|
Report No. : |
353082 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACE TRACK CO., LTD. |
|
|
|
|
Registered Office : |
41, Hwadangsan-Ro, Chukdong-Myeon, Sacheon-Si, Gyeongsangnam-Do, Korea 52509 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
11.01.2011 |
|
|
|
|
Com. Reg. No.: |
613-81-59209 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Civil Engineering and Similar Machine Equipment. |
|
|
|
|
No. of Employees : |
65 |
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 TRACK CO.,
LTD. |
|
Registered Address |
41, Hwadangsan-ro, Chukdong-myeon,
Sacheon-si, Gyeongsangnam-do, Korea |
|
Building |
|
|
Zip Code |
52509 |
|
Tel |
+82-55-850-8005 |
|
Fax |
+82-55-855-0062 |
|
E-mail |
acetrackcoltd@gmail.com |
|
Website |
www.acetrack.co.kr |
|
Trading Address |
41, Hwadangsan-ro, Chukdong-myeon,
Sacheon-si, Gyeongsangnam-do, Korea (Old Address System : 272, Gasan-ri,
Chukdong-myeon, Sacheon-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-850-8005 |
|
Fax |
+82-55-855-0062 |
|
Other Address |
31, Keundeul-ro, Jinju-si,
Gyeongsangnam-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Civil Engineering and Similar Machine Equipment |
|
Main Business |
Track Link, Heavy Equipment Components |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
01/11/2011 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Heavy equipment components(22101700) |
|
Sell |
Engine components and accessories(26101700) |
|
Name |
Cho Su-An |
|
Address |
Suite 202-801, 1637-1, Chojeon-dong,
Jinju-si, Gyeongsangnam-do, Korea |
|
Date of Birth |
12/07/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,019,620,000 |
||||||||||||||||||||||||||||||
|
Employees |
65 |
||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares Venture Business |
||||||||||||||||||||||||||||||
|
Bank Details |
Kookmin Bank Industrial Bank of Korea |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
1954110-020532 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
613-81-59209 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
07/31/2012 ISO 9001 07/11/2012 ISO 14001 Int’l Trade No.: 30695779 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
(*)The list is based as of 12/31/2014. |
||||||||||||||||||||||||||||||
|
Company History |
01/11/2011 Incorporated as the present name 04/20/2011 Designated as a Venture Business 09/07/20111 Moved to the present HQ address from San 64-4, Gasan-ri, Chukdong-myeon,
Sacheon-si, Gyeongsangnam-do, Korea 09/07/2011 Increased the authorized shares to 1,000,000 shares from
280,000 shares 05/10/2012 Increased capital to 5,000,000,000 KRW from 4,650,000,000
KRW 03/30/2013 Increased capital to 6,666,670,000 KRW from 5,333,340,000
KRW 04/20/2013 Designated as a Venture Business 09/03/2014 Applied for Corporate Reviving Procedure to Changwon
District Court 09/30/2014 Decided to start Corporate Reviving Procedure(2014HOIHAP1063)
by the order of Changwon District Court 06/01/2015 Approved of Corporate Reviving Plan(2014HOIHAP1063) by
Changwon District Court 06/01/2015 Decreased capital to 95,200,000 KRW from 6,666,670,000 KRW 06/02/2015 Increased capital to 3,019,620,000 KRW from 95,200,000 KRW |
||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO / Trustee |
Mr. |
Cho Su-An |
Male |
Korean |
03/08/2011 |
|
Director |
Mr. |
Moon Seung-Jin |
Male |
Korean |
03/24/2014 |
|
Director |
Mr. |
Kim Kil-Seok |
Male |
Korean |
03/24/2014 |
|
Auditor |
Mr. |
Shin Jung-Sik |
Male |
Korean |
06/10/2015 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
36,023,994,499 |
35,212,333,671 |
-23,867,105,023 |
|
|
2013 |
62,434,799,611 |
48,107,612,636 |
-1,204,737,550 |
|
2012 |
69,583,528,004 |
58,981,279,901 |
2,047,954,242 |
|
2011 |
28,952,700,000 |
39,504,000,000 |
701,500,000 |
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
3,019,620,000 |
|
Total Issued Shares |
301,962(Common : 300,058 / Preferable : 1,904) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
35,212,333,671 |
48,107,612,636 |
58,981,279,901 |
|
Current Assets |
15,732,280,949 |
28,900,411,541 |
38,002,616,919 |
|
-Quick Assets |
7,479,656,533 |
9,723,034,377 |
20,856,941,190 |
|
-Inventories |
8,252,624,416 |
19,177,377,164 |
17,145,675,729 |
|
Fixed Assets |
19,480,052,722 |
19,207,201,095 |
20,978,662,982 |
|
-Investment |
214,225,122 |
852,412,337 |
1,827,920,000 |
|
-Tangibles |
18,865,938,151 |
17,783,192,687 |
18,846,974,661 |
|
-Intangibles |
137,993,929 |
273,264,551 |
57,964,401 |
|
-Others |
261,895,520 |
298,331,520 |
245,803,920 |
|
Total Liabilities |
47,061,224,429 |
36,089,398,371 |
49,630,158,506 |
|
Current Liabilities |
46,700,734,828 |
31,093,115,361 |
39,721,609,682 |
|
Fixed Liabilities |
360,489,601 |
4,996,283,010 |
9,908,548,824 |
