MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	HYUNDAI HEAVY INDUSTRIES CO., LTD.

Registered Office :	1000, Bangeojinsunhwan-doro, Dong-gu, Ulsan, Korea 682-813

Country :	South Korea

Financials (as on) :	31.03.2013

Date of Incorporation :	28.12.1973

Com. Reg. No.:	620-81-00012

Legal Form :	Listed Company

Line of Business :	Building of Non-ferrous Metal Ships and Other Sailing Ships

No. of Employees :	26,404

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 – March, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 is currently the world's 12th largest economy. 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. Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. 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

Basic

Company Name	HYUNDAI HEAVY INDUSTRIES CO., LTD.
Registered Address	1, Jeonha 1-dong, Dong-gu, Ulsan, Korea (New Address System : 1000, Bangeojinsunhwan-doro, Dong-gu, Ulsan, Korea)
Zip Code	682-813
Tel	+82-52-202-2114
Fax	+82-52-202-2286
E-mail	webzine@hhi.co.kr;ship@hhi.co.kr
Website	www.hhi.co.kr
Trading Address/ Seoul Office	14th FL., Hyundai Bldg., 140-2, Gye-dong, Jongno-gu, Seoul, Korea
Tel	+82-2-746-4750 +82-2-746-4544
Fax	+82-2-746-4663 +82-2-746-4662
Other Address-Branch	306-1, Seonam-dong, Nam-gu, Ulsan, Korea
Tel	+82-52-270-9135
Fax	+82-52-274-6735
Other Address-Hyundai Hotel	477-2 Sinpyeong-dong, Gyeongju-si, Gyeongbuk-do 780-290 Korea
Tel	+82-54-748-2233
Fax	+82-54-748-8234
Other Address-Hyundai Incineration Equipment	1288 Bangeo-dong, Tong-gu, Ulsan 682-806 Korea
Tel	+82-52-235-2195
Fax
Other Address-Department of Marine Business	775 Bangeo-dong, Tong-gu, Ulsan 682-806 Korea
Tel	+82-52-230-1457
Fax	+82-52-202-1970
Other Address-Hyundai Art Hall	110-1 Seobu-dong, Tong-gu, Ulsan 682-807 Korea
Tel	+82-52-235-2100
Fax	+82-52-235-2100
Other Address-Hanmaeum Hall	290-16 Cheonha-dong, Tong-gu, Ulsan 682-813 Korea
Tel	+82-52-236-5119
Fax
Other Address-Daesan Complex Power Plant	634, Dokgot-ri, Daesan-eup, Seosan-si, Chungcheongnam-do, Korea
Tel	+82-41-681-4095
Fax	+82-41-667-2393
Type	Export/Import
Industry	Building of Non-ferrous Metal Ships and Other Sailing Ships
Main Business	Shipbuilding, Offshore Steel Structure, Plant, Engine, Electron & Electricity System, Construction Equipment
Established (mm/dd/yyyy)	12/28/1973

The Subject owns the premises of registered address/factory.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Forklifts(24101603)
Sell	Power supply transformers(39121002)
Sell	Molded case circuit breakers(39121616)
Sell	Skid steer loaders(22101529)
Sell	Switchgear systems(39121105)
Sell	Inverters(32121705)
Sell	Track excavators(22101526)
Sell	Wheel loaders(22101528)
Sell	Engines(26101500)
Sell	Commercial marine craft(25111500)
Sell	Motors(26101600)
Sell	Commercial or industrial construction(72131600)
Sell	Commercial marine craft(25111500)
Sell	Pumps(40151500)
Sell	Power supply transformers(39121002)
Sell	Inverters(32121705)
Sell	Uninterruptible power supplies(39121011)
Sell	Diesel generators(26111601)
Sell	Panelboards(39121103)
Sell	Panelboards(39121103)
Buy	Steel Plate
Buy	Paint

CEO’s

Name	Lee Jae-Sung
Address
Date of Birth	05/25/1952
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

380,000,000,000

Employees

26,404

Formation

Listed Company (Korea Stock Exchange: 009540) as of 08/1999

A Company of HYUNDAI HEAVY INDUSTRIES GROUP

Bank Details

Korea Exchange Bank-Kyei-Dong Branch

Corporate Registered No.

181211-0000386

Business Registered No.

