MIRA
INFORM REPORT
|
Report Date : |
12.05.2008 |
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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|
|
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Country : |
Korea |
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|
|
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Financials (as on) : |
31.12.2007 |
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|
|
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Date of Incorporation : |
01.30.1973 |
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|
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Com. Reg. No.: |
130-81-00576 |
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|
|
|
Legal Form : |
Listed Company |
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|
|
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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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Basic
|
Company Name |
SUHEUNG CAPSULE CO., LTD. |
|
Registered
Address/Factory |
317, Songnae 1-dong, Sosa-gu, Bucheon-si, Gyeonggi-do,
Korea |
|
Zip Code |
422-814 |
|
Tel |
+82-32-610-7100 |
|
Fax |
+82-32-666-0189 |
|
E-mail |
hsmoon@suheung.co.kr |
|
Website |
www.suheung.co.kr |
|
Trading Address |
Rm. 1930, Cheongdaemun, 17-2, Euljiro 6-ga, Jung-gu, Seoul, Korea |
|
Tel |
+82-2-2210-8120 |
|
Fax |
+82-2-2217-4122 |
|
The 2nd Factory |
1731-4, Songjeong-dong, Gangseo-gu, Busan, Korea |
|
Type |
Export |
|
Industry |
Manufacture of Medicinal Medicaments |
|
Main Business |
Empty Hard Capsules, Soft Capsule, Health Food,
Encapsulation Machine |
|
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 |
|
Address |
|
|
Date of Birth |
03/13/1952 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
5,902,740,000 KRW |
||||||||||||||||||||||||
|
Employees |
537 |
||||||||||||||||||||||||
|
Formation |
Listed Company
(KOREA STOCK EXCHANGE: 008490)
as of 03/27/1990 |
||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||
|
Permit &
Licenses |
01/03/1998 ISO
9001 12/23/2005 USA
Dietary Supplement USP License Patent(26161)
: EMBO CAPS Int’l Trade
No.: 814492 |
||||||||||||||||||||||||
|
Shareholder
Position |
|
||||||||||||||||||||||||
|
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 capsules. The Company
mainly produces hard capsules, under the name EMBO CAP, soft capsules and
health food. Its hard capsules and soft capsules are used for medical supplies
and food. It is also engaged in the original equipment manufacture (OEM) of
paintballs. During the year ended December 31, 2007, its hard capsules and soft
capsules accounted for approximately 49% and 45% of the Company’s total
revenue, respectively.
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Yang Joo-Hwan |
Korean |
1952.03.13 |
Yonsei University |
|
Vice President |
Mr. |
Yoon Sung-Gerl |
Korean |
1952.02.10 |
Kyungbuk National University |
|
Executive Director |
Mr. |
Kim Bae-Sung |
Korean |
1951.01.20 |
Dankuk University |
|
Outside Director |
Mr. |
Lee Byung-Kil |
Korean |
1937.06.15 |
Myungji University |
|
Auditor |
Mr. |
Kim Kwang-Yon |
Korean |
1939.04.08 |
Myungji University |
|
Auditor |
Mr. |
Lee Sun-Hee |
Korean |
1951.05.07 |
Sungkyungwan University |
Financials
Unit:
KRW
|
Year |
Sales |
Assets |
Net income |
|
82,180,764,151 |
165,845,450,904 |
11,452,762,741 |
|
|
2006 |
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 |
