|
Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUHEUNG CAPSULE CO., LTD. |
|
|
|
|
Registered Office : |
317, Songnae 1-dong, Sosa-gu, Bucheon-si, Gyeonggi-do, Korea 422-814 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
30.01.1973 |
|
|
|
|
Com. Reg. No.: |
130-81-00576 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Medicinal Medicaments |
|
|
|
|
No. of Employees : |
662 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 currently is among the world's 20 largest economies. 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. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.
|
Source : CIA |
|
Company Name |
SUHEUNG CAPSULE CO., LTD. |
|
Registered Address |
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;inquiries@suheung.com |
|
Website |
www.suheung.co.kr |
|
Trading Address |
6th Fl., Jung-An Bldg., 435-5, Jangan
3-dong, Dongdaemun-gu, Seoul, Korea |
|
Tel |
+82-2-2210-8175 |
|
Fax |
+82-2-2217-2356 |
|
Other Address- 2nd Factory |
1731-4, Songjeong-dong, Gangseo-gu, Busan,
Korea |
|
Tel |
+82-51-831-8803 |
|
Fax |
+82-51-831-8806 |
|
Type |
Export |
|
Industry |
Manufacture of Medicinal Medicaments |
|
Main Business |
Empty Hard Capsules, Soft Capsule, Health Food, Encapsulation Machine |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
01/301/1973 |
The Subject owns
the premises of the registered address/Factory(18,142m2) and 2nd
Factory(13,386m2).
|
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 |
|
Name |
Yang Joo-Hwan |
|
Address |
|
|
Date of Birth |
03/13/1952 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,084,556,500 |
||||||||||||||||||
|
Employees |
662 |
||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange: 008490) as of 03/27/1990 A Company of SUHEUNG CAPSULE CO., LTD. |
||||||||||||||||||
|
Bank Details |
Citi Bank, Korea-HQ Branch Kookmin Bank Korea Development Bank Hana Bank Woori Bank |
||||||||||||||||||
|
Corporate Registered No. |
124311-0004252 |
||||||||||||||||||
|
Business Registered No. |
130-81-00576 |
||||||||||||||||||
|
Permit & Licenses |
01/03/1998 ISO 9001 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 11/30/2008
Awarded US$30 Million Export Top Prize |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Yang Joo-Hwan |
Korean |
1952.03.13 |
Yonsei University, Korea |
|
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, Korea |
|
Outside Director |
Mr. |
Lee Byung-Kil |
Korean |
1937.06.15 |
Myungji University, Korea |
|
Auditor |
Mr. |
You Young-Keun |
Korean |
1954.02.11 |
Hankuk University of Foreign Studies, Korea |
|
Auditor |
Mr. |
Kim Kwang-Yon |
Korean |
1939.04.08 |
Myungji University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
76,503,864,392 |
389,784,673,102 |
2,689,407,612 |
|
|
(*)2011 |
142,896,131,721 |
359,613,541,572 |
15,837,267,309 |
|
(*)2010 |
124,860,736,612 |
257,332,849,483 |
13,934,050,775 |
|
2009 |
107,816,084,492 |
174,448,247,930 |
12,341,777,483 |
|
2008 |
101,606,218,474 |
171,911,838,049 |
10,640,188,356 |
|
2007 |
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 |
(*)Figures are based on
the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
6,084,556,500 |
|
Total Issues Shares |
12,169,113 |
|
Unit : Korean Won |
01/01/2011~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
389,784,673,102 |
359,613,541,572 |
257,332,849,483 |
|
Current Assets |
80,432,793,728 |
80,379,255,337 |
64,608,267,746 |
|
Cash
& Cash Equivalents |
2,404,177,244 |
1,483,515,273 |
4,058,465,256 |
|
Trade
