MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	SEOJIN AUTOMOTIVE CO LTD

Registered Office :	313, Gongdan 1-Daero Siheung, 429450 Korea, Republic of

Country :	South Korea

Financials (as on) :	31.12.2012

Date of Incorporation :	19.01.2010

Legal Form :	Public Independent

Line of Business :	Manufacturing of automobile transmission parts, bearings, flywheels and other parts.

No. of Employees :	69

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

Company name and address

SEOJIN AUTOMOTIVE CO LTD

313, Gongdan 1-Daero


Siheung, 429450
Korea, Republic of


Tel:	82-31-4961500
Fax:	82-31-4997761

www.secoautomotive.com

Employees:

Company Type:

Public Independent

Traded:

KOSDAQ:

122690

Incorporation Date:

19-Jan-2010

Auditor:

Ernst & Young LLP


Fiscal Year End:	31-Dec-2012
Reporting Currency:	South Korean Won
Annual Sales:	908.6 ¹
Net Income:	3.7
Total Assets:	573.8 ²
Market Value:	44.0
	(11-Oct-2013)

Business Description

Seojin Automotive Co., Ltd. is a Korea-based company formed for the sole purpose of merging with existing companies. It focuses its search for target businesses in nine segments, such as renewable energies, light emitting diode (LED) applications, green transportation systems, broadcastings and telecommunications, information technology (IT) convergence systems, robot applications, the convergence of advanced materials and nanotechnologies, global education services and cultural contents and software. On April 3, 2012, it merged with Seojin Automotive Co., Ltd., mainly engaged in the manufacturing of automobile transmission parts, bearings, flywheels and other parts. After the merger, the Company survived and Seojin Automotive Co., Ltd. was dissolved. On April 19, 2012, the Company changed its name to Seojin Automotive Co.,Ltd. from Shinhan 1st Special Purpose Acquisition Company LTD For the six months ended 30 June 2013, Seojin Automotive Co Ltd revenues totaled W579.47B. Net income totaled to W2.79B. Results are not comparable due to consolidation basis change.

Industry

Industry	Pensions and Funds
ANZSIC 2006:	6240 - Financial Asset Investing
ISIC Rev 4:	6499 - Other financial service activities, except insurance and pension funding activities, n.e.c.
NACE Rev 2:	6499 - Other financial service activities, except insurance and pension funding, n.e.c.
NAICS 2012:	52599 - Other Financial Vehicles
UK SIC 2007:	6499 - Other financial service activities, except insurance and pension funding, n.e.c.
US SIC 1987:	6726 - Unit Investment Trusts, Face-Amount Certificate offices, and Closed-End Management Investment Offices

Key Executives

Name	Title
Wuk Hui Nam	Chief Executive Officer, Director
Jae Yong Lee	Internal Auditor
Dong Ryeom Kim	Director
Seok Du Bae	Director
Nam Cheol Choi	Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Equity Financing / Related	1	Seojin Automotive Co Ltd Announces Conversion of First Bonds with Warrants into Shares	1-Oct-2013
Dividends	1	Seojin Automotive Co Ltd Declares Annual Cash Dividend for FY 2012	4-Mar-2013

News

Title	Date
F.C.C Co Ltd to Establish Joint Venture in Korea	12-Dec-2012

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.89	1.97
Quick Ratio (MRQ)	0.62	1.25
Debt to Equity (MRQ)	1.45	0.52
Net Profit Margin (TTM) %	0.51	5.15
Return on Assets (TTM) %	1.91	7.12
Return on Equity (TTM) %	6.89	22.22

Stock Snapshot

Traded: KOSDAQ: 122690

As of 11-Oct-2013

Financials in: KRW

Recent Price	3,135.00	EPS	212.93
52 Week High	3,985.00	Price/Sales	0.05
52 Week Low	2,220.00	Dividend Rate	50.00
Avg. Volume (mil)	0.09	Price/Earnings	5.65
Market Value (mil)	47,126.81	Price/Book	0.40

	Price % Change	Rel S&P 500%
4 Week	20.35%	18.54%
13 Week	26.67%	16.98%
52 Week	-8.06%	-12.23%
Year to Date	-5.00%	-6.30%

Key IDSM Number: 111378146

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849

2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4

Corporate Overview

Location
313, Gongdan 1-Daero
Siheung, 429450
Korea, Republic of

Tel:	82-31-4961500
Fax:	82-31-4997761

www.secoautomotive.com

Quote Symbol - Exchange
122690 - KOSDAQ

Sales KRW(mil):	1,023,874.0
Assets KRW(mil):	611,944.2
Employees:	69
Fiscal Year End:	31-Dec-2012


