MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	CHEMICAL-SOLUTION INC.

Registered Office :	10, Eonju-ro 147-gil, Gangnam-gu, Seoul

Country :	South Korea

Financials (as on) :	31.12.2013

Date of Incorporation :	21.07.2000

Com. Reg. No.:	211-86-63287

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesale of Pharmaceuticals

No of Employees :	3

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 – 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	CHEMICAL-SOLUTION INC. (Trade Name : CSI)
Registered Address	10, Eonju-ro 147-gil, Gangnam-gu, Seoul, Korea
Building	3rd Fl., Yoonoh Bldg.
Zip Code	135-816
Tel	+82-2-543-2822
Fax	+82-2-543-2823
E-mail	info@chemical-solution.com; david@chemical-solution.com
Website	www.chemical-solution.com
Trading Address	3rd Fl., Yoonoh Bldg., 10, Eonju-ro 147-gil, Gangnam-gu, Seoul, Korea (Old Address System : 3rd Fl., Yoonoh Bldg., 63-19, Nonhyeon 2-dong, Gangnam-gu, Seoul, Korea)
Tel	+82-2-543-2822
Fax	+82-2-543-2823
Other Address
Tel	--
Fax	--
Type	Export/Import
Industry	Data Base Activities and On-line Information Provision Services
Main Business	Pharmaceutical Products, Software Development and Supply, Database, Management Consulting Services
Sub Business	Wholesale of Pharmaceuticals

Established (mm/dd/yyyy)	07/21/2000

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Pharmaceutical Products
Sell	System Software Development and Supply

CEO’s

Name	Jo Hyun-Je
Address	Suite 105-1201, 3, Jamwon-ro 14-gil, Seocho-gu, Seoul, Korea
Date of Birth	06/13/1971
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	650,000,000
Employees	3
Formation	Co., Ltd by Shares
Bank Details	Hana Bank-Eonjuro Branch
Corporate Registered No.	110111-2031196
Business Registered No.	211-86-63287
Permit & Licenses	N/A
Shareholder Position	N/A
Company History	07/21/2000 Incorporated as the present name 09/2001 Designated as a Venture Business 07/2002 Designated as a Promising Export SMEs 02/20/2003 Increased capital to 650,000,000 KRW from 600,000,000 KRW

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Jo Hyun-Je	Male	Korean	02/16/2012
Director	Mr.	Jo Bum-Je	Male	Korean	02/16/2012
Director	Mr.	Jung Dae-Hwan	Male	Korean	02/16/2012
Auditor	M/S.	Oh Da-Jung-Yi	Female	Korean	02/19/2009

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013	7,722,509,000	1,348,714,000	131,820,000
2012	6,380,820,000	1,082,377,000	70,968,000
2011	4,999,244,000	1,358,913,000	109,374,000
2010	3,298,281,000	1,639,241,000	130,964,000
2009	4,362,000,000	1,296,000,000	176,000,000
2008	3,176,484,000	1,082,809,000	119,054,000

Financial Description

Authorized Capital(KRW)	800,000,000
Paid-Up Capital(KRW)	650,000,000
Total Issued Shares	130,000

Balance Sheet

Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	1,348,714,000	1,082,377,000	1,358,913,000
Current Assets
-Quick Assets
-Inventories
Fixed Assets
-Investment
-Tangibles
-Intangibles
Total Liabilities	520,631,000	381,114,000	728,619,000
Current Liabilities
Fixed Liabilities
Capital Stock	650,000,000	650,000,000	649,999,000
Capital Surplus
Profit Surplus
Capital Adjustment
Total Equity	828,083,000	701,263,000	630,294,000
Liab. & Shareholder’s Equity	1,348,714,000	1,082,377,000	1,358,913,000

Income Statement

Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Sales	7,722,509,000	6,380,820,000	4,999,244,000
Cost of Sold Goods
Gross Profit
Selling & Admin. Expenses
Operating Income	117,794,000	95,500,000	129,950,000
Non-Operating Income
Non-Operating Expenses
Income Before Taxes
Income Taxes Expenses
Net Income	131,820,000	70,968,000	109,374,000

Products, Technologies, Services Description

Main Products & Services	Pharmaceutical Products, Software Development and Supply, Database, Management Consulting Services
Detailed Products Spec.
Technologies Acquired

Sales by Region (Activity & Markets)

Not Available

Court Action

Not Available

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.15

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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.