MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	DEOKJIN M & YES

Formerly Known As :	DEOKJIN MULSAN CO.

Registered Office :	752, Jaan-ri, Bibong-myeon, Hwaseong-si, Gyeonggi-do, Korea 445-843

Country :	South Korea

Date of Incorporation :	10.01.1994

Com. Reg. No.:	Not Available

Legal Form :	Sole Proprietorship

Line of Business :	Wholesales of Other Prepared Food.

No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Undetermined

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	DEOKJIN M & YES
Registered Address	752, Jaan-ri, Bibong-myeon, Hwaseong-si, Gyeonggi-do, Korea
Zip Code	445-843
Tel	+82-31-356-8316
Fax	+82-31-356-5857
Trading Address	752, Jaan-ri, Bibong-myeon, Hwaseong-si, Gyeonggi-do, Korea
Tel	+82-31-356-8316
Fax	+82-31-356-5857
Type	Export/Import
Industry	Wholesales of Other Prepared Food
Main Business	Pepper, Sesame, Food Ingredients, Food Additives, Agricultural Products
Established (mm/dd/yyyy)	10/01/1994

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Spices or extracts(50171550)
Sell	Shelf stable prepared soups or stews(50191507)
Sell	Dipping sauces or condiments or spreads or marinades(50171830)
Sell	Prepared and preserved foods(50190000)

CEO’s

Name	Lee Se-Young
Title	Owner
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	Not Applicable to the Sole Proprietorship
Employees	1
Formation	Sole Proprietorship
Bank Details	Industrial Bank of Korea
Corporate Registered No.	Not Applicable to the Sole Proprietorship
Business Registered No.	119-11-***** (The full numbers are kept by the National Tax Service confidentially.) Because the subject’s full Business Registered No., for checking through the National Tax Service whether the subject is still existing or not, is not available, so we cannot confirm if the subject exist or not legally.)
Permit & Licenses	N/A
Shareholder Position	The owner has 100% shares.
Company History	10/01/1994 Established as DEOKJIN MULSAN CO. 01/08/2010 Changed company name to the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Owner	Mr.	Lee Se-Young	Male	Korean	10/01/1994

Financial Description

Authorized Capital(KRW)	Not Applicable to the Sole Proprietorship
Paid-Up Capital(KRW)	Not Applicable to the Sole Proprietorship
Total Issued Shares	Not Applicable to the Sole Proprietorship

Products, Technologies, Services Description

Main Products & Services

Pepper, Sesame, Food Ingredients, Food Additives, Agricultural Products

Trade Partners & Competitors

Competitors

TAEWON FOOD INDUSTRY CO., LTD.

1125-2, SINGIL-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-491-7912 FAX:+82-31-491-7909

OKCHEON FOOD CO., LTD.

321-1, SINCHON-RI, GYOHA-EUP, PAJU-SI, GYEONGGI-DO, KOREA

TEL:+82-31-943-0451 FAX:+82-31-943-0433

YUJUNG FOOD CO., LTD.

15B-14L, 450-1, MONGNAE-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-491-8062 FAX:+82-31-491-8064

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.43

INFORMATION DETAILS

Report Prepared by :

SMN

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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