As of 12/31/2007 |
As of
12/31/2006 |
As of
12/31/2005 |
|
Total Assets |
165,845,450,904 |
138,611,568,949 |
134,356,104,317 |
|
Current Assets |
74,632,125,471 |
60,662,368,792 |
62,220,590,612 |
|
-Quick Assets |
56,019,763,782 |
42,807,293,441 |
44,599,194,766 |
|
-Inventories |
18,612,361,689 |
17,855,075,351 |
17,621,395,846 |
|
Fixed Assets |
91,213,325,433 |
77,949,200,157 |
72,135,513,705 |
|
-Investment |
22,230,516,265 |
16,166,292,938 |
10,748,252,176 |
|
-Tangibles |
64,567,355,204 |
58,896,543,130 |
59,254,433,440 |
|
-Intangibles |
1,142,300,000 |
766,820,000 |
13,560,000 |
|
-Others |
3,273,153,964 |
2,119,544,089 |
2,119,268,089 |
|
Total
Liabilities |
64,316,376,249 |
44,506,855,088 |
42,963,672,525 |
|
Current
Liabilities |
31,228,142,285 |
19,349,869,260 |
17,789,113,350 |
|
Fixed
Liabilities |
33,088,233,964 |
25,156,985,828 |
25,174,559,175 |
|
Capital Stock |
5,902,740,000 |
5,902,740,000 |
5,902,740,000 |
|
Capital
Surplus |
42,534,216,326 |
42,154,468,171 |
41,177,204,547 |
|
Profit Surplus |
55,925,128,499 |
46,153,187,758 |
45,671,145,469 |
|
Capital
Adjustment |
-2,833,010,170 |
-105,682,068 |
-1,358,658,224 |
|
Total Equity |
101,529,074,655 |
94,104,713,861 |
91,392,431,792 |
|
Liab. &
Shareholder’s Equity |
165,845,450,904 |
138,611,568,949 |
134,356,104,317 |
|
Current
Liabilities |
31,228,142,285 |
19,349,869,260 |
17,789,113,350 |
|
Short-Term Borrowings |
2,371,295,363 |
100,000,000 |
500,000,000 |
|
Trade Payables |
1,708,689,487 |
1,808,160,369 |
3,179,241,443 |
|
Debentures |
10,000,000,000 |
15,000,000,000 |
10,000,000,000 |
|
Account Payables |
809,905,705 |
870,836,398 |
957,579,641 |
|
Advance Receipts |
98,474,829 |
213,875,709 |
146,000,617 |
|
Unearned Income |
- |
70,576,730 |
- |
|
Withholdings |
139,730,335 |
184,897,678 |
161,305,681 |
|
Accrued Expenses |
389,810,639 |
244,046,667 |
178,292,655 |
|
Accrued Income Tax |
4,756,371,645 |
700,832,909 |
2,619,322,313 |
|
Current Portion of Long-Term Debts |
10,577,925,200 |
156,642,800 |
47,371,000 |
|
Deferred Income Tax |
375,939,082 |
- |
- |
|
Fixed
Liabilities |
33,088,233,964 |
25,156,985,828 |
25,174,559,175 |
|
Long-Term Borrowings |
16,508,962,300 |
22,186,887,500 |
22,347,625,500 |
|
Convertible Bond |
13,000,000,000 |
- |
- |
|
Leasehold Deposit Received |
1,890,500,000 |
224,500,000 |
128,500,000 |
|
Provision for Retirement &
Severance |
7,016,849,637 |
7,192,956,439 |
6,412,488,130 |
|
Deferred Income Tax Credit |
- |
36,070,801 |
302,944,478 |
Income
Statement
|
Unit : Korean
Won |
As of
12/31/2007 |
As of
12/31/2006 |
As of
12/31/2005 |
|
Sales |
82,180,764,151 |
76,710,971,354 |
79,038,672,652 |
|
Cost of Sold
Goods |
61,065,755,160 |
62,597,651,205 |
58,305,175,869 |
|
Gross Profit |
21,115,008,991 |
14,113,320,149 |
20,733,496,783 |
|
Selling &
Admin. Expenses |
9,811,137,157 |
9,556,521,127 |
8,041,119,661 |
|
Operating
Income |
11,303,871,834 |
4,556,799,022 |
12,692,377,122 |
|
Non-Operating
Income |
10,475,141,696 |
2,503,221,875 |
2,816,815,170 |
|
Non-Operating
expenses |
5,573,906,801 |
3,569,860,301 |
2,711,557,921 |
|
Ordinary
Income |
16,205,106,729 |
3,490,160,596 |
12,797,634,371 |
|
Special Income |
- |
- |
- |
|
Income Before
Taxes |
16,205,106,729 |
3,490,160,596 |
12,797,634,371 |
|
Income Taxes
Expenses |
4,752,343,988 |
537,004,507 |
2,607,265,438 |
|
Net Income |
11,452,762,741 |
2,953,156,089 |
