|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SINIL
PHARMACEUTICAL CO., LTD. |
|
|
|
|
|
|
Registered Office : |
San 5-1, Bonpyeong-ri, Angseong-myeon,
Chungju-si, Chungcheongbuk-do, Korea 380-862 |
|
|
|
|
|
|
Country : |
South Korea |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
21.12.1977 |
|
|
|
|
|
|
Com. Reg. No.: |
303-81-13742 |
|
|
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
|
|
Line of Business : |
Manufacture of Finished Medicaments |
|
|
|
|
|
|
No. of Employees : |
291 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past
four decades has demonstrated incredible growth and global integration to
become a high-tech industrialized economy. In the 1960s, GDP per capita was
comparable with levels in the poorer countries of Africa and Asia. In 2004, South
Korea joined the trillion dollar club of world economies, and currently is
among the world's 20 largest economies. Initially, a system of close government
and business ties, including directed credit and import restrictions, made this
success possible. The government promoted the import of raw materials and
technology at the expense of consumer goods, and encouraged savings and
investment over consumption. The Asian financial crisis of 1997-98 exposed
longstanding weaknesses in South Korea's development model including high
debt/equity ratios and massive short-term foreign borrowing. GDP plunged by
6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous
economic reforms following the crisis, including greater openness to foreign
investment and imports. Growth moderated to about 4% annually between 2003 and
2007. With the global economic downturn in late 2008, South Korean GDP growth
slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to
recover, in large part due to export growth, low interest rates, and an
expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South
Korea Free Trade Agreement was ratified by both governments and is projected to
go into effect in early 2012. The South Korean economy's long term challenges
include a rapidly aging population, inflexible labor market, and heavy reliance
on exports - which comprise half of GDP.
Source
: CIA
|
Company Name |
SINIL
PHARMACEUTICAL CO., LTD. (Korean Company
Name : “신일제약(주)”) |
|
Registered Address |
San 5-1, Bonpyeong-ri, Angseong-myeon,
Chungju-si, Chungcheongbuk-do, Korea |
|
Building |
|
|
Zip Code |
380-862 |
|
Tel |
+82-43-855-3941 +82-43-722-3300 |
|
Fax |
+82-43-855-3944 |
|
E-mail |
kokh@sinilpharm.com |
|
Website |
www.sinilpharm.com |
|
Trading Address |
315-18, Jangan 2-dong, Dongdaemun-gu,
Seoul, Korea |
|
Tel |
+82-2-2211-6700 |
|
Fax |
+82-2-2242-0608 +82-2-2242-4659 |
|
Other Address-Gyeonggi Branch |
1125, Sanbon-dong, Gunpo-si, Gyeonggi-do,
Korea |
|
Tel |
+82-31-392-5303~4 |
|
Fax |
+82-31-392-5305 |
|
Other Address-Incheon Branch |
1086-2, Gyesan 4-dong, Gyeyang-gu, Incheon, Korea |
|
Tel |
+82-32-542-0492 |
|
Fax |
+82-32-542-0493 |
|
Type |
Export |
|
Industry |
Manufacture of Finished Medicaments |
|
Main
Business |
Bronchus Disease Emperor, Anodyne, Muscle Relaxant, Various Disease
Cures, Vitamin Compound, Inorganic Matter Emperor, Fever Remedy, Antibiotic |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/21/1977 |
The Subject owns the
premises of registered HQ address/Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Non narcotic analgesics and antipyretics(51142000) |
|
Sell |
Cimetidine(51171901) |
|
Name |
Kim Young-Sang |
|
Date of Birth |
09/27/1947 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,950,000,000 |
|||||||||||||||||||||||||||
|
Employees |
291 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 012790) as of 08/13/1999 |
|||||||||||||||||||||||||||
