MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	LUCKY ENPLA CO., LTD.

Registered Office :	460-1, Haksan-Ri Gasan-Myun Chilgok-Gun, Kyung Sang Buk-Do, Korea

Country :	South Korea

Financials (as on) :	31.12.2013

Date of Incorporation :	19.01.1994

Com. Reg. No.:	503-81-22706

Legal Form :	Co., Ltd by shares

Line of Business :	Manufacture of Synthetic Resin and Other Plastic Materials

No. of Employees :	48

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 :	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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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	LUCKY ENPLA CO., LTD.
Registered Address	1306-2, Hoguk-ro, Gasan-myeon, Chilgok-gun, Gyeongsangbuk-do, Korea
Zip Code	718-912
Tel	+82-54-972-6122
Fax	+82-54-973-2027
E-mail	lkenpla@luckyenpla.com
Website	www.luckyenpla.com

Trading Address	1306-2, Hoguk-ro, Gasan-myeon, Chilgok-gun, Gyeongsangbuk-do, Korea (Old Address System : 460-1, Haksan-ri, Gasan-myeon, Chilgok-gun, Gyeongsangbuk-do, Korea)
Tel	+82-54-972-6122
Fax	+82-54-973-2027

Type	Export/Import
Industry	Manufacture of Synthetic Resin and Other Plastic Materials
Main Business	Polycarbonate

Established (mm/dd/yyyy)	01/19/1994

The Subject owns the premises of registered HQ address.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Acrylonitrile butadiene styrene ABS(13102001)
Sell	High Impact Polystyrene HIPS(13102027)
Sell	Thermoplastic plastics(13102000)
Sell	Vehicle trim and exterior covering(25172600)

CEO’s

Name	Lee Won-June
Address	Suite 102-2004, 169, Waryong-ro, Dalseo-gu, Daegu, Korea
Date of Birth	08/11/1957
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

1,500,000,000

Employees

Formation

Co., Ltd by shares

Bank Details

Daegu Bank

Woori Bank

Shinhan Bank

Kookmin Bank

Korea Exchange Bank

Korea Development Bank

Corporate Registered No.

170111-0072588

Business Registered No.

503-81-22706

Permit & Licenses

08/2001 UL Mark

01/2002 ISO 9001

02/2004 UL Mark

07/22/2005 ISO 9001

07/22/2005 ISO 14001

Int’l Trade No.: 13025386

Shareholder Position

Name	Shares	%
LEE WON-JUNE	1,705,000	56.83
LEE KI-HWAN	156,000	5.20
KIM CHANG-WAN	128,000	4.27
OTHERS	1,011,000	33.70
TOTAL	3,000,000	100.00

Company History

01/19/1994 Incorporated as the present name

03/2001 Designated as a Venture Business

07/16/2003 Increased capital to 1,500,000,000 KRW from 1,300,000,000 KRW

05/09/2004 Spin off the par value to 500 KRW from 10,000 KRW

04/18/2005 Designated as a Venture Business again

11/2005 Awarded US$10 Million Export Top Prize

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Lee Won-June	Male	Korean	01/07/2005
Director	Mr.	Jang Byung-Eok	Male	Korean	09/18/2007
Director	Mr.	Kim Tae-Sik	Male	Korean	12/20/2011
Auditor	Mr.	Lee Dae-Sung	Male	Korean	06/30/2009

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013	32,485,178,554	33,348,906,856	1,001,693,451
2012	33,904,643,736	30,777,429,237	1,103,762,227
2011	41,241,001,793	31,493,286,356	562,926,917
2010	37,273,249,841	28,380,764,750	1,565,294,249
2009	29,944,409,903	27,586,029,370	1,087,501,256
2008	29,671,292,164	28,064,595,652	873,755,914
2007	29,198,450,749	21,460,640,226	1,106,674,994
2006	28,024,710,684	19,384,139,773	1,027,536,933
2005	33,091,887,108	18,164,141,214	968,992,345
2004	28,796,128,316	17,259,702,708	849,190,758

Financial Description

Authorized Capital(KRW)	20,000,000,000
Paid-Up Capital(KRW)	1,500,000,000
Total Issued Shares	3,000,000

Balance Sheet
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	33,348,906,856	30,777,429,237	31,493,286,356
Current Assets	18,990,787,457	16,700,257,098	16,236,439,529
-Quick Assets	8,401,654,243	6,807,952,751	7,442,580,708
-Inventories	10,589,133,214	9,892,304,347	8,793,858,821
Fixed Assets	14,358,119,399	14,077,172,139	15,256,846,827
-Investment	12,331,034,291	11,848,585,601	12,643,612,296
-Tangibles	1,505,576,025	1,642,589,673	1,837,695,551
-Intangibles	486,770,083	394,257,865	330,917,173
-Others	34,739,000	191,739,000	444,621,807
Total Liabilities	17,591,483,533	16,144,153,263	17,005,670,070
Current Liabilities	17,188,359,431	15,070,012,263	15,433,563,070
Fixed Liabilities	403,124,102	1,074,141,000	1,572,107,000
Capital Stock	1,500,000,000	1,500,000,000	1,500,000,000
Capital Surplus	58,313,622	58,313,622	58,313,622
Profit Surplus	13,314,572,663	12,312,879,212	11,209,116,985
Capital Adjustment	884,537,038	762,083,140	1,720,185,679
Total Equity	15,757,423,323	14,633,275,974	14,487,616,286
Liab. & Shareholder’s Equity	33,348,906,856	30,777,429,237	31,493,286,356

