|
Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOREA UNITED PHARM INC. |
|
|
|
|
Registered Office : |
25-23, Nojanggongdan-gil, Jeondong-myeon, Sejong-si, Korea |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
03.12.1987 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture, Marketing, & Sales Distribution of Pharmaceuticals and
Other Healthcare Products |
|
|
|
|
No. of Employees : |
645 |
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 : |
Exist |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
KOREA (SOUTH) - 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 |
Basic
|
Company Name |
KOREA UNITED PHARM INC. |
|
Registered Address |
25-23, Nojanggongdan-gil, Jeondong-myeon, Sejong-si, Korea (Old Address System :404-10, Nojang-ri, Jeondong-myeon, Yeongi-gun,
Chungcheongnam-do, Korea) |
|
Zip Code |
339-841 |
|
Tel |
+82-41-862-5030 |
|
Fax |
+82-41-862-5070 |
|
E-mail |
trade@kup.co.kr |
|
Website |
www.kup.co.kr |
|
Trading Address |
22, Nonhyeon-ro 121-gil, Gangnam-gu, Seoul, Korea (Old Address System :154-8, Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-512-9982 |
|
Fax |
+82-2-512-0144 |
|
Other Address-Sumyun Factory |
153 Budong-ri, Su-myun, Yeongi-gun, Chungcheongnam-do, Korea |
|
Tel |
+82-41-862-8586 |
|
Fax |
+82-41-862-8582 |
|
Other Address-2nd Factory |
404-16, Nojang-ri, Jeondong-myeon, Yeongi-gun, Chungcheongnam-do,
Korea |
|
Tel |
+82-41-862-6856 |
|
Fax |
+82-41-862-5082 |
|
Type |
Export/Import |
|
Industry |
Manufacture, Marketing, & Sales Distribution of Pharmaceuticals
and Other Healthcare Products |
|
Main Business |
Manufacture of Medicinal Medicaments |
|
Sub
Business |
Anticancer Drug, Vitamin Compound, Antibiotics, Homtamin Ginseng,
Alcafen Cough, Augmex, Clauza |
|
Established (mm/dd/yyyy) |
12/03/1987 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cough and cold and antiallergy products(51161800) |
|
Sell |
Antidepressants(51141600) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Antiulcer and related gastrointestinal GI drugs(51171900) |
|
Sell |
Drugs used for respiratory tract disorders(51161700) |
|
Sell |
Antibiotics(51101500) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Formulas and products for nutritional support(42231800) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
CEO’s
|
Name |
Kang Duk-Young |
|
Date of Birth |
05/18/1947 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
7,742,462,000 |
||||||||||||||||||||||||
|
Employees |
645 |
||||||||||||||||||||||||
|
Formation |
Listed Company(Korea Stock Exchange : 033270) as of 10/23/2007 Venture Business A Company of KOREA UNITED PHARMA BUSINESS GROUP |
||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Samseong Nam
Branch Woori Bank Shinhan Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
134211-0002769 |
||||||||||||||||||||||||
|
Business Registered No. |
307-81-05244 |
||||||||||||||||||||||||
|
Permit & Licenses |
1992 KGMP 10/14/2005 ISO 14001 11/01/2005 ISO 9001 Int’l Trade No.: 423326 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
08/23/2007 Designated as a Venture Business again 10/23/2007 Listed at Korea Stock Exchange
after unlisted from KOSDAQ Market 08/23/2007 Designated as a Venture Business 2004 Signed a Contract of Establishing EIMC United Pharma Co. in Egypt 2004 Designated as a "Advanced Technology Center”, Certified by
