|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUHEUNG CO., LTD. |
|
|
|
|
Formerly Known As : |
SUHEUNG CAPSULE CO., LTD., |
|
|
|
|
Registered Office : |
61, Osongsaengmyeong-ro, Osong-eup, Cheongwon-gun, Chungcheongbuk-do 363-951 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
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 : |
685 |
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 : |
Slow But Correct |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 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 heavy reliance on exports, which comprise about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
SUHEUNG CO., LTD. (Ex. Company Name : SUHEUNG CAPSULE CO.,
LTD., “(주)서흥캅셀”) (Korean Company Name : “(주)서흥”) |
|
Registered Address |
61, Osongsaengmyeong-ro, Osong-eup,
Cheongwon-gun, Chungcheongbuk-do, Korea (Old Address System : 683, Yeonje-ri, Osong-eup, Cheongwon-gun, Chungcheongbuk-do,
Korea) |
|
Building |
|
|
Zip Code |
363-951 |
|
Tel |
+82-43-249-4100 |
|
Fax |
+82-43-249-4199 |
|
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, Cosmetics |
|
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).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Capsule
tubes or caps(24141709) |
|
Sell |
Cosmetics(53131619) |
|
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 (KRW) |
6,084,556,500 |
|||||||||||||||||||||
|
Employees |
685 |
|||||||||||||||||||||
|
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 SUHEUNG CAPSULE
CO., LTD. 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 03/26/2014
changed company name to the present name |
|||||||||||||||||||||
|
|
|
Management
|
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 |
|
Director
& CFO |
Mr. |
Kim Sang-Sun |
Korean |
1962.12. |
Yonsei 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 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
61,394,706,865 |
377,274,264,358 |
3,181,140,169 |
|
|
(*)2013 |
220,654,663,404 |
374,450,727,887 |
6,668,177,906 |
|
(*)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.
Financial Description
|
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 |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
377,274,264,358 |
374,450,727,887 |
375,282,780,073 |
|
Current
Assets |
126,157,670,989 |
123,338,049,462 |
83,543,381,002 |
|
Cash & Cash Equivalents |
11,850,726,143 |
8,504,499,826 |
788,158,830 |
|
Current Financial Instruments |
200,000,000 |
2,000,000,000 |
0 |
|
Trade Receivables |
52,712,152,683 |
45,493,679,225 |
37,634,065,742 |
|
Inventories |
58,801,009,583 |
64,805,261,223 |
41,763,107,205 |
|
Other Receivables |
780,095,687 |
1,241,759,660 |
892,987,254 |
|
Deferred Income Tax Assets |
0 |
0 |
430,983,373 |
|
Other Current Assets |
1,813,686,893 |
1,292,849,528 |
2,034,078,598 |
|
Assets
to be Sold |
0 |
0 |
45,745,000,000 |
|
Non-Current
Assets |
251,116,593,369 |
251,112,678,425 |
245,994,399,071 |
|
Marketable Financial Instruments |
17,100,000 |
17,100,000 |
17,100,000 |
|
Held-to-Maturity Financial Assets |
400,000,000 |
400,000,000 |
400,000,000 |
|
Non-Current Financial Instruments |
136,680,000 |
130,650,000 |
581,108,536 |
|
Investment_Related Companies |
26,050,665,738 |
26,050,665,738 |
32,452,670,630 |
|
Tangibles |
216,736,922,666 |
217,783,531,527 |
207,122,070,778 |
|
Intangibles |
4,969,388,108 |
3,972,233,109 |
3,997,078,109 |
|
Other
Receivables |
1,193,437,170 |
1,180,494,950 |
777,134,950 |
|
Other Non-Current Assets |
1,612,399,687 |
1,578,003,101 |
647,236,068 |
|
Total
Liabilities |
200,860,218,796 |
198,903,999,894 |
211,748,684,955 |
|
Current
Liabilities |
70,571,796,475 |
78,091,029,624 |
39,205,879,543 |
|
Trade
Payables |
9,779,521,151 |
10,196,814,519 |
7,414,363,733 |
|
Debentures |
54,557,700,000 |
