MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD.

Registered Office :	555, Gwigok-dong, Changwon-si, Gyeongsangnam-do, Korea (New Address System : 22, DoosanVolo-ro, Seongasn-gu, Changwon-si, Gyeongsangnam-do, Korea)

Country :	South Korea

Financials (as on) :	30.06.2012

Date of Incorporation :	20.09.1962

Com. Reg. No.:	609-81-04684

Legal Form :	Listed Company

Line of Business :	Manufacture of Other Engines and Steam and Gas Turbines

No. of Employees :	6,867

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	DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD. (Korean Company Name : “두산중공업(주)”)
Registered Address	555, Gwigok-dong, Changwon-si, Gyeongsangnam-do, Korea (New Address System : 22, DoosanVolo-ro, Seongasn-gu, Changwon-si, Gyeongsangnam-do, Korea)
Zip Code	641-792
Tel	+82-55-278-6114
Fax	+82-55-264-5551~2
E-mail	habang.kim@doosan.com;taeyoung.sohn@doosan.com; hyeoungchul.yoon@doosan.com;chongjune.yoon@doosan.com; yeonwoo.nam@doosan.com;jungkyu.lee@doosan.com; sungsoo.kim1@doosan.com;sangjinkim@doosan.com
Website	www.doosanheavy.com
Trading Address	1303-22, Seocho-dong, Seocho-gu, Seoul, Korea (C.P.O Box 1826)
Tel	+82-2-513-6114
Fax	+82-2-513-6200
Type	Export/Import
Industry	Manufacture of Other Engines and Steam and Gas Turbines
Main Business	Turbine Generator, Desalination Plant, Nuclear Power Plants, Power Plants, Desalination Plants, Casting & Forgings
Sub Business	Construction of Industrial Plants
Established (mm/dd/yyyy)	09/20/1962

The Subject Company owns the premises of registered HQ address.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Commercial or industrial construction(72131600)
Sell	Post(30102900)
Sell	Steel plate(30102204)
Sell	Heating equipment and parts and accessories(40101800)
Sell	Water treatment and supply equipment(47101500)
Sell	Nuclear reactor equipment(26142100)
Sell	Boilers(40102000)
Sell	Odor control equipment(47101530)
Sell	Dust collectors(40161503)
Sell	Industrial filtering and purification(40160000)
Sell	Filters(40161500)
Sell	Nuclear fuel equipment(26142200)
Sell	Atomic and nuclear energy machinery and equipment(26140000)
Sell	Lifting equipment and accessories(24101600)
Sell	Marine propellers(25111902)
Sell	Nuclear reactor control rod systems(26142106)
Sell	Turbine engines(26101506)
Sell	Power generators(26111600)
Sell	Desalination equipment(47101508)
Sell	Steel housings or cabinets(31261503)
Sell	General building construction(72130000)
Sell	Steel(11101704)
Sell	Rotors or stators(26101803)
Sell	Crankshaft(26101749)

CEO’s

Name	Park Gee-Won
Address
Date of Birth	03/20/1965
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

529,247,835,000

Employees

6,867

Formation

Listed Company (Korea Stock Exchange : 034020) as of 10/25/2000

A Company of DOOSAN GROUP

Bank Details

Korea Exchange Bank-Yeoksam Dong Branch

Corporate Registered No.

194211-0000943

Business Registered No.

609-81-04684

Permit & Licenses

02/24/1995 ISO 9001 (Engine Business)

10/04/1995 ISO 9002 (Construction Business)

12/09/1997 ISO 14001(Construction Business)

08/01/1998 ISO 14001(Power Generation, Industry Equipment, Engine, Casting Business)

Int’l Trade No.: 671226

Shareholder Position

Name	Shares	%
DOOSAN CO., LTD.(110111-0013774)	43,645,207	41.23
KOREA DEVELOPMENT BANK(110135-0000937)	1,346,909	1.27
TREASURY STOCK	16,812,505	15.88
OTHERS	44,044,946	41.61
TOTAL	105,849,567	100.00

Company History

09/1962 Incorporated as Hyundai Yanghaeng (Formerly HANJUNG)

