MIRA INFORM
REPORT
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Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
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Name : |
WALES KOREA PHARM CO., LTD. |
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Formerly Known As : |
WONJIN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
642-4, Seonggok-dong, Danwon-gu, Ansan-si, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
05.02.1991 |
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Com. Reg. No.: |
124-81-17301 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacturer of Finished Medicaments |
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 : |
No Complaints |
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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 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
WALES KOREA PHARM
CO., LTD. (Korean Company
Name : “한국웨일즈제약(주)”) |
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Registered Address |
642-4, Seonggok-dong, Danwon-gu, Ansan-si,
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Building |
604B-15L, Banwol Industrial Complex |
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Zip Code |
425-834 |
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Tel |
+82-31-494-3646 |
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Fax |
+82-31-494-5401 |
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E-mail |
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Website |
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Trading Address |
604B-15L, Banwol Industrial Complex, 642-4,
Seonggok-dong, Danwon-gu, Ansan-si, |
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Tel |
+82-31-494-3646 |
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Fax |
+82-31-494-5401 |
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Type |
Export/Import |
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Industry |
Manufacture of Finished Medicaments |
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Main Business |
Drugs & Pharmaceutical Products ,Health Foods |
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Established (mm/dd/yyyy) |
02/05/1991 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Calcium salts and calcium
regulators(51182400) |
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Sell |
Antidiabetic agents and hyperglycemic
agents(51181500) |
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Sell |
Cough and cold and antiallergy
products(51161800) |
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Sell |
Antianemic drugs(51131500) |
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Sell |
Laxatives(51171600) |
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Sell |
Non narcotic analgesics and
antipyretics(51142000) |
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Sell |
Bethanechol chloride(51151501) |
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Sell |
Antidiarrheals(51171700) |
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Sell |
Urinary anti infectives and
analgesics(51102200) |
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Sell |
Drugs used for respiratory tract
disorders(51161700) |
CEO’s
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Name |
Suh Kyung- Ho |
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Address |
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Date of Birth |
10/22/1953 |
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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 (KRW) |
6,600,000,000 |
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Employees |
137 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Industrial Bank of SC First Bank of |
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Corporate Registered No. |
134811-0014837 |
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Business Registered No. |
124-81-17301 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
·
06/13/1985
Established as WONJIN PHARMACEUTICAL MFG., ·
02/05/1991
Incorporated as WONJIN PHARMACEUTICAL CO., LTD. ·
10/11/2004
Changed company name to the present name ·
08/20/2009
Increased the authorized shares to 2,000,000 shares from 600,000 shares ·
09/01/2009
Increased capital to 6,600,000,000 KRW from 3,300,000,000 KRW |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Suh Kyung- Ho |
Male |
Korean |
03/29/2002 |
|
Director |
Mr. |
Suh Joon-Seok |
Male |
Korean |
03/29/2002 |
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Director |
Mr. |
Han Soo-Won |
Male |
Korean |
03/29/2002 |
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Auditor |
Mr. |
Baik Jung-Hyun |
Male |
Korean |
03/31/2008 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
28,326,788,974 |
24,639,879,568 |
856,057,139 |
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|
2008 |
24,459,356,972 |
18,472,087,187 |
909,276,102 |
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2007 |
18,415,085,655 |
13,357,736,387 |
1,180,842,404 |
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2006 |
15,362,457,390 |
10,816,188,882 |
365,545,733 |
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2005 |
10,443,902,099 |
9,075,263,111 |
378,239,680 |
Financial Description
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Authorized Capital(KRW) |
10,000,000,000 |
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Paid-Up Capital(KRW) |
6,600,000,000 |
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Total Issues Shares |
1,320,000 |
Balance Sheet
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Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
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Total Assets |
24,639,879,568 |
18,472,087,187 |
13,357,736,387 |
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Current Assets |
16,790,009,635 |
13,731,762,016 |
10,594,773,665 |
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-Quick Assets |
14,240,329,192 |
12,373,352,825 |
9,344,512,152 |
|
-Inventories |
2,549,680,443 |
1,358,409,191 |
1,250,261,513 |
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Fixed Assets |
7,849,869,933 |
4,740,325,171 |
2,762,962,722 |
|
-Investment |
136,487,095 |
67,500,000 |
139,500,000 |
