|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
RIFA INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
9-4, Dangsan-dong 5-ga, Yeongdeungpo-gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.03.1950 |
|
|
|
|
Com. Reg. No.: |
107-81-13542 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Wholesale of Dyes, Pigments and Related Products |
|
|
|
|
No. of Employees : |
72 |
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 : |
Exists |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name |
RIFA INDUSTRIAL
CO., LTD. (Korean Company Name
: “이화산업(주)”) |
|
Registered
Address |
9-4, Dangsan-dong 5-ga, Yeongdeungpo-gu, |
|
Building |
Rifa Bldg. |
|
Zip Code |
150-045 |
|
Tel |
+82-2-2007-5555 |
|
Fax |
+82-2-2636-2230 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rifa Bldg., 9-4, Dangsan-dong 5-ga,
Yeongdeungpo-gu, |
|
Tel |
+82-2-2007-5555 |
|
Fax |
+82-2-2636-2230 |
|
Other Address-Incheon Factory |
223-1, Seongnam 2-dong, Seo-gu, |
|
Tel |
+82-32-571-5221 |
|
Fax |
+82-32-574-7113 |
|
Other Address-Daegu Branch |
2004-10, Bisan-dong, Seo-gu, |
|
Tel |
+82-53-352-7314 |
|
Fax |
+82-53-351-2453 |
|
Other Address-Busan Branch |
938, Yeongseondong 4-ga, Yeongdo-gu, |
|
Tel |
+82-51-415-0391 |
|
Fax |
+82-51-415-0396 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Dyes, Pigments and Related Products |
|
Main Business |
Dye, Food Additives, Technical Grade |
|
Established
(mm/dd/yyyy) |
03/29/1950 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Personal communication devices(43191500) |
|
Sell |
Digital video disk players or
recorders(52161516) |
|
Sell |
Ethers or its substitutes(12352112) |
|
Sell |
Inorganic metal salts(12352302) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Organic acids or its substitutes(12352106) |
|
Buy |
Keyboards(43211706) |
|
Buy |
Television tuners(52161546) |
|
Buy |
Dry cell batteries(26111705) |
|
Buy |
Screws(31161500) |
|
Buy |
Remote control(52161525) |
|
Buy |
Rubber and elastomers(13100000) |
|
Buy |
Signal cable(26121604) |
|
Buy |
Light emitting diodes LEDs(32111503) |
|
Buy |
Inter connect wire(26121532) |
|
Buy |
Indicating and recording
instruments(41111900) |
|
Buy |
Electrical cable and accessories(26121600) |
|
Buy |
Power cable for direct burial(26121615) |
|
Name |
Min Kyung-Seo |
|
Date of Birth |
12/29/1945 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
14,000,000,000 |
|||||||||||||||||||||
|
Employees |
72 |
|||||||||||||||||||||
|
Formation |
Listed Company ( |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Dangsan Dong Branch Woori Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0018138 |
|||||||||||||||||||||
|
Business Registered No. |
107-81-13542 |
|||||||||||||||||||||
|
Permit & Licenses |
03/15/1995 ISO 9002 by DNV 07/09/2000 ISO 14001 by DNV 04/17/2003 QS 9000 by TUV 11/2008 Certified of REACH[Regulation (EC) NO 1907/2006] by KTR 08/2008 Certified of Global Organic Textile Standard (GOTS) by Control
Union Certifications Int’l Trade No.: 680183 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
03/29/1950 Incorporated as the present name 11/30/1988 Awarded US$ 10 Million Export
Top Prize |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman |
Mr. |
Cho Chang-Hwan |
Korean |
1937.09.10 |
|
|
