MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	REALTIMEWAVE CO., LTD.

Registered Office :	235-2, Guro 3-dong, Guro-gu, Seoul, Korea, Rm. 1103, Ace High and Tower 1-cha, Zip Code 152-740

Country :	South Korea

Financials (as on) :	31.12.2010

Date of Incorporation :	24.09.2002

Com. Reg. No.:	108-81-56942

Legal Form :	Co., Ltd by Shares

Line of Business :	System Software Development and Supply

No. of Employees :	13 employees

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

(31.03.2012)

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	REALTIMEWAVE CO., LTD. (Korean Company Name : “(주)리얼타임웨이브”)
Registered Address	235-2, Guro 3-dong, Guro-gu, Seoul, Korea
Building	Rm. 1103, Ace High and Tower 1-cha
Zip Code	152-740
Tel	+82-2-572-9471
Fax	+82-2-572-9688
E-mail	sales@realtimewave.com
Website	www.realtimewave.com
Trading Address	Rm. 1103, Ace High and Tower 1-cha, 235-2, Guro 3-dong, Guro-gu, Seoul, Korea
Tel	+82-2-572-9471
Fax	+82-2-572-9688
Type	Import
Industry	System Software Development and Supply
Main Business	Software Development, Embedded System
Established (mm/dd/yyyy)	09/24/2002

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Network service equipment(43222600)
Sell	Business function specific software(43231500)

CEO’s

Name	Ha Kyung-Tak
Address	Suite 206-201, 811, Hogye-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea
Date of Birth	05/08/1961
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	150,000,000
Employees	13
Formation	Co., Ltd by Shares Venture Business
Bank Details	Kookmin Bank-Dangsan Station Branch
Corporate Registered No.	1101112-615445
Business Registered No.	108-81-56942
Permit & Licenses	2010 ISO 9001:2008
Shareholder Position	N/A
Company History	09/24/2002 Incorporated as the present name 01/01/2007 Moved to the present HQ address from 315, Yangjae-dong, Seocho-gu, Seoul, Korea 05/2008 Designated as an INNO-BIZ Company 05/20/2009 Designated as a Venture Business 03/30/2010 Increased capital to 150,000,000 KRW from 100,000,000 KRW 05/27/2010 Designated as a Venture Business again

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Ha Kyung-Tak	Male	Korean	03/15/2005
Director	Mr.	Baik Byung-Ki	Male	Korean	03/10/2005

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011	3,057,000,000
2010	3,022,000,000	1,750,000,000	92,000,000
2009	6,037,000,000	2,513,000,000	744,000,000
2008	970,000,000	1,303,000,000	28,000,000
2007	1,226,000,000
2006	1,515,000,000
2005	740,000,000
2004	720,000,000
2003	245,000,000

Financial Description

Authorized Capital(KRW)	200,000,000
Paid-Up Capital(KRW)	150,000,000
Total Issued Shares	30,000

Balance Sheet
Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Total Assets	1,750,000,000	2,513,000,000	1,303,000,000
Current Assets	654,000,000	1,380,000,000	139,000,000
-Quick Assets	654,000,000	1,380,000,000	139,000,000
-Inventories
Fixed Assets	1,096,000,000	1,133,000,000	1,164,000,000
-Investment	796,000,000	835,000,000	861,000,000
-Tangibles	212,000,000	273,000,000	301,000,000
-Intangibles	87,000,000	25,000,000	2,000,000
Total Liabilities	454,000,000	1,297,000,000	751,000,000
Current Liabilities	246,000,000	406,000,000	184,000,000
Fixed Liabilities	208,000,000	891,000,000	567,000,000
Capital Stock	150,000,000	100,000,000	100,000,000
Capital Surplus	-	-	-
Profit Surplus	1,146,000,000	1,116,000,000	452,000,000
Capital Adjustment	-	-	-
Total Equity	1,296,000,000	1,216,000,000	552,000,000
Liab. & Shareholder’s Equity	1,750,000,000	2,513,000,000	1,303,000,000

Income Statement
Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Sales	3,022,000,000	6,037,000,000	970,000,000
Cost of Sold Goods	384,000,000	881,000,000	-
Gross Profit	2,638,000,000	5,156,000,000	970,000,000
Selling & Admin. Expenses	2,992,000,000	4,546,000,000	1,170,000,000
Operating Income	-354,000,000	610,000,000	-200,000,000
Non-Operating Income	468,000,000	178,000,000	255,000,000
Non-Operating Expenses	21,000,000	32,000,000	28,000,000
Income Before Taxes	92,000,000	755,000,000	28,000,000
Income Taxes Expenses	-	11,000,000	-
Net Income	92,000,000	744,000,000	28,000,000

Products, Technologies, Services Description

Main Products & Services

Software Development, Embedded System

Trade Partners & Competitors

Suppliers

DAP TECHNOLOGY(NETHERLANDS)

AIT(AVIONICS INTERFACE TECHNOLOGY)(USA)

ESD(GERMANY)

Customers

AGENCY FOR DEFENSE DEVELOPMENT

DOOSAN DST CO., LTD.(194211-0096322)

STX ENGINE CO., LTD.(194211-00667630

LIG NEX1 CO., LTD.(110111-1516933)

Competitors

GAEASOFT CORP.(110111-1574874)

3RD FL., UNIBOOKS BLDG., 514-1, DOGOK 2-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2104-9700 FAX:+82-2-2104-9898

VELOXSOFT. INC(110111-2062167)

RM. 705, DAERYUNG POST TOWER 1-CHA, 212-8, GURO 3-DONG, GURO-GU, SEOUL, KOREA

TEL:+82-2-2082-2431 FAX:+82-2-2082-2436

INNOACE CO.,LTD(110111-2104026)

6TH FL., SEOUL NATIONAL UNIV. RESEARCH PARK COMPLEX, SAN 4-2, NAKSEONGDAE-DONG, GWANAK-GU, SEOUL, KOREA

TEL:+82-2-2101-2300 FAX:+82-2-2101-2454

EXTENDED COMPUTING ENVIRONMENT CO., LTD.(131111-0046952)

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

Overseas Office

REALTIMEWAVE USA

PO BOX 4082 LOS ALTOS CA 94024 USA

TEL:+1-650-8627184

REALTIMEWAVE CANADA

629 MIDVALE ST CONQUITLAM BC V3J6M1, CANADA

TEL:+1-778-996-9471

REALTIMEWAVE INDIA

201, SHIVSHAKTI COMPLEX, OPP. IDBI BANK, BANER ROAD PUNE-45.

EMAIL : SHWETA@REALTIMEWAVEINDIA.COM

TEL:+91 97640 62777

Sales by Region

(Activity & Markets)

The Subject imports from Germany, USA and Swiss.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

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%)

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.