|
Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAESUNG
MICROBIOLOGICAL LABS. CO., LTD. |
|
|
|
|
Registered Office : |
293, Sam-dong, Uiwang-si, Gyeonggi-do,
Korea 437-815 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
04.02.1966 |
|
|
|
|
Com. Reg. No.: |
138-81-02340 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Animal Medicaments |
|
|
|
|
No. of Employees : |
128 |
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 |
DAESUNG
MICROBIOLOGICAL LABS. CO., LTD. (Korean Company Name
: “(주)대성미생물연구소”) |
|
Registered Address |
293, Sam-dong, Uiwang-si, Gyeonggi-do,
Korea |
|
Zip Code |
437-815 |
|
Tel |
+82-31-461-7103 |
|
Fax |
+82-31-461-0599 |
|
E-mail |
webmaster@dsmbio.com; johnpark@dsmbio.com |
|
Website |
www.dsmbio.com |
|
Trading Address |
7th Fl., HCN Bldg., 1462-7, Seocho 3-dong,
Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-553-1104 |
|
Fax |
+82-2-554-1104 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Animal Medicaments |
|
Main Business |
Bovine Vaccines, Veterinary Antibiotics, Veterinary Antibacterial
Agents, Anthelmintics, Animal Feed Additives |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
02/04/1966 |
The Subject owns
the premises of registered HQ address(9,873㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Veterinary products(42121600) |
|
Sell |
Metabolites(51251000) |
|
Sell |
Veterinary nonsteroidal anti inflammatory drugs VNSAIDs(51142700) |
|
Sell |
Genito urinary system sex or hormone veterinary products(42121607) |
|
Buy |
Veterinary products(42121600) |
|
Buy |
Biochemicals(12352200) |
|
Buy |
Chemistry reagents or solutions(41116105) |
|
Name |
Cho Hang-Won |
|
Date of Birth |
09/13/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,900,000,000 |
|||||||||||||||
|
Employees |
128 |
|||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 036480) as of 03/31/2000 |
|||||||||||||||
|
Bank Details |
Shinhan Bank-Yeoksam Dong Branch Citibank, Korea |
|||||||||||||||
|
Corporate Registered No. |
134111-0000880 |
|||||||||||||||
|
Business Registered No. |
138-81-02340 |
|||||||||||||||
|
Permit & Licenses |
There are 15 patents domestically, 3 patents internationally. Int’l Trade No.: 402165 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
02/04/1966 Incorporated as Yangsongyi
Center Co., Ltd. 02/1968 Changed company name to the present
name 07/1986 Moved the Seoul office to the
present address from 315-4, Hangangno 2-ga, Yongsan-gu, Seoul, Korea |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman |
Mr. |
Lee Dong Kyu |
Korean |
1958.10.23 |
Chungang University, Korea |
|
President & CEO |
Mr. |
Cho Hang-Won |
Korean |
1953.09.13 |
Seoul National University, Korea |
|
Executive Director |
Mr. |
Kim Jong-Nyeong |
Korean |
1950.12.05 |
Kunkook University, Korea |
|
Outside Director |
Mr. |
Kim Won-Jae |
Korean |
1957.05.29 |
Yonsei University, Korea |
|
Auditor |
Mr. |
Kwon Dong-Hern |
Korean |
1958.01.11 |
Chungang University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
12,513,623,405 |
25,092,602,750 |
99,284,520 |
|
|
(*)2011 |
17,148,021,619 |
26,582,984,986 |
