MIRA INFORM REPORT

Report Date :

25.02.2011

IDENTIFICATION DETAILS

Name :	DAEWOO INTERNATIONAL CORPORATION

Registered Office :	84-11, Namdaemunno 5-ga, Jung-gu, Seoul, Korea

Country :	South Korea

Financials (as on) :	30.09.2010

Date of Incorporation :	27.12.2000

Com. Reg. No.:	104-81-58195

Legal Form :	Listed Company

Line of Business :	Export/Import and Wholesale of Non-Specialized Goods

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Exists

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 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

South Korea

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Basic

Company Name	DAEWOO INTERNATIONAL CORPORATION (Trade Name : DWIC) (Korean Company Name : “(주)대우인터내셔널”)
Registered Address	84-11, Namdaemunno 5-ga, Jung-gu, Seoul, Korea
Building	13th Fl., Yonsei Severance Bldg.
Zip Code	100-753
Tel	+82-2-759-2114
Fax	+82-2-753-9489
E-mail	webmaster@daewoo.com ; jekwak@daewoo.com ; jspark6@daewoo.com wikim@daewoo.com
Website	www.daewoo.com
Trading Address	13th Fl., Yonsei Severance Bldg., 84-11, Namdaemunno 5-ga, Jung-gu, Seoul, Korea (C.P.O. Box 2810)
Tel	+82-2-759-2114
Fax	+82-2-753-9489
- Other Address-Busan Factory	1746-1, Songjeong-dong, Gangseo-gu, Busan, Korea
Tel	+82-51-960-3114
Fax	+82-51-988-2614
Other Address-Daewoo Dept. Store	28, Sinpodong 2-ga, Masan-si, Gyeongsangnam-do, Korea
Tel	+82-55-240-5000
Fax
Type	Export/Import
Industry	Wholesale of Non-Specialized Goods
Main Business	Cold Rolled Product, Auto-Component, Impassioned Performance Product, Synthetic Resin
Sub Business	Sale of Motor Vehicle Upholstery, Parts and Accessories
Established (mm/dd/yyyy)	12/27/2000

The Subject occupies the premises of the registered address(16,149㎡), and owns Busan Factory(13,169㎡) and Masan Daewoo Department Store(16,984㎡).

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Vocational training(86100000)
Sell	Steel plate(30102204)
Sell	Steel(11101704)
Sell	Chemicals including Bio Chemicals and Gas Materials(12000000)
Sell	Fibers(11151500)
Sell	Distribution(80141700)
Sell	Transportation components and systems(25170000)
Sell	Structural materials and basic shapes(30100000)
Sell	Base Metals(11101700)
Sell	Industrial process machinery and equipment and supplies(23150000)

CEO’s

Name	Kim Jae-Yong
Address	Rm. 5-1206, 316, Daechi-dong, Gangnam-gu, Seoul, Korea
Date of Birth	09/05/1950
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

503,867,960,000 KRW

Employees

1,683 and additional 78 executives and 86 in overseas branches

Formation

Listed Company (Koreas Stock Exchange : 047050) as of 03/23/2001

A Company of POSCO Group

Bank Details

Woori Bank-Corporate Finance HQ

Korea Development Bank

Kyungnam Bank

Korea Exchange Bank

Corporate Registered No.

110111-2137358

Business Registered No.

104-81-58195

Permit & Licenses

Int’l Trade No.: 672861

Shareholder Position

Name	Shares	%
POSCO(174611-0000741)	68,681,566	68.15
OTHERS	32,092,026	31.85
TOTAL	100,773,592	100.00

Company History

03/ 22/1967 Established as Daewoo Industrial Co., Ltd

01/01/1982 Merged with Daewoo Development Co., Ltd; changed name to Daewoo Corporation

12/ 27/2000 DAEWOO INTERNATIONAL CORPORATION established as a result of spin-off plan of DAEWOO CORPORATION

03/ 23/2001 Listed at KSE again

11/ 15/2002 Granted Preliminary Graduation of Work-Out

12/ 30/2003 Completed the Work-Out Program

04/13/2004 Increased capital to 474,943,880,000 KRW from 473,146,840,000 KRW

01/15/2007 Established DAEWOO STC VINA LTD., in Vietnam

02/26/2007 Secured the developing right on Myanmar’ Ocean AD-7 Zone

06/27/2007 Awarded Shareholders’ Value Award

05/19/2008 Moved to the present HQ address from Daewoo Center Bldg., 541, Namdaemunno 5-ga, Jung-gu, Seoul, Korea

05/14/2010 POSCO(174611-0000741) has been designated as a preferable negotiating Partner for M&A on the Subject Company by KOREA ASSET MANAGEMENT CORPORATION(KAMCO : 114671-0023169).

