MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
KOREA UNITED PHARM INC |
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Registered Office : |
404-10,
Nojang-ri, Jeondong-myeon, Yeongi-gun, Chungcheongnam-do, Korea 339-841 |
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Country : |
South Korea |
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|
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Financials (as on) : |
31.03.2011 |
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|
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Date of Incorporation : |
03.12.1987 |
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Com. Reg. No.: |
307-81-05244 |
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Legal Form : |
Listed Company |
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|
|
|
Line of Business : |
Manufacture, Marketing, & Sales Distribution of Pharmaceuticals
and Other Healthcare Products |
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
KOREA UNITED PHARM INC. (Korean Company Name : “한국유나이티드제약(주)”) |
|
Registered Address |
404-10,
Nojang-ri, Jeondong-myeon, Yeongi-gun, Chungcheongnam-do, Korea |
|
Zip Code |
339-841 |
|
Tel |
+82-41-862-5030 |
|
Fax |
+82-41-862-5070 |
|
E-mail |
trade@kup.co.kr |
|
Website |
www.kup.co.kr |
|
Trading Address |
154-8,
Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-512-9982 |
|
Fax |
+82-2-512-0144 |
|
Other Address-Sumyun Factory |
153 Budong-ri, Su-myun, Yeongi-gun, Chungcheongnam-do, Korea |
|
Tel |
+82-41-862-8586 |
|
Fax |
+82-41-862-8582 |
|
Other Address-2nd Factory |
404-16, Nojang-ri, Jeondong-myeon, Yeongi-gun, Chungcheongnam-do,
Korea |
|
Tel |
+82-41-862-6856 |
|
Fax |
+82-41-862-5082 |
|
Type |
Export/Import |
|
Industry |
Manufacture, Marketing, & Sales Distribution of Pharmaceuticals
and Other Healthcare Products |
|
Main Business |
Manufacture of Medicinal Medicaments |
|
Sub
Business |
Anticancer Drug, Vitamin Compound, Antibiotics, Homtamin Ginseng,
Alcafen Cough, Augmex, Clauza |
|
Established (mm/dd/yyyy) |
12/03/1987 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cough and cold and antiallergy products(51161800) |
|
Sell |
Antidepressants(51141600) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Antiulcer and related gastrointestinal GI drugs(51171900) |
|
Sell |
Drugs used for respiratory tract disorders(51161700) |
|
Sell |
Antibiotics(51101500) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Formulas and products for nutritional support(42231800) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
CEO’s
|
Name |
Kang Duk-Young |
|
Address |
|
|
Date of Birth |
05/18/1947 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
7,512,962,000 |
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|
Employees |
668 |
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|
Formation |
Listed Company(Korea Stock Exchange : 033270) as of 10/23/2007 Venture Business A Company of KOREA UNITED PHARMA BUSINESS GROUP |
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Bank Details |
Industrial Bank of Korea-Samseong Nam
Branch Woori Bank Shinhan Bank |
||||||||||||||||||
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Corporate Registered No. |
134211-0002769 |
||||||||||||||||||
|
Business Registered No. |
307-81-05244 |
||||||||||||||||||
|
Permit & Licenses |
1992 KGMP 10/14/2005 ISO 14001 11/01/2005 ISO 9001 Int’l Trade No.: 423326 |
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Shareholder Position |
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Company History |
08/23/2007 Designated as a Venture Business again 10/23/2007 Listed at Korea Stock Exchange after
unlisted from KOSDAQ Market 08/23/2007 Designated as a Venture Business 2004 Signed a Contract of Establishing
EIMC United Pharma Co. in Egypt 2004 Designated as a "Advanced
Technology Center”, Certified by Ministry of Commerce, Industry and Energy 2002 Designated Homtamin-S as “World Class
Product”, Certified by Ministry of Commerce, Industry and Energy 2002 Acknowledged as “Noble Intellectual
of This First Half Year” 2001 Completed United Douglas Pharm. Inc.