-307,779,580 |
|
(*)2010 |
17,540,048,195 |
25,144,675,810 |
999,830,061 |
|
2009 |
15,656,214,553 |
21,894,454,103 |
1,049,043,549 |
|
2008 |
14,828,460,948 |
21,851,206,770 |
1,263,599,820 |
|
2007 |
15,458,599,994 |
21,770,922,489 |
1,374,682,981 |
|
2006 |
14,529,009,925 |
20,675,324,359 |
994,629,394 |
|
2005 |
14,063,794,462 |
20,504,469,732 |
642,974,122 |
|
2004 |
12,906,197,143 |
19,137,311,548 |
575,573,175 |
|
2003 |
13,212,540,154 |
18,423,372,268 |
628,058,699 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
6,000,000,000 |
|
Paid-Up Capital(KRW) |
1,900,000,000 |
|
Total Issued Shares |
380,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
25,092,602,750 |
26,582,984,986 |
25,144,675,810 |
|
Current
Assets |
9,691,252,695 |
10,912,916,021 |
11,745,612,378 |
|
Cash & Cash Equivalents |
1,357,042,518 |
607,628,133 |
1,229,342,350 |
|
Current Financial Instruments |
719,000,000 |
1,216,000,000 |
1,444,000,000 |
|
Other Finance Assets |
25,000 |
22,015,000 |
66,363,953 |
|
Trade Receivables |
3,131,924,678 |
4,114,302,284 |
4,028,415,767 |
|
Other Receivables |
59,406,170 |
61,727,706 |
72,368,682 |
|
Account Receivables |
|
|
234,000,000 |
|
Advance Payments |
8,375,764 |
14,480,548 |
67,429,820 |
|
Prepaid Expenses |
35,939,685 |
39,580,108 |
42,476,740 |
|
Prepaid VAT |
|
|
21,651,648 |
|
Prepaid Taxes |
50,139,855 |
|
|
|
Other Taxes |
|
118,386,348 |
|
|
Inventories |
4,329,399,025 |
4,718,795,894 |
4,539,563,418 |
|
Non-Current
Assets |
15,401,350,055 |
15,670,068,965 |
13,399,063,432 |
|
Non-Current Financial Instruments |
840,700,000 |
486,700,000 |
342,700,000 |
|
Marketable Financial Instruments |
18,900,000 |
18,500,000 |
9,000,000 |
|
Tangibles |
13,261,548,205 |
13,971,809,732 |
11,871,679,717 |
|
Intangibles |
804,265,008 |
792,582,744 |
860,069,705 |
|
Guarantee Deposits |
274,354,000 |
199,354,000 |
199,184,000 |
|
Deferred Income Tax Assets |
201,582,842 |
201,122,489 |
116,430,010 |
|
Total
Liabilities |
5,478,147,713 |
6,753,066,869 |
4,705,419,749 |
|
Current
Liabilities |
2,691,546,883 |
3,800,046,181 |
1,937,352,091 |
|
Trade Payables |
412,922,919 |
770,478,146 |
668,561,171 |
|
Short-Term Borrowings |
1,006,000,000 |
1,681,786,651 |
353,200,000 |
|
Current Portion of Long-Term
Debts |
819,999,999 |
771,678,670 |
300,016,000 |
|
Withholdings |
19,397,160 |
81,895,570 |
95,665,210 |
|
VAT Withhold |
99,605,815 |
178,388,338 |
|
|
Advance Receipts |
2,408,198 |
37,192,229 |
27,065,664 |
|
Accrued Income Tax |
|
|
4,729,405 |
|
Accrued Expenses |
331,212,792 |
278,626,577 |
488,114,641 |
|
Non-Current
Liabilities |
2,786,600,830 |
2,953,020,688 |
2,768,067,658 |
|
Long-Term Borrowings |
2,413,333,331 |
2,733,333,330 |
2,618,292,000 |
|
Provision for Severance &
Retirement |
373,267,499 |
219,687,358 |
149,775,658 |
|
Capital
Stock |
1,900,000,000 |
1,900,000,000 |
1,900,000,000 |
|
Capital Surplus |
6,241,160,297 |
6,241,160,297 |
6,241,160,297 |
|
Others |
|
-8,252,400 |
-3,505,747 |
|
Profit Surplus |
11,473,294,740 |
11,697,010,220 |
12,301,601,511 |
|
Total Equity |
19,614,455,037 |
19,829,918,117 |