Ministry of Commerce, Industry and Energy 2002 Designated Homtamin-S as “World Class Product”, Certified by
Ministry of Commerce, Industry and Energy 2002 Acknowledged as “Noble Intellectual of This First Half Year” 2001 Completed United Douglas Pharm. Inc. in Alabama 2001 Awarded the “Presidential Tower” for U$10Millions in Export 2001 Awarded “the Presidential Industrial Service Medal” on the Annual
Taxation Day 2000 Designated as a “Superior Technology Company” 2000 Awarded the Best Grand Prize from Chungnam, Korea 2000 Completed Korea United Pharm Int'l Inc. in Bihn Duong, Vietnam 1999 Awarded a Trophy for U$5Millions in Export Awarded the Most Honorable Grand Prize from Chungnam, Korea 1998 Awarded a Grand Prize for Venture Enterprise Designated as a “Promising Export Small and Medium Enterprise” 1997 Awarded a Grand Prize for Small and Medium Enterprise Awarded a Prize from the Ministry of Health and Welfare of Korea
(Awarded the Management Grand Prix in Chungnam, Korea 1996 Received a “The Management Grand Prix” from the Korean Government
of Chungnam Province 10/29/1999 Listed at KOSDAQ 1998 Established United Douglas Pharm.Inc. in Alabama , U.S.A. |
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
President & CEO |
Mr. |
Kang Duk-Young |
Korean |
1947.05.18 |
Hankuk University of Foreign
Studies, Korea |
|
Sr. Executive Director |
Mr. |
Kim Hyung-Rae |
Korean |
1954.12.03 |
Chungang University |
|
Sr. Executive Director |
M/S. |
Kim Gwui-Ja |
Korean |
1957.03.15 |
Chungang University, Korea |
|
Sr. Executive Director |
Mr. |
Jung Won-Tae |
Korean |
1962.07.08 |
Chungang University, Korea |
|
Outside Director |
Mr. |
Cho Jang-Yeon |
Korean |
1952.08.18 |
Prof., of Hankuk University of
Foreign Studies, Korea |
|
Outside Director |
Mr. |
Lee Yeon-Taik |
Korean |
1957.01.12 |
Prof., of Hanyang University, Korea |
|
Outside Director |
Mr. |
Kwon Park |
Korean |
1943.04. |
Seoul National University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
101,269,016,455 |
191,839,344,573 |
9,247,720,767 |
|
|
(*)2012 |
134,816,215,763 |
187,869,271,075 |
16,795,304,159 |
|
(*)2011 |
145,445,761,605 |
169,921,672,440 |
20,725,520,752 |
|
(*)2010 |
134,958,313,450 |
143,995,608,991 |
16,676,813,754 |
|
2009 |
119,084,235,076 |
122,501,507,465 |
14,199,565,873 |
|
2008 |
94,700,345,648 |
87,923,923,116 |
8,874,395,597 |
|
2007 |
59,695,984,469 |
77,027,800,347 |
5,575,526,344 |
(*) Figures are
based on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
7,742,462,000 |
|
Total Issues Shares |
15,484,924 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
191,839,344,573 |
187,869,271,075 |
169,921,672,440 |
|
Current Assets |
92,107,952,739 |
92,921,345,039 |
88,100,872,003 |
|
Cash & Cash Equivalents |
22,899,550,891 |
16,770,046,526 |
17,868,865,709 |
|
Current Financial Instruments |
518,997,270 |
9,355,945,101 |
384,556,516 |
|
Trade Receivables & Other
Receivables |
38,667,034,711 |
36,746,445,153 |
46,929,565,415 |
|
Advance Payments |
1,606,850,962 |
48,051,077 |
101,227,315 |
|
Prepaid Expenses |
127,614,707 |
179,415,555 |
318,174,360 |
|
Inventories |
28,287,904,198 |
29,821,441,627 |
22,498,482,688 |
|
Non-Current Assets |
99,731,391,834 |
94,947,926,036 |
81,820,800,437 |
|
Other Financial Assets |
1,372,997,841 |
1,161,000,000 |
857,000,000 |
|
Long-Term Trade Receivables &
Other Receivables |
8,490,923,340 |
