MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	SAMSUNG POLYMER CO., LTD.
Registered Office :	684-6, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea 5Ba-507, Sihwa Industrial Complex 425-836
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	23.08.1989
Com. Reg. No.:	134-81-23533
Legal Form :	Co., Ltd by shares
Line of Business :	Manufacture of Synthetic Resin and Other Plastic Materials
No. of Employees :	45

RATING & COMMENTS

MIRA’s Rating :

Ba

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	A1	A1

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	SAMSUNG POLYMER CO., LTD.
Registered Address	684-6, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea
Building	5Ba-507, Sihwa Industrial Complex
Zip Code	425-836
Tel	+82-31-499-8011~6
Fax	+82-31-499-8017
E-mail	okjisu@sspol.com;sspol@sspol.com
Website	www.sspol.com
Trading Address	5Ba-507, Sihwa Industrial Complex, 684-6, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea
Tel	+82-31-499-8011~6
Fax	+82-31-499-8017
Other Address-Busan office	4141, DaeJeo 1-dong, Gangseo-gu, Busan,  Korea
Tel	+82-51-973-3616
Fax	+82-51-973-3618
Other Address-Factory & R&D Center	684-6, Sunggok-dong, Ansan-si, Gyeonggi-do,  Korea
Tel	+82-31-499-8011
Fax	+82-31-499-8017
Type	Export/Import
Industry	Manufacture of Synthetic Resin and Other Plastic Materials
Main Business	Shoe Sole Material, Waterproof Flooring, Urethane Adhesive
Established (mm/dd/yyyy)	08/23/1989

The Subject owns the premises of registered HQ address.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Polyurethane resins(13111061)

CEO’s

Name	Kim Pyung-Kee
Address	Suite 211-902, 89, Bangi-dong, Songpa-gu, Seoul, Korea
Date of Birth	10/29/1943
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

1,300,000,000

Employees

45

Formation

Co., Ltd by shares

Bank Details

Citibank, Korea-Ansan Branch

Industrial Bank of Korea

Shinhan Bank

Corporate Registered No.

110111-0644826

Business Registered No.

134-81-23533

Permit & Licenses

07/1994 KS Mark

05/1997 UL Mark

12/1997 NT Mark

12/2002 ISO 9001

Int’l Trade No.: 590259

Shareholder Position

Name	Shares	%
KIM PYUNG-KEE	77,740	29.90
OTHERS(7)	182,260	70.10
TOTAL	260,000	100.00

Company History

08/23/1989 Incorporated as the present name

12/12/2000 Designated as a Venture Business

12/2002 Designated as a Venture Business again

12/22/2006 Designated as a Venture Business again

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Kim Pyung-Kee	Male	Korean	11/22/2000
Director	Mr.	Lee Jin-Ko	Male	Korean	06/10/2002
Director	Mr.	Park Jong-Taik	Male	Korean	03/31/2010
Auditor	Mr.	Kim Jong-Hak	Male	Korean	03/31/2010

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2011	43,521,330,941	23,261,067,052	1,693,159,836
2010	39,320,277,589	18,345,140,137	1,241,436,832
2009	33,039,089,623	20,682,120,627	741,863,067
2008	32,435,073,904	21,765,917,694	-818,334,089
2007	30,221,915,312	17,101,987,984	9,174,953
2006	27,965,106,933	15,630,640,319	155,748,496
2005	27,267,280,921	14,744,222,081	118,446,635
2004	27,917,533,286	14,455,098,007	-1,323,706,235

Financial Description

Authorized Capital(KRW)	2,000,000,000
Paid-Up Capital(KRW)	1,300,000,000
Total Issued Shares	260,000

Balance Sheet
Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Total Assets	23,261,067,052	18,345,140,137	20,682,120,627
Current Assets	11,765,969,323	7,991,994,441	9,887,776,523
-Quick Assets	5,211,865,306	5,300,246,168	5,032,480,224
-Inventories	6,554,104,017	2,691,748,273	4,855,296,299
Fixed Assets	11,495,097,729	10,353,145,696	10,794,344,104
-Investment	4,593,817,242	4,329,094,820	4,707,944,420
-Tangibles	5,979,027,791	5,595,583,260	5,649,132,068
-Intangibles	922,252,696	428,467,616	437,267,616
Total Liabilities	12,174,601,244	8,951,834,165	12,530,251,487
Current Liabilities	11,040,422,783	6,894,227,343	10,999,502,398
Fixed Liabilities	1,134,178,461	2,057,606,822	1,530,749,089
Capital Stock	1,300,000,000	1,300,000,000	1,300,000,000
Capital Surplus
Profit Surplus	5,931,928,692	4,238,768,856	2,997,332,024
Capital Adjustment	3,854,537,116	3,854,537,116	3,854,537,116
Total Equity	11,086,465,808	9,393,305,972	8,151,869,140
Liab. & Shareholder’s Equity	23,261,067,052	18,345,140,137	20,682,120,627