620-81-00012

Permit & Licenses

04/09/1997 ISO 14001

02/1999 ISO 9001

06/2000 ISO 9001

11/2000 EM

11/2001 NT

07/2003 GD Mark

Int’l Trade No.: 740353

Shareholder Position

Name	Shares	%
CHUNG MONG-JOON	7,717,769	10.15
KCC CORPORATION(110111-0221814)	2,370,963	3.12
HYUNDAI MIPO DOCKYARD CO., LTD.(181211-0000526)	6,063,000	7.98
HYUNDAI MOTOR COMPANY(110111-0085450)	2,190,000	2.88
NATIONAL PENSION SERVICE(110171-0007134)	4,273,118	5.62
ASAN WELFARE FOUNDATION(110122-0001974)	1,920,000	2.53
POSCO(174611-0000741)	1,477,000	1.94
MIRAE ASSET INVESTMENT MANAGEMENT CO., LTD.(110111-1441685)	3,247,376	4.27
TREASURY STOCK	14,711,560	19.36
EMPLOYEE STOCK OWNERSHIP ASSOCIATION	1,176,066	1.55
OTHERS	30,853,148	40.60
TOTAL	76,000,000	100.00

Company History

03/10/1970 Shipyard Construction Division established in Hyundai engineering & Construction Co., Ltd (HDEC).

12/05/1970 Signed a contract of building super large-sized ship which contain 260 thousand tons of crude oil with Rivanos, Greece.

12/28/1973 incorporated as Hyundai Shipbuilding & Heavy Industry Co, Ltd.

02/24/1978 Changed the trade name to Hyundai Heavy Industries Co., Ltd.

09/27/1993 Merged Hyundai Robot Ind. Co., Ltd. and Hyundai Steel Tower Ind. Co., Ltd.

02/28/1999 Transfer of Business on Heavy Equipment Sale in Hyudai Motor Service

11/30/1999 Transfer of Business on Power Generation Facility in Korea Heavy Ind.

05/2002 Acquired Samho Heavy Industries Co., Ltd.

11/2005 Awarded US$7 Billion Export Top Prize

09/2006 Awarded the 5th Korea’s Best Corporation

11/2007 Awarded US$10 Billion Export Top Prize

01/03/2011 Acquired Yongyeon factory from HYMS(230111-0143443) amounting 133,908,620,955 KRW

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
President & CEO	Mr.	Lee Jae-Sung	Korean	1952.05.25	Pennsylvania University(USA)
President & CEO / Shipbuilding	Mr.	Kim Oi-Hyun	Korean	1954.05.01	Seoul National University, Korea
President	Mr.	Choi Byung-Koo	Korean	1951.08	Inha University, Korea
Outside Director/Auditor	Mr.	Ju Soon-Sik	Korean	1953.11.	Hawaii University(USA)
Outside Director/Auditor	Mr.	Noh Young-Bo	Korean	1954.07	Georgetown University, USA
Outside Director/Auditor	Dr.	Pyun Ho-Bum	Korean	1952.01.15	Sungkyungan University, KOrea
Outside Director	Mr.	Lee Cheol	Korean	1955.02.09	Texas University, USA

Financials

Year / Unit : Thousand KRW	Sales	Assets	Net Income
(*)03/2013	5,821,232,264	31,777,114,500	286,999,079
(*)2012	25,055,014,302	30,637,881,717	1,111,371,205
(*)2011	25,019,604,058	29,920,497,557	1,953,687,439
(*)2010	22,408,120,186	28,570,050,624	2,835,399,093
2009	21,142,196,736	24,872,583,501	2,146,488,795
2008	19,957,080,881	25,280,400,921	2,256,664,845
2007	15,533,013,307	16,798,704,711	1,736,060,331
2006	12,554,744,430	12,996,156,878	712,847,558
2005	10,354,421,886	11,593,108,115	183,314,079
2004	9,084,484,155	11,062,313,662	36,719,496
2003	8,153,499,952	10,604,056,876	113,857,159

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

Financial Description

Authorized Capital(KRW)	800,000,000,000
Paid-Up Capital(KRW)	380,000,000,000
Total Issues Shares	76,000,000

