MIRA INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHINPOONG PHARMACEUTICAL CO., LTD. |
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Registered Office : |
434-4, Mongnae-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea, Zip Code 425-100 |
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Country : |
South Korea |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
23.07.1986 |
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Com. Reg. No.: |
134-81-03819 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture 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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South korea
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
SHINPOONG
PHARMACEUTICAL CO., LTD. (Korean Company
Name : “신풍제약(주)”) |
|
Registered Address |
434-4, Mongnae-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Zip Code |
425-100 |
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Tel |
+82-31-491-6191~2 |
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Fax |
+82-31-491-6193 |
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E-mail |
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Website |
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Trading Address |
748-31, Yeoksam-dong, Gangnam-gu, Seoul,
Korea |
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Tel |
+82-2-2189-3400 |
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Fax |
+82-2-2189-3439 |
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Type |
Export/Import |
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Industry |
Manufacture of Finished Medicaments |
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Main Business |
Anti-inflammatory Analgesic, Antibiotics,
Anti-cancer Medicine, Anthelmintics, Digestive |
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Established (mm/dd/yyyy) |
07/23/1986 |
The Subject owns
the premises of registered HQ address/Factory and the trading address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Antibiotics(51101500) |
|
Sell |
Nonsteroidal anti inflammatory drugs
NSAIDs(51142100) |
|
Sell |
Drugs used for respiratory tract
disorders(51161700) |
|
Sell |
Urinary anti infectives and analgesics(51102200) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Drugs used for gallbladder disease(51172000) |
|
Sell |
Anthelmintics and other antiparasitics(51101700) |
CEO’s
|
Name |
Kim Byung-Hwa |
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Date of Birth |
01/26/1944 |
|
Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
20,118,385,000 |
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Employees |
930 |
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Formation |
Listed Company (Korea Stock Exchange : 019170) as of 01/20/1990 |
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Bank Details |
Korea Exchange Bank-Yeoksam Dong Branch Shinhan Bank Korea Development Bank |
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Corporate Registered No. |
130111-0011815 |
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Business Registered No. |
134-81-03819 |
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Permit & Licenses |
Int’l Trade No.: 950923 |
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Shareholder Position |
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Company History |
2008 Completed PYRAMAX (new anti-malarial
Agent) dedicated factory in compliance with EU GMP in Ansan city. 2006 Awarded "Medicines for Malaria
Venture's (MMV) Project of the Year" for 2005. 2005 Awarded "Twenty Million US dollar
Export Tower" at the 42nd Trade day. 2004 Synthesized "Glimepiride". 2003 Synthesized "Cefmetazole
Sodium". 2002 Completed KGMP penicillin factory in
Ansan city. 2002 Established PHIL. SHINPOONG PHARMA
INC. in Philippines. 2001 Synthesized "Fosfomycin
Sodium" (antibiotic). 1999 Synthesized "Aceclofenac"
(NSAID). 1998 Synthesized "Tiropramide"
(antispasmodic agent). 1998 Synthesized "Doxifluridine"
(anticancer drug) for the second time in the world, the first time in Korea. 1997 Synthesized "Cefazedone
sodium" (antibiotic). 1997 Synthesized "Loxoprofen"
(NSAID) for the second time in the world. 1996 Established SHINPOONG DAEWOO PHARMA
CO., LTD. in Vietnam. 1995 Synthesized "Ceftizoxime"
(antibiotic). 1995 Established TIANJIN SHINPOONG PHARM.
