MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

IDENTIFICATION DETAILS

 

Name :

HANMI PHARM CO., LTD.

 

 

Registered Office :

893-5, Hajeo-ri, Paltan-myeon, Hwaseong-si, Gyeonggi-do, Korea 445-958

 

 

Country :

South Korea

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

01.07.2010

 

 

Com. Reg. No.:

124-87-00613

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Medicinal Medicaments

 

 

No. of Employees :

1,751

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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

(31.03.2012)

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

 

Basic Information

 

Company Name

HANMI PHARM CO., LTD.

Registered Address

893-5, Hajeo-ri, Paltan-myeon, Hwaseong-si, Gyeonggi-do, Korea

Zip Code

445-958

Tel

+82-31-350-5600

Fax

+82-31-356-5151

E-mail

webmaster2@hanmi.co.kr

Website

www.hanmi.co.kr

Trading Address

893-5, Hajeo-ri, Paltan-myeon, Hwaseong-si, Gyeonggi-do, Korea

Tel

+82-31-350-5600

Fax

+82-31-356-5151

Other Address-R&D Center

377-1, Yeongcheon-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea

Tel

+82-31-371-5114

Fax

+82-31-371-5119

Other Address-Global Business

45, Bangi-dong, Songpa-gu, Seoul, Korea

Tel

+82-2-410-9114

Fax

+82-2-410-9119

Type

Export/Import

Industry

Manufacture of Medicinal Medicaments

  Main Business

Digestion Reinforcing Agent, Vitamin Compound, Antibiosis Emperor

Established (mm/dd/yyyy)

07/01/2010

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Shelf stable juice(50202304)

Sell

Non narcotic analgesics and antipyretics(51142000)

Sell

Antifungal drugs(51101800)

Sell

Antibiotics(51101500)

Sell

Antiulcer and related gastrointestinal GI drugs(51171900)

Sell

Estrogens and progestins and internal contraceptives(51181800)

Sell

Dietary supplements and nutritional therapy products(51191900)

Sell

Non narcotic analgesics and antipyretics(51142000)

Sell

Cough and cold and antiallergy products(51161800)

Sell

Vitamin supplements(51191905)

Sell

Anaesthetic drugs and related adjuncts and analeptics(51142900)

Sell

Drugs and Pharmaceutical Products(51000000)

Sell

Drugs used for respiratory tract disorders(51161700)

Sell

Mouth fresheners(53131509)

Sell

Mouthwash(53131501)

Sell

Infant foods(50193001)

Sell

Sport or energy drink(50202309)

Buy

Fermalac

Buy

Ceftriaxone

Buy

Streptokinase & Streptodornase

Buy

Amlodipine Camsylate

 

 

CEO’s

 

Name

Im Sung-Ki

Address

-

Date of Birth

03/01/1940

Title

Chairman & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

19,718,190,000

Employees

1,751

Formation

Listed Company (Korea Stock Exchange : 128940) as of 07/30/2010

A Company of Hanmi Pharm., Business Group

Bank Details

SC First Bank of Korea

Corporate Registered No.

134811-0197550

Business Registered No.

124-87-00613

Permit & Licenses

Int’l Trade No.: 986722

Shareholder Position

Name

Shares

%

HANMI HOLDINGS CO., LTD.(134811-0003187)

3,155,064

40.00

SKAGEN AS

724,500

9.19

NATIONAL PENSION SERVICE(110171-0007134)

657,517

8.34

OTHERS

3,350,195

42.48

TOTAL

7,887,276

100.00

Company History

07/01/2010 Ex. HANMI PHARM CO., LTD., has spun off into the existing company, HANMI HOLDINGS CO., LTD.(134811-0003187), and newly established company, HANMI PHARM CO., LTD.(134811-0197550)

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

Chairman & CEO

Mr.

Im Sung-Ki

Korean

1940.03.01

Chungang University, Korea

President & CEO

Mr.

Lee Kwan-Soon

Korean

1960.01.10

KAIST, Korea

President

Mr.

Lim Jong-Yoon

Korean

1972.10.27

Boston College,USA

Vice President

Mr.

Han Chang-Hee

Korean

1959.07.21

Seogang University, Korea

Vice President

Mr.

Woo Jong-Soo

Korean

1967.09.27

Chungnam National University, Korea

Outside Director

Mr.

