MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	ITS INDUSTRY CO., LTD.

Formerly Known As :	HANKYUNG MAN POWER ASSISTANCE CENTER CO., LTD.

Registered Office :	2FL., 187-15, Paryong-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea, Zip Code 641-851

Country :	South Korea

Date of Incorporation :	14.07.2006

Com. Reg. No.:	608-81-63550

Legal Form :	Co., Ltd by Shares

Line of Business :	Manufacturer of Construction Materials

No. of Employees :	09 employees

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	ITS INDUSTRY CO., LTD. (Korean Company Name : “(주)아이티에스산업’)
Registered Address	2FL., 187-15, Paryong-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea
Zip Code	641-851
Tel	+82-55-253-0833
Fax	+82-55-253-0834
Trading Address	2FL., 187-15, Paryong-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea (New address System : 491, Paryong-ro, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea)
Tel	+82-55-253-0833
Fax	+82-55-253-0834
Type	Export/Import
Industry	Manufacture of Construction Materials
Main Business	Ceramic Cover, Silica Cover, Construction Materials, Human Resources
Established (mm/dd/yyyy)	07/14/2006

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Tiles and flagstones(30131700)
Sell	Ceramic fibre products(31371000)

CEO’s

Name	Lee Soon-Nam
Address	515-6, Beomeo-ri, Mulgeum-eup, Yangsan-si, Gyeongsangnam-do, Korea
Date of Birth	07/09/1966
Title	President & CEO
Sex	Male
Nationality	Korean

Profles

Capital (KRW)	100,000,000
Employees	9
Formation	Co., Ltd by Shares
Bank Details	N/A
Corporate Registered No.	1901110-061214
Business Registered No.	608-81-63550
Permit & Licenses	N/A
Shareholder Position	N/A
Company History	07/14/2006 Established as HANKYUNG MAN POWER ASSISTANCE CENTER CO., LTD. 11/12/2007 Changed company name to the present name 12/18/2009 Moved to the present HQ address from 83-14, Paryong-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Lee Soon-Nam	Male	Korean	11/12/2007
Director	Mr.	Hong Ji-Man	Male	Korean	11/12/2007
Auditor	M/S.	Kim Sung-Mi	Female	Korean	11/12/2010

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2009	3,977,000,000	1,231,000,000	122,000,000
2008	3,499,000,000	405,000,000	142,000,000
2007	17,000,000	46,000,000	-30,000,000

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)	400,000,000
Paid-Up Capital(KRW)	100,000,000
Total Issued Shares	10,000

Products, Technologies, Services Description

Main Products & Services

Ceramic Cover, Silica Cover, Construction Materials, Human Resources

Trade Partners & Competitors

Competitors

IS DONGSEO CO., LTD.

EUNSEONG BLDG., 53-8, CHEONGDAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-3218-6701 FAX:+82-2-512-5100

SAMHYUN CO., LTD.

431-1, YANGGYO-RI, OSEONG-MYEON, PYEONGTAEK-SI, GYEONGGI-DO, KOREA

TEL:+82-31-681-6111~2 FAX:+82-31-681-3019

DAEBO CERAMICS CO., LTD.

111, DAESA-RI, GOESAN-EUP, GOESAN-GUN, CHUNGCHEONGBUK-DO, KOREA

TEL:+82-43-833-0991 FAX:+82-43-833-0768

Sales by Region

(Activity & Markets)

Not Available.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

MNL

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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