MIRA INFORM REPORT
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Report Date : |
30.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ACE STEEL CO., LTD. |
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Registered Office : |
1035, Geolmae-ri, Inju-myeon, Asan-si, Chungcheongnam-do, Korea, Zip Code 336-831 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
28.07.2000 |
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Com. Reg. No.: |
119-81-40853 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
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No. of Employees
: |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company Name |
ACE STEEL CO.,
LTD. (Korean Company
Name : “에이스스틸(주)”) |
|
Registered Address |
1035, Geolmae-ri, Inju-myeon, Asan-si,
Chungcheongnam-do, Korea |
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Zip Code |
336-831 |
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Tel |
+82-41-539-8010 |
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Fax |
+82-41-539-8096 |
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E-mail |
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Website |
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Trading Address |
1035, Geolmae-ri, Inju-myeon, Asan-si,
Chungcheongnam-do, Korea |
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Tel |
+82-41-539-8010 |
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Fax |
+82-41-539-8096 |
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Other Address-Busan Office |
589-34, Hadan 1-dong, Saha-gu, Busan,
Korea |
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Tel |
+82-51-201-1781~3 |
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Fax |
+82-51-201-1785 |
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Type |
Export/Import |
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Industry |
Wholesale of Basic Metals |
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Main Business |
HRC, Wire-Rod, H-Beam, HR Plate |
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Sub
Business |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
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Established (mm/dd/yyyy) |
07/28/2000 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Electrical wire(26121500) |
|
Sell |
Steel coil(30101904) |
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Sell |
Steel plate(30102204) |
CEO’s
|
Name |
Kim Gyu-Ha |
|
Address |
Suite 424-1402, 92, Seohyeon-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
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Date of Birth |
07/14/1959 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
3,050,000,000 |
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Employees |
25 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Industrial Bank of Korea-Shiheung Branch Shinhan Bank Korea Exchange Bank Woori Bank |
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Corporate Registered No. |
110111-2038043 |
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Business Registered No. |
119-81-40853 |
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Permit & Licenses |
09/2008 KS Mark 09/2008 ISO 9001 Int’l Trade No.: 11837831 |
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Shareholder Position |
(*)The list is based as of 12/31/2009. |
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Company History |
07/28/2000 Incorporated as the present name 08/02/2004 Moved to the present HQ address
from 2092-13, Jeongwang-dong, Siheung-si, Gyeonggi-do, Korea 12/29/2005 Increased capital to
1,350,000,000 KRW from 850,000,000 KRW 11/14/2006 Increased capital to
2,050,000,000 KRW from 1,350,000,000 KRW 12/25/2007 Increased capital to
2,550,000,000 KRW from 2,050,000,000 KRW 06/01/2010 Moved to the present HQ address
from 715-9, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea 03/21/2011 Decided to start Corporate Reviving Procedure(2011HOIHAP6)
by Daejeon District Court |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO / Trustee |
Mr. |
Kim Gyu-Ha |
Male |
Korean |
07/02/2004 |
|
Director |
Mr. |
Baik Kwang-Hoon |
Male |
Korean |
07/02/2004 |
|
Director |
Mr. |
Park Jong-Tae |
Male |
Korean |
07/24/2011 |
|
Auditor |
M/S. |
Lee Jae-Jin |
Female |
Korean |
05/12/2004 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
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|
|
|
|
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2009 |
56,319,175,468 |
55,711,080,161 |
1,830,645,735 |
|
2008 |
65,383,930,453 |
54,541,795,914 |
-3,966,088,559 |
|
2007 |
47,792,393,602 |
35,791,276,711 |
755,035,029 |
|
2006 |
40,826,621,764 |
20,672,971,801 |
838,217,137 |
|
2005 |
24,143,947,539 |
13,939,037,829 |
160,298,616 |
(*)The
accountant could not issue the annual audited report due to not supply the
related and proper data to the Certificate accountant.
Financial Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
3,050,000,000 |
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Total Issued Shares |
610,000 |
Balance
Sheet
|
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Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Total Assets |
55,711,080,161 |
54,541,795,914 |
35,791,276,711 |
|
Current Assets |
27,362,669,871 |
26,587,707,571 |
15,080,162,944 |
|
-Quick Assets |
7,963,968,994 |
8,470,342,792 |
4,956,340,282 |
|
-Inventories |
19,398,700,877 |
18,117,364,779 |
10,123,822,662 |
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Fixed Assets |
28,348,410,290 |
27,954,088,343 |
20,711,113,767 |
|
-Investment |
1,902,771,439 |
910,978,532 |
658,721,619 |
|
-Tangibles |
25,368,705,464 |
26,421,366,811 |
19,500,735,416 |
|
-Intangibles |
1,076,933,387 |
621,743,000 |
551,656,732 |
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Total Liabilities |
47,526,656,573 |
48,209,872,902 |
30,857,590,725 |
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Current Liabilities |
44,363,802,263 |
44,497,804,641 |
21,484,294,990 |
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Fixed Liabilities |
3,162,854,310 |
3,712,068,261 |
9,373,295,735 |
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Capital Stock |
2,550,000,000 |
2,550,000,000 |
2,550,000,000 |
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Capital Surplus |