Ko Sung-Soo

Korean

1950.07.22

London City University

Outside Director

Mr.

Jang Ji-Yong

Korean

1940.02.06

Chungang University, Korea

Outside Director

Mr.

Kim Chang-Soon

Korean

1950.10.24

Yonsei University, Korea

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)09/2012

405,076,868,578

704,261,894,196

-1,316,077,958

(*)2011

512,496,775,248

662,074,997,623

-8,135,228,789

(*)2010

294,304,156,593

724,095,371,565

-21,992,812,244

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

62,500,000,000

Paid-Up Capital(KRW)

19,718,190,000

Total Issues Shares

7,887,276

 

 

Balance Sheet

 

Unit : Korean Won

01/01/2012~09/30/2012

As of 12/31/2011

As of 12/31/2010

Total Assets

704,261,894,196

662,074,997,623

724,095,371,565

Current Assets

316,666,699,402

278,239,718,602

315,445,291,668

Cash & Cash Equivalents

45,240,972,245

15,883,772,031

13,010,138,062

Trade Receivables & Other Receivables

173,958,931,588

174,920,876,254

212,461,474,826

Inventories

76,062,458,185

77,434,868,811

84,162,026,560

Prepaid Taxes

105,807,980

59,162,133

37,158,318

Current Financial Instruments

18,358,828,332

7,463,124,220

499,890,675

Other Current Assets

2,939,701,072

2,477,915,153

5,274,603,227

Non-Current Assets

387,595,194,794

383,835,279,021

408,650,079,897

Marketable Financial Instruments

56,294,274,146

49,469,553,626

62,376,796,466

Investment_Related Companies

54,801,846,869

54,801,846,869

52,929,335,225

Tangibles

175,509,864,480

184,163,610,329

196,407,686,599

Investment_Real Estates

84,028,237

85,305,634

87,008,829

Intangibles

75,120,862,869

75,779,452,760

75,768,969,431

Deferred Income Tax Assets

13,543,140,837

13,315,406,368

7,020,237,785

Other Financial Instruments

12,241,177,356

6,220,103,435

14,060,045,562

Total Liabilities

399,614,845,420

361,349,059,926

405,579,290,969

Current Liabilities

266,041,261,792

181,524,986,977

233,099,903,835

Trade Payables & Other Payables

60,724,830,876

53,805,534,405

60,940,454,631

Short-Term Borrowings

76,089,796,050

83,107,105,530

111,751,820,910

Debentures

10,000,000,000

10,000,000,000

10,000,000,000

Current Portion of Long-Term Borrowings

40,000,000,000

5,000,000,000

5,000,000,000

Current Portion of Long-Term Debentures

59,908,817,100

10,000,000,000

22,766,901,399

Provisions for Accumulated Sales

0

0

367,503,171

Other Finance Debts

543,517,384

74,024,202

0

Other Debts

18,774,300,382

19,538,322,840

22,273,223,724

Non-Current Liabilities

133,573,583,628

179,824,072,949

172,479,387,134

Long-Term Borrowings

30,000,000,000

80,000,000,000

65,000,000,000

Long-Term Debentures

79,640,301,173

79,711,373,279

69,748,973,304

Provision for Severance & Retirement

14,006,353,593

10,776,678,036

29,098,920,861

Provisions for Refund

9,926,928,862

9,100,806,663

8,158,460,390

Other Finance Debts

0

235,214,971

473,032,579

Capital Stock

19,718,190,000

18,780,152,500

17,886,350,000

Capital Surplus

311,025,273,419

312,137,371,019

313,326,010,719

Profit Surplus

-32,280,359,834

-30,964,281,876

-23,006,826,709

Others

6,183,945,191

772,696,054

10,310,546,586

Total Equity

304,647,048,776

300,725,937,697

318,516,080,596

Liab. & Shareholder’s Equity

704,261,894,196

662,074,997,623

724,095,371,565

 

 

Income Statement

 

