MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	HAESUNG INTERNATIONAL CO., LTD.

Registered Office :	234-1, Sangdaewon 1-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea, Rm. 408, Handok IC Apt. Type Factory 462-807

Country :	South Korea

Financials (as on) :	31.12.2008

Date of Incorporation :	01.04.1994

Com. Reg. No.:	132-81-09501

Legal Form :	Co., Ltd by shares

Line of Business :	Manufacture of Buttons and Snaps, Slides and Similar Fasteners

No. of Employees :	49

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	HAESUNG INTERNATIONAL CO., LTD. (Korean Company Name : “(주)해성인터내셔날”)
Registered Address	234-1, Sangdaewon 1-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea
Building	Rm. 408, Handok IC Apt. Type Factory
Zip Code	462-807
Tel	+82-31-731-6502
Fax	+82-31-731-6503
E-mail	haesungk@unitel.co.kr
Trading Address	B147, Seoul Fashion Venture Town, 40-3, Euljiro 5-ga, Jung-gu, Seoul, Korea
Tel	+82-2-575-6252
Fax	+82-2-575-6255
Type	Export
Industry	Manufacture of Buttons and Snaps, Slides and Similar Fasteners
Main Business	Plastics Button
Established (mm/dd/yyyy)	04/01/1994

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Buttons(53141505)
Sell	Sewing fasteners(53141500)
Buy	Animal horns(11131606)
Buy	Shell articles(11131608)

CEO’s

Name	Cho Hyun-Yun
Address	Suite 1006-2204, 577, Gwangjang-dong, Gwangjin-gu, Seoul, Korea
Date of Birth	05/03/1962
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	150,000,000
Employees	49
Formation	Co., Ltd by shares
Bank Details	Korea Exchange Bank-Poi-Dong Branch
Corporate Registered No.	115211-0014163
Business Registered No.	132-81-09501
Permit & Licenses	Int’l Trade No.: 11146681
Shareholder Position	N/A
Company History	04/01/1994 Incorporated as the present name 08/21/2007 Moved to the present HQ address from 216-2, Wolsan-ri, Hwado-eup, Namyangju-si, Gyeonggi-do, Korea

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Cho Hyun-Yun	Male	Korean	03/21/2008
Director	M/S.	Kim Ran-Kyung	Female	Korean	03/21/2008
Director	Mr.	Kang Moon-Young	Male	Korean	03/21/2008
Auditor	Mr.	Cho Hyun-Rak	Male	Korean	03/21/2008

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011
2010
2009
2008	6,169,000,000	3,400,000,000	278,000,000
2007	4,765,000,000
2006	3,753,000,000	2,461,000,000	189,000,000
2005	2,685,000,000	2,086,000,000	119,000,000
2004	2,937,000,000
2003	2,542,000,000

The latest & full 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)	200,000,000
Paid-Up Capital(KRW)	150,000,000
Total Issued Shares	30,000

Balance Sheet

Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Total Assets			3,400,000,000
Current Assets			2,599,000,000
-Quick Assets			2,567,000,000
-Inventories			32,000,000
Fixed Assets			801,000,000
-Investment			10,000,000
-Tangibles			455,000,000
-Intangibles			1,000,000
Total Liabilities			2,355,000,000
Current Liabilities			2,007,000,000
Fixed Liabilities			347,000,000
Capital Stock			150,000,000
Capital Surplus			-
Profit Surplus			895,000,000
Capital Adjustment			-
Total Equity			1,045,000,000
Liab. & Shareholder’s Equity			3,400,000,000

Income Statement

Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Sales			6,169,000,000
Cost of Sold Goods			4,100,000,000
Gross Profit			2,068,000,000
Selling & Admin. Expenses			1,562,000,000
Operating Income			506,000,000
Non-Operating Income			90,000,000
Non-Operating Expenses			264,000,000
Income Before Taxes			332,000,000
Income Taxes Expenses			53,000,000
Net Income			278,000,000

Products, Technologies, Services Description

Main Products & Services

Plastics Button

Trade Partners & Competitors

Competitors

SPIN GLOBAL CORPORATION

RM. 320, POONGLIM VIPTEL, 404, GONGDEOK-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-3273-0464 FAX:+82-2-3273-0472

EIN TEXTILE CO., LTD.

384, YONGBONG-RI, CHOJEON-MYEON, SEONGJU-GUN, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-933-4341 FAX:+82-54-933-4340

SAMHEUNG CO., LTD.

557-12, DONGGYO-DONG, POCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-31-541-1601 FAX:+82-31-541-8260

Sales by Region (Activity & Markets)

The Subject exports to Germany and Italy.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.93
UK Pound	1	Rs.87.38
Euro	1	Rs.69.93

INFORMATION DETAILS

Report Prepared by :

PDT

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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