MIRA INFORM REPORT

Report Date :

16.07.2014

IDENTIFICATION DETAILS

Name :	GS GLOBAL CORP.

Registered Office :	508, Nonhyeon-ro, Gangnam-gu, Seoul, Korea 10th FI., GS Gangnam Tower 135-985

Country :	South Korea

Financials (as on) :	30.09.2013

Date of Incorporation :	31.07.1954

Com. Reg. No.:	202-81-33028

Legal Form :	Listed Company

Line of Business :	Wholesale of Non-Specialized Goods Such as Iron & Steel Products, Chemicals, Cement, Machinery, Plants

No. of Employees :	242

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 :	Slow but correct
Litigation :	Exists

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 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges 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 half of GDP.

Source : CIA

Basic Information

Basic

Company Name	GS GLOBAL CORP. (Ex. Company Name : SSANGYONG CORPORATION, “(주)쌍용”) (Korean Company Name : “(주)지에스글로벌”)
Registered Address	508, Nonhyeon-ro, Gangnam-gu, Seoul, Korea
Building	10th FI., GS Gangnam Tower
Zip Code	135-985
Tel	+82-2-2005-5300
Fax	+82-2-2005-5301
E-mail	admin@sycorp.co.kr;shjeong@gsgcorp.com
Website	www.gsgcorp.com
Trading Address	10th FI., GS Gangnam Tower, 508, Nonhyeon-ro, Gangnam-gu, Seoul, Korea (Old Address System : 10th FI., GS Gangnam Tower, 679, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea)
Tel	+82-2-2005-8300
Fax	+82-2-2005-8301
Other Address-Logistics Team	381-5, Wonchang-dong, Seo-gu, Incheon, Korea
Tel	+82-32-573-8460
Fax	+82-32-573-8465
Other Address-Leisure Sports Business	154-2, Choil-dong, Hanam-si, Gyeonggi-do, Korea
Tel	+82-31-792-5952
Fax	+82-31-792-5993
Other Address-Machinery Import Team	A-903, SK Twin Tech Tower, 345-9, Gasan-dong, Geumcheon-gu, Seoul, Korea
Tel	+82-2-866-5600
Fax	+82-2-862-5649
Type	Export/Import
Industry	Wholesale of Non-Specialized Goods
Main Business	Iron & Steel Products, Chemicals, Cement, Machinery, Plants
Sub Business
Established (mm/dd/yyyy)	07/31/1954

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Clothing(53100000)
Sell	Steel(11101704)
Sell	Cement(30111601)
Sell	Network service equipment(43222600)
Sell	Cooking or table salt(50171551)
Sell	Inorganic compounds(12352300)
Sell	Processed and synthetic rubber(13101600)
Sell	Storage(78130000)
Sell	Solid and gel fuels(15101600)
Sell	Chemicals including Bio Chemicals and Gas Materials(12000000)
Sell	Industrial Manufacturing and Processing Machinery and Accessories(23000000)

CEO’s

Name	Jung Taik-Keun
Address
Date of Birth	11/30/1953
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

56,334,410,000

Employees

242

Formation

Listed Company(Korea Stock Exchange : 001250) as of 06/27/1976

A Company of GS Group

Bank Details

Shinhan Bank-Central Branch

Woori Bank

Corporate Registered No.

110111-0031479

Business Registered No.

202-81-33028

Permit & Licenses

Int’l Trade No.: 670203

Shareholder Position

Name	Shares	%
GS HOLDINGS CO., LTD.(110111-3045112)	12,318,820	54.67
UBS HANA ASSET MANAGEMENT CO., LTD.(110111-2009292)	926,780	4.11
NATIONAL PENSION SERVICE(110171-0007134)	438,620	1.95
TRUSTON ASSET MANAGEMENT CO., LTD.(110111-1531519)	866,084	3.84
OTHERS	7,983,460	35.43
TOTAL	22,533,764	100.00

Company History

07/31/1954 Incorporated as Kumsung Industries Co., Ltd.

03/20/1972 Changed company name to Ssangyong Industries Co., Ltd.

