Report Date :

06.04.2011

Correct Name :

GM KOREA COMPANY

Formerly Known As :

GM DAEWOO AUTO & TECHNOLOGY COMPANY

Registered Office :

199-1, Cheongcheon 2-dong, Bupyeong-gu, Incheon, Korea 403-857

Country :

South Korea

Financials (as on) :

31.12.2009

Date of Incorporation :

07.08.2002

Com. Reg. No.:

122-81-74534

Legal Form :

Co., Ltd by shares

Line of Business :

Manufacture of Passenger Motor Vehicles

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 :

Exists

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

South Korea

a1

a1

Risk Category

ECGC Classification

Insignificant

A1

Low

A2

Moderate

B1

High

B2

Very High

C1

Restricted

C2

Off-credit

D

Company Name

GM KOREA COMPANY

(Ex. Company Name : GM DAEWOO AUTO & TECHNOLOGY COMPANY, “지엠대우오토앤테크놀로지(주)”)

(Korean Company Name : “한국지엠(주)”)

Registered Address

199-1, Cheongcheon 2-dong, Bupyeong-gu, Incheon, Korea

Zip Code

403-857

Tel

+82-32-520-2114

Fax

+82-32-520-4658

E-mail

webmaster@gmdat.com

Website

www.gmdat.com

Trading Address

199-1, Cheongcheon 2-dong, Bupyeong-gu, Incheon, Korea

Tel

+82- 32-520-5147

Fax

+82-32- 520-4653

Other Address-Boryeong Factory

1227-1, Gwanchang-ri, Jugyo-myeon, Boryeong-si, Chungcheongnam-do, Korea

Tel

+82-41-939-5114

Fax

+82-41-931-2177

Other Address-Gunsan Factory

GM Daewoo Auto & Technology Company, 1589, Soryong-dong, Gunsan-si, Jeollabuk-do, Korea

Tel

+82-63-469-5114

Fax

+82-55-469-5177

Other Address-Changwon Factory

GM Daewoo Auto & Technology Company, 23, Seongju-dong, Changwon-si, Gyeongsangnam-do, Korea

Tel

+82-55-282-8456

Fax

+82-55-236-3339

Type

Export/Import

Industry

Manufacture of Passenger Motor Vehicles

  Main Business

Automobile, Automotive Parts

Established (mm/dd/yyyy)

08/07/2002

Activity

Detailed Products (UNSPSC)

Sell

Transportation components and systems(25170000)

Sell

Automobiles or cars(25101503)

Name

Mike Akamon

Address

71-2, Nonhyeon-dong, Gangnam-gu, Seoul, Korea

Date of Birth

07/03/1958

Title

President & CEO

Sex

Male

Nationality

Canadian

Capital (KRW)

166,322,885,200

Employees

16,826

Formation

Co., Ltd by shares

Foreign Direct Investment Corporation

Bank Details

Korea Development Bank

Woori Bank

Korea Exchange Bank

Shinhan Bank

Corporate Registered No.

120111-0294124

Business Registered No.

122-81-74534

Permit & Licenses

11/12/1993 ISO 9001 by TUV

12/2003 LACETTI: 1^st-Rank in KP Quality Competitive Power

Int’l Trade No.: 421191

Shareholder Position

Company History

04/30/2002 Agreed on the Master Transaction Agreement(MTA) with General Motors    Corporation-USA, Daewoo Motor Company and Korea Development Bank

Master Transaction Agreement

08/07/2002 Incorporated as GM DAEWOO AUTO & TECHNOLOGY COMPANY

09/23/2002 Increased the authorized shares to 500,000,000 shares from 1,200,000 KRW

10/17/2002 Acquired the assets and liabilities on the automobile division from Daewoo Motor Company

03/26/2003 Changed Korean company name to GM DAEWOO AUTO & TECHNOLOGY COMPANY

05/24/2004 Acquired the assets and liabilities on Auto Transmission Division from Daewoo Power Train Co., Ltd. based on Asset Purchase Agreement(APA)

