|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
RIFA CO., LTD. |
|
|
|
|
Registered Office : |
70, Seonyudong 2-ro, Yeongdeungpo-gu,
Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
29.03.1950 |
|
|
|
|
Com. Reg. No.: |
107-81-13542 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Wholesaler of Dyes, Pigments and Related Products. |
|
|
|
|
No of Employees : |
70 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 |
|
Company Name |
RIFA CO., LTD. (Korean Company
Name : “이화산업(주)”) |
|
Registered Address |
70, Seonyudong 2-ro, Yeongdeungpo-gu,
Seoul, Korea |
|
Building |
Rifa Bldg. |
|
Zip Code |
150-045 |
|
Tel |
+82-2-2007-5555 |
|
Fax |
+82-2-2636-2230 |
|
E-mail |
rifa@rifa.co.kr |
|
Website |
www.rifa.co.kr |
|
Trading Address |
Rifa Bldg., 70, Seonyudong 2-ro,
Yeongdeungpo-gu, Seoul, Korea (Old Address System : 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 |
|
Sub
Business |
|
|
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 |
|
Address |
|
|
Date of Birth |
12/29/1945 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
14,000,000,000 |
|||||||||||||||||||||
|
Employees |
70 |
|||||||||||||||||||||
|
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 |
|||||||||||||||||||||
|
|
|
|
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 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)06/2014 |
21,147,901,777 |
109,559,595,175 |
27,485,473,464 |
|
(*)03/2013 |
71,159,511,554 |
115,979,436,740 |
-4,229,547,750 |
|
(*)03/2012 |
63,599,388,818 |
114,821,410,368 |
4,458,981,975 |
|
(*)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.
|
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 |
04/01/2014~06/30/2014 |
As of 03/31/2013 |
As of 03/31/2012 |
|
Total Assets |
109,559,595,175 |
115,979,436,740 |
114,821,410,368 |
|
Current
Assets |
44,940,880,317 |
40,506,021,707 |
40,984,690,736 |
|
Cash & Cash Equivalents |
6,340,419,141 |
3,643,170,272 |
2,498,470,969 |
|
Trade Receivables |
24,845,118,295 |
23,922,482,945 |
29,074,133,273 |
|
Other Receivables |
227,363,325 |
268,870,878 |
85,987,022 |
|
Inventories |
13,361,309,721 |
12,526,972,558 |
9,208,796,488 |
|
Other Current Assets |
166,669,835 |
144,525,054 |
117,302,984 |
|
Non-Current
Assets |
64,618,714,858 |
75,473,415,033 |
73,836,719,632 |
|
Non-Current Financial Instruments |
36,500,000 |
36,500,000 |
16,500,000 |
|
Other Receivables |
158,693,281 |
32,173,281 |
32,173,281 |
|
Other Financial Assets |
20,400,000 |
20,570,000 |
22,775,000 |
|
Tangibles |
9,171,034,402 |
20,139,295,843 |
20,398,528,326 |
|
Intangibles |
208,898,477 |
208,898,477 |
207,963,917 |
|
Deferred Income Taxes |
1,864,409,590 |
1,877,198,324 |
0 |
|
Investment_Related Companies |
53,158,779,108 |
53,158,779,108 |
53,158,779,108 |
|
Total
Liabilities |
39,711,646,230 |
73,599,919,363 |
68,273,779,728 |
|
Current
Liabilities |
27,442,956,176 |
46,338,998,785 |
53,203,886,053 |
|
Trade Payables |
2,571,841,017 |
2,588,956,283 |
2,204,088,363 |
|
Short-Term Borrowings |
17,000,000,000 |
37,176,080,138 |
49,487,988,078 |
|
Deferred Income Taxes |
6,499,793,692 |
0 |
0 |
|
Other Payables |
1,216,123,491 |
1,275,346,689 |
1,260,156,329 |
|
Other Current Liabilities |
155,197,976 |
5,298,615,675 |
251,653,283 |
|
Non-Current
Liabilities |
12,268,690,054 |
27,260,920,578 |
15,069,893,675 |
|
Long-Term Borrowings |
10,500,000,000 |
25,500,000,000 |
13,500,000,000 |
|
Other Payables |
760,633,022 |
663,898,651 |
360,100,000 |
|
Provision for Severance &
Retirement |
1,008,057,032 |
1,097,021,927 |