Industry:	Miscellaneous Financial Services

Incorporation Date:	19-Jan-2010
Company Type:	Public Independent
Quoted Status:	Quoted


Chief Executive Officer, Director:	Wuk Hui Nam

Industry Codes

ANZSIC 2006 Codes:
6240	-	Financial Asset Investing
231	-	Motor Vehicle and Motor Vehicle Part Manufacturing

ISIC Rev 4 Codes:
6499	-	Other financial service activities, except insurance and pension funding activities, n.e.c.
293	-	Manufacture of parts and accessories for motor vehicles

NACE Rev 2 Codes:
6499	-	Other financial service activities, except insurance and pension funding, n.e.c.
293	-	Manufacture of parts and accessories for motor vehicles

NAICS 2012 Codes:
52599	-	Other Financial Vehicles
336310	-	Motor Vehicle Gasoline Engine and Engine Parts Manufacturing

US SIC 1987:
6726	-	Unit Investment Trusts, Face-Amount Certificate offices, and Closed-End Management Investment Offices
3714	-	Motor Vehicle Parts and Accessories

UK SIC 2007:
6499	-	Other financial service activities, except insurance and pension funding, n.e.c.
293	-	Manufacture of parts and accessories for motor vehicles

Business Description

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Financial Data

Financials in:	KRW(mil)

Revenue:	1,023,874.0
Net Income:	4,157.7
Assets:	611,944.2
Long Term Debt:	42,627.7
Total Liabilities:	496,916.4
Working Capital:	5.7

Date of Financial Data:	31-Dec-2012

1 Year Growth

357.3%

1,337.7%

Key Corporate Relationships

Auditor:	Ernst & Young LLP

Auditor:	Ernst & Young LLP

Executives Report

Board of Directors

Name

Title

Function

Seok Du Bae

Director

Director/Board Member

Age: 59

Education:

Hanyang University, B (International Trade)

Nam Cheol Choi

Director

Director/Board Member

Age: 41

Education:

Yonsei University, B

Dong Ryeom Kim

Director

Director/Board Member

Age: 53

Education:

Inha University, M

Seong Cheol Kim

Non-Executive Independent Director

Director/Board Member

Age: 60

Education:

Hongik University, B (Commerce)

Wuk Hui Nam

Chief Executive Officer, Director

Director/Board Member

Age: 52

Education:

Yeungnam University, PHD

Seok Jung Shin

Non-Executive Independent Director

Director/Board Member

Age: 53

Education:

Yonsei University, B

Executives

Name

Title

Function

Wuk Hui Nam

Chief Executive Officer, Director

Chief Executive Officer

Age: 52

Education:

Yeungnam University, PHD

Jae Yong Lee

Internal Auditor

Accounting Executive

Age: 60

Education:

South Carolina State University, M
Seoul National University, B

Dong Ryeom Kim

Director

Investor Relations Executive

Age: 53

Education:

Inha University, M

Significant Developments

Seojin Automotive Co Ltd Announces Conversion of First Bonds with Warrants into Shares

Oct 01, 2013

Seojin Automotive Co Ltd announced that KRW 2,000 million worth of its first bonds with warrants have been converted into 1,000,000 shares of the Company's common stock at a price of KRW 2,000 per share. The listing date of the new shares is October 17, 2013.

Seojin Automotive Co Ltd Declares Annual Cash Dividend for FY 2012

Mar 04, 2013

Seojin Automotive Co Ltd announced that its Board of Directors has declared an annual cash dividend of KRW 50 per share of common stock and KRW 300 per share of preferred stock for the fiscal year 2012 to shareholders of record on December 31, 2012. The dividend rates of market prices are 1.59% (common shares). The total cash dividend amount is KRW 1,632,926,450.

News

F.C.C Co Ltd to Establish Joint Venture in Korea

12-Dec-2012

Annual Income Statement

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981
Auditor	Ernst & Young LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified

Net Sales	908.6	-	-
Revenue	908.6	0.0	0.0
Total Revenue	908.6	0.0	0.0

Cost of Revenue	855.8	-	-
Cost of Revenue, Total	855.8	-	-
Gross Profit	52.8	-	-

Selling/General/Administrative Expense	22.7	0.1	0.1
Labor & Related Expense	16.5	0.0	0.0
Advertising Expense	0.1	0.0	0.0
Total Selling/General/Administrative Expenses	39.2	0.2	0.1
Research & Development	0.1	-	-
Depreciation	2.5	-	-
Amortization of Intangibles	0.5	-	-
Depreciation/Amortization	3.0	-	-
Total Operating Expense	898.1	0.2	0.1

