|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAEWOONG BIO INC. |
|
|
|
|
Registered Office : |
906-5, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea, Hyangnam Pharmaceutical Industries Complex, Zip Code 445-922 |
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|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.04.2009 |
|
|
|
|
Com. Reg. No.: |
124-86-77584 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Medicinal Chemicals and Antibiotics |
|
|
|
|
No. of Employees : |
218 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
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 |
|
|
Website |
|
|
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 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Drugs
and Pharmaceutical Products(51000000) |
|
Sell |
Penicillin(51101507) |
|
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 |
|
Capital (KRW) |
1,000,000,000 |
|||||||||
|
Employees |
218 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of DAEWOONG GROUP |
|||||||||
|
Bank Details |
Woori Bank-Samsung Dong Branch Shanhan Bank |
|||||||||
|
Corporate Registered No. |
134811-0172221 |
|||||||||
|
Business Registered No. |
124-86-77584 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 45370498 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
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. 06/28/2010 Changed the financial closing date to December 31 from
March 31 |
|||||||||
|
|
|
|
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 |
|
Director |
Mr. |
Jeon Woo-Bang |
Male |
Korean |
03/15/2013 |
|
Auditor |
Mr. |
Lee Won-Keun |
Male |
Korean |
03/30/2012 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
138,013,847,692 |
172,367,811,294 |
10,707,557,663 |
|
|
12/2011 |
132,837,744,799 |
176,380,999,684 |
8,850,003,832 |
|
12/2010 |
91,698,215,718 |
135,023,006,082 |
7,507,357,320 |
|
03/2010 |
101,131,109,420 |
96,739,291,272 |
9,026,412,992 |
|
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 |
As of
12/31/2012 |
As of
12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
172,367,811,294 |
176,380,999,684 |
135,023,006,082 |
|
Current Assets |
71,286,545,088 |
73,521,775,239 |
47,860,274,957 |
|
Cash
& Cash Equivalents |
311,157,736 |
3,981,176,387 |
1,191,566,962 |
|
Trade
Receivables & Other Receivables |
34,289,905,447 |
39,645,313,853 |
25,523,337,878 |
|
Inventories |
33,270,259,966 |
26,289,328,877 |
16,002,023,830 |
|
Other Current Assets |
3,415,221,939 |
3,605,956,122 |
5,143,346,287 |
|
Non-Current Assets |
101,081,266,206 |
102,859,224,445 |
87,162,731,125 |
|
Marketable
Financial Instruments |
119,945,000 |
119,945,000 |
546,555,000 |
|
Long-Term
Trade Receivables & Other Receivables |
477,247,062 |
472,896,062 |
87,927,062 |
|
Investment_Subsidiaries |
6,911,113,868 |
4,026,762,100 |
3,349,614,050 |
|
Investment_Related
Companies |
635,571,078 |
1,271,142,157 |
1,271,142,157 |
|
Tangibles |
82,458,896,926 |
87,178,321,231 |
72,338,965,267 |
|
Investment_Real
Estates |
6,557,161,392 |
6,612,478,819 |
6,667,796,246 |
|
Intangibles |
2,345,818,848 |
2,600,448,072 |
2,653,077,232 |
|
Deferred Income Tax Assets |
1,575,512,032 |
577,231,004 |
247,654,111 |
|
Total
Liabilities |
72,491,417,315 |
87,086,267,064 |
54,720,916,387 |
|
Current Liabilities |
66,687,422,294 |
74,315,425,967 |
38,992,544,582 |
|
Trade
Payables & Other Payables |
22,301,193,691 |
35,057,398,224 |
26,431,590,430 |
|
Short-Term Borrowings |
42,674,772,953 |
29,498,365,511 |
10,365,183,746 |
|
Current Portion of Long-Term Borrowings |
- |
9,000,000,000 |
- |
|
Deferred Income Tax Assets |
1,203,829,355 |
156,595,182 |
1,670,652,506 |
|
Other Current Liabilities |
507,626,295 |
603,067,050 |