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-Tangibles |
7,593,382,838 |
4,512,825,171 |
2,453,462,722 |
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-Intangibles |
120,000,000 |
160,000,000 |
170,000,000 |
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Total Liabilities |
12,152,514,325 |
9,606,538,578 |
8,922,463,884 |
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Current Liabilities |
9,206,415,758 |
8,213,948,558 |
7,772,155,884 |
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Fixed Liabilities |
2,946,098,567 |
1,392,590,020 |
1,150,308,000 |
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Capital Stock |
6,600,000,000 |
2,600,000,000 |
1,900,000,000 |
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Capital Surplus |
- |
1,200,000,000 |
- |
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Profit Surplus |
4,094,605,744 |
3,254,548,605 |
2,535,272,503 |
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Capital Adjustment |
1,792,759,499 |
1,811,000,004 |
- |
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Total Equity |
12,487,365,243 |
8,865,548,609 |
4,435,272,503 |
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Liab. & Shareholder’s Equity |
24,639,879,568 |
18,472,087,187 |
13,357,736,387 |
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Current Liabilities |
9,206,415,758 |
8,213,948,558 |
7,772,155,884 |
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Trade Payables |
3,345,454,621 |
3,342,039,934 |
2,358,229,093 |
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Short-Term Borrowings |
3,923,000,000 |
3,123,000,000 |
3,671,537,240 |
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Account Payables |
868,579,091 |
565,951,951 |
599,159,874 |
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Accrued Expenses |
505,587,431 |
450,367,674 |
312,255,297 |
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Withholdings |
35,874,590 |
36,251,000 |
37,621,660 |
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Advance Receipts |
19,334,079 |
- |
- |
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VAT Withhold |
107,758,266 |
189,692,819 |
173,924,220 |
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Accrued Income Tax |
267,427,680 |
281,645,180 |
259,038,500 |
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Current Portion of Long-Term Debts |
133,400,000 |
225,000,000 |
360,390,000 |
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Fixed Liabilities |
2,946,098,567 |
1,392,590,020 |
1,150,308,000 |
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Long-Term Borrowings |
2,683,850,000 |
1,321,250,000 |
1,096,250,000 |
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Provision for Severance & Retirement |
400,338,400 |
71,340,020 |
54,058,000 |
Income Statement
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Sales |
28,326,788,974 |
24,459,356,972 |
18,415,085,655 |
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Cost of Sold Goods |
18,652,462,577 |
16,580,680,176 |
12,128,950,786 |
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Gross Profit |
9,674,326,397 |
7,878,676,796 |
6,286,134,869 |
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Selling & Admin. Expenses |
7,951,035,837 |
6,342,919,243 |
4,382,212,593 |
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Operating Income |
1,723,290,560 |
1,535,757,553 |
1,903,922,276 |
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Non-Operating Income |
66,515,411 |
292,753,392 |
21,107,315 |
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Non-Operating Expenses |
499,714,872 |
488,465,693 |
409,777,937 |
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Ordinary Income |
1,290,091,099 |
1,340,045,252 |
1,515,251,654 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
1,290,091,099 |
1,340,045,252 |
1,515,251,654 |
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Income Taxes Expenses |
434,033,960 |
430,769,150 |
334,409,250 |
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Net Income |
856,057,139 |
909,276,102 |
1,180,842,404 |
Cash Flows
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Cash Flows from Operating |
-979,067,940 |
-748,821,664 |
549,718,441 |
|
-Net Income |
856,057,139 |
909,276,102 |
1,180,842,404 |
|
-Exp. without Cash Outflow |
879,091,943 |
454,472,878 |
603,387,314 |
|
- |
- |
- |
- |
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-Changes in Asset/ & Liability |
-2,714,217,022 |
-2,112,570,644 |
-1,234,511,277 |
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Cash Flows from Investing |
-3,587,521,278 |
-802,814,789 |
-1,093,590,526 |
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-Cash Inflow from Investing |
501,741,701 |
113,862,235 |
310,136,272 |
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-Cash Outflows for Investing |
-4,089,262,979 |
-916,677,024 |
-1,403,726,798 |
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Cash Flows from Financing |
4,835,772,400 |
1,251,072,760 |
747,996,675 |
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-Cash Inflows from Financing |
8,244,772,400 |
5,473,000,000 |
4,761,537,240 |
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-Cash Outflows from Financing |
-3,409,000,000 |
-4,221,927,240 |
-4,013,540,565 |
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Increase/Decrease in Cash |
269,183,182 |
-300,563,693 |
204,124,590 |
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Cash at the Beginning of Year |
137,895,232 |
438,458,925 |
234,334,335 |
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Cash at the End of Year |
407,078,414 |
137,895,232 |
438,458,925 |
Products, Technologies, Services Description
|
Main Products & Services |
Drugs & Pharmaceutical Products ,Health Foods |
Trade Partners & Competitors
|
Competitors |
DONGA PHARMACEUTICAL CO.,LTD.(110111-0017990) YUHAN CORPORATION(110111-0014409) CHONGKUNDANG CO.,LTD.(110111-0028955) DAEWOONG PHARMA CO.,LTD.(134811-0075342) |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
Court Action
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News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
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 |
|
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.