|
Report Date : |
22.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAE HAN NEW PHARM CO., LTD. |
|
|
|
|
Registered Office : |
904-3, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea, Hyangnam Pharmaceutical Industrial Complex, Zip Code 445-937 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
20.10.1984 |
|
|
|
|
Com. Reg. No.: |
229-81-10729 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Medicinal Medicaments |
|
|
|
|
No. of Employees : |
191 employees |
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 : |
Slow but Correct |
|
Litigation : |
Exists |
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 |
|
Company
Name |
DAE HAN NEW PHARM CO., LTD. (Korean Company Name : “대한뉴팜(주)”) |
|
Registered Address |
904-3, Sangsin-ri, Hyangnam-eup,
Hwaseong-si, Gyeonggi-do, Korea |
|
Building |
Hyangnam Pharmaceutical Industrial Complex |
|
Zip Code |
445-937 |
|
Tel |
+82-31-353-6141~5 |
|
Fax |
+82-31-353-6146 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
1062-4, Namhyeon-dong, Gwanak-gu, Seoul,
Korea |
|
Tel |
+82-2-581-2333 |
|
Fax |
+82-2-581-1644 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Medicinal Medicaments |
|
Main Business |
Medicine, Animal Medicines |
|
Sub
Business |
Manufacture of Animal Medicaments |
|
Established (mm/dd/yyyy) |
10/20/1984 |
The Subject owns
the premises of Hwaseong Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Antiulcer and related gastrointestinal GI drugs(51171900) |
|
Sell |
Nonsteroidal anti inflammatory drugs NSAIDs(51142100) |
|
Sell |
Antihyperlipidemic and hypocholesterolemic agents(51121800) |
|
Sell |
Antibiotics(51101500) |
|
Sell |
Veterinary products(42121600) |
|
Sell |
Antiviral drugs(51102300) |
|
Sell |
Drugs used for respiratory tract disorders(51161700) |
|
Sell |
Nonsteroidal anti inflammatory drugs NSAIDs(51142100) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Antispasmodics(51172100) |
|
Sell |
Antihypertensive drugs(51121700) |
|
Sell |
Cough and cold and antiallergy products(51161800) |
|
Sell |
Feeding bottles or accessories(52152105) |
|
Name |
Bae Kun-Woo |
|
Date of Birth |
09/05/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,714,068,500 |
||||||||||||||||||
|
Employees |
191 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ: 054670)
as of 02/26/2002 |
||||||||||||||||||
|
Bank Details |
Shinhan Bank- Yeoksam Branch Address: 837-12, Yeoksam-dong, Gangnam-gu,
Seoul 135-080 Korea Tel: +82-2-553-5560 Fax: +82-2-563-1425 Woori Bank |
||||||||||||||||||
|
Corporate Registered No. |
110111-0383515 |
||||||||||||||||||
|
Business Registered No. |
229-81-10729 |
||||||||||||||||||
|
Permit & Licenses |
ISO-9002 QS-9000 K-GMP Int’l Trade No.: 945172 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
10/20/1984
Incorporated as DAE HAN NEW PHARM CO., LTD.(“(주)대한신약”) 04/09/2001 Changed company name to the present name(“대한뉴팜(주)”) 11/29/2002 Awarded US$ 1 Million Export Top Prize 11/30/2005 Awarded US$3 Million Export Top Prize 11/30/2007 Awarded US$5 Million Export Top Prize 12/01/2010 Moved to the present HQ address |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Lee Wan-Jin |
Korean |
1951.07.27 |
Kunkuk University, Korea |
|
President & CEO |
Mr. |
Bae Kun-Woo |
Korean |
1961.09.05 |
Dankuk University, Korea |
|
Vice President |
Mr. |
Song Young-Joon |
Korean |