Balance Sheet
Unit : Thousand Korean Won	01/01/2013~03/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	31,777,114,500	30,637,881,717	29,920,497,557
Current Assets	14,361,881,526	13,260,608,268	11,605,944,248
Cash & Cash Equivalents	1,107,287,686	522,916,854	608,305,745
Current Financial Instruments	133,032,365	140,025,992	20,571,443
Trade Receivables & Other Receivables	3,878,117,875	3,415,103,505	3,247,270,300
Prepaid Construction	4,055,189,348	3,571,761,440	2,567,103,777
Inventories	2,782,879,191	2,886,179,999	2,834,685,760
Derivatives	92,534,619	352,707,880	127,646,236
Confirmed Agreement Assets	73,692,115	68,950,598	404,964,726
Other Current Assets	2,239,148,327	2,302,962,000	1,795,396,261
Non-Current Assets	17,415,232,974	17,377,273,449	18,314,553,309
Investment_Related Companies	6,846,100,108	6,848,089,108	6,836,161,061
Non-Current Financial Instruments	1,129,990,912	1,113,004,649	1,785,927,934
Long-Term Trade Receivables & Other Receivables	372,378,050	317,859,592	509,610,401
Investment_Real Estates	423,138,051	313,069,349	314,952,460
Tangibles	8,019,097,276	8,145,864,317	8,137,085,222
Intangibles	377,622,380	373,753,496	370,355,123
Derivatives	30,880,700	113,495,722	46,466,814
Confirmed Agreement Assets	63,317,846	1,682,828	178,916,489
Other Non-Current Assets	152,707,651	150,454,388	135,077,805
Total Liabilities	16,429,877,924	15,447,946,214	15,201,220,868
Current Liabilities	13,209,849,364	12,289,390,455	14,029,108,979
Current Financial Debts	4,357,275,659	4,282,108,440	3,915,685,636
Trade Payables & Other Payables	2,780,405,183	2,299,628,573	2,450,270,548
Advance Receipts	862,148,360	908,391,816	1,062,490,143
Accrued Construction	4,629,010,120	4,202,825,488	5,876,506,477
Derivatives	69,677,528	43,042,776	230,144,853
Confirmed Agreement Debts	68,996,281	217,691,944	121,940,384
Accrued Income Tax	442,336,233	335,701,418	372,070,938
Non-Current Liabilities	3,220,028,560	3,158,555,759	1,172,111,889
Non-Current Financial Debts	2,360,947,182	2,260,223,050	67,051,944
Long-Term Trade Payables & Other Payables	12,197,063	12,234,593	14,650,331
Confirmed Agreement Debts	203,847,758	172,672,817	90,741,609
Other Provisions	265,392,605	252,506,544	129,884,994
Derivatives	70,554,596	20,668,394	192,144,081
Confirmed Agreement Debts	20,021,930	113,376,015	22,758,464
Deferred Income Tax Credit	287,067,426	326,874,346	654,880,466
Capital Stock	380,000,000	380,000,000	380,000,000
Capital Surplus	1,044,516,633	1,044,516,633	1,044,516,633
Capital Adjustment	-1,400,454,947	-1,400,454,947	-1,400,454,947
Others	522,126,546	498,603,452	852,646,761
Profit Surplus	14,801,048,344	14,667,270,365	13,842,568,242
Total Equity	15,347,236,576	15,189,935,503	14,719,276,689
Liab. & Shareholder’s Equity	31,777,114,500	30,637,881,717	29,920,497,557

Income Statement
Unit : Thousand Korean Won	01/01/2013~03/31/2013	As of 12/31/2012	As of 12/31/2011
Sales	5,821,232,264	25,055,014,302	25,019,604,058
Cost of Sold Goods	5,286,083,162	22,236,009,555	21,163,633,237
Gross Profit	535,149,102	2,819,004,747	3,855,970,821
Selling & Admin. Expenses	348,818,975	1,526,071,022	1,217,202,778
Operating Income	186,330,127	1,292,933,725	2,638,768,043
Finance Income	318,768,107	1,884,727,871	1,044,973,889
Finance Expenses	510,286,176	649,272,491	1,180,546,547
Other Non-Operating Income	295,700,690	117,963,323	601,079,985
Other Non-Operating Expenses	19,919,961	1,210,223,995	563,303,089
Income Before Taxes	270,592,787	1,436,128,433	2,540,972,281
Income Taxes Expenses	-16,406,292	324,757,228	587,284,842
Net Income	286,999,079	1,111,371,205	1,953,687,439

Cash Flows
Unit : Thousand Korean Won	01/01/2013~03/31/2013	As of 12/31/2012	As of 12/31/2011
Operating Activities Cash Flows	572,490,890	-2,180,227,635	1,108,944,182
Net Income	286,999,079	1,111,371,205	1,953,687,439
Adjustment	327,381,859	-2,729,702,562	12,132,593
Interests Received	11,422,093	114,816,268	166,384,322
Interests Paid	-49,617,204	-173,923,508	-151,418,773
Dividends Received	1,447,665	57,966,431	76,973,326
Income Taxes	-5,142,602	-560,755,469	-948,814,725
Cash Flows from Investing	-123,170,078	-293,045,771	-1,200,563,488
Cash Flows from Financing	134,311,907	2,388,991,007	75,254,424
Increase/Decrease in Cash	584,370,832	-85,388,891	-16,173,791
Cash at the Beginning of Year	522,916,854	608,305,745	624,479,536
Cash at the End of Year	1,107,287,686	522,916,854	608,305,745

