|
Report Date : |
26.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAESUNG MICROBIOLOGICAL LABS. CO., LTD. |
|
|
|
|
Registered Office : |
103, Deogyeong-daero, Uiwang-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
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 : |
135 |
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 : |
Slow but correct |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Basic
|
Company Name |
DAESUNG MICROBIOLOGICAL LABS. CO., LTD. |
|
Registered Address |
103, Deogyeong-daero, Uiwang-si, Gyeonggi-do, Korea (Old Address System : 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., 19, Banpo-daero, Seocho-gu, Seoul, Korea (Old Address System : 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㎡).
Detailed Products
|
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) |
CEO’s
|
Name |
Cho Hang-Won |
|
Address |
|
|
Date of Birth |
09/13/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,900,000,000 |
|||||||||||||||
|
Employees |
135 |
|||||||||||||||
|
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 04/2007 Designated as an INNO-BIZ Company |
|||||||||||||||
|
|
|
Management
|
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 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
15,446,843,738 |
27,448,636,060 |
810,120,337 |
|
|
(*)2012 |
16,332,473,831 |
25,492,399,400 |
446,189,417 |
|
(*)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.
Financial
Description
|
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 |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
27,448,636,060 |
25,492,399,400 |
26,582,984,986 |
|
Current Assets |
12,623,277,593 |
10,593,339,000 |
10,912,916,021 |
|
Cash & Cash Equivalents |
2,576,162,656 |
1,302,283,461 |
607,628,133 |
|
Current Financial Instruments |
522,000,000 |
1,061,000,000 |
1,216,000,000 |
|
Other Finance Assets |
|
|
22,015,000 |
|
Trade Receivables |
3,581,774,625 |
3,442,083,223 |
4,114,302,284 |
|
Other Receivables |
48,607,919 |
62,338,903 |
61,727,706 |
|
Advance Payments |
12,845,178 |
8,719,582 |
14,480,548 |
|
Prepaid Expenses |
31,074,073 |
36,287,807 |
39,580,108 |
|
Other Taxes |
|
155,935,170 |
118,386,348 |
|
Inventories |
5,850,813,142 |
4,524,690,854 |
4,718,795,894 |
|
Non-Current Assets |
14,825,358,467 |
14,899,060,400 |
15,670,068,965 |
|
Non-Current Financial Instruments |
765,700,000 |
435,700,000 |
486,700,000 |
|
Marketable Financial Instruments |
18,900,000 |
18,900,000 |
18,500,000 |
|
Tangibles |
12,566,331,218 |
12,989,202,872 |
13,971,809,732 |
|
Intangibles |
791,989,989 |
771,925,947 |
792,582,744 |
|
Guarantee Deposits |
274,354,000 |
274,354,000 |
199,354,000 |
|
Deferred Income Tax Assets |
408,083,260 |
408,977,581 |
201,122,489 |
|
Total Liabilities |
7,229,754,162 |
5,760,637,839 |
6,753,066,869 |
|
Current Liabilities |
4,907,194,691 |
2,900,695,774 |
3,800,046,181 |
|
Trade Payables |
2,568,387,654 |
415,767,996 |
770,478,146 |
|
Short-Term Borrowings |
500,000,000 |
810,148,000 |
1,681,786,651 |
|
Current Portion of Long-Term
Debts |
1,093,333,332 |
1,093,333,332 |
771,678,670 |
|
Withholdings |
29,914,550 |
58,945,350 |
81,895,570 |
|
VAT Withhold |
110,783,786 |
198,646,815 |
178,388,338 |
|
Advance Receipts |
7,805,751 |
4,929,873 |
37,192,229 |
|
Accrued Expenses |
377,327,049 |
318,924,408 |
278,626,577 |
|
Accrued Income Tax |
219,642,569 |
|
|
|
Non-Current Liabilities |
2,322,559,471 |
2,859,942,065 |
2,953,020,688 |
|
Long-Term Borrowings |
1,360,399,999 |
