MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	TAE GUM TRADING CORPORATION
Registered Office :	258-1, Galsan-dong, Dalseo-gu, Daegu, Korea 704-901
Country :	South Korea
Date of Incorporation :	28.06.1999
Com. Reg. No.:	170111-0153445
Legal Form :	Co., Ltd by Shares
Line of Business :	Manufacture of Textile Machinery and Parts
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	Small Company
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
South Korea	A1	A1

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 Information

Company Name	TAE GUM TRADING CORPORATION Ex. Company Name : MOOCHANG CORPORATION
Registered Address	258-1, Galsan-dong, Dalseo-gu, Daegu, Korea
Zip Code	704-901
Tel	+82-53-592-9323
Fax	+82-53-592-9322
E-mail	sk4105@unitel.co.kr
Trading Address	258-1, Galsan-dong, Dalseo-gu, Daegu, Korea
Tel	+82-53-592-9323
Fax	+82-53-592-9322
Type	Export/Import
Industry	Manufacture of Textile Machinery, and Parts
Main Business	Textile Machinery, and Parts
Established (mm/dd/yyyy)	06/28/1999

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Textile processing machinery and accessories(23121500)
Sell	Textile working machinery and equipment and accessories(23121600)

CEO’s

Name	Lee Jae-Seob
Address	Suite 102-1103, 501-2, Yongsan-dong, Dalseo-gu, Daegu, Korea
Date of Birth	06/28/1962
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	50,000,000
Employees	1
Formation	Co., Ltd by Shares
Bank Details	Kookmin Bank-Duryu Dong Branch Daegu Bank
Corporate Registered No.	170111-0153445
Business Registered No.	503-81-41192
Permit & Licenses	Int’l Trade No.: 13017220
Shareholder Position	N/A
Company History	06/28/1999 Incorporated as Samkyung Trading Co., Ltd. 10/29/2001 Changed company name to MOOCHANG CORPORATION 05/04/2010 Moved to the present HQ address from 972-1, Galsan-dong, Dalseo-gu, Daegu, Korea 03/16/2012 Changed company name to TAE GUM TRADING CO., LTD.,

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Lee Jae-Seob	Male	Korean	03/31/2011
Director	M/S.	Shim Chun-Hee	Female	Korean	03/31/2008
Auditor	M/S.	Nam Ga-Rim	Female	Korean	03/31/2008

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011
2010
2009
2008
2007
2006
2005	1,609,000,000	372,000,000	26,000,000
2004	951,000,000	209,000,000	8,000,000
2003	1,621,000,000	204,000,000	16,000,000

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)	50,000,000
Total Issued Shares	5,000

Products, Technologies, Services Description

Main Products & Services	Textile Machinery, and Parts
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers
Customers
Competitors	JEIL MACHINERY CO. GA-118, GORYEO COMPLEX, 10-279, JONGAM-DONG, SEONGBUK-GU, SEOUL, KOREA TEL:+82-2-941-2977 FAX:+82-2-917-8921 JEIL CORPORATION 657-5, ILPAE-DONG, NAMYANGJU-SI, GYEONGGI-DO, KOREA TEL:+82-2-943-0041 FAX:+82-2-911-4229 SOO SUNG MACHINE COMPANY 768-2, HASIN-RI, GEUMSEONG-MYEON, GEUMSAN-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-751-2644 FAX:+82-41-751-2646

Sales by Region (Activity & Markets)

Not Available.

Court Action

Not Available.

News Clipping

Not Available.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.42

INFORMATION DETAILS

Report Prepared by :

SDA

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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