MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	ACE TRACK CO., LTD.

Registered Office :	272, Gasan-ri, Chukdong-myeon, Sacheon-si, Gyeongsangnam-do, Korea, Zip Code 664-811

Country :	South Korea

Date of Incorporation :	11.01.2011

Com. Reg. No.:	613-81-59209

Legal Form :	Co., Ltd by Shares

Line of Business :	Manufacturer of Civil Engineering and Similar Machine Equipment

No. of Employees :	10 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

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 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Korea

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

Basic

Company Name	ACE TRACK CO., LTD. (Korean Company Name : “에이스트랙(주)”)
Registered Address	272, Gasan-ri, Chukdong-myeon, Sacheon-si, Gyeongsangnam-do, Korea
Zip Code	664-811
Tel	+82-55-850-8005
Fax	+82-55-855-0062
Trading Address	272, Gasan-ri, Chukdong-myeon, Sacheon-si, Gyeongsangnam-do, Korea
Tel	+82-55-850-8005
Fax	+82-55-855-0062
Type	Export/Import
Industry	Manufacture of Civil Engineering and Similar Machine Equipment
Main Business	Track Link, Heavy Equipment Components
Established (mm/dd/yyyy)	01/11/2011

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Heavy equipment components(22101700)
Sell	Engine components and accessories(26101700)

CEO’s

Name	Cho Su-An
Address	Suite 202-801, 1637-1, Chojeon-dong, Jinju-si, Gyeongsangnam-do, Korea
Date of Birth	12/07/1959
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	5,000,000,000
Employees	10
Formation	Co., Ltd by Shares Venture Business
Bank Details	N/A
Corporate Registered No.	1954110-020532
Business Registered No.	613-81-59209
Permit & Licenses	Int’l Trade No.: 30695779
Shareholder Position	N/A
Company History	01/11/2011 Incorporated as the present name 04/20/2011 Designated as a Venture Business 09/07/20111 Moved to the present HQ address from San 64-4, Gasan-ri, Chukdong-myeon, Sacheon-si, Gyeongsangnam-do, Korea 09/07/2011 Increased the authorized shares to 1,000,000 shares from 280,000 shares 05/10/2012 Increased capital to 5,000,000,000 KRW from 4,650,000,000 KRW

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Cho Su-An	Male	Korean	03/08/2011
Director	M/S.	An Mal-Sook	Female	Korean	03/22/2011
Director	Mr.	Moon Dong-Jin	Male	Korean	03/24/2011
Auditor	Mr.	Choi Myung-Min	Male	Korean	03/08/2011

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011	28,952,700,000	39,504,000,000	701,500,000

Financial Description

Authorized Capital(KRW)	10,000,000,000
Paid-Up Capital(KRW)	5,000,000,000
Total Issued Shares	500,000

Products, Technologies, Services Description

Main Products & Services

Track Link, Heavy Equipment Components

Trade Partners & Competitors

Competitors

KOREAN HYDRAULIC MACHINERY CO., LTD.

6B-28L, BANWOL INDUSTRIAL COMPLEX, 403-9, MONGNAE-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-498-9696 FAX:+82-31-498-4204

SAN ENGINEERING CO., LTD.

847-10, NAE-RI, GUJI-MYEON, DALSEONG-GUN, DAEGU, KOREA

TEL:+82-53-557-4960 FAX:+82-53-557-4962

WONWOO ENG CO., LTD.

11-11, GUEO-RI, OEDONG-EUP, GYEONGJU-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-746-8286~8 FAX:+82-54-746-8284

Sales by Region

(Activity & Markets)

Not Available.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

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%)

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