in Alabama 2001 Awarded the “Presidential Tower” for
U$10Millions in Export 2001 Awarded “the Presidential Industrial
Service Medal” on the Annual Taxation Day 2000 Designated as a “Superior Technology
Company” 2000 Awarded the Best Grand Prize from
Chungnam, Korea 2000 Completed Korea United Pharm Int'l
Inc. in Bihn Duong, Vietnam 1999 Awarded a Trophy for U$5Millions in
Export Awarded the Most Honorable Grand Prize
from Chungnam, Korea 1998 Awarded a Grand Prize for Venture
Enterprise Designated as a “Promising Export Small
and Medium Enterprise” 1997 Awarded a Grand Prize for Small and
Medium Enterprise Awarded a Prize from the Ministry of
Health and Welfare of Korea (Awarded the Management Grand Prix in Chungnam,
Korea 1996 Received a “The Management Grand Prix”
from the Korean Government of Chungnam Province 10/29/1999 Listed at KOSDAQ 1998 Established United Douglas Pharm.Inc.
in Alabama , U.S.A. |
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
President & CEO |
Mr. |
Kang Duk-Young |
Korean |
1947.05.18 |
Hankuk University of Foreign
Studies, Korea |
|
Sr. Executive Director |
Mr. |
Kim Hyung-Rae |
Korean |
1954.12.03 |
Chungang University |
|
Sr. Executive Director |
M/S. |
Kim Gwui-Ja |
Korean |
1957.03.15 |
Chungang University, Korea |
|
Sr. Executive Director |
Mr. |
Jung Won-Tae |
Korean |
1962.07.08 |
Chungang University, Korea |
|
Outside Director |
Mr. |
Hong Il-Sik |
Korean |
1936.03.12 |
Prof., of Korea University, Korea |
|
Outside Director |
Mr. |
Cho Jang-Yeon |
Korean |
1952.08.18 |
Prof., of Hankuk University of
Foreign Studies, Korea |
|
Outside Director |
Mr. |
Lee Yeon-Taik |
Korean |
1957.01.12 |
Prof., of Hanyang University, Korea |
|
Auditor |
Mr. |
Kwon Dae-Eun |
Korean |
1942.04.15 |
Kyonggi University |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
34,899,367,319 |
154,919,265,494 |
6,007,025,488 |
|
|
2010 |
134,958,313,450 |
136,054,807,111 |
16,843,454,824 |
|
2009 |
119,084,235,076 |
122,501,507,465 |
14,199,565,873 |
|
2008 |
94,700,345,648 |
87,923,923,116 |
8,874,395,597 |
|
2007 |
59,695,984,469 |
77,027,800,347 |
5,575,526,344 |
|
03/2006 |
57,642,278,283 |
69,974,805,279 |
854,981,000 |
|
03/2005 |
52,392,170,286 |
66,262,891,806 |
484,024,183 |
(*)(*)03/2011 ‘s figures are based on the K-IFRS Accounting System. And As of 06/15/2007, the
subject decided to change the financial closing date to 12/31 from 03/31.