1,209,793,675 |
|
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 |
39,217,965,257 |
11,749,533,689 |
15,917,646,952 |
|
Others |
7,809,983,688 |
7,809,983,688 |
7,809,983,688 |
|
Total Equity |
69,847,948,945 |
42,379,517,377 |
46,547,630,640 |
|
Liab. & Shareholder’s Equity |
109,559,595,175 |
115,979,436,740 |
114,821,410,368 |
|
Income Statement |
|||
|
Unit : Korean Won |
04/01/2014~06/30/2014 |
As of 03/31/2013 |
As of 03/31/2012 |
|
Sales |
21,147,901,777 |
71,159,511,554 |
63,599,388,818 |
|
Cost
of Sold Goods |
17,639,315,334 |
60,365,629,018 |
54,203,162,587 |
|
Gross
Profit |
3,508,586,443 |
10,793,882,536 |
9,396,226,231 |
|
Selling
& Admin. Expenses |
2,596,355,130 |
13,712,002,066 |
9,787,223,765 |
|
Operating
Income |
912,231,313 |
-2,918,119,530 |
-390,997,534 |
|
Other
Operating Income |
33,784,761,572 |
543,586,734 |
8,986,212,098 |
|
Other
Operating Expenses |
301,362,306 |
295,816,567 |
820,801,996 |
|
Finance
Income |
41,404,564 |
199,614,841 |
41,921,537 |
|
Finance
Expenses |
438,429,973 |
3,636,011,552 |
3,357,352,130 |
|
Income
Before Taxes |
33,998,605,170 |
-6,106,746,074 |
4,458,981,975 |
|
Income
Taxes Expenses |
6,513,131,706 |
-1,877,198,324 |
0 |
|
Net
Income |
27,485,473,464 |
-4,229,547,750 |
4,458,981,975 |
|
Cash Flows |
|||
|
Unit : Korean Won |
04/01/2014~06/30/2014 |
As of 03/31/2013 |
As of 03/31/2012 |
|
Operating
Activities Cash Flows |
-6,799,422,015 |
-3,021,603,197 |
1,479,714,260 |
|
Cash Flows from Operating |
-6,471,098,335 |
-172,359,358 |
4,793,665,655 |
|
Net Income |
27,485,473,464 |
-4,229,547,750 |
4,458,981,975 |
|
Adjustment |
-26,625,088,205 |
6,505,803,900 |
-2,785,680,269 |
|
Changes in Asset/ & Liability |
-7,331,483,594 |
-2,448,615,508 |
3,120,363,949 |
|
Interests Received |
13,500,984 |
40,453,028 |
37,054,379 |
|
Interests Paid |
-341,275,384 |
-2,889,696,867 |
-3,351,005,774 |
|
Income
Taxes |
-549,280 |
|
|
|
Cash Flows
from Investing |
44,672,751,022 |
4,478,210,440 |
-2,892,039,000 |
|
Cash Inflow from Investing |
45,000,170,000 |
4,502,205,000 |
2,000,000 |
|
Cash Outflows for Investing |
-327,418,978 |
-23,994,560 |
-2,894,039,000 |
|
Cash
Flows from Financing |
-35,176,080,138 |
-311,907,940 |
2,279,001,010 |
|
Cash Inflows from Financing |
|
15,000,000,000 |
3,000,000,000 |
|
Cash Outflows from Financing |
-35,176,080,138 |
-15,311,907,940 |
-720,998,990 |
|
Increase/Decrease
in Cash |
2,697,248,869 |
1,144,699,303 |
866,676,270 |
|
Cash at
the Beginning of Year |
3,643,170,272 |
2,498,470,969 |
1,631,794,699 |
|
Cash at
the End of Year |
6,340,419,141 |
3,643,170,272 |
2,498,470,969 |
|
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 |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
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) (44.35% 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) (69.29% held by the subject company) NOMURA RIFA ASSET MANAGEMENT CO., LTD.(110111-3742940) |
|
Affiliates-Overseas |
RIFA SHANGHAI CO., LTD.(CHINA) (100.0% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
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) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
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 |
|
|
Seoul Central District Court |
YOUNG HWA INDUSTRIAL CO.,
LTD.(110111-0015754) & The Subject Company |
Doam Nokcheon Golf Center Co., Ltd. & Others(3) |
Compensation for Damage |
468,125,000 |
Proceeding |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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.