MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	KODEN INTERNATIONAL KOREA CO., LTD.

Registered Office :	707-24, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea, Rm. 1608, Hansin Intervalley 24 East Bldg., Zip Code 135-918

Country :	South Korea

Date of Incorporation :	27.01.2005

Com. Reg. No.:	220-87-03825

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesaler of Basic Metals

No. of Employees :	10 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 :			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

(31.03.2012)

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	KODEN INTERNATIONAL KOREA CO., LTD. (Korean Company Name : “(주)코덴인터내셔날코리아”)
Registered Address	707-24, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea
Building	Rm. 1608, Hansin Intervalley 24 East Bldg.
Zip Code	135-918
Tel	+82-2-2183-0405
Fax	+82-2-2183-0407
E-mail	francis@kodenintl.com
Website	www.koden-international.com
Trading Address	Rm. 1608, Hansin Intervalley 24 East Bldg., 707-24, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea
Tel	+82-2-2183-0405
Fax	+82-2-2183-0407
Type	Export/Import
Industry	Wholesale of Basic Metals
Main Business	Steel, Fish, Living Abalone
Sub Business	Wholesale of Fishes
Established (mm/dd/yyyy)	01/27/2005

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Fresh shellfish(50121611)

CEO’s

Name	Lee Hae-Kwang
Address	Suite 401, 193-74, Jangchung-dong 2-ga, Jung-gu, Seoul, Korea
Date of Birth	03/07/1964
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	920,000,000
Employees	10
Formation	Co., Ltd by Shares
Bank Details	Korea Exchange Bank-Dogok Ro Branch
Corporate Registered No.	1101113-159749
Business Registered No.	220-87-03825
Permit & Licenses	Int’l Trade No.: 45209909
Shareholder Position	N/A
Company History	01/27/2005 Incorporated as the present name 04/19/2007 Increased the authorized shares to 5,000,000 shares from 40,000 shares 04/25/2008 Moved to the present HQ address from 141-33, Samseong-dong, Gangnam-gu, Seoul, Korea 08/30/2011 Increased capital to 920,000,000 KRW from 540,000,000 KRW

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Lee Hae-Kwang	Male	Korean	07/19/2011
Director	Mr.	Kim Kyung-Won	Male	Korean	07/19/2011

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2009	10,728,000,000	3,009,000,000	213,000,000
2008	8,932,000,000	1,657,000,000	377,000,000
2007	7,715,000,000	1,247,000,000	-131,000,000

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)	25,000,000,000
Paid-Up Capital(KRW)	920,000,000
Total Issued Shares	184,000

Products, Technologies, Services Description

Main Products & Services

Steel, Fish ,Living Abalone

Trade Partners & Competitors

Competitors

BLUE-IS INC.

5TH FL., DURUMI BLDG., 75-19, GUUI 2-DONG, GWANGJIN-GU, SEOUL, KOREA

TEL:+82-2-419-7557 FAX:+82-2-419-9736

GREEN WORLD CO., LTD

10TH FL., DONGBANG BLDG., 25-4, JUNGANGDONG 4-GA, JUNG-GU, BUSAN, KOREA

TEL:+82-51-464-9494 FAX:+82-51-441-3791

CNK TRADING CO., LTD.

RM. 1904, KOREA BUSINESS CENTER, 1338-21, SEOCHO 2-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-2055-2010 FAX:+82-2-2055-2060

Sales by Region

(Activity & Markets)

Not Available.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

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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