10/27/2005 Acquired the assets and liabilities on the automobile manufacturing Division from Daewoo Incheon Motor Co., Ltd. based on Newco B Asset Transfer and Liability Assumption Agreement(ATA)

03/27/2007 increased capital to 101,245,084,400 KRW from 101,234,871,200 KRW

03/26/2008 Increased capital to 101,247,148,000 KRW from 101,245,084,400 KRW

10/28/2009 Increased capital to 166,322,885,200 KRW from 101,247,148,000 KRW

03/01/2011 Changed company name to the present name

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Mike Akamon

Male

Canadian

10/01/2009

Director

Mr.

Timothy Iri

Male

USA

03/26/2010

Director

Mr.

Michael Milikin

Male

USA

09/23/2002

Director

Mr.

Cheng Jing Ray

Male

Chinese

03/22/2005

Director

Mr.

Rowel C. Pedok

Male

USA

03/26/2010

Director

Mr.

Susan Ido Churty

Male

USA

12/03/2010

Director

Mr.

Lee Seung-Hoon

Male

Korean

12/03/2010

Outside Director

Mr.

Oh Jong-Name

Male

Korean

03/26/2008

Outside Director

Mr.

Park Soon-Hwa

Male

Korean

08/22/2008

Auditor

Mr.

Shin Hak-Soo

Male

Korean

03/26/2008

Year / Unit : KRW

Sales

Assets

Net Income

2009

9,532,541,913,373

8,172,726,941,644

(-)343,746,932,232

2008

12,310,655,134,698

8,853,286,368,884

(-)875,693,902,083

2007

12,513,655,390,999

7,949,447,236,134

540,514,081,706

2006

9,604,122,251,066

7,315,424,424,889

601,715,007,785

2005

7,531,273,630,562

6,467,805,295,782

65,463,786,954

2004

6,051,631,125,618

5,957,769,453,806

(-)172,844,544,834

2003

4,276,923,438,455

4,580,976,549,986

(-)222,635,374,932

Authorized Capital(KRW)

200,000,000,000

Paid-Up Capital(KRW)

166,322,885,200

Total Issues Shares

415,807,213(Common: 415,481,799 / Preferable: 325,414)