Vice Chairman |
Mr. |
Cho Kyu-Wan |
Korean |
1963.08.17 |
FDU |
|
President & CEO |
Mr. |
Min Kyung-Seo |
Korean |
1945.12.29 |
|
|
Auditor |
Mr. |
Jang Yoon-Zip |
Korean |
1939.12.17 |
|
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)12/2012 |
49,361,450,966 |
102,793,430,922 |
-824,122,963 |
|
03/2011 |
65,013,387,025 |
(*)100,229,512,053 |
7,777,639,570 |
|
03/2010 |
57,592,896,722 |
84,245,778,835 |
9,581,507,927 |
|
03/2009 |
54,882,811,834 |
72,944,156,520 |
-942,117,631 |
|
03/2008 |
51,695,295,044 |
78,281,693,421 |
101,662,750 |
|
03/2007 |
50,243,928,303 |
75,306,371,582 |
(-)6,022,758,489 |
|
03/2006 |
54,960,720,087 |
83,357,921,282 |
(-)10,224,279,532 |
|
03/2005 |
72,243,437,421 |
93,661,255,558 |
(-)9,479,393,293 |
|
03/2004 |
84,340,634,472 |
99,050,498,605 |
(-)5,895,978,267 |
(*)12/2012’s figures and 03/2011 ‘s Assets figures are based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
28,000,000,000 |
|
Paid-Up Capital(KRW) |
14,000,000,000 |
|
Total Issues Shares |
2,800,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 03/31/2011 |
As of 03/31/2010 |
|
Total Assets |
102,793,430,922 |
100,229,512,053 |
|
|
Current
Assets |
50,259,971,732 |
48,537,183,233 |
|
|
Cash & Cash Equivalents |
2,059,954,186 |
3,071,173,129 |
|
|
Trade Receivables |
33,337,601,981 |
32,867,120,232 |
|
|
Other Receivables |
342,105,925 |
118,917,370 |
|
|
Inventories |
14,273,140,184 |
12,301,634,540 |
|
|
Incoem Taxes |
4,360,040 |
|
|
|
Other Current Assets |
242,809,416 |
178,337,962 |
|
|
Non-Current
Assets |
52,533,459,190 |
51,692,328,820 |
|
|
Non-Current Financial Instruments |
136,500,000 |
147,415,016 |
|
|
Other Receivables |
131,997,801 |
139,230,811 |
|
|
Other Financial Assets |
23,425,000 |
23,425,000 |
|
|
Tangibles |
21,209,797,146 |
21,407,128,750 |
|
|
Intangibles |
207,963,917 |
207,963,917 |
|
|
Investment_Related Companies |
30,823,775,326 |
29,767,165,326 |
|
|
Total
Liabilities |
58,956,216,492 |
55,548,580,118 |
|
|
Current
Liabilities |
57,805,994,106 |
54,369,980,792 |
|
|
Trade Payables |
4,438,057,926 |
2,740,227,734 |
|
|
Short-Term Borrowings |
52,096,460,727 |
50,160,958,859 |
|
|
Other Payables |
1,207,612,190 |
1,216,929,220 |
|
|
Other Current Liabilities |
63,863,263 |
251,864,979 |
|
|
Non-Current
Liabilities |
1,150,222,386 |
1,178,599,326 |
|
|
Other Payables |
388,980,000 |
431,680,000 |
|
|
Provision for Severance &
Retirement |
761,242,386 |
746,919,326 |
|
|
Capital
Stock |
14,000,000,000 |
14,000,000,000 |
|
|
Capital Surplus |
8,820,000,000 |
8,820,000,000 |
|
|
Profit Surplus |
13,207,230,742 |
14,050,948,247 |
|
|
Others |
7,809,983,688 |
7,809,983,688 |
|
|
Total Equity |
43,837,214,430 |
44,680,931,935 |
|
|
Liab. & Shareholder’s Equity |
102,793,430,922 |
100,229,512,053 |
|
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 03/31/2011 |
As of 03/31/2010 |
As of 03/31/2009 |
|
Total Assets |
108,484,604,907 |
84,245,778,835 |
72,944,156,520 |
|
Current Assets |
45,840,416,384 |
38,807,840,891 |
42,676,470,189 |
|
-Quick Assets |
33,538,781,844 |
29,381,650,001 |
32,574,608,166 |
|
-Inventories |
12,301,634,540 |
9,426,190,890 |
10,101,862,023 |
|
Fixed Assets |
62,644,188,523 |
45,437,937,944 |
30,267,686,331 |
|
-Investment |
41,007,756,787 |
23,302,397,299 |
