MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	CHUN KYUNG CO., LTD.

Registered Office :	607-2, Dunchon 2-dong, Gangdong-gu, Seoul, Korea, Gil-u Bldg., Zip Code 134-882

Country :	South korea

Date of Incorporation :	20.01.1987

Com. Reg. No.:	212-81-29287

Legal Form :	Co., Ltd by Shares

Line of Business :	Manufacture of all other chemical products

No. of Employees :	13 employees

RATING & COMMENTS

MIRA’s Rating :

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 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South korea

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 currently is among the world's 20 largest economies. 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. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Basic

Company Name	CHUN KYUNG CO., LTD. (Korean Company Name : “천경실업(주)”)
Registered Address	607-2, Dunchon 2-dong, Gangdong-gu, Seoul, Korea
Building	Gil-u Bldg.
Zip Code	134-882
Tel	+82-2-488-8233
Fax	+82-2-488-8238
E-mail	webmaster@chunkyung.co.kr
Website	www.chunkyung.co.kr
Trading Address	Gil-u Bldg., 607-2, Dunchon 2-dong, Gangdong-gu, Seoul, Korea
Tel	+82-2-488-8233
Fax	+82-2-488-8238
Other Address	630, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea
Type	Export/Import
Industry	Manufacture of All Other Chemical Products n.e.c.
Main Business	Chlorinated Paraffin, Castor Oil, Oleic Acid, Fatty Acid, Surfactant
Sub Business	Wholesale of Other Chemical Materials and Chemical Products
Established (mm/dd/yyyy)	01/20/1987

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Surfactants(12161900)
Sell	Paraffins(12181503)

CEO’s

Name	Choi Kyung-Ho
Address	Suite 2-1202, 467-24, Dogok-dong, Gangnam-gu, Seoul, Korea
Date of Birth	01/15/1942
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

450,000,000

Employees

Formation

Co., Ltd by Shares

Bank Details

Woori Bank-Dunchon Dong Branch

Corporate Registered No.

1101110-517304

Business Registered No.

212-81-29287

Permit & Licenses

Int’l Trade No.: 940892

Shareholder Position

Name	Shares	%
CHOI KYUNG-HO	33,750	75.00
KIM MAN-JAE	6,750	15.00
CHOI JOON-KI	1,350	3.00
CHOI EUN-KI	1,350	3.00
AHN HUI-SUN	900	2.00
OTHERS	900	2.00
TOTAL	45,000	100.00

Company History

01/20/1987 Incorporated as the present name

02/07/1995 Moved to the present HQ address from 305-4, Gil-dong, Gangdong-gu, Seoul, Korea

08/13/1997 Increased capital to 450,000,000 KRW from 250,000,000 KRW

03/23/1998 Increased the authorized shares to 120,000 shares from 60,000 shares

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Choi Kyung-Ho	Male	Korean	03/10/1996
Director	Mr.	Kim Seo-Keon	Male	Korean	03/24/2006
Director	Mr.	Choi Eun-Ki	Male	Korean	03/08/2007
Outside Director	Mr.	Kim Man-Jae	Male	Korean	02/28/2011
Outside Director	Mr.	Choi Joon-Ki	Male	Korean	02/28/2011
Auditor	Mr.	Shin Woo-Jin	Male	Korean	02/28/2011

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2009	10,473,000,000	3,081,000,000	254,000,000
2008	10,517,000,000	2,872,000,000	264,000,000
2007	8,011,000,000	3,068,000,000	262,000,000

The full & latest financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

Financial Description

Authorized Capital(KRW)	1,200,000,000
Paid-Up Capital(KRW)	450,000,000
Total Issued Shares	45,000

Products, Technologies, Services Description

Main Products & Services

Chlorinated Paraffin, Castor Oil, Oleic Acid, Fatty Acid, Surfactant

Trade Partners & Competitors

Competitors

CHUN KYUNG CO., LTD.

607-2, DUNCHON 2-DONG, GANGDONG-GU, SEOUL, KOREA

TEL:+82-2-488-8233 FAX:+82-2-488-8238

UPC CORPORATION

RM. 1603, SAMSUNG JEIL BLDG., 702-2, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-527-3011 FAX:+82-2-527-3012

SUNG POONG CHEMICAL CO., LTD.

RM. 1506, SAMHO CO. B-BLDG., 275-6, YANGJAE 2-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-589-0515 FAX:+82-2-589-0517

Sales by Region

(Activity & Markets)

Not Available.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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