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Total Assets

8,172,726,941,644

8,853,286,368,884

7,949,447,236,134

Current Assets

4,478,747,149,496

4,889,754,157,226

4,606,775,051,583

-Quick Assets

3,652,531,761,393

3,675,628,281,427

3,642,785,609,475

-Inventories

826,215,388,103

1,214,125,875,799

963,989,442,108

Fixed Assets

3,693,979,792,148

3,963,532,211,658

3,342,672,184,551

-Investment

363,085,104,821

439,202,558,563

389,756,624,084

-Tangibles

3,923,774,491,327

4,120,301,821,571

4,017,878,766,988

-Intangibles

(-)1,255,661,996,521

(-)1,296,462,754,968

(-)1,342,635,631,765

-Others

662,782,192,521

700,490,586,492

277,672,425,244

Total Liabilities

6,346,182,081,145

7,789,550,538,309

5,157,920,736,040

Current Liabilities

4,987,764,562,541

5,854,253,146,711

3,954,885,475,681

Fixed Liabilities

1,358,417,518,604

1,935,297,391,598

1,203,035,260,359

Capital Stock

166,322,885,200

101,247,148,000

101,245,084,400

Capital Surplus

2,575,439,858,770

2,149,695,532,973

2,149,695,532,973

Profit Surplus

(-)545,659,283,988

(-)201,912,351,756

681,629,740,116

Capital Adjustment

(-)369,558,599,483

(-)985,294,498,642

(-)141,043,857,395

Total Equity

1,826,544,860,499

1,063,735,830,575

2,791,526,500,094

Liab. & Shareholder’s Equity

8,172,726,941,644

8,853,286,368,884

7,949,447,236,134

Current Liabilities

4,987,764,562,541

5,854,253,146,711

3,954,885,475,681

Trade Payables

1,841,121,426,020

1,659,302,721,064

2,209,091,208,791

Short-Term Borrowings

1,381,959,642,924

965,922,896,848

-

Current Portion of Long-Term Borrowings

-

125,800,000,000

314,500,000,000

Current Portion of Finance Lease Debts

1,832,532,935

1,124,389,800

1,072,028,040

Account Payables

387,203,019,833

591,587,950,755

522,082,340,513

Accrued Expenses

537,451,005,842

504,981,126,501

420,494,968,739

Advance Receipts

45,543,522,355

48,201,065,275

43,279,061,872

Unearned Income

437,454,708

9,434,050,258

492,291,383

Current Portion of Provision for Sales Guarantee

94,881,482,457

131,561,649,166

148,147,917,805

Derivatives

684,915,556,885

1,804,555,766,343

278,701,978,338

Others

12,418,918,582

11,781,530,701

17,023,680,200

Fixed Liabilities

1,358,417,518,604

1,935,297,391,598

1,203,035,260,359

Long-Term Borrowings

204,868,787,126

-

125,800,000,000

Finance Lease Debts

794,046,830

678,011,602

1,153,594,030

Long-Term Account Payables

54,173,109,610

40,717,828,445

19,340,221,302

Long-Term Guarantee Deposit Withhold

5,083,215,770

4,650,926,527

4,739,209,800

Long-Term Unearned Income

98,309,295,928

2,187,116,860

5,969,040,000

Provision for Recovery

946,023,647

545,683,667

484,895,136

Provision for Sales Guarantee

200,665,101,827

240,911,146,344

364,358,830,034

Provision for Severance & Retirement

720,899,855,657

682,077,621,236

657,481,641,853

Long-Term Derivatives

193,499,085,655

1,084,190,766,739

155,749,183,131

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Sales

9,532,541,913,373

12,310,655,134,698

12,513,655,390,999

Cost of Sold Goods

8,599,786,306,218

10,983,137,097,594

10,946,056,608,394

Gross Profit

932,755,607,155

1,327,518,037,104

1,567,598,782,605

Selling & Admin. Expenses

777,652,910,280

1,037,211,403,754

1,095,331,425,940

Operating Income

155,102,696,875

290,306,633,350

472,267,356,665

Non-Operating Income

1,216,317,498,646

1,527,315,412,372

662,011,711,147

Non-Operating Expenses

1,572,591,612,426

3,085,113,553,326

500,395,443,102

Ordinary Income

(-)201,171,416,905

(-)1,267,491,507,604

633,883,624,710

Special Income

-

-

-

Income Before Taxes

(-)201,171,416,905

(-)1,267,491,507,604

633,883,624,710

Income Taxes Expenses

142,575,515,327

(-)391,797,605,521

