MIRA
INFORM REPORT
|
Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RINEN OF
KOREA INC. |
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Registered Office : |
112-1, Pyeongchon-dong, Daedeok-gu, Daejeon - 306-130 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01/26/1988 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Manufacture of Parts and Accessories for Motor Engines |
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 |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Basic
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Company
Name |
RINEN OF KOREA INC. |
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Registered
Address-1st Factory |
112-1, Pyeongchon-dong, Daedeok-gu,
Daejeon, Korea |
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Zip Code |
306-130 |
|
Tel |
+82-42-932-0731 |
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Fax |
+82-42-931-2366 |
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E-mail |
jedi67@kornet.net;sang1130@netian.com |
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Website |
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Trading Address |
112-1, Pyeongchon-dong, Daedeok-gu,
Daejeon, Korea |
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Tel |
+82-42-932-0731 |
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Fax |
+82-42-931-2366 |
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Other Address-2nd Factory |
261, Sintanjin-dong, Daedeok-gu, Daejeon,
Korea |
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Tel |
+82-42-931-2265 |
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Fax |
+82-42-934-2362 |
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Type |
Export |
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Industry |
Manufacture of Parts and Accessories for Motor Engines |
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Main Business |
Piston Rings, Cylinder Liners |
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Established (mm/dd/yyyy) |
01/26/1988 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Piston rings(26101727) |
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Sell |
Cylinder liners(26101764) |
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Sell |
Automotive Engine Components |
CEO’s
|
Name |
Kang Tae-Hyung |
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Address |
2-1, Donong-dong, Namyangju-si, Gyeonggi-do,
Korea |
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Date of Birth |
11/09/1936 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
7,500,000,000 KRW |
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Employees |
266 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation by Japan A Company of CHOONGNAM SPINNING GROUP |
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Bank Details |
Woori Bank-Doonsan Branch Hana Bank Korea Exchange Bank Shinhan Bank |
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Corporate Registered No. |
164111-0007640 |
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Business Registered No. |
306-81-07424 |
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Permit & Licenses |
03/2000 ISO 9002 04/12/2003 QS 9000 12/2004 ISO 14001 Int’l Trade No.: 888954 |
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Shareholder Position |
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Company History |
1988-01-26 Incorporated through technical
tie-up and joint venture with Japanese Riken. 1996-01-00 Designated as a self-verifying/calibrating
enterprise in the field of length. 1996-07-00 Acknowledged for the annex
R&D center. 1996-10-00 Obtained a certificate for 100
PPM from Hyundai Motors. 2001-06-00 Won a bronze medal from
national quality management event. 2004-05-00 Won a bronze medal from the
quality management event at Daejeon Metropolitan City. 2004-12-00 Recognized as 4.5 star Grade by
Hyundai and Kia Motors. 2006-02-00 Obtained ISO/TS 16949
certificate. |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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Co-President & CEO |
Mr. |
Kang Tae-Hyung |
Male |
Korean |
12/31/2003 |
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Co-President & CEO |
Mr. |
Shirokane Junchi |
Male |
Japanese |
06/17/2002 |
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Director |
Mr. |
Dakahma Ysami |
Male |
Japanese |
03/26/2003 |
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Auditor |
Mr. |
Hong Kang-Pyo |
Male |
Korean |
03/26/2003 |
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Director |
Mr. |
Kohizmi Doshinaka |
Male |
Japanese |
03/23/2006 |
|
Auditor |
Mr. |
Lee Sung-Taik |
Male |
Korean |
03/27/2007 |
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Director |
Mr. |
Ahn Ki-Sung |
Male |
Korean |
03/27/2007 |
|
Auditor |
Mr. |
Yokooh Takeshi |
Male |
Japanese |
06/29/2007 |
|
Auditor |
Mr. |
Lee Hyuck-Soon |
Male |
Korean |
01/29/2004 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
22,744,634,703 |
30,503,841,576 |
(-)1,385,098,101 |
|
|
2005 |
26,752,106,055 |
32,353,168,958 |
672,051,750 |
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2004 |
24,793,248,501 |
30,483,303,675 |
565,690,671 |
|
2003 |
21,251,914,247 |
30,344,379,363 |
(-)666807395 |
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2002 |
23,028,914,044 |
26,836,240,837 |
314,881,542 |
Financial Description
Unit: KRW
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Authorized
Capital |
7,500,000,000 |
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Paid-Up
Capital |
7,500,000,000 |
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Total Issues Shares |
750,000 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
30,503,841,576 |
32,353,168,958 |
30,483,303,675 |
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Current Assets |
10,428,608,122 |
11,829,904,802 |
9,719,550,116 |
|
-Quick Assets |
3,807,015,000 |
6,282,241,736 |
5,209,731,313 |
|
-Inventories |
6,621,593,122 |
5,547,663,066 |
4,509,818,803 |
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Fixed Assets |
20,075,233,454 |
20,523,264,156 |
20,763,753,559 |
|
-Investment |
1,820,534,071 |
1,508,067,798 |
1,972,495,403 |
