|
Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUHEUNG CAPSULE CO., LTD. |
|
|
|
|
Formerly Known As : |
SUHEUNG CHEMICAL INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
683, Yeonje-Ri, Osong-Eup, Cheongwon-Gun,
Chungcheongbuk-Do, Korea, Zip
Code 363-951 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
30.01.1973 |
|
|
|
|
Com. Reg. No.: |
130-81-00576 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Medicinal Medicaments |
|
|
|
|
No. of Employees : |
651 |
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 : |
No Complaints |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. 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. 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-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges 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, and heavy reliance on
exports - which comprise half of GDP.
|
Source : CIA |
|
Company
Name |
SUHEUNG CAPSULE CO., LTD. (Korean Company Name : “(주)서흥캅셀”) |
|
Registered Address |
683, Yeonje-ri, Osong-eup, Cheongwon-gun,
Chungcheongbuk-do, Korea (New Address System : 61, Osongsaengmyeong-ro, Osong-eup,
Cheongwon-gun, Chungcheongbuk-do, Korea) |
|
Zip Code |
363-951 |
|
Tel |
+82-43-249-4100 |
|
Fax |
+82-43-249-4199 |
|
E-mail |
|
|
Website |
|
|
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 |
|
Established (mm/dd/yyyy) |
01/30/1973 |
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 |
|
Date of Birth |
03/13/1952 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,084,556,500 |
|||||||||||||||||||||
|
Employees |
651 |
|||||||||||||||||||||
|
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 |
01/30/1973 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 11/30/2012
Moved to the present HQ address from 317, Songnae 1-dong, Sosa-gu, Bucheon-si,
Gyeonggi-do, Korea 06/19/2013 Decided to acquire SH PHARM.
CO., LTD.(121111-0112531) as of 08/21/2013 |
|||||||||||||||||||||
|
|
|
|
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 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
51,623,612,945 |
388,488,493,884 |
1,650,350,765 |
|
|
(*)2012 |
153,891,469,724 |
375,282,780,073 |
-11,432,173,261 |
|
(*)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 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
388,488,493,884 |
375,282,780,073 |
359,613,541,572 |
|
Current
Assets |
95,854,115,165 |
83,543,381,002 |
80,379,255,337 |
|
Cash & Cash Equivalents |
2,162,983,692 |
788,158,830 |
1,483,515,273 |
|
Current Financial Instruments |
200,000,000 |
0 |
0 |
|
Trade Receivables |
45,943,651,967 |
37,634,065,742 |
32,209,614,170 |
|
Inventories |
43,490,422,271 |
41,763,107,205 |
36,503,169,706 |
|
Other Receivables |
947,098,436 |
892,987,254 |
9,862,109,022 |
|
Deferred Income Tax Assets |
432,002,193 |
430,983,373 |
0 |
|
Other Current Assets |
2,677,956,606 |
2,034,078,598 |
320,847,166 |
|
Assets
to be Sold |
45,745,000,000 |
45,745,000,000 |
0 |
|
Non-Current
Assets |
246,889,378,719 |
245,994,399,071 |
279,234,286,235 |
|
Marketable Financial Instruments |
17,100,000 |
17,100,000 |
179,535,000 |
|
Held-to-Maturity Financial Assets |
400,000,000 |
400,000,000 |
400,000,000 |
|
Non-Current Financial Instruments |
112,560,000 |
581,108,536 |
1,190,416,468 |
|
Investment_Related Companies |
32,452,670,630 |
32,452,670,630 |
32,652,670,630 |
|
Investment_Real Estates |
0 |
0 |
3,381,081,486 |
|
Tangibles |
208,545,044,055 |
207,122,070,778 |
235,321,477,992 |
|
Intangibles |
3,997,078,109 |
3,997,078,109 |
3,975,078,109 |
|
Other