8,490,547,550 |
3,354,406,167 |
|
Marketable Financial Instruments |
955,456,364 |
892,516,364 |
1,304,395,394 |
|
Investment_Related Companies |
5,701,407,474 |
6,205,407,474 |
5,671,147,474 |
|
Investment_Subsidiaries |
486,740,474 |
456,661,309 |
565,376,423 |
|
Prepaid Expenses |
478,522,964 |
504,783,379 |
539,797,255 |
|
Investment_Real Estates |
15,493,369,182 |
15,421,223,057 |
14,432,392,886 |
|
Tangibles |
64,378,335,467 |
59,507,154,408 |
53,423,140,215 |
|
Intangibles |
2,373,638,728 |
2,308,632,495 |
1,673,144,623 |
|
Total Liabilities |
50,120,381,079 |
53,830,617,721 |
56,811,356,208 |
|
Current Liabilities |
29,976,866,513 |
34,575,140,978 |
38,431,198,714 |
|
Trade Payables & Other
Payables |
16,929,130,263 |
19,284,906,499 |
17,914,040,051 |
|
Short-Term Borrowings |
2,478,128,657 |
6,738,164,565 |
15,694,875,465 |
|
Current Portion of Long-Term
Debts |
8,983,200,000 |
5,803,200,000 |
2,519,020,000 |
|
Other Current Liabilities |
722,005,233 |
678,324,634 |
682,966,776 |
|
Accrued Income Tax |
864,402,360 |
2,070,545,280 |
1,620,296,422 |
|
Non-Current Liabilities |
20,143,514,566 |
19,255,476,743 |
18,380,157,494 |
|
Long-Term Borrowings |
11,957,600,000 |
10,690,000,000 |
9,143,880,000 |
|
Long-Term Trade Payables &
Other Payables |
480,000,000 |
240,000,000 |
309,425,000 |
|
National Subsidies |
356,148,424 |
261,834,168 |
221,782,501 |
|
Provisions |
3,963,636,038 |
4,244,755,426 |
5,962,330,666 |
|
Deferred Income Tax Credit |
3,386,130,104 |
3,818,887,149 |
2,742,739,327 |
|
Capital Stock |
7,742,462,000 |
7,742,462,000 |
7,742,462,000 |
|
Capital Surplus |
16,639,347,013 |
16,639,347,013 |
15,733,109,994 |
|
Others |
955,673,620 |
668,430,040 |
-4,199,341,346 |
|
Installments |
43,177,612 |
39,640,939 |
53,427,741 |
|
Profit Surplus |
116,338,303,249 |
108,948,773,362 |
93,780,657,843 |
|
Total Equity |
141,718,963,494 |
134,038,653,354 |
113,110,316,232 |
|
Liab. & Shareholder’s Equity |
191,839,344,573 |
187,869,271,075 |
169,921,672,440 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
101,269,016,455 |
134,816,215,763 |
145,445,761,605 |
|
Cost of Sold Goods |
47,063,940,712 |
59,427,212,854 |
56,028,501,783 |
|
Gross Profit |
54,205,075,743 |
75,389,002,909 |
89,417,259,822 |
|
Selling & Admin. Expenses |
42,039,477,968 |
55,146,523,217 |
60,881,147,164 |
|
Operating Income |
12,165,597,775 |
20,242,479,692 |
28,536,112,658 |
|
Other Non-Operating Profits |
-49,649,642 |
699,746,242 |
-5,409,833,095 |
|
Other Income |
1,402,358,942 |
4,548,005,354 |
2,929,386,180 |
|
Other Expenses |
1,468,643,078 |
3,588,085,445 |
7,450,952,327 |
|
Finance Income |
1,215,434,988 |
1,443,736,602 |
925,627,272 |
|
Finance Expenses |
1,198,800,494 |
1,703,910,269 |
1,813,894,220 |
|
Income Before Taxes |
12,115,948,133 |
20,942,225,934 |
23,126,279,563 |
|
Income Taxes Expenses |
2,868,227,366 |
4,146,921,775 |
2,400,758,811 |
|
Net Income |
9,247,720,767 |
16,795,304,159 |
20,725,520,752 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
9,017,320,161 |
22,628,960,792 |
28,075,172,762 |
|
Net Income |
9,247,720,767 |
16,795,304,159 |
20,725,520,752 |
|
Adjustment |
8,042,901,866 |
8,644,489,415 |
12,424,461,408 |
|
Changes in Asset/ & Liability |
-3,758,772,015 |
372,241,555 |
-2,543,508,281 |
|
Interests Received |
734,535,886 |
615,617,496 |
546,008,212 |
|
Interests Paid |
-741,939,012 |