Products, Technologies, Services Description

Main Products & Services

Shipbuilding

-Carrier: 75,000 DWT Bulk Carrier / 172,000 DWT Bulk Carrier

-Pure Car Carrier

-Containership: 3,000 TEU / 4,800 TEU / 5,500 TEU / 6,800 TEU

-LPG Carrier

-Tanker: 165,000 DWT Tanker / 113,000 DWT Tanker

-Ro-Ro Ship

-VLCC: 319,000 DWT VLCC

-Chemical Tanker

-Product Carrier: 46,000 DWT Product Carrier / 105,000 DWT Product Carrier

-Offshore Rigs / Barge

-Multi-Purpose Cargo Ship

-LNG Carrier

-OBO Carrier

-Other Vessels

Offshore & Engineering

-Platforms: Jacket/Pile

-Floating Units: Semi-Submersible Rig

-Offshore Installation: Heavy Lift Installation

Industrial Plant & Engineering

-Power Plant

-Nuclear Power Plant

-Environmental Engineering Plant

-Process Plant

-Desalination Plant

-Material Handling Equipment

-Cement Plant

-Iron & Steel Plant

-Hydro Power Plant

-Steel Tower

-Air Conditioning Equipment

Engine & Machinery

-Marine Engine

-HiMSEN Engine

-Power Plant

-Robot

-Pump

-Machinery

Main Products & Services

Electro-Electric System

-Transformer: Capacity up to 765kV 2000MVA, worldwide experiences with proven record

-High Voltage Circuit Breaker: Gas Insulated Switchgear

-Switchgear

Industrial: MV Switchgear / LV Switchgear / Motor Control Center / Power Automation

Marine: Marine Switchgear & Starter / Console Alarm Monitoring System

-Medium & voltage circuit breaker: Molded Case Circuit Breaker / Magnetic Contactor / Air Circuit Breaker / Motor Control Breaker / Vacuum Circuit Breaker / Vacuum Contactor / Vacuum Interrupter

-Rotating Machinery: Low Voltage Induction Motor / Medium & High Voltage

Induction Motor / Marine Generator / Industrial Diesel Generator

-Power Electronics

-Control & System Integration

-Marine Purpose Equipment

-Traction Power Supply and Propulsion System

-Turnkey Solution

Construction Equipment

-Crawler Excavators

-Wheel Excavators

-Wheel Loaders

-Skid Steer Loader

-Lift Trucks

Annual Production Capacity

Products	2010	2009	2008
Ships	6,800,000 GT	6,800,000 GT	6,500,000 GT
Engines	13,000,000 HP	13,000,000 HP	10,000,000 HP
Excavators	16,000 EA	16,000 EA	16,000 EA
Forklift	13,000 EA	13,000 EA	13,000 EA

Technologies Acquired

Trade Partners & Competitors

Suppliers

POSCO

HYUNDAI STEEL

KCC

DONGIL INDUSTRIES CO., LTD.

800, JANGHEUNG-DONG, NAM-GU, POHANG-SI, GYEONGBUK-DO 790-240 KOREA

TEL 82-54-285-3201 FAX 82-54-285-4151

INDUSTRY: MANUFACTURE OF FERRO-ALLOYS

KOREA SPECIAL PRECISION CO., LTD.

1658-6, SONGJEONG-DONG, DONGNAE-GU, BUSAN 618-270 KOREA

TEL:+82-51-831-6270~9 FAX:+82-51-831-6273

INDUSTRY: MANUFACTURE OF INTERNAL COMBUSTION PISTON ENGINES

SPECO LTD.

2F SAM-IK PLAZA BD, 58-3, NONHYEON 1-DONG, GANGNAM-GU, SEOUL 1315-815 KOREA

TEL:+82-2-3498-3200 FAX:+82-2-3462-3831

INDUSTRY: MANUFACTURE OF ALL OTHER MACHINE-TOOLS, N.E.C.

FINETEC CORP.

329-3, BOCHE-RI, MIYANG-MYEON, ANSEONG-SI, GYEONGGI-DO 456-843 KOREA

TEL:+82-31-677-7000 FAX:+82-31-677-7007

INDUSTRY: MANUFACTURE OF SYNTHETIC RESIN AND OTHER PLASTIC MATERIALS

SUNGKWANG BEND CO., LTD.

NOKSAN NATIONAL INDUSTRIAL COMPLEX, 1720, SONGJEONG-DONG, GANGSEO-GU, BUSAN 618-270 KOREA

TEL:+82-51-330-0200 FAX:+82-51-330-0231

INDUSTRY: MANUFACTURE OF TUBES AND PIPES OF CAST IRON OR CAST STEEL

SEOHO ELECTRIC CO., LTD.

