MIRA INFORM REPORT

Report Date :

14.07.2014

IDENTIFICATION DETAILS

Name :	IRIS CORPORATION

Registered Office :	Suji-Ro, Suji-Gu, Yongin-Si, Gyeonggi-Do, Korea, Zip Code 448-823

Country :	South Korea

Date of Incorporation :	02.07.2013

Com. Reg. No.:	Not Available

Legal Form :	Sole Proprietorship

Line of Business :	· Provider of Brokerage Services of all other Chemical Products Engaged in selling of Polymer Master Batches & Other Chemicals including Bio Chemicals and Gas Materials

No of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Concern

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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. 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. 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-South 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, and heavy reliance on exports - which comprise about half of GDP.

Source : CIA

Basic

Concern Name	IRIS CORPORATION (Korean Concern Name : “N/A”)
Registered Address	Suji-ro, Suji-gu, Yongin-si, Gyeonggi-do, Korea
Zip Code	448-823
Tel	+82-10-8604-4612
Fax	+82-31-629-7807
Trading Address	Suji-ro, Suji-gu, Yongin-si, Gyeonggi-do, Korea
Tel	+82-10-8604-4612
Fax	+82-31-629-7807
Type	Export/Import
Main Business	· Provider of Brokerage Services of all other Chemical Products Engaged in selling of Polymer Master Batches & Other Chemicals including Bio Chemicals and Gas Materials
Established (mm/dd/yyyy)	07/02/2013

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Polymer masterbatches(12171701)
Sell	Chemicals including Bio Chemicals and Gas Materials(12000000)

CEO’s

Name	Iris Lee
Title	Owner
Sex	Male
Nationality	N/A

Profiles

Capital (KRW)	Not Applicable to the Sole Proprietorship
Employees	1
Formation	Sole Proprietorship
Bank Details	N/A
Corporate Registered No.	Not Applicable to the Sole Proprietorship
Business Registered No.	N/A. (The 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	N/A
Shareholder Position	The owner has 100% shares.
Concern History	07/02/2013 Established as the present name

In our research through the official sources including the Supreme Court Registry at which every Co Ltd type of Concern should be registered, we could not find the subject concern. So we submit the report as a Sole Proprietorship Type of Concern as long as it exists.

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Owner	Mr.	Iris Lee	Male	-	-

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013

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

Products, Technologies, Services Description

Main Products & Services

· Polymer Master Batches

Other Chemicals including Bio Chemicals and Gas Materials

Trade Partners & Competitors

Competitors

JUNYOUNG CORPORATION

6TH FL., GREEN POINT BLDG., 655-12, SINSA-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-547-8595 FAX:+82-2-547-8598

NAMDUCK MOOLSAN CO., LTD.

RM. 1014, YEOUIDO DEPT. STORE, 36-2, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3774-0900 FAX:+2-2-3774-0901

KOWON CO., LTD.

7TH FL., GOWON BLDG., 20-19, YANGJAE 1-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-578-6181 FAX:+82-2-578-6692

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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.