|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GREEN CROSS CORPORATION |
|
|
|
|
Registered Office : |
107, Ihyeon-ro 30beon-gil, Giheung-gu, Yongin-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
01.11.1969 |
|
|
|
|
Com. Reg. No.: |
303-81-17108 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Finished Medicaments |
|
|
|
|
No. of Employees : |
1,648 |
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 : |
Regular |
|
Litigation : |
Exist |
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 |
GREEN CROSS CORPORATION (Korean Company Name : “(주)녹십자”) |
|
Registered
Address |
107, Ihyeon-ro 30beon-gil, Giheung-gu, Yongin-si,
Gyeonggi-do, Korea |
|
Building |
|
|
Zip Code |
446-770 |
|
Tel |
+82-31-260-9300 |
|
Fax |
+82-31-260-9413 |
|
E-mail |
webmaster@greencross.com |
|
Website |
www.greencross.com |
|
Trading Address |
107, Ihyeon-ro 30beon-gil, Giheung-gu, Yongin-si, Gyeonggi-do, Korea (Old Address System : 303, Bojeong-dong, Giheung-gu, Yongin-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-260-9300 |
|
Fax |
+82-31-260-9413 |
|
Other Address-Mogam Biotechnology Research Institute |
341, Bojeong-dong, Giheung-gu, Yongin-si, 446-799, Korea |
|
Tel |
+82-31-260-9800 |
|
Fax |
+82-31-260-9808 |
|
Other Address-Shingal Factory |
227-3, Gugal-dong, Giheung-gu, Yongin-si, 446-593, Korea |
|
Tel |
+82-31-280-6000 |
|
Fax |
+82-31-280-6019 |
|
Other Address-Eumseong Factory |
156-50, Naesong-ri, Geumwang-eup, Eumseong-gun, 369-901,
Korea |
|
Tel |
+82-43-877-1441 |
|
Fax |
+82-43-877-1444 |
|
Other Address-Ochang Factory |
320-2, Songdae-ri,
Ochang-eup, Cheongwon-gun, Chungbuk, Korea |
|
Tel |
+82-43-
210 -1300 |
|
Fax |
+82-43-
210 -1344 |
|
Other Address-Hwasun Factory |
104-1, Naepyeong-ri, Hwasun-eup, Hwasun-gun, Jeollanam-do,
Korea |
|
Tel |
+82-61-379-2100 |
|
Fax |
+82-61-379-2115 |
|
Other Address- Busan Branch |
802-17, Anrak 1-Dong, Dongnae-Gu, Busan 607-827 Korea |
|
Tel |
+82-51-557-3611 |
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Finished Medicaments |
|
Main Business |
|
|
Sub Business |
|
|
Established (mm/dd/yyyy) |
11/01/1969 |
The Subject owns
the premises of Eumseong Factory.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Lip balm(53131630) |
|
Sell |
Antifungal drugs(51101800) |
|
Sell |
Cardiovascular drugs(51120000) |
|
Sell |
Cough and cold and antiallergy products(51161800) |
|
Sell |
Drugs used for gallbladder disease(51172000) |
|
Sell |
Vitamin supplements(51191905) |
|
Sell |
Antacids and antiflatulents(51171500) |
|
Sell |
Nonsteroidal anti inflammatory drugs NSAIDs(51142100) |
|
Sell |
Bath and body(53131600) |
|
Sell |
Shelf stable juice(50202304) |
|
Sell |
Sport or energy drink(50202309) |
|
Sell |
Non alcoholic beverages(50202300) |
|
Sell |
Formulas and products for nutritional support(42231800) |
|
Sell |
Soft drinks(50202306) |
|
Sell |
Shelf stable juice(50202304) |
|
Sell |
Instant tea(50201711) |
|
Sell |
General purpose cleaners(47131805) |
|
Sell |
Dietary supplements and nutritional therapy products(51191900) |
|
Buy |
Ginseng(51212021) |
|
Buy |
Edible vegetable or plant oils(50151513) |
