MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD.

Registered Office :	22, DoosanVolo-ro, Seongasn-gu, Changwon-si, Gyeongsangnam-do, Korea 641-792

Country :	South Korea

Financials (as on) :	30.06.2014

Date of Incorporation :	20.09.1962

Com. Reg. No.:	609-81-04684

Legal Form :	Listed Company

Line of Business :	Manufacture of Engines and Steam and Gas Turbines

No. of Employees :	8,414

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

Basic

Company Name	DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD. (Korean Company Name : “두산중공업(주)”)
Registered Address	22, DoosanVolo-ro, Seongasn-gu, Changwon-si, Gyeongsangnam-do, Korea (Old Address System : 555, Gwigok-dong, Changwon-si, Gyeongsangnam-do, Korea)
Building
Zip Code	641-792
Tel	+82-55-278-6114
Fax	+82-55-264-5551~2
E-mail	habang.kim@doosan.com;taeyoung.sohn@doosan.com; hyeoungchul.yoon@doosan.com;chongjune.yoon@doosan.com; yeonwoo.nam@doosan.com;jungkyu.lee@doosan.com; sungsoo.kim1@doosan.com;sangjinkim@doosan.com
Website	www.doosanheavy.com
Trading Address	1303-22, Seocho-dong, Seocho-gu, Seoul, Korea (C.P.O Box 1826)
Tel	+82-2-513-6114
Fax	+82-2-513-6200
Other Address
Tel
Fax
Type	Export/Import
Industry	Manufacture of Other Engines and Steam and Gas Turbines
Main Business	Turbine Generator, Desalination Plant, Nuclear Power Plants, Power Plants, Desalination Plants, Casting & Forgings
Sub Business	Construction of Industrial Plants
Established (mm/dd/yyyy)	09/20/1962

The Subject Company owns the premises of registered HQ address.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Commercial or industrial construction(72131600)
Sell	Post(30102900)
Sell	Steel plate(30102204)
Sell	Heating equipment and parts and accessories(40101800)
Sell	Water treatment and supply equipment(47101500)
Sell	Nuclear reactor equipment(26142100)
Sell	Boilers(40102000)
Sell	Odor control equipment(47101530)
Sell	Dust collectors(40161503)
Sell	Industrial filtering and purification(40160000)
Sell	Filters(40161500)
Sell	Nuclear fuel equipment(26142200)
Sell	Atomic and nuclear energy machinery and equipment(26140000)
Sell	Lifting equipment and accessories(24101600)
Sell	Marine propellers(25111902)
Sell	Nuclear reactor control rod systems(26142106)
Sell	Turbine engines(26101506)
Sell	Power generators(26111600)
Sell	Desalination equipment(47101508)
Sell	Steel housings or cabinets(31261503)
Sell	General building construction(72130000)
Sell	Steel(11101704)
Sell	Rotors or stators(26101803)
Sell	Crankshaft(26101749)

CEO’s

Name	Park Gee-Won
Address
Date of Birth	03/20/1965
Title	Vice Chairman & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

530,791,280,000

Employees

8,414

Formation

Listed Company (Korea Stock Exchange : 034020) as of 10/25/2000

A Company of DOOSAN GROUP

Bank Details

Korea Exchange Bank-Yeoksam Dong Branch

Corporate Registered No.

194211-0000943

Business Registered No.

609-81-04684

Permit & Licenses

02/24/1995 ISO 9001 (Engine Business)

10/04/1995 ISO 9002 (Construction Business)

12/09/1997 ISO 14001(Construction Business)

08/01/1998 ISO 14001(Power Generation, Industry Equipment, Engine, Casting Business)

Int’l Trade No.: 671226

Shareholder Position

Name	Shares	%
DOOSAN CO., LTD.(110111-0013774)	43,945,896	41.40
NATIONAL PENSION SERVICE(110171-0007134)	6,500,296	6.12
TREASURY STOCK	7,312,505	6.89
OTHERS	48,399,559	45.59
TOTAL	106,158,256	100.00

Company History

09/1962 Incorporated as Hyundai Yanghaeng (Formerly HANJUNG)

