078,771 |
6,043,966,731 |
|
Liab. & Shareholder’s Equity |
22,219,858,356 |
17,440,585,946 |
14,141,271,727 |
|
Current
Liabilities |
4,863,283,598 |
6,249,883,372 |
5,803,435,421 |
|
Trade Payables |
1,310,015,449 |
1,006,497,873 |
1,218,301,901 |
|
Short-Term Borrowings |
2,936,634,754 |
3,268,009,150 |
4,022,168,012 |
|
Account Payables |
388,468,684 |
270,935,301 |
234,388,285 |
|
Withholdings |
38,119,160 |
19,174,410 |
16,452,830 |
|
VAT Withhold |
124,292,450 |
95,757,720 |
253,885,084 |
|
Advance Receipts |
- |
7,857,839 |
1,792,050 |
|
Accrued Expenses |
42,413,101 |
31,519,672 |
28,906,149 |
|
Accrued Income Tax |
- |
28,184,230 |
4,201,110 |
|
Current Portion of Debts |
- |
1,498,607,177 |
- |
|
Current Long-Term Borrowings |
23,340,000 |
23,340,000 |
23,340,000 |
|
Fixed
Liabilities |
2,517,669,608 |
1,095,623,803 |
2,293,869,575 |
|
Debentures |
1,196,642,267 |
- |
1,497,098,584 |
|
Long-Term Account Payables |
4,340,948 |
15,545,823 |
- |
|
Long-Term Borrowings |
11,630,000 |
34,970,000 |
58,310,000 |
|
Provision for Severance &
Retirement |
852,851,614 |
680,949,196 |
417,513,237 |
|
Provision for Refund |
232,704,779 |
129,658,784 |
119,381,434 |
|
Guarantee Deposit Withhold |
219,500,000 |
234,500,000 |
201,566,320 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Sales |
13,420,258,050 |
10,612,842,720 |
11,272,773,073 |
|
Cost of Sold Goods |
5,933,983,550 |
5,357,121,508 |
6,432,933,574 |
|
Gross Profit |
7,486,274,500 |
5,255,721,212 |
4,839,839,499 |
|
Selling & Admin. Expenses |
9,019,847,277 |
6,647,305,250 |
3,802,753,084 |
|
Operating Income |
1,533,572,777 |
(-)1,391,584,038 |
1,037,086,415 |
|
Non-Operating Income |
(-)313103569 |
83,624,392 |
57,980,295 |
|
Non-Operating expenses |
1,050,437,128 |
2,294,804,018 |
928,529,106 |
|
Ordinary Income |
(-)2,270,906,336 |
(-)3,602,763,664 |
166,537,604 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
2,270,906,336 |
(-)3,602,763,664 |
166,537,604 |
|
Income Taxes Expenses |
- |
49,105,201 |
46,212,273 |
|
Net Income |
(-)2,270,906,336 |
(-)3,651,868,865 |
120,325,331 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
(-)2,751,069,695 |
(-)823,503,173 |
(-)277,876,248 |
|
-Net Income |
(-)2,270,906,336 |
(-)3,651,868,865 |
120,325,331 |
|
-Exp. without Cash Outflow |
2,477,260,606 |
4,279,410,764 |
1,169,619,209 |
|
-Revenue without Cash Inflows |
(-)9,656,356 |
(-)2,933,365 |
(-)5,160,420 |
|
-Changes in Asset/ & Liability |
(-)2,947,767,609 |
(-)1,448,111,707 |
(-)1,562,660,368 |
|
Cash Flows from Investing |
(-)4,557,812,868 |
(-)664,755,138 |
(-)430,571,953 |
|
-Cash Inflow from Investing |
452,061,266 |
- |
276,600,000 |
|
-Cash Outflows for Investing |
(-)5,009,874,134 |
(-)664,755,138 |
(-)707,171,953 |
|
Cash Flows from Financing |
6,936,543,722 |
1,847,637,503 |
673,737,122 |
|
-Cash Inflows from Financing |
8,789,086,255 |
9,941,243,503 |
5,379,993,282 |
|
-Cash Outflows from Financing |
(-)1,852,542,533 |
(-)8,093,606,000 |
(-)4,706,256,160 |
|
Increase/Decrease in Cash |
(-)372,338,841 |
359,379,192 |
(-)34,711,079 |
|
Cash at the Beginning of Year |
426,987,741 |
67,608,549 |
102,319,628 |
|
Cash at the End of Year |
54,648,900 |
426,987,741 |
67,608,549 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Arthritis Cure, Circulatory Organ Cure, Health Assistance Food |
Trade Partners
|
Suppliers |
SEJONG PHARMACY CO., LTD.( 131111-0024958) |
|
Customers |
Procurement Agency of The Ministry of SEJONG PHARMACY CO., LTD.( 131111-0024958) |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
NEWGEN BIT CORPORATION(110111-0973077) (5.22% held by the Subject Company) SEJONG PHARMACY CO., LTD.( 131111-0024958) (14.64% held by the Subject Company) |
|
Major Shareholders |
NEWGEN BIT CORPORATION(110111-0973077) |
Sales by Region (Activity
& Markets)
The Subject exports the products to
Court Action
No.
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%)