|
Report No. : |
317615 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BERNA
BIOTECH KOREA CORP. |
|
|
|
|
Registered Office : |
23,
Harmony-ro 303beon-gil, Yeonsu-gu, Incheon, Korea, 406-840 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.10.1998 |
|
|
|
|
Com. Reg. No.: |
135-81-30546 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Biological Products |
|
|
|
|
No. of Employees : |
296 |
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 |
|
Maximum Credit Limit : |
USD 16497642 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
economic 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. A
system of close government and business ties, including directed credit and
import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea
Free Trade Agreement was ratified by both governments in 2011 and went into
effect in March 2012. Between 2012 and 2014, the economy experienced sluggish
growth because of external market slowdowns. The administration in 2015 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 the heavy reliance on
exports, which comprise about half of GDP.
|
Source
: CIA |
|
Company Name |
BERNA
BIOTECH KOREA CORP. (Korean
Company Name : “베르나바이오텍코리아(주)”) |
|
Registered Address |
23,
Harmony-ro 303beon-gil, Yeonsu-gu, Incheon, Korea |
|
Building |
|
|
Zip Code |
406-840 |
|
Tel |
+82-32-290-8400 |
|
Fax |
+82-32-290-8409 |
|
E-mail |
general@bernabiotech.co.kr |
|
Website |
www.bernabiotech.co.kr |
|
Trading Address |
23, Harmony-ro 303beon-gil, Yeonsu-gu,
Incheon, Korea (Old Address System : 13-42, Songdo-dong, Yeonsu-gu,
Incheon, Korea) |
|
Tel |
+82-32-290-8400 |
|
Fax |
+82-32-290-8409 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Biological Products |
|
Main Business |
Hepatitis Vaccine, Polio Vaccine, Rubella Vaccine, Tetanus Vaccine,
Japanese Encephalitis Vaccine, Bad Cold Vaccine |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
10/20/1998 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Hepatitis B virus vaccine(51201607) |
|
Sell |
Hepatitis a(51201626) |
|
Sell |
Vaccines and antigens and toxoids |
|
Name |
Ann Sang-Jeom |
|
Address |
Suite 106-801, 157, Seongbok 1-ro, Suji-gu,
Yongin-si, Gyeonggi-do, Korea |
|
Date of Birth |
10/27/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
70,980,105,000 |
|||||||||
|
Employees |
296 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation by Netherlands A company of Johnson & Johnson Group |
|||||||||
|
Bank Details |
Korea Exchange Bank-Goosung Branch Citibank, Korea |
|||||||||
|
Corporate Registered No. |
110111-1597389 |
|||||||||
|
Business Registered No. |
135-81-30546 |
|||||||||
|
Permit & Licenses |
Int’l Trade No. : 21044694 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
10/20/1998 Incorporated as Green Cross
Vaccine Inc. 04/12/2000 RHEIN VACCINES B.V.-Netherlands
has acquired 80% shares 11/03/2004 RHEIN VACCINES B.V.-Netherlands
has acquired the rest of 20% shares held by Green Cross Holdings Co., Ltd. 02/22/2006 Berna Biotech, a mother company
of RHEIN VACCINES B.V.-Netherlands, has been acquired by Crucell, therefore
the subject has been a subsidiary of Crucell Group. 04/28/2006 Changed company name to the
present name from Green Cross Vaccine Inc. 11/30/2007 BERNA RHEIN B.V., acquired