|
Buy |
Petrolatums(12181504) |
|
Buy |
Amines or imines or its substitutes(12352116) |
|
Buy |
Flavours or extracts(12164502) |
|
Buy |
Biochemicals(12352200) |
|
Buy |
Antihistamines or H1 blockers(51161600) |
CEO’s
|
Name |
Cho Soon-Tae |
|
Address |
|
|
Date of Birth |
03/22/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
58,432,690,000 |
|||||||||||||||||||||
|
Employees |
1,648 |
|||||||||||||||||||||
|
Formation |
Listed Company
(Korea Stock Exchange: 006280) as of 08/01/1989 A Company of
GREEN CROSS HOLDINGS |
|||||||||||||||||||||
|
Bank Details |
Korea Exchange
Bank-Gusung Branch Citi Bank,
Korea-Bundang Branch Industrial
Bank of Korea-Yeoksam Nam Branch Hana Bank Shinhan Bank |
|||||||||||||||||||||
|
Corporate
Registered No. |
110111-0109854 |
|||||||||||||||||||||
|
Business
Registered No. |
303-81-17108 |
|||||||||||||||||||||
|
Permit &
Licenses |
2005 Cord Blood Bank in the Mogam Biotechnology Research Institute acquired an ISO 9001:2000 certification from the TUV in Germany 02/2004 Acquired
the CE Mark for a diagnostic reagent for detection of the hepatitis B virus Int’l Trade
No.: 405162 |
|||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||
|
Company
History |
1967 Established
as Sudo Microorganism Medical Supplies Co.(Sole proprietorship) 11/01/1969
Changed the company name to the Keukdong Pharmaceutical Co. 1971 Changed
the company name to Green Cross Corp. 1985 Renamed
the 'Green Cross Research Institute' to the 'Mogam Biotechnology Research
Institute' 1998 Spun off
the vaccine division and the diagnostic reagent division 2003 Merged
the Sang-A Pharmaceutical Co, Green Cross BT and Green Cross LS 07/25/2003
Changed company name to Green Cross Sang-A Corp., from Sang-A Phram Co., Ltd. 10/14/2004
Changed the company name to Green Cross Corporation from Green Cross Sang-A
Corp. |
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Cho Soon-Tae |
Korean |
1954.03.22 |
Chungang University, Korea |
|
Vice President |
Mr. |
Hur Eun-Cheol |
Korean |
1972.02.23 |
Cornell University, USA |
|
Vice President |
Mr. |
Kim Young-Ho |
Korean |
1955.12. |
- |
|
Vice President |
Mr. |
Choi Yoon-Jae |
Korean |
1955.07. |
- |
|
Auditor |
Mr. |
Han Ji-Hoon |
Korean |
1954.09. |
- |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
378,274,302,330 |
1,128,765,416,687 |
21,311,371,293 |
|
|
(*)2013 |
793,754,168,560 |
1,040,802,953,702 |
68,451,075,001 |
|
(*)2012 |
715,596,639,919 |
904,287,416,764 |
54,533,187,417 |
|
2011 |
698,866,473,554 |
814,582,370,881 |
54,075,047,922 |
|
2010 |
791,015,316,627 |
735,780,490,939 |
104,688,641,672 |
|
2009 |
643,208,349,151 |
713,027,567,762 |
80,524,432,655 |
|
2008 |
516,096,685,055 |
549,371,034,848 |
48,872,733,888 |
|
2007 |
442,299,045,891 |
425,630,633,820 |
44,357,145,094 |
|
2006 |
366,728,817,868 |
326,975,002,082 |
34,803,747,198 |
|
2005 |
336,435,317,504 |
260,685,375,107 |
29,156,607,591 |
|
2004 |
112,427,103,436 |
211,048,527,047 |
8,801,575,629 |
|
2003 |
104,365,614,866 |
69,897,538,370 |
7,630,884,358 |
(*)Figures are based on the K-IFRS
Accounting System.
