|
Report Date : |
16.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RIFA INDUSTRIAL
CO., LTD. |
|
|
|
|
Registered Office : |
9-4, Dangsan-dong 5-ga, Yeongdeungpo-gu, Seoul, Rifa Bldg. 150-045 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 currently is among the world's 20 largest economies. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. 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 |
RIFA INDUSTRIAL
CO., LTD. (Korean Company
Name : “이화산업(주)”) |
|
Registered Address |
9-4, Dangsan-dong 5-ga, Yeongdeungpo-gu,
Seoul, Korea |
|
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, Seoul, Korea |
|
Tel |
+82-2-2007-5555 |
|
Fax |
+82-2-2636-2230 |
|
Other Address-Incheon Factory |
223-1, Seongnam 2-dong, Seo-gu, Incheon,
Korea |
|
Tel |
+82-32-571-5221 |
|
Fax |
+82-32-574-7113 |
|
Other Address-Daegu Branch |
2004-10, Bisan-dong, Seo-gu, Daegu, Korea |
|
Tel |
+82-53-352-7314 |
|
Fax |
+82-53-351-2453 |
|
Other Address-Busan Branch |
938, Yeongseondong 4-ga, Yeongdo-gu,
Busan, Korea |
|
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 (Korea Stock Exchange : 000760) as of 04/29/1994 |
|||||||||||||||||||||
|
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 Europe
GmbH 08/2008 Certified of Global Organic Textile Standard (GOTS) by Control
Union Certifications Korea 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 |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman |
Mr. |
Cho Chang-Hwan |
Korean |
1937.09.10 |
Western Reserve College |
|
Vice Chairman |
Mr. |
Cho Kyu-Wan |
Korean |
1963.08.17 |
FDU |
|
President & CEO |
Mr. |
Min Kyung-Seo |
Korean |
1945.12.29 |
Sungkyunkwan University, Korea |
|
Outside Director |
Mr. |
Kim Hyun-Tae |
Korean |
1964.01. |
- |
|
Auditor |
Mr. |
Jang Yoon-Zip |
Korean |
1939.12.17 |
Dongkuk University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)09/2012 |
32,962,610,280 |
95,483,860,236 |
-1,271,802,043 |
|
(*)03/2011 |
63,435,159,044 |
98,386,328,791 |
-1,804,888,424 |
|
(*)03/2010 |
65,013,387,025 |
100,229,512,052 |
6,957,699,418 |
|
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 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
28,000,000,000 |
|
Paid-Up Capital(KRW) |
14,000,000,000 |
|
Total Issues Shares |
2,800,000 |
|
Unit : Korean Won |
As of 09/30/2012 |
As of 03/31/2011 |
As of 03/31/2010 |
|
Total Assets |
95,483,860,236 |
98,386,328,791 |
100,229,512,052 |
|
Current
Assets |
42,687,756,509 |
45,386,068,878 |
48,537,183,233 |
|
Cash & Cash Equivalents |
2,193,630,857 |
1,631,794,699 |
3,071,173,129 |
|
Trade Receivables |
30,640,496,027 |
30,716,958,619 |
32,867,120,232 |
|
Other Receivables |
91,735,819 |
115,879,835 |
118,917,370 |
|
Inventories |
9,643,455,698 |
12,780,620,009 |
12,301,634,540 |
|
Incoem Taxes |
2,708,100 |
|
|
|
Other Current Assets |
115,730,008 |
140,815,716 |
178,337,962 |
|
Non-Current
Assets |
52,796,103,727 |
53,000,259,913 |
51,692,328,819 |
|
Non-Current Financial Instruments |
16,500,000 |
16,500,000 |
147,415,016 |
|
Other Receivables |
32,173,281 |
132,173,281 |
139,230,811 |
|
Other Financial Assets |
22,775,000 |
22,775,000 |
23,425,000 |
|
Tangibles |
21,036,595,421 |
21,140,751,607 |
21,407,128,749 |
|
Intangibles |
207,963,917 |
207,963,917 |
207,963,917 |
|
Investment_Related Companies |
31,480,096,108 |
31,480,096,108 |
29,767,165,326 |
|
Total
Liabilities |
54,203,247,652 |
55,837,824,117 |
55,548,580,118 |
|
Current
Liabilities |
52,745,247,400 |
54,472,911,168 |
54,369,980,792 |
|
Trade Payables |
2,063,024,373 |