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

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

INDUSTRY: MANUFACTURE OF BOARDS FOR ELECTRIC CONTROL OR DISTRIBUTION

Customers

REPUBLIC OF KOREA NAVY

HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.(205411-0003915)

HYUNDAI MIPO DOCKYARD CO., LTD.(181211-0000526)

HYUNDAI MOTOR COMPANY(110111-0085450)

HYUNDAI OIL REFINERY CO., LTD.(110111-0090558)

CHEVRON AUSTALIA PTY. LTD.

ABU DHABI GAS LIQUEFACTION CO., LTD.(ADGAS)

MINISTRY OF ELECTRICITY AND WATER(MEW), KUWAIT

CHEVRON AUSTRALIA PTY. LTD.

Competitors

DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.

85, DA-DONG, JUNG-GU, SEOUL, KOREA

TEL:+82-2-2129-0114 FAX:+82-2-756-4390

SAMSUNG HEAVY INDUSTRIES CO., LTD.

35TH FL., SAMSUNG LIFE INSURANCE SEOCHO TOWER, 1321-15, SEOCHO 2-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-3458-7000 FAX:+82-2-3458-7100

MISHUBISH HEAVY INDUSTRIES-JAPAN

UNIVERSIAL SHIPBUILDING-JAPAN

TECHNIP-FRANCE

SAIPEM-ITALY

MCDERMOTT-USA

KBR-USA

STOLT OFFSHORE-FRANCE

ABB-SWEDEN

SIEMENS-GERMNAY

ALSTOM-FRANCE

KOMASHU-JAPAN

HITACHI-JAPAN

VOLVO-SWEDEN

CATERPILLER-USA

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	HYUNDAI MIPO DOCKYARD CO., LTD.(181211-0000526) 1381, BANGUH-DONG, TONG-GU, ULSAN 682-712 KOREA TEL:+82-52-250-3114 FAX:+82-52-250-3059 INDUSTRY: SHIPBUILDING, CONVERSION, REPAIRING HYUNDAI VENTURE INVESTMENT CORP.(110111-1399941) 4 FL. HYUNDAI BLDG. 77, MUGYO-DONG, JUNG-GU, SEOUL 100-775 KOREA TEL:+82-2-728-8990 FAX:+82-2-728-8999 INDUSTRY: INVESTMENT IN VENTURE FIRMS HYUNDAI FUTURES CORPORATION(110111-1367740) 3RD FL. HYUNDAI INVESTMENT TRUST & SECURITIES BLDG., 23-4 YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL 150-725 KOREA TEL:+82-2-788-7000 FAX:+82-2-788-7040 INDUSTRY: COMMODITY EXCHANGE HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.( 205411-0003915) (94.92% held by the subject company) 1700, YONGDANG-RI, SAMHO-MYEON, YEONGAM-GUN, JEONNAM-DO 526-751 KOREA TEL:+82-61-460-2114 FAX:+82-61-460-3701 INDUSTRY: BUILDING OF STEEL SHIPS HYUNDAI FINANCE CORP.(110111-1238628) (67.49% held by the subject company) HYUNDAI BLDG. EAST 77, MUGYO-DONG, JUNG-GU, SEOUL 100-170 KOREA TEL:+82-2-728-8800 FAX:+82-2-728-8887 INDUSTRY: OTHER CREDIT GRANTING N.E.C.
Affiliates	MIPO ENGINEERING CO., LTD.(230111-0108075) 4TH FL., GISEONG BLDG., 1304-10, DAL-DONG, NAM-GU, ULSAN, KOREA TEL:+82-52-261-7101 FAX:+82-52-261-8796 ULSAN HYUNDAI FOOTBALL CLUB CO.,LTD.(230111-0141413) (100.0% held by the subject company) 137-1, SEOBU-DONG, DONG-GU, ULSAN, KOREA TEL:+82-52-202-6141~4 FAX:+82-52-202-6145 WARTSILA-HYUNDAI ENGINE COMPANY LTD(205414-0004701) (50.0% held by the subject company) 5B, DAEBUL INDUSTRIAL COMPLEX, 611-2, NABUL-RI, SAMHO-EUP, YEONGAM-GUN, JEOLLANAM-DO, KOREA TEL:+82-61-983-1107 FAX:+82-61-983-1110 HYMS CO., LTD.(230111-0143443) (100.0% held by the subject company) RM. 208, MAEGOK INDUSTRIAL COMPLEX, 342-2, MAEGOK-DONG, BUK-GU, ULSAN, KOREA TEL:+82-52-203-9073 FAX:+82-52-203-9092 KOMAS CORPORATION(230111-0146231) (100.0% 686, BANGEO-DONG, DONG-GU, ULSAN, KOREA TEL:+82-52-202-1458 FAX:+82-52-202-1424 HI INVESTMENT & SECURITIES CO.,LTD.(180111-0093095) 153-10, ONCHEON 1-DONG, DONGNAE-GU, BUSAN, KOREA TEL:+82-51-554-5111 FAX:+82-51-554-5222 HI ASSET MANAGEMENT CO., LTD.(110111-165498) 25, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-727-2734 FAX:+82-2-727-2897 HYUNDAI CORPORATION(110111-0205850) (22.36% held by the subject company) 11TH FI., HYUNDAI BLDG., 140-2, GYE-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-390-1114 FAX:+82-2-390-1101 (As of 02/01/2010, the subject has been affiliated to the subject company.) HYUNDAI OILBANK CO., LTD.(110111-0090558) (91.13% held by the subject company) 640-6. DAEJUK-RI, DAESAN-EUP, SEOSAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-660-5114 FAX:+82-41-660-5111 (As of 09/02/2010, the subject has been affiliated to the subject company.)