09/20/2010 Acquired 68,681,566 shares(68.2%) by POSCO

11/01/2010 Joined as an affiliated company of POSCO GROUP

Corporation, Daewoo Engineering and Construction Co., Ltd., and Daewoo Corporation on Dec. 27, 2000, Daewoo International Corporation was renewed as the corporation to deal exclusively with the trade business.

As of 03/15/2000, the subject has signed the agreement on Workout with the association of Financial institutes creditors. At 12/30/2003 the subject has been decided the completion of Workout procedure.

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
Vice Chairman & CEO	Mr.	Lee Dong-Hee	Korean	1949.11.10	Korea University, Korea
President & CEO	Mr.	Kim Jae-Yong	Korean	1950.09.05	Seoul National University, Korea
Vice President	Mr.	Ma Young-Nam	Korean	1952.05.27	Seoul National University, Korea
Outside Director/Auditor	Mr.	Kim Kwang-Soo	Korean	1947.04.15	Korea University, Korea
Outside Director/Auditor	Mr.	Yoon Je-Cheol	Korean	1947.12.28	Seoul National University, Korea
Outside Director/Auditor	Mr.	Nam Hyo-Eung	Korean	1952.10.25	Korea University, Korea
Outside Director/Auditor	Mr.	Jung Byung-Moon	Korean	1962.12.05	Seoul National University, Korea

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)12/2010	15,672,004,137,000	4,791,017,952,000	122,017,083,000
09/2010	11,577,047,218,000	4,620,952,974,000	23,318,751,000
2009	11,147,952,355,000	3,885,176,244,000	124,614,287,000
2008	11,045,767,821,000	2,675,256,912,000	88,001,342,000
2007	7,816,148,768,000	2,164,056,142,000	101,990,515,000
2006	6,383,614,771,000	1,928,794,170,000	112,807,879,000
2005	5,144,532,095,000	1,705,368,957,000	172,301,572,000
2004	5,017,210,407,000	1,622,774,223,000	114,053,022,000

(*)The financials (2010) are released by the subject company as tentative figures as of 01/14/2011. It can be changeable by the Auditors confirmation.

Financial Description

Authorized Capital(KRW)	2,500,000,000,000
Paid-Up Capital(KRW)	503,867,960,000
Total Issues Shares	100,773,592

Balance Sheet

Unit : Korean Won	01/01/2010~09/30/2010	As of 12/31/2009	As of 12/31/2008
Total Assets	4,620,952,974,000	3,885,176,244,000	2,675,256,912,000
Current Assets	2,289,376,435,000	1,757,421,067,000	1,046,395,986,000
-Quick Assets	1,765,575,605,000	1,490,037,378,000	834,570,184,000
-Inventories	523,800,830,000	267,383,689,000	211,825,802,000
Fixed Assets	2,331,576,539,000	2,127,755,177,000	1,628,860,926,000
-Investment	2,055,929,164,000	1,835,158,622,000	1,386,557,643,000
-Tangibles	209,349,281,000	209,245,332,000	159,294,537,000
-Intangibles	44,453,096,000	45,929,904,000	48,218,021,000
-Others	21,844,998,000	37,421,319,000	34,790,725,000
Total Liabilities	3,152,728,344,000	2,495,445,225,000	1,604,756,706,000
Current Liabilities	2,369,954,709,000	1,449,597,715,000	1,130,846,212,000
Fixed Liabilities	782,773,635,000	1,045,847,510,000	473,910,494,000
Capital Stock	503,867,960,000	489,192,195,000	474,943,880,000
Capital Surplus	17,858,950,000	19,244,872,000	1,401,774,000
Profit Surplus	659,645,972,000	655,976,600,000	552,815,270,000
Capital Adjustment	286,851,748,000	225,317,352,000	41,339,282,000
Total Equity	1,468,224,630,000	1,389,731,019,000	1,070,500,206,000
Liab. & Shareholder’s Equity	4,620,952,974,000	3,885,176,244,000	2,675,256,912,000

