MIRA INFORM REPORT

 

 

Report Date :

12.03.2011

 

IDENTIFICATION DETAILS

 

Name :

DAEWOONG BIO INC.

 

 

Registered Office :

Hyangnam Pharmaceutical Industries Complex 906-5, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea 445-922

 

 

Country :

South Korea

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

02.04.2009

 

 

Com. Reg. No.:

124-86-77584

 

 

Legal Form :

Company Ltd by shares

 

 

Line of Business :

Manufacture of Medicinal Chemicals and Antibiotics

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

DAEWOONG BIO INC.

(Korean Company Name : “대웅바이오(주)”)

Registered Address

906-5, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea

Building

Hyangnam Pharmaceutical Industries Complex

Zip Code

445-922

Tel

+82-31-353-5271~3

Fax

+82-31-353-5626

E-mail

tony@daewoong.co.kr;dwle@daewoong.co.kr

Website

www.daewoongchemical.co.kr

Trading Address

Daewoong Pharmaceutical Bldg.,163-3, Samseong-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-550-8641

Fax

+82-2-550-8249

Type

Export/Import

Industry

Manufacture of Medicinal Chemicals and Antibiotics

  Main Business

Ursodeoxycholic Acid, Amoxicillin, Ceftriaxone Sodium, Coenzyme Q10, Cefodizime Sodium, Cefotiam Hydrochloride, Lansoprazole, Fluconazole

Established (mm/dd/yyyy)

04/02/2009

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Drugs and Pharmaceutical Products(51000000)

Sell

Penicillin(51101507)

 

 

CEO’s

 

Name

Lee Jong-Wook

Address

Suite 117-603, 155, Seongbok-dong, Suji-gu, Yongin-si, Gyeonggi-do, Korea

Date of Birth

03/10/1949

Title

Co-President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

1,000,000,000

Employees

138

Formation

Co., Ltd by shares

A Company of DAEWOONG GROUP

Bank Details

Woori Bank-Samsung Dong Branch

Corporate Registered No.

134811-0172221

Business Registered No.

124-86-77584

Permit & Licenses

Int’l Trade No.: 45370498

Shareholder Position

Name

Shares

%

DAEWOONG CO., LTD.(131111-0000271)

200,000

100.00

TOTAL

200,000

100.00

Company History

04/02/2009 Incorporated as the present name after spinning off Raw Materials Business for Pharmaceuticals from DAEWOONG CHEMICAL CO., LTD.(131112-0004827) located at 906-5, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea.

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Co-President & CEO

Mr.

Lee Jong-Wook

Male

Korean

12/10/2009

Co-President & CEO

Mr.

Yoon Jae-Seung

Male

Korean

06/08/2009

Director

Mr.

Yoon Jae-Hoon

Male

Korean

04/02/2009

Director

Mr.

Yoon Jae--Choon

Male

Korean

04/02/2009

Director

Mr.

Seo Jong-Won

Male

Korean

06/28/2010

Auditor

Mr.

Lee Jin-Ho

Male

Korean

04/02/2009

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

03/2010

101,131,109,420

96,739,291,272

9,026,412,992

03/2009

 

 

 

 

Financial Description

 

Authorized Capital(KRW)

5,000,000,000

Paid-Up Capital(KRW)

1,000,000,000

Total Issues Shares

200,000

 

 

Balance Sheet

 

Unit : Korean Won

04/01/2009~03/31/2010

Total Assets

96,739,291,272

Current Assets

47,027,655,844

-Quick Assets

30,853,939,238

-Inventories

16,173,716,606

Fixed Assets

49,711,635,428

-Investment

5,167,351,207

-Tangibles

43,999,287,531

-Intangibles

284,699,128

-Others

260,297,562

Total Liabilities

23,339,082,968

Current Liabilities

19,930,939,913

Fixed Liabilities

3,408,143,055

Capital Stock

1,000,000,000

Capital Surplus

63,373,795,312

Profit Surplus

9,026,412,992

Capital Adjustment

-

Total Equity

73,400,208,304

Liab. & Shareholder’s Equity

96,739,291,272

 

 

Current Liabilities

19,930,939,913

Trade Payables

14,803,654,346

Account Payables

3,648,869,619

Accrued Income Tax

1,343,943,667

Withholdings

64,049,400

Advance Receipts

70,422,881

Fixed Liabilities

3,408,143,055

Provision for Severance & Retirement

1,867,666,660

Leasehold Deposit Received

3,000,000,000

 

 

Income Statement

 