10/1980 Changed company name to HANJUNG

03/2001 Changed company name to the present name

2002 Supplied main nuclear power systems to the Sequoyah Nuclear Power Plant, USA Qinshan Nuclear Power Plant, China

2002 Dangjin Thermal Power Plant selected as the ‘Power Plant of the Year’ by a U.S. magazine ‘Power Engineering’

2003 Largest share of the global market for HRSG

2004 HRSG, mold steel and cold press work roll selected as 'Global Products’

2004 Sales reach four trillion won

2005 Obtained KOLAS/OHSAS18001 Management System Certification Received Korea’s Best Company Award

2005 Acquisition of Daewoo Heavy industrial & machinery (Currently Doosan Infracore)

2005 Acquisition of a section of reverse osmosis water treatment from AES in USA (Currently Doosan hydro technology)

2006 Acquisition of Kvaerner IMGB (Currently Doosan IMGB)

2006 Acquisition of Mitsui Babcock (Currently Doosan Babcock)

2006 Establish of a R&D center for desalination in Dubai, UAE

2007 Starting construction work of a manufacturing plant in Vietnam

12/19/2008 Issued debentures amounting 50,000,000,000 KRW for operating capital

09/14/2009 Acquired SAMHWA ASSET CO., LTD.(110111-4164242)

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
Chairman	Mr.	Park Yong-Sung	Korean	1940.09.11	New York University, USA
Vice Chairman & CEO	Mr.	Chung Ji-Taik	Korean	1950.03.21	Seoul National University, Korea
President & CEO	Mr.	Park Gee-Won	Korean	1965.03.20	New York University, USA
President & CEO	Mr.	Han Ki-Sun	Korean	1951.08.20	Seoul National University, Korea
Outside Director	Mr.	Lee Jong-Yeol	Korean	1949.05.10	Seoul National University, Korea
Outside Director	Mr.	Yoon Keon-Young	Korean	1952.03.08	Seoul National University, Korea
Outside Director	Mr.	Kim Sang-Yeol	Korean	1947.12.06	Yonsei University, Korea
Outside Director	Mr.	Kim Hyung-Joo	Korean	1960.01.19	Seoul National University, Korea

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)06/2012	3,743,152,687,453	10,832,373,800,992	148,559,978,027
(*)2011	6,669,496,851,217	10,435,857,766,220	171,582,246,258
(*)2010	6,150,985,347,405	9,259,444,559,584	182,367,016,317
2009	6,279,480,704,907	9,175,771,234,325	-328,314,807,906
2008	5,709,659,570,179	9,919,032,270,964	-65,851,255,388
2007	4,089,542,224,461	5,581,755,860,352	298,690,059,956
2006	3,508,665,339,829	5,162,276,633,395	74,164,962,570
2005	3,303,497,279,654	4,906,151,940,845	164,919,873,871
2004	2,455,505,414,985	3,649,300,078,339	164,226,996,036
2003	2,067,673,054,094	3,036,927,139,193	27,214,889,688

(*)Figures are based on the K-IFRS Accounting System.

Financial Description

Authorized Capital(KRW)	2,000,000,000,000
Paid-Up Capital(KRW)	529,247,835,000
Total Issues Shares	105,849,567