20,439,256,061 |
|
Liab. & Shareholder’s Equity |
25,092,602,750 |
26,582,984,986 |
25,144,675,810 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
12,513,623,405 |
17,148,021,619 |
17,540,048,195 |
|
Cost of Sold Goods |
9,456,605,966 |
13,570,856,919 |
12,052,193,731 |
|
Gross Profit |
3,057,017,439 |
3,577,164,700 |
5,487,854,464 |
|
Selling & Admin. Expenses |
2,910,394,812 |
4,390,845,106 |
4,624,309,286 |
|
Other Operating Income |
135,274,037 |
331,068,741 |
154,919,825 |
|
Other Operating Expenses |
3,715,961 |
26,322,591 |
99,173,076 |
|
Operating Income |
278,180,703 |
-508,934,256 |
919,291,927 |
|
Finance Income |
63,040,719 |
190,664,930 |
239,063,250 |
|
Finance Expenses |
211,679,480 |
165,026,309 |
66,990,156 |
|
Income Before Taxes |
129,541,942 |
-483,295,635 |
1,091,365,021 |
|
Income Taxes Expenses |
30,257,422 |
-175,516,055 |
91,534,960 |
|
Net Income |
99,284,520 |
-307,779,580 |
999,830,061 |
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 |
2,209,896,158 |
1,808,914,987 |
804,723,540 |
|
Cash Flows from Operating |
2,290,745,255 |
1,648,565,280 |
1,009,553,055 |
|
Net Income |
99,284,520 |
-307,779,580 |
999,830,061 |
|
Adjustment |
1,327,129,847 |
1,226,017,562 |
1,354,801,449 |
|
Changes in Asset/ & Liability |
864,330,888 |
730,327,298 |
-1,345,078,455 |
|
Interests Received |
57,360,848 |
153,084,575 |
247,610,954 |
|
Dividends Received |
640,000 |
710,000 |
600,000 |
|
Interests Paid |
-174,051,063 |
-72,861,826 |
-237,481,594 |
|
Income Taxes |
35,201,118 |
79,416,958 |
-215,558,875 |
|
Cash
Flows from Investing |
-179,799,657 |
-3,146,869,579 |
-2,009,928,025 |
|
Cash Inflow from Investing |
1,122,162,652 |
2,309,712,030 |
6,485,394,572 |
|
Cash Outflows for Investing |
-1,301,962,309 |
-5,456,581,609 |
-8,495,322,597 |
|
Cash
Flows from Financing |
-1,270,465,321 |
704,368,658 |
1,751,264,000 |
|
Cash Inflows from Financing |
2,791,465,651 |
6,546,173,947 |
2,393,280,000 |
|
Cash Outflows from Financing |
-4,061,930,972 |
-5,841,805,289 |
-642,016,000 |
|
Increase/Decrease
in Cash |
749,414,385 |
-621,714,217 |
537,297,327 |
|
Cash at
the Beginning of Year |
607,628,133 |
1,229,342,350 |
692,045,023 |
|
Cash at
the End of Year |
1,357,042,518 |
607,628,133 |
1,229,342,350 |
|
Main Products & Services |
Antibiotics & Antibacterials Mastitis Ointment Anthelmintics Disinfectant Probiotics & Enzyme Products Teat Dipping Disinfectant Metabolite Nutrients Biologicals |
|
Suppliers |
HYUNJIN GREENMIL CO., LTD. DAESAN BIOTECH CO., LTD. DONGSIN TUBE GLASS IND. CO. , LTD.(120111-0009797) YOUNG JIN INDUSTY CO., LTD(134811-0025389) |
|
Competitors |
BAYER KOREA LTD.(110111-0610596) KOMIPHARM INTERNATIONAL CO., LTD.(110111-0134372) CHOONG ANG VACCINE LABORATORY(160111-0042533) UNI BIOTECH CO., LTD.(161511-0001605) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
1,899 |
2,322 |
1,632 |
|
Domestic |
10,614 |
14,826 |
15,908 |
|
Total |
12,513 |
17,148 |
17,540 |
The Subject exports
to China, Pakistan and Vietnam.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.72.23 |
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.