Current Liabilities	2,369,954,709,000	1,449,597,715,000	1,130,846,212,000
Trade Payables	1,119,668,226,000	975,392,165,000	506,651,586,000
Short-Term Borrowings	504,024,981,000	139,358,869,000	248,484,544,000
Account payables	152,137,199,000	163,242,633,000	157,917,545,000
Advance Receipts	59,468,074,000	39,082,274,000	31,690,490,000
Withholdings	24,363,894,000	25,801,566,000	50,086,799,000
Accrued Expenses	5,562,530,000	7,651,340,000	3,076,833,000
Accrued Income Tax	9,386,984,000	11,917,632,000	37,724,595,000
Current Portion of Long-Term Debts	401,991,992,000	22,822,191,000	45,232,861,000
Guarantee Deposit Received	2,240,758,000	222,654,000	213,731,000
Derivatives	111,622,005,000	69,483,329,000	56,590,172,000
Fixed Liabilities	782,773,635,000	1,045,847,510,000	473,910,494,000
Debentures	150,000,000,000	150,000,000,000	-
Convertible Bonds	-	381,660,000,000	-
Long-Term Borrowings	236,653,316,000	182,161,968,000	199,257,265,000
Long-Term Account Payables	-	-	2,369,489,000
Long-Term Accrued Expenses	32,236,000	25,136,000	29,472,000
Long-Term Withholdings	143,369,777,000	163,303,698,000	165,455,768,000
Long-Term Guarantee Deposit Received	7,284,536,000	7,268,636,000	7,349,100,000
Provision for Severance & Retirement	46,594,137,000	42,779,515,000	46,640,669,000
Provision for Contingent Loss	77,068,157,000	83,722,988,000	92,498,124,000
Provisions for Repairing	3,995,543,000	3,949,892,000	2,067,160,000
Non-Current Portion of Deferred Income Tax Credit	180,851,267,000	130,500,490,000	46,075,369,000

Income Statement

Unit : Korean Won	01/01/2010~09/30/2010	As of 12/31/2009	As of 12/31/2008
Sales	11,577,047,218,000	11,147,952,355,000	11,045,767,821,000
Cost of Sold Goods	10,919,446,510,000	10,390,672,450,000	10,284,464,906,000
Gross Profit	657,600,708,000	757,279,905,000	761,302,915,000
Selling & Admin. Expenses	516,559,768,000	585,943,251,000	604,972,244,000
Operating Income	141,040,940,000	171,336,654,000	156,330,671,000
Non-Operating Income	936,816,034,000	1,039,815,140,000	1,212,865,182,000
Non-Operating Expenses	1,017,267,046,000	1,032,293,862,000	1,264,150,084,000
Ordinary Income	60,589,928,000	178,857,932,000	105,045,769,000
Special Income	-	-	-
Income Before Taxes	60,589,928,000	178,857,932,000	105,045,769,000
Income Taxes Expenses	37,271,177,000	54,243,645,000	17,044,427,000
Net Income	23,318,751,000	124,614,287,000	88,001,342,000

Cash Flows

Unit : Korean Won	01/01/2010~09/30/2010	As of 12/31/2009	As of 12/31/2008
Cash Flows from Operating	(-)843,000,368,000	534,773,048,000	127,020,237,000
-Net Income	23,318,751,000	124,614,287,000	88,001,342,000
-Exp. without Cash Outflow	717,768,089,000	612,284,490,000	663,977,383,000
-Revenue without Cash Inflows	(-)619,356,845,000	(-)635,253,819,000	(-)621,493,595,000
-Changes in Asset/ & Liability	(-)964,730,363,000	433,128,090,000	(-)3,464,893,000
Cash Flows from Investing	(-)185,613,532,000	(-)264,860,387,000	(-)148,566,372,000
-Cash Inflow from Investing	92,608,883,000	54,676,386,000	422,407,440,000
-Cash Outflows for Investing	(-)278,222,415,000	(-)319,536,773,000	(-)570,973,812,000
Cash Flows from Financing	387,439,501,000	369,836,620,000	112,361,356,000
-Cash Inflows from Financing	428,342,269,000	552,804,707,000	226,024,425,000
-Cash Outflows from Financing	(-) 40,902,768,000	(-)182,968,087,000	(-)113,663,069,000
Increase/Decrease in Cash	(-)641,174,399,000	639,749,281,000	90,815,221,000
Cash at the Beginning of Year	929,268,129,000	289,518,848,000	198,703,627,000
Cash at the End of Year	288,093,730,000	929,268,129,000	289,518,848,000

Products, Technologies, Services Description

Main Products & Services

Steel, Metal, Chemical, Automotive and Component, Machinery, Media and Electronics, Textiles, Commodity and Energy

International trading, resource development in foreign countries, domestic and international investments in business, foreign projects, support of small and medium sized companies

Detailed Products Spec.

Technologies Acquired

Trade Partners & Competitors

Suppliers

TSM TECH CO., LTD.

4BA-505-1, SIHWA INDUSTRIAL COMPLEX, 748-6, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO 425-110 KOREA

TEL: 82-31-432-5511 FAX: 82-31-432-0412

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

DONG HWA CO., LTD.

584-1, GAJWA 1-DONG, SEO-GU, INCHEON 404-812 KOREA

TEL: 82-32-870-1500 FAX: 82-32-867-2238

INDUSTRY: MANUFACTURE OF OTHER PARTS AND ACCESSORIES FOR MOTOR VEHICLES

SSANGYONG MOTOR CO.,LTD.(110111-0035132)

150-3, CHILGOE-DONG, PYEONGTAEK-SI, GYEONGGI-DO, KOREA

TEL:+82-31-610-1114 FAX:+82-31-610-3700

INDUSTRY: MANUFACTURE OF PASSENGER MOTOR VEHICLES

Customers

Payment: In case of exporting, mostly it is paid by D/A, D/P and USANCE base with Export Insurance coverage.

