|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHINPOONG PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
434-4, Mongnae-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea, Zip Code 425-100 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
23.07.1986 |
|
|
|
|
Com. Reg. No.: |
134-81-03819 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Finished Medicaments |
|
|
|
|
No. of Employees : |
839 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the
world's 12th largest economy. 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. Korea's export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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 |
SHINPOONG
PHARMACEUTICAL CO., LTD. (Korean Company Name : “신풍제약(주)”) |
|
Registered Address |
434-4, Mongnae-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Zip Code |
425-100 |
|
Tel |
+82-31-491-6191~2 |
|
Fax |
+82-31-491-6193 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
748-31, Yeoksam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-2189-3400 |
|
Fax |
+82-2-2189-3439 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Finished Medicaments |
|
Main Business |
Anti-inflammatory Analgesic, Antibiotics,
Anti-cancer Medicine, Anthelmintics, Digestive |
|
Established (mm/dd/yyyy) |
07/23/1986 |
The Subject owns the
premises of registered HQ address/Factory and the trading address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Antibiotics(51101500) |
|
Sell |
Nonsteroidal anti inflammatory drugs
NSAIDs(51142100) |
|
Sell |
Drugs used for respiratory tract
disorders(51161700) |
|
Sell |
Urinary
anti infectives and analgesics(51102200) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Drugs used for gallbladder disease(51172000) |
|
Sell |
Anthelmintics
and other antiparasitics(51101700) |
|
Name |
Kim
Chang-Kyun |
|
Date of Birth |
03/03/1956 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
21,366,085,000 |
||||||||||||||||||||||||
|
Employees |
839 |
||||||||||||||||||||||||
|
Formation |
Listed
Company (Korea Stock Exchange : 019170) as of 01/20/1990 |
||||||||||||||||||||||||
|
Bank Details |
Korea Exchange Bank-Yeoksam Dong Branch Shinhan Bank Korea Development Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
130111-0011815 |
||||||||||||||||||||||||
|
Business Registered No. |
134-81-03819 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 950923 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
2008 Completed PYRAMAX (new anti-malarial
Agent) dedicated factory in compliance with EU GMP in Ansan city. 2006 Awarded "Medicines for Malaria
Venture's (MMV) Project of the Year" for 2005. 2005 Awarded "Twenty Million US dollar
Export Tower" at the 42nd Trade day. 2004 Synthesized "Glimepiride". 2003 Synthesized "Cefmetazole
Sodium". 2002 Completed KGMP penicillin factory in
Ansan city. 2002 Established PHIL. SHINPOONG PHARMA
INC. in Philippines. 2001 Synthesized "Fosfomycin
Sodium" (antibiotic). 1999 Synthesized "Aceclofenac"
(NSAID). 1998 Synthesized "Tiropramide"
(antispasmodic agent). 1998 Synthesized "Doxifluridine" (anticancer
drug) for the second time in the world, the first time in Korea. 1997 Synthesized "Cefazedone
sodium" (antibiotic). 1997 Synthesized "Loxoprofen"
(NSAID) for the second time in the world. 1996 Established SHINPOONG DAEWOO PHARMA
CO., LTD. in Vietnam. 1995 Synthesized "Ceftizoxime"
(antibiotic). 1995 Established TIANJIN SHINPOONG PHARM.
CO., LTD. in China. 1992 Awarded "Ten Million US dollar
Export Tower" at the 29th Trade day. 1988 Established GENERAL MEDICINES CO.,
LTD. in Sudan. 07/23/1986 Incorporated as SHIN POONG
PHARM. CO., LTD. 1984 Conferred the Order of Civil Merit
MOK-RYUN Medal for the first time in Korean Pharmaceutical industry history. 1984 Completed the KGMP factory in Ansan
city. 1983 Synthesized
"Praziquantel"(anthelmintic) for the second time in the world. 1975 Synthesized
"Mebendazole"(anthelmintic). 1962 Established as SHIN POONG
PHARMACEUTICAL CO. |
||||||||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
President
& CEO |
Mr. |
Kim
Chang-Kyun |
Korean |
1956.03.03 |
Kyemyung
University, Korea |
|
Vice
President |
Mr. |
Lee
Sung-Tae |