|
Bank Details |
Korea Development Bank |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
115211-0000790 |
|||||||||||||||||||||||||||
|
Business Registered No. |
303-81-13742 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No. : 11730664 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
12/21/1977 Incorporated as Sinil PHARMACEUTICAL
Industries Co., Ltd. 05/15/1984 Designated as a Promising SME by SBC 05/1995 Moved to the present HQ address from 169, Deokso-ri, Wabu-eup,
Namyangju-si, Gyeonggi-do, Korea 06/01/1995 Changed company name to the
present name 02/2000 Spin off the par value to 500 KRW
from 5,000 KRW 06/28/2000
Changed English company spelling to SINIL
PHARMACEUTICAL CO., LTD., from SHINIL PHARMACEUTICAL CO., LTD. |
|||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman |
Mr. |
Hong Sung-So |
Korean |
1938-02-17 |
Sungkyunkwan University, Korea |
|
President & CEO |
Mr. |
Kim Young-Sang |
Korean |
1947-09-27 |
Kyunghee University, Korea |
|
Vice President |
Mr. |
Jung Mi-Keun |
Korean |
1954-03-15 |
Sungkyunkwan University, Korea |
|
Sr. Executive Director |
Mr. |
Hong Jae-Hyun |
Korean |
1971-09-29 |
Dongduck Women's University |
|
Director |
Mr. |
Hong Hyun-Ki |
Korean |
1975.06 |
Long Island University, USA |
|
Outside Director |
Mr. |
Hwang Kyu-Jong |
Korean |
1949-06-21 |
Hankuk University of Foreign Stiudies |
|
Outside Director |
Mr. |
Kim Deok-Bong |
Korean |
1946.07 |
Present President & CEO of Hyundai
Nongwon Co., Ltd. |
|
Auditor |
Mr. |
Choi Se-Mook |
Korean |
1962-06-18 |
Worked for EAGON INDUSTRIAL LTD. and Daewoo
Information System Co., Ltd. |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
30,197,450,480 |
61,804,976,374 |
3,413,120,464 |
|
|
(*)2011 |
33,729,178,162 |
60,702,645,311 |
3,111,515,839 |
|
(*)2010 |
36,161,599,217 |
59,556,597,971 |
4,014,544,309 |
|
2009 |
43,577,877,553 |
58,169,932,858 |
3,751,265,299 |
|
2008 |
38,559,442,601 |
54,975,553,333 |
3,401,621,045 |
|
2007 |
33,800,540,465 |
48,611,265,578 |
3,262,567,042 |
|
2006 |
30,549,131,562 |
45,304,570,792 |
2,654,986,800 |
|
2005 |
28,935,298,247 |
44,446,835,727 |
3,707,619,311 |
|
2004 |
26,190,271,971 |
40,437,673,922 |
3,232,477,412 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
3,950,000,000 |
|
Total Issued Shares |
7,900,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
61,804,976,374 |
60,702,645,311 |
59,556,597,971 |
|
Current
Assets |
36,467,244,706 |
34,840,699,078 |
34,428,487,436 |
|
Cash & Cash Equivalents |
2,854,322,974 |
2,509,274,018 |
5,037,082,142 |
|
National Subsidies |
-314,652,507 |
-75,149,523 |
-341,302,826 |
|
Current Financial Instruments |
9,788,606,239 |
7,599,762,245 |
4,023,733,751 |
|
Trade Receivables & Other
Receivables |
17,445,117,194 |
17,653,619,257 |
18,762,669,496 |
|
Other Current Assets |
631,718,615 |
332,597,652 |
122,413,833 |
|
Inventories |
6,062,132,191 |
6,820,595,429 |
6,823,891,040 |
|
Non-Current
Assets |
25,337,731,668 |
25,861,946,233 |
25,128,110,535 |
|
Marketable Financial Instruments |
639,590,396 |
1,366,708,250 |
1,398,521,750 |
|
Long-Term Trade Receivables &
Other Receivables |
936,733,819 |
1,006,170,768 |
920,070,420 |
|
Investment_Real Estates |
6,098,213,487 |
6,106,430,996 |
6,117,387,675 |
|
Tangibles |
12,491,970,843 |
12,406,386,164 |
12,683,620,232 |
|
Intangibles |
4,243,185,392 |
3,910,623,201 |
2,643,227,995 |
|
Other Non-Current Assets |
|
|
87,222,249 |
|
Deferred Income Tax Assets |
928,037,731 |
1,065,626,854 |
1,278,060,214 |
|
Total
Liabilities |
7,049,327,459 |
8,798,819,324 |
9,980,410,669 |
|
Current
Liabilities |
6,772,411,237 |
5,937,537,424 |
5,924,631,964 |
|
Short-Term Borrowings |
884,633,676 |
1,054,947,617 |
1,000,170,285 |
|
