MIRA INFORM REPORT

 

 

Report Date :

11.11.2013

 

IDENTIFICATION DETAILS

 

Name :

ACE LEATHER LTD.

 

 

Registered Office :

2nd FI., 722-2, Choji-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

25.06.2002

 

 

Com. Reg. No.:

206-81-72057

 

 

Legal Form :

Co., Ltd By Shares

 

 

Line of Business :

Wholesale of other agricultural raw materials and live animals

 

 

No. of Employees :

08

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 Information

 

Basic

 

Company Name

ACE LEATHER LTD.

(Korean Company Name : “(주)에이스레더”)

Registered Address

2nd FI., 722-2, Choji-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea

Building

 

Zip Code

425-853

Tel

+82-31-410-4975

Fax

+82-31-410-4979

Trading Address

2nd FI., 722-2, Choji-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea

Tel

+82-31-410-4975

Fax

+82-31-410-4979

Type

Export

Industry

Wholesale of Other Agricultural Raw Materials and Live Animals

  Main Business

Leather

  Sub Business

 

Established (mm/dd/yyyy)

06/25/2002

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Leathers(11162300)

 

CEO’s

 

Name

Chung In-Wook

Address

29-56, Junggok-dong, Gwangjin-gu, Seoul, Korea

Date of Birth

02/01/1954

Title

Representative Director

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

200,000,000

Employees

8

Formation

Co., Ltd By Shares

Bank Details

Kookmin Bank-Amsa Dong Branch

Woori Bank-Annamsan Branch

Corporate Registered No.

1101112-554370

Business Registered No.

206-81-72057

Permit & Licenses

Int’l Trade No.: 11856760

Shareholder Position

N/A

Company History

12/2000 Established as ACE LEATHER CO.(Sole Proprietorship)

06/25/2002 Incorporated as the present name

11/2008 Awarded US$ !0 Million Export Top Prize

11/16/2009 Moved to the present HQ address from 29-56, Junggok-dong, Gwangjin-gu, Seoul, Korea

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Representative Director

Mr.

Chung In-Wook

Male

Korean

03/28/2011

Auditor

M/S.

Cho Hye-Ra

Female

Korean

03/30/2005

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

 

 

 

2011

9,115,000,000

 

44,070,000

2010

14,133,000,000

 

98,560,000

2009

7,689,420,000

 

54,130,000

2008

13,714,520,000

 

83,240,000

2007

 

 

 

2006

 

 

 

2005

 

 

 

2004

 

 

 

2003

 

 

 

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)

200,000,000

Paid-Up Capital(KRW)

200,000,000

Total Issued Shares

40,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Leather

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

DAE IL LEATHER CO., LTD.

1086-1, JANGNIM 1-DONG, SAHA-GU, BUSAN, KOREA

TEL:+82-51-262-9191~4  FAX:+82-51-262-9195

 

JINMYEONG A.L.C CO., LTD.

417-65, BONGMYEONG 2-DONG, HEUNGDEOK-GU, CHEONGJU-SI, CHUNGCHEONGBUK-DO, KOREA

TEL:+82-43-269-5543  FAX:+82-43-269-5542

 

SEONG WON LEATHER IND. CO., LTD.

18B-45, BANWOL INDUSTRIAL COMPLEX, 617-7, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-491-0212~3  FAX:+82-31-491-0504

 

HWA CHANG TRADING CO., LTD.

726-420, HANNAM-DONG, YONGSAN-GU, SEOUL, KOREA

TEL:+82-2-794-6111  FAX:+82-2-794-6155

 

MASTER MARINE CO., LTD.

1423, SANJEONG 3-DONG, MOKPO-SI, JEOLLANAM-DO, KOREA

TEL:+82-61-242-4496  FAX:+82-61-242-4497

 

MARINE 21 CO., LTD.

RM. 11, SUYOUNGMAN YACHTING CENTER, 1393, U 1-DONG, HAEUNDAE-GU, BUSAN,, KOREA

TEL:+82-51-742-4141  FAX:+82-51-744-2063

 

 

Sales by Region (Activity & Markets)

 

The Subject exports to Hong Kong.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.