MIRA
INFORM REPORT
|
Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUHEUNG CAPSULE CO.,LTD |
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Registered Office : |
317, Songnae 1-dong, Sosa-gu, Bucheon-si, Gyeonggi-Do - 422-814 |
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Country : |
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|
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01/31/1973 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Medicinal Medicaments |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
|
Company
Name |
SUHEUNG CAPSULE CO.,LTD |
|
Registered Address/Factory |
317, Songnae 1-dong, Sosa-gu, Bucheon-si, |
|
Zip Code |
422-814 |
|
Tel |
+82-32-610-7100 |
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Fax |
+82-32-666-0189 |
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E-mail |
hsmoon@suheung.co.kr |
|
Website |
www.suheung.co.kr |
|
Trading Address |
Rm. 1930, Cheongdaemun, 17-2, Euljiro
6-ga, Jung-gu, |
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Tel |
+82-2-2210-8120 |
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Fax |
+82-2-2217-4122 |
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The 2nd Factory |
1731-4, Songjeong-dong, Gangseo-gu, |
|
Type |
Export |
|
Industry |
Manufacture of Medicinal Medicaments |
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Main Business |
Empty Hard Capsules, Soft Capsule, Health Food, Encapsulation Machine |
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Established (mm/dd/yyyy) |
01/301/1973 |
The Subject owns
the premises of the registered address/factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Capsule tubes or caps(24141709) |
|
Sell |
Health & Nutrition Food |
|
Sell |
Hard Capsule |
|
Sell |
Soft Capsule |
|
Sell |
Automatic Capsule Filling Machine |
|
Sell |
Paint Ball |
CEO’s
|
Name |
Yang Joo-Hwan |
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Date of Birth |
03/13/1952 |
|
Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
5,902,740,000 KRW |
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Employees |
520 |
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Formation |
Listed Company ( |
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Bank Details |
Citi Bank, Korea-HQ Branch Kookmin Bank Korea Development Bank |
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Corporate Registered No. |
124311-0004252 |
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Business Registered No. |
130-81-00576 |
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Permit & Licenses |
01/03/1998 ISO 9001 Patent(26161) : EMBO CAPS Int’l Trade No.: 814492 |
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Shareholder Position |
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Company History |
01/301/1973 Incorporated as SUHEUNG CHEMICAL
INDUSTRIAL CO., LTD. 01/30/1980 Changed company name to the
present name 06/01/1982 Acquired Jinhung Pharm. Co.,
Ltd. 03/27/1990 Listed at KSE Market 11/30/1992 Awarded US$5 Million Export Top
Prize 11/30/1994 Awarded US$10 Million Export Top
Prize 11/30/2003
Awarded US$20 Million Export Top Prize |
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The Subject Company
is a manufacturer engaged in the provision of empty hard capsules used in
pharmaceutical products. The Company produces three main products: hard capsules
made from gelatin derived from fish; soft capsules, which are used for medical
supplies, food and cosmetics, and health food made from chlorella and
glucosamine. In addition, the Company is engaged in the original equipment
manufacture (OEM) of paintballs. During the year ended December 31, 2006, the
Company had a production capacity of 14,412 million hard capsules and its