1952.01 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Lee Hoo-Jang |
Korean |
1962.07 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Lee Joo-Ha |
Korean |
1962.07.06 |
Seoul National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
22,372,894,915 |
127,675,226,816 |
-847,943,980 |
|
|
(*)2011 |
44,522,697,554 |
126,622,631,356 |
643,550,683 |
|
(*)2010 |
49,647,221,463 |
123,046,950,441 |
-3,031,023,892 |
|
2009 |
40,403,260,490 |
111,827,027,784 |
360,705,359 |
|
2008 |
33,978,889,172 |
119,112,802,407 |
5,748,243,050 |
|
2007 |
53,777,717,845 |
111,879,843,444 |
666,965,091 |
|
2006 |
52,120,097,908 |
52,440,544,692 |
1,632,397,580 |
|
2005 |
50,111,489,061 |
45,501,571,424 |
1,360,212,855 |
|
2004 |
42,100,823,864 |
42,516,726,566 |
904,847,696 |
|
2003 |
35,872,837,726 |
37,672,805,550 |
987,549,753 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
7,500,000,000 |
|
Paid-Up Capital(KRW) |
6,714,068,500 |
|
Total Issues Shares |
13,428,137 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
127,675,226,816 |
126,622,631,356 |
123,046,950,441 |
|
Current
Assets |
56,711,350,270 |
55,585,940,555 |
56,361,936,825 |
|
Cash & Cash Equivalents |
440,751,929 |
198,086,283 |
221,607,475 |
|
Current Financial Instruments |
1,203,523,448 |
1,172,182,918 |
1,048,000,000 |
|
Trade Receivables |
40,517,526,584 |
41,409,069,226 |
43,250,556,868 |
|
Other Receivables |
4,343,942,992 |
5,001,479,745 |
3,042,887,974 |
|
Inventories |
6,433,781,878 |
5,568,315,371 |
6,421,466,437 |
|
Other Current Assets |
3,771,823,439 |
2,236,807,012 |
2,377,418,071 |
|
Non-Current
Assets |
70,963,876,546 |
71,036,690,801 |
66,685,013,616 |
|
Non-Current Financial Instruments |
45,914,744,988 |
45,834,744,988 |
46,189,044,988 |
|
Long-Term Trade Receivables &
Other Receivables |
6,401,375,000 |
6,416,975,000 |
6,061,391,000 |
|
Tangibles |
14,577,233,929 |
14,649,909,028 |
14,061,481,086 |
|
Intangibles |
3,969,966,030 |
3,931,229,383 |
373,096,542 |
|
Deferred Income Tax Assets |
100,556,599 |
203,832,402 |
|
|
Total
Liabilities |
54,716,512,586 |
52,825,003,857 |
49,619,628,168 |
|
Current
Liabilities |
40,683,150,705 |
43,686,104,372 |
41,400,774,268 |
|
Trade Payables |
3,793,684,614 |
2,868,232,140 |
3,457,356,297 |
|
Other Payables |
2,159,310,366 |
3,939,332,957 |
2,797,187,604 |
|
Short-Term Borrowings |
27,728,592,480 |
30,307,369,661 |
31,499,268,803 |
|
Current Portion of Long-Term
Debts |
6,364,000,000 |
5,620,000,000 |
2,750,000,000 |
|
Accrued Income Tax |
0 |
572,804,781 |
150,600,584 |
|
Other Current Liabilities |
637,563,245 |
378,364,833 |
746,360,980 |
|
Non-Current
Liabilities |
14,033,361,881 |
9,138,899,485 |
8,218,853,900 |
|
Convertible Bonds |
0 |
0 |
537,285,196 |
|
Bond With Warrant |
4,941,522,271 |
|
|
|
Long-Term Borrowings |
4,310,320,855 |
3,692,320,855 |
4,812,320,855 |
|
Other Payables |
1,556,000,000 |
2,156,000,000 |
56,000,000 |
|
Confirmed Salaries |
1,789,306,033 |
1,863,878,957 |
1,146,980,560 |
|
Provisions |
1,436,212,722 |
1,426,699,673 |
1,444,428,182 |
|
Deferred Income Tax Credit |
0 |
0 |
221,839,107 |
|
Capital
Stock |
6,714,068,500 |
6,714,068,500 |
6,714,068,500 |
|
Capital Surplus |
51,889,376,643 |
51,846,474,785 |
51,846,474,785 |
|
Others |
1,314,061,580 |
1,314,061,580 |
1,314,061,580 |
|
Profit Surplus |
13,041,207,507 |
13,923,022,634 |
13,552,717,408 |
|
Total Equity |
