MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	BHS TRADING CO., LTD.

Registered Office :	Rm. 202, Sinseong Complex 1519, Myeonmok 2-dong, Jungnang-gu, Seoul, Korea 131-843

Country :	South Korea

Date of Incorporation :	04.10.2002

Com. Reg. No.:	204-81-73685

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesale of Leather and Fur Products

No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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	BHS TRADING CO., LTD. (Korean Company Name : “(주)비에이치에스무역”)
Registered Address	1519, Myeonmok 2-dong, Jungnang-gu, Seoul, Korea
Building	Rm. 202, Sinseong Complex
Zip Code	131-843
Tel	+82-2-432-0801
Fax	+82-2-433-0810
Trading Address	Rm. 202, Sinseong Complex, 1519, Myeonmok 2-dong, Jungnang-gu, Seoul, Korea
Tel	+82-2-432-0801
Fax	+82-2-433-0810
Type	Export/Import
Industry	Wholesale of Leather and Fur Products
Main Business	Leather Skin, Clothing, Bag
Established (mm/dd/yyyy)	10/04/2002

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Leathers(11162300)

CEO’s

Name	Nam Jung-Ok
Address	Suite 1211, 371-1, Jangan-dong, Dongdaemun-gu, Seoul, Korea
Date of Birth	07/10/1960
Title	Representative Director
Sex	Female
Nationality	Korean

Profiles

Capital (KRW)	100,000,000
Employees	1
Formation	Co., Ltd by Shares
Bank Details	Kookmin Bank-Chungryangri Branch
Corporate Registered No.	1101112-623315
Business Registered No.	204-81-73685
Permit & Licenses	N/A
Shareholder Position	N/A
Company History	05/1999 Established as BONGHWANGSAE CORPORATION(Sole Proprietorship) 10/04/2002 Incorporated as the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Representative Director	M/S.	Nam Jung-Ok	Female	Korean	12/10/2003
Auditor	Mr.	Min In-Young	Male	Korean	12/10/2003

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011	2,075,000,000
2010	1,742,000,000
2009
2008
2007
2006
2005
2004
2003

The 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)	400,000,000
Paid-Up Capital(KRW)	100,000,000
Total Issued Shares	20,000

Products, Technologies, Services Description

Main Products & Services

Leather Skin, Clothing, Bag

Trade Partners & Competitors

Competitors

PIWON CO., LTD.

542, DONGDUCHEON-DONG, DONGDUCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-31-867-8670 FAX:+82-31-866-8670

BUMYANG LEATHER TECH CO., LTD.

27-5, CHOSEONG-RI, CHEONGSAN-MYEON, YEONCHEON-GUN, GYEONGGI-DO, KOREA

TEL:+82-31-835-6177 FAX:+82-31-835-6252

DSI COMPANY LTD.

617-1, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-491-9421 FAX:+82-31-491-0387

Sales by Region

(Activity & Markets)

The Subject deals with the companies in China and Italy.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.25
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

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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