MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	AUTOLIV LIMITED

Registered Office :	730-66, Dongbu-daero, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea

Country :	South Korea

Financials (as on) :	31.12.2010

Date of Incorporation :	30.11.2000

Com. Reg. No.:	134814-0001086

Legal Form :	Limited Responsibility Company

Line of Business :	Manufacture of Other Parts and Accessories For Motor Vehicles

No. of Employees :	847

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 :	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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

Company Name	AUTOLIV LIMITED (Ex. Company Name : AUTOLIV CORPORATION, “오토리브(주)”) (Korean Company Name : “오토리브(유)”)
Registered Address	730-66, Dongbu-daero, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea
Building
Zip Code	445-812
Tel	+82-31-379-6500
Fax	+82-31-379-6698~9
E-mail	sinjung.lee@autoliv.com
Website	www.autoliv.com
Trading Address	730-66, Dongbu-daero, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea (Old Address System : 436-1, Song-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea)
Tel	+82-31-379-6500
Fax	+82-31-379-6698~9
Other Address-Wonju Factory	202, Munmakgongdan-gil, Munmak-eup, Wonju-si, Gangwon-do, Korea
Tel	+82-33-730-2003
Fax	+82-33-730-2009
Type	Export/Import
Industry	Manufacture of Other Parts and Accessories for Motor Vehicles n. e. c.
Main Business	Air Bag, Safety Belt
Sub Business
Established (mm/dd/yyyy)	11/30/2000

The Subject owns the premises of registered HQ address and Wonju Factory.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Airbags(25172101)
Sell	Safety harnesses or belts(46182306)

CEO’s

Name	Michael Author Haig
Address	Suite 103, 11-49, Hannam-dong, Yongsan-gu, Seoul, Korea
Date of Birth	04/22/1960
Title	President & CEO
Sex	Male
Nationality	USA

Profiles

Capital (KRW)

11,220,000,000

Employees

847

Formation

Limited Responsibility Company

Foreign Direct Investment Corporation

Bank Details

Citibank, Korea

Corporate Registered No.

134814-0001086 (from 141211-0018006)

Business Registered No.

224-81-20635

Permit & Licenses

06/2004 ISO/TS 16949

04/2005 ISO 14001

Int’l Trade No.: 11878364

Shareholder Position

Name	Shares	%
AUTOLIV AB(SWEDEN)	2,244,000	100.00
TOTAL	2,244,000	100.00

Company History

11/30/2000 Incorporated as AUTOLIV MANDO CORPORATION

12/14/2000 Registered as Foreign Direct Investment Corporation

09/01/2002 Moved to the present HQ address from 2237, Bangye-ri, Munmak-eup, Wonju-si, Gangwon-do, Korea

09/04/2002 Moved to the present HQ address from 436-3, Song-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Korea

01/15/2007 Changed company name to the present name from AUTOLIV MANDO CORPORATION

02/05/2010 Agreed to acquire the production assets on Air bag/Saftey Belt business from Delphi Korea Ltd.(110111-0611437)

09/27/2010 Changed company type to Limited Responsibility Company from Private Company with Limited Liability

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Michael Author Haig	Male	USA	09/27/2010
Director	Mr.	Chang Ket Leong	Male	Malaysian	07/26/2012
Director	Mr.	Anthony Joseph Nellis	Male	USA	03/19/2014
Director	Mr.	Oh Sang-Soo	Male	Korean	01/15/2007

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013
2012
2011
2010	501,913,000,000	242,925,000,000	25,922,000,000
2009	178,522,631,812	130,378,922,347	8,426,655,623
2008	199,182,135,294	109,916,627,881	16,548,438,071
2007	233,216,810,244	111,879,741,517	38,187,916,813
2006	224,137,485,706	143,517,522,718	28,547,828,116
2005	163,956,570,634	104,278,637,255	28,810,957,711

The latest 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)	Not Applicable to Limited Responsibility Company
Paid-Up Capital(KRW)	11,220,000,000
Total Issued Shares	Not Applicable to Limited Responsibility Company

