MIRA INFORM REPORT

 

 

Report Date :

16.07.2013

 

IDENTIFICATION DETAILS

 

Name :

ASIA PROTECH CO., LTD.

 

 

Formerly Known as:

ASIA PROTECH CO.(Sole Proprietorship)

 

 

Registered Office :

1487, Gayang 3-dong, Gangseo-gu, Seoul, Korea, Rm. 504, Gayang Techno Town, Zip Code 157-793

 

 

Country :

South Korea

 

 

Date of Incorporation :

07.03.2000

 

 

Com. Reg. No.:

114-81-95902

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Installation of Machinery Equipment for Building

 

 

No. of Employees :

32

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. 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. 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-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges 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, and heavy reliance on exports - which comprise half of GDP.

 

Source : CIA

 

Basic

 

Company Name

ASIA PROTECH CO., LTD.

(Korean Company Name : “(주)아세아프로텍”)

Registered Address

1487, Gayang 3-dong, Gangseo-gu, Seoul, Korea

Building

Rm. 504, Gayang Techno Town

Zip Code

157-793

Tel

+82-2-3665-7110

Fax

+82-2-3665-7234

E-mail

apc@asiaprotech.com

Website

www.asiaprotech.com

Trading Address

Rm. 504, Gayang Techno Town, 1487, Gayang 3-dong, Gangseo-gu, Seoul, Korea

(New Address System : 217, Heojun-ro, Gangseo-gu, Seoul, Korea)

Tel

+82-2-3665-7110

Fax

+82-2-3665-7234

Other Address-Daegu Factory

204-6, Paho-dong, Dalseo-gu, Daegu, Korea

Tel

+82-53-583-2180

Fax

+82-53-584-2180

Type

Export/Import

Industry

Installation of Machinery Equipment for Building

  Main Business

Pigging System, Pig, ATCS, Intelligent Pigging System, Pipeline Pigging

Established (mm/dd/yyyy)

03/07/2000

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Foams(13111300)

Sell

Heat exchangers(40101802)

Sell

Electrical services(72102200)

 

 

CEO’s

 

Name

Lee So-Yeob

Address

Suite 101-503, 637, Yangcheon-ro, Gangseo-gu, Seoul, Korea

Date of Birth

12/29/1967

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

500,000,000

Employees

32

Formation

Co., Ltd by Shares

Bank Details

Woori Bank-Gangseo Branch

Corporate Registered No.

1101111-898795

Business Registered No.

114-81-95902

Permit & Licenses

Int’l Trade No.: 11072034

Shareholder Position

Name

Shares

%

KIM SUNG-HEE

76,000

76.00

RA WOONG-JAE

12,000

12.00

RA YEON-WOOK

12,000

12.00

TOTAL

100,000

100.00

Company History

04/01/1981 Established as ASIA PROTECH CO.(Sole Proprietorship)

03/07/2000 Incorporated as the present name

06/15/2000 Moved to the present HQ address from 736-8, Banpo-dong, Seocho-gu, Seoul, Korea

12/16/2004 Increased the authorized shares to 5,000,000 shares from 96,000 shares

12/17/2004 Increased capital to 500,000,000 KRW from 400,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Lee So-Yeob

Male

Korean

03/28/2012

Director

Mr.

Ra Woong-Jae

Male

Korean

03/07/2000

Auditor

Mr.

Na Duck-Kyu

Male

Korean

08/31/2010

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

4,277,000,000

3,351,000,000

219,000,000

2010

3,164,000,000

2,067,000,000

201,000,000

2009

2,509,000,000

1,962,000,000

-284,000,000

 

The latest & full financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

25,000,000,000

Paid-Up Capital(KRW)

500,000,000

Total Issued Shares

100,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Pigging System, Pig, ATCS, Intelligent Pigging System, Pipeline Pigging

 

 

Trade Partners & Competitors

 

Suppliers

Pipeline Dehydrators

Competitors

CHUNMA CORPORATION

367-6, OKSU-DONG, SEONGDONG-GU, SEOUL, KOREA

TEL:+82-2-2298-9071~5  FAX:+82-2-2298-5852

 

GLOAZURE CO., LTD.

DONG-GANG TECHNO VILLAGE, 1232, PALGOI-RI, YEONGWOL-EUP, YEONGWOL-GUN, GANGWON-DO, KOREA

TEL:+82-33-375-9990~3  FAX:+82-33-375-9994

 

SINIL INDUSTRY CORPORATION CO., LTD.

RM. 1304, E&C DREAM TOWER, 46, YANGPYEONGDONG 3-GA, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-2628-0041  FAX:+82-2-2628-0040

 

 

Sales by Region

(Activity & Markets)

 

The Subject deals with the companies in Netherlands, Taiwan, USA, UK and China.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

---

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.05

UK Pound

1

Rs.90.71

Euro

1

Rs.78.47

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.