525,117,900 |
|
Non-Current Liabilities |
5,803,995,021 |
12,770,841,097 |
15,728,371,805 |
|
Long-Term Trade Payables & Other Payables |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Long-Term Borrowings |
1,700,000,000 |
9,000,000,000 |
12,000,000,000 |
|
Provision for Severance &
Retirement |
1,103,995,021 |
770,841,097 |
728,371,805 |
|
Capital Stock |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
Capital Surplus |
63,373,795,312 |
63,373,795,312 |
63,373,795,312 |
|
Profit Surplus |
35,502,598,667 |
24,920,937,308 |
15,928,294,383 |
|
Total Equity |
99,876,393,979 |
89,294,732,620 |
80,302,089,695 |
|
Liab. & Shareholder’s Equity |
172,367,811,294 |
176,380,999,684 |
135,023,006,082 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Revenues |
138,013,847,692 |
132,837,744,799 |
91,698,215,718 |
|
Operating Expenses |
-104,084,325,535 |
-107,845,972,478 |
81,492,191,494 |
|
Cost of Sold Goods |
33,929,522,157 |
24,991,772,321 |
73,108,260,712 |
|
Selling
& Admin. Expenses |
-21,405,436,741 |
-14,227,284,715 |
8,247,162,457 |
|
R&D |
12,524,085,416 |
10,764,487,606 |
136,768,325 |
|
Other
Operating Income |
-1,037,590,012 |
-716,128,890 |
-165,614,329 |
|
Operating Income |
-1,581,406,630 |
-733,292,857 |
10,040,409,895 |
|
Finance
Income |
543,816,618 |
17,163,967 |
32,483,204 |
|
Income Before Taxes |
11,486,495,404 |
10,048,358,716 |
10,072,893,099 |
|
Income Before Taxes |
778,937,741 |
1,198,354,884 |
2,565,535,779 |
|
Net Income |
10,707,557,663 |
8,850,003,832 |
7,507,357,320 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Operating
Activities Cash Flows |
3,324,688,444 |
564,334,495 |
11,126,406,309 |
|
Cash
Flows from Operating |
5,631,207,885 |
4,268,108,346 |
13,114,632,970 |
|
Net Income |
10,707,557,663 |
8,850,003,832 |
7,507,357,320 |
|
Adjustment |
10,922,980,699 |
8,691,730,498 |
5,353,179,793 |
|
Changes
in Asset/ & Liability |
-15,999,330,477 |
-13,273,625,984 |
254,095,857 |
|
Interests
Received |
123,715,867 |
90,322,543 |
203,803,817 |
|
Interests
Paid |
-1,735,759,926 |
-711,875,754 |
-32,806,703 |
|
Income
Taxes |
-694,475,382 |
-3,082,220,640 |
-2,159,223,775 |
|
Cash
Flows from Investing |
-4,774,213,298 |
-22,173,037,835 |
-34,613,815,069 |
|
Cash
Flows from Financing |
-2,220,484,558 |
24,398,312,765 |
20,442,967,358 |
|
Increase/Decrease
in Cash |
-3,670,009,412 |
2,789,609,425 |
-3,044,441,402 |
|
Cash at
the Beginning of Year |
3,981,176,387 |
1,191,566,962 |
4,240,597,493 |
|
Cash at
the End of Year |
311,157,736 |
3,981,176,387 |
1,191,566,962 |
|
Main Products & Services |
Ursodeoxycholic
Acid, Amoxicillin, Ceftriaxone Sodium, Coenzyme Q10, Cefodizime Sodium,
Cefotiam Hydrochloride, Lansoprazole, Fluconazole |
|
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 |
(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. PT DAEWOONG RIASIMA INDONESIA (50.0% held by the subject company) |
|
Subsidiary |
SACHUN DAEWOONG BIO TECHNOLOGY CO., LTD.(CHINA) (66.0% held by the subject company) BIO ALPHA CO., LTD.(110111-1904518) (66.0%
held by the subject company) |
|
Corporate Ownership |
DAEWOONG CO., LTD.(110111-2857146) |
|
Major Shareholders |
DAEWOONG CO., LTD.(110111-2857146) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) LIG
INSURANCE CO., LTD.(110111-0017859) |
(Activity & Markets)
The Subject deals
with the companies in China, Taiwan, India, Japan, Russia and USA.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul
High Court |
The
Subject Company |
Chang
Deuck-Joo |
Claim
for Compensation from Damages |
200,000,000 |
1st
round is proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.70 |
|
Euro |
1 |
Rs.71.42 |
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.