Financial Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
7,512,962,000 |
|
Total Issues Shares |
15,025,924 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
154,919,265,494 |
144,957,754,623 |
|
|
Current
Assets |
78,339,372,508 |
71,871,610,779 |
|
|
Cash & Cash Equivalents |
9,168,386,200 |
6,846,798,349 |
|
|
Trade Receivables & Other
Receivables |
42,470,147,193 |
44,190,905,778 |
|
|
Current Financial Instruments |
4,429,027,670 |
2,921,185,451 |
|
|
Other Current Assets |
1,154,331,624 |
839,066,678 |
|
|
Inventories |
21,117,479,821 |
17,073,654,523 |
|
|
Non-Current
Assets |
76,579,892,986 |
73,086,143,844 |
|
|
Marketable Financial Instruments |
1,213,025,394 |
645,765,394 |
|
|
Investment_Related Companies |
4,921,407,474 |
4,921,407,474 |
|
|
Investment_Subsidiaries |
1,180,556,423 |
1,069,266,423 |
|
|
Other Finance Assets |
4,939,409,415 |
5,052,158,566 |
|
|
Deferred Income Tax Assets |
508,794,907 |
557,564,178 |
|
|
Tangibles |
62,231,477,572 |
59,209,327,863 |
|
|
Intangibles |
1,585,221,801 |
1,630,653,946 |
|
|
Total
Liabilities |
57,622,771,641 |
50,275,515,765 |
|
|
Current
Liabilities |
42,155,570,116 |
37,237,975,898 |
|
|
Trade Payables & Other
Payables |
6,669,634,976 |
5,907,183,851 |
|
|
Short-Term Borrowings |
20,719,235,503 |
18,753,588,206 |
|
|
Other Current Financial Debts |
10,912,345,994 |
10,924,270,413 |
|
|
Other Current Liabilities |
3,854,353,643 |
1,652,933,428 |
|
|
Non-Current
Liabilities |
15,467,201,525 |
13,037,539,867 |
|
|
Long-Term Borrowings |
8,094,600,000 |
6,201,100,000 |
|
|
Other Financial Debts |
963,610,606 |
664,350,000 |
|
|
Deferred Income Tax Credit |
3,614,537,581 |
3,429,485,755 |
|
|
Long-Term Provisions |
2,794,453,338 |
2,742,604,112 |
|
|
Capital
Stock |
7,512,962,000 |
7,512,962,000 |
|
|
Capital Surplus |
13,601,559,147 |
13,601,559,147 |
|
|
Profit Surplus |
78,766,247,160 |
74,222,584,072 |
|
|
Accumulated Income |
1,347,015,648 |
1,350,323,107 |
|
|
Others |
-3,931,290,102 |
-2,005,189,468 |
|
|
Total Equity |
97,296,493,853 |
94,682,238,858 |
|
|
Liab. & Shareholder’s Equity |
154,919,265,494 |
144,957,754,623 |
|
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
136,054,807,111 |
122,501,507,465 |
87,923,923,116 |
|
Current Assets |
65,822,407,740 |
62,310,474,519 |
50,361,896,344 |
|
-Quick Assets |
48,812,752,398 |
45,087,135,447 |
37,317,787,493 |
|
-Inventories |
17,009,655,342 |
17,223,339,072 |
13,044,108,851 |
|
Fixed Assets |
70,232,399,371 |
60,191,032,946 |
37,562,026,772 |
|
-Investment |
8,934,411,792 |
10,424,767,411 |
9,567,007,695 |
|
-Tangibles |
56,638,165,297 |
45,060,286,704 |
24,769,184,790 |
|
-Intangibles |
628,897,541 |
615,254,707 |
376,588,408 |
|
-Others |
4,030,924,741 |
4,090,724,124 |
2,849,245,879 |
|
Total Liabilities |
43,347,754,397 |
43,752,457,017 |
34,773,139,592 |
|
Current Liabilities |
30,777,750,348 |
31,678,187,592 |
27,189,873,556 |
|
Fixed Liabilities |
12,570,004,049 |
12,074,269,425 |
7,583,266,036 |
|
Capital Stock |
7,512,962,000 |
7,512,962,000 |
7,512,962,000 |
|
Capital Surplus |