Competitors

SK NETWORKS CO., LTD.(130111-0005199)

HYOSUNG CORPORATION(110111-0030497)

LG INTERNATIONAL CORPORATION(110111-0004632)

SAMSUNG C&T CORPORATION(110111-0002975)

HYUNDAI CORPORATION(110111-0205850)

SSANGYON CORPORATION(110111-0031479)

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

Affiliates	POSCO(174611-0000741) POSCO COATED & COLOR STEEL CO., LTD.(174611-0006492) POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSDATA CO., LTD.(110111-0658637) POSCO REFRACTORIES & ENVIRONMENT CO., LTD.(174611-0001947) SAMJUNG PACKING AND ALUMINUM CO., LTD.(174611-0000866) POS-A.C. CO., LTD.(174611-0003448) POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSCO RESEARCH INSTITUTE(110111-1042350) POSCO CHEMTECH CO., LTD.(174611-0001947) POSTEEL(110111-0344591) POSCO SPECIALTY STEEL CO., LTD. (194211-0025248) POSMEC(POSCO MACHINERY & ENGINEERING CO., LTD.)(174611-0012176) POSCO TERMINAL CO., LTD.(204611-0017575) POSTECH VENTURE CAPITAL COOPERATION (174611-0029080) POSMATE CO., LTD.(110111-0739841) POSCO POWER CORPORATION(110111-1829576) SNNC CO., LTD.(204611-0023415) PHP CO., LTD.(120111-0421545) POSBRO(110111-3528986) SUWON GREEN ENVIRONMENT CORPORATION(134811-0133794) POSCORE CO., LTD.(134811-0003343) RIZTECH BIZ CO., LTD. POSWITH CO., LTD.(171711-0075927) P&R CO., LTD. UITRANS CO., LTD.(110111-3792309) BASYS INDUSTRY CO. LTD.(110111-0954647) UNIVERSAL STUDIOS RESORT DEVELOPMENT CORPORATION(134811-0167222) METAPOLIS CO., LTD.(134811-0094475) SEOUNG GWANG CO., LTD.(120111-0222844) CHEONGNA IBT CO., LTD.(120111-0454520) POHANG FEUL CELL CO., LTD.(171711-0076256) MEGA ASSET CO., LTD.(161511-0097480) DAEWOOENGINEERING COMPANY CO., LTD.(110111-0203268) POS ECO HOUSING CO., LTD.( 171711-0085893) DAKOS CO., LTD.(131111-0246297) MAPO HYBROAD PARKING CO., LTD.(110111-4250140) GWANGYANG FSC CO., LTD.(204611-0031385) POSPLATE CO., LTD.(204611-0031252) POS CALCIUM CO., LTD.(171711-0086180) (70.0% held by the subject company)
Affiliates & Companies invested by the subject company	KYOBO LIFE INSURANCE CO., LTD. (110111-0014970) (24.0% held by the subject company) MYANMAR KOREA TIMBER INT'L LTD. (45.0% held by the subject company) KOSVIDA AGROCHEMICAL CO., LTD. HANJUNG POWER LTD. (49.0% held by the subject company) VOGUE CENTURY LTD. KOREA LNG LTD. (20.0% held by the subject company) DAEWOO INT'L (AMERICA) CORP (100.0% held by the subject company) DAEWOO INT'L (DEUTSCHLAND) GMBH (100.0% held by the subject company) DAEWOO INT'L JAPAN CORP (100.0% held by the subject company) DAEWOO INT'L SINGAPORE PTE LTD. (100.0% held by the subject company) MYANMAR DAEWOO INT'L LTD. (55.0% held by the subject company) DAEWOO CEMENT (SANDONG) CO., LTD. (100.0% held by the subject company) GEZIRA TANNERY CO., LTD. (60.0% held by the subject company) DAEWOO(CHINA) CO., LTD. (100.0% held by the subject company) MYANMAR DAEWOO LTD. (100.0% held by the subject company) DAEWOO TEXTILE COMPANY (100.0% held by the subject company) DAEWOO TEXTILE (H.K) LTD (100.0% held by the subject company) DAEWOO ITALIA S.R.L (100.0% held by the subject company) PT. RISMAR DAEWOO APPAREL (88.15.0% held by the subject company) GENERAL MEDICINES CO., LTD (33.0% held by the subject company)