05/27/1975 Designated as a general trading company

12/01/1975 Changed company name to SSANGYONG CORPORATION

11/2009 Moved to the present HQ address from 24-1, Jeodong 2-ga, Jung-gu, Seoul, Korea

07/21/2009 Changed company name to the present name

11/2009 Moved to the present HQ address from 24-1, Jeo-dong 2-ga, Jung-gu, Seoul, Korea

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
President & CEO	Mr.	Jung Taik-Keun	Korean	1953.11.30	Yonsei University, Korea
Executive Director & CFO	Mr.	Kim Seok-Hwan	Korean	1962.12.12	Korea University, Korea
Director	Mr.	Seo Kyung-Seok	Korean	1947.12.23	Seoul National University, Korea
Director	Mr.	Kim Byung-Yeol	Korean	1954.10.01	Seoul National University, Korea
Director	Mr.	Yoon Il-Joong	Korean	1953.07.29	Busan National University, Korea
Outside Director	Mr.	Lee Soo-Ho	Korean	1944.02.08	Yonsei University, Korea
Outside Director	Mr.	Ahn Jong-Won	Korean	1948.01.24	Yonsei University, Korea
Outside Director	Mr.	Kim Young-Seob	Korean	1950.02.13	Korea University, Korea

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)09/2013	1,585,569,130,815	703,352,478,645	10,832,238,974
(*)2012	2,685,281,796,266	619,881,933,536	15,544,788,926
(*)2011	2,288,493,847,484	632,929,118,289	18,422,072,724
(*)2010	1,400,513,382,625	396,904,204,642	17,715,868,485
2009	1,153,563,497,667	152,504,740,325	24,401,357,182
2008	1,303,117,078,277	145,633,611,686	27,205,755,897
2007	1,050,359,245,212	106,953,182,431	9,588,004,175
2006	936,707,087,308	126,790,504,103	7,139,644,578
2005	1,476,005,249,828	195,240,508,293	1,856,850,261
2004	1,479,830,933,063	238,510,768,978	9,274,434,544

(*)Figures are based on the K-IFRS Accounting System.

Financial Description

Authorized Capital(KRW)	1,000,000,000,000
Paid-Up Capital(KRW)	56,334,410,000
Total Issues Shares	22,533,764

Balance Sheet
Unit : Korean Won	01/01/2013~09/30/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	703,352,478,645	619,881,933,536	632,929,118,289
Current Assets	429,164,404,448	380,267,788,152	430,365,555,871
Cash & Cash Equivalents	85,288,946,970	61,476,127,069	82,399,212,466
Current Financial Instruments	228,453,018	1,429,991,150	1,225,083,835
Trade Receivables & Other Receivables	276,198,849,746	246,284,322,175	275,123,473,267
Current Non-Financial Instruments	7,084,432,053	7,443,994,690	20,635,747,298
Prepaid Taxes	76,442,642	220,661,188	282,737,767
Inventories	60,287,280,019	63,412,691,880	50,699,301,238
Non-Current Assets	274,188,074,197	239,614,145,384	202,563,562,418
Non-Current Financial Instruments	5,863,260,809	6,362,370,760	6,977,856,424
Investment_Related Companies	176,715,841,699	163,167,499,199	154,398,159,094
Tangibles	1,875,805,379	2,046,802,050	2,423,668,789
Intangibles	7,073,000,416	4,605,788,990	8,021,920,199
Long-Term Trade Receivables & Other Receivables	61,705,755,473	42,477,273,964	11,107,807,122
Non-Current Portion of Non-Finance Asssets	-	-	15,424,314
Deferred Income Tax Assets	20,954,410,421	20,954,410,421	19,618,726,476
Total Liabilities	440,181,625,100	365,744,490,798	390,967,308,715
Current Liabilities	364,975,039,101	317,251,991,930	390,957,464,026
Trade Payables & Other Payables	223,817,460,163	185,508,307,466	186,528,547,527
Short-Term Borrowings	136,506,195,886	119,067,364,050	178,963,508,026
Other Current Financial Debts	2,354,184,590	2,767,569,778	1,136,170,872
Other Current Non-Financial Debts	2,297,198,462	9,908,750,636	24,329,237,601
Non-Current Liabilities	75,206,585,999	48,492,498,868	9,844,689
Long-Term Trade Payables & Other Payables	6,036,888	9,311,356	9,844,689
Long-Term Borrowings	73,786,160,000	48,199,500,000	-
Provision for Severance & Retirement	1,414,389,111	283,687,512	-
Capital Stock	56,334,410,000	56,334,410,000	56,334,410,000
Capital Surplus	126,145,517,815	126,145,517,815	126,145,517,815
Others	-147,640,823	-1,160,712,906	-1,107,399,962
Profit Surplus	80,838,566,553	72,818,227,829	60,589,281,721
Total Equity	263,170,853,545	254,137,442,738	241,961,809,574
Liab. & Shareholder’s Equity	703,352,478,645	619,881,933,536	632,929,118,289

