MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	JNH STEEL CORPORATION

Registered Office :	Rm. 202, Sinwon Bldg., 16, Beodeunaru-ro 14ga-gil, Yeongdeungpo-gu, Seoul 150-040

Country :	South Korea

Financials (as on) :	31.12.2012

Date of Incorporation :	30.08.2012

Com. Reg. No.:	107-87-78

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesaler of Basic Metals

No of Employees :	7

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow But Correct

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

South Korea

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. South 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. South 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-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP

Source : CIA

Basic Information

Basic

Company Name	JNH STEEL CORPORATION (Korean Company Name : “(주)제이앤에이치스틸”)
Registered Address	16, Beodeunaru-ro 14ga-gil, Yeongdeungpo-gu, Seoul, Korea
Building	Rm. 202, Sinwon Bldg.
Zip Code	150-040
Tel	+82-2-6925-3820
Fax	+82-2-6925-3821
E-mail	him@jnhsteel.co.kr
Website	www.jnhsteel.co.kr
Trading Address	Rm. 202, Sinwon Bldg., 16, Beodeunaru-ro 14ga-gil, Yeongdeungpo-gu, Seoul, Korea (Old Address System : Rm. 202, Sinwon Bldg., 121-245, Dangsan-dong, Yeongdeungpo-gu, Seoul, Korea)
Tel	+82-2-6925-3820
Fax	+82-2-6925-3821
Other Address
Tel
Fax
Type	Export
Industry	Wholesale of Basic Metals
Main Business	Metal Pipe, Stainless Steel, Non-Ferrous Metal, Specialty Steel
Sub Business
Established (mm/dd/yyyy)	08/30/2012

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Pipe(40142100)
Sell	Base Metals(11101700)

CEO’s

Name	Byun Hyung-Eun
Address	Suite 702-1107, 36, Hwasin-ro, Deogyang-gu, Goyang-si, Gyeonggi-do, Korea
Date of Birth	06/02/1978
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	300,000,000
Employees	7
Formation	Co., Ltd by Shares
Bank Details	N/A
Corporate Registered No.	110111-4950097
Business Registered No.	107-87-78***(The full numbers are kept by the National Tax Service confidentially.) Because the subject’s full Business Registered No., for checking through the National Tax Service whether the subject is still existing or not, is not available, so we cannot confirm if the subject exist or not legally.)
Permit & Licenses	N/A
Shareholder Position	N/A
Company History	08/30/2012 Incorporated as the present name 12/06/2012 Increased the authorized shares to 8,888,000 shares from 40,000 shares 12/07/2012 Increased capital to 300,000,000 KRW from 50,000,000 KRW

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Byun Hyung-Eun	Male	Korean	08/30/2012
Director	Mr.	Hong Jong-Won	Male	Korean	08/30/2012

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013
2012	2,148,121,000	1,544,969,000	1,882,000

The latest & 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)	44,440,000,000
Paid-Up Capital(KRW)	300,000,000
Total Issued Shares	60,000

Balance Sheet
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets		1,544,969,000
Current Assets		1,534,969,000
-Quick Assets		-
-Inventories		-
Fixed Assets		10,000,000
-Investment		-
-Tangibles		-
-Intangibles		-
Total Liabilities		1,243,087,000
Current Liabilities		1,243,087,000
Fixed Liabilities		-
Capital Stock		300,000,000
Capital Surplus		-
Profit Surplus		1,882,000
Capital Adjustment		-
Total Equity		301,882,000
Liab. & Shareholder’s Equity		1,544,969,000

Income Statement
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Sales		2,148,121,000
Cost of Sold Goods		2,046,394,000
Gross Profit		101,727,000
Selling & Admin. Expenses		91,008,000
Operating Income		10,719,000
Non-Operating Income		596,000
Non-Operating Expenses		9,118,000
Income Before Taxes		2,197,000
Income Taxes Expenses		315,000
Net Income		1,882,000

Products, Technologies, Services Description

Main Products & Services

Metal Pipe, Stainless Steel, Non-Ferrous Metal, Specialty Steel

Trade Partners & Competitors

Competitors

DAEHYUN NONFERROUS METAL CORP.

844-11, SONGMA-RI, DAEGOT-MYEON, GIMPO-SI, GYEONGGI-DO, KOREA

TEL:+82-31-989-6941 FAX:+82-31-989-3577

JASON & COMPANY CO., LTD.

8TH FL., DAEWOO BLDG., 526, NAMDAEMUNNO 5-GA, JUNG-GU, SEOUL, KOREA

TEL:+82-2-6366-1234 FAX:+82-2-6366-1235

SOLMICS CO., LTD.

624, JANGDANG-DONG, PYEONGTAEK-SI, GYEONGGI-DO, KOREA

TEL:+82-31-660-8400 FAX:+82-31-664-8876

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates

JNH NETWORKS(KOREA)

SUNIL S&P(KOREA)

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.85
UK Pound	1	Rs. 102.68
Euro	1	Rs. 81.46

INFORMATION DETAILS

Analysis Done by :	RSM

Report Prepared by :	DPT

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.