actual output was 11, 856 million hard capsules. As of December 31, 2006, the
Company had three wholly owned subsidiaries. The Company's headquarters and
factory are located in
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Yang Joo-Hwan |
Korean |
52.03.13 |
|
|
Vice President |
Mr. |
Yoon Sung-Gerl |
Korean |
52.02.10 |
|
|
Executive Director |
Mr. |
Kim Bae-Sung |
Korean |
51.01.20 |
|
|
Outside Director |
Mr. |
Lee Byung-Kil |
Korean |
37.06.15 |
|
|
Auditor |
Mr. |
Kim Kwang-Yon |
Korean |
39.04.08 |
|
|
Auditor |
Mr. |
Lee Sun-Hee |
Korean |
51.05.07 |
|
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
76,710,971,354 |
138,611,568,949 |
2,953,156,089 |
|
|
2005 |
79,038,672,652 |
134,356,104,317 |
10,190,368,933 |
|
2004 |
67,146,608,615 |
97,988,295,464 |
4,225,936,857 |
|
2003 |
61,617,857,772 |
88,006,173,647 |
5,053,581,380 |
Financial Description
Unit: KRW
|
Authorized Capital |
20,000,000,000 |
|
Paid-Up Capital |
5,902,740,000 |
|
Total Issues Shares |
11,205,480 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
135,212,682,470 |
138,611,568,949 |
134,356,104,317 |
|
Current Assets |
55,533,335,474 |
60,662,368,792 |
62,220,590,612 |
|
-Quick Assets |
38,961,988,280 |
42,807,293,441 |
44,599,194,766 |
|
-Inventories |
16,571,347,194 |
17,855,075,351 |
17,621,395,846 |
|
Fixed Assets |
79,679,346,996 |
77,949,200,157 |
72,135,513,705 |
|
-Investment |
17,017,849,152 |
16,166,292,938 |
10,748,252,176 |
|
-Tangibles |
59,576,263,756 |
58,896,543,130 |
59,254,433,440 |
|
-Intangibles |
1,065,689,999 |
766,820,000 |
13,560,000 |
|
-Others |
2,019,544,089 |
2,119,544,089 |
2,119,268,089 |
|
Total Liabilities |
44,131,776,333 |
44,506,855,088 |
42,963,672,525 |
|
Current Liabilities |
18,944,624,294 |
19,349,869,260 |
17,789,113,350 |
|
Fixed Liabilities |
25,187,152,039 |
25,156,985,828 |
25,174,559,175 |
|
Capital Stock |
5,902,740,000 |
5,902,740,000 |
5,902,740,000 |
|
Capital Surplus |
42,154,468,171 |
42,154,468,171 |
41,177,204,547 |
|
Profit Surplus |
45,789,391,084 |
46,153,187,758 |
45,671,145,469 |
|
Capital Adjustment |
(-)2,660,011,050 |
- |
(-)1,281,359,095 |
|
Total Equity |
91,080,906,137 |
94,104,713,861 |
91,392,431,792 |
|
Liab. & Shareholder’s Equity |
135,212,682,470 |
138,611,568,949 |
134,356,104,317 |
|
Current
Liabilities |
18,944,624,294 |
19,349,869,260 |
17,789,113,350 |
|
Short-Term Borrowings |
4,100,000,000 |
100,000,000 |
500,000,000 |
|
Trade Payables |
1,476,579,471 |
1,808,160,369 |
3,179,241,443 |
|
Accrued Income Tax |
1,123,841,351 |
700,832,909 |
2,619,322,313 |
|
Accrued Expenses |
506,738,839 |
244,046,667 |
178,292,655 |
|
Account Payables |
1,179,347,429 |
870,836,398 |
957,579,641 |
|
Advance Receipts |
171,021,886 |
213,875,709 |
146,000,617 |
|
Enearned Income |
13,863,285 |
70,576,730 |
- |
|
Withholdings |
115,270,533 |
184,897,678 |
161,305,681 |
|
Current Portion of Long-Term
Debts |
257,961,500 |
156,642,800 |
47,371,000 |
|
Debentures |
10,000,000,000 |
15,000,000,000 |
10,000,000,000 |
|
Fixed
Liabilities |
25,187,152,039 |
25,156,985,828 |
25,174,559,175 |
|
Long-Term Borrowings |
22,071,899,700 |
22,186,887,500 |
22,347,625,500 |
|
Provision for Severance &
Retirement |
2,848,181,538 |
2,709,527,527 |
2,395,489,197 |
|
Deferred Income Tax Credit |
36,070,801 |
36,070,801 |
302,944,478 |
|
Leasehold Deposit Received |
231,000,000 |
224,500,000 |
128,500,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
19,573,670,765 |
76,710,971,354 |
79,038,672,652 |
|
Cost of Sold Goods |
15,534,620,314 |
62,597,651,205 |
58,305,175,869 |
|
Gross Profit |
4,039,050,451 |
14,113,320,149 |
20,733,496,783 |
|
Selling & Admin. Expenses |
2,261,281,284 |
9,556,521,127 |
8,041,119,661 |