10,190,368,933 |
Cash
Flows
|
Unit : Korean
Won |
As of
12/31/2007 |
As of 12/31/2006 |
As of
12/31/2005 |
|
Cash Flows
from Operating |
12,153,929,465 |
7,118,990,596 |
12,471,830,742 |
|
-Net Income |
11,452,762,741 |
2,953,156,089 |
10,190,368,933 |
|
-Exp. without
Cash Outflow |
10,713,650,952 |
10,941,000,179 |
8,759,356,268 |
|
-Revenue
without Cash Inflows |
(-)8,960,150,652 |
(-)825,710,984 |
(-)1,860,491,046 |
|
-Changes in
Asset/ & Liability |
(-)1,052,333,576 |
(-)5,949,454,688 |
(-)4,617,403,413 |
|
Cash Flows
from Investing |
(-)28,685,952,111 |
(-)10,846,156,464 |
(-)32,479,037,197 |
|
-Cash Inflow
from Investing |
54,646,307,705 |
53,571,044,173 |
24,808,296,199 |
|
-Cash Outflows
for Investing |
(-)83,332,259,816 |
(-)64,417,200,637 |
(-)57,287,333,396 |
|
Cash Flows
from Financing |
12,084,689,513 |
4,802,728,920 |
22,987,829,100 |
|
-Cash Inflows
from Financing |
49,822,665,363 |
25,253,308,920 |
52,067,680,000 |
|
-Cash Outflows
from Financing |
(-)37,737,975,850 |
(-)20,450,580,000 |
(-)29,079,850,900 |
|
Increase/Decrease
in Cash |
(-)4,447,333,133 |
1,075,563,052 |
2,980,622,645 |
|
Cash at the
Beginning of Year |
5,413,512,044 |
4,337,948,992 |
1,357,326,347 |
|
Cash at the
End of Year |
966,178,911 |
5,413,512,044 |
4,337,948,992 |
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 SWEDEN
AB PB LEINER USA OCEAN CANADA DOW CHEMICAL
USA 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) DANAE
TECHNOLOGY CO., LTD.(110111-2003567) 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) UNI-CAPS CO.,
LLC. (50.00% held
by JUMBO CAPSULE) |
|
Subsidiary |
JUMBO CAPSULE (100.00% held
by the subject company) SH PHARM. CO.,
LTD. (100.00% held
by the subject company) SUHEUNG
VIETNAM CO., LTD. (100.00% held
by the subject company) |
|
Cooperative
Enterprise- Agent Networks |
Ingredients
Plus Address : Unit
8,7-11 South Street Rydalmere Nsw 2116 Australia Tel:
61-2-96846788, Fax : 61-2-96846799 E-Mail :
m.petros@ingredientsplus.com.au Business Point
Ltd. Address : Tmc
Building 8Th Floor, 52, New Eskaton Road G.P.O Box No.2034 Dhaka-1000
Bangladesh. Tel: 832 1712
, 832 1909 , Fax : 880-2-8321255, 880-2-8317218 E-mail :
bp_z@dhaka.bangla.net 5040 Services
Ltd Address : Po
Box 794, Sofia Bg-1000, Bulgaria Tel : 359 -2
-971- 6420 Fax : 359 - 2 - 971 - 6421 Homepage :
Www.5040Services.Com Dispergal Ltd. Address :
P.O.Box 1795, Dorothea Bldg., 33 Theklas Lyssioti Str., Limassol-Cyprus. Tel:
357-25-566490, Fax : 357-25-562481 E-mail :
evie.peklivana@dispergal.com Welding Pharma
France Address : 22,
Avenue Rene Cassin 69009Lyon France Tel: (33) (0)
4 7864 2323 , Fax : 33) (0)4 78 83 73 10 Welding Gmbh
& Co Address : Post
Box 305840, 20318 Hamburg Esplanade 39 20354 Hamburg, Germany Tel: 49 40 35
908 179 , Fax : 49 40 35908-4179 Maria A.
Stameny Address :
P.O.Box 17 111 Gr 100.24 Athens Greece Tel:
30-210-361-0018, Fax : 30-210-362-9898 E-mail :
stamm@otenet.gr Hukong &
Company RM1402, 14
Floor, Waterloo Plaza, 53-55 Waterloo RD., Kowloon, Hong Kong 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. India 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
Barat 11610, Indonesia. Tel:
5830-3475, Fax : 5830-3473 E-Mail :
narda97@cbn.net.id Fahym Kala
Co., Ltd. Address : 1St
Fl., 108 Ebnesina St., Yousef Abad 14346, P.O.Box, 14335-466, Tehran, Iran. Tel:
21-8067021~3 , Fax : 21-879 3832 E-mail : info@fahymkala.com Intact Chem.