-922,561,425 |
-1,412,459,878 |
|
Income Taxes |
-4,507,127,331 |
-2,876,130,408 |
-1,664,849,451 |
|
Cash Flows from Investing |
-1,001,018,291 |
-23,996,896,702 |
-17,951,218,456 |
|
Cash Flows from Financing |
-1,761,239,923 |
314,238,151 |
353,034,219 |
|
Increase/Decrease in Cash |
6,129,504,365 |
-1,053,697,759 |
10,476,988,525 |
|
Cash at the Beginning of Year |
16,770,046,526 |
17,868,865,709 |
7,397,629,235 |
|
Cash at the End of Year |
22,899,550,891 |
16,770,046,526 |
17,868,865,709 |
Products,
Technologies, Services Description
|
Main Products & Services |
Life-Saving Drugs such as Antibiotics &
Anti-Tumor Agents Over-the-Counter Drugs (including Vitamins
& Korean Ginseng products) Healthcare Supplements & Food Antibiotics & Anti-Tumor Agents Antinflammatory & Antidiabetic Agents Vitamins & Korean Ginseng Products |
Trade Partners
& Competitors
|
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 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KOREA UNITED PHARM GLOBAL
INC.(110111-3513680) (95.00% held by the subject company) UNITED INTERPHRAM CO., LTD.(110111-0408644) (39.39% held by the subject company) UNITED GST CO., LTD.(110111-3634155) GALELUB MULTILAB CO., LTD.(110111-3739450) (45.00% held by the subject company) KOREA UNITED BIO-CHEM PHARMACEUTICAL CO., LTD.(164711-0019750) (49.00% held by the subject company) |
|
Affiliates-Overseas |
UNITED DOUGLAS PHARM, INC. (LUVERNE.
ALABAMA. USA) (98.09% held by
the subject company) 72, JANE DR, LUVERNE, AL 36049, USA TEL:+1-334-335-4842 FAX:+1-334-335-2062 CSKIM@KUP.CO.KR KOREA UNITED PHARM. INT'L JSC. (BINH DOUNG,
VIETNAM) (11.0% held by the subject company) 2A DAI LO TU DO BOULVARD, VSIP, THUAN AN
DISTRICT, BINH DUONG, VIETNAM DIST.10,
HOCHIMINH CITY, VIETNAM TEL:+84-650-782-980 FAX:+84-650-782-981 KUP.REP@HCM.VNN.VN |
|
Overseas Branch |
U.S.A 13940 DON JULIAN RD, LA PUENTE, CA91746 TEL:+1-626-968-7340 / 1-714-883-4128
FAX:+1-626-336-5465 PHILIPPINE UNIT 1106-A WEST TOWER PHILIPPINE STOCK
EXCHANGE CENTER, EXCHANGE ROAD, ORTIGAS CENTER, PASIG CITY, MANILA,
PHILIPPINES TEL:+632-634-8984,5 FAX:+632-634-8984,5 CVTEAM@ORGIO.NET VIETNAM E-TOWN BUILDIONG9.1(9TH FLOOR)364 CONGHOA
TANBINH DIST. HOCHIMINH CITY, VIETNAM TEL:+84-8-812-3915,6 FAX:+84-8-812-3917 KUP.REP@HCM.VNN.VN MYANMAR ROOM NO.302 IN 3-RD FLOOR OF THE DANATHIHA
BUILDING NO.790, BOGYOKE AUNG SAN ROAD, LANMADAW TOWNSHIP, YANGON, MYANMAR TEL:+95-1-211-824,5 FAX:+95-1-211-820 KUPM@MPTMAIL.NET.MM |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) -Sales Agent KOREA UNITED PHARM GLOBAL
INC.(110111-3513680) -Logistics Service UNITED INTERPHRAM CO., LTD.(110111-0408644) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Thousand KRW |
09/2012 |
2011 |
2010 |
|
Export |
16,370,600 |
18,301,080 |
18,770,770 |
|
Domestic |
86,874,119 |
127,144,682 |
116,187,543 |
|
Total |
103,244,719 |
145,445,762 |
134,958,313 |
The subject deals with the companies in Asia,
Middle East, South America and Middle America.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
National Health Insurance Corporation |
The Subject Company (2 Cases) |
|
3,506,937,000 |
3rd round is proceeding |
|
|
|
National Health Insurance Corporation |
The Subject Company (3 Cases) |
|
180,706,000 |
Proceeding |
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.84 |
|
Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.