MIRA INFORM REPORT
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Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
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Name : |
CKD BIO CORPORATION |
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Registered Office : |
368, Chungjeongno 3-ga, Seodaemun-gu, Seoul, Korea, Chongkundang Bldg.,
Zip Code 120-756 |
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Country : |
South Korea |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
12.11.2001 |
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Com. Reg. No.: |
110-81-53652 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Medicinal Chemicals and Antibiotics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company Name |
CKD BIO CORPORATION (Korean Company Name : “종근당바이오(주)”) |
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Registered Address |
368,
Chungjeongno 3-ga, Seodaemun-gu, Seoul, Korea |
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Building |
Chongkundang Bldg. |
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Zip Code |
120-756 |
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Tel |
+82-2-2194-0555 |
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Fax |
+82-2-2194-0556 |
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E-mail |
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Website |
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Trading Address |
Chongkundang
Bldg., 368, Chungjeongno 3-ga, Seodaemun-gu, Seoul, Korea |
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Tel |
+82-2-2194-0555 |
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Fax |
+82-2-2194-0556 |
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Other Address-Ansan Factory |
16B-20,
454, Mongnae-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
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Tel |
+82-31-489-1173 |
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Fax |
+82-31-489-1166 |
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Type |
Export/Import |
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Industry |
Manufacture of Medicinal Chemicals and Antibiotics |
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Main Business |
Raw Material, Medicine, Acarbose, Potassium Clavulanate, DMCT,
Tacrolimus, Cyclosporin |
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Established (mm/dd/yyyy) |
11/12/2001 |
The Subject owns
the premises of Ansan Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Antibiotics(51101500) |
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Sell |
Antacids and antiflatulents(51171500) |
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Sell |
Drugs and Pharmaceutical Products(51000000) |
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Sell |
Antifungal drugs(51101800) |
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Sell |
Anthelmintics and other antiparasitics(51101700) |
CEO’s
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Name |
Lee Jang-Han |
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Date of Birth |
08/28/1952 |
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Title |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
13,073,722,500 |
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Employees |
259 |
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Formation |
Listed Company (Korea Stock Exchange :
063160) as of 12/11/2001 A Company of Chong Kun Dang Group |
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Bank Details |
Woori Bank-Seodaemun Corporate Finance
Center |
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Corporate Registered No. |
110111-2373308 |
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Business Registered No. |
110-81-53652 |
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Permit & Licenses |
03/2005 Acquired COS on Potassium Clavulanate |
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Shareholder Position |
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Company History |
11/2002 Incorporated as spinning off from
CKD Pharm. 11/2001 Awarded The Presidential Prize on
Environmental Technology from the Ministry of Environment 11/2001 Designated as a Leading Company in
exporting of Parts & Materials by the Ministry of Industry &
Resources 12/2001 Listed at KSE 03/2004 Designated as the next
generation’s 1st class products, Potassium Clavulanate 03/2005 Acquired COS on Potassium
Clavulanate 11/2010 Awarded US$ 100 Million Export Top
Prize |
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Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
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Chairman & CEO |
Mr. |
Lee Jang-Han |
Korean |
1952.08.28 |
Korea University, Korea |
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Vice President & CEO |
Mr. |
Kang Hee-Il |
Korean |
1953.12.16 |
- |
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Outside Director |
Mr. |
Kang Tae-Won |
Korean |
1953.07.18 |
Oxford University, UK |
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Outside Director |
Mr. |
Kil Kwang-Seob |
Korean |
1948.03.21 |
Kyunghee University, Korea |
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Auditor |
Mr. |
Lee Hae-Moon |
Korean |
1956.01.05 |
Chonbuk Technical College, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
32,631,175,099 |
175,340,525,194 |
3,067,567,986 |
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2010 |
121,568,351,961 |
118,267,533,188 |
14,375,712,177 |
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2009 |
106,553,579,320 |
111,260,253,039 |
16,183,929,127 |
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2008 |
83,393,221,679 |
94,850,023,744 |
8,737,628,538 |
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2007 |
66,409,840,687 |
84,953,644,909 |
(-)3,273,391,605 |
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2006 |
72,197,255,948 |
94,264,058,866 |
428,646,943 |
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2005 |
64,360,882,458 |
100,680,943,036 |
(-)13,363,505,377 |
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2004 |
68,718,195,340 |
107,594,102,819 |
1,105,026,359 |
(*)03/2011's
figures are based on the K-IFRS Accounting System.