Receivables |
39,112,498,322 |
32,209,614,170 |
33,244,085,385 |
|
Inventories |
35,026,612,619 |
36,503,169,706 |
26,593,968,149 |
|
Other
Receivables |
1,922,349,502 |
9,862,109,022 |
620,722,298 |
|
Deferred
Income Tax Assets |
8,435,716 |
0 |
0 |
|
Other
Current Assets |
1,958,720,325 |
320,847,166 |
91,026,658 |
|
Non-Current Assets |
309,351,879,374 |
279,234,286,235 |
192,724,581,737 |
|
Marketable
Financial Instruments |
179,535,000 |
179,535,000 |
581,611,000 |
|
Held-to-Maturity
Financial Assets |
400,000,000 |
400,000,000 |
400,000,000 |
|
Non-Current
Financial Instruments |
520,786,312 |
1,190,416,468 |
1,574,716,493 |
|
Investment_Related
Companies |
35,452,670,630 |
32,652,670,630 |
29,308,616,176 |
|
Investment_Real
Estates |
0 |
3,381,081,486 |
2,974,378,190 |
|
Tangibles |
266,590,831,098 |
235,321,477,992 |
146,080,332,799 |
|
Intangibles |
3,997,078,109 |
3,975,078,109 |
2,968,478,109 |
|
Other Receivables |
1,161,414,950 |
1,151,414,950 |
7,808,855,770 |
|
Other
Non-Current Assets |
1,049,563,275 |
982,611,600 |
1,027,593,200 |
|
Total Liabilities |
211,143,588,952 |
179,960,427,384 |
91,869,130,534 |
|
Current Liabilities |
89,954,544,997 |
76,740,366,263 |
63,434,320,883 |
|
Trade Payables |
4,757,804,457 |
6,570,706,196 |
5,611,219,571 |
|
Debentures |
76,135,341,840 |
63,681,694,825 |
53,060,000,000 |
|
Other Payables |
7,420,209,834 |
4,773,994,258 |
1,616,802,087 |
|
Deferred
Income Tax Assets |
533,603,725 |
311,713,022 |
2,575,147,142 |
|
Other
Current Liabilities |
1,107,585,141 |
1,402,257,962 |
571,152,083 |
|
Non-Current Liabilities |
121,189,043,955 |
103,220,061,121 |
28,434,809,651 |
|
Long-Term
Borrowings |
107,097,411,205 |
89,951,058,220 |
16,234,750,000 |
|
Long-Term Finance Guarantee Debts |
1,049,563,275 |
982,611,600 |
1,027,593,200 |
|
Confirmed
Salaries |
899,914,191 |
0 |
0 |
|
Deferred
Income Tax Credit |
12,010,821,954 |
11,957,057,971 |
9,554,466,451 |
|
Other Long-Term Payables |
131,333,330 |
329,333,330 |
1,618,000,000 |
|
Capital Stock |
6,084,556,500 |
6,084,556,500 |
6,084,556,500 |
|
Capital
Surplus |
38,377,468,436 |
38,377,468,436 |
38,377,468,436 |
|
Others |
3,122,903,456 |
3,122,903,456 |
944,565,574 |
|
Profit
Surplus |
131,056,155,758 |
132,068,185,796 |
120,057,128,439 |
|
Total
Equity |
178,641,084,150 |
179,653,114,188 |
165,463,718,949 |
|
Liab.
& Shareholder’s Equity |
389,784,673,102 |
359,613,541,572 |
257,332,849,483 |
|
Unit : Korean Won |
01/01/2011~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
76,503,864,392 |
142,896,131,721 |
124,860,736,612 |
|
Cost
of Sold Goods |
64,194,738,077 |
110,002,851,937 |
92,666,900,932 |
|
Gross
Profit |
12,309,126,315 |
32,893,279,784 |
32,193,835,680 |
|
Selling
& Admin. Expenses |
6,769,779,987 |
12,024,907,747 |
11,338,685,822 |
|
R&D |
1,021,387,992 |
0 |
0 |
|
Operating
Income |
4,517,958,336 |
20,868,372,037 |
20,855,149,858 |
|
Investment Profits on Related Companies |
321,300,000 |
428,400,000 |
0 |
|
Investment Losses on Related Companies |
0 |
0 |
4,892,315,099 |
|
Finance
Income |
697,584,226 |
2,614,924,634 |
1,789,039,791 |
|
Finance
Expenses |
4,750,807,347 |
4,009,204,005 |
5,815,179,153 |
|
Other Income |
2,749,956,757 |
1,175,274,922 |
8,129,318,965 |
|
Other
Expenses |
107,449,503 |
1,345,284,708 |
2,677,347,890 |
|
Income
Before Taxes |
3,428,542,469 |
19,732,482,880 |
17,388,666,472 |
|
Income
Taxes Expenses |
739,134,857 |
3,895,215,571 |
3,454,615,697 |
|
Net
Income |
2,689,407,612 |
15,837,267,309 |