Income Statement
Unit : Korean Won	01/01/2013~09/30/2013	As of 12/31/2012	As of 12/31/2011
Sales	1,585,569,130,815	2,685,281,796,266	2,288,493,847,484
Cost of Sold Goods	1,546,237,529,707	2,624,541,680,146	2,231,581,683,422
Gross Profit	39,331,601,108	60,740,116,120	56,912,164,062
Selling Expenses	7,027,128,800	12,352,455,433	10,714,215,634
Admin. Expenses	22,587,460,874	32,247,505,378	29,322,709,774
Operating Income	9,717,011,434	16,140,155,309	16,875,238,654
Other Operating Income	55,243,409,906	79,914,252,991	85,275,105,161
Other Operating Expenses	53,509,048,190	76,425,977,185	86,042,402,259
Finance Income	5,650,855,638	2,921,526,291	2,175,920,918
Finance Expenses	6,269,989,814	7,669,933,687	3,844,912,086
Profits from Stocks Disposal	-	-476,432,000	-5,872,235
Income Before Taxes	10,832,238,974	14,403,591,719	14,433,078,153
Income Taxes Expenses	-	-1,141,197,207	-3,988,994,571
Net Income	10,832,238,974	15,544,788,926	18,422,072,724

Cash Flows
Unit : Korean Won	01/01/2013~09/30/2013	As of 12/31/2012	As of 12/31/2011
Operating Activities Cash Flows	28,398,177,738	32,241,036,662	-31,146,180,514
-Net Income	10,832,238,974	15,544,788,926	18,422,072,724
-Exp. without Cash Outflow	23,187,581,229	35,008,572,001	10,765,567,157
-Revenue without Cash Inflows	-21,449,592,355	-24,636,635,420	-9,452,346,678
-Changes in Asset/ & Liability	17,779,709,481	8,156,332,002	-50,859,668,198
Cash Flows from Operating	-1,951,759,591	-1,832,020,847	-21,805,519
Cash Flows from Investing	-48,037,564,249	-46,266,370,311	-54,799,015,885
-Cash Inflow from Investing	35,562,023,628	7,461,616,157	1,031,512,717
-Cash Outflows for Investing	-83,599,587,877	-53,727,986,468	-55,830,528,602
Cash Flows from Financing	43,452,206,412	-6,897,751,748	144,997,067,280
-Cash Inflows from Financing	165,331,470,712	174,877,656,528	321,308,249,667
-Cash Outflows from Financing	-121,879,264,300	-181,775,408,276	-176,311,182,387
Increase/Decrease in Cash	23,812,819,901	-20,923,085,397	59,051,870,881
Cash at the Beginning of Year	61,476,127,069	82,399,212,466	23,347,341,585
Cash at the End of Year	85,288,946,970	61,476,127,069	82,399,212,466

Products, Technologies, Services Description

Main Products & Services

CEMENT MATERIAL

Cement, Cement Clinker, Special Cement(Micem, Etc)

ENERGY

-Bituminous Coal, Anthracite

-Gypsum, Petroleum Coke

PETROCHEMICAL

-Aromatics

-Fiber Intermediates

-Polymers (Plastics)

-Chemical products

STEEL & METAL

MACHINERY

-Industrial Products & Materials

-Sparkignition Engine, Engine Parts, Water Pump, Lawn Mower, Brush Cutter

LOGISTICS SERVICES

-PDI (Pre-Delivery Inspection) Service

LEISURE SPORTS BUSINESS

Detailed Products Spec.

