|
Report No. : |
354129 |
|
Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACE VALVE COMPANY LIMITED |
|
|
|
|
Registered Office : |
1-12, Somang-Gil, Juchon-Myeon, Gimhae-Si,
Gyeongsangnam-Do, Korea 50969 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.04.2000 |
|
|
|
|
Com. Reg. No.: |
615-81-13140 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Taps, Valves and Similar Products. (Ball Valve, Butterfly Valve, Globe Valve,
Gate Valve, Check Valve, Air Vacuum Relief Valve, Dismantling Joint, Damper
Valve, Valve Remote Control System) |
|
|
|
|
No. of Employees : |
259 |
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 : |
Slow but correct |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and business ties,
including directed credit and import restrictions, initially 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 7% 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 over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 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 the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
ACE VALVE COMPANY LIMITED |
|
Registered Address |
1-12, Somang-gil, Juchon-myeon, Gimhae-si,
Gyeongsangnam-do, Korea (Old Address
System : 278-4, Mangdeok-ri, Juchon-myeon, Gimhae-si, Gyeongsangnam-do,
Korea) |
|
Building |
|
|
Zip Code |
50969 |
|
Tel |
+82-55-310-8000 +82-55-329-0651 |
|
Fax |
+82-55-329-0656~8 |
|
E-mail |
acemoon@acevalve.co.kr |
|
Website |
www.acevalve.co.kr |
|
Trading Address |
Rm.302, Daesan Bldg., 8, Daeheung-ro
6-gil, Mapo-gu, Seoul, Korea (Old Address
System : Rm.302, Daesan Bldg., 494-85, Yonggang-dong, Mapo-gu, Seoul, Korea) |
|
Tel |
+82-2-3273-3344 |
|
Fax |
+82-2-3273-3347 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Taps, Valves and Similar Products |
|
Main
Business |
Ball Valve, Butterfly Valve, Globe Valve,
Gate Valve, Check Valve, Air Vacuum Relief Valve, Dismantling Joint, Damper
Valve, Valve Remote Control System |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
04/20/2000 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ball valves(40141607) |
|
Sell |
Valves(40141600) |
|
Sell |
Gate valves(40141613) |
|
Sell |
Globe valves(40141611) |
|
Name |
Koo Youn-Hoi |
|
Address |
Suite 18-502, 79, Danggam-ro, Busanjin-gu, Busan,
Korea |
|
Date of Birth |
01/19/1949 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,000,000,000 |
||||||||||||
|
Employees |
259 |
||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||
|
Bank Details |
Woori Bank Kookmin Bank Busan Bank KEB Hana Bank Korea Development Bank |
||||||||||||
|
Corporate Registered No. |
184611-0039508 |
||||||||||||
|
Business Registered No. |
615-81-13140 |
||||||||||||
|
Permit & Licenses |
01/22/2014 KS Mark 01/11/2011 ISO 14001 08/31/2000 ISO 9001 Int’l Trade No.: 24025526 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
04/20/2000 Incorporated as the present name 12/31/2009 Increased capital to 3,000,000,000
KRW from 2,000,000,000 KRW 03/26/2014 Increased the authorized shares
to 2,000,000 shares from 500,000 shares 07/29/2014 Designated as an INNO-BIZ
Company |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Koo Youn-Hoi |
Male |
Korean |
03/24/2009 |
|
Director |
M/S. |
Ko Ye-Young |
Female |
Korean |
03/24/2009 |
|
Director |
Mr. |
Koo Ja-Won |
Male |
Korean |
03/24/2012 |
|
Director |
Mr. |
Woo Dae-Gap |
Male |
Korean |
03/24/2015 |
|
Director |
Mr. |
Koo Ja-Myung |
Male |
Korean |
03/24/2015 |
|
Auditor |
Mr. |
Kim Seung-Sik |
Male |
Korean |
03/24/2015 |
|
Supervisor |
Mr. |
Yoon Bo-Sub |
Male |
Korean |
11/18/2013 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
76,846,875,529 |
98,309,843,075 |
-36,480,503 |
|
2013 |
86,193,273,309 |
91,476,739,118 |
547,865,348 |
|
2012 |
118,798,185,135 |
85,484,984,952 |
3,143,638,388 |
|
2011 |
83,170,480,663 |
75,822,895,695 |
3,638,489,613 |
|
2010 |
62,419,489,273 |
48,854,394,389 |
3,488,320,089 |
|
Authorized Capital(KRW) |
5,000,000,000 |
|
Paid-Up Capital(KRW) |
3,000,000,000 |
|
Total Issued Shares |
300,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
98,309,843,075 |
91,476,739,118 |
85,484,984,952 |
|
Current Assets |
71,574,142,002 |
65,816,757,713 |
59,603,442,954 |
|
-Quick Assets |
50,012,380,881 |
50,120,570,624 |
43,574,922,820 |
|
-Inventories |
21,561,761,121 |
15,696,187,089 |
16,028,520,134 |
|
Fixed Assets |
26,735,701,073 |
25,659,981,405 |
25,881,541,998 |
|
-Investment |
949,739,334 |
488,872,784 |
571,380,112 |
|
-Tangibles |
24,386,874,038 |
23,932,948,620 |
24,102,595,218 |
|
-Intangibles |
236,047,701 |
34,620,001 |
10,476,668 |
|
-Others |
1,163,040,000 |
1,203,540,000 |
1,197,090,000 |