Korean |
1937.12.12 |
Seoul
National University, Korea |
|
Outside
Director |
Mr. |
Cho
Hyun-Je |
Korean |
1936.09.13 |
Sogang
University, Korea |
|
Outside
Director |
Mr. |
Kim Hak-Soo |
Korean |
1949.01.06 |
- |
|
Auditor |
Mr. |
Yoon
Soo-Duck |
Korean |
1938.02.25 |
- |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
53,617,116,042 |
386,764,502,781 |
5,777,377,668 |
|
|
(*)2012 |
212,009,533,345 |
375,746,232,373 |
14,102,563,274 |
|
(*)2011 |
224,915,147,482 |
370,849,235,191 |
24,417,807,606 |
|
(*)2010 |
224,719,180,623 |
361,962,379,960 |
20,862,584,686 |
|
2009 |
207,944,403,845 |
292,224,036,233 |
18,861,690,865 |
|
2008 |
181,354,253,481 |
252,887,164,135 |
10,190,277,455 |
|
2007 |
161,393,076,297 |
212,248,883,926 |
8,809,137,852 |
|
2006 |
154,979,986,643 |
196,130,857,044 |
21,899,546,370 |
|
2005 |
150,027,107,159 |
184,599,750,889 |
11,831,931,590 |
|
2004 |
138,749,317,287 |
169,201,648,928 |
1,387,072,281 |
(*) Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
21,366,085,000 |
|
Total Issues Shares |
42,732,170
(Common: 40,532,170 / Preferable: 2,200,000) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
386,764,502,781 |
375,746,232,373 |
370,849,235,191 |
|
Current Assets |
196,730,945,487 |
185,203,410,462 |
194,457,037,701 |
|
Cash & Cash
Equivalents |
9,418,378,023 |
3,707,129,803 |
2,860,748,135 |
|
Current Financial
Instruments |
510,000,000 |
438,000,000 |
1,100,000,000 |
|
Trade Receivables
& Other Receivables |
138,641,564,045 |
134,216,448,617 |
148,796,453,285 |
|
Current Financial
Instruments |
5,239,124,957 |
2,144,811,926 |
1,977,894,779 |
|
Current Non-Financial
Instruments |
336,746,350 |
338,584,672 |
877,722,105 |
|
Income Taxes |
0 |
1,042,274,921 |
0 |
|
Inventories |
42,585,132,112 |
43,316,160,523 |
38,844,219,397 |
|
Non-Current Assets |
190,033,557,294 |
190,542,821,911 |
176,392,197,490 |
|
Non-Current Financial
Instruments |
2,100,000,000 |
1,840,000,000 |
1,070,000,000 |
|
Marketable Financial
Instruments |
69,196,243 |
69,196,243 |
69,626,243 |
|
Other Non-Current
Financial Instruments |
1,791,620,870 |
1,715,120,870 |
1,891,670,870 |
|
Investment_Related
Companies |
14,265,940,843 |
14,265,940,843 |
13,708,563,044 |
|
Tangibles |
158,823,840,963 |
159,685,072,614 |
146,606,212,420 |
|
Intangibles |
10,742,263,039 |
10,726,796,005 |
9,656,875,736 |
|
Deferred Income Tax
Assets |
2,240,695,336 |
2,240,695,336 |
3,389,249,177 |
|
Total
Liabilities |
197,624,521,289 |
190,102,215,099 |
196,889,165,489 |
|
Current Liabilities |
163,501,168,000 |
155,813,442,884 |
152,778,202,571 |
|
Other Current
Financial Debts |
23,366,308,530 |
24,840,366,388 |
22,046,475,451 |
|
Trade Payables &
Other Payables |
10,675,003,873 |
7,634,364,304 |
8,300,725,688 |
|
Short-Term Borrowings |
124,100,104,072 |
119,565,700,064 |
118,033,100,247 |
|
Other Current
Non-Financial Debts |
3,861,453,128 |
3,773,012,128 |
2,961,631,261 |
|
Deferred Income Tax
Credit |
1,498,298,397 |
0 |
1,436,269,924 |
|
Non-Current Liabilities |
34,123,353,289 |
34,288,772,215 |
44,110,962,918 |
|
Long-Term Borrowings |
10,117,948,792 |
11,599,827,523 |
19,828,064,818 |
|
Other Non-Current
Financial Debts |
782,537,909 |
302,537,909 |
200,450,380 |
|
Provision for
Severance & Retirement |
18,932,130,366 |
18,099,669,036 |
17,185,289,017 |
|
Provision for
Severance & Retirement |
378,435,288 |
378,435,288 |
631,800,193 |
|
Other Non-Current
Provisions |
3,912,300,934 |
3,908,302,459 |
6,265,358,510 |
|
Capital Stock |
21,366,085,000 |
21,366,085,000 |
20,644,385,000 |
|
Capital Surplus |
21,739,641,715 |
21,739,641,715 |
21,740,074,715 |
|
Others |
-10,804,656,832 |
-11,555,171,832 |
-11,549,270,961 |
|
Profit Surplus |
156,838,911,609 |
154,093,462,391 |
143,124,880,948 |
|
Total Equity |
189,139,981,492 |
185,644,017,274 |
173,960,069,702 |
|
Liab. &
Shareholder’s Equity |
386,764,502,781 |
375,746,232,373 |
370,849,235,191 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
53,617,116,042 |
212,009,533,345 |
224,915,147,482 |
|
Cost of Sold Goods |
30,707,347,790 |
128,976,650,767 |
124,859,589,027 |
|
Gross Profit |
22,909,768,252 |
83,032,882,578 |
100,055,558,455 |
|
Selling & Admin.