8,814,793,507 |
|
-Tangibles |
21,289,237,008 |
21,745,718,177 |
21,165,338,096 |
|
-Intangibles |
|
|
|
|
-Others |
347,194,728 |
389,822,468 |
287,554,728 |
|
Total Liabilities |
52,740,511,598 |
44,874,742,101 |
43,033,489,768 |
|
Current Liabilities |
51,557,319,015 |
43,812,388,030 |
42,583,853,328 |
|
Fixed Liabilities |
1,183,192,583 |
1,062,354,071 |
449,636,440 |
|
Capital Stock |
14,000,000,000 |
14,000,000,000 |
14,000,000,000 |
|
Capital Surplus |
25,100,916,588 |
16,629,983,688 |
16,629,983,688 |
|
Profit Surplus |
16,518,692,616 |
8,741,053,046 |
-840,454,881 |
|
Capital Adjustment |
124,484,105 |
|
121,137,945 |
|
Total Equity |
55,744,093,309 |
39,371,036,734 |
29,910,666,752 |
|
Liab. & Shareholder’s Equity |
108,484,604,907 |
84,245,778,835 |
72,944,156,520 |
|
Current
Liabilities |
51,557,319,015 |
43,812,388,030 |
42,583,853,328 |
|
Trade Payables |
2,740,227,734 |
2,219,825,045 |
1,732,310,474 |
|
Short-Term Borrowings |
47,553,124,779 |
40,536,256,434 |
39,751,430,790 |
|
Account Payables |
935,826,865 |
829,476,005 |
767,704,154 |
|
Accrued Expenses |
76,274,658 |
37,284,712 |
30,095,288 |
|
Advance Receipts |
237,743,839 |
166,696,832 |
93,530,324 |
|
Withholdings |
14,121,140 |
6,807,323 |
5,438,275 |
|
VAT Withhold |
|
16,041,679 |
203,344,023 |
|
Fixed
Liabilities |
1,183,192,583 |
1,062,354,071 |
449,636,440 |
|
Provision for Severance & Retirement |
2,036,381,568 |
1,837,708,574 |
1,496,154,981 |
|
Leasehold Deposit Received |
431,680,000 |
439,775,000 |
187,895,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 03/31/2011 |
As of 03/31/2010 |
|
Sales |
49,361,450,966 |
|
|
|
Cost
of Sold Goods |
42,755,698,757 |
|
|
|
Gross
Profit |
6,605,752,209 |
|
|
|
Selling
& Admin. Expenses |
6,143,260,270 |
|
|
|
Other
Operating Income |
1,948,609,872 |
|
|
|
Other
Operating Expenses |
599,376,302 |
|
|
|
Operating
Income |
1,811,725,509 |
|
|
|
Finance
Income |
34,556,719 |
|
|
|
Finance
Expenses |
2,670,405,191 |
|
|
|
Income
Before Taxes |
-824,122,963 |
|
|
|
Income
Taxes Expenses |
|
|
|
|
Net
Income |
-824,122,963 |
|
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 03/31/2011 |
As of 03/31/2010 |
As of 03/31/2009 |
|
Sales |
65,013,387,025 |
57,592,896,722 |
54,882,811,834 |
|
Cost of Sold Goods |
55,460,211,218 |
48,914,849,517 |
46,167,744,808 |
|
Gross Profit |
9,553,175,807 |
8,678,047,205 |
8,715,067,026 |
|
Selling & Admin. Expenses |
7,857,699,889 |
10,111,117,373 |
8,518,410,287 |
|
Operating Income |
1,695,475,918 |
-1,433,070,168 |
196,656,739 |
|
Non-Operating Income |
10,043,175,389 |
15,238,877,350 |
3,039,666,458 |
|
Non-Operating Expenses |
3,961,011,737 |
4,224,299,255 |
4,212,607,941 |
|
Income Before Taxes |
7,777,639,570 |
9,581,507,927 |
-976,284,744 |
|
Income Taxes Expenses |
|
|
-34,167,113 |
|
Net Income |
7,777,639,570 |
9,581,507,927 |
-942,117,631 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 03/31/2011 |
As of 03/31/2010 |
|
Operating
Activities Cash Flows |
-2,886,003,837 |
|
|
|
Cash Flows from Operating |
-258,611,708 |
|
|
|
Interests Received |
32,015,391 |
|
|
|
Interests Paid |
-2,659,407,520 |
|
|
|
Cash
Flows from Investing |
-18,016,974 |
|
|
|
Cash Inflow from Investing |
18,148,026 |
|
|
|
Cash Outflows for
Investing |
-36,165,000 |
|
|
|