Balance Sheet

Unit : Korean Won	01/01/2012~06/30/2012	As of 12/31/2011	As of 12/31/2010
Total Assets	10,832,373,800,992	10,435,857,766,220	9,259,444,559,584
Current Assets	4,459,858,730,760	4,101,850,672,257	3,447,017,089,705
Cash & Cash Equivalents	258,953,766,228	336,360,733,875	347,125,066,192
Short-Term Investment	35,450,552,437	49,701,270,533	55,835,145,439
Trade Receivables	1,071,554,422,422	841,826,990,686	702,549,414,338
Other Receivables-Construction	1,684,362,700,860	1,461,725,288,134	1,328,984,985,197
Other Receivables	113,611,992,032	139,833,643,587	137,852,780,269
Advance Payments	575,441,274,839	583,336,712,910	364,536,722,724
Prepaid Expenses	36,923,952,815	34,047,216,940	31,557,411,278
Derivatives	40,150,462,742	112,123,983,608	85,464,411,959
Confirmed Agreement Assets	125,278,987,425	130,968,282,694	108,261,617,641
Inventories	428,906,520,807	353,036,053,770	251,340,020,714
Other Current Assets	89,224,098,153	58,890,495,520	33,509,513,954
Non-Current Assets	6,372,515,070,232	6,334,007,093,963	5,812,427,469,879
Non-Current Financial Instruments	58,442,062,733	58,726,406,970	40,940,734,657
Long-Term Marketable Financial Instruments	102,173,244,577	96,537,381,574	96,336,059,388
Investment_Related Companies	3,378,048,487,906	3,348,380,166,674	3,076,497,813,136
Long-Term Loans	99,418,404,000	102,496,654,000	8,809,360,000
Tangibles	2,012,426,562,140	2,013,115,134,080	1,963,195,900,153
Intangibles	409,829,708,387	386,191,576,157	317,273,349,269
Investment_Real Estates	10,125,705,076	10,051,987,998	22,254,459,176
Derivatives	81,624,925,613	122,571,109,924	138,349,137,719
Confirmed Agreement Assets	131,203,578,299	125,869,243,163	66,696,250,551
Guarantee Deposits	86,150,102,475	67,079,674,837	78,963,106,038
Other Non-Current Assets	3,072,289,026	2,987,758,586	3,111,299,792
Total Liabilities	7,118,002,071,042	6,791,176,009,429	5,684,235,340,569
Current Liabilities	4,946,559,636,881	4,786,209,722,904	4,278,429,527,894
Trade Payables	644,466,151,904	500,827,888,605	535,805,411,274
Short-Term Borrowings	1,830,350,808,312	1,357,871,316,841	833,108,751,930
Account Payables	314,137,444,991	349,848,925,537	297,161,014,525
Advance Receipts	79,884,876,057	69,702,906,196	13,353,417,691
Other Payables	1,379,126,078,098	1,675,622,513,121	1,590,769,596,564
Withholdings	9,200,157,353	3,330,997,532	16,387,525,468
Accrued Expenses	115,966,404,301	152,957,242,054	139,456,232,573
Accrued Income Tax	11,846,557,139	50,166,928,871	77,936,236,601
Accrued Income Tax	299,688,117,353	379,855,754,074	509,980,103,879
Derivatives	194,002,760,665	197,808,965,556	172,781,798,373
Confirmed Agreement Liabilities	64,838,778,827	45,980,926,921	49,560,820,879
Other Provisions	3,051,501,881	2,235,357,596	42,128,618,137
Non-Current Liabilities	2,171,442,434,161	2,004,966,286,525	1,405,805,812,675
Debentures	1,012,260,479,626	958,586,239,179	678,355,607,277
Long-Term Borrowings	262,000,000,000	182,000,000,000	0
long-Term Account Payables	37,933,556,787	39,546,855,083	39,726,537,620
Provision for Severance & Retirement	245,733,187,951	228,085,620,766	157,391,225,776
Guarantee Deposit Withhold	175,172,599,017	138,159,559,830	133,757,789,081
Confirmed Agreement Liabilities	238,147,329,638	246,481,807,284	197,105,186,771
Confirmed Agreement Liabilities	40,548,949,468	55,277,318,240	62,173,099,931
Non-Current Portion of Deferred Income Tax Credit	15,705,240,571	14,160,730,662	3,899,374,841
Other Provisions	136,256,475,709	136,930,671,996	129,277,902,878
Other Non-Current Debts	7,684,615,394	5,737,483,485	4,119,088,500
Capital Stock	529,247,835,000	529,217,335,000	529,082,335,000
Capital Surplus	794,070,000,296	792,961,503,990	791,272,922,696
Others	-197,198,450,780	-197,832,293,082	-150,054,801,789
Installments	5,839,914,397	19,709,536,373	-28,187,613,683
Profit Surplus	2,582,412,431,037	2,500,625,674,510	2,433,096,376,791
Total Equity	3,714,371,729,950	3,644,681,756,791	3,575,209,219,015
Liab. & Shareholder’s Equity	10,832,373,800,992	10,435,857,766,220	9,259,444,559,584