Affiliates & Companies invested by the subject company	DAYTEK ELECTRONICS CORP (100.0% held by the subject company) DAEWOO APPAREL VIETNAM LTD (100.0% held by the subject company) PT. INTERNATIONAL STEEL INDONESIA (51.0% held by the subject company) DAEWOO TEXTILE FERGANA LLC (100.0% held by the subject company) DMSA (2.75% held by the subject company) DAEWOO STC VINA LTD (100.0% held by the subject company) POSCO MEXICO PROCESSING CENTER HOLDING, LLC (29.0% held by the subject company) DAEWOO TEXTILE BUKHARA LLC (100.0% held by the subject company) DAEWOO INT'L AUSTRALIA PTY LTD. (100.0% held by the subject company) DAEWOO INT'L MEXICO S.A. de C.V. (100.0% held by the subject company) POS-ESDC LTD. (20.0% held by the subject company) KG POWER(M) SDN. BHD (20.0% held by the subject company) DAEWOO AAPC (100.0% held by the subject company)
Affiliates & Companies invested by the subject company	KYOBO LIFE INSURANCE CO., LTD. (110111-0014970) (24.0% held by the subject company) MYANMAR KOREA TIMBER INT'L LTD. (45.0% held by the subject company) KOSVIDA AGROCHEMICAL CO., LTD. HANJUNG POWER LTD. (49.0% held by the subject company) VOGUE CENTURY LTD. KOREA LNG LTD. (20.0% held by the subject company) DAEWOO INT'L (AMERICA) CORP (100.0% held by the subject company) DAEWOO INT'L (DEUTSCHLAND) GMBH (100.0% held by the subject company) DAEWOO INT'L JAPAN CORP (100.0% held by the subject company) DAEWOO INT'L SINGAPORE PTE LTD. (100.0% held by the subject company) MYANMAR DAEWOO INT'L LTD. (55.0% held by the subject company) DAEWOO CEMENT (SANDONG) CO., LTD. (100.0% held by the subject company) GEZIRA TANNERY CO., LTD. (60.0% held by the subject company) DAEWOO(CHINA) CO., LTD. (100.0% held by the subject company) MYANMAR DAEWOO LTD. (100.0% held by the subject company) DAEWOO TEXTILE COMPANY (100.0% held by the subject company) DAEWOO TEXTILE (H.K) LTD (100.0% held by the subject company) DAEWOO ITALIA S.R.L (100.0% held by the subject company) PT. RISMAR DAEWOO APPAREL (88.15.0% held by the subject company) GENERAL MEDICINES CO., LTD (33.0% held by the subject company)
Affiliates & Companies invested by the subject company	DAYTEK ELECTRONICS CORP (100.0% held by the subject company) DAEWOO APPAREL VIETNAM LTD (100.0% held by the subject company) PT. INTERNATIONAL STEEL INDONESIA (51.0% held by the subject company) DAEWOO TEXTILE FERGANA LLC (100.0% held by the subject company) DMSA (2.75% held by the subject company) DAEWOO STC VINA LTD (100.0% held by the subject company) POSCO MEXICO PROCESSING CENTER HOLDING, LLC (29.0% held by the subject company) DAEWOO TEXTILE BUKHARA LLC (100.0% held by the subject company) DAEWOO INT'L AUSTRALIA PTY LTD. (100.0% held by the subject company) DAEWOO INT'L MEXICO S.A. de C.V. (100.0% held by the subject company) POS-ESDC LTD. (20.0% held by the subject company) KG POWER(M) SDN. BHD (20.0% held by the subject company) DAEWOO AAPC (100.0% held by the subject company)
Overseas Office	DAEWOO INT'L(JAPAN) CORP. OSAKA BRANCH NIHON SEIMEI YODOYABASHI BLDG, 8TH FL., 5-29, 3-CHOME, KITAHAMA, CHUO-KU, OSAKA, 541-0041 JAPAN TEL:+81-6-6222-0848~9 FAX:+81-6-6222-0865 DAEWOO INT'L(JAPAN)CORP. NAGOYA BRANCH 6F,NAGOYA HIROKOJI BLDG 3-1,SAKAE 2CHOME, NAKA-KU. NAGOYA, 460-0008 JAPAN TEL:+81-52-222-3717 FAX:+81-52-222-3719 DAEWOO INT’L LONDON BRANCH OFFICE 10TH FLOOR CI TOWER ST.GEORGES SQUARE, NEW MALDEN, SURREY KT3 4HH,UNITED KINGDOM TEL:+44-208-336-9131~3 FAX:+44-208-949-3783 OFICINA DE MADRID CAPITAN HAYA, 56, 6FLOOR-D, 28020 MADRID, SPAIN TEL:+34-91-571-0563 FAX:+34-91-571-6827 ISTANBUL OFFICE CUMHURIYET CAD.MERKEZ APT.163/7, 34373 ELMADAG - ISTANBUL TURKEY TEL:+90-212-232-1567/1592/1757 FAX:+90-212-232-1994 MOSCOW OFFICE LENINSKY PROSPECT 158. HOTEL SALYUT, OFFICE 303, MOSCOW, 117571, RUSSIA TEL:+7-095-234-9242/9244 