CO., LTD. in China. 1992 Awarded "Ten Million US dollar
Export Tower" at the 29th Trade day. 1988 Established GENERAL MEDICINES CO.,
LTD. in Sudan. 07/23/1986 Incorporated as SHIN POONG
PHARM. CO., LTD. 1984 Conferred the Order of Civil Merit
MOK-RYUN Medal for the first time in Korean Pharmaceutical industry history. 1984 Completed the KGMP factory in Ansan
city. 1983 Synthesized
"Praziquantel"(anthelmintic) for the second time in the world. 1975 Synthesized
"Mebendazole"(anthelmintic). 1962 Established as SHIN POONG
PHARMACEUTICAL CO. |
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Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Byung-Hwa |
Korean |
1944.01.26 |
Kyungbuk National University, Korea |
|
Vice President & CEO |
Mr. |
Chang Won-Joon |
Korean |
1972.01.20 |
Aju University, Korea |
|
Vice President |
Mr. |
Lee Sung-Tae |
Korean |
1937.12.12 |
Seoul National University, Korea |
|
Vice President |
Mr. |
Kim Chang-Kyun |
Korean |
1956.03.03 |
Kyemyung University, Korea |
|
Outside Director |
Mr. |
Cho Hyun-Je |
Korean |
1936.09.13 |
Sogang University, Korea |
|
Outside Director |
Mr. |
Jung Jin-Young |
Korean |
1959.04.10 |
- |
|
Auditor |
Mr. |
Yoon Duck-Soo |
Korean |
1938.02.25 |
- |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
167,923,927,523 |
326,995,171,680 |
19,600,673,137 |
|
|
2010 |
225,694,108,590 |
317,296,340,494 |
21,705,585,162 |
|
2009 |
207,944,403,845 |
292,224,036,233 |
18,861,690,865 |
|
2008 |
181,354,253,481 |
252,887,164,135 |
10,190,277,455 |
|
2007 |
161,393,076,297 |
212,248,883,926 |
8,809,137,852 |
|
2006 |
154,979,986,643 |
196,130,857,044 |
21,899,546,370 |
|
2005 |
150,027,107,159 |
184,599,750,889 |
11,831,931,590 |
|
2004 |
138,749,317,287 |
169,201,648,928 |
1,387,072,281 |
Financial Description
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
20,118,385,000 |
|
Total Issues Shares |
4,023,677(Common:3,803,677, Preferable:220,000) |
Balance
Sheet
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
378,419,422,739 |
371,175,079,579 |
|
|
Current
Assets |
207,945,646,658 |
205,982,788,129 |
|
|
Cash & Cash Equivalents |
3,857,345,760 |
2,210,726,090 |
|
|
Trade Receivables & Other
Receivables |
160,900,790,214 |
161,106,419,567 |
|
|
Other Current Financial
Instruments |
2,065,000,000 |
2,660,000,000 |
|
|
Other Current Non-Financial
Instruments |
952,753,628 |
1,022,045,981 |
|
|
Inventories |
40,169,757,056 |
38,983,596,491 |
|
|
Non-Current
Assets |
170,473,776,081 |
165,192,291,450 |
|
|
Other Non-Current Non-Financial
Instruments |
69,626,243 |
69,526,243 |
|
|
Other Non-Current Financial
Instruments |
2,413,670,870 |
2,200,670,870 |
|
|
Tangibles |
139,000,366,147 |
138,736,002,462 |
|
|
Intangibles |
7,610,867,822 |
2,806,846,876 |
|
|
Investment_Joint Venture |
17,355,913,827 |
17,355,913,827 |
|
|
Investment_Subsidiaries |
7,265,691,160 |
7,265,691,160 |
|
|
Investment_Related Companies |
10,090,222,667 |
10,090,222,667 |
|
|
Deferred Income Tax Assets |
4,023,331,172 |
4,023,331,172 |
|
|
Total
Liabilities |
210,091,885,054 |
209,127,359,487 |
|
|
Current
Liabilities |
167,907,520,903 |
163,746,555,144 |
|
|
Trade Payables & Other
Payables |
32,421,675,723 |
30,584,014,837 |
|
|
Short-Term Borrowings |
117,722,479,034 |
120,379,388,026 |
|
|
Other Current Financial
Instruments |
4,572,033,578 |
3,410,489,412 |
|
|
Other Current Non-Financial
Instruments |
6,834,328,365 |
4,521,905,236 |
|
|
Accrued Income Tax |
6,357,004,203 |
4,850,757,633 |
|
|
Non-Current
Liabilities |
42,184,364,151 |
45,380,804,343 |
|
|
Long-Term Borrowings |
18,429,110,925 |
20,245,721,176 |
|
|
Other Non-Current Financial Debts |
129,747,600 |
129,747,600 |
|
|
Provision for Severance & Retirement |
16,786,492,192 |
16,538,575,728 |
|
|
Non-Current Portion of Provisions |
6,410,091,925 |
8,037,838,330 |
|
|
Deferred Income Tax Credit |
428,921,509 |
428,921,509 |
|
|
Capital Stock |
41,859,775,315 |
41,859,775,315 |
|
|
Profit Surplus |
137,463,386,541 |
131,709,568,948 |
|
|
Others |
-10,995,624,171 |
-11,521,624,171 |
|
|
Total Equity |
168,327,537,685 |
162,047,720,092 |
|
|
Liab.