|
Operating Income |
1,777,769,167 |
4,556,799,022 |
12,692,377,122 |
|
Non-Operating Income |
485,212,105 |
2,503,221,875 |
2,816,815,170 |
|
Non-Operating expenses |
522,947,504 |
3,571,701,864 |
2,711,557,921 |
|
Ordinary Income |
1,740,033,768 |
3,488,319,033 |
12,797,634,371 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
1,740,033,768 |
3,488,319,033 |
12,797,634,371 |
|
Income Taxes Expenses |
423,008,442 |
535,162,944 |
2,607,265,438 |
|
Net Income |
1,317,025,326 |
2,953,156,089 |
10,190,368,933 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
3,345,964,544 |
7,118,990,596 |
12,471,830,742 |
|
-Net Income |
1,317,025,326 |
2,953,156,089 |
10,190,368,933 |
|
-Exp. without Cash Outflow |
1,791,327,348 |
10,941,000,179 |
8,759,356,268 |
|
-Revenue without Cash Inflows |
-83,167,108 |
-825,710,984 |
-1,860,491,046 |
|
-Changes in Asset/ & Liability |
320,778,978 |
-5,949,454,688 |
-4,617,403,413 |
|
Cash Flows from Investing |
-850,983,970 |
-10,846,156,464 |
-35,479,037,197 |
|
-Cash Inflow from Investing |
2,588,100,000 |
53,571,044,173 |
24,808,296,199 |
|
-Cash Outflows for Investing |
-3,439,083,970 |
-64,417,200,637 |
-60,287,333,396 |
|
Cash Flows from Financing |
-5,348,002,150 |
4,802,728,920 |
22,987,829,100 |
|
-Cash Inflows from Financing |
14,006,500,000 |
25,253,308,920 |
52,067,680,000 |
|
-Cash Outflows from Financing |
-19,354,502,150 |
-20,450,580,000 |
-29,079,850,900 |
|
Increase/Decrease in Cash |
-2,853,021,576 |
1,075,563,052 |
-19,377,355 |
|
Cash at the Beginning of Year |
5,413,512,044 |
4,337,948,992 |
1,357,326,347 |
|
Cash at the End of Year |
2,560,490,468 |
5,413,512,044 |
1,337,948,992 |
Products, Technologies,
Services
Description
|
Main Products & Services |
Empty Hard Capsules, Soft Capsule, Health Food, Encapsulation Machine,
Paintball for Leisure Brand Name: EMBO CAP |
||||||||
|
Annual Production Capacity (Unit: Million EA) |
|
Trade Partners
|
Suppliers |
GELITA PB LEINER GELTECH CO., LTD(180111-0262476) |
|
Customers |
Major Pharmaceutical companies and
manufacturers |
|
Competitors |
HANKUK CAPSULE CO., LTD. The Subject is ranked as the 1st
player in domestic market shares(85%). |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
GELTECH CO., LTD(180111-0262476) (42.84%
held by the subject company) JUMBO CAPSULE(100.00% held by the subject
company) DANAE TECHNOLOGY CO., LTD.(110111-2003567) SH PHARM. CO., LTD. (100.00% held by the
subject company) SH PHARACEUTICAL CO., LTD. (29.23% held by
the subject company) SUHUNG PLAZMA CO., LTD. (29.01% held by the
subject company) NUTROJIN CO., LTD. (30.00% held by the
subject company) SUHEUNG VIETNAM CO., LTD. (100.00% held by
the subject company) UNI-CAPS CO., LLC. (50.00% held by JUMBO
CAPSULE) |
Agent Networks
Ingredients Plus
Address : Unit 8,
Tel: 61-2-96846788,
Fax : 61-2-96846799
E-Mail :
m.petros@ingredientsplus.com.au
Business Point Ltd.
Address :
Tel: 832 1712 , 832
1909 , Fax : 880-2-8321255, 880-2-8317218
E-mail :
bp_z@dhaka.bangla.net
5040 Services Ltd
Address :
Tel : 359 -2 -971-
6420 Fax : 359 - 2 - 971 - 6421
Homepage :
Www.5040Services.Com
Dispergal Ltd.
Address :
Tel: 357-25-566490,
Fax : 357-25-562481
E-mail :
evie.peklivana@dispergal.com
Welding Pharma
Address : 22,
Avenue Rene Cassin 69009Lyon
Tel: (33) (0) 4
7864 2323 , Fax : 33) (0)4 78 83 73 10
Welding Gmbh &
Co
Address : Post
Tel: 49 40 35 908
179 , Fax : 49 40 35908-4179
Maria A. Stameny
Address :
Tel:
30-210-361-0018, Fax : 30-210-362-9898
E-mail :
stamm@otenet.gr
Hukong &
Company
RM1402, 14 Floor,
Tel: +23849478
Fax:+23849486
Email:
hukong@pacific.net.hk
Jagson Engineers
Address : A/113, Oshiwara
Industrial Centre, Opp. Oshiwara Bus Depot, Off. Link Road, Goregaon(West),
Mumbai 400 104.