Income Statement

Unit : Korean Won	01/01/2012~06/30/2012	As of 12/31/2011	As of 12/31/2010
Sales	3,743,152,687,453	6,669,496,851,217	6,150,985,347,405
Cost of Sold Goods	3,171,406,234,516	5,733,181,688,353	5,176,532,814,556
Gross Profit	571,746,452,937	936,315,162,864	974,452,532,849
Selling & Admin. Expenses	268,483,282,537	565,878,145,750	628,804,005,251
Other Operating Income	16,471,820,899	55,631,080,771	104,588,898,936
Other Operating Expenses	23,549,675,162	31,521,738,587	74,591,309,286
Operating Income	296,185,316,137	394,546,359,298	375,646,117,248
Finance Income	174,736,761,016	437,989,316,883	419,540,947,228
Finance Expenses	274,845,527,321	602,917,571,406	585,449,334,057
Income Before Taxes	196,076,549,832	229,618,104,775	209,737,730,419
Income Taxes Expenses	47,516,571,805	58,035,858,517	27,370,714,102
Net Income	148,559,978,027	171,582,246,258	182,367,016,317

Cash Flows

Unit : Korean Won	01/01/2012~06/30/2012	As of 12/31/2011	As of 12/31/2010
Operating Activities Cash Flows	-380,168,847,665	-151,316,519,050	1,047,990,224,154
Cash Flows from Operating	-226,277,721,424	34,408,690,788	1,130,845,309,340
Interests Received	5,622,660,401	15,533,849,044	11,446,169,397
Interests Paid	-86,552,091,187	-140,089,776,985	-140,508,006,880
Dividends Received	5,883,291,185	12,473,968,325	8,909,411,478
Income Taxes	-78,844,986,640	-73,643,250,222	37,297,340,819
Cash Flows from Investing	-159,272,402,410	-588,330,899,942	-468,441,756,581
Cash Flows from Financing	461,903,959,960	728,646,039,751	-746,031,985,275
Increase/Decrease in Cash	-77,406,967,647	-10,764,332,317	-170,137,850,269
Cash at the Beginning of Year	336,360,733,875	347,125,066,192	517,262,916,461
Cash at the End of Year	258,953,766,228	336,360,733,875	347,125,066,192

Products, Technologies, Services Description

Main Products & Services

NUCLEAR POWER PLANT

Reactor Vessel

Reactor Internals

Steam Generator

BOP

Peripheral Systems

POWER PLANT

Main Parts

Auxiliary Systems

DESALINATION PLANT

MSF (Multi Stage Flash)

MED (Multi Effect Distillation)

RO (Reverse Osmosis)

Hybrid (MSF + RO, MED + RO)

WT/WWT(Water/Wastewater Treatment)

CASTING & FORGING

Power Facilities

Marine Engine Parts

Steel Mill

Die & Tool Steel

CONSTRUCTION

Brand Name : DOSAN WE’VE

Trade Partners & Competitors

Suppliers

DOOSAN INDUSTRIAL DEVELOPMENT CO., LTD.

DOOSAN CORPORATION

DOOSAN ENGINE CO., LTD.

DOOSAN MECATEC CO., LTD.

WONIK QUARTZ CO., LTD.

16F KUKJE ELECTRONICS CENTER 1445-3 SEOCHO-DONG SEOCHO-GU SEOUL 137-728 KOREA

TEL:+82-2-586-4601 FAX:+82-2-586-4614

INDUSTRY: MANUFACTURE OF LABORATORY AND OTHER INDUSTRIAL GLASSWARE

SEOHO ELECTRIC CO., LTD.

194-53, ANYANG 7-DONG, MANAN-GU, ANYANG, GYEONGGI 430-815 KOREA

TEL:+82-31-468-6611 FAX:+82-31-468-3311

INDUSTRY: MANUFACTURE OF BOARDS FOR ELECTRIC CONTROL OR DISTRIBUTION

UNISON CO., LTD.

803, JANGSAN-RI, SUSIN-MYEON, CHEONAN, CHUNGNAM 330-882 KOREA

TEL:+82-41-620-3333 FAX:+82-41-551-5611

INDUSTRY: MANUFACTURE OF ALL OTHER FABRICATED METAL PRODUCTS N.E.C.