Financial Description
|
Authorized Capital(KRW) |
32,000,000,000 |
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Paid-Up Capital(KRW) |
13,073,722,500 |
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Total Issues Shares |
5,229,489 |
Balance Sheet
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Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Total Assets |
175,340,525,194 |
178,906,402,305 |
164,600,095,142 |
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Current
Assets |
74,290,932,065 |
77,466,857,233 |
76,434,084,770 |
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Cash & Cash Equivalents |
3,602,555,599 |
11,623,406,743 |
15,601,293,295 |
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Trade Receivables |
44,423,203,533 |
42,179,773,746 |
36,074,003,921 |
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Account Receivables |
2,543,644,744 |
2,019,793,671 |
1,737,854,786 |
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Other Receivables |
159,031,783 |
150,574,255 |
87,858,952 |
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Inventories |
23,371,338,361 |
21,240,990,798 |
22,771,275,344 |
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Others |
191,158,045 |
252,318,020 |
161,798,472 |
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Non-Current
Assets |
101,049,593,129 |
101,439,545,072 |
88,166,010,372 |
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Long-Term Financial Instruments |
1,860,000,000 |
1,722,000,000 |
1,206,000,000 |
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Other Long-Term Receivables |
79,830,000 |
79,830,000 |
77,550,000 |
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Long-Term
Marketable Financial Instruments |
18,600,000 |
18,600,000 |
18,600,000 |
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Tangibles |
97,542,688,035 |
98,058,582,671 |
85,254,075,051 |
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Intangibles |
1,548,475,094 |
1,560,532,401 |
1,609,785,321 |
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Total Liabilities |
64,068,232,200 |
67,719,739,132 |
67,392,533,438 |
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Current Liabilities |
52,031,679,797 |
55,448,206,433 |
55,431,849,330 |
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Trade Payables |
16,520,643,320 |
17,696,566,965 |
16,719,078,200 |
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Account Payables |
3,684,230,193 |
4,860,379,606 |
7,293,410,802 |
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Short-Term Borrowings |
22,941,245,790 |
26,270,277,635 |
26,633,561,894 |
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Current Portion of Long-Term Borrowings |
961,392,000 |
961,392,000 |
301,680,000 |
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Other Payable Liabilities |
5,564,718,431 |
3,914,783,574 |
3,568,123,502 |
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Other Liabilities |
705,541,717 |
444,870,220 |
712,162,314 |
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Short-Term Borrowings |
1,653,908,346 |
1,299,936,433 |
203,832,618 |
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Non-Current
Liabilities |
12,036,552,403 |
12,271,532,699 |
11,960,684,108 |
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Long-Term Borrowings |
884,680,000 |
1,110,928,000 |
2,072,320,000 |
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Other Payable Liabilities |
293,578,275 |
324,632,588 |
450,575,080 |
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Provision for Severance & Retirement |
1,980,238,223 |
1,972,410,133 |
1,246,157,459 |
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Other Long-Term Salaries |
511,130,143 |
496,636,216 |
375,530,711 |
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Deferred Income Tax Credit |
8,366,925,762 |
8,366,925,762 |
7,816,100,858 |
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Capital Stock |
13,073,722,500 |
13,073,722,500 |
13,073,722,500 |
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Capital Surplus |
27,388,980,146 |
27,388,980,146 |
27,388,980,146 |
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Profit Surplus |
72,450,036,865 |
71,467,432,188 |
56,744,859,058 |
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Others |
-1,640,446,517 |
-743,471,661 |
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Total Equity |
111,272,292,994 |
111,186,663,173 |
97,207,561,704 |
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Liab. & Shareholder’s Equity |
175,340,525,194 |
178,906,402,305 |
164,600,095,142 |
(*)These figures
are based on the K-IFRS Accounting System.
Income Statement
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Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Sales |
32,631,175,099 |
121,568,351,961 |
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Cost of Sold Goods |
24,583,039,678 |
89,436,414,693 |
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Gross Profit |
8,048,135,421 |
32,131,937,268 |
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Selling & Admin. Expenses |
3,667,826,270 |
13,264,542,023 |
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Other Operating Income |
152,561,158 |
511,968,678 |
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Other Operating Expenses |
130,007 |
1,796 |
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Operating Income |
4,532,740,302 |
19,379,362,127 |
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Finance Income |
429,404,421 |
2,631,999,569 |
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Finance Expenses |
926,560,118 |
3,462,780,346 |
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Income Before Taxes |
4,035,584,605 |
18,548,581,350 |
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Income Taxes Expenses |
968,016,619 |
2,032,288,520 |
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Net Income |
3,067,567,986 |
16,516,292,830 |
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(*)These figures
are based on the K-IFRS Accounting System.