Financial Description
|
Authorized
Capital(KRW) |
150,000,000,000 |
|
Paid-Up
Capital(KRW) |
58,432,690,000 |
|
Total Issues
Shares |
11,686,538 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
01/01/2014~06/30/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Total Assets |
1,128,765,416,687 |
1,040,802,953,702 |
904,287,416,764 |
|
Current Assets |
543,129,846,208 |
499,454,041,905 |
418,909,016,914 |
|
Cash & Cash Equivalents |
18,239,569,597 |
25,089,587,870 |
18,895,246,005 |
|
Trade Receivables & Other Receivables |
210,286,349,861 |
232,829,379,888 |
199,301,242,866 |
|
Current Financial Instruments |
42,026,000,000 |
|
1,110,000,000 |
|
Inventories |
258,299,880,011 |
234,554,975,567 |
197,114,312,594 |
|
Other Current Assets |
14,278,046,739 |
6,980,098,580 |
2,488,215,449 |
|
Non-Current Assets |
585,635,570,479 |
541,348,911,797 |
485,378,399,850 |
|
Long-Term Trade Receivables & Other Receivables |
5,444,329,780 |
5,191,199,500 |
5,740,542,500 |
|
Other Financial Assets |
66,157,004,060 |
103,621,121,463 |
117,336,982,325 |
|
Investment_Related Companies |
84,594,847,217 |
15,608,181,036 |
17,503,312,544 |
|
Investment_Subsidiaries |
33,769,376,979 |
33,769,376,979 |
29,986,761,979 |
|
Tangibles |
349,672,018,952 |
343,445,600,553 |
280,692,341,193 |
|
Intangibles |
37,265,227,160 |
31,015,676,651 |
27,325,395,252 |
|
Investment_Real Estates |
8,732,766,331 |
8,697,755,615 |
6,793,064,057 |
|
Total
Liabilities |
303,338,372,434 |
217,568,485,862 |
229,965,474,140 |
|
Current Liabilities |
234,339,019,700 |
171,293,852,990 |
196,813,040,771 |
|
Trade Payables & Other Payables |
130,709,376,962 |
138,387,687,382 |
116,048,318,031 |
|
Short-Term Borrowings |
77,735,473,544 |
7,483,692,313 |
60,184,851,802 |
|
Deferred Income Tax Credit |
6,211,670,045 |
11,924,076,651 |
8,833,761,920 |
|
Other Provisions |
10,881,501,112 |
11,156,563,416 |
9,952,621,335 |
|
Other Current Liabilities |
8,800,998,037 |
2,341,833,228 |
1,793,487,683 |
|
Non-Current Liabilities |
68,999,352,734 |
46,274,632,872 |
33,152,433,369 |
|
Long-Term Trade Payables & Other Payables |
1,787,043,000 |
1,712,043,000 |
1,498,624,000 |
|
Other Non-Current Financial Debts |
35,000,000,000 |
15,000,000,000 |
|
|
Provision for Severance & Retirement |
23,254,273,439 |
17,285,467,260 |
19,770,385,684 |
|
Deferred Income Tax Credit |
1,954,952,229 |
4,763,386,219 |
4,390,600,720 |
|
Other Non-Current Liabilities |
7,003,084,066 |
7,513,736,393 |
7,492,822,965 |
|
Capital Stock |
58,432,690,000 |
58,432,690,000 |
50,654,945,000 |
|
Capital Surplus |
317,185,466,766 |
317,185,466,766 |
218,092,951,846 |
|
Others |
-13,911,996,125 |
-13,911,996,125 |
-557,014,800 |
|
Installments |
10,611,647,627 |
15,270,269,202 |
19,074,319,049 |
|
Profit Surplus |
453,109,235,985 |
446,258,037,997 |
387,056,741,529 |
|
Total Equity |
825,427,044,253 |
823,234,467,840 |
674,321,942,624 |
|
Liab. & Shareholder’s Equity |
1,128,765,416,687 |
1,040,802,953,702 |
904,287,416,764 |
|
Income Statement |
|||
|
Unit : Korean
Won |
01/01/2014~06/30/2014 |
As of
12/31/2013 |
As of 12/31/2012 |
|
Sales |
378,274,302,330 |
793,754,168,560 |
715,596,639,919 |
|
Cost of Sold Goods |
257,512,517,042 |
540,592,011,153 |
481,007,052,298 |
|
Gross Profit |
120,761,785,288 |
253,162,157,407 |
234,589,587,621 |
|
Selling & Admin. Expenses |
93,606,762,928 |
182,538,922,287 |
168,320,537,431 |
|
Operating Income |
27,155,022,360 |
70,623,235,120 |
66,269,050,190 |
|
Other Income |
3,008,135,495 |
5,504,098,434 |
5,914,873,600 |
|
Other Expenses |
3,030,436,436 |
4,799,930,712 |
2,621,411,696 |
|
Finance Income |
1,707,053,374 |
18,201,447,951 |
1,937,427,979 |
|
Finance Expenses |
2,815,885,613 |
1,240,764,250 |
1,147,717,419 |
|
Profits from Investment on Related Companies |
|
-1,895,131,508 |
|
|
Income Before Taxes |
26,023,889,180 |
86,392,955,035 |
70,352,222,654 |
|
Income Taxes Expenses |
