|
Report No. : |
347673 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUHEUNG CO., LTD |
|
|
|
|
Registered Office : |
61, Osongsaengmyeong-ro, Osong-eup, Cheongwon-gun, Chungcheongbuk-do |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
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 Employee : |
702 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and business ties, including directed credit and import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 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 the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.
|
Source
: CIA |
Basic
|
Company Name |
SUHEUNG CO., LTD. (Ex. Company Name : SUHEUNG CAPSULE CO.,
LTD.,“ |
|
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 |
28161 |
|
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., 40, Janghan-ro,
Dongdaemun-gu, Seoul, Korea (Old Address System : 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 |
|
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 |
|
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 |
702 |
|||||||||||||||||||||||||||||||||
|
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 KEB 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$30 Million Export Top Prize 11/30/2012
Moved to the present HQ address from 317, Songnae 1-dong, Sosa-gu, Bucheon-si,
Gyeonggi-do, Korea 06/19/2013 Decided to acquire SH PHARM.
CO., LTD.(121111-0112531) as of 08/21/2013 03/26/2014 Changed company name to the present name 12/05/2014 Awarded US$ 50 Million Export Top Prize |
|||||||||||||||||||||||||||||||||
|
|
|
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 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
126,725,333,227 |
374,874,744,874 |
13,055,880,111 |
|
|
(*)2014 |
239,166,085,917 |
364,360,205,363 |
19,147,425,849 |
|
(*)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.
|
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 |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
374,874,744,874 |
364,360,205,363 |
374,450,727,887 |
|
Current
Assets |
135,611,971,990 |
125,378,047,633 |
123,338,049,462 |
|
Cash & Cash Equivalents |
1,068,147,783 |
4,984,260,255 |
8,504,499,826 |
|
Current Financial Instruments |
800,000,000 |
2,000,000,000 |
2,000,000,000 |
|
Trade Receivables |
67,994,916,541 |
54,564,384,911 |
45,493,679,225 |
|
Inventories |
56,707,524,902 |
58,486,353,298 |
64,805,261,223 |
|
Other Receivables |
6,811,667,994 |
4,611,184,550 |
1,241,759,660 |
|
Other Current Assets |
2,229,714,770 |
731,864,619 |
1,292,849,528 |
|
Non-Current
Assets |
239,262,772,884 |
238,982,157,730 |
251,112,678,425 |
|
Marketable Financial Instruments |
17,100,000 |
17,100,000 |
17,100,000 |
|
Held-to-Maturity Financial Assets |
0 |
0 |
400,000,000 |
|
Non-Current Financial Instruments |
166,830,000 |
154,770,000 |
130,650,000 |
|
Investment_Related Companies |
26,006,611,284 |
26,050,665,738 |
26,050,665,738 |
|
Tangibles |
205,534,513,970 |
205,433,612,305 |
217,783,531,527 |
|
Intangibles |
4,436,363,108 |
4,486,053,109 |
3,972,233,109 |
|
Other Receivables |
1,647,006,950 |
1,076,108,950 |
1,180,494,950 |
|
Other Non-Current Assets |
1,454,347,572 |
1,763,847,628 |
1,578,003,101 |
|
Total
Liabilities |
173,836,763,231 |
172,873,325,990 |
198,903,999,894 |
|
Current
Liabilities |
110,425,483,112 |
83,292,595,563 |
78,091,029,624 |
|
Trade Payables |
8,490,565,790 |
8,699,866,563 |
10,196,814,519 |
|
Debentures |
92,839,783,537 |
65,220,284,159 |
61,429,150,000 |
|
Other Payables |
6,639,567,918 |
6,659,319,967 |
4,933,549,534 |
|
Deferred Income Tax Assets |
569,462,373 |
576,131,262 |
1,049,617,071 |
|
Other Current Liabilities |
1,886,103,494 |
2,136,993,612 |
481,898,500 |
|
Non-Current
Liabilities |
63,411,280,119 |
89,580,730,427 |
120,812,970,270 |
|
Long-Term Borrowings |
52,499,550,000 |
79,856,650,000 |
111,570,850,000 |
|
Long-Term Finance Guarantee Debts |
1,454,347,572 |
1,763,847,628 |
1,578,003,101 |
|
Confirmed Salaries |
5,063,626,174 |
3,088,559,990 |
1,241,601,128 |
|