93,369,543,004

Net Income

(-)343,746,932,232

(-)875,693,902,083

540,514,081,706

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Cash Flows from Operating

39,843,379,435

(-)304,123,362,367

938,886,428,397

-Net Income

(-)343,746,932,232

(-)875,693,902,083

540,514,081,706

-Exp. without Cash Outflow

844,300,509,368

2,170,846,274,863

893,578,675,957

-Revenue without Cash Inflows

(-)422,893,204,802

(-)428,315,432,387

(-)277,354,867,231

-Changes in Asset/ & Liability

(-)37,816,992,899

(-)1,170,960,302,760

(-)217,851,462,035

Cash Flows from Investing

(-)271,327,115,273

(-)552,041,273,148

(-)539,768,601,165

-Cash Inflow from Investing

68,204,809,487

6,063,682,721

11,905,385,111

-Cash Outflows for Investing

(-)339,531,924,760

(-)558,104,955,869

(-)551,673,986,276

Cash Flows from Financing

999,178,774,203

646,413,317,060

(-)527,565,030,337

-Cash Inflows from Financing

1,355,017,985,066

981,047,317,049

-

-Cash Outflows from Financing

(-)355,839,210,863

(-)334,633,999,989

(-)527,565,030,337

Increase/Decrease in Cash

768,941,365,270

(-)211,887,704,022

(-)128,536,424,882

Cash at the Beginning of Year

386,682,488,315

598,570,192,337

727,106,617,219

Cash at the End of Year

1,155,623,853,585

386,682,488,315

598,570,192,337

Main Products & Services

Automobile, Automotive Parts

1. MATIZ II: was developed in compliance with the latest European safety standards and 40% offset collision test criteria.

2. KALOS: The subcompact Kalos earned a four-star rating in a collision test conducted by Korea transportation Safety Authority.

3. LACETTI: was designed with safety, performance, engine efficiency, low noise and driving comfort in mind

4. REZZO: Rezzo's new top-of-the-line Diamond series offers imporved safety features such as an additional passenger seat airbag

5. MAGNUS: The 2004 Magnus has improved safety features and now offers benefits that were previously only available on the high-end L6 Magnus 2.5.

Annual Production(EA)

902,000 EA

Suppliers

FINE ACE TECHNOLOGY CO., LTD.

853-10, OE-DONG, CHANGWON-CITY, GYEONGNAM-DO 641-020 KOREA

TEL: 82-55-239-3500 FAX: 82-55-264-9615

INDUSTRY: MANUFACTURE OF ALL OTHER SPECIAL PURPOSE MACHINERY, N.E.C.

DONG KWANG TECH CO., LTD.

681-1, JAKJEON 3-DONG, GYEYANG-GU, INCHEON 407-821 KOREA

TEL: 82-32-551-7611 FAX: 82-32-551-7613

INDUSTRY: MANUFACTURE OF PARTS AND ACCESSORIES FOR MOTOR VEHICLE BODY

MANDO CORPORATION

343-1, MANHO-RI, POSEUNG-MYEON, PYEONGTAEK-CITY, GYEOONGGI-DO 451-821 KOREA

TEL: 82-31-680-6114 FAX: 82-31-681-0151

INDUSTRY: MANUFACTURE OF OTHER PARTS AND ACCESSORIES FOR MOTOR VEHICLES

Customers

DAEWOO MOTOR SALES CORPORATION(120111-0005414) is in charge of the domestic sales of the subject company’s products as a Non-exclusive retailer, based on GM Daewoo Auto & Technology Company Retailer Agreement.

FABRYKA SAMOCHODOW OSOBOWYCH SPOLKA AKCYJNA(FSO) is manufacturing its products by purchasing the parts from the Subject Company according to Contract Assembly Agreement since 10/21/2006.

Competitors

HYUNDAI MOTOR COMPANY

KIA MOTORS CO., LTD.

RENAULT-SAMSUNG MOTOR COMPANY

Affiliates

GENERAL MOTORS CORP.

GENERAL MOTORS INVESTMENT PTY LTD.

CHEVROLET AUSTRIA GMBH

GENERAL MOTORS DAEWOO AUTO AND TECHNOLOGY CIS LLC.

CHEVROLET NEDERLAND B.V.

CHEVROLET DEUTSCHLAND GMBH

CHEVROLET PORTUGAL, LDA.

CHEVROLET EURO PARTS CENTER B.V.

CHEVROLET FINLAND OY

CHEVROLET FRANCE SAS

CHEVROLET SOUTHEAST EUROPE KFT.

CHEVROLET ESPANA, S.A.

CHEVROLET ITALIA S.P.A.

CHEVROLET SVERIGE AB

CHEVROLET SUISSE SA

CHEVROLET UK LIMITED

VIETNAM DAEWOO MOTOR CO., LTD.

AMERICA SUZUKI MOTOR CORP.

GENERAL MOTORS CORP.

GENERAL MOTORS OF CANADA LIMITED

NORTH AMERICA INTERNATIONAL PRODUCT CENTER

SHANGHAI GENERAL MOTORS CO., LTD.