Tel:
91-22-2879-2182, Fax : 91-22-2879-2192
Pt Narda Tita
Address : Komplek
Puri Niaga 3 Blok M8/No. 3C Ji Puri Kencang-Kembn Selatan Jakarts
Tel: 5830-3475, Fax
: 5830-3473
E-Mail :
narda97@cbn.net.id
Fahym Kala Co.,
Ltd.
Address : 1St Fl.,
Tel: 21-8067021~3 ,
Fax : 21-879 3832
E-mail :
info@fahymkala.com
Intact Chem. Ltd
Shraga
Rephaeli.20/56, Petah
Tel:+972 3 91 90
644 Fax:+ 972 3 91 90 644
E-Mail :
michaele@barak.net.il
Prodotti Gianni
S.P.A.
Address : Via
Quintiliano, 30. 20138
Tel : (39 02) 509
7218, Fax : (39 02) 7313
Higuchi Inc.
Address : 3-24-18
Takanawa Minato-Ku
Tel : 5420-5530 Fax
: 5791-7125
Caldic Ingredients
B.V.
Address : Elwenweg
5, Nl-3421 Tt
Tel: +31-348-566-656(Dir),
Fax : +31-348-566-646
Capromax Sdn. Bhd.
Address : No. 60,
Jalan Wawasan 3/3, Pusat Bandar Puchong, 47100 Puchong,
Tel: +60 12 209
1311 Fax : +60 12 299 4708
E-mail :
hc_wong@myjaring.net
Gudia (Private)
Limited
Address : 6Th
Floor,
Tel: (92-21)
4539101~5 , Fax : (92-21) 4556613/3734
E-mail :
gudia@cyber.net.pk
Pharmacaps, Inc.
Address : Head
Office: No.1 Unit D. 2Nd., Corner
Tel : 633-6177 ,
Fax : 633-6177
MDLD International,
Inc.
Address : No.73
Tel : 372-3984, Fax
: 372-3425
Novawes Import
(Pty) Ltd.
Address :
Tel :
27-11-463-6507, Fax : 27-11-463-1574
E-mail :
novawes@global.co.za
Address : Lluca, 28
08028
Tel : +34 93 409
9070, Fax : +34 93 399 2162
Shaft Trade Inst.
Address : Aleppo-Syria,
Ai-Gabria-Demitrious St. Block 7-2Nd Floor.
Tel: +963 21
4602599
Thoi Meochems Co.,
Ltd.
Address : 53/1-2
Soi Wuttakad 3,
Tel: 66-2891-5514,
Fax : 66-2891-5552
E-mail :
kornsiri@csloxinfo.com
Levi Dis Ticaret
A.S.
Address : Kemeralti
Cad No.2 Oney Is Hani Kat 5 Karakyy, 80030
Tel: 251-7520 , Fax
: 251-5840/41
E-mail :
filiz@levi.com.tr
Pluspharma
Incorporated
Address :
Tel: (760)597-0200,
Fax : (760) 597-0734
E-mail :
JenniferO@pluspharm.com
Cornelius Group
Address : Cornelius
House, Woodside,
Tel: (01279) 714
316 , Fax : (01279) 714 320
Suheung
International
Address : 243/1/26
To Hinen Thanh, Ward 13, Dist 10, Hcmc.
Tel : 84-8-293-4229
Fax: 84-8-862-3449
E-mail :
koochul9@netian.com
Maskem Algerie
Tel:+ 213 21 21 68
68
E-Mail :
lotfi.oudina@maskem.com
Maskem
5 El-Watania
Buildings -
Tel +202 6720201 /
+202 6720202 Fax +202 6720203
E-Mail :
amrbadawi@maskemegypt.com
Maskem
Al-Rabia,
Tel : 00 962 6 55
48 46 2 / 3 Fax:0096265548439
E-Mail :
alia.qarain@maskem.com
Maskem
484,Bd Brahim
Roudani 1°Etage, Appt N° 2, Maarif
20100
Tel : 00212 61 19
40 88 Fax 00 212 22 98 62 01
E-Mail :
redouane.khammal@maskem.com
Building Lob 14
Office 218 Jebel Ali Free Zone
Tel: +971 4 887 30
71 Fax:+971 4 887 30 72
Email: wael.gaama@maskem.com
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
29,639 |
29,750 |
30,276 |
|
Domestic |
47,072 |
49,289 |
36,871 |
|
Total |
76,711 |
79,039 |
67,147 |
The Subject exports to
Court Action
No.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)