Ltd Shraga
Rephaeli.20/56, Petah Tikva 49064,
Israel 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 Milan - Italy Tel : (39 02)
509 7218, Fax : (39 02) 7313 Higuchi Inc. Address :
3-24-18 Takanawa Minato-Ku Tokyo Japan. Tel :
5420-5530 Fax : 5791-7125 Caldic
Ingredients B.V. Address :
Elwenweg 5, Nl-3421 Tt P.O. Box 106, Nl-3420 Dc Oudewater The Netherlands 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, Selangor,
Malaysia. Tel: +60 12
209 1311 Fax : +60 12 299
4708 E-mail :
hc_wong@myjaring.net Gudia
(Private) Limited Address : 6Th Floor,
Mehdi Towers, 115-A, S.M.C.H.S.,Shahrah-E-Faisal, Karachi-Pakistan. 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 San Rafael, St., Bo. Kapitolyo, Pasig City
Philippines Tel : 633-6177
, Fax : 633-6177 |
|
|
MDLD
International, Inc. Address :
No.73 Scout Fernandez Qvezon City Tel :
372-3984, Fax : 372-3425 Novawes Import
(Pty) Ltd. Address : Po
Box 97518 Petervale 2151, South Africa Tel :
27-11-463-6507, Fax : 27-11-463-1574 E-mail :
novawes@global.co.za Impex Quimica,
S.A. Address :
Lluca, 28 08028 Barcelona (Spain) Tel : +34 93
409 9070, Fax : +34 93 399 2162 Shaft Trade
Inst. Address :
Aleppo-Syria, Ai-Gabria-Demitrious St. Block 7-2Nd Floor. P.O. Box 6719 Syria Tel: +963 21
4602599 Thoi Meochems
Co., Ltd. Address :
53/1-2 Soi Wuttakad 3, Wuttad Rd., Tradphu, Thonburi, Bangkok 10600,
Thailand. 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 Istanbul Turkey. Tel: 251-7520
, Fax : 251-5840/41 E-mail :
filiz@levi.com.tr Pluspharma
Incorporated Address : 2460
Coral Street Vista, Ca 92081, U.S.A Tel:
(760)597-0200, Fax : (760) 597-0734 E-mail : JenniferO@pluspharm.com Cornelius
Group Address :
Cornelius House, Woodside, Dunmow Road, Bishop'S Stortford, Hertfordshire,
Cm23 5Rg, U.K. 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 Lot Ali
Bendali N°58, Dergana Wilaya D'Alger Cp/16411, Algerie Tel:+ 213 21
21 68 68 E-Mail :
lotfi.oudina@maskem.com Maskem Egypt 5 El-Watania
Buildings -Sefarat District-Nasr City,Cairo Egypt Tel +202
6720201 / +202 6720202 Fax +202 6720203 E-Mail :
amrbadawi@maskemegypt.com Maskem Middle
East Al-Rabia,
Cabol Street Al-Gazhal Building, 1St Floor Amman - Jordan Tel : 00 962 6
55 48 46 2 / 3 Fax:0096265548439 E-Mail :
alia.qarain@maskem.com Maskem Morocco 484,Bd Brahim
Roudani 1°Etage, Appt N° 2, Maarif 20100
Casablanca- Anfa, Morocco Tel : 00212 61
19 40 88 Fax 00 212 22 98 62 01 E-Mail :
redouane.khammal@maskem.com Maskem Gulf
Fzco Building Lob
14 Office 218 Jebel Ali Free Zone P.O.Box 18453 Dubai, Uae 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 |
2007 |
2006 |
2005 |
|
Export |
29,808 |
29,639 |
29,750 |
|
Domestic |
52,373 |
47,072 |
49,289 |
|
Total |
82,181 |
76,711 |
79,039 |
The Subject exports to France, Germany, Japan, Turkey and USA.
Court
Action
No.
News Clipping
--
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. |
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%)