MIRA INFORM REPORT

Report Date :

23.11.2012

IDENTIFICATION DETAILS

Name :	BMI KOREA CO., LTD.

Registered Office :	907-1, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea, Zip Code 690-140

Country :	South Korea

Financials (as on) :	31.12.2011

Date of Incorporation :	02.09.2005

Com. Reg. No.:	124-86-36434

Legal Form :	Co., Ltd by Shares

Line of Business :	Manufacture of Finished Medicaments

No. of Employees :	68 employees

RATING & COMMENTS

MIRA’s Rating :

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 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Korea

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 currently is among the world's 20 largest economies. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. 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	BMI KOREA CO., LTD. (Korean Company Name : “(주)한국비엠아이”)
Registered Address	907-1, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea
Zip Code	690-140
Tel	+82-31-426-4780
Fax	+82-31-426-4784
E-mail	yghur@bmikr.co.kr
Website	www.bmikr.co.kr
Trading Address	Rm.402, Chungsong Plaza, 990-2, Cheonggye-dong, Uiwang-si, Gyeonggi-do, Korea
Tel	+82-31-426-4780~3
Fax	+82-31-426-4784
Other Address	2230-4, Yeongpyeong-dong, Jeju-si, Jeju-do, Korea
Tel	+82-64-724-5101
Fax	+82-64-724-5104
Type	Export/Import
Industry	Manufacture of Finished Medicaments
Main Business	Disease Diagnostic Reagent, Test Kits, Pharmaceuticals, Health Aid Food
Established (mm/dd/yyyy)	09/02/2005

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Manual test kits and quality controls and calibrators and standards(41116100)

CEO’s

Name	Lee Kwang-In
Address	Suite 101-1501, 47, Myeongil-dong, Gangdong-gu, Seoul, Korea
Date of Birth	01/03/1958
Title	Co-President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

2,668,436,500

Employees

Formation

Co., Ltd by Shares

Bank Details

Korea Development Bank

Woori Bank

Industrial Bank of Korea

Corporate Registered No.

1348110-111120

Business Registered No.

124-86-36434

Permit & Licenses

Int’l Trade No.: 45277584

Shareholder Position

Name	Shares	%
LEE KWANG-IN & WOO KU	3,041,484	56.99
OTHERS	2,295,389	43.01
TOTAL	5,336,873	100.00

Company History

09/02/2005 Incorporated as the present name

11/30/2006 Designated as a Venture Business

11/30/2009 Designated as a Venture Business again

12/2010 Designated as an INNO-BIZ Company

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Co-President & CEO	Mr.	Lee Kwang-In	Male	Korean	07/11/2007
Co-President & CEO	Mr.	Woo Ku	Male	Korean	06/04/2007
Director	Mr.	Baik Young-Joon	Male	Korean	09/02/2008
Director	Mr.	Kim Hyun-Ki	Male	Korean	02/22/2008
Auditor	Mr.	Oh Jong-Won	Male	Korean	02/22/2008

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011	11,026,677,180	19,409,173,483	291,782,822
2010	10,063,268,200	19,322,558,420	779,006,147

Financial Description

Authorized Capital(KRW)	500,000,000,000
Paid-Up Capital(KRW)	2,668,436,500
Total Issued Shares	5,336,873

Balance Sheet
Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Total Assets	19,409,173,483	19,322,558,420
Current Assets	8,269,630,471	7,503,778,037
-Quick Assets	6,562,569,821	6,313,900,732
-Inventories	1,707,060,650	1,189,877,305
Fixed Assets	11,139,543,012	11,818,780,383
-Investment	645,246,410	600,330,410
-Tangibles	9,681,791,036	10,572,360,997
-Intangibles	744,200,966	578,184,376
-Others	68,304,600	67,904,600
Total Liabilities	12,982,805,465	13,187,973,224
Current Liabilities	9,482,044,126	6,367,006,680
Fixed Liabilities	3,500,761,339	6,820,966,544
Capital Stock	2,668,436,500	2,668,436,500
Capital Surplus	2,149,996,610	2,149,996,610
Profit Surplus	1,607,934,908	1,316,152,086
Capital Adjustment
Total Equity	6,426,368,018	6,134,585,196
Liab. & Shareholder’s Equity	19,409,173,483	19,322,558,420