& Shareholder’s Equity |
378,419,422,739 |
371,175,079,579 |
|
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
317,296,340,494 |
292,224,036,233 |
252,887,164,135 |
|
Current Assets |
165,651,484,793 |
147,237,102,246 |
133,413,832,509 |
|
-Quick Assets |
126,667,888,302 |
115,707,079,766 |
103,981,450,431 |
|
-Inventories |
38,983,596,491 |
31,530,022,480 |
29,432,382,078 |
|
Fixed Assets |
151,644,855,701 |
144,986,933,987 |
119,473,331,626 |
|
-Investment |
16,388,029,441 |
16,568,855,617 |
17,873,680,750 |
|
-Tangibles |
127,268,816,515 |
119,440,198,954 |
96,149,246,528 |
|
-Intangibles |
1,490,994,141 |
1,194,360,099 |
306,720,883 |
|
-Others |
6,497,015,604 |
7,783,519,317 |
5,143,683,465 |
|
Total Liabilities |
167,025,951,976 |
160,990,336,389 |
136,860,122,847 |
|
Current Liabilities |
123,856,905,173 |
102,407,871,655 |
85,492,995,993 |
|
Fixed Liabilities |
43,169,046,803 |
58,582,464,734 |
51,367,126,854 |
|
Capital Stock |
20,118,385,000 |
20,118,385,000 |
20,118,385,000 |
|
Capital Surplus |
21,875,347,278 |
21,875,347,278 |
21,875,347,278 |
|
Profit Surplus |
118,548,488,051 |
98,975,159,939 |
81,895,328,024 |
|
Capital Adjustment |
-10,271,831,811 |
-9,735,192,373 |
-7,862,019,014 |
|
Total Equity |
150,270,388,518 |
131,233,699,844 |
116,027,041,288 |
|
Liab. & Shareholder’s Equity |
317,296,340,494 |
292,224,036,233 |
252,887,164,135 |
|
Current
Liabilities |
123,856,905,173 |
102,407,871,655 |
85,492,995,993 |
|
Trade
Payables |
5,657,911,304 |
5,831,708,119 |
4,088,128,680 |
|
Short-Term
Borrowings |
79,014,596,523 |
76,210,050,098 |
57,506,309,776 |
|
Account
Payables |
2,812,305,281 |
3,039,595,217 |
5,971,418,314 |
|
Advance
Receipts |
15,532,279 |
537,561 |
- |
|
Withholdings |
488,421,500 |
317,898,572 |
246,558,333 |
|
Accrued
Expenses |
3,410,489,412 |
3,386,845,895 |
4,433,083,099 |
|
Accrued
Income Tax |
4,850,757,633 |
8,432,072,965 |
7,431,561,020 |
|
Deferred
Income Tax Credit |
428,921,509 |
1,443,266,969 |
2,164,975,396 |
|
Current
Portion of Long-Term Debts |
18,692,892,354 |
802,545,190 |
744,901,053 |
|
Other Current Liabilities |
3,485,077,378 |
2,943,351,069 |
2,906,060,322 |
|
Debentures |
5,000,000,000 |
- |
- |
|
Fixed
Liabilities |
43,169,046,803 |
58,582,464,734 |
51,367,126,854 |
|
Long-Term Borrowings |
20,010,639,280 |
39,300,854,805 |
35,823,275,034 |
|
Long-Term Account Payables |
129,747,600 |
277,523,800 |
0 |
|
Provision for Refund |
8,037,838,330 |
5,303,879,062 |
3,337,235,810 |
|
Finance
Lease Debts |
235,081,896 |
382,866,498 |
579,056,636 |
|
Provision
for Severance & Retirement |
16,542,361,660 |
14,742,834,736 |
12,793,295,515 |
Income
Statement
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
57,272,478,716 |
|
|
|
Cost of Sold Goods |
29,423,658,603 |
|
|
|
Gross Profit |
27,848,820,113 |
|
|
|
Selling & Admin.
