|
Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
ACE LEATHER LTD. |
|
|
|
|
Registered Office : |
9, Gwangdeok 2-Ro, Danwon-Gu, Ansan-Si, Gyeonggi-Do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
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 : |
7 |
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 – 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 |
ACE LEATHER LTD. |
|
Registered Address |
9, Gwangdeok 2-ro, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Building |
8FL., Sungyo Center |
|
Zip Code |
425-853 |
|
Tel |
+82-31-410-4975 |
|
Fax |
+82-31-410-4979 |
|
E-mail |
|
|
|
|
|
Trading Address |
8FL., Sungyo
Center, 9, Gwangdeok 2-ro, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea (Old Address
System : 8FL., Sungyo Center, 724-2, 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 |
|
|
|
|
Established (mm/dd/yyyy) |
06/25/2002 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Leathers(11162300) |
|
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 |
|
Capital (KRW) |
400,000,000 |
|
Employees |
7 |
|
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 2nd FI., 722-2,
Choji-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea from 29-56, Junggok-dong, Gwangjin-gu, Seoul, Korea 12/23/2013 Increased the authorized shares
to 1,000,000 shares from 40,000 shares 12/24/2013 Increased capital to 400,000,000
KRW from 200,000,000 KRW 03/06/2014 Moved to the present HQ address
from 2nd
FI., 722-2, Choji-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
|
|
|
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 |
|
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 |
The latest &
full financials are not available, and the Subject Company does not have any
obligations to release its financials to the public.
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
200,000,000 |
|
Total Issued Shares |
40,000 |
|
Main Products & Services |
Leather |
|
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 |
The Subject exports
to Hong Kong.
Not Available.
---------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.