MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

ILYANG PHARMACEUTICAL CO., LTD.

 

 

Registered Office :

110, Hagal-ro, Giheung-gu, Yongin-si, Gyeonggi-do, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

30.12.1971

 

 

Com. Reg. No.:

209-81-00872

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Medicinal Medicaments

 

 

No. of Employees :

602

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. South 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. South 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-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

 

Source : CIA

 

 

 

 

Basic Information

 

Company Name

ILYANG PHARMACEUTICAL CO., LTD.

Registered Address

110, Hagal-ro, Giheung-gu, Yongin-si, Gyeonggi-do, Korea

(Old Address System : 182-4, Hagal-dong, Giheung-gu, Yongin-si, Gyeonggi-do, Korea)

Building

--

Zip Code

446-726

Tel

+82-31-281-7851

Fax

+82-31-284-8141

E-mail

webmaster@ilyang.co.kr

Website

www.ilyang.co.kr

 

 

Trading Address

Ilyang Bldg., 194, Dogok-ro, Gangnam-gu, Seoul, Korea

(Old Address System : Ilyang Bldg., 544-5, Dogok-dong, Gangnam-gu, Seoul, Korea)

Tel

+82-2-570-3700~7

Fax

+82-2-570-3708~9

 

 

Other Address-Gunsan Factory

88, Balsan-ri, Gaejeong-myeon, Gunsan-si, Jeollabuk-do, Korea

Tel

+82-654-43-1001~5

Fax

+82-654-43-1010

 

 

Other Address-Jeonbuk Branch

1140-1, Yeoui-dong, Deokjin-gu, Jeonju-si, Jeollabuk-do, Korea

Tel

+82-63-211-1500

 

 

Other Address-Daejeon Branch

22-4, Yongjeon-dong, Dong-gu, Daejeon, Korea

Tel

+82-42-622-9386

 

 

Other Address-Gyeong-in Branch

34-10, Sinheungdong 1-ga, Jung-gu, Incheon, Korea

Tel

+82-32-887-8590

Fax

 

Other Address-Daegu Branch

353-9, Bolli-dong, Dalseo-gu, Daegu, Korea

Tel

+82-53-527-6681

 

 

Other Address-Gwangwon Branch

898-2, Hakseong-dong, Wonju-si, Gangwon-do, Korea

Tel

+82-33-748-1010

 

 

Type

Export/Import

Industry

Manufacture of Medicinal Medicaments

  Main Business

Medicine, Full Text Medicine, Raw Material Medicine

 

 

Established (mm/dd/yyyy)

12/30/1971

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Vitamin supplements(51191905)

Sell

Antacids and antiflatulents(51171500)

Sell

Non narcotic analgesics and antipyretics(51142000)

Sell

Antihistamines or H1 blockers(51161600)

Sell

Thrombolytic drugs and platelet aggregation inhibitors(51131700)

Sell

Sport or energy drink(50202309)

Sell

Antacids and antiflatulents(51171500)

Sell

Centrally acting skeletal muscle relaxants(51151900)

Sell

Nonsteroidal anti inflammatory drugs NSAIDs(51142100)

Sell

Ophthalmic(51102400)

Sell

Lip balm(53131630)

 

 

CEO’s

 

Name

Kim Dong-Yeon

Address

 

Date of Birth

08/19/1950

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

45,850,840,000

Employees

602

Formation

Listed Company (Korea Stock Exchange : 007570) as of 08/28/1974

A Company of ILYANG PHARMACEUTICAL CO., LTD.

Bank Details

Hana Bank

Korea Development Bank

Kookmin Bank-Shingal Branch

Nonghyup Bank

Woori Bank

Corporate Registered No.

110111-0124802

Business Registered No.

209-81-00872

Permit & Licenses

Int’l Trade No.: 803489

Shareholder Position

Name

Shares

%

JUNG DO-UHN

3,754,956

25.81

JUNG YOO-SEOK

534,340

3.68

TREASURY STOCK

882,790

6.07

OTHERS

9,375,520

64.44

TOTAL

14,547,606

100.00

Company History

07/1946 Established as GONGSHIN YAKUPSA CO.

07/01/1957 Changed company name to SUNLIM YAKUP SA CO.

04/10/1960 Changed company name to IL YANG PHARM MFG. CO.

06/15/1961 Changed company name to IL YANG PHARMACEUTICAL MFG. CO.

12/30/1971 Incorporated as IL YANG PHARMACEUTICAL INDUSTRIES CO., LTD.

05/28/1991 Changed company name to the present name

05/20/2005 Moved to the present HQ address from 185-3, Dongcheon-dong, Suji-gu, Yongin-si, Gyeonggi-do, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

President & CEO

Mr.

Kim Dong-Yeon

Korean

1950.08.19

Hanyang University, Korea

Director

Mr.