Current Liabilities	17,188,359,431	15,070,012,263	15,433,563,070
Trade Payables	778,565,020	1,068,412,113	931,561,342
Short-Term Borrowings	14,757,705,216	12,956,955,540	12,460,000,000
Account Payables	66,204,875	46,347,303	96,824,257
Withholdings	2,957,450	2,853,730	3,123,050
Accrued Expenses	335,495,214	267,477,577	325,352,421
Current Portion of Long-Term Debts	547,431,656	727,966,000	516,702,000
Current Portion of Debentures	700,000,000	-	1,100,000,000
Fixed Liabilities	403,124,102	1,074,141,000	1,572,107,000
Long-Term Borrowings	352,663,352	364,141,000	872,107,000
Debentures	-	700,000,000	700,000,000
Provision for Severance & Retirement	354,636,886	255,570,330	173,724,285
Leasehold Deposits	-	10,000,000	-

Income Statement
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Sales	32,485,178,554	33,904,643,736	41,241,001,793
Cost of Sold Goods	28,473,605,384	29,408,481,597	37,808,927,142
Gross Profit	4,011,573,170	4,496,162,139	3,432,074,651
Selling & Admin. Expenses	2,644,607,907	2,190,696,495	2,075,484,529
Operating Income	1,366,965,263	2,305,465,644	1,356,590,122
Non-Operating Income	938,877,996	941,845,367	944,282,717
Non-Operating Expenses	1,215,907,110	1,909,438,642	1,523,440,934
Income Before Taxes	1,089,936,149	1,337,872,369	777,431,905
Income Taxes Expenses	88,242,698	234,110,142	214,504,988
Net Income	1,001,693,451	1,103,762,227	562,926,917

Cash Flows
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Cash Flows from Operating	-43,059,141	-368,390,550	-484,479,859
-Net Income	1,001,693,451	1,103,762,227	562,926,917
-Exp. without Cash Outflow	640,663,566	636,404,732	566,784,510
-Revenue without Cash Inflows	-693,244,014	-541,429,247	-479,824,465
-Changes in Asset/ & Liability	-992,172,144	-1,567,128,262	-1,134,366,821
Cash Flows from Investing	-272,563,633	1,319,024,327	-2,091,500,500
-Cash Inflow from Investing	166,500,000	1,808,028,483	8,500,000
-Cash Outflows for Investing	-439,063,633	-489,004,156	-2,100,000,500
Cash Flows from Financing	1,916,163,109	-840,841,460	1,961,871,200
-Cash Inflows from Financing	2,654,129,109	1,232,845,540	5,453,980,000
-Cash Outflows from Financing	-737,966,000	-2,073,687,000	-3,492,108,800
Increase/Decrease in Cash	1,600,540,335	109,792,317	-614,109,159
Cash at the Beginning of Year	133,821,133	24,028,816	638,137,975
Cash at the End of Year	1,734,361,468	133,821,133	24,028,816

Products, Technologies, Services Description

Main Products & Services

Engineering Plastic, Resin and High Performance Thermoplastic Compounding using Recycling Material

Detailed Products Spec.

Domestic : 15,000 ton per annum

Subsidiary in China : Approximately 20,000 ton per annum

Technologies Acquired

Trade Partners & Competitors

Suppliers

HONAM PETRO CHEMICAL CORPORATION(110111-0193196)

Customers

SANGJU DAEHO GONGJUNG SORYO CO., LTD.(CHINA)

Competitors

SAM YANG KASEI CO., LTD.

SAMYANG BLDG., 263, YEONJI-DONG, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-741-5011 FAX:+82-2-740-7039

S POLYTECH CO., LTD.

425-28, SINCHEOK-RI, DEOKSAN-MYEON, JINCHEON-GUN, CHUNGCHEONGBUK-DO, KOREA

TEL:+82-43-536-9191~3 FAX:+82-43-536-9194

LG DOW POLYCARBONATE LTD.

762-1, JUNGHEUNG-DONG, YEOSU-SI, JEOLLANAM-DO, KOREA

TEL:+82-61-680-6602 FAX:+82-61-680-6604

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	GONSAN INDEUKGA PRECISION MOTOR PARTS CO., LTD. (38.0% held by the subject company)
Overseas Office	SANGJU DAEHO GONGJUNG SORYO CO., LTD.(CHINA) WEITNAG TOWN, CHANGZHOU, JIANGSU, CHINA, 2130033 TEL :+86-519-577-4671/3 FAX :+86-519-577-6673 -SHANGHAI BRANCH A8829, JIA HUA BUSINESS CENTER NO. 808, HONGQIAO, SHANGHAI, CHINA TEL :+86-21-6447-9550 FAX :+86-21-6448-0745 -TSINGDAO BRANCH TEL :+86-532-582-2017
Liaison Office
Overseas Branch
Joint Venture
Subsidiary	SANGJU DAEHO GONGJUNG SORYO CO., LTD.(CHINA) (100.0% held by the subject company)
Corporate Ownership
Major Shareholders
Cooperative Enterprise	-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285)

Sales by Region (Activity & Markets)

The Subject deals with the companies in Brazil, China, Taiwan, Hong Kong and USA.

Court Action

No.

News Clipping

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.81
UK Pound	1	Rs.96.77
Euro	1	Rs.77.09

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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