10/1980 Changed company name to HANJUNG

03/2001 Changed company name to the present name

2002 Supplied main nuclear power systems to the Sequoyah Nuclear Power Plant, USA Qinshan Nuclear Power Plant, China

2002 Dangjin Thermal Power Plant selected as the ‘Power Plant of the Year’ by a U.S. magazine ‘Power Engineering’

2003 Largest share of the global market for HRSG

2004 HRSG, mold steel and cold press work roll selected as 'Global Products’

2004 Sales reach four trillion won

2005 Obtained KOLAS/OHSAS18001 Management System Certification Received Korea’s Best Company Award

2005 Acquisition of Daewoo Heavy industrial & machinery (Currently Doosan Infracore)

2005 Acquisition of a section of reverse osmosis water treatment from AES in USA (Currently Doosan hydro technology)

2006 Acquisition of Kvaerner IMGB (Currently Doosan IMGB)

2006 Acquisition of Mitsui Babcock (Currently Doosan Babcock)

2006 Establish of a R&D center for desalination in Dubai, UAE

2007 Starting construction work of a manufacturing plant in Vietnam

12/19/2008 Issued debentures amounting 50,000,000,000 KRW for operating capital

09/14/2009 Acquired SAMHWA ASSET CO., LTD.(110111-4164242)

04/2013 Transferred HRSG(Heat Recovery Steam Generator) Business, and invested to DOOSAN ENGINEERING & CONSTRUCTION CO., LTD.(110111-0194277)

08/31/2013 Increased capital to 530,791,280,000 KRW from 529,281,335,000 KRW

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
Vice Chairman & CEO	Mr.	Park Gee-Won	Korean	1965.03.20	New York University, USA
President & COO	Mr.	Han Ki-Sun	Korean	1951.08.20	Seoul National University, Korea
Outside Director	Mr.	Cha Dong-Min	Korean	1959.11.29	Seoul National University, Korea
Outside Director	Mr.	Song Kyung-Soon	Korean	1951.01.14	George University, USA
Outside Director	Mr.	Baik Bok-Hyun	Korean	1968.08.20	Buckley University, USA

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)06/2014	2,610,997,674,528	10,992,704,124,938	44,277,806,959
(*)2013	6,675,221,953,184	10,767,958,075,139	438,036,868,040
(*)2012	7,672,585,121,922	10,549,905,920,115	-205,978,994,383
(*)2011	6,334,911,095,456	10,435,857,766,220	171,582,246,258
(*)2010	6,150,985,347,405	9,259,444,559,584	182,367,016,317
2009	6,279,480,704,907	9,175,771,234,325	-328,314,807,906
2008	5,709,659,570,179	9,919,032,270,964	-65,851,255,388
2007	4,089,542,224,461	5,581,755,860,352	298,690,059,956
2006	3,508,665,339,829	5,162,276,633,395	74,164,962,570
2005	3,303,497,279,654	4,906,151,940,845	164,919,873,871
2004	2,455,505,414,985	3,649,300,078,339	164,226,996,036
2003	2,067,673,054,094	3,036,927,139,193	27,214,889,688

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

Financial Description

Authorized Capital(KRW)	2,000,000,000,000
Paid-Up Capital(KRW)	530,791,280,000
Total Issues Shares	106,158,256