Unit : Korean Won

01/01/2012~09/30/2012

As of 12/31/2011

As of 12/31/2010

Sales

405,076,868,578

512,496,775,248

294,304,156,593

Cost of Sold Goods

196,394,940,198

259,058,398,584

140,486,470,891

Gross Profit

208,681,928,380

253,438,376,664

153,817,685,702

Selling & Admin. Expenses

149,137,586,757

189,388,215,581

146,320,260,977

R&D

52,835,145,127

62,337,520,053

29,734,170,975

Other Operating Income

4,738,622,882

5,618,219,969

1,795,712,662

Other Operating Expenses

3,722,780,532

4,577,038,407

3,525,215,211

Operating Income

7,725,038,846

2,753,822,592

-23,966,248,799

Finance Income

1,358,997,368

2,314,706,783

5,895,734,953

Finance Expenses

12,154,098,398

16,875,210,702

13,028,170,843

Income Before Taxes

-3,070,062,184

-11,806,681,327

-31,098,684,689

Income Taxes Expenses

-1,753,984,226

-3,671,452,538

-9,105,872,445

Net Income

-1,316,077,958

-8,135,228,789

-21,992,812,244

 

 

Cash Flows

 

Unit : Korean Won

01/01/2012~09/30/2012

As of 12/31/2011

As of 12/31/2010

Operating Activities Cash Flows

29,509,988,172

40,037,650,102

-330,136,849

Net Income

-1,316,077,958

-8,135,228,789

-21,992,812,244

Adjustment

41,595,259,886

62,520,756,028

28,986,337,328

Interests Received

762,382,597

411,546,645

262,701,186

Dividends Received

456,397,000

722,540,912

0

Interests Paid

-11,941,327,506

-15,459,960,879

-7,549,204,800

Income Taxes

-46,645,847

-22,003,815

-37,158,319

Cash Flows from Investing

-27,700,030,138

-20,038,424,422

-20,819,886,734

Cash Flows from Financing

27,574,628,920

-17,200,065,916

17,336,211,989

Increase/Decrease in Cash

29,384,586,954

2,799,159,764

-3,813,811,594

Cash at the Beginning of Year

15,883,772,031

13,010,138,062

16,957,152,734

Cash at the End of Year

45,240,972,245

15,883,772,031

13,010,138,062

 

 

Products, Technologies, Services Description

 

Main Products & Services

Digestion Reinforcing Agent, Vitamin Compound, Antibiosis Emperor

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

HANMI FINE CHEMICAL CO., LTD.(131111-0005106)

Customers

 

Competitors

DONGA PHARMACEUTICAL CO., LTD.(110111-0017990)

252, YONGDU-DONG, DONGDAEMUN-GU, SEOUL, KOREA

TEL:+82-2-920-8114  FAX:+82-2-924-2662

 

YUHAN CORPORATION(110111-0014409)

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

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

 

GREEN CROSS CORPORATION(110111-0109854)

303, BOJEONG-DONG, GIHEUNG-GU, YONGIN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-260-9300 FAX:+82-31-260-9413

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

HANMI HOLDINGS CO., LTD.(134811-0003187)

HANMI PHARM CO., LTD.(134811-0197550)

HANMI FINE CHEMICAL CO., LTD.(131111-0005106)

(63.0% held by the subject company)

 

HANMI MEDICARE CO., LTD.(110111-2098295)

ERMURUS CO., LTD.(110111-1135501)

RIGHTCOM CO., LTD.

HMG KOREA CO., LTD.(Ex. LIMS CAPITAL CO., LTD. :110111-3681304)

HANMI IT CO., LTD.(110111-3206897)

ONLINEPHARM CO., LTD.(134811-0239691)

 

BEIJING HANMI PHARM. CO., LTD.

(70.0% held by the subject company)

 

HANMI PHARM.(JAPAN) CO., LTD.

HANMI EUROPE LTD.

Overseas Office

 

Liaison Office

 

Overseas Branch

 

Joint Venture

 

Subsidiary

 

Corporate Ownership

 

Major Shareholders

 

Cooperative Enterprise

 

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2012

2011

2010

Export

55,920

125,788

80,050

Domestic

512,271

566,654

308,660

Others

-67,839

-86,250

-51,126

Total

500,352

606,192

337,584

The Subject exports to Vietnam, Thailand, Cambodia, Malaysia, Singapore, Indonesia, Philippines, Bangladesh and India.

 

Court Action

 

Case No.

Court

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

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

Cause

Amount (Million KRW)

Status

 

Supreme Court , Korea

The Subject Company

Fair Trade Commission

Cancellation on Imposed order

-

3rd round is proceeding.

 

 

National Pension Service

The Subject Company

Refund of Payment

-

1st round is proceeding.

 

News Clipping

 

Not Available

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

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