Jung You-Seok

Korean

1976.08

New York Univ., USA

Director

Mr.

Choi Kyu-Young

Korean

1958.02

Myungji University, Korea

Outside Director

Mr.

Kim Jong-Jin

Korean

1962.08

Chungang University, Korea

Outside Director

Mr.

Bae Myung-Sik

Korean

1947. 06.01

Yonsei University, Korea

Outside Director

Mr.

Yoon Sung-Hwa

Korean

1955.03

Seoul National University, Korea

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2014

28,863,471,951

408,969,780,951

-5,556,212,516

(*)03/2013

147,731,713,175

393,963,899,025

3,485,065,013

(*)03/2012

146,460,716,534

373,231,417,389

-120,375,231

03/2011

138,485,382,468

315,552,190,885

1,975,802,243

03/2010

135,952,738,420

282,542,987,916

1,065,747,662

03/2009

114,614,743,355

267,294,223,053

-16,079,810,910

03/2008

120,289,302,324

175,056,838,141

1,003,251,556

03/2007

129,862,633,939

158,541,870,126

3,110,882,596

03/2006

120,279,868,421

153,069,510,373

3,479,549,629

03/2005

109,147,890,913

186,279,327,567

1,863,111,638

 

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

100,000,000,000

Paid-Up Capital(KRW)

45,850,840,000

Total Issued Shares

18,340,336 (Common : 17,895,256 / Preferable : 445,080)

 

Balance Sheet

Unit : Korean Won

04/01/2014~06/30/2014

As of 03/31/2014

As of 03/31/2013

Total Assets

408,969,780,951

393,963,899,025

373,231,417,389

Current Assets

145,465,279,651

129,806,971,677

127,239,386,397

Cash & Cash Equivalents

10,652,992,182

2,705,290,390

5,358,464,771

Trade Receivables & Other Receivables

96,878,420,038

96,768,133,931

93,804,303,645

Inventories

37,359,927,571

29,764,478,846

27,312,401,541

Marketable Financial Instruments

554,000,000

554,000,000

554,000,000

Current Financial Instruments

19,939,860

15,068,510

210,216,440

Non-Current Assets

263,504,501,300

264,156,927,348

245,992,030,992

Marketable Financial Instruments

1,684,617,815

1,508,990,675

1,215,591,125

Non-Current Financial Instruments

3,587,152,331

3,920,279,824

3,467,723,103

Non-Current Non-Financial Instruments

11,521,361,215

10,971,361,215

10,173,916,842

Investment_Subsidiaries

3,920,440,604

3,920,440,604

3,920,440,604

Tangibles

179,923,785,586

182,254,104,612

174,643,027,732

Intangibles

37,480,456,965

36,172,168,655

27,070,169,907

Investment_Real Estates

25,386,686,784

25,409,581,763

25,501,161,679

Total Liabilities

231,433,856,425

214,503,178,097

195,786,756,737

Current Liabilities

139,748,773,632

146,398,017,021

119,091,746,576

Trade Payables & Other Payables

19,842,575,956

21,844,345,328

25,699,072,060

Other Current Financial Debts

4,857,772,287

4,776,073,998

4,791,970,003

Short-Term Borrowings

72,000,000,000

76,000,000,000

39,000,000,000

Current Portion of Provisions

1,407,900,629

1,407,900,629

1,147,391,486

Current Portion of Long-Term Debts

41,074,795,000

41,372,420,000

48,142,920,000

Deferred Income Tax Credit

565,729,760

997,277,066

310,393,027

Non-Current Liabilities

91,685,082,793

68,105,161,076

76,695,010,161

Other Non-Current Financial Debts

77,311,368,786

54,097,760,000

62,294,580,000

Provision for Severance & Retirement

5,214,586,911

5,088,042,106

4,661,327,677

Deferred Income Tax Credit

9,159,127,096

8,919,358,970

9,739,102,484

Capital Stock

45,850,840,000

45,850,840,000

45,850,840,000

Capital Surplus

81,173,302,189

75,937,985,350

75,997,672,042

Others

-7,332,541,284

-7,411,633,284

-7,675,660,043

Installments

59,503,563,913

59,429,675,038

59,346,138,242

Profit Surplus

-1,659,240,292

5,653,853,824

3,925,670,411

Total Equity

177,535,924,526

179,460,720,928

177,444,660,652

Liab. & Shareholder’s Equity

408,969,780,951

393,963,899,025

373,231,417,389

 