Operating Income	10.5	-0.2	-0.1

Interest Expense - Non-Operating	-6.7	-0.1	-0.1
Interest Expense, Net Non-Operating	-6.7	-0.1	-0.1
Interest Income - Non-Operating	0.9	1.3	0.6
Investment Income - Non-Operating	0.5	-	-
Interest/Investment Income - Non-Operating	1.4	1.3	0.6
Interest Income (Expense) - Net Non-Operating	0.0	-	-
Interest Income (Expense) - Net Non-Operating Total	-5.3	1.2	0.6
Gain (Loss) on Sale of Assets	0.7	-	-
Other Non-Operating Income (Expense)	-1.0	0.0	-
Other, Net	-1.0	0.0	-
Income Before Tax	4.9	1.0	0.4

Total Income Tax	0.4	0.2	0.1
Income After Tax	4.5	0.8	0.3

Minority Interest	-0.8	-	-
Net Income Before Extraord Items	3.7	0.8	0.3
Net Income	3.7	0.8	0.3

Income Available to Common Excl Extraord Items	3.7	0.8	0.3

Income Available to Common Incl Extraord Items	3.7	0.8	0.3

Basic/Primary Weighted Average Shares	13.1	8.5	6.0
Basic EPS Excl Extraord Items	0.28	0.10	0.05
Basic/Primary EPS Incl Extraord Items	0.28	0.10	0.05
Dilution Adjustment	-0.2	0.1	0.1
Diluted Net Income	3.4	0.9	0.4
Diluted Weighted Average Shares	15.0	9.8	7.2
Diluted EPS Excl Extraord Items	0.23	0.09	0.05
Diluted EPS Incl Extraord Items	0.23	0.09	0.05
Dividends per Share - Common Stock Primary Issue	0.04	0.00	0.00
Gross Dividends - Common Stock	0.7	0.0	0.0
Interest Expense, Supplemental	6.7	0.1	0.1
Depreciation, Supplemental	29.5	-	-
Total Special Items	-0.7	-	-
Normalized Income Before Tax	4.2	1.0	0.4

Effect of Special Items on Income Taxes	-0.1	-	-
Inc Tax Ex Impact of Sp Items	0.4	0.2	0.1
Normalized Income After Tax	3.8	0.8	0.3

Normalized Inc. Avail to Com.	3.1	0.8	0.3

Basic Normalized EPS	0.23	0.10	0.05
Diluted Normalized EPS	0.19	0.09	0.05
Amort of Intangibles, Supplemental	0.8	-	-
Rental Expenses	0.9	-	-
Advertising Expense, Supplemental	0.1	0.0	0.0
Research & Development Exp, Supplemental	0.1	-	-
Normalized EBIT	10.5	-0.2	-0.1
Normalized EBITDA	40.7	-0.2	-0.1

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate	1066.400024	1152	1134.9
Auditor	Ernst & Young LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified

Cash & Equivalents	4.1	4.1	4.3
Short Term Investments	0.5	-	-
Cash and Short Term Investments	4.6	4.1	4.3
Accounts Receivable - Trade, Gross	135.9	-	-
Provision for Doubtful Accounts	-1.5	-	-
Trade Accounts Receivable - Net	134.4	0.8	-
Other Receivables	12.1	0.0	0.0
Total Receivables, Net	146.6	0.8	0.0
Inventories - Finished Goods	15.6	-	-
Inventories - Work In Progress	11.4	-	-
Inventories - Raw Materials	22.6	-	-
Inventories - Other	12.9	-	-
Total Inventory	62.4	-	-
Prepaid Expenses	1.7	-	-
Other Current Assets	0.1	-	-
Other Current Assets, Total	0.1	-	-
Total Current Assets	215.4	4.9	4.3

Buildings	68.0	-	-
Land/Improvements	118.0	-	-
Machinery/Equipment	393.5	-	-
Construction in Progress	12.1	-	-
Leases	1.2	-	-
Other Property/Plant/Equipment	0.0	-	-
Property/Plant/Equipment - Gross	592.9	-	-
Accumulated Depreciation	-245.0	-	-
Property/Plant/Equipment - Net	347.9	-	-
Goodwill, Net	0.1	-	-
Intangibles, Net	6.0	-	-
LT Investments - Other	1.9	32.0	32.3
Long Term Investments	1.9	32.0	32.3
Note Receivable - Long Term	0.3	-	-
Other Long Term Assets	2.1	-	-
Other Long Term Assets, Total	2.1	-	-
Total Assets	573.8	36.9	36.6

Accounts Payable	171.2	-	-
Accrued Expenses	5.6	-	0.0
Notes Payable/Short Term Debt	70.9	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	29.0	-	-
Customer Advances	2.1	-	-
Income Taxes Payable	0.9	-	-
Other Payables	29.2	0.0	0.0
Other Current Liabilities	1.7	0.0	0.0
Other Current liabilities, Total	33.9	0.0	0.0
Total Current Liabilities	310.5	0.0	0.0