Current Liabilities	11,040,422,783	6,894,227,343	10,999,502,398
Short-Term Borrowings	6,645,294,863	4,496,831,940	422,420,062
Trade Payables	3,082,310,472	1,088,937,968	9,508,943,126
Account Payables	461,161,249	386,565,123	226,852,916
Advance Receipts	113,739,698	51,687,482	323,732,560
Withholdings	200,908,700	58,503,860	15,023,490
Accrued Expenses	434,958,574	332,030,997	54,051,550
Current Portion of Long-Term Debts	102,049,227	109,060,550	35,877,260
Unearned Income	-	609,423	42,601,434
Current Portion of Long-Term Debts	-	370,000,000	370,000,000
Fixed Liabilities	1,134,178,461	2,057,606,822	1,530,749,089
Long-Term Borrowings	-	500,000,000	370,000,000
Leasehold Deposit Received	-	37,200,000	37,200,000
Provision for Severance & Retirement	155,000,000	145,000,000	25,000,000
Long-Term Account Payables	1,148,512,580	1,615,066,090	1,220,207,160

Income Statement
Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Sales	43,521,330,941	39,320,277,589	33,039,089,623
Cost of Sold Goods	36,979,979,768	34,468,515,280	27,016,269,748
Gross Profit	6,541,351,173	4,851,762,309	6,022,819,875
Selling & Admin. Expenses	4,394,662,845	3,455,169,410	4,375,548,252
Operating Income	2,146,688,328	1,396,592,899	1,647,271,623
Non-Operating Income	856,184,045	1,222,254,919	873,004,916
Non-Operating Expenses	1,149,616,067	1,247,809,226	1,733,011,672
Income Before Taxes	1,853,256,306	1,371,038,592	787,264,867
Income Taxes Expenses	160,096,470	129,601,760	45,401,800
Net Income	1,693,159,836	1,241,436,832	741,863,067

Cash Flows
Unit : Korean Won	As of 12/31/2011	As of 12/31/2010	As of 12/31/2009
Cash Flows from Operating	84,902,131	4,673,560,397	1,441,824,652
-Net Income	1,693,159,836	1,241,436,832	741,863,067
-Exp. without Cash Outflow	1,401,585,781	719,060,620	2,187,375,618
-Revenue without Cash Inflows	-107,254,987	-295,457,625	-35,572,438
-Changes in Asset/ & Liability	-2,902,588,499	3,008,520,570	-1,451,841,595
Cash Flows from Investing	-1,231,599,488	211,996,409	-107,501,630
-Cash Inflow from Investing	1,297,408,179	1,815,609,044	2,452,851,434
-Cash Outflows for Investing	-2,529,007,667	-1,603,612,635	-2,560,353,064
Cash Flows from Financing	1,179,335,270	-4,910,817,666	-1,932,149,184
-Cash Inflows from Financing	2,049,335,270	500,000,000	-
-Cash Outflows from Financing	-870,000,000	-5,410,817,666	-1,932,149,184
Increase/Decrease in Cash	32,637,913	-25,260,860	-597,826,162
Cash at the Beginning of Year	23,835,580	49,096,440	646,922,602
Cash at the End of Year	56,473,493	23,835,580	49,096,440

Products, Technologies, Services Description

Main Products & Services	Shoe Sole Material, Waterproof Flooring, Urethane Adhesive
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers	KUMHO MITSUI CHEMICALS, INC.(110111-0612980)
Customers
Competitors	JINDO CHEMICAL CO., LTD. 1MA-210, SIHWA INDUSTRIAL COMPLEX, 1352, JEONGWANG-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-499-9933 FAX:+82-31-499-9937 SAMIL PAINT INDUSTRY CO., LTD. 12B-1L, NAMDONG INDUSTRIAL COMPLEX, 622, NAMCHON-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-814-3131 FAX:+82-32-812-4241 D SHINE CO., LTD. 802-202, SINWONDANG 8-DANJI APT., 726, SEONGSA 2-DONG, DEOKYANG-GU, GOYANG-SI, GYEONGGI-DO, KOREA TEL:+82-70-7096-3682 FAX:+82-31-901-2687

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	SAMSUNG POLYMER CONSTRUCTION CO., LTD.(135011-0067162) SANCHENG CHEMICAL(HONG KONG)
Subsidiary	SAMSUNG POLYMER (VIETNAM) CO., LTD. (100.0% held by the subject company)
Cooperative Enterprise	-Insured Company LIG INSURANCE CO., LTD.(110111-0017859)

Sales by Region (Activity & Markets)

Sales/ Unit :Mil KRW	2011	2010	2009
Export
Domestic
Total

The Subject exports to Japan, China, Vietnam, Philippines, Thailand, Indonesia, Iran, Syria, Arab emirates, Australia and Mexico.

News Clipping

Not Available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

SDA

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.