|
Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAEWOONG BIO INC. |
|
|
|
|
Registered Office : |
35-9, Jeyakgongdan 4-gil, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.04.2009 |
|
|
|
|
Com. Reg. No.: |
124-86-77584 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Medicinal Chemicals and Antibiotics |
|
|
|
|
No. of Employees : |
218 |
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 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
|
Company Name |
DAEWOONG BIO INC. (Korean Company Name : “대웅바이오(주)”) |
|
Registered
Address |
35-9, Jeyakgongdan 4-gil, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea (Old Adress System : 906-5, Sangsin-ri, Hyangnam-eup,
Hwaseong-si, Gyeonggi-do, Korea) |
|
Building |
Hyangnam Pharmaceutical Industries Complex |
|
Zip Code |
445-922 |
|
Tel |
+82-31-353-5271~3 |
|
Fax |
+82-31-353-5626 |
|
E-mail |
tony@daewoong.co.kr;dwle@daewoong.co.kr |
|
Website |
www.daewoongchemical.co.kr |
|
Trading Address |
Daewoong Pharmaceutical Bldg.,163-3, Samseong-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-550-8641 |
|
Fax |
+82-2-550-8249 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Medicinal Chemicals and Antibiotics |
|
Main Business |
Ursodeoxycholic Acid, Amoxicillin, Ceftriaxone Sodium,
Coenzyme Q10, Cefodizime Sodium, Cefotiam Hydrochloride, Lansoprazole, Fluconazole |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
04/02/2009 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Drugs and Pharmaceutical Products(51000000) |
|
Sell |
Penicillin(51101507) |
CEO’s
|
Name |
Lee Jong-Wook |
|
Address |
Suite 117-603,
155, Seongbok-dong, Suji-gu, Yongin-si, Gyeonggi-do, Korea |
|
Date of Birth |
03/10/1949 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,000,000,000 |
|||||||||
|
Employees |
218 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of DAEWOONG GROUP |
|||||||||
|
Bank Details |
Woori
Bank-Samsung Dong Branch Shanhan Bank Hana Bank |
|||||||||
|
Corporate
Registered No. |
134811-0172221 |
|||||||||
|
Business
Registered No. |
124-86-77584 |
|||||||||
|
Permit &
Licenses |
Int’l Trade No.: 45370498 |
|||||||||
|
Shareholder
Position |
|
|||||||||
|
Company
History |
04/02/2009 Incorporated as the present name after spinning off Raw Materials Business for Pharmaceuticals from DAEWOONG CHEMICAL CO., LTD.(131112-0004827) located at 906-5, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea. 06/28/2010 Changed the financial closing date to December
31 from March 31 |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Lee Jong-Wook |
Male |
Korean |
12/10/2009 |
|
Director |
Mr. |
Yoon Jae-Seung |
Male |
Korean |
03/30/2012 |
|
Director |
Mr. |
Yoon Jae--Choon |
Male |
Korean |
04/02/2009 |
|
Director |
Mr. |
Seo Jong-Won |
Male |
Korean |
06/28/2010 |
|
Director |
Mr. |
Jeon Woo-Bang |
Male |
Korean |
03/15/2013 |
|
Auditor |
Mr. |
Lee Won-Keun |
Male |
Korean |
03/30/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
148,927,171,717 |
161,757,123,771 |
10,387,552,496 |
|
|
12/2012 |
138,013,847,692 |
172,367,811,294 |
10,707,557,663 |
|
12/2011 |
132,837,744,799 |
176,380,999,684 |
8,850,003,832 |
|
12/2010 |
91,698,215,718 |
135,023,006,082 |
7,507,357,320 |
|
03/2010 |
101,131,109,420 |
96,739,291,272 |
9,026,412,992 |
Financial Description
|
Authorized
Capital(KRW) |
5,000,000,000 |
|
Paid-Up
Capital(KRW) |
1,000,000,000 |
|
Total Issues
Shares |
200,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total