2,139,999,998 |
2,733,333,330 |
|
Provision for Severance &
Retirement |
962,159,472 |
719,942,067 |
219,687,358 |
|
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 |
|
Profit Surplus |
12,077,721,601 |
11,590,601,264 |
11,697,010,220 |
|
Total Equity |
20,218,881,898 |
19,731,761,561 |
19,829,918,117 |
|
Liab. & Shareholder’s Equity |
27,448,636,060 |
25,492,399,400 |
26,582,984,986 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
15,446,843,738 |
16,332,473,831 |
17,148,021,619 |
|
Cost of Sold Goods |
10,966,049,885 |
12,171,673,366 |
13,570,856,919 |
|
Gross Profit |
4,480,793,853 |
4,160,800,465 |
3,577,164,700 |
|
Selling & Admin. Expenses |
3,384,860,729 |
3,889,522,057 |
4,300,555,690 |
|
Operating Income |
1,095,933,124 |
271,278,408 |
-723,390,990 |
|
Other Income |
7,283,107 |
227,893,288 |
240,779,325 |
|
Other Expenses |
3,775,632 |
4,915,961 |
26,322,591 |
|
Finance Income |
58,246,087 |
96,375,787 |
190,664,930 |
|
Finance Expenses |
118,369,199 |
288,877,482 |
165,026,309 |
|
Income Before Taxes |
1,039,317,487 |
301,754,040 |
-483,295,635 |
|
Income Taxes Expenses |
229,197,150 |
-144,435,377 |
-175,516,055 |
|
Net Income |
810,120,337 |
446,189,417 |
-307,779,580 |
|
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 |
3,047,306,922 |
2,332,554,774 |
1,808,914,987 |
|
Cash Flows from Operating |
2,932,123,827 |
2,832,807,633 |
1,648,565,280 |
|
Net Income |
810,120,337 |
446,189,417 |
-307,779,580 |
|
Adjustment |
1,488,639,301 |
1,936,408,535 |
1,226,017,562 |
|
Changes in Asset/ & Liability |
633,364,189 |
450,209,681 |
730,327,298 |
|
Interests Received |
61,895,049 |
87,487,485 |
153,084,575 |
|
Dividends Received |
|
640,000 |
710,000 |
|
Interests Paid |
-93,986,864 |
-197,202,253 |
-72,861,826 |
|
Income Taxes |
147,274,910 |
-391,178,091 |
79,416,958 |
|
Cash Flows from Investing |
-351,008,104 |
-143,746,785 |
-3,146,869,579 |
|
Cash Inflow from Investing |
1,059,402,473 |
1,887,861,052 |
2,309,712,030 |
|
Cash Outflows for Investing |
-1,410,410,577 |
-2,031,607,837 |
-5,456,581,609 |
|
Cash Flows from Financing |
-1,412,747,999 |
-1,466,317,321 |
704,368,658 |
|
Cash Inflows from Financing |
540,400,000 |
2,596,187,075 |
6,546,173,947 |
|
Cash Outflows from Financing |
-1,953,147,999 |
-4,062,504,396 |
-5,841,805,289 |
|
Increase/Decrease in Cash |
1,273,879,195 |
694,655,328 |
-621,714,217 |
|
Cash at the Beginning of Year |
1,302,283,461 |
607,628,133 |
1,229,342,350 |
|
Cash at the End of Year |
2,576,162,656 |
1,302,283,461 |
607,628,133 |
Products,
Technologies, Services Description
|
Main Products & Services |
Antibiotics & Antibacterials Mastitis Ointment Anthelmintics Disinfectant Probiotics & Enzyme Products Teat Dipping Disinfectant Metabolite Nutrients Biologicals |
Trade Partners
& Competitors
|
Suppliers |
HYUNJIN GREENMIL CO., LTD. DAESAN BIOTECH CO., LTD. DONGSIN TUBE GLASS IND. CO. , LTD.(120111-0009797) YOUNG JIN INDUSTY CO., LTD(134811-0025389) |
|
Customers |
|
|
Competitors |
BAYER KOREA LTD.(110111-0610596) KOMIPHARM INTERNATIONAL CO., LTD.(110111-0134372) CHOONG ANG VACCINE LABORATORY(160111-0042533) UNI BIOTECH CO., LTD.(161511-0001605) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2013 |
2012 |
2011 |
|
Export |
1,841 |
2,446 |
2,322 |
|
Domestic |
13,605 |
13,886 |
14,826 |
|
Total |
15,446 |
16,332 |
17,148 |
The Subject exports to China, Pakistan and
Vietnam.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.14 |
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.