MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	A-SUNG PRECISION INDUSTRIAL CO.

Registered Office :	43, Seongseodong-ro 53an-gil, Dalseo-gu, Daegu704-170

Country :	South Korea

Financials (as on) :	31.12.2013

Date of Incorporation :	01.11.1997

Legal Form :	Sole Proprietorship

LINE OF BUSINESS :	MANUFACTURE OF AGRICULTURAL AND FORESTRY MACHINERY

No. of Employees :	4

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 :	Slow but correct

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	A-SUNG PRECISION INDUSTRIAL CO.
Registered Address	43, Seongseodong-ro 53an-gil, Dalseo-gu, Daegu, Korea
Building
Zip Code	704-170
Tel	+82-53-582-2737
Fax	+82-53-581-7043
E-mail	asung@aspi.co.kr
Website	www.aspi.co.kr

Trading Address	43, Seongseodong-ro 53an-gil, Dalseo-gu, Daegu, Korea (Old Address System : 3-7, Galsan-dong, Dalseo-gu, Daegu, Korea)
Tel	+82-53-582-2737
Fax	+82-53-581-7043

Type	Export
Industry	Manufacture of Agricultural and Forestry Machinery
Main Business	Distribution Power Sprayer, Agricultural Machine

Established (mm/dd/yyyy)	11/01/1997

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Agricultural machinery for soil preparation(21101500)

CEO’s

Name	Park June-Hyuk
Address
Date of Birth	05/05/1981
Title	Owner
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	Not Applicable to the Sole Proprietorship
Employees	4
Formation	Sole Proprietorship
Bank Details	N/A
Corporate Registered No.	Not Applicable to the Sole Proprietorship
Business Registered No.	503-03-54*** (The full numbers are kept by the National Tax Service confidentially.) Because the subject’s full Business Registered No., for checking through the National Tax Service whether the subject is still existing or not, is not available, so we cannot confirm if the subject exist or not legally.)
Permit & Licenses	2006 ISO 9001 2006 ISO 14001 Int’l Trade No.: 13072588
Shareholder Position	The owner has 100% shares.
Company History	11/01/1997 Established as the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Owner	Mr.	Park June-Hyuk	Male	Korean	11/01/1997

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013	1,161,719,000	1,116,667,000	50,208,000
2012	994,605,000	1,100,766,000	31,400,000
2011	1,102,032,000	1,084,624,000	47,875,000
2010	777,299,000	1,020,405,000	25,913,000
2009	681,309,000	1,000,273,000	28,737,000
2008	398,968,000	789,528,000	16,327,000

Financial Description

Authorized Capital(KRW)	Not Applicable to the Sole Proprietorship
Paid-Up Capital(KRW)	Not Applicable to the Sole Proprietorship
Total Issued Shares	Not Applicable to the Sole Proprietorship

Balance Sheet
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	1,116,667,000	1,100,766,000	1,084,624,000
Current Assets
-Quick Assets
-Inventories
Fixed Assets
-Investment
-Tangibles
-Intangibles
Total Liabilities	842,100,000	564,408,000	578,666,000
Current Liabilities
Fixed Liabilities
Capital Stock	274,567,000	536,358,000	505,958,000
Capital Surplus
Profit Surplus
Capital Adjustment
Total Equity	274,567,000	536,358,000	505,958,000
Liab. & Shareholder’s Equity	1,116,667,000	1,100,766,000	1,084,624,000

Income Statement
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Sales	1,161,719,000	994,605,000	1,102,032,000
Cost of Sold Goods
Gross Profit
Selling & Admin. Expenses
Operating Income	92,173,000	83,147,000	85,982,000
Non-Operating Income
Non-Operating Expenses
Income Before Taxes
Income Taxes Expenses
Net Income	50,208,000	31,400,000	47,875,000

Products, Technologies, Services Description

Main Products & Services	Distribution Power Sprayer, Agricultural Machine
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers

Customers

Competitors

KUKJE MACHINERY CO., LTD.

11-1, YANGSU-RI, OKCHEON-EUP, OKCHEON-GUN, CHUNGCHEONGBUK-DO, KOREA

TEL:+82-43-732-1151 FAX:+82-43-732-1162

SAM WOO AGRICULTURAL MACHINERY CO., LTD.

62B-1L, SEONGSEO INDUSTRIAL COMPLEX 3-CHA, 92-11, PAHO-DONG, DALSEO-GU, DAEGU, KOREA

TEL:+82-53-588-1700 FAX:+82-53-588-1703

BOOKSUNG INDUSTRY CO., LTD.

1281, DONGSAN-RI, SANGNAM-MYEON, MIRYANG-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-351-1134~6 FAX:+82-55-353-4752

Sales by Region (Activity & Markets)

The Subject exports to India.

Court Action

Not Available.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.98.88
Euro	1	Rs.77.32

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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