BALANCE SHEET
Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Total Assets	242,925,000,000	130,378,922,000	109,916,628,000
Current Assets	171,396,000,000	93,933,727,000	72,717,782,000
-Quick Assets	-	-	-
-Inventories	-	-	-
Fixed Assets	71,529,000,000	36,445,195,000	37,198,846,000
-Investment	-	-	-
-Tangibles	-	-	-
-Intangibles	-	-	-
Total Liabilities	153,470,000,000	45,970,505,000	33,934,866,000
Current Liabilities	145,459,000,000	43,804,619,000	31,819,691,000
Fixed Liabilities	8,011,000,000	2,165,886,000	2,115,175,000
Capital Stock	11,220,000,000	11,220,000,000	11,220,000,000
Capital Surplus	-	-	-
Profit Surplus	78,387,000,000	73,188,417,000	64,761,762,000
Capital Adjustment	-152,000,000	-	-
Total Equity	89,455,000,000	84,408,417,000	75,981,762,000
Liab. & Shareholder’s Equity	242,925,000,000	130,378,922,000	109,916,628,000

INCOME STATEMENT
Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Sales	501,913,000,000	178,522,632,000	199,182,135,000
Cost of Sold Goods	420,237,000,000	146,015,729,000	158,338,807,000
Gross Profit	81,676,000,000	32,506,903,000	40,843,328,000
Selling & Admin. Expenses	47,937,000,000	21,906,335,000	25,677,081,000
Operating Income	33,739,000,000	10,600,568,000	15,166,247,000
Non-Operating Income	2,042,000,000	2,175,151,000	6,739,177,000
Non-Operating Expenses	3,205,000,000	2,154,571,000	638,787,000
Income Before Taxes	32,576,000,000	10,621,148,000	21,266,637,000
Income Taxes Expenses	6,654,000,000	2,194,492,000	4,718,199,000
Net Income	25,922,000,000	8,426,656,000	16,548,438,000

CASH FLOWS
Unit : Korean Won	As of 12/31/2010	As of 12/31/2009	As of 12/31/2008
Cash Flows from Operating		20,061,679,531	21,387,901,485
-Net Income		8,426,655,623	16,548,438,071
-Exp. without Cash Outflow		6,520,961,195	7,804,251,380
-Revenue without Cash Inflows		-48,554,062	-1,166,871,006
-Changes in Asset/ & Liability		5,162,616,775	-1,797,916,960
Cash Flows from Investing		-26,228,495,844	-5,598,898,099
-Cash Inflow from Investing		336,229,593	1,101,798,892
-Cash Outflows for Investing		-26,564,725,437	-6,700,696,991
Cash Flows from Financing		-	-10,000,000,000
-Cash Inflows from Financing		-	-
-Cash Outflows from Financing		-	-10,000,000,000
Increase/Decrease in Cash		-6,166,816,313	5,789,003,386
Cash at the Beginning of Year		16,827,697,045	11,038,693,659
Cash at the End of Year		10,660,880,732	16,827,697,045

Products, Technologies, Services Description

Main Products & Services	Air Bag, Safety Belt
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers

Customers

Competitors

KSC CO., LTD.

977-3, GEUMSAN-RI, WAEGWAN-EUP, CHILGOK-GUN, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-972-3000 FAX:+82-54-972-0333

CHANG-IL MACHINE CO., LTD.

61-13, PALYONG-DONG, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-297-2333 FAX:+82-55-292-2497

HYUNDAI MOBIS CO., LTD.

23TH FL., ING TOWER, 679-4, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2018-5114 FAX:+82-2-2018-6000

TRW

TAKATA

TOKAI RIKA

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	AUTOLIV ASP INC.
Overseas Office
Liaison Office
Overseas Branch
Joint Venture
Subsidiary
Corporate Ownership	AUTOLIV INC AUTOLIV AB
Major Shareholders
Cooperative Enterprise	-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) -Technical support from AUTOLIV DEVELOPMENT AB -Management Consulting Services from AUTOLIV AB

Sales by Region (Activity & Markets)

The Subject deals with the companies in Sweden.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.34
UK Pound	1	Rs.103.44
Euro	1	Rs.81.96

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	TPT

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.