MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	NATO CORPORATION LTD.

Registered Office :	268-18, Yongam-ro, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea

Country :	South Korea

Date of Incorporation :	09.01.1990

Com. Reg. No.:	127-81-13814

Legal Form :	Co., Ltd by shares

Line of Business :	Manufacture of Synthetic Coloring Matter, Tanning Materials and Other Coloring Agents

No. of Employees :	16

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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	NATO CORPORATION LTD.
Registered Address	268-18, Yongam-ro, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea (Old Address System : 73, Yongam-ri, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea)
Building	-
Zip Code	482-863
Tel	+82-31-862-8181
Fax	+82-31-864-4294
E-mail	webmaster@natodye.com;natodye@natodye.com
Website	www.natodye.com

Trading Address	Rm. 2504, Office Town, Techno-Mart, 546-4, Guui 3-dong, Gwangjin-gu, Seoul, Korea
Tel	+82-2-3424-2811
Fax	+82-2-3424-2814

Type	Export/Import
Industry	Manufacture of Synthetic Coloring Matter, Tanning Materials and Other Coloring Agents
Main Business	Leather Dyestuffs, Acid Dyestuffs, Direct Dyestuffs

Established (mm/dd/yyyy)	01/09/1990

The Subject owns the premises of registered HQ address.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Dyes(12171500)

CEO’s

Name	Choi Ho
Address	Suite 53-704, 362, Gwangjang-dong, Gwangjin-gu, Seoul, Korea
Date of Birth	02/20/1943
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

500,000,000

Employees

Formation

Co., Ltd by shares

Venture Business

Bank Details

Shinhan Bank-Mookyo Branch

Corporate Registered No.

111511-0012363

Business Registered No.

127-81-13814

Permit & Licenses

12/04/2002 ISO 9001 by Certificate Int’l (UK) Limited

1997 Patent(#124425) by developing non-benzidine dyestuffs

Int’l Trade No.: 933665

Shareholder Position

Name	Shares	%
CHOI HO	6,500	65.00
OTHERS	3,500	35.00
TOTAL	10,000	100.00

Company History

04/1969 Established Taerim Chemical Company

01/1973 Set up Yangjoo factory at #73, Yongam Eunhyun Kyunggi-Do

03/1977 Awarded "The President Prize" recommended by the office of National Tax Administration

01/1983 Changed company name as the present name

12/1987 Expanded factory

08/1988 Designated as "Company of Bright Prospect" by Choheung Bank

01/1990 Changed company name as "Nato Corp. Ltd."

11/1990 Awarded "US$1 Million Export Tower" and the prize of "Outstanding Growth" by the Chairman of Korea Foreign Trade Association

10/1994 Established a Corporate Annex Research Institute

11/1994 Won a prize by K.F.T.A.

12/1996 Founded a Shanghai Branch Office

05/1997 Founded a Guangzhou Office

11/1997 Obtained the patent (#124425) of "Manufacturing Method for Non-Benzidine Dyestuffs"

10/1999 Established Nato Shanghai Dye & Chemical Co. Ltd.

04/2000 Obtained the Certificate of Approval "ISO9001

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Choi Ho	Male	Korean	01/02/2003
Director	Mr.	Choi Seung-Hoon	Male	Korean	03/31/2002
Director	Mr.	Baik Yong-Won	Male	Korean	03/31/2011
Director	M/S.	Oh Eui-Sook	Female	Korean	06/30/2014
Auditor	M/S.	Hwang Gui-Ho	Female	Korean	03/31/2011

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013
2012
2011
2010
2009
2008	3,754,000,000	4,739,000,000	29,000,000
2007	2,931,000,000	4,800,000,000	-259,000,000
2006	4,191,000,000	6,283,000,000	19,000,000
2005	5,416,000,000
2004	5,822,000,000	6,979,000,000	447,000,000
2003	6,082,000,000	6,857,000,000	67,000,000

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)	2,000,000,000
Paid-Up Capital(KRW)	500,000,000
Total Issued Shares	100,000

Products, Technologies, Services Description

Main Products & Services

Leather dyestuffs, Acid dyestuffs, Direct dyestuffs

Trade Partners & Competitors

Competitors

JIN WOONG INDUSTRIAL CO., LTD.

619-1, GANAP -RI, GWANGJEOK-MYEON, YANGJU-SI, GYEONGGI-DO, KOREA

TEL:+82-31-837-6005 FAX:+82-31-837-6006

RHEESOO DYES & CHEMICALS CO., LTD.

6TH FL., YEONGSANG BLDG., 397-17, DAEBANG-DONG, DONGJAK-GU, SEOUL, KOREA

TEL:+82-2-825-8541 FAX:+82-2-824-4294

TAEKWANG DYESYUFFS & CHEMICAL CO., LTD.

4649-1, GANGDONG-DONG, GANGSEO-GU, BUSAN, KOREA

TEL:+82-51-973-4105 FAX:+82-51-973-4108

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates
Overseas Office	CHINA FACTORY TEL : 86-21-5958-9707~9 FAX : 86-21-5958-8719 E-MAIL : CHINAFACTORY@NATODYE.COM SHANGHAI OFFICE TEL : 86-21-6428-7291~3 FAX : 86-21-6428-0636 E-MAIL : SHANGHAI@NATODYE.COM GUANGZHOU OFFICE TEL : 86-20-8388-7618(28) FAX : 86-20-8388-7638 E-MAIL : GUANGZHOU@NATODYE.COM
Liaison Office
Overseas Branch
Joint Venture
Subsidiary	NATO DYES (CHINA)
Corporate Ownership
Major Shareholders
Cooperative Enterprise

Sales by Region (Activity & Markets)

The Subject deals with the companies in Bangladesh, China, Hong Kong, India and Japan.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.