|
Total Liabilities |
76,020,241,111 |
69,150,656,651 |
63,406,767,833 |
|
Current Liabilities |
64,637,597,011 |
43,282,723,888 |
38,383,077,436 |
|
Fixed Liabilities |
11,382,644,100 |
25,867,932,763 |
25,023,690,397 |
|
Capital Stock |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
19,289,601,964 |
19,326,082,467 |
19,078,217,119 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
22,289,601,964 |
22,326,082,467 |
22,078,217,119 |
|
Liab. & Shareholder’s Equity |
98,309,843,075 |
91,476,739,118 |
85,484,984,952 |
|
Current
Liabilities |
64,637,597,011 |
43,282,723,888 |
38,383,077,436 |
|
Trade Payables |
11,458,981,205 |
4,439,798,892 |
6,943,672,037 |
|
Account Payables |
2,529,477,233 |
2,481,636,273 |
2,645,817,722 |
|
Withholdings |
292,289,280 |
156,787,795 |
210,312,095 |
|
VAT Withhold |
33,080,315 |
- |
|
|
Advance Receipts |
378,123,605 |
897,245,391 |
1,377,091,773 |
|
Short-Term Borrowings |
32,231,982,155 |
31,720,596,209 |
25,000,000,000 |
|
Short-Term Borrowings to Shareholders/
Executives/ Employees |
800,000,000 |
- |
478,376,180 |
|
Accrued Expenses |
1,241,561,954 |
1,386,659,328 |
1,667,807,629 |
|
Deferred Income Tax Credit |
32,571,280 |
- |
|
|
Current Portion of Debentures |
- |
2,000,000,000 |
- |
|
Current Portion of Long-Term Debts |
15,639,529,984 |
200,000,000 |
60,000,000 |
|
Fixed
Liabilities |
11,382,644,100 |
25,867,932,763 |
25,023,690,397 |
|
Long-Term Borrowings |
378,054,461 |
16,546,160,926 |
19,564,511,133 |
|
Debentures |
6,400,000,000 |
5,000,000,000 |
2,000,000,000 |
|
Provision for Severance & Retirement |
4,554,272,682 |
4,308,271,837 |
3,445,679,264 |
|
Long-Term Account Payables |
50,316,957 |
13,500,000 |
13,500,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
76,846,875,529 |
86,193,273,309 |
118,798,185,135 |
|
Cost of Sold Goods |
65,541,358,694 |
77,143,540,815 |
105,505,553,151 |
|
Gross Profit |
11,305,516,835 |
9,049,732,494 |
13,292,631,984 |
|
Selling & Admin. Expenses |
7,018,905,774 |
9,892,514,100 |
8,836,600,042 |
|
Operating Income |
4,286,611,061 |
-842,781,606 |
4,456,031,942 |
|
Non-Operating Income |
1,459,395,078 |
4,506,343,842 |
3,665,132,200 |
|
Non-Operating Expenses |
5,495,912,312 |
3,046,201,978 |
4,139,532,774 |
|
Income Before Taxes |
250,093,827 |
617,360,258 |
3,981,631,368 |
|
Income Taxes Expenses |
286,574,330 |
69,494,910 |
837,992,980 |
|
Net Income |
-36,480,503 |
547,865,348 |
3,143,638,388 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
1,499,504,773 |
-10,708,358,035 |
-9,312,711,862 |
|
-Net Income |
-36,480,503 |
547,865,348 |
3,143,638,388 |
|
-Exp. without Cash Outflow |
5,393,703,594 |
3,215,524,815 |
3,825,132,930 |
|
-Revenue without Cash Inflows |
-1,083,907,041 |
-3,088,142,736 |
-2,679,366,788 |
|
-Changes in Asset/ & Liability |
-2,773,811,277 |
-11,383,605,462 |
-13,602,116,392 |
|
Cash Flows from Investing |
-2,416,419,609 |
-459,809,593 |
-3,712,282,630 |
|
-Cash Inflow from Investing |
614,228,570 |
1,037,335,436 |
1,665,100,130 |
|
-Cash Outflows for Investing |
-3,030,648,179 |
-1,497,145,029 |
-5,377,382,760 |
|
Cash Flows from Financing |
965,743,041 |
11,260,596,209 |
12,593,500,000 |
|
-Cash Inflows from Financing |
3,188,202,903 |
11,720,596,209 |
13,013,500,000 |
|
-Cash Outflows from Financing |
-2,222,459,862 |
-460,000,000 |
-420,000,000 |
|
Increase/Decrease in Cash |
48,828,205 |
92,428,581 |
-431,494,492 |
|
Cash at the Beginning of Year |
135,117,224 |
42,688,643 |
474,183,135 |
|
Cash at the End of Year |
183,945,429 |
135,117,224 |
42,688,643 |
|
Main Products & Services |
Ball Valve, Butterfly Valve, Globe Valve,
Gate Valve, Check Valve, Air Vacuum Relief Valve, Dismantling Joint, Damper Valve,
Valve Remote Control System |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
KUMKANG VALVE MFG., CO., LTD. 79, DALSEONG2CHA 1-RO, GUJI-MYEON, DALSEONG-GUN,
DAEGU, KOREA TEL:+82-53-581-4500~3 FAX:+82-53-581-4505 ALL MET CO., LTD.(135511-0129780) 2MA-507-1, SIHWA INDUSTRIAL COMPLEX,
2092-13, JEONGWANG 2-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-496-9611 FAX:+82-31-496-9612 S&S VALVE CO., LTD. 30, WONSI-RO, DANWON-GU, ANSAN-SI,
GYEONGGI-DO, KOREA TEL:+82-31-491-1747 FAX:+82-31-491-0618 |
|
Affiliates |
|
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) KB INSURANCE CO., LTD.(110111-0017859) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
The Subject exports
to Middle East, Europe, Asia and Africa.
No.
-----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.63 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.40 |
|
KRW |
1 |
Rs.0.057 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.