Current Liabilities	9,482,044,126	6,367,006,680
Trade Payables	1,011,251,890	687,605,664
Account Payables	373,354,748	676,312,766
Withholdings	24,405,148	20,190,314
VAT Withhold	153,555,859	-
Advance Receipts	157,875,660	57,013,733
Accrued Expenses	335,082,296	353,133,943
Accrued Income Tax	3,362,867	-
Short-Term Borrowings to Shareholders/ Executives/ Employees	1,406,606,000	1,632,606,000
Short-Term Borrowings	1,990,000,000	1,990,000,000
Current Portion of Long-Term Debts	4,026,549,658	950,144,260
Fixed Liabilities	3,500,761,339	6,820,966,544
Long-Term Borrowings	2,973,140,000	6,529,160,000
Provision for Severance & Retirement	532,893,661	478,592,189
Leasehold Deposit Received	11,500,000	11,500,000
Long-Term Account Payables	278,000,000	143,000,000

Income Statement
Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Sales	11,026,677,180	10,063,268,200
Cost of Sold Goods	5,219,497,839	4,746,366,599
Gross Profit	5,807,179,341	5,316,901,601
Selling & Admin. Expenses	5,094,529,624	4,143,786,981
Operating Income	712,649,717	1,173,114,620
Non-Operating Income	124,465,475	171,904,690
Non-Operating Expenses	540,860,963	566,013,163
Income Before Taxes	296,254,229	779,006,147
Income Taxes Expenses	4,471,407	-
Net Income	291,782,822	779,006,147

Cash Flows
Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Cash Flows from Operating	470,993,388	753,663,351
-Net Income	291,782,822	779,006,147
-Exp. without Cash Outflow	1,220,141,379	1,539,124,344
-Sales without Cash Inflows	-9,016,815	-
-Changes in Asset/ & Liability	-1,031,913,998	-1,564,467,140
Cash Flows from Investing	-227,820,683	-4,031,709,291
-Cash Inflow from Investing	118,900,000	86,920,000
-Cash Outflows for Investing	-346,720,683	-4,118,629,291
Cash Flows from Financing	-709,128,927	3,978,100,513
-Cash Inflows from Financing	1,635,765,438	6,534,573,488
-Cash Outflows from Financing	-2,344,894,365	-2,556,472,975
Increase/Decrease in Cash	-465,956,222	700,054,573
Cash at the Beginning of Year	1,079,709,416	379,654,843
Cash at the End of Year	613,753,194	1,079,709,416

Products, Technologies, Services Description

Main Products & Services

Disease Diagnostic Reagent, Test Kits, Pharmaceuticals, Health Aid Food

Trade Partners & Competitors

Competitors

DONGA PHARMACEUTICAL CO., LTD.(110111-0017990)

252, YONGDU-DONG, DONGDAEMUN-GU, SEOUL, KOREA

TEL:+82-2-920-8114 FAX:+82-2-924-2662

YUHAN CORPORATION(110111-0014409)

49-6, DAEBANG-DONG, DONGJAK-GU, SEOUL, KOREA

TEL:+82-2-828-0181 FAX:+82-2-828-0300

HANMI PHARM CO.,LTD.(134811-0003187)

893-5, HAJEO-RI, PALTAN-MYEON, HWASEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-356-3311 FAX:+82-31-356-5151

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

Affiliates

M&DC CO., LTD.(110111-3319335)

(100.00% held by the subject company)

Cooperative Enterprise

-Insured Company

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

-Insured Company

LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459)

Sales by Region

(Activity & Markets)

Not Available.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.16
UK Pound	1	Rs.88.03
Euro	1	Rs.70.86

INFORMATION DETAILS

Report Prepared by :

MNL

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.