RHEIN VACCINES B.V. 03/10/2009 Increased the authorized shares
to 12,000,000 shares from 4,000,000 shares 03/13/2009 Increased capital to
21,041,945,000 KRW from 11,552,945,000 KRW |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Ann Sang-Jeom |
Male |
Korean |
01/01/2007 |
|
Director |
Mr. |
Jan Tinus Pien |
Male |
Netherlands |
01/19/2012 |
|
Director |
Mr. |
Matiuhu Bertus Slipen |
Male |
Netherlands |
01/19/2012 |
|
Auditor |
Mr. |
Michiel Alexander Grol |
Male |
Netherlands |
09/19/2014 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
119,620,721,977 |
394,065,881,714 |
-17,396,428,632 |
|
2013 |
208,943,390,006 |
412,792,918,905 |
75,369,126,313 |
|
2012 |
186,491,953,259 |
345,602,768,778 |
-10,359,109,703 |
|
2011 |
248,026,632,904 |
346,262,488,300 |
17,086,526,631 |
|
2010 |
277,900,914,864 |
352,665,297,124 |
22,661,242,695 |
|
Authorized Capital(KRW) |
125,000,000,000 |
|
Paid-Up Capital(KRW) |
70,980,105,000 |
|
Total Issued Shares |
14,196,021 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
394,065,881,714 |
412,792,918,905 |
345,602,768,778 |
|
Current Assets |
319,181,310,483 |
327,971,338,729 |
251,082,314,701 |
|
-Quick Assets |
216,308,684,287 |
233,442,419,341 |
162,783,298,570 |
|
-Inventories |
102,872,626,196 |
94,528,919,388 |
88,299,016,131 |
|
Fixed Assets |
74,884,571,231 |
84,821,580,176 |
94,520,454,077 |
|
-Investment |
9,331,041 |
17,141,463 |
- |
|
-Tangibles |
73,275,448,038 |
82,925,778,543 |
91,465,860,361 |
|
-Intangibles |
416,776,515 |
417,042,354 |
1,424,657,405 |
|
-Others |
1,183,015,637 |
1,461,617,816 |
1,629,936,311 |
|
Total Liabilities |
37,950,432,804 |
39,281,041,363 |
50,921,774,099 |
|
Current Liabilities |
37,345,496,152 |
39,078,591,351 |
50,351,192,545 |
|
Fixed Liabilities |
604,936,652 |
202,450,012 |
570,581,554 |
|
Capital Stock |
70,980,105,000 |
70,980,105,000 |
67,498,135,000 |
|
Capital Surplus |
51,161,578,840 |
51,161,578,840 |
51,181,792,290 |
|
Profit Surplus |
233,973,765,070 |
251,370,193,702 |
176,001,067,389 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
356,115,448,910 |
373,511,877,542 |
294,680,994,679 |
|
Liab. & Shareholder’s Equity |
394,065,881,714 |
412,792,918,905 |
345,602,768,778 |
|
Current
Liabilities |
37,345,496,152 |
39,078,591,351 |
50,351,192,545 |
|
Trade Payables |
9,415,920,640 |
27,054,344,375 |
31,903,467,547 |
|
Accrued Expenses |
16,617,628,579 |
8,605,653,449 |
17,075,120,131 |
|
Account Payables |
431,734,195 |
1,531,872,205 |
232,156,551 |
|
Withholdings |
215,075,309 |
207,825,653 |
646,661,833 |
|
Advance Receipts |
23,392,779 |
- |
|
|
Accrued Income Tax |
- |
54,268,401 |
- |
|
Others |
616,370,885 |
636,156,568 |
475,014,377 |
|
Derivatives |
9,558,931,165 |
522,028,100 |
18,772,106 |
|
Provisions for Court Action |
466,442,600 |
466,442,600 |
- |
|
Fixed
Liabilities |
604,936,652 |
202,450,012 |
570,581,554 |
|
Provision for Severance & Retirement |
6,004,543,606 |
4,560,566,394 |
3,237,292,776 |
|
Long-Term Accrued Expenses |
604,936,652 |
202,450,012 |
36,793,841 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
119,620,721,977 |
208,943,390,006 |
186,491,953,259 |
|
Cost of Sold Goods |
109,594,169,444 |
139,472,843,195 |
170,676,851,828 |
|
Gross Profit |
10,026,552,533 |
69,470,546,811 |
15,815,101,431 |
|
Selling & Admin. Expenses |