HOLDEN'S ENGINE COMPANY

SHANGHAI GM DONG YUE MOTORS

GENERAL MOTORS COLMOTORES S.A.

GENERAL MOTORS VENEZOLANA S.A.

HOLDEN LTD.

ADAM OPEL AG.

GENERAL MOTORS SOUTH AFRICA LTD.

GENERAL MOTORS CHILE S.A.

SGM DY POWER TRAIN COMPANY LTD.

GENERAL MOTORS INDIA PVT. LTD.

GENERAL MOTORS THAILAND LTD.

GENERAL MOTORS DEL ECUADOR S.A.

SAIC GM WULING AUTOMOBILE CO., LTD

GMSPO CANADA

CHEVROLET SALES THAILAND LTD.

GENERAL MOTORS AFRICA AND MIDDLE EAST

GENERAL MOTORS DE MEXICO

GM POWERTRAIN-GERMANY GMBH

VEHICLE SALES, SERVICE AND MARKETING

GM APO HOLDINGS LLC

Subsidiary

CHEVROLET EUROPE GMBH

(100.0% held by the subject company)

CHEVROLET AUSTRIA GMBH

(100.0% held by the subject company)

GENERAL MOTORS DAEWOO AUTO AND TECHNOLOGY CIS LLC.

(100.0% held by the subject company)

CHEVROLET NEDERLAND B.V.

(100.0% held by the subject company)

CHEVROLET DEUTSCHLAND GMBH

(100.0% held by the subject company)

CHEVROLET PORTUGAL, LDA.

(100.0% held by the subject company)

CHEVROLET EURO PARTS CENTER B.V.

(100.0% held by the subject company)

CHEVROLET FINLAND OY

(100.0% held by the subject company)

CHEVROLET FRANCE SAS

(100.0% held by the subject company)

CHEVROLET SOUTHEAST EUROPE KFT.

(100.0% held by the subject company)

CHEVROLET ESPANA, S.A.

(100.0% held by the subject company)

CHEVROLET POLAND SP.Z O.O.

(100.0% held by the subject company)

CHEVROLET ITALIA S.P.A.

(100.0% held by the subject company)

CHEVROLET SVERIGE AB

(100.0% held by the subject company)

CHEVROLET SUISSE SA

(100.0% held by the subject company)

CHEVROLET OTOMOTIV TICARET LTD. STI.

(100.0% held by the subject company)

CHEVROLET UK LIMITED

(100.0% held by the subject company)

VIETNAM DAEWOO MOTOR CO., LTD.

(100.0% held by the subject company)

Corporate Ownership

GENERAL MOTORS COMPANY(GM)-Newly established as of 07/10/2009

GENERAL MOTORS INVESTMENT PTY LTD.

Major Shareholders

GENERAL MOTORS INVESTMENT PTY LTD.

Cooperative Enterprise

-Insured Company

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

LIG INSURANCE CO., LTD.(110111-0017859)

DONGBU INSURANCE CO., LTD.(110111-0095285)

-GM Daewoo   Auto & Technology Company Retailer Agreement(Non-exclusive retailer) with

DAEWOO MOTOR SALES CORPORATION(120111-0005414)

It has been expired as of 03/09/2010.

- Working Capital Agreement with

Korea Development Bank(110135-0000937)

- Contract Assembly Agreement with

FABRYKA SAMOCHODOW OSOBOWYCH SPOLKA AKCYJNA(FSO)

Sales/ Unit : KRW

2009

2008

2007

Export

7,991,691,845,529

11,039,414,843,699

10,867,033,572,586

Domestic

1,540,850,067,844

1,271,240,290,999

1,646,621,818,413

Total

9,532,541,913,373

12,310,655,134,698

12,513,655,390,999

Currency

Unit

Indian Rupees

US Dollar

1

Rs.44.45

UK Pound

1

Rs.71.59

Euro

1

Rs.63.01

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