Affiliates	HOTEL HYUNDAI GYEONGPODAE CO., LTD.(141111-0031183) 274-1, GANGMUN-DONG, GANGNEUNG-SI, GANGWON-DO, KOREA TEL:+82-33-651-2233 FAX:+82-33-644-2203 () As of 01/30/2009, this company has been joined as one of the affiliated companies. HOTEL HYUNDAI CO., LTD.(134511-0045797) (100.0% held by the subject company) 477-2, SINPYEONG-DONG, GYEONGJU-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-748-2233 FAX:+82-54-748-8234 () As of 01/30/2009, this company has been joined as one of the affiliated companies. TAEBAEK WIND POWER CO., LTD.(144811-0007492) 524-153, HASAMI-DONG, TAEBAEK-SI, GANGWON-DO, KOREA TEL:+82-2-746-8402 FAX:+82-2-746-7675 () As of 11/02/2009, this company has been joined as one of the affiliated companies. MUJU WIND POWER CO., LTD.(210111-0070434) () As of 06/24/2010, this company has been joined as one of the affiliated companies. CHANGJUK WIND PIWER CO., LTD.(144811-0008101) () As of 01/03/2011, this company has been joined as one of the affiliated companies. HYUNDAI RESOURCES DEVELOPMENT CO., LTD.(110111-4573807) (40.0% held by the subject company) () As of 05/03/2011, this company has been joined as one of the affiliated companies. HYUNDAI-AVANCICS CO., LTD.(150111-0142989) HYUNDAI COSMO PETROCHEMICAL CO., LTD.(161411-0022364) HYUNDAI OI L TERMINAL CO., LTD.(230111-0188027) NEW KOREA COUNTRY CLUB CO., LTD.(114711-0000014) HYUNDAI AND SHELL BASE OIL CO., LTD.(161411-0027067)
Affiliates-Overseas	HYUNDAI TECHNOLOGIES CENTER HUNGARY KFT (100.0% held by the subject company) HYUNDAI HEAVY INDUSTRIES CO. BULGARIA (99.09% held by the subject company) HYUNDAI HEAVY INDUSTRIES EUROPE N.V. (100.0% held by the subject company) HYUNDAI CONSTRUCTION EQUIPMENT AMERICAS, INC. (100.0% held by the subject company) VLADIVOSTOK BUSINESS CENTER CO., LTD. (57.14% held by the subject company) WEI HYUNDAI WIND POWER TECHNOLOGY CO., LTD.(CHINA) () As of 06/07/2010, this company has been joined as one of the affiliated companies. HYUNDAI(SHANDONG) HEAVY INDUSTRIES MACHINERY CO., LTD.(CHINA) () As of 06/24/2010, this company has been joined as one of the affiliated companies. HYUNDAI ELECTRIC SYSTEMS ALABAMA, INC. (100.0% held by the subject company) () As of 09/20/2010, this company has been joined as one of the affiliated companies. HYUNDAI HEAVY INDUSTRIES(SHANGHAI) CO., LTD.(CHINA) (100.0% held by the subject company) () As of 04/20/2011, this company has been joined as one of the affiliated companies. YANTAI HYUNDAI HEAVY INDUSTRIES CO., LTD.
Overseas Office	REPRESENTATIVE OFFICE OF HYUNDAI HEAVY INDUSTRIES 11, DNEPROPETROVSKOYE SHOSSE ZAPOROZHYE, 69069 UKRAINE TEL:+380-612-139-839 FAX:+380-612-595-368 E-MAIL: GCLEE@HHI.CO.KR HYUNDAI DUBAI OFFICE AL DANA CENTER BLDG. #609, MAKTOUM STREET, P.O.BOX 22034, DUBAI, U.A.E. TEL:+971-4-223-2533 FAX:+971-4-222-0943 E-MAIL: DXB@HHI.CO.KR HYUNDAI CONSTRUCTION EQUIP. U.S.A. INC. 955 ESTES AVENUE, ELK GROVE VILLAGE IL. USA. 60007 TEL:+1-847-228-8847/437-3333 FAX:+1-847-437-3574
Liaison Office	HYUNDAI OSLO(LIAISON) OFFICE RADHUSGT. 20, 0151 OSLO. NORWAY TEL:+47-2241-0920 FAX:+47-2242-6671 E-MAIL: OSLO@HHI.CO.KR HYUNDAI HEAVY INDUSTRIES CAIRO LIAISON OFFICE APARTMENT NO.503, 5TH FL.BUILDING NO7, BLOCK 2, 9TH DIVISION. EL-NASR ROAD, NEW MAADI, CAIRO, EGYPT TEL:+20-2-520-0148~9 FAX:+20-2-754-7528 E-MAIL: SONGHONIM@HANMAIL.NET