9,807,651,837 |
13,763,417,209 |
21,377,567,548 |
|
Operating Income |
218,900,696 |
55,707,129,602 |
-5,562,466,117 |
|
Non-Operating Income |
15,951,000,863 |
28,690,005,960 |
4,190,305,367 |
|
Non-Operating Expenses |
36,316,705,109 |
8,973,740,848 |
8,992,143,482 |
|
Income Before Taxes |
-20,146,803,550 |
75,423,394,714 |
-10,364,304,232 |
|
Income Taxes Expenses |
-2,750,374,918 |
54,268,401 |
(5,194,529) |
|
Net Income |
-17,396,428,632 |
75,369,126,313 |
-10,359,109,703 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
28,144,915,246 |
56,986,644,799 |
27,002,972,451 |
|
-Net Income |
-17,396,428,632 |
75,369,126,313 |
-10,359,109,704 |
|
-Exp. without Cash Outflow |
38,022,973,647 |
17,310,236,556 |
26,935,668,480 |
|
-Revenue without Cash Inflows |
-3,159,370,040 |
-3,131,486,200 |
-628,107,927 |
|
-Changes in Asset/ & Liability |
10,677,740,271 |
-32,561,231,870 |
11,054,521,602 |
|
Cash Flows from Investing |
58,353,187,786 |
-79,063,557,498 |
-7,368,875,039 |
|
-Cash Inflow from Investing |
75,656,517,956 |
248,838,024 |
594,901,320 |
|
-Cash Outflows for Investing |
-17,303,330,170 |
-79,312,395,522 |
-7,963,776,359 |
|
Cash Flows from Financing |
- |
3,461,756,550 |
- |
|
-Cash Inflows from Financing |
- |
3,461,756,550 |
- |
|
-Cash Outflows from Financing |
- |
- |
- |
|
Increase/Decrease in Cash |
86,498,103,032 |
-18,615,156,149 |
19,634,097,412 |
|
Cash at the Beginning of Year |
86,695,596,202 |
105,310,752,351 |
85,676,654,939 |
|
Cash at the End of Year |
173,193,699,234 |
86,695,596,202 |
105,310,752,351 |
|
Main Products & Services |
Hepatitis Vaccine, Polio Vaccine, Rubella Vaccine, Tetanus Vaccine, Japanese
Encephalitis Vaccine, Bad Cold Vaccine |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
GREEN CROSS CORP. UNICEF CRUCELL SWITZERLAND AG |
|
Competitors |
LG LIFE SCIENCES LTD. LG TWIN TOWER, 20, YEOUIDO-DONG,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3773-5114 FAX:+82-2-3773-3176 SANOFI PASTEUR LTD. 8TH FL., HANDOK PHARMACEUTICAL BLDG., 735,
YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3011-0600 FAX:+82-2-554-5266 |
|
Affiliates |
CRUCELL HOLLAND B.V. CRUCELL SWEDEN AB CRUCELL SWITZERLAND AG JANSSEN KOREA LTD JOHNSON&JOHNSON SERVICES JOHNSON&JONHSON KOREA LTD JOHNSON&JOHNSON MEDICAL KOREA (LTD.) JANSSEN GLOBAL SERVICE, LLC JANSSEN SUPPLY GROUP, LLC CILAG GMBH INTERNATIONAL JANSSEN PHARMACEUTICA NV JOHNSON&JOHNSON PTE. LTD JJC ACQUISITION COMPANY B.V. JOHNSON & JOHNSON KOREA LTD. JOHNSON & JOHNSON MEDICAL KOREA (LTD.) |
|
Subsidiary |
|
|
Corporate Ownership |
JOHNSON & JOHNSON BERNA RHEIN B.V.(NETHERLANDS) |
|
Major Shareholders |
BERNA RHEIN B.V.(NETHERLANDS) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
The Subject deals with the companies in Asia, Middle East, Europe, South
America and Africa.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
Turkish Ministry of Health |
The Subject Company |
Penalties from Late Delivery |
466,443,000 |
2nd round is proceeding |
|
|
|
The Subject Company |
Turkish Ministry of Health |
Refund of Penalties from Late Delivery |
466,443,000 |
2nd round is proceeding |
|
|
Supreme Court of Korea |
The Subject Company |
Fair Trade Commission |
Penalties |
143,667,000 |
3rd round is proceeding |
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.