13,637,126,402 |
13,642,023,648 |
13,254,982,674 |
|
Profit Surplus |
62,164,503,458 |
46,441,659,184 |
33,125,085,951 |
|
Capital Adjustment |
9,392,460,854 |
11,152,405,616 |
-742,247,101 |
|
Total Equity |
92,707,052,714 |
78,749,050,448 |
53,150,783,524 |
|
Liab. & Shareholder’s Equity |
136,054,807,111 |
122,501,507,465 |
87,923,923,116 |
Income
Statement
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
34,899,367,319 |
|
|
|
Cost of Sold Goods |
12,266,399,294 |
|
|
|
Gross Profit |
22,632,968,025 |
|
|
|
Other Operating Income |
200,305,667 |
|
|
|
Other Operating Expenses |
171,988,211 |
|
|
|
Selling & Admin. Expenses |
15,702,216,350 |
|
|
|
Operating Income |
6,959,069,131 |
|
|
|
Others |
-46,473,190 |
|
|
|
Finance Income |
552,133,068 |
|
|
|
Finance Expenses |
460,489,784 |
|
|
|
Income Before Taxes |
7,004,239,225 |
|
|
|
Income Taxes Expenses |
997,213,737 |
|
|
|
Net Income |
6,007,025,488 |
|
|
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
134,958,313,450 |
119,084,235,076 |
94,700,345,648 |
|
Cost of Sold Goods |
48,895,431,835 |
39,809,888,635 |
27,916,777,360 |
|
Gross Profit |
86,062,881,615 |
79,274,346,441 |
66,783,568,288 |
|
Selling & Admin. Expenses |
64,307,407,530 |
60,056,187,237 |
54,552,907,137 |
|
Operating Income |
21,755,474,085 |
19,218,159,204 |
12,230,661,151 |
|
Non-Operating Income |
2,616,984,457 |
2,093,232,734 |
4,622,412,842 |
|
Non-Operating Expenses |
5,058,351,421 |
6,041,720,855 |
6,069,127,869 |
|
Income Before Taxes |
19,314,107,121 |
15,269,671,083 |
10,783,946,124 |
|
Income Taxes Expenses |
2,470,652,297 |
1,070,105,210 |
1,909,550,527 |
|
Net Income |
16,843,454,824 |
14,199,565,873 |
8,874,395,597 |
Cash
Flows
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating Activities Cash Flows |
6,698,177,511 |
|
|
|
Net
Income |
6,007,025,488 |
|
|
|
Cash
Flows from Investing |
-6,374,245,083 |
|
|
|
Cash
Flows from Financing |
1,468,010,496 |
|
|
|
Increase/Decrease
in Cash |
1,770,756,965 |
|
|
|
Cash at the Beginning of Year |
7,397,629,235 |
|
|
|
Cash at the End of Year |
9,168,386,200 |
|
|
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
16,513,470,075 |
18,592,288,267 |
7,052,229,801 |
|
-Net Income |
16,843,454,824 |
14,199,565,873 |
8,874,395,597 |
|
-Exp.
without Cash Outflow |
7,638,739,158 |
8,288,872,795 |
7,423,871,327 |
|
-Revenue without
Cash Inflows |
-1,318,774,741 |
-704,697,440 |
-2,560,692,334 |
|
-Changes in
Asset/ & Liability |
-6,649,949,166 |
-3,191,452,961 |
-6,685,344,789 |
|
Cash Flows
from Investing |
-10,362,904,430 |
-19,066,084,266 |
-5,704,983,842 |
|
-Cash Inflow
from Investing |
6,752,366,249 |
2,426,283,227 |
1,432,241,561 |
|
-Cash
Outflows for Investing |
-17,115,270,679 |
-21,492,367,493 |
-7,137,225,403 |
|
Cash Flows
from Financing |
-4,837,111,496 |
1,242,468,764 |
-190,472,200 |
|
-Cash
Inflows from Financing |
2,303,429,155 |
8,312,407,783 |
8,419,666,606 |
|
-Cash
Outflows from Financing |
-7,140,540,651 |
-7,069,939,019 |
-8,610,138,806 |
|
Increase/Decrease
in Cash |
1,313,454,149 |
768,672,765 |
1,156,773,759 |
