MIRA INFORM REPORT

Report Date :

21.11.2012

IDENTIFICATION DETAILS

Name :	SAMIN CORPORATION

Registered Office :	1268-7, Jeongwang 2-dong, Siheung-si, Gyeonggi-do

Country :	South Korea

Financials (as on) :	31.12.2011

Date of Incorporation :	26.02.2002

Com. Reg. No.:	134-81-80437

Legal Form :	Co., Ltd by Shares

Line of Business :	Manufacture of Fluid Power Equipment

No. of Employees :	82

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 :	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 – 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	SAMIN CORPORATION (Korean Company Name : “(주)삼인”)
Registered Address	1268-7, Jeongwang 2-dong, Siheung-si, Gyeonggi-do, Korea
Building	2Na-408, Sihwa Industrial Complex
Zip Code	429-922
Tel	+82-31-433-9922
Fax	+82-31-433-9940
E-mail	worldcat@samin4u.com
Website	www.samin4u.com
Trading Address	2Na-408, Sihwa Industrial Complex, 1268-7, Jeongwang 2-dong, Siheung-si, Gyeonggi-do, Korea
Tel	+82-31-433-9922
Fax	+82-31-433-9940
Type	Export
Industry	Manufacture of Fluid Power Equipment
Main Business	Pneumatic Cylinder, Direct Control Component, Clean Air Unit, Multiflex Valve, Fluid Control Components, Hydraulics Cylinder
Established (mm/dd/yyyy)	02/26/2002

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Valves(40141600)
Sell	Pneumatic cylinders(27131701)

CEO’s

Name	Han Yeo-Sun
Address	Suite Ra-304, 725, Bangbae-dong, Seocho-gu, Seoul, Korea
Date of Birth	05/11/1937
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

2,240,000,000

Employees

Formation

Co., Ltd by Shares

Bank Details

Hana Bank-Seo Apgujung Branch

Suhyup Bank-Gangnam Corporate Branch

Kookmin Bank-Naksungdae Branch

Corporate Registered No.

135511-0124334

Business Registered No.

134-81-80437

Permit & Licenses

04/2006 ISO 9001

05/2009 ISO 9001

Int’l Trade No.: 11992648

Shareholder Position

Name	Shares	%
SHIM YOUNG-SIK	128,128	28.60
OTHERS(18)	319,872	71.40
TOTAL	448,000	100.00

Company History

02/26/2002 Incorporated as the present name

05/21/2002 Increased the authorized shares to 1,000,000 shares from 40,000 shares

06/11/2002 Moved to the present HQ address from 1576-3, Jeongwang-dong, Siheung-si, Gyeonggi-do, Korea

1/26/2002 Increased capital to 2,240,000,000 KRW from 2,000,000,000 KRW

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Han Yeo-Sun	Male	Korean	03/29/2005
Director	Mr.	Hong Ki-Hwan	Male	Korean	03/31/2004
Director	Mr.	Choi Bong-Yeol	Male	Korean	03/29/2005
Director	Mr.	Lee Kang-Cheol	Male	Korean	03/30/2011
Director	Mr.	Shim Young-Sik	Male	Korean	03/27/2008
Auditor	M/S.	Byun Hwa-Ja	Female	Korean	03/27/2008

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011	31,185,927,209	18,217,939,959	1,363,890,473
2010	31,354,345,101	17,950,970,104	1,814,321,262
2009	16,967,467,749	15,954,635,343	145,188,221

Financial Description

Authorized Capital(KRW)	5,000,000,000
Paid-Up Capital(KRW)	2,240,000,000
Total Issued Shares	448,000

Balance Sheet

Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Total Assets	18,217,939,959	17,950,970,104	15,954,635,343
Current Assets	14,344,006,509	13,906,478,344	12,913,774,908
-Quick Assets	7,800,436,345	7,424,422,270	7,654,123,853
-Inventories	6,543,570,164	6,482,056,074	5,259,651,055
Fixed Assets	3,873,933,450	4,044,491,760	3,040,860,435
-Investment	50,900,000	443,909,840	249,344,840
-Tangibles	3,654,210,723	3,458,190,193	2,634,264,195
-Intangibles	692,000	1,211,000	1,730,000
-Others	168,130,727	141,180,727	155,521,400
Total Liabilities	10,068,612,184	10,941,532,802	10,759,519,303
Current Liabilities	8,957,957,589	9,466,401,692	9,867,881,123
Fixed Liabilities	1,110,654,595	1,475,131,110	891,638,180
Capital Stock	2,240,000,000	2,240,000,000	2,240,000,000
Capital Surplus	-	-
Profit Surplus	5,909,327,775	4,769,437,302	2,955,116,040
Capital Adjustment
Total Equity	8,149,327,775	7,009,437,302	5,195,116,040
Liab. & Shareholder’s Equity	18,217,939,959	17,950,970,104	15,954,635,343