Overseas Branch	TOKYO BRANCH 8TH FLOOR YURAKUCHO DENKI BLDG., 1-7-1 YURAKU-CHO, CHIYODA-KU, TOKYO, JAPAN TEL:+81-3-3211-0741∼0744, FAX:+81-3- 3216-0728, 3-3211-2093 HONG KONG BRANCH SUITES 3201-2, GREAT EAGLE CENTRE, 23 HARBOUR ROAD, WANCHAI, HONG KONG TEL:+852-2-586-1470/1291, FAX:+852-2-842-1591/1594 BEIJING BRANCH HYUNDAI HEAVY INDUSTRIES CO., LTD. BEIJING OFFICE ROOM 506, 1 TOWER LANDMARK BLDG. 8 NORTH DONGSANHUAN ROAD, CHAOYANG DISTRICT, BEIJING, CHINA 100004 TEL:+86-10-6590-0677~8 FAX:+86-10-6590-6532/6554 SINGAPORE BRANCH 7 TEMASEK BOULEVARD, #41-02, SUNTEC TOWER ONE, SINGAPORE 038987 TEL:+65-6337-2366 FAX:+65-6337-8966 E-MAIL: ENGINEAS@HHISGN.COM LONDON BRANCH 11TH FLOOR, ST. MARTIN'S HOUSE, 1 HAMMERSMITH GROVE, LONDON W6 ONB, U.K TEL:+1-208-741-0501 FAX:+1-208-741-5620 E-MAIL: LDN@HHI.CO.UK ROTTERDAM BRANCH WAALSTAETE, 4TH FLOOR, WAALHAVEN Z.Z.2, 3088 HH ROTTERDAM, THE NETHERLANDS TEL:+31-10212-1567 FAX:+31-10212-5134
Overseas Branch	PIRAEUS BRANCH 5-7, KANARI STREET, 185 37 PIRAEUS, GREECE TEL:+30-210-428-2992/3 FAX:+30-210-428-2144 E-MAIL: HHIGRC@HOL.GR MUMBAI BRANCH UNIT NO.2, 17TH FLOOR, COMMERCE CENTER NO.1, WORLD TRADE CENTER, CUFFE PARADE, COLABA, MUMBAI-400 005, INDIA TEL:+91-22-2218-0062/9523~5 FAX:+91-22-2218-0061/9522 LUANDA BRANCH RUA LUCRECIA PAIM, NO.28/30, LUANDA, ANGOLA TEL:+244-2-370669/370692 FAX:+244-2-338011/399667 HOUSTON BRANCH 1400 BROADFIELD, SUITE 110, PARK 10 CENTER, HOUSTON, TEXAS 77084, U.S.A TEL:+1-281-578-7097 FAX:+1-281-578-8317 E-MAIL: HSTN@HHI.CO.KR NEW JERSEY BRANCH HYUNDAI HEAVY INDUSTRIES CO., LTD. 300 SYLVAN AVENUE, ENGLEWOOD CLIFFS, NJ 07632, U.S.A TEL:+201-816-4080/4081/4034 FAX:+201-816-4083 E-MAIL: NJO@GOLIATH.HHI.CO.KR ORLANDO BRANCH 3452 LAKE LYNDA DRIVE SUITE 110, ORLANDO, FLORIDA U.S.A. 32817 TEL:+1-407-249-7350 FAX:+1-407-275-4940
Joint Venture	HYUNDAI HEAVY INDUSTRIES CO. - BULGARIA 1271, SOFIA 41, ROJEN BLVD. BULGARIA TEL:+359-2-938-1068/382-937/383-105 FAX:+359-2-936-0742/0305 HYUNDAI DONGANH STEEL TOWER CO., LTD. BLOCK 3A DONGANH TOWN, HANOI, VIETNAM TEL:+84-4-883-3649/3650/3651 FAX:+84-4-883-3648 CHANGZHOU HYUNDAI CONSTRUCTION MACHINERY CO., LTD. LUSHU,CHANGZHOU,JIANGSU,CHINA (213002) TEL:+86-519-675-0060/5188/2690, 519-676-7799 FAX:+86-519-675-5332/5870/0500 BEIJING HYUNDAI JINGCHENG CONSTRUCTION MACHINARY CO, LTD. NO.2, NANLI, LUGUOQIAO, FENGTAI DISTRICT, BEIJING, CHINA TEL:+86-10-8321-8348/4730/4735/8347/9880 FAX:+86-10-8321-1353/4730 HOTEL HYUNDAI VLADIVOSTOK 29, SEMENOVSKAYA STR, VLADIVOSTOK, 690091 RUSSIA TEL:+7-4232-40-7300 FAX:+7-4232-40-7007 HYUNDAI ENOVA INNOVATIVE TECHNOLOGY CENTER 19850 S. Magellan Drive Torrance, Ca. 90502 U.S.A TEL:+1-310-527-0767/0768 FAX:+1-310-527-7888
Subsidiary	HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD. 1700, YONGDANG-RI, SAMHO-MYEON, YEONGAM-GUN, JEONNAM-DO 526-751 KOREA TEL:+82-61-460-2114 FAX:+82-61-460-3701 INDUSTRY: BUILDING OF STEEL SHIPS HYUNDAI FINANCE CORP. HYUNDAI BLDG. EAST 77, MUGYO-DONG, JUNG-GU, SEOUL 100-170 KOREA TEL:+82-2-728-8800 FAX:+82-2-728-8887 INDUSTRY: OTHER CREDIT GRANTING N.E.C. H. C. E. U. S. A. LOCATION: CHICAGO USA INDUSTRY: SALES OF CONSTRUCTION EQUIPMENT HYUNDAI HEAVY INDUSTRIES EUROPE N. V. VOSSENDAAL 11, 2440 GEEL, BELGIUM TEL:+32-14-56-2201 FAX:+32-14-59-3405 INDUSTRY: SALES OF CONSTRUCTION EQUIPMENT HUNELEC ENGINEERING & TECHNOLOGIES. LTD. 1146 BUDAPEST, HERMINA UT 22, HUNGARY TEL:+36-1-273-3730, 3733, 3739 FAX:+36-1-220-6708 E-MAIL: STPARK@HUNELEC.HU
Corporate Ownership
Major Shareholders
Cooperative Enterprise	MAN B&W DIESEL A/S MAN B&W DIESEL AG WARTSILA SWITZERLAND LTD. VIT-UKRANE HITACHI-JAPAN GAZ TRANSPORT & TECHNI GAZ-FRANCE GLOBAL SANTAFE(USA)