Long Term Debt	40.0	1.9	1.9
Total Long Term Debt	40.0	1.9	1.9
Total Debt	139.9	1.9	1.9

Deferred Income Tax - LT Liability	23.5	0.2	0.2
Deferred Income Tax	23.5	0.2	0.2
Minority Interest	69.4	-	-
Reserves	2.5	-	-
Pension Benefits - Underfunded	20.1	-	-
Other Long Term Liabilities	0.0	-	-
Other Liabilities, Total	22.6	-	-
Total Liabilities	466.0	2.2	2.1

Common Stock	8.3	0.7	0.7
Common Stock	8.3	0.7	0.7
Additional Paid-In Capital	43.7	32.9	33.4
Retained Earnings (Accumulated Deficit)	58.1	1.1	0.3
Treasury Stock - Common	-1.2	-	-
Translation Adjustment	-1.0	-	-
Other Comprehensive Income	0.0	-	-
Other Equity, Total	-1.0	-	-
Total Equity	107.9	34.8	34.5

Total Liabilities & Shareholdersâ€™ Equity	573.8	36.9	36.6

Shares Outstanding - Common Stock Primary Issue	14.7	8.5	8.5
Total Common Shares Outstanding	14.7	8.5	8.5
Treasury Shares - Common Stock Primary Issue	0.1	0.0	0.0
Employees	378	8	8
Accumulated Intangible Amort, Suppl.	190.8	-	-
Deferred Revenue - Current	2.1	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981
Auditor	Ernst & Young LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified

Net Income/Starting Line	4.5	1.0	0.4
Depreciation	29.5	-	-
Depreciation/Depletion	29.5	-	-
Amortization of Intangibles	0.8	-	-
Amortization	0.8	-	-
Unusual Items	-0.5	-	-
Equity in Net Earnings (Loss)	-1.5	-	-
Other Non-Cash Items	15.7	-1.2	-0.6
Non-Cash Items	13.7	-1.2	-0.6
Accounts Receivable	-9.6	-	-
Inventories	-8.9	-	-
Other Assets	0.4	-	-
Accounts Payable	-5.4	0.0	0.0
Accrued Expenses	-	0.0	0.0
Other Liabilities	-9.9	0.0	0.0
Other Operating Cash Flow	-12.4	0.1	0.1
Changes in Working Capital	-46.0	0.1	0.1
Cash from Operating Activities	2.4	-0.1	0.0

Purchase of Fixed Assets	-59.6	-	-
Purchase/Acquisition of Intangibles	-1.2	-	-
Capital Expenditures	-60.8	-	-
Acquisition of Business	22.8	-	-
Sale of Fixed Assets	3.6	-	-
Sale/Maturity of Investment	7.1	-	-
Purchase of Investments	2.8	-	-31.1
Sale of Intangible Assets	0.0	-	-
Other Investing Cash Flow	-0.3	-	-
Other Investing Cash Flow Items, Total	36.0	-	-31.1
Cash from Investing Activities	-24.8	-	-31.1

Other Financing Cash Flow	-	-	1.3
Financing Cash Flow Items	-	-	1.3
Sale/Issuance of Common	13.3	-	31.9
Repurchase/Retirement of Common	0.0	-	-
Common Stock, Net	13.3	-	31.9
Issuance (Retirement) of Stock, Net	13.3	-	31.9
Long Term Debt Issued	-	-	2.2
Long Term Debt Reduction	-8.0	-	-
Long Term Debt, Net	-8.0	-	2.2
Total Debt Issued	116.4	-	-
Total Debt Reduction	-114.3	-	-
Issuance (Retirement) of Debt, Net	-5.9	-	2.2
Cash from Financing Activities	7.4	-	35.4

Net Change in Cash	-15.0	-0.1	4.2

Net Cash - Beginning Balance	18.9	4.4	-
Net Cash - Ending Balance	3.9	4.3	4.2
Cash Interest Paid	7.9	-	-
Cash Taxes Paid	5.5	0.2	0.0

Annual Income Statement

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981
Auditor	Ernst & Young LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified

Sales Revenue	908.6	-	-
Total Revenue	908.6	-	-

Salaries & Wages	12.5	0.0	0.0
Employee Benefits	2.6	0.0	0.0
Taxes & Dues	1.0	-	0.0
Publication Expense	0.0	0.0	0.0
Commissions	-	0.1	0.1
Entertainment Expense	0.4	0.0	0.0
Advertising Expense	0.1	0.0	0.0
Insurance Premiums	0.1	0.0	-
Education & Training Expense	0.2	0.0	-
Conference Expense	-	0.0	-
Costs of Goods & Services Sold	855.8	-	-
Retirement & Severance Benefits	1.4	-	-
Travel Expense	0.5	-	-
Cmmunication Expense	0.2	-	-
Commission Paid	2.7	-	-
Consumable Expense	0.2	-	-
Vehicle Maintenance Expense	0.5	-	-
Rental Expense	0.8	-	-
Depreciation	2.5	-	-
Repair Expense	0.1	-	-
Sample Expense	1.3	-	-
Other Exporting Related Expense	0.9	-	-
Shipping & Handling Expense	9.8	-	-
Expense of Allow. for DA	-0.5	-	-
Sales Guarantees	1.1	-	-
Amort. of Intangibless	0.5	-	-
Packaging Expense	3.2	-	-
Research & Testing Expense	0.1	-	-
Adj. for Selling & Administrative Exp.	0.0	-	-
Total Operating Expense	898.1	0.2	0.1

Interest Income	0.9	1.3	0.6
Interest Expense	-6.7	-0.1	-0.1
Other Non-Operating Income	-	0.0	-
Gain on Foreign Currency Transaction	0.9	-	-
Gain on Foreign Currency Translation	0.9	-	-
Gain-Valuation of ST Trading F.A.	0.0	-	-
Gain on Valt of Currency Forward	0.1	-	-
Gain on Currency Forward Transaction	0.5	-	-
Adj. for Finance Income	0.0	-	-
Loss on Foreign Currency Transaction	-1.9	-	-
Loss on Foreign Currency Translation	-1.3	-	-
Loss on Disposal of Trade Receivable	-0.1	-	-
Loss-Disposal of F.A. Avail. for Sale	0.0	-	-
Loss on Currency Forward Transaction	-0.2	-	-
Loss on Redemption of Bonds	-0.1	-	-
Adj. for Finance Expense	-	-	-
Rental Expense	0.1	-	-
Gain on Disposal of PPE	0.8	-	-
Gain on Disposal of Intangibless	0.0	-	-
Government Subsidy	0.5	-	-
Compensation Expense	0.5	-	-
Miscellaneous Income	1.3	-	-
Adj. for Other Non-Operating Income	0.0	-	-
Gain on Invmt in Affiliates	1.5	-	-
Loss on Disposal of PPE	-0.1	-	-
Donations Paid	-0.1	-	-
Bond Issuance Expense	-2.5	-	-
Miscellaneous Loss	-0.8	-	-
Adj. for Other Non-Operating Expense	0.0	-	-
Net Income Before Taxes	4.9	1.0	0.4

Prov. for Income Taxes	0.4	0.2	0.1
Net Income After Taxes	4.5	0.8	0.3

Minority Interest	-0.8	-	-
Net Income Before Extra. Items	3.7	0.8	0.3
Net Income	3.7	0.8	0.3

Income Available to Com Excl ExtraOrd	3.7	0.8	0.3

Income Available to Com Incl ExtraOrd	3.7	0.8	0.3

Basic Weighted Average Shares	13.1	8.5	6.0
Basic EPS Excluding ExtraOrdinary Items	0.28	0.10	0.05
Basic EPS Including ExtraOrdinary Items	0.28	0.10	0.05
Dilution Adjustment	-0.2	0.1	0.1
Diluted Net Income	3.4	0.9	0.4
Diluted Weighted Average Shares	15.0	9.8	7.2
Diluted EPS Excluding ExtraOrd Items	0.23	0.09	0.05
Diluted EPS Including ExtraOrd Items	0.23	0.09	0.05
DPS-Ordinary Shares	0.04	0.00	0.00
Gross Dividends - Common Stock	0.7	0.0	0.0
Normalized Income Before Taxes	4.2	1.0	0.4

Inc Tax Ex Impact of Sp Items	0.4	0.2	0.1
Normalized Income After Taxes	3.8	0.8	0.3

Normalized Inc. Avail to Com.	3.1	0.8	0.3

Basic Normalized EPS	0.23	0.10	0.05
Diluted Normalized EPS	0.19	0.09	0.05
Interest Expense, Supplemental	6.7	0.1	0.1
Advertising Expense, Supplemental	0.1	0.0	0.0
Rental Expense, Supplemental	0.9	-	-
R&D Expense, Supplemental	0.1	-	-
Depreciation, Supplemental	29.5	-	-
Amort of Intangibles, Supplemental	0.8	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate	1066.400024	1152	1134.9
Auditor	Ernst & Young LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified

Cash & Cash Equivalents	4.1	4.1	4.3
Current Tax Assets	0.6	0.0	0.0
Accrued Income	0.0	0.8	-
Current Trading Sec.	0.0	-	-
Trade Receivable, Gross	135.9	-	-
Allow. for DA for Trade Receivable	-1.5	-	-
Account Receivable	7.0	-	-
Adj. for Trade & Other Receivable	0.0	-	-
Merchandises	1.8	-	-
Finished Goods	13.8	-	-
Works in Progress	9.9	-	-
Raw Materials	18.2	-	-
Parts	3.3	-	-
Supplies	0.4	-	-
Goods in Transit	4.5	-	-
Semi-finished Goods	1.5	-	-
Supplemental Raw Materials	1.0	-	-
Adj. for Inventories	0.0	-	-
Current Derivative Assets	0.1	-	-
Current Fincl Instrm	0.5	-	-
Loans	4.5	-	-
Adj. for Other Fincl Instrm	0.0	-	-
Advance Payments	8.0	-	-
Prepaid Expense	1.7	-	-
Adj. for Other Current Assets	0.0	-	-
Total Current Assets	215.4	4.9	4.3

Non-Current Fincl Instrm	0.0	32.0	32.3
Non-Current Sec. Available-for-Sale	0.6	-	-
Lands	118.0	-	-
Buildings	56.7	-	-
Buildings-Depreciation	-15.5	-	-
Structures	11.2	-	-
Structures-Depreciation	-5.2	-	-
Machineries & Equipments	190.4	-	-
Machineries & Equipments-Depreciation	-108.5	-	-
Machineries & Equipments-Govern. Subsidy	-0.1	-	-
Vehicles	2.1	-	-
Vehicles-Depreciation	-1.3	-	-
Tools & Equipments	44.7	-	-
Tools & Equipments-Depreciation	-31.4	-	-
Fixtures	30.0	-	-
Fixtures-Depreciation	-18.0	-	-
Moldings	126.5	-	-
Moldings-Depreciation	-63.9	-	-
Moldings-Government Subsidy	-0.2	-	-
Rental Assets	1.2	-	-
Lease Assets-Depreciation	-1.2	-	-
Construction in Progress	12.1	-	-
Adj. for Property, Plant & Equipment	0.0	-	-
Industrial Property Rights	0.2	-	-
Development Costs	2.8	-	-
Goodwill	0.1	-	-
Membership Rights	2.7	-	-
Other Intangibless	0.3	-	-
Adj. for Intangibless	0.0	-	-
Invmt in Properties	1.3	-	-
Non-Current Loans	0.3	-	-
Guarantee Deposits, Non-Current Assets	2.0	-	-
Adj. for Other Non-Current Fincl Instrm	0.0	-	-
Non-Current Prepaid Expense	0.1	-	-
Total Assets	573.8	36.9	36.6

Other Payable	29.2	0.0	0.0
Accrued Expense	5.6	-	0.0
Withheld	1.1	0.0	0.0
Trade Payable	171.2	-	-
Adj. for Trade & Other Payable	0.0	-	-
Current Borrowings	70.9	-	-
Current Portion of Long-term Borrowings	29.0	-	-
Adj. for Current Portion of LT Debts	0.0	-	-
Current Tax Liabilities	0.9	-	-
Adj. for Other Current Fincl Liabilities	-	-	-
Advance from Customers	2.1	-	-
Resv for Current Liabilities	0.6	-	-
Total Current Liabilities	310.5	0.0	0.0

Bonds With Stock Warrants, LT Liability	-	1.9	1.9
Non-Current Borrowings	40.0	-	-
Total Long Term Debt	40.0	1.9	1.9

Deferred Income Taxes, LT Liabilities	23.5	0.2	0.2
Non-Current Other Payable	0.0	-	-
Non-Current Fixed Benefit Liabilities	16.5	-	-
Guarantee Deposit Received, LT Liability	0.0	-	-
LT Employee Benefits Liabilities	3.6	-	-
Non-Current Prov.s	2.5	-	-
Minority Interests	69.4	-	-
Total Liabilities	466.0	2.2	2.1

Capital Stock	8.3	0.7	0.7
Additional Paid in Capital	38.0	32.6	33.1
Consideration for Stock Warrants	3.5	0.3	0.3
Retained Earnings	58.1	1.1	0.3
Other Capital Surplus	2.2	-	-
Adj. for Capital Surplus	0.0	-	-
Treasury Stock	-1.2	-	-
Overseas Bus. Translation Debit/Credit	-1.0	-	-
Adj.-Accum. Other Comprehensive Income	0.0	-	-
Total Equity	107.9	34.8	34.5

