|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ESTECHPHARMA CO., LTD. |
|
|
|
|
Registered Office : |
34-10B, Baran Local Industrial Complex 1407-9, Hagil-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, korea 445-938 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
01.01.1999 |
|
|
|
|
Com. Reg. No.: |
123-81-47345 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Medicinal Chemicals and Antibiotics |
|
|
|
|
No. of Employees : |
130 |
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 |
ESTECHPHARMA
CO., LTD. (Korean Company
Name : “(주)에스텍파마”) |
|
Registered Address |
1407-9, Hagil-ri, Hyangnam-eup,
Hwaseong-si, Gyeonggi-do, korea |
|
Building |
34-10B, Baran Local Industrial Complex |
|
Zip Code |
445-938 |
|
Tel |
+82-31-831-4800 |
|
Fax |
+82-31-831-4801 |
|
E-mail |
gorrtest@estechpharma.com |
|
Website |
www.estechpharma.com |
|
Trading Address |
5FL., Daekwon Bldg., 15-1, Yangjae-dong,
Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-3471-2078 |
|
Fax |
+82-2-3471-2079 |
|
Other Address-Ansan Factory |
445-1, Mongnae-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-494-3431 |
|
Fax |
+82-31-495-3431 |
|
Type |
Export |
|
Industry |
Manufacture of Medicinal Chemicals and Antibiotics |
|
Main Business |
Acamprosate Calcium, Triflusal, Pranlukast Hemihydate, Glimepiride |
|
Established (mm/dd/yyyy) |
01/01/1999 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Antiulcer and related gastrointestinal GI
drugs(51171900) |
|
Sell |
Nonsteroidal anti inflammatory drugs
NSAIDs(51142100) |
|
Sell |
Centrally acting skeletal muscle
relaxants(51151900) |
|
Sell |
Glimepiride(51181504) |
|
Sell |
Antacids and antiflatulents(51171500) |
|
Sell |
Vasodilators(51122100) |
|
Sell |
Nonsteroidal anti inflammatory drugs
NSAIDs(51142100) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
|
Name |
Kim Jae-Chul |
|
Date of Birth |
07/20/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
4,931,417,500 |
|||||||||||||||||||||
|
Employees |
130 |
|||||||||||||||||||||
|
Formation |
Listed Company(KOSDAQ : 041910) as of 02/06/2004 Venture Business |
|||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Hogye Dong Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
135111-0047782 |
|||||||||||||||||||||
|
Business Registered No. |
123-81-47345 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11635376 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
06/01/1996 Established as ESTECH CHEMICAL CO.(Sole Proprietorship) 12/1998 Designated as a Venture Business 01/01/1999 Incorporated as ESTECH CO., LTD. 01/12/2001 Changed company name to the
present name 08/04/2004 Designated as an INNO-BIZ Company 12/15/2011 Awarded US$ 30 Million Export Top
Prize 12/28/2011 Designated as a Venture Business
again |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Kim Jae-Chul |
Male |
Korean |
1960.07.20 |
|
Sr. Executive Director |
Mr. |
Kang Sung-Kil |
Male |
Korean |
1966.01.13 |
|
Sr. Executive Director |
Mr. |
Seo Kyung-Jae |
Male |
Korean |
1965.12.25 |
|
Auditor |
Mr. |
Kwon Nak-Joong |
Male |
Korean |
1957.12.09 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
39,017,442,852 |
98,051,179,185 |
6,466,868,179 |
|
|
(*)2011 |
56,025,831,396 |
77,683,161,129 |
8,470,057,837 |
|
(*)2010 |
45,545,864,925 |
66,537,476,885 |
4,911,106,814 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
4,931,417,500 |
|
Total Issued Shares |
9,862,835 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
98,051,179,185 |
77,683,161,129 |
66,537,476,885 |
|
Current
Assets |
43,715,492,889 |
42,011,427,928 |
34,458,359,818 |
|
Cash & Cash Equivalents |
9,108,527,323 |
5,644,401,388 |
3,579,313,042 |
|
Trade Receivables & Other
Receivables |
16,482,272,109 |
17,508,050,308 |
16,122,294,591 |
|
Current Financial Instruments |
122,583,907 |
100,000,000 |
267,826,131 |
|
Inventories |
16,994,822,170 |
17,619,540,872 |
13,834,974,489 |
|
Other Current Assets |
1,007,287,380 |
1,139,435,360 |
653,951,565 |
|
Non-Current
Assets |
54,335,686,296 |
35,671,733,201 |
32,079,117,067 |
|
Marketable Financial Instruments |
4,020,073,100 |
250,000,000 |
150,000,000 |
|
Tangibles |
47,731,910,906 |
32,763,155,420 |
28,851,409,837 |
|
Intangibles |
2,240,949,571 |
2,210,834,102 |
