MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	WONPOONG SPECIAL STEEL CO., LTD.

Registered Office :	169, Nae-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea 421-806

Country :	South Korea

Date of Incorporation :	22.12.1998

Com. Reg. No.:	119-81-29601

Legal Form :	Co., Ltd by shares

Line of Business :	Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products

No. of Employees :	3

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	WONPOONG SPECIAL STEEL CO., LTD. (Korean Company Name : “원풍특수강(주)”)
Registered Address	169, Nae-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea
Zip Code	421-806
Tel	+82-32-677-0007
Fax	+82-32-678-0770
E-mail	wonsteel@kornet.net
Website
Trading Address	169, Nae-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea
Tel	+82-32-677-0007
Fax	+82-32-678-0770
Type	Export/Import
Industry	Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products
Main Business	High Speed Tool, Alloy, Powder Metal, Metal Products
Sub Business
Established (mm/dd/yyyy)	12/22/1998

The Subject owns the premises of registered HQ address.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Steel(11101704)
Sell	Base Metals(11101700)

CEO’s

Name	Rhyu Jeong-Hyun
Address	Suite 205-1302, 713-11, Yeoksam-dong, Gangnam-gu, Seoul, Korea
Date of Birth	07/13/1961
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

150,000,000

Employees

Formation

Co., Ltd by shares

Bank Details

Kookmin Bank-Siheung Dong Branch

Industrial Bank of Korea-Siheung Dong Branch

Corporate Registered No.

110111-1623168

Business Registered No.

119-81-29601

Permit & Licenses

Int’l Trade No.: 11568575

Shareholder Position

Name	Shares	%
Rhyu Jeong-Hyun	14,800	49.33
Kim Yong-Jin	6,000	20.00
Na Byung-Tae	6,000	20.00
Han Chang-Soo	3,200	10.67
Total	30,000	100.00

Company History

1994 Established as WON POONG Metal Co.(sole Proprietorship)

12/22/1998 Incorporated as WONPOONG INDUSTRIES CO., LTD.

11/16/2005 Moved to the present HQ address from Rm.105, 966, Siheung-dong, Geumcheon-gu, Seoul, Korea

11/21/2005 Changed company name to the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Rhyu Jeong-Hyun	Male	Korean	12/22/1998
Director	Mr.	Park Kwang-Seok	Male	Korean	12/22/2007
Auditor	Mr.	Han Chang-Soo	Male	Korean	12/22/2007

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011
2010
2009	2,845,620,000		154,550,000
2008	2,644,000,000		169,000,000
2007	2,102,000,000		121,000,000
2006	3,091,000,000	4,190,000,000	308,000,000
2005	3,359,000,000	4,458,000,000	482,000,000
2004	2,704,000,000
2003	2,026,000,000

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)	150,000,000
Total Issued Shares	30,000

Products, Technologies, Services Description

Main Products & Services

High Speed Tool, Alloy, Powder Metal, Metal Products

Trade Partners & Competitors

Competitors

KNG STEEL CORP.

5RA-304, SIHWA INDUSTRIAL COMPLEX, 672-3, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-499-9661 FAX:+82-31-499-0826~7

JAEIL SPECIAL STEEL CO., LTD.

53-18, WONHYORO 1-GA, YONGSAN-GU, SEOUL, KOREA

TEL:+82-2-719-6987 FAX:+82-2-715-0489

YONG JIN SPECIAL STEEL CO., LTD.

95-1, DODANG-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-32-680-3000 FAX:+82-32-678-8520

Sales by Region

(Activity & Markets)

The Subject deals with the companies in Austria, China, France, Germany and Japan.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.45

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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