FAX:+7-095-234-9249 TASHKENT OFFICE 4TH FLOOR, 1, BUKHARA STEET, TASHKENT, 700015, UZBEKISTAN TEL:+998-71-133-0111, 0311 FAX:+998-71-133-2114 TORONTO BRANCH SUITE #403,1500 DON MILLS ROAD, NORTH YORK, ONTARIO CANADA, M3B 3K4 TEL:+1-416)510-2886 FAX:+1-416)510-0908 MEXICO BRANCH BOSQUES DE CIRUEOS NO,130-5 PISO, COL, BOSQUES DE LAS LOMAS C.P.11700 MEXICO D.F.,MEXICO TEL:+52-55)5596-5757,4243 FAX:+52-55)5596-1585 SUCURSAL BUENOS AIRES TALCAHUANO 833, PISO 7 - F, (C1013AAQ) CAP. FED. BUENOS AIRES, ARGENTINA TEL:+54-11)4816-3201 FAX:+54-11)4815-1158 DAEWOO DO BRASIL IMP. E EXP LTDA AV. PAULISTA 777, 13 ANDAR CEP-0311-100, SAO PAULO-S.P, BRASIL TEL:+55-11)3285-5699 FAX:+55-11)3266-4125
Overseas Office	BEIJING REPRESENTATIVE OFFICE OFFICE C-701, BEIJING LUFTHANSA CENTER 50 LIANGMAQIAO ROAD, CHAOYANG DISTRICT BEIJING 100016, CHINA TEL:+ 86-10-6465-2226 FAX:+86-10-6465-1531, 1532 SHANGHAI OFFICE ROOM 1303-1309 RUIJIN B/D 205, MAO-MING ROAD(SOUTH) TEL:+86-21-6472-4280 FAX:+86-21-6472-0437 DALIAN OFFICE DALIAN WORLD TRADE CENTER ROOM 2602 NO.25, TONGXING STREET, ZHONGSHAN DISTRICT, DALIAN, CHINA TEL:+86-411-8253-0808 FAX:+86-411-8253-0070 HARBIN OFFICE HARBIN BAOIL TECHNICAL BUILDING #810 NO. 93 ZHONGSHAN ROAD, XIANGFANG DISTRICT, HARBIN,HEILONGJANG PROV., CHINA(POSTAL CODE :150036) TEL:+86-451-8233-0434, 0466, 6431 FAX:+86-451-8233-0264 CHANGCHUN OFFICE NOBLE HOTEL ROOM. 818 NO.4501 REMIN STREET, CHANGCHUN, JILIN PROVINCE, CHINA(POSTAL CODE :130021) TEL:+86-431-563-0676, 567-4753 FAX:+86-431-567-4759 SHENYANG OFFICE SHENYANG TIMES PLAZA 6 F1.NO.99 BEIZHAN ROAD, SHENHE DISTRICT, SHENYANG, LIAONING PROVINCE, CHINA(POSTAL CODE :110013) TEL:+86-24-2253-4496 FAX:+86-24-2253-4529 QINGDAO OFFICE #703, FUTAI PLAZA OFFICE TOWER, NO. 18 HONGKONG ZHONG ROAD, QINGDAO CHINA TEL:+86-532-8573-1688/8788 FAX:+86-532-8572-7588 WUHAN BRANCH #709 WUHAN INT'L TRADE COMMERCE CENTER. NO. 566, JIANSHE AVE, WUHAN CHINA,(POSTAL CODE: 430022) TEL:+86-27-8577-0993 FAX:+86-27-8577-0992 GUANGZHOU REPRESENTITIVE OFFICE ROOM 1301, GITIC PLAZA MAIN BLDG. 339 HUANSHI DONG ROAD, GUANGZHOU, CHINA TEL:+86-20-8331-1371 FAX:+86-20-8331-2789 KUNMING OFFICE ROOM 915 HORIZON JIANGUO HOTEL, 432 QINGNIAN ROAD, KUNMING, YUNNAN, CHINA(POSTAL CODE : 650021) TEL:+86-871-318-3373 FAX:+86-871-318-0371 SHANTOU REPRESENTATIVE OFFICE B/18F EVERGREEN BUILDING, EAST JINSHA ROAD, SHANTOU, CHINA(POSTAL CODE : 515041) TEL:+86-754-816-3442~4, 816-9536 FAX:+ 86-754-816-3445
Overseas Office	TAIWAN BRANCH 8FL-1, NO.51, KEELUNG RD., SEC2, TAIPEI, TAIWAN TEL:+ 886-2-8732-5557 FAX:+886-2-8732-5537/5856/5857 AUSTRALIA REPRESENTATIVE OFFICE SUITE 2 LEVEL 4, 621 PACIFIC HIGHWAY ST. LEONARDS, NSW 2065 AUSTRALIA TEL:+ 61-2-9906-7355 FAX:+61-2-9906-7588 MANILA REPRESENTATIVE OFFICE 5TH FLOOR. PACIFIC STAR BLDG., SEN. GIL J. PUYAT AVENUE COR. MAKATI AVENUE, MAKATI CITY. PHILIPPINES TEL:+63-2-818-1031~2 FAX:+63-2-817-5267 HANOI OFFICE 3RD FLOOR, OFFICE TOWER, DAEHA BUSINESS CENTER, 360 KIM MA ST., BA DINH DISTRICT, HANOI, S.R. VIETNAM TEL:+84-4-8315220 FAX:+84-4-8317889 HOCHIMINH OFFICE 117-121 LE LOI ST. 1ST FLOOR, , DIST.1, HOCHIMINH CITY, S.R.VIETNAM TEL:+84-8-821-7740 FAX:+84-8-821-7750 BANGKOK OFFICE UNIT 1901-1902, M.THAI TOWER, ALL SEASONS PLACE, 87 WIRELESS ROAD, LUMPINI, PATHUMWAN, BANGKOK 10330,THAILAND TEL:+66-2-654-0124~8 FAX:+66-2-654-0129 JAKARTA BRANCH LIPPO PLAZA 7TH FLOOR JL. JEND. SUDIRMAN KAV 25, JAKARTA 12920 INDONESIA P.O.BOX 2810 TEL:+62-21-520-4520 FAX:+62-21-520-3478 NEW DELHI OFFICE 4/6, FIRST FLOOR, SIRIFORT INSTITUTIONAL AREA,NEW DELHI-110049, INDIA TEL:+91-11-649-8201~3 FAX:+91-11-649-5387, 4792
