MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	S-FORM ALPHA CO., LTD.
Registered Office :	474-40, Anseongmatchum-daero, Miyang-myeon, Anseong-si, Gyeonggi-do
Country :	South Korea
Financials (as on) :	31.12.2013
Date of Incorporation :	27.04.2007
Com. Reg. No.:	125-81-68254
Legal Form :	Co., Ltd by Shares
Line of Business :	Manufacture of Basic Metals
No. of Employees :	63

RATING & COMMENTS

MIRA’s Rating :	Ba
	With Financial

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
South Korea	A1	A1

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. 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	S-FORM ALPHA CO., LTD.
Registered Address	474-40, Anseongmatchum-daero, Miyang-myeon, Anseong-si, Gyeonggi-do, Korea (Old Address System : 446-2, Yangbyeon-ri, Miyang-myeon, Anseong-si, Gyeonggi-do, Korea)
Zip Code	456-844
Tel	+82-31-677-1234 +82-31-677-2101
Fax	+82-31-677-1451 +82-31-677-2104
E-mail	--
Website	--
Trading Address	38, Teheran-ro 2-gil, Gangnam-gu, Seoul, Korea (Old Address System : 826-10, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea)
Tel	+82-2-561-0941
Fax	+82-2-554-9389
Type	Export/Import
Industry	Manufacture of Basic Metals
Main Business	Construction Materials, Aluminum Plate
Established (mm/dd/yyyy)	04/27/2007

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Aluminum plate(30102206)
Sell	Aluminum sheet(30102506)

CEO’s

Name	Kim Joon-Nyeon
Address	Suite 113-202, 151, Apgujeong-ro, Gangnam-gu, Seoul, Korea
Date of Birth	04/25/1974
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

1,000,000,000

Employees

63

Formation

Co., Ltd by Shares

Bank Details

Woori Bank

Shinhan Bank

Hana Bank

Nonghyup Bank-Seocho RM Branch

Corporate Registered No.

134611-0034475

Business Registered No.

125-81-68254

Permit & Licenses

Int’l Trade No.: 13461100

Shareholder Position

Name	Shares	%
KIM JOON-NYEON	69,000	69.00
KIM MIN-JUNG	10,000	10.00
KIM EUN-KYUNG	10,000	10.00
KIM JUNG-EUN	10,000	10.00
OTHERS	1,000	1.00
TOTAL	100,000	100.00

Company History

04/27/2007 Incorporated as SM CO., LTD.

08/12/2008 Increased capital to 1,000,000,000 KRW from 100,000,000 KRW

08/12/2008 Increased the authorized shares to 500,000 shares from 40,000 shares

07/14/2009 Designated as a Venture Business

12/30/2011 Changed company name to S-FORM CO., LTD.

11/18/2013 Acquired ALPHAGREEN CO., LTD.(131411-0179046)

01/02/2014 Changed company name to the present name

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Co-President & CEO	Mr.	Kim Joon-Nyeon	Male	Korean	03/29/2013
Co-President & CEO	Mr.	Lim Bum-Soo	Male	Korean	03/29/2013
Co-President & CEO	Mr.	Lee Dong-Kwan	Male	Korean	01/02/2014
Auditor	M/S.	Kim Sung-Hwa	Female	Korean	03/12/2013
Director	Mr.	Park Jin-Sung	Male	Korean	05/10/2013

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013	122,100,908,382	131,808,062,127	25,918,942,234
2012	64,249,311,184	116,703,195,470	13,436,445,580
2011	41,025,416,294	76,313,396,575	10,416,051,576
2010	38,877,573,122	41,725,527,825	10,504,385,877
2009	45,646,189,775	32,396,101,894	20,964,923,444

Financial Description

Authorized Capital(KRW)	5,000,000,000
Paid-Up Capital(KRW)	1,000,000,000
Total Issued Shares	100,000

Balance Sheet
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	131,808,062,127	116,703,195,470	76,313,396,575
Current Assets	23,592,045,143	33,383,937,417	19,508,310,145
-Quick Assets	12,449,539,676	15,222,821,979	17,851,157,360
-Inventories	11,142,505,467	18,161,115,438	1,657,152,785
Fixed Assets	108,216,016,984	83,319,258,053	56,805,086,430
-Investment	89,876,631,396	63,376,809,243	52,346,295,831
-Tangibles	16,014,129,752	18,395,106,793	2,896,320,682
-Intangibles	2,325,255,836	1,547,342,017	1,562,469,917
Total Liabilities	14,126,391,568	25,471,515,729	5,241,804,694
Current Liabilities	13,660,249,462	25,210,196,577	5,059,138,422
Fixed Liabilities	466,142,106	261,319,152	182,666,272
Capital Stock	1,000,000,000	1,000,000,000	1,000,000,000
Capital Surplus
Profit Surplus	116,496,085,737	90,460,175,668	70,300,087,808
Capital Adjustment	185,584,822	-228,495,927	-228,495,927
Total Equity	117,681,670,559	91,231,679,741	71,071,591,881
Liab. & Shareholder’s Equity	131,808,062,127	116,703,195,470	76,313,396,575