Expenses |
15,619,379,363 |
|
|
|
Other Operating
Income |
800,980,705 |
|
|
|
Other Operating
Expenses |
5,001,013 |
|
|
|
Operating Income |
13,025,420,442 |
|
|
|
Finance Income |
1,463,375,309 |
|
|
|
Finance Expenses |
2,610,689,788 |
|
|
|
Income Before Taxes |
11,878,105,963 |
|
|
|
Income Taxes Expenses |
3,466,031,320 |
|
|
|
Net Income |
8,412,074,643 |
|
|
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
225,694,108,590 |
207,944,403,845 |
181,354,253,481 |
|
Cost of Sold Goods |
118,074,958,831 |
107,190,317,939 |
88,520,229,777 |
|
Gross Profit |
107,619,149,759 |
100,754,085,906 |
92,834,023,704 |
|
Selling & Admin. Expenses |
64,887,211,368 |
69,292,789,888 |
64,743,356,291 |
|
Operating Income |
42,731,938,391 |
31,461,296,018 |
28,090,667,413 |
|
Non-Operating Income |
4,164,486,742 |
5,723,373,240 |
8,758,960,728 |
|
Non-Operating Expenses |
8,746,131,508 |
8,655,076,720 |
18,327,741,568 |
|
Ordinary Income |
38,150,293,625 |
28,529,592,538 |
18,521,886,573 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
38,150,293,625 |
28,529,592,538 |
18,521,886,573 |
|
Income Taxes Expenses |
16,444,708,463 |
9,667,901,673 |
8,331,609,118 |
|
Net Income |
21,705,585,162 |
18,861,690,865 |
10,190,277,455 |
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 |
11,963,183,646 |
|
|
|
Cash
Flows from Investing |
-6,485,614,670 |
|
|
|
Cash
Flows from Financing |
-3,830,949,306 |
|
|
|
Increase/Decrease in Cash |
1,646,619,670 |
|
|
|
Cash at the Beginning of Year |
2,210,726,090 |
|
|
|
Cash at the End of Year |
3,857,345,760 |
|
|
Cash
Flows
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
11,413,697,558 |
9,567,962,526 |
24,657,645,319 |
|
-Net Income |
21,705,585,162 |
18,861,690,865 |
10,190,277,455 |
|
-Exp. without Cash Outflow |
14,097,606,347 |
17,945,454,555 |
23,520,656,005 |
|
-Revenue without Cash Inflows |
-2,337,265,522 |
-3,876,683,115 |
-5,726,352,649 |
|
-Changes in Asset/ & Liability |
-22,052,228,429 |
-23,362,499,779 |
-3,326,935,492 |
|
Cash Flows from Investing |
-16,967,951,351 |
-31,244,479,564 |
-43,604,704,822 |
|
-Cash Inflow from Investing |
2,925,341,060 |
2,297,206,097 |
2,791,437,090 |
|
-Cash Outflows for Investing |
-19,893,292,411 |
-33,541,685,661 |
-46,396,141,912 |
|
Cash Flows from Financing |
4,721,959,583 |
23,978,894,671 |
17,330,868,322 |
|
-Cash Inflows from Financing |
7,804,546,425 |
33,488,869,849 |
23,681,231,391 |
|
-Cash Outflows from Financing |
-3,082,586,842 |
-9,509,975,178 |
-6,350,363,069 |
|
Increase/Decrease in Cash |
-832,294,210 |
2,302,377,633 |
-1,616,191,181 |
|
Cash at the Beginning of Year |
3,043,020,300 |
740,642,667 |
2,356,833,848 |
|
Cash at the End of Year |
2,210,726,090 |
3,043,020,300 |
740,642,667 |
Products, Technologies, Services Description
|
Main Products & Services |
Antibiotics Analgesic, Anti-inflammatory, Antipyretics Anti-inflammatory Enzyme Corticosteroids Antacids Digestives and antiulcer agents Antispasmodics Sedative agent Geriatric agents and Vitamins Ageuts Drugy, Calcium Supplement Prophylaxic and therapy of liver disease Amino Acids Gingival agents Antitussives and Expectorants Antihistamines Thrombolytics Antihypertensives Hemostatics Antidiabetics Cerebral Circulation and Metabolism Amelioraters For disk and peripheral Neuropathies Ophthalmic Agents Otorthinologic Agents Otorhinologic agents Anti-Fungal Agents Antimycotics Topical Dermatic Prepar Anthelmintics Remedy for tropical diseases |
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 |
TIANJIN SHINPOONG PHRAM. CO., LTD.(CHINA) (45.0% held by the subject company) SHINPOONG DAEWOO PHARMA. CO., LTD.(VIETNAM) (94.1% held by the subject company) GENERAL MEDICINES CO., LTD.(SUDAN) (33.3% held by the subject company) PHILIPPINE SHINPOONG PHRAMA CO., LTD. (80.0% held by the subject company) |
|
Subsidiary |
SHINPOONG DAEWOO PHARMA. CO., LTD.(VIETNAM) (95.4% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
03/2011 |
2010 |
2009 |
|
Export |
4,444 |
25,636 |
24,674 |
|
Domestic |
52,828 |
200,058 |
183,270 |
|
Total |
57,272 |
225,694 |
207,944 |
The Subject deals
with the companies in China and Vietnam.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
Civil Court in Vietnam |
The Subject Company |
CODUPHA(Vietnam) |
Claim for Receivables |
$1,160,000 |
Filed as of 05/2004 |
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
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.