Overseas Office	NEW DELHI OFFICE 4/6, FIRST FLOOR, SIRIFORT INSTITUTIONAL AREA,NEW DELHI-110049, INDIA TEL:+91-11-649-8201~3 FAX:+91-11-649-5387, 4792 TEHRAN BRANCH NO. 27, REZA NAYEBI ST., VESSAL SHIRAZI AVE., P.O. BOX 14155-3531, TEHRAN, IRAN TEL:+98-21-646-3571~7 FAX:+98-21-646-9805, 649-2057 DUBAI BRANCH P.O.BOX 8090 FLAT NO.221 OUD METHA BLDG., AL GARHOUD ROAD, DUBAI, U.A.E. TEL:+971-4-324-8240 FAX:+971-4-324-8241 TEL AVIV OFFICE FLOOR 12TH, AVIV TOWER BLDG. A, 48PETACH TIKVA ROAD. TEL AVIV 66184, ISRAEL TEL:+972-3-537-2292 FAX:+972-3-537-2286 RIYADH OFFICE KING FAISAL FOUNDATION BLDG. SOUTH TOWER, 8TH FLOOR, P.O.BOX 89644, RIYADH 11692 SAUDI ARABIA TEL:+966-1-464-6814, 6211 FAX:+966-1-464-6814 AMMAN OFFICE QATEEF STR., HOUSE #24, UMM OTHINA, AMMAN, JORDAN TEL:+962-6-553-6451~2 FAX:+962-6-553-6453 BAGHDAD OFFICE NO. 10 STREET, 29 QT, 601, MANSUR, BAGHDAD, IRAQ TEL:+964-1-543-1663, 5701 FAX:+964-1-542-9258 CAIRO LIAISON OFFICE FLAT NO. 64, GEZIRAH TOWER 1, ROAD NO. 151, MAADL CAIRO, EGYPT TEL:+20-2-525-6012, 524-0810 FAX:+20-2-525-6015 NAIROBI BRANCH INTERNATIONAL HOUSE 5TH FLOOR, MAMA NGINA STEERT P.O.BOX 43739 G.P.O NAIROBI KENYA TEL:+254-20-316108, 316109 FAX:+254-20-316135
Overseas Office	RABAT BRANCH ANGLE RUE DE HONAINE ET 16 NOVEMBRE, IMM 2, APT 11 AGDAL, B.P 8153 RABAT, MOROCCO TEL:+213-37-674509 FAX:+212-37-674510 ALGERIA BRANCH HOTEL INTERNATIONAL ALGER, ROOM #225, PINS MARITIMES, ALGER, ALGERIA TEL:+213-21-210752 FAX:+213-21-219796 TUNIS OFFICE CHEZ SOREPRAS, 92, RUE 18, JANVIER 1952 1001 TUNIS, TUNISIA TEL:+216-71-334051 FAX:+216-71-334051 LUANDA OFFICE AV.HIJI YA HENDA, TORRE B, 2O. ANDAR, APTO. B(AO ESTADIO DA CIDADELA), P.O.BOX 513, LUANDA, ANGOLA TEL:+244-2-263635, 263931, 263966 FAX:+244-2-263670 JOHANNESBURG BRANCH 1ST FLOOR, FEDSURE TOWERS 13 FREDMAN DRIVE SADOWN, SANDTON 2196 REPUBLIC OF SOUTH AFRICA P.O.BOX 786734 SANTON 2146 SA TEL:+27-11-784-1326 FAX:+27-11-784-1301
Subsidiary	DAEWOO INT'L (AMERICA) CORP.(USA) (100.0% held by the subject company) DAEWOO INT'L JAPAN CORP.(Japan) (100.0% held by the subject company) DAEWOO INT'L (DEUTSCHLAND) GmbH.(Germany) (100.0% held by the subject company) DAEWOO ITALIA S.R.L.(Italy) (100.0% held by the subject company) PT. RISMAR DAEWOO APPAREL(Indonesia) (100.0% held by the subject company) DAEWOO TEXTILE COMPANY(Uzbekistan) (100.0% held by the subject company) DAEWOO CEMENT(SHANDONG) CO., LTD.(China) (100.0% held by the subject company) DAEWOO(CHINA) CO., LTD.(China) (100.0% held by the subject company) GEZIRA TANNERY CO.,LTD.(Sudan) (60.0% held by the subject company) DAEWOO INT'L SINGAPORE PTE. LTD.(Singapore) (100.0% held by the subject company) DAYTEK ELECTRONICS CORPORATION(Canada) (100.0% held by the subject company) DAEWOO TEXTILE FERGANA LLC.(Uzbekistan) (100.0% held by the subject company) PT. INTERNATIONAL STEEL INDONESIA(Indonesia) (51.0% held by the subject company) SOZHOU JINWOO TEXTILE DYEING CO., LTD.(China) (90.2% held by the subject company) DAEWOO PAPER GOBOON CO., LTD.(China) (59.9% held by the subject company) DAEWOO INTERNATIONAL AUSTRALIA PTY LTD. (100.0% held by the subject company)
Cooperative Enterprise	SAUDI STEEL PIPE-SAUDI ARABIA SEARS / K-MART -USA ASH / ARGOS - USA PDC-VIETNAM MPE - MYANMAR UNIPLAST - UKRAINE CEMEX TRADING LLC - USA VYKSA - RUSSIA PWP - USA CHERRY AUTOMOBILE - CHINA MYGYAR SUZUKI – JAPAN -Insured Company LIG INSURANCE CO., LTD(110111-0017859)