Assets |
161,757,123,771 |
172,367,811,294 |
176,380,999,684 |
|
Current
Assets |
64,835,002,755 |
71,286,545,088 |
73,521,775,239 |
|
Cash
& Cash Equivalents |
5,907,501,504 |
311,157,736 |
3,981,176,387 |
|
Trade
Receivables & Other Receivables |
26,087,464,113 |
34,289,905,447 |
39,645,313,853 |
|
Inventories |
30,157,285,432 |
33,270,259,966 |
26,289,328,877 |
|
Other
Current Assets |
2,682,751,706 |
3,415,221,939 |
3,605,956,122 |
|
Non-Current
Assets |
96,922,121,016 |
101,081,266,206 |
102,859,224,445 |
|
Marketable
Financial Instruments |
117,945,000 |
119,945,000 |
119,945,000 |
|
Long-Term
Trade Receivables & Other Receivables |
1,692,058,084 |
477,247,062 |
472,896,062 |
|
Investment_Subsidiaries |
6,911,113,868 |
6,911,113,868 |
4,026,762,100 |
|
Investment_Related
Companies |
325,258,481 |
635,571,078 |
1,271,142,157 |
|
Tangibles |
78,342,306,298 |
82,458,896,926 |
87,178,321,231 |
|
Investment_Real
Estates |
6,501,843,965 |
6,557,161,392 |
6,612,478,819 |
|
Intangibles |
2,151,901,549 |
2,345,818,848 |
2,600,448,072 |
|
Deferred Income Tax Assets |
879,693,771 |
1,575,512,032 |
577,231,004 |
|
Total
Liabilities |
51,620,943,796 |
72,491,417,315 |
87,086,267,064 |
|
Current
Liabilities |
47,887,672,403 |
66,687,422,294 |
74,315,425,967 |
|
Trade
Payables & Other Payables |
20,125,641,740 |
22,301,193,691 |
35,057,398,224 |
|
Short-Term Borrowings |
26,152,435,862 |
42,674,772,953 |
29,498,365,511 |
|
Current Portion of Long-Term Borrowings |
|
|
9,000,000,000 |
|
Deferred Income Tax Assets |
1,304,204,179 |
1,203,829,355 |
156,595,182 |
|
Other Current Liabilities |
305,390,622 |
507,626,295 |
603,067,050 |
|
Non-Current
Liabilities |
3,733,271,393 |
5,803,995,021 |
12,770,841,097 |
|
Long-Term
Trade Payables & Other Payables |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Long-Term Borrowings |
- |
1,700,000,000 |
9,000,000,000 |
|
Provision for Severance & Retirement |
733,271,393 |
1,103,995,021 |
770,841,097 |
|
Capital
Stock |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
Capital
Surplus |
63,373,795,312 |
63,373,795,312 |
63,373,795,312 |
|
Profit
Surplus |
45,762,384,663 |
35,502,598,667 |
24,920,937,308 |
|
Total
Equity |
110,136,179,975 |
99,876,393,979 |
89,294,732,620 |
|
Liab.
& Shareholder’s Equity |
161,757,123,771 |
172,367,811,294 |
176,380,999,684 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Revenues |
148,927,171,717 |
138,013,847,692 |
132,837,744,799 |
|
Operating Expenses |
-109,448,070,434 |
-104,084,325,535 |
-107,845,972,478 |
|
Cost
of Sold Goods |
39,479,101,283 |
33,929,522,157 |
24,991,772,321 |
|
Selling
& Admin. Expenses |
-26,236,150,375 |
-21,405,436,741 |
-14,227,284,715 |
|
R&D |
13,242,950,908 |
12,524,085,416 |
10,764,487,606 |
|
Other
Operating Income |
-128,331,043 |
-1,037,590,012 |
-716,128,890 |
|
Operating
Income |
-991,820,408 |
-1,581,406,630 |
-733,292,857 |
|
Finance
Income |
863,489,365 |
543,816,618 |
17,163,967 |
|
Income
Before Taxes |
13,114,619,865 |
11,486,495,404 |
10,048,358,716 |
|
Income
Before Taxes |
2,727,067,369 |
778,937,741 |
1,198,354,884 |
|
Net
Income |
10,387,552,496 |
10,707,557,663 |
8,850,003,832 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating
Activities Cash Flows |
27,236,704,979 |
3,324,688,444 |
564,334,495 |
|
Cash Flows from Operating |
30,160,490,652 |
5,631,207,885 |
4,268,108,346 |
|
Net
Income |
10,387,552,496 |
10,707,557,663 |
