MIRA INFORM REPORT

Report Date :

20.11.2014

IDENTIFICATION DETAILS

Name :	EWORD / SOOFRO WALLCOVERINGS

Registered Office :	1111, Dongtanwoncheon-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea 443-822

Country :	South Korea

Date of Incorporation :	1997

Legal Form :	Sole Proprietorship

Line of Business :	Manufacturer of Other Construction Materials n.e.c.

No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
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 – 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

Basic

Company Name	EWORD / SOOFRO WALLCOVERINGS
Registered Address	1111, Dongtanwoncheon-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea
Zip Code	443-822
Tel	+82-31-211-0628
Fax	+82-31-211-0627
E-mail	pass@wallpaperkorea.net
Website	www.soofrowallcoverings.co.kr
Trading Address	1111, Dongtanwoncheon-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea (Dongsuwon PO Box 27) (Old Address System : 209-42, Woncheon-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea)
Tel	+82-31-211-0628
Fax	+82-31-211-0627
Other Address-Factory	138, Gyocheonjisan-gil, Mokcheon-eup, Dongnam-gu, Cheonan-si, Chungcheongnam-do, Korea
Type	Export
Industry	Manufacturer of Other Construction Materials n.e.c.
Main Business	PVC Wallpaper, Wallcoverings
Established (mm/dd/yyyy)	1997

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Wallpapers(30161502)

CEO’s

Name	Hyun Jung-Sik(Mobile : +82-10-4114-5165)
Title	Owner
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	Not Applicable to the Sole Proprietorship
Employees	3
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.
Company History	1997 Established as the present name

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Owner	Mr.	Hyun Jung-Sik	Male	Korean	1997

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013
2012
2011
2010
2009
2008

The financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

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

Wallpaper

Brand Name : Rhapsody, Nadia, Piona, Terrace

Detailed Products Spec.

Technologies Acquired

Trade Partners & Competitors

Suppliers

Customers

Competitors

SM INTERNATIONAL CO., LTD.

1ST FL., DOHYEON BLDG., 128-6, NONHYEON 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-514-0364 FAX:+82-2-546-9679

ARTRIA CORPORATION

RM. 1501, JAMSIL REZION OFFICETEL, 22-5, BANGI 2-DONG, SONGPA-GU, SEOUL, KOREA

TEL:+82-2-416-7037 FAX:+82-2-416-7039

CHANG CO., LTD.

559-57, HADAE-RI, CHEONGHA-MYEON, BUK-GU, POHANG-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-231-9112 FAX:+82-54-231-9118

Sales by Region (Activity & Markets)

Sales/ Unit :Mil KRW	2013	2012	2011
Export
Domestic
Total

The Subject deals with the companies in China.

News Clipping

Not Available.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.83
UK Pound	1	Rs.96.56
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SDA

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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