Technologies Acquired

Trade Partners & Competitors

Suppliers

HONDA(JAPAN)

GS-CALTEX CORPORATION(110111-0078819)

Customers

GS GLOBAL JAPAN CORPORATION

GS GLOBAL AUSTRALIA PTY LTD.

NISSAN KOREA CO., LTD.(110111-2957508)

HONDA KOREA CO., LTD.(110111-2362418)

Competitors

SK NETWORKS CO., LTD.

4, PYEONG-DONG, GWONSEON-GU, SUWON-SI, GYEONGGI-DO 441-230 KOREA

TEL:+82-2-2221-2016 FAX:+82-2-2221-0080

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

HYUNDAI CORPORATION

HUNGKUK LIFE INSURANCE BD 226, SINMUNNO 1-GA, JONGNO-GU, SEOUL 110-786 KOREA

TEL:+82-2-390-1114 FAX:+82-2-390-1101

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

DAEWOO INTERNATIONAL CORPORATION

DAEWOO CENTER BLDG., 541, NAMDAEMUNNO 5-GA, JUNG-GU, SEOUL 100-714 KOREA

TEL:+82-2-759-2114 FAX:+82-2-753-9489

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

HYOSUNG CORPORATION

HYOSUNG BLDG., 450, GONGDEOK 2-DONG, MAPO-GU, SEOUL 121-720 KOREA

TEL:+82-2-707-7000 FAX:+82-2-707-0130

INDUSTRY: MAN-MADE FIBERS SPINNING

SAMSUNG C&T CORPORATION

310, TAEPYEONGNO 2-GA, JUNG-GU, SEOUL 100-865 KOREA

TEL:+82-2-2145-2114 FAX:+82-2-2145-3114

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

LG INTERNATIONAL CORPORATION

12TH FL., LG TWIN TOWER EAST ANNEX, 20, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3773-5034 FAX:+82-2-3773-5034