2,624,232,470 |
2,740,227,734 |
|
Short-Term Borrowings |
49,128,183,951 |
50,208,987,068 |
50,160,958,859 |
|
Other Payables |
1,173,487,962 |
1,266,499,255 |
1,216,929,220 |
|
Other Current Liabilities |
380,551,114 |
373,192,375 |
251,864,979 |
|
Non-Current
Liabilities |
1,458,000,252 |
1,364,912,949 |
1,178,599,326 |
|
Other Payables |
365,620,000 |
430,310,000 |
431,680,000 |
|
Provision for Severance &
Retirement |
1,092,380,252 |
934,602,949 |
746,919,326 |
|
Capital
Stock |
14,000,000,000 |
14,000,000,000 |
14,000,000,000 |
|
Capital Surplus |
8,820,000,000 |
8,820,000,000 |
8,820,000,000 |
|
Profit Surplus |
10,650,628,896 |
11,918,520,986 |
14,050,948,246 |
|
Others |
7,809,983,688 |
7,809,983,688 |
7,809,983,688 |
|
Total Equity |
41,280,612,584 |
42,548,504,674 |
44,680,931,934 |
|
Liab. & Shareholder’s Equity |
95,483,860,236 |
98,386,328,791 |
100,229,512,052 |
|
Unit : Korean Won |
As of 09/30/2012 |
As of 03/31/2011 |
As of 03/31/2010 |
|
Sales |
32,962,610,280 |
63,435,159,044 |
65,013,387,025 |
|
Cost
of Sold Goods |
28,102,910,057 |
54,949,174,972 |
55,395,743,804 |
|
Gross
Profit |
4,859,700,223 |
8,485,984,072 |
9,617,643,221 |
|
Selling
& Admin. Expenses |
4,642,508,078 |
8,861,091,435 |
7,688,058,474 |
|
Other
Operating Income |
217,192,145 |
-375,107,363 |
1,929,584,747 |
|
Other
Operating Expenses |
326,516,178 |
2,638,670,147 |
8,955,600,577 |
|
Operating
Income |
121,284,222 |
560,091,492 |
917,442,860 |
|
Finance
Income |
23,945,524 |
45,141,422 |
28,997,748 |
|
Finance
Expenses |
1,718,171,668 |
3,553,501,138 |
3,039,040,794 |
|
Income
Before Taxes |
-1,271,802,043 |
-1,804,888,424 |
6,957,699,418 |
|
Income
Taxes Expenses |
|
|
|
|
Net
Income |
-1,271,802,043 |
-1,804,888,424 |
6,957,699,418 |
|
Unit : Korean Won |
As of 09/30/2012 |
As of 03/31/2011 |
As of 03/31/2010 |
|
Operating
Activities Cash Flows |
1,688,340,275 |
-1,576,046,655 |
-8,392,793,802 |
|
Cash Flows from Operating |
3,390,795,601 |
1,924,876,722 |
-5,420,597,255 |
|
Interests Received |
19,934,863 |
40,470,446 |
27,854,301 |
|
Interests Paid |
-1,722,390,189 |
-3,541,393,823 |
-3,000,050,848 |
|
Income Taxes |
|
|
|
|
Cash
Flows from Investing |
-45,701,000 |
88,640,016 |
-45,894,910 |
|
Cash Inflow from Investing |
2,000,000 |
131,565,016 |
7,920,000 |
|
Cash Outflows for
Investing |
-47,701,000 |
-42,925,000 |
-53,814,910 |
|
Cash Flows
from Financing |
-1,080,803,117 |
48,028,209 |
9,624,702,425 |
|
Cash Inflows from
Financing |
|
48,028,209 |
9,624,702,425 |
|
Cash Outflows from
Financing |
-1,080,803,117 |
|
|
|
Increase/Decrease in Cash |
561,836,158 |
-1,439,378,430 |
1,186,013,713 |
|
Cash at the Beginning of Year |
1,631,794,699 |
3,071,173,129 |
1,885,159,416 |
|
Cash at the End of Year |
2,193,630,857 |
1,631,794,699 |
3,071,173,129 |
|
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 SOUTH KOREA TEL:+82-32-5717498 FAX:+82-2-36608539 DIAMINES & CHEMICALS LTD PLOT NO.13, PCC AREA, PO. PETROCHEMICALS,
VODODRA, 391 346 INDIA TEL:+91-265-2230305 FAX:+91-265-2230218 VIDHI DYESTUFFS MANUFACTURING LTD E/27, COMMERCE CENTRE 78 TARDEO ROAD, 5TH
FLOOR MUMBAI, 400 034 INDIA TEL:+91-22-23514349 FAX:+91-22-23521980 |
|
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) |
|
Sales/ Unit :Mil KRW |
09/2012 |
03/2011 |
03/2010 |
|
Export |
6,119 |
9,449 |
12,205 |
|
Domestic |
26,844 |
53,986 |
52,808 |
|
Total |
32,963 |
63,435 |
65,013 |
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.53.98 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.