Sales by Region

(Activity & Markets)

Sales/ Unit :Mil KRW	09/2010	2009	2008
Export	5,747,926	5,963,358	6,141,132
Domestic	562,829	426,862	279,961
Others	5,266,292	4,757,732	4,624,675
Total	11,577,047	11,147,952	11,045,768

Court Action

Case No.	Court	Plaintiff(s)/ Creditor(s)/ Applicant(s)	Defendant(s)/ Debtor(s)/ Respondent(s)	Cause	Amount (Million KRW)	Status
		Ndever Co., Ltd.	The Subject	Application for Debentures	USD7,851,000	Proceeding
		Kim Jae-Cheon and Others(1)	The Subject	Application for Debentures	USD 433,000	Proceeding
		Esto	The Subject	Confirmation on Not Existing Laiabilities	84,000,000 KRW	Proceeding
		Daewoo Motor Sales	The Subject	Sharing Portion of the Retirement	145,000,000 KRW	Proceeding
		Sejong Maritime Co., Ltd.	The Subject	Claim for Damages	USD1,471,000	Proceeding
05/2002	Mumbai District Court	IDBI	The Subject	Guaranteed Liabilities	-	Proceeding
		Hilevel	The Subject	Claim for Damages	EUR 12,000,000	Proceeding
		DWA Trust	The Subject	Application for Account Receivables	-	Proceeding
		LBA	The Subject	Claim for Damages	EUR 5,000,000	Proceeding
		Ratchasima,Steel Products Co., Ltd.	The Subject	Claim for Damages	USD 173	Proceeding
		ALASKA MILK CORPORATION	The Subject	Claim for Damages	USD 137,000	Proceeding
		Ta Win Industries (M) SDN BHD	The Subject	Claim for Damages	USD 135,000	Proceeding
10/15/2008	Court in France	Pro Trade S.A.	The Subject	Claim for Damages	137,471,237,491 KRW	Proceeding
		IRAQ	The Subject	Claim for Damages	-

As of 09/30/2010, there are 3 cases filed as Plaintiff(s)/ Creditor(s)/ Applicant(s).

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.54
Euro	1	Rs.62.39

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 Company	----

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.