MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	CR INTERNATIONAL CO., LTD.

Registered Office :	Rm. 501, Suseong Bldg. 393-18, Hapjeong-dong, Mapo-gu, Seoul, Korea 121-886

Country :	South Korea

Financials (as on) :	31.12.2008

Date of Incorporation :	24.07.2002

Com. Reg. No.:	105-86-42634

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesale of Other Chemical Materials and Chemical Products

No. of Employees :	8

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 :	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

(31.03.2011)

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	CR INTERNATIONAL CO., LTD. (Korean Company Name : “(주)씨알무역”)
Registered Address	393-18, Hapjeong-dong, Mapo-gu, Seoul, Korea
Building	Rm. 501, Suseong Bldg.
Zip Code	121-886
Tel	+82-2-325-5300
Fax	+82-2-323-5335
E-mail	stevehan@crint.com
Website	crint.en.ec21.com
Trading Address	Rm. 501, Suseong Bldg., 393-18, Hapjeong-dong, Mapo-gu, Seoul, Korea
Tel	+82-2-325-5300
Fax	+82-2-323-5335
Type	Export
Industry	Wholesale of Other Chemical Materials and Chemical Products
Main Business	Nitric Acid, Phosphoric Acid, Fertilizer
Established (mm/dd/yyyy)	07/24/2002

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Inorganic acids(12352301)
Sell	Chemical fertilizers and plant nutrients(10171600)

CEO’s

Name	Han Seung-Hern(Steve)
Address	393-18, Hapjeong-dong, Mapo-gu, Seoul, Korea
Date of Birth	06/28/1963
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	200,000,000
Employees	8
Formation	Co., Ltd by Shares
Bank Details	Kookmin Bank-Jongro Central Corporate Finance Branch
Corporate Registered No.	1101112-575277
Business Registered No.	105-86-42634
Permit & Licenses	Int’l Trade No.: 45034091
Shareholder Position	N/A
Company History	07/24/2002 Incorporated as the present name 06/27/2008 Increased capital to 200,000,000 KRW from 100,000,000 KRW

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Han Seung-Hern(Steve)	Male	Korean	03/30/2005
Director	Mr.	Nam Sang-Koo	Male	Korean	03/30/2005
Director	Mr.	Yoo Jung-Seok	Male	Korean	03/30/2005
Auditor	Mr.	Park Seung-Ho	Male	Korean	03/30/2005

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011
2010
2009
2008	38,426,000,000	1,381,000,000	191,000,000
2007	31,011,000,000
2006	33,168,000,000
2005	32,147,000,000	3,612,000,000	60,000,000
2004	26,498,000,000	546,000,000	23,000,000
2003	31,125,000,000

The 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)	200,000,000
Total Issued Shares	40,000

Balance Sheet
Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Total Assets			1,381,000,000
Current Assets			1,275,000,000
-Quick Assets			859,000,000
-Inventories			415,000,000
Fixed Assets			106,000,000
-Investment			67,000,000
-Tangibles			19,000,000
-Intangibles			20,000,000
Total Liabilities			767,000,000
Current Liabilities			767,000,000
Fixed Liabilities			-
Capital Stock			200,000,000
Capital Surplus			-
Profit Surplus			413,000,000
Capital Adjustment			-
Total Equity			613,000,000
Liab. & Shareholder’s Equity			1,381,000,000

Income Statement
Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Sales			38,426,000,000
Cost of Sold Goods			34,824,000,000
Gross Profit			3,602,000,000
Selling & Admin. Expenses			3,412,000,000
Operating Income			190,000,000
Non-Operating Income			742,000,000
Non-Operating Expenses			738,000,000
Income Before Taxes			194,000,000
Income Taxes Expenses			4,000,000
Net Income			191,000,000

Products, Technologies, Services Description

Main Products & Services

Nitric Acid, Phosphoric Acid, Fertilizer

Trade Partners & Competitors

Competitors

HAN KYUNG CHEMICAL CO., LTD.

25B-10L, NAMDONG INDUSTRIAL COMPLEX, 446-9, NONHYEON-DONG, NAMDONG-GU, INCHEON, KOREA

TEL:+82-32-818-0146 FAX:+82-32-819-7298

SBI CORPORATION

RM. 204, 418-3, SINDORIM-DONG, GURO-GU, SEOUL, KOREA

TEL:+82-2-2633-2585 FAX:+82-2-2633-2596

KUKJAE CHEMICAL CO., LTD.

36-3, SEGOK-RI, BONGDAM-EUP, HWASEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-227-0672 FAX:+82-31-298-0671

Sales by Region

(Activity & Markets)

The Subject exports to China, Taiwan, Indonesia, Malaysia, Pakistan, Singapore and Thailand.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.78

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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