YANG BO CO., LTD.

1506-1, SONGJEONG-DONG, GANGSEO-GU, BUSAN 618-270 KOREA

TEL:+82-51-831-8889 FAX:+82-51-831-7744

INDUSTRY: MANUFACTURE OF ROLLED, DRAWN AND FOLDED PRODUCTS OF COPPER

BOSUNG POWERTEC CO., LTD.

731-2, WONSI-DONG, DANWON-GU, ANSAN, GYEONGGI 425-851 KOREA

TEL:+82-31-491-0311 FAX:+82-31-491-5317

INDUSTRY: MANUFACTURE OF OTHER ELECTRIC MOTORS, GENERATORS AND TRANSFORMERS

SEOHO ELECTRIC CO., LTD.

194-53, ANYANG 7-DONG, MANAN-GU, ANYANG, GYEONGGI 430-815 KOREA

TEL:+82-31-468-6611 FAX:+82-31-468-3311

INDUSTRY: MANUFACTURE OF BOARDS FOR ELECTRIC CONTROL OR DISTRIBUTION

Customers

SWCC (SALINE WATER CONVERSION CORPORATION)-SAUDI ARABIA

DONGRIWON DEVELOPMENT VINA.CO.,LTD & HAI BINH JOINT STOCK COMPANY-VIETNAM

SHUWEIHAT 2 HOLDING COMPANY LIMITED-UAE

GHECO-ONE COMPANY LIMITED-THAILAND

PSA CORPORATION LTD.-SINGAPORE

WESTINGHOUSE ELECTRIC COMPANY LLC-USA

MEW(THE MINISTRY OF ELECTRICITY AND WATER IN KUWAIT)-KUWAIT

GECOL(GENERAL ELECTRICITY COMPANY OF LIBYA)-LIBYA

KSPC (KEPCO SPC POWER CORP.)-PHILIPPINES

GE (GENERAL ELECTRIC INTERNATIONAL, INC.)-USA

KOREA ELECTRIC POWER CORPORATION(114671-0001456)

KOREA HYDRO & NUCLEAR POWER CO., LTD.(110111-2207127)

KOREA SOUTHERN POWER CO., LTD.(110111-2207135)

HAEKUK FEEL D&C(110111-1530157)

Competitors

HYUNDAI STEEL COMPANY(120111-0001743)

HYUNDAI STEEL, 1, SONGHYEON 3-DONG, DONG-GU, INCHEON, KOREA

TEL:+82-32-760-2114 FAX:+82-32-760-2813

HYUNDAI HEAVY INDUSTRIES CO.,LTD.(181211-0000386)

1, JEONHA 1-DONG, DONG-GU, ULSAN, KOREA

TEL:+82-52-202-2114 FAX:+82-52-234-2565

THE KANSAI ELECTRIC POWER COMPANY, INC.

3-6-16, NAKANOSHIMA KITA-KU OSAKA-SHI, OSK 530-8270 JAPAN

TEL:+81-6-64418821

MASHINOSTROITEL'NYI ZAVOD OAO

UL. K. MARKSA 12 ELEKTROSTAL', 144001 RUSSIA

TEL:+7-495-7029901 FAX:+7-495-7029221 (FAX)

SHIKOKU ELECTRIC POWER COMPANY, INC.