Receivables |
707,134,950 |
777,134,950 |
1,151,414,950 |
|
Other Non-Current Assets |
657,790,975 |
647,236,068 |
982,611,600 |
|
Total
Liabilities |
225,001,914,951 |
211,748,684,955 |
179,960,427,384 |
|
Current
Liabilities |
48,741,256,113 |
39,205,879,543 |
76,740,366,263 |
|
Trade
Payables |
8,093,781,326 |
7,414,363,733 |
6,570,706,196 |
|
Debentures |
29,300,000,000 |
22,200,000,000 |
63,681,694,825 |
|
Other
Payables |
6,565,812,446 |
4,620,464,959 |
4,773,994,258 |
|
Deferred Income Tax Assets |
0 |
0 |
311,713,022 |
|
Other Current Liabilities |
4,781,662,341 |
4,971,050,851 |
1,402,257,962 |
|
Non-Current
Liabilities |
176,260,658,838 |
172,542,805,412 |
103,220,061,121 |
|
Long-Term Borrowings |
168,000,000,000 |
165,000,000,000 |
89,951,058,220 |
|
Long-Term
Finance Guarantee Debts |
657,790,975 |
647,236,068 |
982,611,600 |
|
Confirmed Salaries |
1,281,049,068 |
570,587,086 |
0 |
|
Deferred Income Tax Credit |
6,219,485,465 |
6,207,148,928 |
11,957,057,971 |
|
Other
Long-Term Payables |
102,333,330 |
117,833,330 |
329,333,330 |
|
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 |
3,122,903,456 |
|
Profit Surplus |
115,901,650,541 |
115,949,166,726 |
132,068,185,796 |
|
Total Equity |
163,486,578,933 |
163,534,095,118 |
179,653,114,188 |
|
Liab. &
Shareholder’s Equity |
388,488,493,884 |
375,282,780,073 |
359,613,541,572 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
51,623,612,945 |
153,891,469,724 |
142,896,131,721 |
|
Cost of Sold Goods |
44,690,989,702 |
132,841,596,550 |
110,002,851,937 |
|
Gross Profit |
6,932,623,243 |
21,049,873,174 |
32,893,279,784 |
|
Selling & Admin.
Expenses |
3,646,629,982 |
14,429,070,472 |
12,024,907,747 |
|
R&D |
548,771,087 |
2,182,053,218 |
0 |
|
Operating Income |
2,737,222,174 |
4,438,749,484 |
20,868,372,037 |
|
Investment Profits on Related Companies |
214,200,000 |
4,121,300,000 |
428,400,000 |
|
Finance Income |
446,976,223 |
853,844,354 |
2,614,924,634 |
|
Finance Expenses |
2,041,921,251 |
9,676,627,198 |
4,009,204,005 |
|
Other Income |
1,105,761,400 |
3,265,000,735 |
1,175,274,922 |
|
Other Expenses |
799,551,244 |
19,577,103,528 |
1,345,284,708 |
|
Income Before Taxes |
1,662,687,302 |
-16,574,836,153 |
19,732,482,880 |
|
Income Taxes Expenses |
12,336,537 |
-5,142,662,892 |
3,895,215,571 |
|
Net Income |
1,650,350,765 |
-11,432,173,261 |
15,837,267,309 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating Activities Cash Flows |
-3,926,334,927 |
918,688,881 |
6,009,305,969 |
|
Net Income |
1,650,350,765 |
-11,432,173,261 |
15,837,267,309 |
|
Adjustment |
4,671,862,759 |
28,748,492,624 |
6,205,601,511 |
|
Changes in Asset/
& Liability |
-8,527,813,150 |
-7,781,058,818 |
-9,438,853,415 |
|
Interests Received |
55,388,977 |
126,658,052 |
152,217,542 |
|
Dividends Received |
0 |
200,000 |
200,000 |
|
Interests Paid |
-1,775,105,458 |
-7,821,498,346 |
-3,066,611,515 |
|
Income Taxes |
-1,018,820 |
-921,931,370 |
-3,680,515,463 |
|
Cash Flows from
Investing |
-3,125,261,874 |
-31,987,762,832 |
-92,225,470,050 |
|
Cash Flows from
Financing |
8,402,133,050 |
30,397,895,315 |
83,687,828,905 |
|
Increase/Decrease in
Cash |
1,374,824,862 |
-695,356,443 |
-2,574,949,983 |
|
Cash at the Beginning
of Year |
788,158,830 |
1,483,515,273 |
4,058,465,256 |
|
Cash at the End of
Year |
2,162,983,692 |
788,158,830 |
1,483,515,273 |
|
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) 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.59.70 |
|
UK Pound |
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.