Balance Sheet
Unit : Korean Won	01/01/2014~06/30/2014	As of 12/31/2013	As of 12/31/2012
Total Assets	10,992,704,124,938	10,767,958,075,139	10,549,905,920,115
Current Assets	3,688,144,570,758	3,442,037,836,279	4,709,089,183,114
Cash & Cash Equivalents	230,368,477,672	154,976,872,130	648,466,029,491
Short-Term Investment	17,039,143,467	48,303,140,256	26,738,813,274
Marketable Financial Instruments	7,000,000,000	0	510,325,000
Trade Receivables	838,121,197,662	740,332,950,358	911,606,637,412
Other Receivables-Construction	1,351,638,734,864	1,373,139,220,591	1,550,621,005,835
Other Receivables	115,322,874,564	150,917,330,911	123,994,420,385
Advance Payments	457,114,703,276	357,362,813,974	457,265,421,649
Prepaid Expenses	43,325,171,871	41,905,166,825	41,048,261,094
Short-Term Loans	27,505,067,546	12,613,272,798	86,780,785,385
Derivatives	122,575,771,104	29,761,451,201	230,021,533,890
Confirmed Agreement Assets	0	1,660,009,268	87,347,650,608
Inventories	378,954,579,591	427,091,565,190	451,795,959,795
Other Current Assets	38,767,099,141	43,562,292,777	32,480,589,296
Non-Current Assets to be Sold	60,411,750,000	60,411,750,000	60,411,750,000
Non-Current Assets	7,304,559,554,180	7,325,920,238,860	5,840,816,737,001
Non-Current Financial Instruments	80,546,780,263	83,559,608,228	71,104,290,853
Long-Term Marketable Financial Instruments	47,624,506,833	48,182,951,713	43,339,435,113
Investment_Related Companies	3,766,163,254,979	3,775,167,400,934	2,913,471,452,133
Long-Term Loans	72,714,544,470	72,663,246,470	9,889,646,000
Tangibles	2,625,248,164,299	2,650,767,885,051	2,001,282,262,162
Intangibles	528,591,999,660	512,703,325,145	461,581,414,807
Investment_Real Estates	0	0	13,175,103,040
Derivatives	118,139,337,228	110,298,908,968	180,102,301,197
Confirmed Agreement Assets	1,696,868,239	4,450,992,827	43,526,361,558
Deferred Income Taxes	0	0	20,214,199,208
Guarantee Deposits	60,819,354,619	65,111,175,934	80,233,973,272
Other Non-Current Assets	3,014,743,590	3,014,743,590	2,896,297,658
Total Liabilities	6,526,880,005,592	6,291,188,787,629	7,260,454,430,788
Current Liabilities	4,292,612,292,384	3,688,041,317,806	4,108,195,506,055
Trade Payables	657,575,929,882	718,996,606,832	677,474,009,661
Short-Term Borrowings	916,272,541,416	443,699,722,260	632,050,658,259
Account Payables	277,766,634,508	286,435,910,645	352,947,226,291
Advance Receipts	63,748,861,041	66,763,555,478	71,075,837,917
Other Payables	969,267,092,895	1,066,450,495,430	1,456,280,611,344
Withholdings	2,791,291,038	4,405,761,946	6,391,428,732
Accrued Expenses	70,417,604,290	93,995,807,330	114,434,424,097
Accrued Income Tax	394,403,968	112,654,064,069	16,689,711,143
Current Portion of Long-Term Debts	1,044,241,300,990	629,627,206,737	349,922,260,535
Derivatives	97,916,007,717	93,360,902,828	223,879,571,262
Confirmed Agreement Liabilities	156,200,592,428	152,801,484,553	205,165,141,265
Other Current Liabilities	7,390,032,211	3,499,799,698	1,884,625,549
Other Provisions	28,630,000,000	15,350,000,000	0
Non-Current Liabilities	2,234,267,713,208	2,603,147,469,823	3,152,258,924,733
Debentures	638,261,204,595	697,675,031,668	1,216,357,809,352
Long-Term Borrowings	790,523,940,000	1,115,431,260,000	1,020,000,000,000
long-Term Account Payables	19,378,195,616	21,371,630,135	26,504,336,354
Provision for Severance & Retirement	173,175,306,940	181,935,020,457	239,649,242,037
Guarantee Deposit Withhold	192,219,281,423	207,210,061,269	197,538,081,439
Confirmed Agreement Liabilities	101,973,355,932	78,702,626,525	162,962,169,530
Confirmed Agreement Liabilities	96,496,004,054	54,109,637,319	141,688,360,436
Non-Current Portion of Deferred Income Tax Credit	91,097,267,388	97,426,079,757	0
Other Provisions	127,034,197,595	143,711,846,406	138,563,441,026
Other Non-Current Debts	4,108,959,665	5,574,276,287	8,995,484,559
Capital Stock	530,791,280,000	530,791,280,000	529,281,335,000
Capital Surplus	948,180,637,616	945,768,544,626	794,524,021,410
Others	-77,524,092,634	-76,004,141,815	-195,639,128,580
Installments	453,731,145,524	435,711,949,568	-81,816,237,292
Profit Surplus	2,610,645,148,840	2,640,501,655,131	2,243,101,498,789
Total Equity	4,465,824,119,346	4,476,769,287,510	3,289,451,489,327
Liab. & Shareholder’s Equity	10,992,704,124,938	10,767,958,075,139	10,549,905,920,115