Total Liabilities & Shareholders' Equity	573.8	36.9	36.6

S/O-Ordinary Shares	14.7	8.5	8.5
Total Common Shares Outstanding	14.7	8.5	8.5
T/S-Ordinary Shares	0.1	0.0	0.0
Accumulated Intangible Amort, Suppl.	190.8	-	-
Deferred Revenue, Current	2.1	-	-
Full-Time Employees	378	8	8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981
Auditor	Ernst & Young LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified

Net Income or Loss	4.5	1.0	0.4
Depreciation	29.5	-	-
Retirement and Severance Benefits	6.1	-	-
Finance Cost	-	0.1	0.1
Finance Income	-	-1.3	-0.6
Amort. of Intangibles	0.8	-	-
Losses on Foreign Currency Translation	1.3	-	-
Loss on Sale of Trade Receivables	0.1	-	-
Expense of Allow. for DA	-0.5	-	-
Loss on Sale of Tangibles	0.1	-	-
Interest Expenses	6.7	-	-
Sales Guarantee Expense	1.1	-	-
Expense for Consumable Goods	0.0	-	-
Repair Expenses	0.0	-	-
Stocks Issuance Cost	2.5	-	-
Loss on Redemption of Bonds	0.1	-	-
Loss-Sale of Fincl Asset Avail.-for-Sale	0.0	-	-
Gains on Foreign Currency Translation	-0.9	-	-
Gain on Valt of Current Trading Sec.	0.0	-	-
Interest Income	-0.9	-	-
Gain on Sale of Tangibles	-0.8	-	-
Gain on Sale of Intangibles	0.0	-	-
Gain on Valt of Currency Forwards	-0.1	-	-
Gain under Equity Method	-1.5	-	-
Corporate Taxes Expense	0.4	-	-
Trade Receivables	-10.4	-	-
Account Receivables	0.8	-	-
Accrued Expenses	-	0.0	0.0
Inventory	-8.9	-	-
Other Current Assets	0.3	-	-
Other Non-Current Assets	0.1	-	-
Other Payable	-	0.0	0.0
Non-current Employee Benefits Payable	0.1	-	-
Trade Payable	-4.0	-	-
Account Payable	-1.5	-	-
Withholdings	-	0.0	0.0
Other Current Liabilities	-2.0	-	-
Other Fincl Liabilities	1.5	-	-
Prov. for Sales Guarantee	-0.9	-	-
Payment for Retirement Allow.	-5.7	-	-
Plan Assets	-3.0	-	-
Cash-Interest Paid	-7.9	-	-
Cash-Tax Paid	-5.5	-0.2	0.0
Cash-Interest Received	1.0	0.3	0.1
Cash from Operating Activities	2.4	-0.1	0.0

Sale of Sec. Available-for-Sale	0.0	-	-
Sale of Other Fincl Instruments	7.1	-	-
Disposal of Currency Forward Liabilities	-0.3	-	-
Purchase of Tangibles	-59.6	-	-
Sale of Tangibles	3.6	-	-
Purchase of Intangibles	-1.2	-	-
Sale of Intangibles	0.0	-	-
Purchase of Long-term Financial Instrume	-	-	-31.1
Purchase of Invmt in Subsidiaries&Afflt	3.8	-	-
Purchase of Sec. Available-for-Sale	-0.6	-	-
Purchase of Other Fincl Instruments	-0.4	-	-
Cash Inflow from Mergers	22.8	-	-
Cash from Investing Activities	-24.8	-	-31.1

Increase in Bonds with Warrant	-	-	2.2
Rights Issue	13.3	-	31.9
Capital Increase	-	-	1.3
Increase in Borrowings	116.4	-	-
Decrease in Borrowings	-114.3	-	-
Increase in Treasury Stocks	0.0	-	-
Decrease in Bonds	-8.0	-	-
Cash from Financing Activities	7.4	-	35.4

Incs or Decs in Cash & Cash Equivalents	-15.0	-0.1	4.2

Cash and Cash Equivalents at Beginning	18.9	4.4	-
Cash and Cash Equivalents at End	3.9	4.3	4.2
Cash Interest Paid	7.9	-	-
Cash Taxes Paid	5.5	0.2	0.0

