MIRA INFORM REPORT

Report Date :

21.01.2012

IDENTIFICATION DETAILS

Name :	KOREA EXCHANGE BANK OF CANADA
Registered Office :	Suite 103, Madison Centre 4950 Yonge Street Toronto, ON M2N 6K1
Country :	Canada
Date of Incorporation :	05.01.1970
Legal Form :	Bank
Line of Business :	It engages as a Bank
No. of Employees :	100 (estimates)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 800,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Canada	Aa1	A1

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

GEOPOLITICS – CANADA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: 100.00 CAD = 98.6392 USD Branch Situation:Stable

IDENTIFICATION
Comments on data supplied:	Dear client, The address provided is that of a branch location.
Legal Name:	Korea Exchange Bank of Canada
Legal Address	Suite 103, Madison Centre 4950 Yonge Street Toronto, ON M2N 6K1, Canada
Operative Address	Suite 103, Madison Centre 4950 Yonge Street Toronto, ON M2N 6K1, Canada
Telephone:	+1 (416) 222 - 5200	ID :	NA
Fax:	+1 (416) 222 - 5822	Legal Form:	Bank
Email:	info@kebcanada.com	Registered in:	Canada
Website:	http://www.kebcanada.com	Date Created:	January 5th. 1970
Manager:	Tae-Jong Kang, President	Date Incorporated:	NA
Staff:	100 (estimates)	Stock:	NA
		Value:	NA
Activity:	Bank

BANKS
Name of the Bank	Korea Exchange Bank
BUSINESS
HISTORY
	1970.05.01: Established Korea Exchange Bank of Canada, Toronto Office 1999.08.03: Main Branch and Head Office moved to Madison Centre 4950 Yonge St.(Present Location)
PRINCIPAL ACTIVITY
	It engages as a bank. The Korea Exchange Bank of Canada is a member of the CDIC and CBA.
Products/Services description:
	It offers full, personal direct deposit and business financial services. Its business services include investment services, export and import, remittance, commercial mortgages and business loans. Personal banking services include, checking and savings accounts, loans, mortgages and credit cards. Short and long term investment accounts, retirement accounts and online accounts are available.
Sales are:
	Retail
Clients:
	General public
Suppliers:
	We could not reach any representative who could provide us with the suppliers' names.
Operations area:
	National, International, Local
Competitors:
	Bank of Canada Bank of Nova Scotia HSBC Bank Canada (Among many others)
The subject employs 100 (estimates) employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at: Suite 103, Madison Centre 4950 Yonge Street Toronto, ON M2N 6K1, Canada
Branches:
	It has 7 branch locations in Canada, including the one provided.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	It operates as a subsidiary of Korea Exchange Bank. (004940:KS). www.keb.co.kr/main/en/ HSBC recently attempted to purchase controlling shares of Korean Exchange Bank of Canada, from Lone Star, a U.S. buyout firm. The deal was allowed to expire in July 2008, due to an investigation by South Korea authorities into the sale and various legal problems experienced by Lone Star. The purchase is expected to be re-negotiated in the near future with South Korean government approval, and perhaps a lower purchase price offered to Lone Star by HSBC, due to declining markets worldwide.
Management:
	Tae-Jong Kang, President
Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted the subject but we were transferred to different voicemails. We left a message which kept unanswered as of today.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency		DATE
CAD		2010
Turnover		50,425,000
The cash flow is		Normal

Legal Fillings
The sources consulted record no detrimental legal or labor court information.
Rating
Local credit bureau gave a Correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This is a medium sized Canadian bank which employs 100 people (estimates). It has a good experience in the market of 32 years. There were no legal filings found against the company or its legal representatives. It is a subsidiary of Korea Exchange Bank. It offers full, personal direct deposit and business financial services. It is established and the income per employee is pretty high for the company's size. At this time, we suggest a credit line of USD 800,000.-

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	NORMAL

APPENDIX
Comments
	We have contacted the subject but we were transferred to different voicemails. We left a message which kept unanswered as of today.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.33
UK Pound	1	Rs.77.97
Euro	1	Rs.65.31

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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