8,850,003,832 |
|
Adjustment |
11,648,767,860 |
10,922,980,699 |
8,691,730,498 |
|
Changes in Asset/ & Liability |
8,124,170,296 |
-15,999,330,477 |
-13,273,625,984 |
|
Interests Received |
114,588,069 |
123,715,867 |
90,322,543 |
|
Interests Paid |
-1,143,536,163 |
-1,735,759,926 |
-711,875,754 |
|
Income Taxes |
-1,894,837,579 |
-694,475,382 |
-3,082,220,640 |
|
Cash
Flows from Investing |
-3,624,125,964 |
-4,774,213,298 |
-22,173,037,835 |
|
Cash
Flows from Financing |
-18,015,923,091 |
-2,220,484,558 |
24,398,312,765 |
|
Increase/Decrease
in Cash |
5,596,655,924 |
-3,670,009,412 |
2,789,609,425 |
|
Cash
at the Beginning of Year |
311,157,736 |
3,981,176,387 |
1,191,566,962 |
|
Cash
at the End of Year |
5,907,501,504 |
311,157,736 |
3,981,176,387 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Ursodeoxycholic Acid, Amoxicillin, Ceftriaxone Sodium,
Coenzyme Q10, Cefodizime Sodium, Cefotiam Hydrochloride, Lansoprazole,
Fluconazole |
|
Detailed Products
Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
DAEWOONG
PHARMACEUTICAL CO., LTD.(134811-0075342) |
|
Competitors |
YUHAN
CORPORATION 49-6,
DAEBANG-DONG, DONGJAK-GU, SEOUL, KOREA TEL:+82-2-828-0181
FAX:+82-2-828-0300 KUNWHA
PHARMACEUTICAL CO., LTD. 94,
GARAKBON-DONG, SONGPA-GU, SEOUL, KOREA TEL:+82-2-2047-7700 FAX:+82-2-430-1135 YUHAN CHEMICAL
INC. 5BA-402, SIHWA
INDUSTRIAL COMPLEX, 678-1, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO,
KOREA TEL:+82-31-488-5800 FAX:+82-31-499-4115 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAEWOONG CO.,
LTD.(110111-2857146) DAEWOONG
INTERNATIONAL CORP.(110111-0742985) R&P KOREA
CO., LTD.(110111-0358021) DAEWOONG MANEGEMENT
DEVELOPMENT INSTITUTE(110111-0776463) CG BIO CO.,
LTD. DAEWOONG
PHARMACEUTICAL CO., LTD.(134811-0075342) DAEWOONG
CHEMICAL CO., LTD.(131112-0004827) DAEWOONG
NUTRITIONS CO., LTD.(210111-0013294) EZMEDICOM CO.,
LTD.(110111-2063818) SANWOONG DEVELOPMENT
CO., LTD.(110111-0978671) SANWOONG
ENGINEERING CO., LTD.(134811-0034421) PHARMPAC CO.,
LTD.(134811-0048307) PAGE1 CO.,
LTD.(110111-1771040) DAEWOONG
DEVELOPMENT CO., LTD.(131111-0083649) IDS&TRUST
CO., LTD.(110111-1234006) BEST SYSTEM
CO., LTD.(110111-1639850) JEJU MOVIELAND
CO., LTD.(224111-0014832) D&P
NATURAL MATERIAL RESEARCH INSTITUTE(134511-0102026) HEALIENCE CO.,
LTD.(110111-3265778) BIO AGE CO.,
LTD.(110111-2458689) MD WELL
INC.(110111-3716854) HR GROUP CO.,
LTD. TRUST CO.,
LTD. BIO ALPHA CO., LTD.(110111-1904518) DAEWOONG
PHARMACEUTICAL(THAILAND)CO., LTD DAEWOONG PHARM
PHILIPPINES, INCORPORATED BEIJING
DAEWOONG PHARMACEUTICAL R&D CENTER CO., LTD. PT DAEWOONG RIASIMA INDONESIA (50.0% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SACHUN DAEWOONG BIO TECHNOLOGY CO., LTD.(CHINA) (100% held by the subject company) BIO ALPHA CO., LTD.(110111-1904518) (66.0% held by the subject company) |
|
Corporate Ownership |
DAEWOONG CO.,
LTD.(110111-2857146) |
|
Major
Shareholders |
DAEWOONG CO.,
LTD.(110111-2857146) |
|
Cooperative
Enterprise |
-Insured
Company DONGBU INSURANCE CO., LTD.(110111-0095285) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by Region
(Activity & Markets)
The Subject
deals with the companies in China, Taiwan, India, Japan, Russia and USA.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul High Court |
The Subject Company |
Protem & Others(1) |
Claim for Compensation from Damages |
239,165,000 |
1st round is proceeding |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.