Trade Payables & Other
Payables |
3,852,265,092 |
2,613,607,205 |
2,668,866,836 |
|
Deferred Income Tax Assets |
434,511,861 |
42,926,718 |
79,618,267 |
|
Other Current Liabilities |
829,346,969 |
932,780,266 |
829,324,779 |
|
Provisions |
750,153,639 |
750,355,618 |
803,731,797 |
|
Current Portion of Long-Term
Debts |
21,500,000 |
542,920,000 |
542,920,000 |
|
Non-Current
Liabilities |
276,916,222 |
2,861,281,900 |
4,055,778,705 |
|
Long-Term Borrowings |
|
1,635,490,000 |
2,178,410,000 |
|
Provision for Severance &
Retirement |
85,916,222 |
1,034,791,900 |
1,706,368,705 |
|
Long-Term Trade Payables &
Other Payables |
191,000,000 |
191,000,000 |
171,000,000 |
|
Capital
Stock |
3,950,000,000 |
3,950,000,000 |
3,950,000,000 |
|
Capital Surplus |
2,671,000,000 |
2,671,000,000 |
2,671,000,000 |
|
Profit Surplus |
48,184,062,115 |
45,371,341,651 |
43,071,132,933 |
|
Others |
-49,413,200 |
-88,515,664 |
-115,945,631 |
|
Total Equity |
54,755,648,915 |
51,903,825,987 |
49,576,187,302 |
|
Liab. & Shareholder’s Equity |
61,804,976,374 |
60,702,645,311 |
59,556,597,971 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
30,197,450,480 |
33,729,178,162 |
36,161,599,217 |
|
Cost of Sold Goods |
16,432,733,781 |
17,234,246,242 |
18,717,745,211 |
|
Gross Profit |
13,764,716,699 |
16,494,931,920 |
17,443,854,006 |
|
Selling & Admin. Expenses |
9,482,770,802 |
13,181,001,085 |
13,090,248,746 |
|
Other Operating Income |
167,801,575 |
312,643,967 |
775,792,370 |
|
Other Operating Expenses |
13,790,456 |
44,775,613 |
132,786,918 |
|
Operating Income |
4,435,957,016 |
3,581,799,189 |
4,996,610,712 |
|
Finance Income |
634,206,101 |
544,555,086 |
326,142,297 |
|
Finance Expenses |
976,088,065 |
357,540,856 |
373,313,718 |
|
Income Before Taxes |
4,094,075,052 |
3,768,813,419 |
4,949,439,291 |
|
Income Taxes Expenses |
680,954,588 |
657,297,580 |
934,894,982 |
|
Net Income |
3,413,120,464 |
3,111,515,839 |
4,014,544,309 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
6,874,175,411 |
4,900,588,725 |
7,413,047,530 |
|
Net Income |
3,413,120,464 |
3,111,515,839 |
4,014,544,309 |
|
Adjustment |
3,210,638,251 |
2,148,257,391 |
5,422,879,046 |
|
Interests Received |
609,976,271 |
403,148,829 |
235,583,393 |
|
Interests Paid |
-205,731,597 |
-285,727,427 |
-427,608,681 |
|
Dividends Received |
1,808,250 |
2,395,500 |
2,220,750 |
|
Income Taxes |
-155,636,228 |
-479,001,407 |
-1,834,571,287 |
|
Cash Flows from Investing |
-3,992,847,514 |
-6,459,854,262 |
-5,271,349,184 |
|
Cash Flows from Financing |
-2,536,278,941 |
-968,542,668 |
-1,371,455,515 |
|
Increase/Decrease in Cash |
345,048,956 |
-2,527,808,124 |
770,263,787 |
|
Cash at the Beginning of Year |
2,509,274,018 |
5,037,082,142 |
4,266,818,355 |
|
Cash at the End of Year |
2,854,322,974 |
2,509,274,018 |
5,037,082,142 |
|
Main Products & Services |
Antitussives, Expectorants Antacids Anti - Antipyretic, Analgesic, Inflammatory
agents Digestives Antiulcerants Drugs acting on gram-negative Antispasmotics Other Alimentary tract agent Drugs acting on gram-positive, rickettsiae,
virus Drugs acting on gram-positive,
negative,rickettsiae,virus Vitamin E & K Other Circulation Other Chemotherapeutic agents |
|
Suppliers |
KOREA PHARMACEUTICALS ASSOCIATION
COOPERATIVE |
|
Customers |
SAMYOUNG MEDICAL CO., LTD. |
|
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 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Cooperative Enterprise |
CHUNBUK TECHNOPARK ITEP -Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
678 |
1,089 |
|
|
Domestic |
29,520 |
32,582 |
|
|
Total |
30,198 |
33,671 |
|
The Subject exports
to Vietnam.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
|
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.