Deferred Income Tax Credit |
4,361,423,043 |
4,839,339,479 |
6,390,182,711 |
|
Other Long-Term Payables |
32,333,330 |
32,333,330 |
32,333,330 |
|
Capital
Stock |
6,084,556,500 |
6,084,556,500 |
6,084,556,500 |
|
Capital Surplus |
38,543,614,684 |
38,543,614,684 |
38,543,614,684 |
|
Others |
10,433,033,050 |
10,433,033,050 |
10,433,033,050 |
|
Profit Surplus |
145,976,777,409 |
136,425,675,139 |
120,485,523,759 |
|
Total Equity |
201,037,981,643 |
191,486,879,373 |
175,546,727,993 |
|
Liab. & Shareholder’s Equity |
374,874,744,874 |
364,360,205,363 |
374,450,727,887 |
|
INCOME STATEMENT |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
126,725,333,227 |
239,166,085,917 |
220,654,663,404 |
|
Cost of Sold Goods |
102,570,273,131 |
199,581,749,161 |
188,155,773,891 |
|
Gross Profit |
24,155,060,096 |
39,584,336,756 |
32,498,889,513 |
|
Selling & Admin. Expenses |
7,810,580,501 |
14,678,840,519 |
14,104,022,110 |
|
R&D |
1,513,285,659 |
3,207,838,233 |
2,671,693,172 |
|
Operating Income |
14,831,193,936 |
21,697,658,004 |
15,723,174,231 |
|
Investment Profits on Related Companies |
20,205,546 |
321,300,000 |
214,200,000 |
|
Finance Income |
952,221,144 |
2,086,072,992 |
917,170,819 |
|
Finance Expenses |
3,066,965,890 |
7,375,809,366 |
8,536,929,519 |
|
Other Income |
670,434,611 |
4,847,918,602 |
1,316,174,589 |
|
Other Expenses |
81,050,854 |
334,371,099 |
2,042,882,301 |
|
Income Before Taxes |
13,326,038,493 |
21,242,769,133 |
7,590,907,819 |
|
Income Taxes Expenses |
270,158,382 |
2,095,343,284 |
922,729,913 |
|
Net Income |
13,055,880,111 |
19,147,425,849 |
6,668,177,906 |
|
CASH FLOWS |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
2,895,752,928 |
23,591,068,047 |
-13,050,899,614 |
|
Net Income |
13,055,880,111 |
19,147,425,849 |
6,668,177,906 |
|
Adjustment |
9,889,573,126 |
21,171,807,445 |
23,734,949,260 |
|
Changes in Asset/ & Liability |
-17,150,559,926 |
-6,665,733,320 |
-35,139,842,454 |
|
Interests Received |
38,267,802 |
80,847,957 |
196,879,860 |
|
Dividends Received |
0 |
0 |
0 |
|
Interests Paid |
-2,355,420,773 |
-6,275,606,804 |
-7,256,680,727 |
|
Income Taxes |
-581,987,412 |
-3,867,673,080 |
-1,254,383,459 |
|
Cash Flows from Investing |
-4,201,593,487 |
3,120,980,354 |
27,453,974,289 |
|
Cash Flows from Financing |
-2,629,878,872 |
-30,236,888,441 |
-6,674,310,048 |
|
Increase/Decrease in Cash |
-3,916,112,472 |
-3,520,239,571 |
7,716,340,996 |
|
Cash at the Beginning of Year |
4,984,260,255 |
8,504,499,826 |
788,158,830 |
|
Cash at the End of Year |
1,068,147,783 |
4,984,260,255 |
8,504,499,826 |
|
Main Products & Services |
Empty Hard Capsules, Soft Capsule, Health Food, Encapsulation Machine,
Paintball for Leisure Brand Name: EMBO CAPS |
|
Detailed Products Spec. |
-- |
|
Technologies Acquired |
-- |
|
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%). |
|
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) CS PROPERTY MANAGEMENT LLC. (50.00% held by SUHEUNG AMERICA) SH ASSET MANAGEMENT LLC. (99.00% held by SUHEUNG AMERICA) MARQUARDT.AVE.CERRITOS, CA, USA SH PHARM. CO., LTD.(121111-0112531) (100.00% held by the subject company) |
|
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 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
GELTECH CO., LTD(180111-0262476) (42.84% held by the subject company) SUHEUNG-AMERICA CORPORATION (100.0% held by the subject company) LAMBER RD. BREA, CA, USA SUHEUNG-VIETNAM CO., LTD (100.00% held by the subject company) LONGTHAN INDUSTRIAL ZONE, LONGTHAN
DISTRICT, VIETNAM SUHEUNG-JAPAN CO., LTD. (100.00% held by the subject company) 11KANDA KONYA-CHO CHIYODA-KU, TOKYO, JAPAN SUHEUNG NEW ZEALAND CO., LTD. (100.00% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
|
Sales/ Unit :Thousand KRW |
06/2015 |
2014 |
2013 |
|
Export |
33,382,628 |
61,430,466 |
59,220,387 |
|
Domestic |
93,342,705 |
177,735,620 |
161,434,276 |
|
Total |
126,725,333 |
239,166,086 |
220,654,663 |
The Subject exports
to France, Germany, Japan, Turkey and USA.
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.