Income Statement
Unit : Korean Won	01/01/2014~06/30/2014	As of 12/31/2013	As of 12/31/2012
Sales	2,610,997,674,528	6,675,221,953,184	7,672,585,121,922
Cost of Sold Goods	2,157,358,820,759	5,662,551,116,633	6,599,741,332,481
Gross Profit	453,638,853,769	1,012,670,836,551	1,072,843,789,441
Selling & Admin. Expenses	225,369,454,572	558,162,629,961	595,443,498,527
Operating Income	228,269,399,197	454,508,206,590	477,400,290,914
Finance Income	589,765,628,648	729,968,748,865	856,932,948,062
Finance Expenses	739,110,009,699	886,782,976,296	1,026,555,174,078
Other Non-Operating Income	5,575,845,997	11,382,914,819	45,416,946,465
Other Non-Operating Expenses	42,623,711,215	163,938,235,066	590,122,941,560
Income Before Taxes	41,877,152,928	145,138,658,912	-236,927,930,197
Income Taxes Expenses	-2,400,654,031	28,944,757,611	31,287,468,537
Income from Continuous Business	44,277,806,959	116,193,901,301	-268,215,398,734
Income from Stopped Business	0	321,842,966,739	62,236,404,351
Net Income	44,277,806,959	438,036,868,040	-205,978,994,383

Cash Flows
Unit : Korean Won	01/01/2014~06/30/2014	As of 12/31/2013	As of 12/31/2012
Operating Activities Cash Flows	-297,060,587,268	462,751,232,200	387,213,690,949
Cash Flows from Operating	-116,995,997,645	659,650,560,604	642,257,202,712
Net Income	44,277,806,959	438,036,868,040	-205,978,994,383
Adjustment	250,735,148,548	267,933,159,838	1,035,359,123,058
Changes in Asset/ & Liability	-412,008,953,152	-46,319,467,274	-187,122,925,963
Interests Received	5,824,214,737	19,816,106,248	15,365,519,760
Interests Paid	-68,367,719,124	-182,139,368,278	-189,840,440,371
Dividends Received	4,406,212,917	4,472,186,692	10,890,003,785
Income Taxes	-121,927,298,153	-39,048,253,066	-91,458,594,937
Cash Flows from Investing	-55,187,662,205	-991,462,892,994	-347,284,317,931
Cash Inflow from Investing	50,943,079,741	65,051,767,342	80,902,438,350
Cash Outflows for Investing	-106,130,741,946	-1,056,514,660,336	-428,186,756,281
Cash Flows from Financing	429,206,854,640	36,865,888,808	281,602,198,175
Cash Inflows from Financing	1,027,750,262,224	1,099,559,960,071	1,435,704,059,989
Cash Outflows from Financing	-598,543,407,584	-1,062,694,071,263	-1,154,101,861,814
Increase/Decrease in Cash	75,391,605,542	-493,489,157,361	312,105,295,616
Cash at the Beginning of Year	154,976,872,130	648,466,029,491	336,360,733,875
Cash at the End of Year	230,368,477,672	154,976,872,130	648,466,029,491

Products, Technologies, Services Description

Main Products & Services

NUCLEAR POWER PLANT

Reactor Vessel

Reactor Internals

Steam Generator

BOP

Peripheral Systems

POWER PLANT

Main Parts

Auxiliary Systems

DESALINATION PLANT

MSF (Multi Stage Flash)

MED (Multi Effect Distillation)

RO (Reverse Osmosis)

Hybrid (MSF + RO, MED + RO)

WT/WWT(Water/Wastewater Treatment)

CASTING & FORGING

Power Facilities

Marine Engine Parts

Steel Mill

Die & Tool Steel

CONSTRUCTION

Brand Name : DOSAN WE’VE

Detailed Products Spec.