2-5 MARUNOUCHI TAKAMATSU-SHI, KGW 760-8573 JAPAN

TEL:+81-87-8215061

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	DOOSAN INFRACORE CO., LTD.(120111-0234469) (38.86% held by the subject company) DOOSAN ENGINE CO., LTD(194211-0038423) (53.04% held by the subject company) DOOSAN MECATEC CO., LTD.(110111-0126022) (100.00% held by the subject company) N.SHAPER CO., LTD .(110111-1943574) (80.52% held by the subject company) ORICOM INC(110111-0176986) (9.72% held by the subject company) DOOSAN CONSTRUCTION & ENGINEERING CO., LTD.(110111-0194277) (52.18% held by the subject company) DOOSAN CAPITAL CO., LTD.(110111-1220336) (19.99% held by the subject company) DOOSAN ASSET MANAGEMENT COMPANY CO., LTD(194211-0097859) (100.00% held by the subject company) DOOSAN DONG-A CO., LTD.(110111-3977117) DOOSAN CO., LTD.(110111-0013774) SRS KOREA CO., LTD.(110111-3139733) DOOSAN FEED & LIVESTOCK CO., LTD.(110111-3809138) DOOSAN WINE SALES CO., LTD.(110111-3942582) SAMHWA CROWN & CLOSURE CO., LTD.(134111-0003462) DOOSAN MOTTROL CO., LTD.(194211-0000274) NEO TRANS CO., LTD.(131111-0141801) DOOSAN TOWER CO., LTD.(110111-1722499) DOOSAN MOTORS CORP.(110111-3008293) DONG HYUN ENGINEERING CO., LTD.(110111-0508329) NEOPLUX CO., LTD.(110111-1927841) BIG & GOOD SECURITIES BROKERAGE.CO., LTD.(110111-1965560) REXCON CO., LTD.(110111-3586273) DOOSAN CUVEX CO., LTD(140111-00325709) DOOSAN BEARS INC.(110111-0346919) DOOSAN MOTTROL HOLDINGS CO., LTD.(110111-3892505) DOOSAN INTERNATIONAL KOREA LIMITED(110111-3773531)
Overseas Branch	FRANKFURT FRANKFURT OFFICEARABELLA CENTER, 9TH FLOOR LYONER STRASSE 44-48 FRANKFURT AM MAIN 60528, GERMANY TEL:+49-69-69-5004-0 FAX:+49-69-69-5004- 10 NEW JERSEY 400 KELBY STREET, PARKER PLAZA, 10TH FL. FORT LEE, NJ 07024, USA TEL:+1-201-944-4554 FAX:+1-201-944-5022/5053 WINDSOR WESTINGHOUSE ELECTRIC, 20 INTERNATIONAL DRIVE, WINDSOR, CT 06095, USA TEL:+1-860-731-6479 FAX:+1-860-731-6478 SCHENECTADY GENERAL ELECTRIC BUILDING 33, ROOM 202A, ONE RIVER ROAD, SCHENECTADY, NY 12345, USA TEL:+1-518-385-5218 FAX:+1-518-385-4984 BEIJING 19F, TOWER B, GATEWAY PLAZA, NO18 XIAGUANGLI,NORTH ROAD, EAST THIRD RING, CHAOYANG DISTRICT,BEIJING 100027, CHINA TEL:+86-10-8454-7131∼33 FAX:+86-10-8454-7139 TAIWAN 704,NO.51,KEELUNG ROAD SECTION 2, TAIPEI, TAIWAN, R.O.C TEL:+886-2-2739-2255(ARS) FAX:+886-2-2739-2266 KUALA LUMPUR LETTER BOX NO.86,22ND FLOOR,UBN TOWER,10, JALAN P.RAMLEE,50250 KUALA LUMPUR. MALAYSIA. TEL:+60-3-2026-8890 FAX:+60-3-2026-8891 NEW DELHI 2A, 2NDFL. LOTUS TOWERS,NEW FRIENDS COLONY, NEW DELHI 110 065, INDIA TEL:+91-11-4132-8031/8034 FAX:+91-11-4132-8039 SHANGHAI 38TH FLOOR XIN MEI UNION SQUARE 999 SOUTH PUDONG ROAD, PUDONG NEW AREA SHANGHAI 200120, PR CHINA TEL:+86-21-5877-8696 FAX:+86-21-5877-5938