Sales by Region (Activity & Markets)

Sales/ Unit : Mil. KRW	09/2011	2010	2009
Export	27,887,181	30,986,127	26,232,124
Domestic	11,302,751	8,116,199	3,022,258
Total	39,189,932	39,102,326	29,254,382

The Subject deals with the companies in USA and Europe.

Court Action

Case No.	Court	Plaintiff(s)/ Creditor(s)/ Applicant(s)	Defendant(s)/ Debtor(s)/ Respondent(s)	Cause	Amount (KRW)	Status
		The Subject Company	HYNIX SEMICONDUCTOR INC(134411-0001387) , HYUNDAI SECURITIES CO., LTD.(110111-0042476) and Mr. Lee Ik-Chi	Related to Share Option Agreement with CIBC	192,900,000,000	The Court rejected this case as of 03/26/2009. The Subject won against HYUNDAI SECURITIES CO., LTD.(110111-0042476) and Mr. Lee Ik-Chi as of 06/29/2006.
	International Chamber of Commerce (Singapore Court)	International Petroleum Investment Co.(IPIC)	The Subject & Ex Hyundai Affiliated companies	Deemed Offer	-	The Subject & Ex Hyundai Affiliated companies won by the decision of ICC.
	Seoul Central District Court	The Subject & Ex Hyundai Affiliated companies	International Petroleum Investment Co.(IPIC)	Accept for ICC’s Decision	-	Proceeding
		Kang Chane-Hee and others(33)	The Subject Company	Claim for the retirement payment	1,922,000,000	The Subject defeated and paid that amount.
	Seoul High Court	The Subject Company	Fair Trade Commission	Cancellation on the imposed penalty	19,415,000,000	Proceeding
	Int’l Tax Commission	The Subject Company	National Tax Office	Additional Tax imposing	107,600,000,000	Proceeding
			The Subject & partner’s companies	Refunding of Receivables	2,579,000,000	Proceeding
		The Subject Company	Lotte E&C	Claim for receivables on Construction	1,960,000,000	Proceeding

News Clipping

Not Available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

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%)

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.