Current Liabilities	13,660,249,462	25,210,196,577	5,059,138,422
Trade Payables	3,182,504,544	5,304,416,908	788,637,739
Short-Term Borrowings	4,292,385,735	14,457,441,476	1,690,188,424
Account Payables	2,274,341,044	2,328,142,072	878,072,291
Withholdings	37,368,994	23,323,800	21,170,914
Advance Receipts	612,601,175	82,328,256	2,509,074
Guarantee Deposit Withhold	20,000,000	-
Deferred Income Tax	3,241,047,970	3,014,544,065	1,678,559,980
Fixed Liabilities	466,142,106	261,319,152	182,666,272
Provision for Severance & Retirement	993,237,310	699,113,408	446,774,825
Leasehold Deposit Received	70,000,000	70,000,000	-
Deferred Income Tax Credit	150,255,333	-

Income Statement
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Sales	122,100,908,382	64,249,311,184	41,025,416,294
Cost of Sold Goods	93,172,202,956	44,765,662,020	28,498,955,575
Gross Profit	28,928,705,426	19,483,649,164	12,526,460,719
Selling & Admin. Expenses	7,818,522,565	5,181,984,730	2,034,686,624
Operating Income	21,110,182,861	14,301,664,434	10,491,774,095
Non-Operating Income	11,408,666,525	2,603,709,089	4,473,812,123
Non-Operating Expenses	1,324,215,702	334,313,498	87,291,697
Income Before Taxes	31,194,633,684	16,571,060,025	14,878,294,521
Income Taxes Expenses	5,275,691,450	3,134,614,445	4,462,242,945
Net Income	25,918,942,234	13,436,445,580	10,416,051,576

Cash Flows
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Cash Flows from Operating	28,414,421,889	21,938,041,419	6,447,238,171
-Net Income	25,918,942,234	13,436,445,580	10,416,051,576
-Exp. without Cash Outflow	1,875,209,759	5,960,607,863	1,094,959,094
-Revenue without Cash Inflows	-7,787,466,325	-1,750,855,133	-3,506,584,503
-Changes in Asset/ & Liability	8,407,736,221	4,291,843,109	-1,557,187,996
Cash Flows from Investing	-17,958,195,543	-36,043,891,865	-13,917,267,890
-Cash Inflow from Investing	10,148,313,600	23,537,247,945	37,680,734,821
-Cash Outflows for Investing	-28,106,509,143	-59,581,139,810	-51,598,002,711
Cash Flows from Financing	-10,165,055,741	12,837,253,052	1,220,756,981
-Cash Inflows from Financing	178,990,827,982	58,454,933,957	17,085,152,562
-Cash Outflows from Financing	-189,155,883,723	-45,617,680,905	-15,864,395,581
Increase/Decrease in Cash	291,170,605	-1,268,597,394	6,249,272,738
Cash at the Beginning of Year	524,476,116	1,793,073,510	8,042,346,248
Cash at the End of Year	815,646,721	524,476,116	1,793,073,510

Products, Technologies, Services Description

Main Products & Services

Construction Materials, Aluminum Plate

Trade Partners & Competitors

Competitors

N.S METAL CO., LTD. 487-4, WONDANG-DONG, SEO-GU, INCHEON, KOREA TEL:+82-32-564-4900 FAX:+82-32-564-4680 KOOK JAE ENGINEERS LTD. RM. 911, U-IN AKRIUM VILLE 2-CHA, 746, JANGHANG 2-DONG, ILSANDONG-GU, GOYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-924-3314 FAX:+82-31-924-1441 B.S METAL CO., LTD. 1072, WONJI-RI, JUCHON-MYEON, GIMHAE-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-337-0794 FAX:+82-55-337-0795

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	SAMMOK S FORM CO., LTD.(110111-0400377) (21.58% held by the subject company) DONG IL STEEL MFG. CO., LTD.(110111-0032005) (48.00% held by the subject company) ALPHAGREEN CO., LTD.(131411-0179046) (100.00% held by the subject company) SM YOUNGNONG AGRI-COOPERATIVE CO., LTD.(134611-0026597)
Subsidiary	SAMMOK HI_TECH FORM VINA COMPANY LIMITED (100.00% held by the subject company) SAMMOK S-FORM HIGH INDIA (100.00% held by the subject company) S-FORM ALUMINUM FORMWORK (100.00% held by the subject company) S FORM DO BRASIL FORMS DE ALUMINIO LTDA (100.00% held by the subject company)

Sales by Region (Activity & Markets)

Not Available.

Court Action

No.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.84
UK Pound	1	Rs.98.41
Euro	1	Rs.80.03

INFORMATION DETAILS

Analysis Done by :	KAR
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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