Financial Healt

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	269.7	736.11%	908.6	-	-	-
Research & Development1 (?)	-	-	0.1	-	-	-
Operating Income1 (?)	5.0	390.27%	10.5	-	-	-
Income Available to Common Excl Extraord Items1 (?)	1.5	-	3.7	357.25%	-	-
Basic EPS Excl Extraord Items1 (?)	0.10	-	0.28	197.32%	-	-
Capital Expenditures2 (?)	26.4	397.99%	60.8	-	-	-
Cash from Operating Activities2 (?)	9.8	-	2.4	-	-	-
Free Cash Flow (?)	-15.9	-	-61.7	-	-	-
Total Assets3 (?)	572.5	306.27%	573.8	1,337.71%	-	-
Total Liabilities3 (?)	467.7	518.57%	466.0	19,755.36%	-	-
Total Long Term Debt3 (?)	93.8	671.86%	40.0	1,806.95%	-	-
Employees3 (?)	-	-	378	4,625.00%	-	-
Total Common Shares Outstanding3 (?)	14.9	1.70%	14.7	71.69%	-	-
1-ExchangeRate: KRW to USD Average for Period	1122.022568	Â	1126.848795	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1103.219597	Â	1126.848795	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1147.202838	Â	1066.400024	Â	Â	Â

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010
Profitability
Gross Margin (?)	5.81%	-	-
Operating Margin (?)	1.15%	-	-
Pretax Margin (?)	0.54%	-	-
Net Profit Margin (?)	0.41%	-	-
Financial Strength
Current Ratio (?)	0.69	881.41	368.23
Long Term Debt/Equity (?)	0.37	0.06	0.05
Total Debt/Equity (?)	1.30	0.06	0.05
Management Effectiveness
Return on Assets (?)	1.54%	2.16%	-
Return on Equity (?)	5.36%	2.30%	-
Efficiency
Receivables Turnover (?)	13.02	0.00	-
Asset Turnover (?)	3.13	0.00	-

Market ValuationÂ USD (mil)
P/E (TTM) (?)	8.14	.	Enterprise Value2 (?)	248.9
Price/Sales (TTM) (?)	0.03	.	Enterprise Value/Revenue (TTM) (?)	0.19
Price/Book (MRQ) (?)	0.39	.	Enterprise Value/EBITDA (TTM) (?)	4.19
Market Cap as of 11-Oct-20131 (?)	44.0	.
1-ExchangeRate: KRW to USD on 11-Oct-2013	1071.663472
2-ExchangeRate: KRW to USD on 30-Jun-2013	1147.202838

Annual ratio

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Financial Strength
Current Ratio (?)	0.69	881.41	368.23
Quick/Acid Test Ratio (?)	0.49	881.41	368.23
Working Capital1 (?)	-95.1	4.9	4.3
Long Term Debt/Equity (?)	0.37	0.06	0.05
Total Debt/Equity (?)	1.30	0.06	0.05
Long Term Debt/Total Capital (?)	0.16	0.05	0.05
Total Debt/Total Capital (?)	0.56	0.05	0.05
Payout Ratio (?)	15.79%	0.00%	0.00%
Effective Tax Rate (?)	8.41%	20.10%	24.20%
Total Capital1 (?)	247.7	36.7	36.4

Efficiency
Asset Turnover (?)	3.13	0.00	-
Receivables Turnover (?)	13.02	0.00	-
Days Receivables Outstanding (?)	28.03	-	-
Revenue/Employee2 (?)	2,540,005	0	0
Operating Income/Employee2 (?)	29,286	-21,568	-16,513
EBITDA/Employee2 (?)	113,795	-21,568	-16,513

Profitability
Gross Margin (?)	5.81%	-	-
Operating Margin (?)	1.15%	-	-
EBITDA Margin (?)	4.48%	-	-
EBIT Margin (?)	1.15%	-	-
Pretax Margin (?)	0.54%	-	-
Net Profit Margin (?)	0.41%	-	-
R&D Expense/Revenue (?)	0.01%	-	-
COGS/Revenue (?)	94.19%	-	-
SG&A Expense/Revenue (?)	4.32%	-	-

Management Effectiveness
Return on Assets (?)	1.54%	2.16%	-
Return on Equity (?)	5.36%	2.30%	-

Valuation
Free Cash Flow/Share2 (?)	-4.21	-0.01	-0.01
Operating Cash Flow/Share 2 (?)	0.17	-0.01	-0.01
1-ExchangeRate: KRW to USD Period End Date	1066.400024	1152	1134.9
2-ExchangeRate: KRW to USD Average for Period	1066.400024	1152	1134.9

Current Market Multiples
Market Cap/Earnings (TTM) (?)	8.20
Market Cap/Equity (MRQ) (?)	0.39
Market Cap/Revenue (TTM) (?)	0.03
Market Cap/EBIT (TTM) (?)	3.40
Market Cap/EBITDA (TTM) (?)	0.69
Enterprise Value/Earnings (TTM) (?)	49.71
Enterprise Value/Equity (MRQ) (?)	2.37
Enterprise Value/Revenue (TTM) (?)	0.19
Enterprise Value/EBIT (TTM) (?)	20.58
Enterprise Value/EBITDA (TTM) (?)	4.19

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NIS

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.