|
Cash at the
Beginning of Year |
6,084,175,086 |
5,315,502,321 |
4,158,728,562 |
|
Cash at the
End of Year |
7,397,629,235 |
6,084,175,086 |
5,315,502,321 |
Products, Technologies, Services Description
|
Main Products & Services |
Life-Saving Drugs such as Antibiotics &
Anti-Tumor Agents Over-the-Counter Drugs (including Vitamins
& Korean Ginseng products) Healthcare Supplements & Food Antibiotics & Anti-Tumor Agents Antinflammatory & Antidiabetic Agents Vitamins & Korean Ginseng Products |
Trade Partners & Competitors
|
Competitors |
JEIL PHARMACEUTICAL CO., LTD.(110111-0026652) 745-5, BANPO 1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-549-7451
FAX:+82-2-549-7478 BORYUNG PHARM CO., LTD.(110111-0012560) 15TH FL., BORYEONG BLDG., 66-21, WONNAM-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-708-8000
FAX:+82-2-742-6362 KWANGDONG PHARMACEUTICAL CO., LTD(110111-0152134) 4TH FL., GASAN BLDG., 1577-4, SEOCHO
3-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-6006-7777 FAX:+82-2-6006-702 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
KOREA UNITED PHARM GLOBAL
INC.(110111-3513680) (95.00% held by the subject company) UNITED INTERPHRAM CO., LTD.(110111-0408644) (39.39% held by the subject company) UST ENGINEERING CO., LTD.(110111-3634155) |
|
Affiliates-Overseas |
UNITED DOUGLAS PHARM, INC. (LUVERNE.
ALABAMA. USA) (97.50% held by the subject company) 72, JANE DR, LUVERNE, AL 36049, USA TEL:+1-334-335-4842 FAX:+1-334-335-2062 CSKIM@KUP.CO.KR KOREA UNITED PHARM. INT'L INC. (BINH DOUNG,
VIETNAM) (44.0% held by the subject company) 2A DAI LO TU DO BOULVARD, VSIP, THUAN AN
DISTRICT, BINH DUONG, VIETNAM
DIST.10, HOCHIMINH CITY, VIETNAM TEL:+84-650-782-980 FAX:+84-650-782-981 KUP.REP@HCM.VNN.VN EIMC UNITED PHARMA. CO. (EGYPT) (5.10% held by the subject company) |
|
Overseas Branch |
U.S.A 13940 DON JULIAN RD, LA PUENTE, CA91746 TEL:+1-626-968-7340 / 1-714-883-4128
FAX:+1-626-336-5465 PHILIPPINE UNIT 1106-A WEST TOWER PHILIPPINE STOCK
EXCHANGE CENTER, EXCHANGE ROAD, ORTIGAS CENTER, PASIG CITY, MANILA,
PHILIPPINES TEL:+632-634-8984,5 FAX:+632-634-8984,5 CVTEAM@ORGIO.NET VIETNAM E-TOWN BUILDIONG9.1(9TH FLOOR)364 CONGHOA
TANBINH DIST. HOCHIMINH CITY, VIETNAM TEL:+84-8-812-3915,6 FAX:+84-8-812-3917 KUP.REP@HCM.VNN.VN MYANMAR ROOM NO.302 IN 3-RD FLOOR OF THE DANATHIHA
BUILDING NO.790, BOGYOKE AUNG SAN ROAD, LANMADAW TOWNSHIP, YANGON, MYANMAR TEL:+95-1-211-824,5 FAX:+95-1-211-820 KUPM@MPTMAIL.NET.MM |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) -Sales Agent KOREA UNITED PHARM GLOBAL
INC.(110111-3513680) -Logistics Service UNITED INTERPHRAM CO., LTD.(110111-0408644) |
Sales by Region
(Activity &
Markets)
|
Sales/ Unit :Thousand KRW |
2010 |
2009 |
2008 |
|
Export |
3,803,157 |
18,770,770 |
17,805,191 |
|
Domestic |
31,096,210 |
116,187,543 |
101,279,044 |
|
Total |
34,899,367 |
134,958,313 |
119,084,235 |
The subject deals
with the companies in Asia, Middle East, South America and Middle America.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
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.