Income Statement

Unit : Korean Won

04/01/2014~06/30/2014

As of 03/31/2014

As of 03/31/2013

Sales

28,863,471,951

147,731,713,175

146,460,716,534

Cost of Sold Goods

19,543,700,020

87,068,957,141

89,629,801,278

Gross Profit

9,319,771,931

60,662,756,034

56,830,915,256

Selling & Admin. Expenses

13,159,382,345

55,929,395,446

53,603,425,125

Operating Income

-3,839,610,414

4,733,360,588

3,227,490,131

Other Income

888,318,773

6,938,696,506

2,241,644,937

Other Expenses

161,383,071

1,661,060,120

834,479,246

Finance Income

322,724,011

1,099,480,407

1,026,486,920

Finance Expenses

2,450,129,176

5,957,774,325

6,375,084,080

Income Before Taxes

-5,240,079,877

5,152,703,056

-713,941,338

Income Taxes Expenses

316,132,639

1,667,638,043

-593,566,107

Net Income

-5,556,212,516

3,485,065,013

-120,375,231

 

Cash Flows

Unit : Korean Won

04/01/2014~06/30/2014

As of 03/31/2014

As of 03/31/2013

Operating Activities Cash Flows

-9,850,420,606

3,436,021,078

4,426,532,760

Net Income

-5,556,212,516

3,485,065,013

-120,375,231

Adjustment

-4,294,208,090

-49,043,935

4,546,907,991

Cash Flows from Investing

-2,454,780,011

-17,966,438,220

-10,215,597,317

Cash Flows from Financing

20,252,902,409

11,877,242,761

5,309,469,891

Increase/Decrease in Cash

7,947,701,792

-2,653,174,381

-479,594,666

Cash at the Beginning of Year

2,705,290,390

5,358,464,771

5,838,059,437

Cash at the End of Year

10,652,992,182

2,705,290,390

5,358,464,771

 

 

Products, Technologies, Services Description

 

Main Products & Services

Drugs for geriatric or menopausal disease

Drugs acting on circulatory system / Hypertension

Diuretics / Drugs for liver disease / Drugs for Gastro-intestinal system

Anthelmintics /  A cold remedy drugs acting on respiratory system

Analgesics, antipyretics & anti-inflammatory agents

Total Parenteral Nutrition

Anti-fungal agent/antibiotics

Digestive agents

Antacids/ drugs for gastric ulcer/ antispasmodic

Vitamins / Tonics/ health drink

Peridontitis / Opthalmic Solutions

Anti-histamines& Anti-emetics / Miscellaneous

Agent for allergy / Psychiatric

Health care products / Arthritis Agent

 

 

Trade Partners & Competitors

 

Suppliers

DOOSAN TECHPACK CO., LTD.(110111-00292420

ABBOTT KOREA LTD.(110111-0575948)

Customers

 

Competitors

DAEWOONG PHARMA CO., LTD.(134811-0075342)

223-23, SANGDAEWON 1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA

TEL:+82-31-741-7700~4  FAX:+82-31-749-5535

 

ILDONG PHARMACEUTICAL CO., LTD(110111-0012776)

60, YANGJAE 1-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-526-3114  FAX:+82-2-526-3030

 

DONGWHA PHARM IND CO., LTD.(110111-0043870)

5, SUNHWA-DONG, JUNG-GU, SEOUL, KOREA

TEL:+82-2-2021-9300  FAX:+82-2-776-7873

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

KHANTECH CO., LTD.(110111-1076078)

(48.9% held by the subject company)

 

TONGHUA IL-YANG HEALTH PRODUCTS CO., LTD.(CHINA)

(45.9% held by the subject company)

 

ILYANG(SHANGHAI) INTERNATIONAL CO., LTD.(CHINA)

(60.0% held by the subject company)

 

 

Subsidiary

YANGZHOU ILYANG PHARMACEUTICAL CO., LTD.-CHINA

(52.0% held by the subject company)

8 CHANGXING ROAD, GAOYOU, JIANGSU, CHINA

TEL: +86-514-8461-1555

 

TONGHUA ILYANG HEALTH PRODUCTS CO.,LTD.(CHINA)

(45.9% held by the subject company)

8 XINGFENG ROAD, KUAIDA TOWN, TONGHUA COUNTRY, JILIN, CHINA

TEL: +86-435-522-4799

 

 

Cooperative Enterprise

TAP-USA

PFIZER-USA

SCHWARZ PHARMA-GERMANY

LIPZON PHARM-CHINA

INTERCURE-USA

ALLIANCE-USA

URIACH & CIA-SPAIN

GENTEC-SPAIN

 

-Insured Company

DONGBU INSURANCE CO., LTD.(110111-0095285)

HEUNGKUK FIRE & MARINE INSURANCE CO., LTD.(110111-0016728)

LIG INSURANCE CO., LTD(110111-0017859)

FIRST FIRE & MARINE INSURANCE CO., LTD(110111-0017586)

HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893)

 

 

Sales by Region (Activity & Markets)

 

The Subject exports to Afghanistan, Vietnam, Germany, USA, China, Canada, New Zealand, Indonesia, Bangladesh, Japan and Argentina.

 

 

Court Action

 

No.

 

 

News Clipping

 

--------

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.