Current Liabilities	8,957,957,589	9,466,401,692	9,867,881,123
Trade Payables	2,743,080,861	2,736,336,408	2,540,822,403
Account Payables	189,789,649	169,480,379	148,391,666
Short-Term Borrowings	5,586,079,188	5,883,357,862	7,011,417,207
Advance Receipts	255,816	1,363,735	39,526,410
Withholdings	69,094,690	60,470,500	22,725,915
Accrued Expenses	73,394,283	14,138,530	3,200
Accrued Income Tax	56,263,102	461,254,278	64,994,322
Leasehold Deposit Received	140,000,000	40,000,000	40,000,000
Current Portion of Long-Term Debts	100,000,000	100,000,000	-
Fixed Liabilities	1,110,654,595	1,475,131,110	891,638,180
Long-Term Borrowings	300,000,000	400,000,000	-
Provision for Severance & Retirement	1,155,130,600	1,075,131,110	891,638,180

Income Statement

Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Sales	31,185,927,209	31,354,345,101	16,967,467,749
Cost of Sold Goods	25,503,147,756	25,336,035,127	13,620,461,854
Gross Profit	5,682,779,453	6,018,309,974	3,347,005,895
Selling & Admin. Expenses	3,625,347,057	3,161,120,143	2,633,101,351
Operating Income	2,057,432,396	2,857,189,831	713,904,544
Non-Operating Income	86,358,794	78,125,040	76,395,883
Non-Operating Expenses	489,660,556	612,954,611	540,697,694
Income Before Taxes	1,654,130,634	2,322,360,260	249,602,733
Income Taxes Expenses	290,240,161	508,038,998	104,414,512
Net Income	1,363,890,473	1,814,321,262	145,188,221

Cash Flows

Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Cash Flows from Operating	1,083,477,000	1,519,146,536	793,295,113
-Net Income	1,363,890,473	1,814,321,262	145,188,221
-Exp. without Cash Outflow	806,409,879	854,266,428	505,286,556
-Revenue without Cash Inflows	-6,188,528	-14,149,141	-997,000
-Changes in Asset/ & Liability	-1,080,634,824	-1,135,292,013	143,817,336
Cash Flows from Investing	-412,327,149	-868,225,472	326,379,545
-Cash Inflow from Investing	1,052,131,604	413,060,074	376,470,000
-Cash Outflows for Investing	-1,464,458,753	-1,281,285,546	-50,090,455
Cash Flows from Financing	-670,778,674	-628,059,345	-1,054,373,785
-Cash Inflows from Financing	21,060,131,331	23,358,384,087	13,852,946,461
-Cash Outflows from Financing	-21,730,910,005	-23,986,443,432	-14,907,320,246
Increase/Decrease in Cash	371,177	22,861,719	65,300,873
Cash at the Beginning of Year	113,551,183	90,689,464	25,388,591
Cash at the End of Year	113,922,360	113,551,183	90,689,464

Products, Technologies, Services Description

Main Products & Services

Pneumatic Cylinder, Direct Control Component, Clean Air Unit, Multiflex Valve, Fluid Control Components, Hydraulics Cylinder

Trade Partners & Competitors

Competitors

SEONGJI LAMITECH INC.

602-3, GAJWA-DONG, SEO-GU, INCHEON, KOREA

TEL:+82-32-572-1800 FAX:+82-32-572-5857

IMKYE TRADING CORPORATION

3RD FL., USONG BLDG., 273-15, NONHYEON 2-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-517-1381~5 FAX:+82-2-517-1182

KOREA GRAVURE CO., LTD.

464-2, CHEONGYONG-RI, SAMSEONG-MYEON, EUMSEONG-GUN, CHUNGCHEONGBUK-DO, KOREA

TEL:+82-43-878-6441 FAX:+82-43-878-6443

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Cooperative Enterprise

-Technical Alliance with

C. K. D CO., LTD.(JAPAN)

-Insured Company

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

Sales by Region (Activity & Markets)

The Subject deals with the companies in Japan.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.91
UK Pound	1	Rs.87.38
Euro	1	Rs.70.23

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