61,429,150,000 |
22,200,000,000 |
|
Other
Payables |
5,284,947,120 |
4,933,549,534 |
4,620,464,959 |
|
Deferred Income Tax Assets |
686,289,181 |
1,049,617,071 |
0 |
|
Other Current Liabilities |
263,339,023 |
481,898,500 |
4,971,050,851 |
|
Non-Current
Liabilities |
130,288,422,321 |
120,812,970,270 |
172,542,805,412 |
|
Long-Term Borrowings |
120,142,300,000 |
111,570,850,000 |
165,000,000,000 |
|
Long-Term
Finance Guarantee Debts |
1,612,399,687 |
1,578,003,101 |
647,236,068 |
|
Confirmed Salaries |
2,117,467,371 |
1,241,601,128 |
570,587,086 |
|
Deferred Income Tax Credit |
6,383,921,933 |
6,390,182,711 |
6,207,148,928 |
|
Other
Long-Term Payables |
32,333,330 |
32,333,330 |
117,833,330 |
|
Capital Stock |
6,084,556,500 |
6,084,556,500 |
6,084,556,500 |
|
Capital Surplus |
38,543,614,684 |
38,543,614,684 |
38,377,468,436 |
|
Others |
10,433,033,050 |
10,433,033,050 |
3,122,903,456 |
|
Profit Surplus |
121,352,841,328 |
120,485,523,759 |
115,949,166,726 |
|
Total Equity |
176,414,045,562 |
175,546,727,993 |
163,534,095,118 |
|
Liab. & Shareholder’s
Equity |
377,274,264,358 |
374,450,727,887 |
375,282,780,073 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
61,394,706,865 |
220,654,663,404 |
153,891,469,724 |
|
Cost of Sold Goods |
53,007,976,722 |
188,155,773,891 |
132,841,596,550 |
|
Gross Profit |
8,386,730,143 |
32,498,889,513 |
21,049,873,174 |
|
Selling & Admin.
Expenses |
3,590,793,760 |
14,104,022,110 |
14,429,070,472 |
|
R&D |
805,299,908 |
2,671,693,172 |
2,182,053,218 |
|
Operating Income |
3,990,636,475 |
15,723,174,231 |
4,438,749,484 |
|
Investment Profits on Related Companies |
321,300,000 |
214,200,000 |
4,121,300,000 |
|
Finance Income |
386,452,936 |
917,170,819 |
853,844,354 |
|
Finance Expenses |
1,725,914,801 |
8,536,929,519 |
9,676,627,198 |
|
Other Income |
419,698,067 |
1,316,174,589 |
3,265,000,735 |
|
Other Expenses |
89,265,806 |
2,042,882,301 |
19,577,103,528 |
|
Income Before Taxes |
3,302,906,871 |
7,590,907,819 |
-16,574,836,153 |
|
Income Taxes Expenses |
121,766,702 |
922,729,913 |
-5,142,662,892 |
|
Net Income |
3,181,140,169 |
6,668,177,906 |
-11,432,173,261 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
4,537,335,121 |
-13,050,899,614 |
918,688,881 |
|
Net Income |
3,181,140,169 |
6,668,177,906 |
-11,432,173,261 |
|
Adjustment |
5,090,106,687 |
23,734,949,260 |
28,748,492,624 |
|
Changes in Asset/
& Liability |
-1,709,666,023 |
-35,139,842,454 |
-7,781,058,818 |
|
Interests Received |
54,880,194 |
196,879,860 |
126,658,052 |
|
Dividends Received |
0 |
0 |
200,000 |
|
Interests Paid |
-1,587,770,536 |
-7,256,680,727 |
-7,821,498,346 |
|
Income Taxes |
-491,355,370 |
-1,254,383,459 |
-921,931,370 |
|
Cash Flows from
Investing |
-589,343,159 |
27,453,974,289 |
-31,987,762,832 |
|
Cash Flows from
Financing |
-613,822,600 |
-6,674,310,048 |
30,397,895,315 |
|
Increase/Decrease in
Cash |
3,346,226,317 |
7,716,340,996 |
-695,356,443 |
|
Cash at the Beginning
of Year |
8,504,499,826 |
788,158,830 |
1,483,515,273 |
|
Cash at the End of
Year |
11,850,726,143 |
8,504,499,826 |
788,158,830 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Empty Hard Capsules, Soft Capsule, Health Food,
Encapsulation Machine, Paintball for Leisure Brand Name:
EMBO CAPS |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
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%). |
Related Parties
(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) CS PROPERTY MANAGEMENT LLC. (50.00% held
by SUHEUNG AMERICA) 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) |
Sales by Region
(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.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.06 |
|
|
1 |
Rs. 99.34 |
|
Euro |
1 |
Rs. 80.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.