MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	R&S CO., LTD.

Registered Office :	78, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea, Rm. 902-B, Hong-u Bldg., Zip code 150-889

Country :	South Korea

Date of Incorporation :	23.02.1998

Com. Reg. No.:	116-81-67964

Legal Form :	Co., Ltd by Shares

Line of Business :	· Wholesaler of Synthetic Rubber, Resins & Plastics Materials · Wholesaler of Other Industrial Machinery and Equipment

No. of Employees	03

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

Company Name	R&S CO., LTD. (English Company Name : ARENES CO., LTD.) (Korean Company Name : “(주)아레네스”)
Registered Address	78, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea
Building	Rm. 902-B, Hong-u Bldg.
Zip Code	150-889
Tel	+82-2-784-7092~4
Fax	+82-2-784-7095
E-mail	arenes@kotis.net
Trading Address	Rm. 902-B, Hong-u Bldg., 78, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea (Old Address System : Rm. 902-B, Hong-u Bldg., 43-3, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea)
Tel	+82-2-784-7092~4
Fax	+82-2-784-7095
Type	Export
Main Business	· Wholesaler of Synthetic Rubber, Resins & Plastics Materials · Wholesaler of Other Industrial Machinery and Equipment
Established (mm/dd/yyyy)	02/23/1998

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Resins(13111000)

CEO’s

Name	Rhee Seong-Hoon
Address	Suite 1711-1001, 120, Juyeop-dong, Ilsanseo-gu, Goyang-si, Gyeonggi-do, Korea
Date of Birth	09/01/1953
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	50,000,000
Employees	3
Formation	Co., Ltd by Shares
Bank Details	Hana Bank
Corporate Registered No.	110111-1515696
Business Registered No.	116-81-67964
Permit & Licenses	Int’l Trade No.: 11513140
Shareholder Position	N/A
Company History	02/23/1998 Incorporated as the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Rhee Seong-Hoon	Male	Korean	12/28/2005
Director	M/S.	Shin Young-Sil	Female	Korean	12/28/2005
Director	Mr.	Lee Se-Keun	Male	Korean	12/28/2005

Financials

The 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)	200,000,000
Paid-Up Capital(KRW)	50,000,000
Total Issues Shares	10,000

Products, Technologies, Services Description

Main Products & Services

Synthetic Rubber, Resins & Plastics Materials

Trade Partners & Competitors

Competitors

DONGSUNG CHEMICAL CO., LTD.

472, SINPYEONG 1-DONG, SAHA-GU, BUSAN, KOREA

TEL:+82-51-200-4500 FAX:+82-51-204-5636

KYUNG WON NEW MATERIALS INC.

329-1, BOCHE-RI, MIYANG-MYEON, ANSEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-677-7411~5 FAX:+82-31-677-7410

JINDO CHEMICAL CO., LTD.

1MA-210, SIHWA INDUSTRIAL COMPLEX, 1352, JEONGWANG-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-499-9933 FAX:+82-31-499-9937

Sales by Region

(Activity & Markets)

The Subject exports to Bangladesh and Pakistan.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIS

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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