Unit : Korean Won

04/01/2009~03/31/2010

Sales

101,131,109,420

Cost of Sold Goods

82,432,798,081

Gross Profit

18,698,311,339

Selling & Admin. Expenses

7,007,623,370

Operating Income

11,690,687,969

Non-Operating Income

2,541,586,970

Non-Operating Expenses

2,167,282,848

Ordinary Income

12,064,992,091

Special Income

-

Income Before Taxes

12,064,992,091

Income Taxes Expenses

3,038,579,099

Net Income

9,026,412,992

 

 

Cash Flows

 

Unit : Korean Won

04/01/2009~03/31/2010

Cash Flows from Operating

7,417,333,376

-Net Income

9,026,412,992

-Exp. without Cash Outflow

4,202,087,190

-Revenue without Cash Inflows

(-)71,647,899

-Changes in Asset/ & Liability

(-)5,739,518,907

Cash Flows from Investing

(-)2,604,773,741

-Cash Inflow from Investing

5,069,204,400

-Cash Outflows for Investing

(-)7,673,978,141

Cash Flows from Financing

(-)4,000,000,000

-Cash Inflows from Financing

-

-Cash Outflows from Financing

(-)4,000,000,000

Increase/Decrease in Cash

812,559,635

Cash at the Beginning of Year

3,428,037,858

Cash at the End of Year

4,240,597,493

 

 

Products, Technologies, Services Description

 

Main Products & Services

Ursodeoxycholic Acid, Amoxicillin, Ceftriaxone Sodium, Coenzyme Q10, Cefodizime Sodium, Cefotiam Hydrochloride, Lansoprazole, Fluconazole

 

 

Trade Partners & Competitors

 

Competitors

YUHAN CORPORATION

49-6, DAEBANG-DONG, DONGJAK-GU, SEOUL, KOREA

TEL:+82-2-828-0181  FAX:+82-2-828-0300

 

KUNWHA PHARMACEUTICAL CO., LTD.

94, GARAKBON-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-2047-7700  FAX:+82-2-430-1135

 

YUHAN CHEMICAL INC.

5BA-402, SIHWA INDUSTRIAL COMPLEX, 678-1, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-488-5800  FAX:+82-31-499-4115

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

DAEWOONG CO., LTD.(110111-2857146)

DAEWOONG INTERNATIONAL CORP.(110111-0742985)

R&P KOREA CO., LTD.(110111-0358021)

DAEWOONG MANEGEMENT DEVELOPMENT INSTITUTE(110111-0776463)

CG BIO CO., LTD.

DAEWOONG PHARMACEUTICAL CO., LTD.(134811-0075342)

DAEWOONG CHEMICAL CO., LTD.(131112-0004827)

DAEWOONG NUTRITIONS CO., LTD.(210111-0013294)

EZMEDICOM CO., LTD.(110111-2063818)

SANWOONG DEVELOPMENT CO., LTD.(110111-0978671)

SANWOONG ENGINEERING CO., LTD.(134811-0034421)

PHARMPAC CO., LTD.(134811-0048307)

PAGE1 CO., LTD.(110111-1771040)

DAEWOONG DEVELOPMENT CO., LTD.(131111-0083649)

IDS&TRUST CO., LTD.(110111-1234006)

BEST SYSTEM CO., LTD.(110111-1639850)

JEJU MOVIELAND CO., LTD.(224111-0014832)

D&P NATURAL MATERIAL RESEARCH INSTITUTE(134511-0102026)

HEALIENCE CO., LTD.(110111-3265778)

BIO AGE CO., LTD.(110111-2458689)

MD WELL INC.(110111-3716854)

HR GROUP CO., LTD.

TRUST CO., LTD.

BIO ALPHA CO., LTD.(110111-1904518)

 

DAEWOONG PHARMACEUTICAL(THAILAND)CO., LTD

DAEWOONG PHARM PHILIPPINES, INCORPORATED

BEIJING DAEWOONG PHARMACEUTICAL R&D CENTER CO., LTD.

Subsidiary

PT DAEWOONG RIASIMA INDONESIA

(50.0% held by the subject company)

 

SACHUN DAEWOONG BIO TECHNOLOGY CO., LTD.(CHINA)

 

BIO ALPHA CO., LTD.(110111-1904518)

Cooperative Enterprise

-Insured Company

DONGBU INSURANCE CO., LTD.(110111-0095285)

HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456)

LIG INSURANCE CO., LTD.(110111-0017859)

 

 

Sales by Region (Activity & Markets)

 

The Subject deals with the companies in China, Taiwan, India, Japan, Russia and USA.

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (KRW)

Status

 

Busan High Court

Kim Hyun-Woong & Others(2)

The Subject Company

Claim for Compensation from Damages

297,378,000

2nd round is proceeding.

 

 

News Clipping

 

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FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.72.55

Euro

1

Rs.62.43

 

 

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

 

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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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.