13,934,050,775 |
|
Unit : Korean Won |
01/01/2011~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
2,321,636,237 |
6,009,305,969 |
10,142,092,565 |
|
Net Income |
2,689,407,612 |
15,837,267,309 |
13,934,050,775 |
|
Adjustment |
8,695,761,187 |
6,205,601,511 |
12,821,036,406 |
|
Interests Received |
43,346,779 |
152,217,542 |
186,625,151 |
|
Dividends Received |
0 |
200,000 |
500,000 |
|
Interests Paid |
-3,688,162,235 |
-3,066,611,515 |
-2,315,421,492 |
|
Income Taxes |
-313,404,631 |
-3,680,515,463 |
-4,816,472,208 |
|
Cash Flows from Investing |
-27,828,678,563 |
-92,225,470,050 |
-36,088,440,433 |
|
Cash Flows from Financing |
27,335,146,897 |
83,687,828,905 |
28,906,625,564 |
|
Increase/Decrease in Cash |
1,825,160,508 |
-2,574,949,983 |
2,960,277,696 |
|
Cash at the Beginning of Year |
1,483,515,273 |
4,058,465,256 |
1,098,187,560 |
|
Cash at the End of Year |
3,308,675,781 |
1,483,515,273 |
4,058,465,256 |
|
Main Products & Services |
Empty Hard Capsules, Soft Capsule, Health Food, Encapsulation Machine,
Paintball for Leisure Brand Name: EMBO CAPS |
|
Suppliers |
GELITA SWEDEN AB PB LEINER USA GELTECH CO., LTD(180111-0262476) BMW FINANCIAL SERVICES KOREA CO., LTD.(110111-2278756) provides
vehicle leasing services to the Subject company. |
|
Customers |
Major Pharmaceutical companies and
manufacturers |
|
Competitors |
HAN KOOK CAPSULE INDUSTRY CO., LTD. 13-164, SEONGSU 1-GA 2-DONG, SEONGDONG-GU,
SEOUL, KOREA TEL:+82-2-464-0621 FAX:+82-2-464-9503 (*) The Subject is ranked as the 1st
player in domestic market shares(85%). |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
GELTECH CO., LTD(180111-0262476) (42.84% held by the subject company) SH PHARM. CO., LTD.(121111-0112531) (100.00% held by the subject company) SUHUNG PLAZMA CO., LTD.(110111-2003567) (36.19% held by the subject company) NUTROJIN CO., LTD.(110111-3388215) (30.00% held by the subject company) UNI-CAPS CO., LLC. (50.00% held by SUHEUNG AMERICA) J&S CAPSULE LLC. (50.00% held by SUHEUNG AMERICA) SH ASSET MANAGEMENT LLC. (99.00% held by SUHEUNG AMERICA) |
|
Overseas Office |
SUHEUNG-VIETNAM CO., LTD 3RD FLOOR, ROOM 6, 268 TO HIEN THANH ST.,
WARD 15, DIST 10, HCMC. VIETNAM TEL:+84-83-868-1363 FAX:+84-83-868-1366 SUHEUNG-EUROPE REPRESENTATIVE OFFICE A. SENOE 3 VARAZDIN 42000 CROATIA TEL:+38-599-509-8469 FAX:+38-542-71-2212 SUHEUNG-AMERICA CORPORATION 350 RANGER AVE. UNIT A BREA, CA, 92821 TEL:+1-714.996.7700 FAX:+1-714.996.7100 SUHEUNG-JAPAN CO., LTD. POST CODE 101-0035 SUZUNO BLDG. 3F 11
BANCHI, KANDA-KONYACHO, CHIYODA-KU, TOKYO, JAPAN TEL:+81-3-5256-7501 FAX:+81-3-5256-8008 |
|
Subsidiary |
GELTECH CO., LTD(180111-0262476) (42.84% held by the subject company) SUHUNG PLAZMA CO., LTD.(110111-2003567) (36.19% held by the subject company) SUHEUNG-AMERICA CORPORATION (100.0% held by the subject company) SUHEUNG-VIETNAM CO., LTD (100.00% held by the subject company) SUHEUNG-JAPAN CO., LTD. (100.00% held by the subject company) SH PHARM. CO., LTD.(121111-0112531) (100.00% held by the subject company) SUHEUNG NEW ZEALAND CO., LTD. (100.00% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) LIG INSURANCE CO., LTD(110111-0017859) KOREA LIFE INSURANCE CO., LTD.(110111-0003204) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
06/2012 |
2011 |
2010 |
|
Export |
20,836 |
35,173 |
34,215 |
|
Domestic |
55,668 |
107,723 |
90,646 |
|
Total |
76,504 |
142,896 |
124,861 |
The Subject exports
to France, Germany, Japan, Turkey and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.