MIRA INFORM REPORT

 

 

Report Date :

07.08.2014

 

IDENTIFICATION DETAILS

 

Name :

BMI KOREA CO., LTD.

 

 

Registered Office :

11, Cheomdan-ro 7-gil, Jeju-si, Jeju-do, Korea 690-140

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

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

 

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 Information

 

Basic

 

Company Name

BMI KOREA CO., LTD.

(Korean Company Name : “(주)한국비엠아이”)

Registered Address

11, Cheomdan-ro 7-gil, Jeju-si, Jeju-do, Korea

(Old Address System : 2230-4, Yeongpyeong-dong, Jeju-si, Jeju-do, Korea)

Building

 

Zip Code

690-140

Tel

+82-64-724-5101

Fax

+82-64-724-5104

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

 

Tel

 

Fax

 

Type

Export/Import

Industry

Manufacture of Finished Medicaments

  Main Business

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

  Sub Business

 

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 104-1005, 26, 26, Dongnam-ro 79-gil, 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

68

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

3,650,421

68.40

OTHERS

1,686,452

31.60

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

12/04/2012 Moved to the present HQ address from 907-1, Sangsin-ri, Hyangnam-eup, Hwaseong-si, Gyeonggi-do, Korea

 

 

 

 

Detailed Information

 

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

2013

13,998,409,082

24,484,009,674

2,101,687,239

2012

11,114,817,553

21,569,169,524

159,664,973

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)

5,000,000,000

Paid-Up Capital(KRW)

2,668,436,500

Total Issued Shares

5,336,873

 

Balance Sheet

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

24,484,009,674

21,569,169,524

19,409,173,483

Current Assets

11,599,651,542

10,536,860,435

8,269,630,471

-Quick Assets

9,156,888,340

8,040,227,298

6,562,569,821

-Inventories

2,442,763,202

2,496,633,137

1,707,060,650

Fixed Assets

12,884,358,132

11,032,309,089

11,139,543,012

-Investment

722,055,150

651,176,410

645,246,410

-Tangibles

11,211,541,594

9,200,220,937

9,681,791,036

-Intangibles

885,314,969

1,106,247,142

744,200,966

-Others

65,446,419

74,664,600

68,304,600

Total Liabilities

15,796,289,444

14,983,136,533

12,982,805,465

Current Liabilities

10,800,761,687

10,482,706,572

9,482,044,126

Fixed Liabilities

4,995,527,757

4,500,429,961

3,500,761,339

Capital Stock

2,668,436,500

2,668,436,500

2,668,436,500

Capital Surplus

2,149,996,610

2,149,996,610

2,149,996,610

Profit Surplus

3,869,287,120

1,767,599,881

1,607,934,908

Capital Adjustment

 

 

 

Total Equity

8,687,720,230

6,586,032,991

6,426,368,018

Liab. & Shareholder’s Equity

24,484,009,674

21,569,169,524

19,409,173,483

 

Current Liabilities

10,800,761,687

10,482,706,572

9,482,044,126

Trade Payables

904,686,086

1,235,256,492

1,011,251,890

Account Payables

390,483,578

804,341,314

373,354,748

Withholdings

28,378,180

23,566,088

24,405,148

VAT Withhold

-

58,811,258

153,555,859

Advance Receipts

622,897,506

869,016,849

157,875,660

Accrued Expenses

604,705,675

359,715,401

335,082,296

Accrued Income Tax

39,855,020

348,010

3,362,867

Short-Term Borrowings to Shareholders/ Executives/ Employees

995,606,000

995,606,000

1,406,606,000

Short-Term Borrowings

5,455,435,400

5,540,000,000

1,990,000,000

Current Portion of Long-Term Debts

1,758,714,242

596,045,160

4,026,549,658

Fixed Liabilities

4,995,527,757

4,500,429,961

3,500,761,339

Long-Term Borrowings

3,970,416,665

3,500,765,820

2,973,140,000

Provision for Severance & Retirement

843,372,865

684,135,813

532,893,661

Leasehold Deposit Received

200,000,000

203,800,000

11,500,000

Long-Term Account Payables

465,567,821

401,529,430

278,000,000

 

Income Statement

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

13,998,409,082

11,114,817,553

11,026,677,180

Cost of Sold Goods

6,047,060,708

5,461,809,395

5,219,497,839

Gross Profit

7,951,348,374

5,653,008,158

5,807,179,341

Selling & Admin. Expenses

5,632,315,164

5,064,019,861

5,094,529,624

Operating Income

2,319,033,210

588,988,297

712,649,717

Non-Operating Income

352,431,955

152,555,050

124,465,475

Non-Operating Expenses

529,458,666

581,530,364

540,860,963

Income Before Taxes

2,142,006,499

160,012,983

296,254,229

Income Taxes Expenses

40,319,260

348,010

4,471,407

Net Income

2,101,687,239

159,664,973

291,782,822

 

Cash Flows

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Cash Flows from Operating

832,713,180

1,193,320,295

470,993,388

-Net Income

2,101,687,239

159,664,973

291,782,822

-Exp. without Cash Outflow

1,048,174,145

995,011,089

1,220,141,379

-Revenue without Cash Inflows

-186,874,379

-16,838,369

-9,016,815

-Changes in Asset/ & Liability

-2,130,273,825

55,482,602

-1,031,913,998

Cash Flows from Investing

-2,455,364,374

-644,855,602

-227,820,683

-Cash Inflow from Investing

227,718,181

62,600,000

118,900,000

-Cash Outflows for Investing

-2,683,082,555

-707,455,602

-346,720,683

Cash Flows from Financing

2,052,403,318

83,078,733

-709,128,927

-Cash Inflows from Financing

5,667,032,487

2,221,875,820

1,635,765,438

-Cash Outflows from Financing

-3,614,629,169

-2,138,797,087

-2,344,894,365

Increase/Decrease in Cash

429,752,124

631,543,426

-465,956,222

Cash at the Beginning of Year

1,245,296,620

613,753,194

1,079,709,416

Cash at the End of Year

1,675,048,744

1,245,296,620

613,753,194

 

Products, Technologies, Services Description

 

Main Products & Services

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

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

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

 

Overseas Office

 

Liaison Office

 

Overseas Branch

 

Joint Venture

 

Subsidiary

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

(100.00% held by the subject company)

Corporate Ownership

 

Major Shareholders

 

Cooperative Enterprise

-Insured Company

HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456)

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

 

Sales by Region (Activity & Markets)

 

Not Available.

 

 

News Clipping

 

--

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.34

UK Pound

1

Rs.103.44

Euro

1

Rs.81.96

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

 

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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.