Expenses |
14,004,906,756 |
58,392,124,889 |
62,280,307,135 |
|
Operating Income |
8,904,861,496 |
24,640,757,689 |
37,775,251,320 |
|
Other Operating
Income |
802,613,346 |
1,249,431,583 |
1,642,461,304 |
|
Other Operating
Expenses |
112,066,676 |
1,715,755,520 |
796,362,528 |
|
Finance Income |
43,905,446 |
1,324,164,504 |
264,939,470 |
|
Finance Expenses |
2,358,587,827 |
7,815,724,576 |
8,362,182,793 |
|
Income Before Taxes |
7,280,725,785 |
17,682,873,680 |
30,524,106,773 |
|
Income Taxes Expenses |
1,503,348,117 |
3,580,310,406 |
6,106,299,167 |
|
Net Income |
5,777,377,668 |
14,102,563,274 |
24,417,807,606 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating
Activities Cash Flows |
6,292,465,840 |
29,362,591,586 |
29,243,561,818 |
|
Cash Flows from Operating |
6,672,644,824 |
40,999,921,192 |
45,367,725,054 |
|
Interests Received |
405,780 |
85,403,489 |
156,398,323 |
|
Interests Paid |
-1,692,510,215 |
-7,687,597,567 |
-7,923,683,115 |
|
Dividends Received |
274,700,250 |
813,846,472 |
881,128,844 |
|
Income Taxes |
1,037,225,201 |
-4,848,982,000 |
-9,238,007,288 |
|
Cash Flows from Investing |
-863,185,195 |
-20,726,167,305 |
-23,405,465,939 |
|
Cash Flows from Financing |
270,112,948 |
-7,771,500,626 |
-5,195,595,323 |
|
Increase/Decrease in Cash |
5,711,248,220 |
846,381,668 |
650,022,045 |
|
Cash at the Beginning of Year |
3,707,129,803 |
2,860,748,135 |
2,210,726,090 |
|
Cash at the End of Year |
9,418,378,023 |
3,707,129,803 |
2,860,748,135 |
|
Main Products & Services |
Antibiotics Analgesic, Anti-inflammatory, Antipyretics Anti-inflammatory Enzyme Corticosteroids Antacids Digestives and antiulcer agents Antispasmodics Sedative agent Geriatric agents and Vitamins Ageuts Drugy, Calcium Supplement Prophylaxic and therapy of liver disease Amino Acids Gingival agents Antitussives and Expectorants Antihistamines Thrombolytics Antihypertensives Hemostatics Antidiabetics Cerebral Circulation and Metabolism Amelioraters For disk and peripheral Neuropathies Ophthalmic Agents Otorthinologic Agents Otorhinologic agents Anti-Fungal Agents Antimycotics Topical Dermatic Prepar Anthelmintics Remedy for tropical diseases |
|
Competitors |
JEIL PHARMACEUTICAL CO., LTD.(110111-0026652) 745-5, BANPO 1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-549-7451
FAX:+82-2-549-7478 BORYUNG PHARM CO., LTD.(110111-0012560) 15TH FL., BORYEONG BLDG., 66-21, WONNAM-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-708-8000
FAX:+82-2-742-6362 KWANGDONG PHARMACEUTICAL CO., LTD(110111-0152134) 4TH FL., GASAN BLDG., 1577-4, SEOCHO
3-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-6006-7777 FAX:+82-2-6006-702 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
TIANJIN SHINPOONG PHRAM. CO., LTD.(CHINA) (45.0% held by the subject company) SHINPOONG DAEWOO PHARMA. CO., LTD.(VIETNAM) (94.1% held by the subject company) GENERAL MEDICINES CO., LTD.(SUDAN) (33.3% held by the subject company) PHILIPPINE SHINPOONG PHRAMA CO., LTD. (80.0% held by the subject company) |
|
Subsidiary |
SHINPOONG DAEWOO PHARMA. CO., LTD.(VIETNAM) (96.4% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company DONGBU
INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
16,722 |
4,444 |
17,698 |
|
Domestic |
141,943 |
52,828 |
207,217 |
|
Total |
158,665 |
57,272 |
224,915 |
The Subject deals
with the companies in China and Vietnam.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
Civil
Court in Vietnam |
The
Subject Company |
CODUPHA(Vietnam) |
Claim
for Receivables |
$1,160,000 |
Filed
as of 05/2004 |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
UK Pound |
1 |
Rs.90.71 |
|
Euro |
1 |
Rs.78.47 |
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.