4,712,517,887 |
17,941,880,034 |
15,819,035,237 |
|
Net Income |
21,311,371,293 |
68,451,075,001 |
54,533,187,417 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
01/01/2014~06/30/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Operating Activities Cash Flows |
19,081,810,501 |
23,956,629,881 |
49,808,775,115 |
|
Cash Flows from Operating |
30,689,889,791 |
38,087,317,254 |
68,788,509,808 |
|
Interests Received |
5,189,835 |
305,995,175 |
766,219,174 |
|
Dividends Received |
1,662,345,800 |
1,284,207,000 |
653,190,500 |
|
Interests Paid |
-1,520,625,771 |
-1,348,889,143 |
-1,223,272,959 |
|
Income Taxes |
-11,754,989,154 |
-14,372,000,405 |
-19,175,871,408 |
|
Cash Flows from Investing |
-100,612,408,989 |
-60,949,176,761 |
-84,721,357,147 |
|
Cash Flows from Financing |
75,872,938,071 |
43,442,254,999 |
25,100,094,869 |
|
Increase/Decrease in Cash |
-5,657,660,417 |
6,449,708,119 |
-9,812,487,163 |
|
Cash at the Beginning of Year |
25,089,587,870 |
18,895,246,005 |
28,741,657,274 |
|
Cash at the End of Year |
18,239,569,597 |
25,089,587,870 |
18,895,246,005 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Blood
Derivatives Vaccines Diagnostic
Reagents Prescriptions
Drugs Over-the-Counter
Drugs |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
GLAXOSMITHKLINE
KOREA LTD.(110111-0111461) |
|
Customers |
General
Hospitals, Wholesalers, Pharmacy Stores MINISTRY FOR HEALTH,
WELFARE AND FAMILY AFFAIRS, KOREA(DISEASE MANAGEMENT DIVISION) Novartis(Swiss) FAB(Italy) |
|
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-Domestic |
GREEN CROSS
HOLDINGS CO., LTD.(134511-0000014) GREEN CROSS CELL CORPORATION(110111-0889985) SANGAH
PHARMACEUTICALS CO., LTD.(134511-0084224 |
|
Affiliates-Overseas |
GREEN CROSS AMERICA, INC. (100.00% held by the subject company) 371 W HIGHLAND AV ENUESANBERNARDINO, CA 92504 GREEN CROSS HK HOLDINGS LIMITED. GREEN CROSS BIOTHERAPEUTICS INC. GREEN CROSS NORTH AMERICA INC GC CHINA CO., LTD. |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
GREEN CROSS
MEDICAL SCIENCE CO., LTD.(134511-0076627) (53.66% held by the subject company) GREEN CROSS HS CO., LTD.(Ex. GC H&P CO., LTD :110111-1981128) (70.80% held by the subject company) GCJBP CO., LTD.(134511-0083218) (51.00% held by the subject company) INBAIK PHRAM CO., LTD.(205211-0026721) (92.75% held by the subject company) GREEN CROSS LAB CELL CORPORATION(134511-0172532) (51.00% held by the subject company) GREEN CROSS GENOME CORPORATION(134511-0215100) (67.68% held by the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
GREEN CROSS
HOLDINGS CO., LTD.(134511-0000014) |
|
Cooperative
Enterprise |
KWANGDONG PHARMACEUTICAL
CO., LTD.(110111-01521340) BEAUFOUR
–IPSEN BIRD PROJEKT
GMBH(GERMANY) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
06/2011 |
2010 |
2009 |
|
Export |
30,503 |
80,926 |
69,012 |
|
Domestic |
279,814 |
710,089 |
574,196 |
|
Total |
310,317 |
791,015 |
643,208 |
The Subject exports to Croatia, China, India, Russia and
Brazil.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
Supreme Court of Korea |
The Subject Company & Others(3) |
Fair Trade Commission |
Cancellation on Imposed Penalties |
1,095 |
3rd round is proceeding |
|
|
Seoul High Court, Korea |
The Subject Company |
Fair Trade Commission |
Cancellation on order of Correction |
20 |
2nd round is proceeding |
|
|
Seoul Dongbu District Court, Korea |
Ye Jong-Up |
The Subject Company |
Claim for Compensation from Damages |
1,037 |
1st round is proceeding |
|
|
Seoul Central District Court, Korea |
Fair Trade Commission |
The Subject Company |
Violation of Fair Trade Law |
70 |
1st round is proceeding |
|
|
Seoul High Court, Korea |
Song Sun-Ok & Others(1) |
The Subject Company & Others(1) |
Claim for Compensation from Damages |
200 |
2nd round is proceeding |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.31 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.