MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	SOFTCHEM INC.

Registered Office :	O-1612, Hanwha Obelisk 555, Dohwa-dong, Mapo-gu, Seoul, Korea 121-779

Country :	South Korea

Date of Incorporation :	08.11.2002

Com. Reg. No.:	120-86-44719

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesale of Synthetic Rubber and Plastics Materials

No. of Employees :	6

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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

(31.03.2011)

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 Information

Company Name	SOFTCHEM INC. (Korean Company Name : “(주)소프트켐”)
Registered Address	555, Dohwa-dong, Mapo-gu, Seoul, Korea
Building	O-1612, Hanwha Obelisk
Zip Code	121-779
Tel	+82-2-715-0184~5
Fax	+82-2-715-0267
Trading Address	O-1612, Hanwha Obelisk, 555, Dohwa-dong, Mapo-gu, Seoul, Korea
Tel	+82-2-715-0184~5
Fax	+82-2-715-0267
Type	Export
Industry	Wholesale of Synthetic Rubber and Plastics Materials
Main Business	Compound Resin
Established (mm/dd/yyyy)	11/08/2002

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Compounded resin(13111037)

CEO’s

Name	Kim In-Kul
Address	Suite B-101, 41-2, Changjeon-dong, Mapo-gu, Seoul, Korea
Date of Birth	07/29/1967
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	250,000,000
Employees	6
Formation	Co., Ltd by Shares
Bank Details	Shinhan Bank-Samseong Dong Branch
Corporate Registered No.	1101112-649220
Business Registered No.	120-86-44719
Permit & Licenses	Int’l Trade No.: 45060782
Shareholder Position	N/A
Company History	11/08/2002 Incorporated as the present name 01/05/2006 Moved to the present HQ address from 157-8, Samseong-dong, Gangnam-gu, Seoul, Korea 03/26/2008 Increased capital to 250,000,000 KRW from 150,000,000 KRW

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Kim In-Kul	Male	Korean	02/24/2006
Director	Mr.	Ahn Kwang-Il	Male	Korean	03/26/2008
Director	Mr.	Jung Ho-Jin	Male	Korean	01/05/2005
Auditor	Mr.	Kim Dae-Il	Male	Korean	01/05/2005

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011
2010	46,719,000,000	6,365,000,000	535,000,000
2009	37,858,000,000	4,209,000,000	682,000,000
2008	48,058,000,000	4,363,000,000	805,000,000
2007
2006
2005
2004
2003

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)	1,000,000,000
Paid-Up Capital(KRW)	250,000,000
Total Issued Shares	50,000

Products, Technologies, Services Description

Main Products & Services

Compound Resin

Trade Partners & Competitors

Competitors

CRESCO CORPORATION LTD.

RM. 407, GWANGHWAMUN OFFICIA, 163, SINMUNNO 1-GA, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-3276-3777 FAX:+82-2-3276-3779

SAMMIN CORPORATION

RM. 408, DAEGWANG BLDG., 7-15, NONHYEON 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-547-2556 FAX:+82-2-547-2559

JUNGWOO CORPORATION

2ND FL., JEONG-U BLDG., 1552-8, SEOCHO 3-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-523-9661 FAX:+82-2-523-9671

Sales by Region

(Activity & Markets)

The Subject exports to Iran.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.69
UK Pound	1	Rs.85.71
Euro	1	Rs.68.15

INFORMATION DETAILS

Report Prepared by :

PRL

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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