72,958,714,230 |
73,797,627,499 |
73,427,322,273 |
|
Liab. & Shareholder’s Equity |
127,675,226,816 |
126,622,631,356 |
123,046,950,441 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
22,372,894,915 |
44,522,697,554 |
49,647,221,463 |
|
Cost of Sold Goods |
11,270,490,583 |
21,285,505,245 |
24,409,696,717 |
|
Gross Profit |
11,102,404,332 |
23,237,192,309 |
25,237,524,746 |
|
Selling & Admin. Expenses |
9,087,453,141 |
17,879,525,906 |
21,074,871,516 |
|
Other Operating Income |
16,980,000 |
62,030,700 |
62,030,700 |
|
Other Operating Expenses |
|
747,342 |
|
|
Operating Income |
2,031,931,191 |
5,418,949,761 |
4,224,683,930 |
|
Finance Income |
106,631,276 |
173,247,240 |
157,746,234 |
|
Finance Expenses |
1,597,853,875 |
3,074,449,273 |
2,279,278,512 |
|
Other Non-Operating Income |
-1,287,923,893 |
-1,584,799,342 |
-5,758,232,914 |
|
Income Before Taxes |
-747,215,301 |
932,948,386 |
-3,655,081,262 |
|
Income Taxes Expenses |
100,728,679 |
289,397,703 |
-624,057,370 |
|
Net Income |
-847,943,980 |
643,550,683 |
-3,031,023,892 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
215,044,257 |
3,417,520,639 |
-9,672,630,186 |
|
Net Income |
-847,943,980 |
643,550,683 |
-3,031,023,892 |
|
Adjustment |
2,657,584,998 |
5,835,294,504 |
-3,535,588,281 |
|
Interests Received |
2,252,194 |
387,894 |
231,888 |
|
Interests Paid |
-1,596,848,955 |
-2,996,517,242 |
-2,229,619,309 |
|
Income Taxes |
|
-65,195,200 |
-876,630,592 |
|
Cash Flows from Investing |
-3,470,997,109 |
-2,803,710,385 |
-2,379,818,216 |
|
Cash Flows from Financing |
3,510,201,815 |
-635,923,163 |
11,334,917,446 |
|
Increase/Decrease in Cash |
242,665,646 |
-23,521,192 |
-718,936,854 |
|
Cash at the Beginning of Year |
198,086,283 |
221,607,475 |
940,544,329 |
|
Cash at the End of Year |
440,751,929 |
198,086,283 |
221,607,475 |
|
Main Products & Services |
Pharmaceutical Product Animal Health Products Brand Name: Avent |
|
Suppliers |
CANNON RUBBER LTD. |
|
Customers |
AVENT KOREA CO., LTD.(110111-2051912) |
|
Competitors |
BAYER KOREA LTD.(110111-0610596) DAESUNG MICROBIOLOGICAL LABS. CO.,
LTD.(134111-0000880) DAONE CHEMICAL CO., LTD.(110111-0111065) KOMIPHARM INTERNATIONAL CO.,
LTD.(110111-0134372) DONGA PHARMACEUTICAL CO., LTD.(110111-0017990) YUHAN CORPORATION(110111-0014409) KOREAN DRUG CO., LTD.(134411-0001840) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
BAVERSTOCK GMBH(SWISS) (17.0% held by the subject company) BNG ENERGY B.V(SYTERO5)(NETHERLANDS) (6.97% held by the subject company) GALAZ ENERGY B.V(SYTERO4)(NETHERLANDS) (6.97% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
(Activity & Markets)
The Subject exports to Vietnam, Russia, Brazil, Cambodia, Ethiopia,
Japan, Malaysia, Pakistan, Singapore and imports from UK.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2012DA51882 |
Seoul High Court |
National Health Insurance |
The Subject Company |
Compensation from Damages |
2,770,237,073 |
The Subject won at 2nd round, and 3rd round is
proceeding. |
|
2010GAHAP95296 |
Seoul Central District Court |
National Health Insurance |
The Subject Company |
Refund |
- |
The Subject has been defeated at 1st round, and 2nd
round is proceeding. |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
UK Pound |
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.70.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.