MIRA INFORM REPORT

Report Date :

03.05.2012

IDENTIFICATION DETAILS

Name :	NAWOO E&C CO., LTD.

Registered Office :	S-2801, IT Center, Songdo Techno Park, 172-1, Songdo-dong, Yeonsu-gu, Incheon, Korea 406-840

Country :	South Korea

Financials (as on) :	31.12.2009

Date of Incorporation :	03.08.2005

Com. Reg. No.:	121-81-74400

Legal Form :	Co., Ltd by Shares

Line of Business :	Manufacture of Other General- Purpose Machinery

No. of Employees :	45

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 :	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^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South Korea

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

Basic Information

Company Name	NAWOO E&C CO., LTD. (Korean Company Name : “(주)나우이엔씨”)
Registered Address	172-1, Songdo-dong, Yeonsu-gu, Incheon, Korea
Building	S-2801, IT Center, Songdo Techno Park,
Zip Code	406-840
Tel	+82-32-423-4481~2
Fax	+82-32-423-4487
E-mail	elcapitan@nawoo-enc.com
Website	www.nawoo-enc.com
Trading Address	S-2801, IT Center, Songdo Techno Park, 172-1, Songdo-dong, Yeonsu-gu, Incheon, Korea
Tel	+82-32-423-4481
Fax	+82-32-423-4487
Other Address-Shihwa Industrial Complex Branch	2097-8, Jeongwang-dong, Siheung-si, Gyeonggi-do, Korea
Tel	+82-31-319-9887
Fax	+82-31-319-9881
Other Address-Pohang Office	991-6, Daejam-dong, Nam-gu, Pohang-si, Gyeongbuk, Korea
Tel	+82-54-274-9508
Fax	+82-54-274-9505
Type	Export
Industry	Manufacture of Other General- Purpose Machinery n.e.c.
Main Business	Equipment Engineering for Steel & Chemical Process Lines
Sub Business
Established (mm/dd/yyyy)	08/03/2005

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Equipment Engineering for Steel & Chemical Process Lines

CEO’s

Name	Kim Tae-Soo
Address	Suite 401-2002, 37-11, Yuganggil 9 gil, Yeonil-eup, Nam-gu, Pohang-si, Gyeongbuk, Korea
Date of Birth	05/10/1962
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	500,000,000
Employees	45
Formation	Co., Ltd by Shares Venture Business
Bank Details	Kookmin Bank-Pohang Nam Branch
Corporate Registered No.	120111-0380981
Business Registered No.	121-81-74400
Permit & Licenses	2007 ISO 9001 2007 ISO 14001 Int’l Trade No.: 30704592
Shareholder Position	N/A
Company History	08/03/2005 Incorporated as the present name 11/14/2007 Designated as a Venture Business 11/23/2009 Increased the authorized shares to 400,000 shares from 80,000 shares 11/24/2009 Increased capital to 500,000,000 KRW from 300,000,000 KRW 01/19/2010 Designated as a Venture Business again 06/20/2011 Moved to the present HQ address from 19FL., 1127, Guwol-dong, Namdong-gu, Incheon, Korea

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Kim Tae-Soo	Male	Korean	02/20/2007
Director	M/S.	Jung Sun-Young	Female	Korean	03/11/2009
Auditor	Mr.	Kim Don-Soo	Male	Korean	03/12/2012

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011
2010
2009	14,618,000,000	5,539,000,000	684,000,000
2008	7,794,000,000	3,721,000,000	274,000,000
2007
2006
2005
2004
2003

The 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)	2,000,000,000
Paid-Up Capital(KRW)	500,000,000
Total Issued Shares	100,000

Balance Sheet

Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Total Assets		5,539,000,000	3,721,000,000
Current Assets		3,089,000,000	3,204,000,000
-Quick Assets		2,684,000,000	3,131,000,000
-Inventories		405,000,000	72,000,000
Fixed Assets		2,450,000,000	518,000,000
-Investment		306,000,000	96,000,000
-Tangibles		1,365,000,000	195,000,000
-Intangibles		-	-
Total Liabilities		3,848,000,000	2,915,000,000
Current Liabilities		3,848,000,000	2,915,000,000
Fixed Liabilities		-	-
Capital Stock		500,000,000	300,000,000
Capital Surplus		-	-
Profit Surplus		1,191,000,000	507,000,000
Capital Adjustment		-	-
Total Equity		1,691,000,000	807,000,000
Liab. & Shareholder’s Equity		5,539,000,000	3,721,000,000

Income Statement

Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Sales		14,618,000,000	7,794,000,000
Cost of Sold Goods		12,918,000,000	6,804,000,000
Gross Profit		1,700,000,000	989,000,000
Selling & Admin. Expenses		793,000,000	658,000,000
Operating Income		907,000,000	332,000,000
Non-Operating Income		69,000,000	34,000,000
Non-Operating Expenses		277,000,000	74,000,000
Income Before Taxes		699,000,000	293,000,000
Income Taxes Expenses		15,000,000	19,000,000
Net Income		684,000,000	274,000,000

Products, Technologies, Services Description

Main Products & Services

Equipment Engineering for Steel & Chemical Process Lines

Trade Partners & Competitors

Competitors

TOYO ENGINEERING KOREA LIMITED

HYUNDAI ENGINEERING & CONSTRUCTION CO., LTD.

SAMSUNG ENGINEERING & CONSTRUCTION CO., LTD.

SAMSUNG ENGINEERING CO., LTD.

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

Overseas Office

NAWOO E&C SHANGHAI CO., LTD.

1369, SOUTH, WUZHONG ROAD, MINHANG DISTRICT, SHANGHAI, CHINA

Sales by Region

(Activity & Markets)

The Subject exports to India.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.93
UK Pound	1	Rs.85.85
Euro	1	Rs.69.94

INFORMATION DETAILS

Report Prepared by :

PRL

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

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.