Cash Flows
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Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Operating
Activities Cash Flows |
-1,940,621,925 |
19,220,157,216 |
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Cash Flows from Operating |
-1,153,423,991 |
20,445,209,165 |
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Interests Received |
50,566,113 |
293,473,435 |
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Interests Paid |
-223,719,341 |
-1,197,073,924 |
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Dividends Received |
- |
480,000 |
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Income Taxes |
-614,044,706 |
-321,931,460 |
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Cash
Flows from Investing |
-1,710,603,152 |
-20,251,787,357 |
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Cash
Flows from Financing |
-4,336,020,279 |
-2,977,273,320 |
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Increase/Decrease in Cash |
-8,020,851,144 |
-3,977,886,552 |
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Cash at the Beginning of Year |
11,623,406,743 |
15,601,293,295 |
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Cash at the End of Year |
3,602,555,599 |
11,623,406,743 |
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(*)These figures
are based on the K-IFRS Accounting System.
Products, Technologies, Services Description
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Main Products & Services |
Potassium Clavulanate, DMCT, Rifampicin,
Cyclosporin,Tacrolimus |
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Annual Production Capacity (Unit : Kg) |
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Trade Partners & Competitors
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Suppliers |
DONG SUH ONG(DOMESTIC) UNI CHEMA(OVERSEAS) KYUNGDONG CERAMIC(DOMESTIC) YUSUNG FOODS(DOMESTIC) DONG WOO SHIN TECH(DOMESTIC) NIPPON SODA(OVERSEAS) |
|
Customers |
Major Pharmaceutical Companies Sales Channel Export :
The Subject → Overseas Wholesalers
The Subject -> Local Wholesalers -> Overseas Wholesalers Domestic Sales: The Subject → Wholesalers The Subject → Domestic Pharmaceutical Companies Conditions Export : Direct selling by L/C, D/A, T/T in
advance, CAD Domestic Sales : Direct selling by 60 days
credit |
|
Competitors |
YUHAN CORPORATION 49-6, DAEBANG-DONG, DONGJAK-GU, SEOUL,
KOREA TEL:+82-2-828-0181 FAX:+82-2-828-0300 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 KUNWHA PHARMACEUTICAL CO., LTD. 94, GARAKBON-DONG, SONGPA-GU, SEOUL, KOREA TEL:+82-2-2047-7700 FAX:+82-2-430-1135 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
CHONG KUN DANG PHARMACEUTICAL CORP.(110111-0028955) CHONG KUN DANG INDUSTRIES CO., LTD.(110111-0253437) ANSUNG PRECISION MACHINERY CO., LTD.( 134811-0013673) BELLCOM CO., LTD.(110111-2261339) CHONGKUNDANG HEALTH CARE CO.,
LTD.(135011-0049540) KOREA HINET CO., LTD. (110111-0892136) CKD VENTURE CAPITAL CORPORATION(160111-0065098) CKD BIO CORP.(110111-2373308) BELL SM CO., LTD.(110111-3483841) BELL I&S CO., LTD.(110111-3895913) KYOUNGBO CHEMICAL CO., LTD.
(164811-0001961) CKD LIVING CO., LTD.(110111-3667049) (10.00% held by the subject company) BARDIA FARMA S.P.A EQUIS PHARMACEUTICALS, INC |
|
Subsidiary |
BELLCHEMIE AG |
Sales by Region
(Activity &
Markets)
|
Sales/ Unit : KRW |
03/2011 |
2010 |
2009 |
|
Export |
25,299,278,082 |
93,224,184,468 |
77,487,203,094 |
|
Domestic |
7,331,897,017 |
28,344,167,493 |
29,066,376,226 |
|
Total |
32,631,175,099 |
121,568,351,961 |
106,553,579,320 |
The subject exports
about 30 kinds of raw materials and finished products to USA, China, South
America, Middle East, Africa and Europe.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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 |
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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.