MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	TDF KOREA CO., LTD.

Registered Office :	68, Ogeum-ro 36-gil, Songpa-gu, Seoul, Korea, 5th Fl., CJ West Bldg. 138-801

Country :	South Korea

Financials (as on) :	31.12.2012

Date of Incorporation :	19.01.2006

Com. Reg. No.:	215-86-81292

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesale of Other Prepared Food Biscuit, Pasta, Sauce, Beer

No. of Employees :	80

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 – 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

Company Name	TDF KOREA CO., LTD. (Korean Company Name : “티디에프코리아(주)”)
Registered Address	68, Ogeum-ro 36-gil, Songpa-gu, Seoul, Korea
Building	5th Fl., CJ West Bldg.
Zip Code	138-801
Tel	+82-2-409-5852
Fax	+82-2-409-5856
E-mail	info@tdf.co.kr;tdfkorea@kota.net
Website	www.tdf.co.kr
Trading Address	5th Fl., CJ West Bldg., 68, Ogeum-ro 36-gil, Songpa-gu, Seoul, Korea (Old Address System : 5th Fl., CJ West Bldg., 46-9, Garakbon-dong, Songpa-gu, Seoul, Korea)
Tel	+82-2-409-5852
Fax	+82-2-409-5856
Type	Export
Industry	Wholesale of Other Prepared Food
Main Business	Biscuit, Pasta, Sauce, Beer
Established (mm/dd/yyyy)	01/19/2006

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Food or drug additives(12164500)
Sell	Snack foods(50192100)
Sell	Sweet biscuits or cookies(50181905)
Sell	Plain pasta and noodles(50192900)

CEO’s

Name	Shin Young-Tae
Address	Suite 706-1402, 143, Geumgok-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea
Date of Birth	10/25/1960
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

1,180,000,000

Employees

Formation

Co., Ltd by Shares

Bank Details

Korea Exchange Bank-Garak Branch

Corporate Registered No.

1101113-384544

Business Registered No.

215-86-81292

Permit & Licenses

Int’l Trade No.: 11408862

Shareholder Position

Name	Shares	%
SHIN YOUNG-TAE	174454	73.92
KANG JUNG-SOOK	36856	15.62
KIM HYUN-TAE	12040	5.10
SHIN JOON-HO	7834	3.32
YOU IN-SANG	4816	2.04
TOTAL	236000	100.00

Company History

01/19/2006 Incorporated as the present name after M&A between SUPECT CO., LTD., and HYOSUNG INTERNATIONAL CO., LTD.

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Shin Young-Tae	Male	Korean	10/30/2009
Director	Mr.	Kim Hyun-Tae	Male	Korean	10/30/2009
Director	M/S.	Kang Jung-Sook	Female	Korean	12/23/2011
Auditor	Mr.	Shin Gye-Sik	Male	Korean	12/01/2011

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013
2012	23,718,702,000	8,632,084,000	345,904,000
2011	25,188,000,000	7,994,048,000	278,000,000
2010	25,136,000,000	8,301,000,000	216,000,000
2009	25,485,600,000	8,396,000,000	137,700,000
2008	24,267,000,000	8,037,000,000	160,000,000
2007	16,604,000,000		181,480,000
2006	12,000,000,000

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)	2,320,000,000
Paid-Up Capital(KRW)	1,180,000,000
Total Issued Shares	236,000

Balance Sheet

Unit : Korean Won	As of 12/31/2012	As of 12/31/2011	As of 12/31/2010
Total Assets	8,632,084,000	7,994,048,000	8,301,000,000
Current Assets	8,406,997,000	7,779,677,000	8,013,000,000
-Quick Assets	-	-	-
-Inventories	-	-	-
Fixed Assets	225,087,000	214,371,000	288,000,000
-Investment	-	-	-
-Tangibles	-	-	-
-Intangibles	-	-	-
Total Liabilities	6,135,059,000	5,593,204,000	6,147,000,000
Current Liabilities	5,135,059,000	5,093,204,000	5,256,000,000
Fixed Liabilities	1,000,000,000	500,000,000	891,000,000
Capital Stock	-	-	-
Capital Surplus	-	-	-
Profit Surplus	1,317,025,000	1,222,291,000	1,174,000,000
Capital Adjustment	-	-	-
Total Equity	2,497,025,000	2,400,844,000	2,154,000,000
Liab. & Shareholder’s Equity	8,632,084,000	7,994,048,000	8,301,000,000

Income Statement

Unit : Korean Won	As of 12/31/2012	As of 12/31/2011	As of 12/31/2010
Sales	23,718,702,000	25,187,967,000	25,136,000,000
Cost of Sold Goods	19,677,480,000	21,327,866,000	21,016,000,000
Gross Profit	4,041,222,000	3,860,101,000	4,120,000,000
Selling & Admin. Expenses	3,427,026,000	3,258,202,000	3,595,000,000
Operating Income	614,196,000	601,899,000	525,000,000
Non-Operating Income	1,000,000,000	500,000,000	891,000,000
Non-Operating Expenses	415,129,000	444,738,000	477,000,000
Income Before Taxes	381,538,000	321,973,000	252,000,000
Income Taxes Expenses	35,634,000	43,797,000	36,000,000
Net Income	345,904,000	278,176,000	216,000,000

Products, Technologies, Services Description

Main Products & Services

Biscuit, Pasta, Sauce, Beer

Trade Partners & Competitors

Suppliers

FURUTA(JAPAN)

DENROKU(JAPAN)

ASINEZ(SPAIN)

STUTE(UK)

BIANCONI(ITALY)

ALFREAD PAULSEN(GERMANY)

CJ CHEILJEDANG CORP.(110111-3748253)

DONGSUH FOODS CORPORATION(120111-0000464)

NONGSHIM CO., LTD.(110111-0057574)

Customers

Major Department Stores including Lotte, Discount Stores including E-Mart, Lotte Mart and GS Mart

LOTTE SHOPPING CO., LTD.(110111-0000086)

HYUNDAI F&G CO., LTD.(110111-0672661)

Competitors

SUN-IN CO., LTD.

594-3, SINNAM-RI, DUNPO-MYEON, ASAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-532-6274 FAX:+82-41-531-1625

DAIAH COMMERCIAL CO., LTD.

RM. 1818, GOLDEN TOWER BLDG., 191, CHUNGJEONGNO 2-GA, SEODAEMUN-GU, SEOUL, KOREA

TEL:+82-2-365-0900 FAX:+82-2-365-0905

CROWN CONFECTIONERY CO., LTD.

131-1, NAMYEONG-DONG, YONGSAN-GU, SEOUL, KOREA

TEL:+82-2-791-9133 FAX:+82-2-791-9119

Sales by Region (Activity & Markets)

The Subject exports to Cambodia, Japan, Russia and Singapore.

Court Action

Not Available.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.33
UK Pound	1	Rs.103.43
Euro	1	Rs.81.96

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	PDT

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.