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	GS HOLDINGS CORP. (110111-3045112) GS HOME SHOPPING INC. (110111-1111444) COSMO CHEMICALCO., LTD (110111-0152738) GS ENGINEERING & CONSTRUCTION CORPORATION(110111-0002694) SAMYANG TONGSANG LTD GS-CALTEX CORPORATION (110111-0078819) GS POWER (134111-0074744) HAEYANG CITY GAS CO., LTD (200111-0004906) SEORABEOL CITY GAS CO.,LTD (171211-0024180) OIL CHAIN CORPORATION (110111-2194754) GS FUELCELL CO.LTD. (160111-0108202) GS RETAIL (110111-0090037) GSWATSONS (110111-3136474) KOREA CABLE TV ULSAN STATION (181211-0045481) GS TELESERVICE (110111-2618192) GS SPORTS.LTD (110111-3024330) HAMOO DEVELOMET CO., LTD (110111-0411142) XI SERVICE (110111-3141720) SAMYANG INT'L CO., LTD. (110111-0424848) BOHEUN DEVELOPMENT CO., LTD. (110111-1557573) COMTECH INTERNATIONAL OKSAN DISTRIBUTION (110111-1426108) S M COMPANY LTD (110111-1308124) GS NEOTEK (110111-0166953) EZVILLE INC. (110111-1934557) CENTRAL MOTORS CORP. (131111-0101912) SUNGSAN GROUP CORPORATION (110111-0110653) SLS LTD (110111-1632424) SUNGSAN LEISURE INC (141111-0022893) YEOSU-WHAMUL INC (204714-0001033) WANNA NET COSMO FINE CHEMICALS CO., LTD.(110111-0531205) COSMO INDUSTRIAL CO.LTD (150111-0077722) SMARTRO CO., LTD (110111-1536189) COSMO & COMPANY CO., LTD. (110111-0298243) COSMO CORPORATION CO., LTD.(110111-2559354) COSMO INET (110111-2559362) ISURF INC. (110111-2197047) LANDMARK ASIA, INC. (110111-2219411) DREAM SPORTS COSMO S&F MARUMAN KOREA (131111-0093953) DH CLUB.COM ESTECH ESTIMATE CORP. (110111-3253583) NEXTATION.CO.,LTD. (110111-2123571) UIJEONGBU LIGHT RAIL TRANSIT CO., LTD (280111-0071743) STSLOGISTICS INC. (110111-1999197) GS EPS KANGNAM CABLE SYSTEM INC. (110111-1009780) ITMEXSYI (110111-3451731) GLS SERVICE CORP. (110111-3532846)
Overseas Office	TOKYO TEL:+81-3-3434-1515/8537 FAX:+81-3-3434-3856 E-MAIL : HJKIM@SYCORP.CO.KR 7TH FL, MORI BLDG, EDOMIZAKA 1-40, 4-CHOME, TORANOMON MINATO-KU, TOKYO, JAPAN OSAKA TEL:+81-6-282-1414~8, 282-1421~3 FAX:+81-6-282-1420 E-MAIL : DISON@SYCORP.CO.KR 8TH FL., HOMMACHI YAMAMOTO BLDG., 1-10, 4-CHOME, MINAMI-HOMMACHI CHOU-KU, OSAKA, JAPAN U.S.A L.A. HEAD OFFICE TEL:+1-562-906-0799 FAX:+1-562-941-9890 E-MAIL : CKIM@SYCORP.CO.KR 10504 PIONEER BLVD/SANTA FE SPRINGS CA 90670 U.S.A. N.J. BRANCH TEL:+1-201-585-7202 FAX:+1-201-585-7205 E-MAIL : CKIM@SYCORP.CO.KR 2125 CENTER AVE, SUITE #107 FORP LEE, NJ07024
Overseas Office	SHANGHAI TEL:+86-21-6440-0321 FAX:+86-21-6440-0334 E-MAIL : THOMAS@SYCORP.CO.KR RM, 181 I/J ZHAO FENG UNIVERSE BLDG, NO.1800 ZHONG SHAN WEST ROAD, SHANGHAI P.R.CHINA 200233 CHINA BEIJING TEL:+86-10-6510-1299 FAX:+86-10-6510-1239 E-MAIL : KHAHN@SYCORP.CO.KR RM. 1117, BEIJING BRIGHT CHINA CHANG AN BUILDING NI.7, JIANGUOMEN NEI AVENUE DONGCHENG DISTRICT BEIJING P.R.C DALIAN TEL:+86-411-8230-2555 FAX:+86-411-8230-3838 E-MAIL : JYEE@SYCORP.CO.KR RM, 1209, SWISSOTEL DALIAN, 21 WUHUI ROAD, DALIAN, CHINA GUANGZHOU TEL:+86-20-8752-0586 FAX:+86-20-8752-0508 E-MAIL : DOLEE@SYCORP.CO.KR RM. 5406, CITIC PLAZA 233, TIAN HE NORTH ROAD, GUANGZHOU, CHINA HONGKONG TEL:+852-2542-3151 FAX:+852-2544-9342 E-MAIL : HSKKIM@SYCORP.CO.KR RM. 609. WING ON CENTER 111, CONNAUGHT ROAD CENTRAL, HONG KONG, CHINA TAIPEI TEL:+886-2-2775-3777 FAX:+866-2-2772-4526 E-MAIL : TPETSOU@SYCORP.CO.KR RM. 703,148 CHUNGHSIAO EAST ROAD, SEC. 4, TAIPEI, TAIWAN, R.O. CHINA
Overseas Office	KUALA LUMPUR TEL:+60-3-2162-3635 FAX:+60-3-2162-3807 E-MAIL : SMKIM@SYCORP.CO.KR SUITE 1707, 17TH FLOOR PERNAS INT’S BLDG., JALAN SULTAN ISMAIL 50250 KUALA LUMPUR, MALAYSIA SINGAPORE TEL:+65-6334-2550 FAX:+65-6337-4898 7 TEMASEK BOULEVARD #32-03 SUNTEC TOWER ONE SINGAPORE 038987 JAKARTA TEL:+62-21-5296-3283 FAX:+62-21-5296-3284 E-MAIL : MGPARK@SYCORP.CO.KR KOREA CENTRE BLDG., #302 JI, JEND. GATOT SUBROTO KAV. 57~58 JAKARTA, SELATAN 12950 NEW DELHI TEL:+91-11-5132-3704 FAX:+91-11-5132-5649 E-MAIL : KSHAN@SYCORP.CO.KR #9 RING ROAD, LAJPAT NAGAR Ⅳ, NEW DELHI-110024, INDIA HANOI TEL : 84-4-772-4183 FAX : 84-4-772-4184 E-MAIL : LULURARA@SYCORP.CO.KR UNIT 705 FORTUNA OFFICE BUILDING 6B LANG HA, BA DINH, HANOI, VIETNAM
Overseas Office	BANGKOK TEL:+66-2-655-5609 FAX:+66-2-655-5611 E-MAIL : SSYBKK@SYCORP.CO.KR 29 VANISSA BLDG., 4TH FLR. SOI CHILDOM, LANGSUAN ROAD, LUMPINI, PATHUMWAN DISTRICT BANGKOK 10330, THAILAND RIYADH TEL:+966-1-473-0622,0266 FAX:+966-1-479-1848 E-MAIL : DHKANG@SYCORP.CO.KR RM. 303, AL AKARIYAH BLDG. AL SITEEN ST., RIYADH 11683 SAUDI ARABIA FRANKFURT TEL:+49-6196-481756~7 FAX:+49-6196-43439 E-MAIL : JHSONG@SYCORP.CO.KR T.O.PA.S.1. MERGENTHALERALLE 77 65760, ESCHBORM, GERMANY SYDNEY, AUSTRALIA TEL:+61-2-9954-0911 FAX:+61-2-9954-0919 E-MAIL : YJIN@SYCORP.CO.KR LEVEL 5 107 MOUNT STREET, NORTH SYDNEY, NSW2060 AUSTRALIA
Liaison Office
Overseas Branch
Joint Venture	PLS CO., LTD.(131311-0093131) (90.0% held by the subject company)
Subsidiary	SSANGYONG (U.S.A) INC. (100.0% held by the subject company) GS GLOBAL JAPAN CORPORATION (100.0% held by the subject company) GS GLOBAL AUSTRALIA PTY LTD. (100.0% held by the subject company) SSANGYONG SINGAPORE PTE LTD. (100.0% held by the subject company) GS GLOBAL (H.K) CO., LTD. (100.0% held by the subject company) SSANGYONG RESOURCES PTY LTD. (100.0% held by the subject company) GS GLOBAL EUROPE GMBH (100.0% held by the subject company) SSANYONG SLAG & MATERIALS CO., LTD.(211111-0015835) (36.0% held by the subject company) GS GLOBAL (SUZHOU) STEEL SERVICE CENTER CO., LTD. GS GLOBAL TRADING (SHANGHAI) CO., LTD. MILL-PRO PTY. LTD. GS GLOBAL E&P (AMERICA) CORPORATION GS GLOBAL (NEMAHA) LLC
Corporate Ownership
Major Shareholders
Cooperative Enterprise