Cash
Flows from Financing |
1,892,801,868 |
|
|
|
Cash Inflows from
Financing |
1,935,501,868 |
|
|
|
Cash Outflows from
Financing |
-42,700,000 |
|
|
|
Increase/Decrease in Cash |
-1,011,218,943 |
|
|
|
Cash at the Beginning of Year |
3,071,173,129 |
|
|
|
Cash at the End of Year |
2,059,954,186 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 03/31/2011 |
As of 03/31/2010 |
As of 03/31/2009 |
|
Cash Flows from Operating |
-5,819,492,462 |
-482,253,841 |
4,157,092,472 |
|
-Net Income |
7,777,639,570 |
9,581,507,927 |
-942,117,631 |
|
-Exp. without Cash Outflow |
1,418,134,223 |
3,791,461,973 |
2,870,070,002 |
|
-Revenue
without Cash Inflows |
-9,126,669,298 |
-14,576,666,452 |
-800,648,321 |
|
-Changes in
Asset/ & Liability |
-5,888,596,957 |
721,442,711 |
3,029,788,422 |
|
Cash Flows
from Investing |
-3,267,170 |
-1,066,655,601 |
-15,376,980 |
|
-Cash Inflow
from Investing |
57,720,000 |
16,714,077 |
255,076,631 |
|
-Cash
Outflows for Investing |
-60,987,170 |
-1,083,369,678 |
-270,453,611 |
|
Cash Flows
from Financing |
7,008,773,345 |
1,036,705,644 |
-4,189,969,210 |
|
-Cash
Inflows from Financing |
29,130,387,548 |
5,077,205,644 |
810,030,790 |
|
-Cash
Outflows from Financing |
-22,121,614,203 |
-4,040,500,000 |
-5,000,000,000 |
|
Increase/Decrease
in Cash |
1,186,013,713 |
-512,203,798 |
-48,253,718 |
|
Cash at the Beginning
of Year |
1,885,159,416 |
2,397,363,214 |
2,445,616,932 |
|
Cash at the
End of Year |
3,071,173,129 |
1,885,159,416 |
2,397,363,214 |
|
Main Products & Services |
Dyestuffs Chemicals -Food additives Preservative Antioxidant Flavor Enhancer Acidifier Sweetener Solvent Enriched agents -Solvent Aceton Ethyl Acetate Isopropyl Alcohol Methanol Methylethyl Ketone Toluene Xylene |
|
Competitors |
KYUNG-IN SYNTHETIC CORPORATION 223-52, SEONGNAM-DONG SEO-GU INCHEON,
404-220 TEL:+82-32-5717498 FAX:+82-2-36608539 DIAMINES & CHEMICALS LTD PLOT NO.13, PCC AREA, TEL:+91-265-2230305 FAX:+91-265-2230218 VIDHI DYESTUFFS MANUFACTURING LTD E/27, COMMERCE CENTRE TEL:+91-22-23514349 FAX:+91-22-23521980 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
YOUNG HWA INDUSTRIAL CO.,
LTD.(110111-0015754) (31.52% held by the subject company) RIFA ADVANCED MATERIALS CO., LTD.(110111-0432601) RIFA ENG CO., LTD.(110111-0700373) SAMMYUNG CO., LTD.(120111-0002923) RIFATRON CO., LTD.(110111-1500051) DMCC SPORTS CO., LTYD.(110111-3593666) OCTAGON PARTNERS CO., LTD.(110111-3711226) RIFA & COMPANY(110111-3732793) N- RIFA CO., LTD.(110111-3742940) RIFA YUTONG CO., LTD.(110111-1812729) RIFA MULSAN CO., LTD.(120111-0492158) |
|
Affiliates-Overseas |
RIFA SHANGHAI CO., LTD.(CHINA) (100.0% held by the subject company) |
|
Subsidiary |
RIFA SHANGHAI DYESTUFF CO., LTD.(CHINA) (100.0% held by the subject company) RIFA SHANGHAI CO., LTD.(CHINA) (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
03/2011 |
03/2010 |
03/2009 |
|
Export |
12,205 |
11,525 |
10,057 |
|
Domestic |
52,808 |
46,067 |
44,825 |
|
Total |
65,013 |
57,592 |
54,882 |
The Subject exports
to Hong Kong, Netherland, U.S.A., Japan and Italy.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company |
Compensation for Damage |
165,983,000 |
Proceeding |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
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.