|
Capital Stock |
6,666,670,000 |
6,666,670,000 |
5,333,340,000 |
|
Capital Surplus |
3,850,561,740 |
3,850,561,740 |
1,312,061,320 |
|
Profit Surplus |
-22,366,122,498 |
1,500,982,525 |
2,705,720,075 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
-11,848,890,758 |
12,018,214,265 |
9,351,121,395 |
|
Liab. & Shareholder’s Equity |
35,212,333,671 |
48,107,612,636 |
58,981,279,901 |
|
Current
Liabilities |
46,700,734,828 |
31,093,115,361 |
39,721,609,682 |
|
Trade Payables |
10,402,647,515 |
8,250,523,896 |
14,778,876,046 |
|
Short-Term Borrowings |
31,225,676,750 |
16,379,791,936 |
21,642,738,694 |
|
Current Portion of Long-Term Debts |
- |
5,028,378,994 |
1,032,933,863 |
|
Account Payables |
2,387,453,259 |
682,993,754 |
1,658,299,070 |
|
Accrued Expenses |
2,206,383,144 |
385,862,910 |
274,181,301 |
|
Withholdings |
42,780,200 |
31,834,390 |
31,576,130 |
|
Advance Receipts |
435,793,960 |
333,729,481 |
189,557,920 |
|
Accrued Income Tax |
|
|
113,446,658 |
|
Fixed
Liabilities |
360,489,601 |
4,996,283,010 |
9,908,548,824 |
|
Long-Term Borrowings |
- |
4,464,220,000 |
9,198,860,000 |
|
Provision for Severance & Retirement |
396,120,290 |
404,690,850 |
236,858,430 |
|
Long-Term Account Payables |
|
|
293,738,994 |
|
Guarantee Deposit fro Sales |
25,000,000 |
200,000,000 |
200,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
36,023,994,499 |
62,434,799,611 |
69,583,528,004 |
|
Cost of Sold Goods |
41,790,978,793 |
56,259,665,324 |
61,444,125,525 |
|
Gross Profit |
-5,766,984,294 |
6,175,134,287 |
8,139,402,479 |
|
Selling & Admin. Expenses |
14,049,749,317 |
3,904,816,313 |
3,880,875,236 |
|
Operating Income |
-19,816,733,611 |
2,270,317,974 |
4,258,527,243 |
|
Non-Operating Income |
1,125,169,873 |
705,884,944 |
1,188,767,174 |
|
Non-Operating Expenses |
5,211,366,825 |
4,084,500,216 |
3,217,604,077 |
|
Income Before Taxes |
-23,902,930,563 |
-1,108,297,298 |
2,229,690,340 |
|
Income Taxes Expenses |
-35,825,540 |
96,440,252 |
181,736,098 |
|
Net Income |
-23,867,105,023 |
-1,204,737,550 |
2,047,954,242 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
-1,349,087,246 |
3,946,228,902 |
-16,444,672,449 |
|
-Net Income |
-23,867,105,023 |
-1,204,737,550 |
2,047,954,242 |
|
-Exp. without Cash Outflow |
3,942,355,219 |
3,338,498,047 |
1,862,145,633 |
|
-Revenue without Cash Inflows |
-60,450,000 |
-171,206,447 |
-534,023,869 |
|
-Changes in Asset/ & Liability |
18,636,112,558 |
1,983,674,852 |
-19,820,748,455 |
|
Cash Flows from Investing |
-3,509,184,336 |
-1,311,028,550 |
-4,683,038,495 |
|
-Cash Inflow from Investing |
3,042,158,416 |
96,208,000 |
6,350,000 |
|
-Cash Outflows for Investing |
-6,551,342,752 |
-1,407,236,550 |
-4,689,388,495 |
|
Cash Flows from Financing |
4,685,890,178 |
-2,254,575,727 |
20,846,273,060 |
|
-Cash Inflows from Financing |
28,194,460,309 |
47,795,320,889 |
44,119,255,332 |
|
-Cash Outflows from Financing |
-23,508,570,131 |
-50,049,896,616 |
-23,272,982,272 |
|
Increase/Decrease in Cash |
-172,381,404 |
380,624,625 |
-281,437,884 |
|
Cash at the Beginning of Year |
398,002,231 |
17,377,606 |
298,815,490 |
|
Cash at the End of Year |
225,620,827 |
398,002,231 |
17,377,606 |
(*)The Subject
needs to be monitored because Total Current Liabilities exceed Total Current
Assets as much as 39,221,000,000 KRW, Total
Liabilities exceed Total Assets as much as 11,849,000,000 KRW and Net Income is (-)23,867,000,000 KRW as of 12/31/2014.
|
Main Products & Services |
Track Link, Heavy Equipment Components |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
KOREAN HYDRAULIC MACHINERY CO., LTD. 6B-28L, BANWOL INDUSTRIAL COMPLEX, 403-9,
MONGNAE-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-498-9696 FAX:+82-31-498-4204 SAN ENGINEERING CO., LTD. 847-10, NAE-RI, GUJI-MYEON, DALSEONG-GUN,
DAEGU, KOREA TEL:+82-53-557-4960 FAX:+82-53-557-4962 WONWOO ENG CO., LTD. 11-11, GUEO-RI, OEDONG-EUP, GYEONGJU-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-746-8286~8 FAX:+82-54-746-8284 |
|
Affiliates |
RE ONE TRACK CO., LTD.(191111-0048550) (50.0% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Not Available.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
2014KAHAP30 |
Changwon District Court-Jinju Branch |
Valuepart Incorporated |
The Subject Company |
Infringement of Exclusive Sales Rights |
- |
proceeding |
|
01-04-0000-2903 |
International Centre For Dispute Resolution in American Arbitration
Association |
Valuepart Incorporated/Valuepart Europe S.p.A |
The Subject Company |
Infringement of Exclusive Sales Rights & Brand License |
USD 45,000,000 |
Under Arbitration procedure |
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
|
KRW |
1 |
Rs.0.057 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.