Sales by Region (Activity & Markets)

Sales/ Unit :Mil KRW	09/2010	2010	2009
Export	1,552,524	1,181,085	1,096,487
Domestic	473,572	449,110	34,803
Others	17,010	18,331	22,273
Total	2,043,106	1,648,526	1,153,563

The Subject deals with the companies in Australia, China and USA.

Court Action

Case No.	Court	Plaintiff(s)/ Creditor(s)/ Applicant(s)	Defendant(s)/ Debtor(s)/ Respondent(s)	Cause	Amount (KRW)	Status
	Makati Court, Philippines	The Subject Company	UNIMARINE	Claim for Compensation	US$1,530,000	Proceeding
		The Subject Company	AKRAM	-	USD 61,000	Proceeding
	India High Court, India	D.O.T(India Post Office Authority)	The Subject Company	Claim for Compensation	US$1,692,000	Proceeding
	Federal Supreme Court, Brazil	ELDORADO	The Subject Company	Confirmation on Not Existing Debts	US$2,662,000	Proceeding
	Sao Paolo State Court, Brazil	Park Kil-Soo	The Subject Company	Claim for Compensation	US$3,013,000	Proceeding

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.22
UK Pound	1	Rs.102.79
Euro	1	Rs.81.95

INFORMATION DETAILS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.