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Profit Surplus |
248,243,162 |
-1,582,402,573 |
2,383,685,986 |
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Capital Adjustment |
5,386,180,426 |
5,364,325,585 |
- |
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Total Equity |
8,184,423,588 |
6,331,923,012 |
4,933,685,986 |
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Liab. & Shareholder’s Equity |
55,711,080,161 |
54,541,795,914 |
35,791,276,711 |
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Current
Liabilities |
44,363,802,263 |
44,497,804,641 |
21,484,294,990 |
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Trade Payables |
5,448,992,303 |
6,701,489,856 |
899,885,158 |
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Short-Term Borrowings |
16,981,381,264 |
13,090,203,280 |
8,553,365,738 |
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Short-Term Borrowings-Foreign
Currency |
18,023,072,108 |
20,370,904,112 |
9,312,572,860 |
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Current Portion of Long-Term
Debts |
424,054,956 |
936,136,524 |
1,121,199,428 |
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Short-Term Borrowings to
Shareholders/ Executives/ Employees |
- |
440,000,000 |
75,000,000 |
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Account Payables |
1,304,656,128 |
2,327,908,220 |
553,771,961 |
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Withholdings |
31,979,830 |
22,876,250 |
9,709,670 |
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Advance Receipts |
1,388,623,069 |
13,739,170 |
17,697,063 |
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Accrued Expenses |
72,641,933 |
40,514,240 |
35,347,796 |
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Accrued Income Tax |
688,400,672 |
554,032,989 |
905,745,316 |
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Fixed Liabilities |
3,162,854,310 |
3,712,068,261 |
9,373,295,735 |
|
Long-Term Borrowings |
3,000,000,000 |
3,000,000,000 |
3,664,000,000 |
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Long-Term Borrowings-Foreign
Currency |
- |
468,068,261 |
5,472,295,735 |
|
Leasehold Deposit Received |
162,854,310 |
244,000,000 |
237,000,000 |
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Provision for Severance &
Retirement |
- |
34,471,276 |
120,166,431 |
Income
Statement
|
|||
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Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Sales |
56,319,175,468 |
65,383,930,453 |
47,792,393,602 |
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Cost of Sold Goods |
49,486,685,125 |
54,488,268,920 |
41,564,742,121 |
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Gross Profit |
6,832,490,343 |
10,895,661,533 |
6,227,651,481 |
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Selling & Admin. Expenses |
3,782,163,669 |
3,526,567,452 |
3,385,874,361 |
|
Operating Income |
3,050,326,674 |
7,369,094,081 |
2,841,777,120 |
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Non-Operating Income |
2,722,727,989 |
1,219,672,481 |
695,773,338 |
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Non-Operating Expenses |
3,942,408,928 |
12,117,271,957 |
2,607,285,815 |
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Income Before Taxes |
1,830,645,735 |
-3,528,505,395 |
930,264,643 |
|
Income Taxes Expenses |
- |
437,583,164 |
175,229,614 |
|
Net Income |
1,830,645,735 |
-3,966,088,559 |
755,035,029 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Cash Flows from Operating |
497,362,050 |
-673,448,461 |
-3,569,399,820 |
|
-Net Income |
1,830,645,735 |
-3,966,088,559 |
755,035,029 |
|
-Exp. without Cash Outflow |
2,340,187,330 |
7,938,364,642 |
2,268,336,350 |
|
-Revenue without Cash Inflows |
-1,464,357,625 |
-5,143,640 |
-3,171,678 |
|
-Changes in Asset/ & Liability |
-2,209,113,390 |
-4,640,580,904 |
-6,589,599,521 |
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Cash Flows from Investing |
-1,956,116,230 |
-3,552,798,162 |
-9,838,856,449 |
|
-Cash Inflow from Investing |
2,155,990,460 |
2,528,770,557 |
1,123,094,402 |
|
-Cash Outflows for Investing |
-4,112,106,690 |
-6,081,568,719 |
-10,961,950,851 |
|
Cash Flows from Financing |
1,448,763,329 |
4,256,215,135 |
13,329,641,903 |
|
-Cash Inflows from Financing |
71,762,346,850 |
74,016,560,170 |
23,397,882,014 |
|
-Cash Outflows from Financing |
-70,313,583,521 |
-69,760,345,035 |
-10,068,240,111 |
|
Increase/Decrease in Cash |
-9,990,851 |
29,968,512 |
-78,614,366 |
|
Cash at the Beginning of Year |
71,709,704 |
41,741,192 |
120,355,558 |
|
Cash at the End of Year |
61,718,853 |
71,709,704 |
41,741,192 |
Products, Technologies, Services Description
|
Main Products & Services |
Carbon steel pipe for piping Carbon steel pipe for pressure piping Carbon steel pipe for general structural
purpose Carbon steel pipe for general structural
purpose Color square steel pipe for general
structural purpose steel pipe for machine structural purpose Galvanized steel pipe for vinyl house Steel pipe for scaffolding |
Trade Partners & Competitors
|
Suppliers |
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides the vehicle
leasing services to the subject company. |
|
Customers |
POSTEEL(110111-0344591) |
|
Competitors |
SAMKYUNG INTRACO. LTD. RM. 503, SAMHA BLDG., 145, SAMSEONG 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-569-3812 FAX:+82-2-569-3816 STEEL IMPEX CORPORATION RM. 709, HANSIN INTERVALLEY 24 BLDG. EAST
ANNEX, 707-34, YEOKSAM 2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2183-1040 FAX:+82-2-2183-1160 NEXTEEL INC. RM. 306, HYUNDAI ESA 2-CHA, 1542-6, SEOCHO
3-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-598-3496 FAX:+82-2-598-3167 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
ACE TRADING CO., LTD.(131411-0162926) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.( 110111-0035893) LIG INSURANCE CO., LTD(110111-0017859) |
Sales by Region
(Activity & Markets)
The Subject deals
with the companies in China, Japan and Russia.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.65 |
|
UK Pound |
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.05 |
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 |
|
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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.