|
-Tangibles |
18,254,699,383 |
19,007,813,056 |
18,708,999,054 |
|
-Intangibles |
- |
7,383,302 |
82,259,102 |
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Total Liabilities |
19,905,825,062 |
20,144,427,450 |
18,721,555,575 |
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Current Liabilities |
6,348,762,193 |
10,222,770,427 |
9,889,656,661 |
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Fixed Liabilities |
13,557,062,869 |
9,921,657,023 |
8,831,898,914 |
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Capital Stock |
7,500,000,000 |
7,500,000,000 |
7,500,000,000 |
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Capital Surplus |
3,694,465,616 |
3,694,465,616 |
3,694,465,616 |
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Profit Surplus |
(-)597,355,680 |
1,012,742,421 |
565,690,671 |
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Capital Adjustment |
906,578 |
1,533,471 |
1,591,813 |
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Total Equity |
10,598,016,514 |
12,208,741,508 |
11,761,748,100 |
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Liab. & Shareholder’s Equity |
30,503,841,576 |
32,353,168,958 |
30,483,303,675 |
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Current
Liabilities |
6,348,762,193 |
10,222,770,427 |
9,889,656,661 |
|
Trade Payables |
1,590,760,357 |
2,802,948,061 |
2,539,738,437 |
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Account Payables |
392,431,808 |
448,154,931 |
468,313,783 |
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Short-Term Borrowings |
2,500,000,000 |
5,220,000,000 |
5,220,000,000 |
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Advance Receits |
- |
19,716,437 |
2,740 |
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Withholdings |
30,314,152 |
35,591,021 |
25,724,506 |
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Accrued Expenses |
902,884,526 |
923,101,428 |
862,093,999 |
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Accrued Income Tax |
- |
135,104,563 |
138,807,433 |
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VAT Withhold |
155,188,267 |
225,953,986 |
172,775,763 |
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Current Portion of Long-Term Debts |
777,183,083 |
412,200,000 |
462,200,000 |
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Fixed
Liabilities |
13,557,062,869 |
9,921,657,023 |
8,831,898,914 |
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Long-Term Borrowings |
3,988,200,000 |
1,820,400,000 |
2,282,600,000 |
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LEASE Liabilities |
248,152,159 |
501,625,943 |
311,943,928 |
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Provision for Severance & Retirement |
9,320,710,710 |
7,599,631,080 |
6,237,354,986 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
22,744,634,703 |
26,752,106,055 |
24,793,248,501 |
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Cost of Sold Goods |
21,344,717,357 |
23,263,627,903 |
21,260,618,378 |
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Gross Profit |
1,399,917,346 |
3,488,478,152 |
3,532,630,123 |
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Selling & Admin. Expenses |
2,515,248,550 |
2,397,797,194 |
2,209,472,652 |
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Operating Income |
(-)1,115,331,204 |
1,090,680,958 |
1,323,157,471 |
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Non-Operating Income |
226,235,022 |
403,842,194 |
330,271,195 |
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Non-Operating expenses |
661,128,336 |
670,753,667 |
1,183,494,659 |
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Ordinary Income |
(-)1,550,224,518 |
823,769,485 |
469,934,007 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
(-)1,550,224,518 |
823,769,485 |
469,934,007 |
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Income Taxes Expenses |
(-)165,126,417 |
151,717,735 |
(-)95,756,664 |
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Net Income |
(-)1,385,098,101 |
672,051,750 |
565,690,671 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
1,204,542,592 |
2,652,156,679 |
2,410,314,991 |
|
-Net Income |
(-)1,385,098,101 |
672,051,750 |
565,690,671 |
|
-Exp. without Cash Outflow |
4,135,716,234 |
3,190,174,227 |
3,439,496,225 |
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-Revenue without Cash Inflows |
(-)185,709,521 |
(-)121,368,148 |
(-)98,609,908 |
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-Changes in
Asset/ & Liability |
(-)1,360,366,020 |
(-)1,088,701,150 |
(-)1,496,261,997 |
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Cash Flows
from Investing |
(-)354,528,563 |
(-)1,793,638,477 |
(-)665,803,501 |
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-Cash Inflow
from Investing |
1,750,324,190 |
971,438,823 |
1,549,631,186 |
|
-Cash Outflows
for Investing |
(-)2,104,852,753 |
(-)2,765,077,300 |
(-)2,215,434,687 |
|
Cash Flows
from Financing |
(-)951,690,701 |
(-)923,517,985 |
(-)1,712,650,000 |
|
-Cash
Inflows from Financing |
4,221,800,000 |
0 |
- |
|
-Cash
Outflows from Financing |
(-)5,173,490,701 |
(-)923,517,985 |
(-)1,712,650,000 |
|
Increase/Decrease
in Cash |
(-)101,676,672 |
(-)64,999,783 |
31,861,490 |
|
Cash at the
Beginning of Year |
257,807,992 |
322,807,775 |
290,946,285 |
|
Cash at the
End of Year |
156,131,320 |
257,807,992 |
322,807,775 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Piston Ring Cylinder Liner |
Trade
Partners
|
Suppliers |
RIKEN-Japan |
|
Customers |
HYUNDAI MOTOR CO(110111-0085450) KIA MOTORS CORPORATION(110111-0037998) |
Related Parties (Subsidiaries,
Joint-
Venture & Affiliates)
|
Affiliates |
CHUNGBANG TEXTILES CO., LTD. ALCHUN INDUSTRY CO., LTD. CHOONGNAM VIET THANG CO., LTD. CHOONGNAM VIETNAM TEXTILE CO., LTD. INDOCOUNT CHOONGNAM TEXTILE CO., LTD. JONG BANG (H.K) LTD. |
|
Cooperative Enterprise |
RIKEN-Japan is supposed to provide the
technical supports at 2.0% out of net sales. |
Sales by
Region (Activity &
Markets)
The Subject deals with the company in Japan.
Court
Action
No.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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%)