2,635,431,602 |
|
Non-Current Financial Instruments |
283,189,240 |
400,806,634 |
400,510,663 |
|
Other Non-Current Assets |
59,563,479 |
46,937,045 |
41,764,965 |
|
Total
Liabilities |
41,729,911,976 |
28,013,091,085 |
26,481,418,791 |
|
Current
Liabilities |
21,502,945,782 |
21,180,946,722 |
17,697,801,833 |
|
Short-Term Borrowings |
12,490,677,358 |
7,820,000,000 |
9,961,150,000 |
|
Trade Payables & Other
Payables |
8,677,789,338 |
11,421,838,741 |
6,790,030,771 |
|
Other Current Financial Debts |
0 |
282,936,809 |
4,012,184 |
|
Other Current Liabilities |
28,040,830 |
75,366,710 |
16,695,060 |
|
Accrued Income Tax |
306,438,256 |
1,580,804,462 |
925,913,818 |
|
Non-Current
Liabilities |
20,226,966,194 |
6,832,144,363 |
8,783,616,958 |
|
Long-Term Borrowings |
14,700,000,000 |
5,010,000,000 |
7,030,000,000 |
|
Confirmed Salaries |
1,315,153,443 |
762,966,589 |
433,321,954 |
|
Deferred Income Tax Credit |
933,599,810 |
1,059,177,774 |
1,320,295,004 |
|
Bonds With Warrant |
4,000,000,000 |
|
|
|
Capital
Stock |
4,931,417,500 |
4,931,417,500 |
4,494,846,000 |
|
Capital Surplus |
17,581,124,195 |
16,622,683,627 |
14,918,852,941 |
|
Others |
-348,367,242 |
-528,484,330 |
-234,377,380 |
|
Profit Surplus |
34,157,092,756 |
28,644,453,247 |
20,876,736,533 |
|
Total Equity |
56,321,267,209 |
49,670,070,044 |
40,056,058,094 |
|
Liab. & Shareholder’s Equity |
98,051,179,185 |
77,683,161,129 |
66,537,476,885 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
39,017,442,852 |
56,025,831,396 |
45,545,864,925 |
|
Cost of Sold Goods |
26,113,317,928 |
38,701,051,039 |
32,113,286,868 |
|
Gross Profit |
12,904,124,924 |
17,324,780,357 |
13,432,578,057 |
|
Revenues |
-5,539,728,497 |
-6,167,602,574 |
-6,394,770,410 |
|
Selling & Admin. Expenses |
-5,174,920,895 |
-6,020,097,553 |
-5,757,081,394 |
|
Other Operating Income |
432,942,972 |
974,348,197 |
583,766,981 |
|
Other Operating Expenses |
-797,750,574 |
-1,121,853,218 |
-1,221,455,997 |
|
Operating Income |
7,364,396,427 |
11,157,177,783 |
7,037,807,647 |
|
Non-Operating Profits |
973,904,606 |
-781,683,813 |
-1,578,655,944 |
|
Finance Income |
213,918,418 |
245,650,246 |
84,258,502 |
|
Finance Expenses |
758,711,188 |
-1,020,144,059 |
-1,657,014,446 |
|
Other Non-Operating Profits |
1,275,000 |
-7,190,000 |
-5,900,000 |
|
Income Before Taxes |
6,818,328,657 |
10,375,493,970 |
5,866,647,990 |
|
Income Taxes Expenses |
351,460,478 |
1,905,436,133 |
955,541,176 |
|
Net Income |
6,466,868,179 |
8,470,057,837 |
4,911,106,814 |
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 |
7,525,273,830 |
10,031,298,170 |
8,012,948,229 |
|
Net Income |
6,466,868,179 |
8,470,057,837 |
4,911,106,814 |
|
Adjustment |
3,717,472,137 |
6,730,985,589 |
5,829,702,689 |
|
Changes in Asset/ & Liability |
-2,659,066,486 |
-5,169,745,256 |
-2,727,861,274 |
|
Cash Flows from Investing |
-21,041,002,257 |
-6,625,571,189 |
-1,290,329,443 |
|
Cash Flows from Financing |
17,016,661,995 |
-1,333,419,832 |
-4,727,354,547 |
|
Increase/Decrease in Cash |
3,500,933,568 |
2,072,307,149 |
1,995,264,239 |
|
Cash at the Beginning of Year |
5,644,401,388 |
3,579,313,042 |
1,596,223,285 |
|
Cash at the End of Year |
9,108,527,323 |
5,644,401,388 |
3,579,313,042 |
|
Main Products & Services |
Acamprosate Calcium, Triflusal, Pranlukast Hemihydate, Glimepiride |
|
Competitors |
DAEBONGLSCO.,LTD(124311-0016976) 122B-9L, NAMDONG INDUSTRIAL COMPLEX, 692-8,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-817-8800~7 FAX:+82-32-817-8808 HANMIFINECHEMICAL CO.,LTD.(131111-0005106) 1248-8, JEONGWANG 2-DONG, SIHEUNG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-499-2541 FAX:+82-31-499-2540 DAEWOONG BIO INC.(131112-0004827) 906-5, SANGSIN-RI, HYANGNAM-EUP,
HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-353-5271~3 FAX:+82-31-353-5626 |
(Activity &
Markets)
|
Sales/ Unit :Thousand KRW |
09/2012 |
2011 |
2010 |
|
Export |
27,117,727 |
41,413,206 |
29,321,974 |
|
Domestic |
11,646,972 |
14,039,400 |
16,196,489 |
|
Others |
252,744 |
573,225 |
0 |
|
Total |
39,017,443 |
56,025,831 |
45,518,463 |
The Subject exports
to USA, Swiss, Europe, Japan, India, Taiwan and China.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
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.