Overseas Branch	HANOI 1101, DAEHA BUSINESS CENTER, 360 KIM MA, BA DINH DISTRICK, HANOI, VIETNAM TEL:+84-4-273-0545/0548 FAX:+84-4-273-0550 BANGKOK 10TH FLOOR, M-THAI TOWER, WIRELESS ROAD, BANGKOK, THAILAND TEL:+66-2-654-0690~2 FAX:+66-2-654-0693 MUMBAI 1109&1110, 11TH FLOOR, MAKER CHAMBERS-V, NARIMAN POINT, MUMBAI 400021, INDIA TEL:+91-22-2202-6505-6516/7842 FAX:+91-22-2202-6557 TOKYO ROOM2410,MITA KOKUSAI BLD.1-4-28, MITA MINATO-KU, TOKYO, JAPAN 108-0073 TEL:+81-3-3452-5451~3 FAX:+81-3-3452-5624 ABU DHABI P.O. BOX 27767 AL GHAITH TOWER, SUITE 508, HAMDAN STREET, ABU DHABI, UAE TEL:+971-2-627-6273 FAX:+971-2-627-6274 RIYADH P.O. BOX 9656 RIYADH 11423, SAUDI ARABIA TEL:+966-1-419-1920/1696 FAX:+966-1-419-1995 DUBAI OFFICE NO. 308, AL SERKAL BUIDING, AIRPORT ROAD, PO BOX 11859, DHABI, UNITED ARAB EMIRATES TEL:+971-2-627-6273 FAX:+971-2-627-6274 KUWAIT SABAH AL-SALEM AREA, BLOCK 4 STREET 24, VILLA 15, KUWAIT TEL:+965-551-8436 FAX:+965-551-8453
Joint Venture
Subsidiary	DOOSAN ENGINE CO., LTD(194211-0038423) (51.00% held by the subject company) DOOSAN MECATEC CO., LTD.(110111-0126022) (100.0% held by the subject company) N.SHAPER CO., LTD .(110111-1943574) (80.52% held by the subject company) DOOSAN IMGB 104 BERCENI ROAD, BUCHAREST 4, ROMANIA DOOSAN IMGB DOOSAN BABCOCK ENERGY DOOSAN BABCOCK ENERGY PORTERFIELD ROAD, RENFREW UK, PA4 8DJ TEL:+44(0) 141-886-4141 FAX:+44(0) 141-885-3338 DOOSAN HF CONTROLS 1624 W, CROSBY RD, SUITE 124 CARROLLTON, TX 75006, USA TEL:+1-469-568-6500 1-866-501-9954 FAX:+1-469-568-6599 DOOSAN HYDRO TECHNOLOGY 912 CHAD LANE, TAMPA, FL 33619, USA TEL:+1-813-549-0182 FAX:+1-813-623-6666 CHICO ORUWALA ATHURUGIRIYA, SRI LANKA TEL:+94-114-440031/032 FAX:+94-114-440030 HPL P.O. BOX 2803, BOROKO, NCD PORT MORESBY, PAPUA NEW GUINEA TEL:+675-320-0529 FAX:+675-321-2984 HANVICO 933 TON DUC THANG STREET HONG BANG DISTRICT HAI PHONG, VIETNAM TEL:+84-31-712-708/711 FAX:+84-31-712-714/715 DOOSAN E&S DOOSAN ENGINEERING & SERVICES INDIA PVT. LTD. 3RD FLOOR BUILDING 8, DLF CYBER CITY BACK SIDE OF INFINITY TOWER, GURGAON HARYANA, INDIA TEL:+91-124-439-8200 FAX:+91-124-414-7006 DOOSAN VINA DOOSAN HEAVY INDUSTRIES VIETNAM CO., LTD. NO.1 AN DUONG VUONG STREET, QUANGNGAI CITY, QUANGNGAI PROVINCE, VIETNAM TEL:+84-55-713-001 FAX:+84-55-713-008
Cooperative Enterprise	-Technical Support DOOSAN BABCOCK(UK) FOSTER WHEELER(USA) GE(USA) MHI(JAPAN) ALSTOM HYDRO + ALSTOM HYDRAULIQUE SA(FRANCE) HTC PURENERGY(CANADA) BURNS & ROE ENTERPRISE(USA)

Sales by Region (Activity & Markets)

Sales/ Unit : KRW	2010	2009	2008
Export	3,529,109,807,022	3,799,702,426,678	3,697,902,607,612
Domestic	2,649,224,790,384	2,479,778,278,229	2,011,756,962,567
Total	6,178,334,597,406	6,279,480,704,907	5,709,659,570,179

Court Action

(*)There are the proceeding 48 cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 219,881,000,000 KRW.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.29
UK Pound	1	Rs.86.43
Euro	1	Rs.68.95

INFORMATION DETAILS

Report Prepared by :

PDT

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.