Technologies Acquired

Trade Partners & Competitors

Suppliers

DOOSAN INDUSTRIAL DEVELOPMENT CO., LTD.

DOOSAN CORPORATION

DOOSAN ENGINE CO., LTD.

DOOSAN MECATEC CO., LTD.

WONIK QUARTZ CO., LTD.

16F KUKJE ELECTRONICS CENTER 1445-3 SEOCHO-DONG SEOCHO-GU SEOUL 137-728 KOREA

TEL:+82-2-586-4601 FAX:+82-2-586-4614

INDUSTRY: MANUFACTURE OF LABORATORY AND OTHER INDUSTRIAL GLASSWARE

SEOHO ELECTRIC CO., LTD.

194-53, ANYANG 7-DONG, MANAN-GU, ANYANG, GYEONGGI 430-815 KOREA

TEL:+82-31-468-6611 FAX:+82-31-468-3311

INDUSTRY: MANUFACTURE OF BOARDS FOR ELECTRIC CONTROL OR DISTRIBUTION

UNISON CO., LTD.

803, JANGSAN-RI, SUSIN-MYEON, CHEONAN, CHUNGNAM 330-882 KOREA

TEL:+82-41-620-3333 FAX:+82-41-551-5611

INDUSTRY: MANUFACTURE OF ALL OTHER FABRICATED METAL PRODUCTS N.E.C.

YANG BO CO., LTD.

1506-1, SONGJEONG-DONG, GANGSEO-GU, BUSAN 618-270 KOREA

TEL:+82-51-831-8889 FAX:+82-51-831-7744

INDUSTRY: MANUFACTURE OF ROLLED, DRAWN AND FOLDED PRODUCTS OF COPPER

BOSUNG POWERTEC CO., LTD.

731-2, WONSI-DONG, DANWON-GU, ANSAN, GYEONGGI 425-851 KOREA

TEL:+82-31-491-0311 FAX:+82-31-491-5317

INDUSTRY: MANUFACTURE OF OTHER ELECTRIC MOTORS, GENERATORS AND TRANSFORMERS

SEOHO ELECTRIC CO., LTD.

194-53, ANYANG 7-DONG, MANAN-GU, ANYANG, GYEONGGI 430-815 KOREA

TEL:+82-31-468-6611 FAX:+82-31-468-3311

INDUSTRY: MANUFACTURE OF BOARDS FOR ELECTRIC CONTROL OR DISTRIBUTION

Customers

SWCC (SALINE WATER CONVERSION CORPORATION)-SAUDI ARABIA

DONGRIWON DEVELOPMENT VINA.CO.,LTD & HAI BINH JOINT STOCK COMPANY-VIETNAM

SHUWEIHAT 2 HOLDING COMPANY LIMITED-UAE

GHECO-ONE COMPANY LIMITED-THAILAND

PSA CORPORATION LTD.-SINGAPORE

WESTINGHOUSE ELECTRIC COMPANY LLC-USA

MEW(THE MINISTRY OF ELECTRICITY AND WATER IN KUWAIT)-KUWAIT

GECOL(GENERAL ELECTRICITY COMPANY OF LIBYA)-LIBYA

KSPC (KEPCO SPC POWER CORP.)-PHILIPPINES

GE (GENERAL ELECTRIC INTERNATIONAL, INC.)-USA

KOREA ELECTRIC POWER CORPORATION(114671-0001456)

KOREA HYDRO & NUCLEAR POWER CO., LTD.(110111-2207127)

KOREA SOUTHERN POWER CO., LTD.(110111-2207135)

HAEKUK FEEL D&C(110111-1530157)

Competitors

HYUNDAI STEEL COMPANY(120111-0001743)

HYUNDAI STEEL, 1, SONGHYEON 3-DONG, DONG-GU, INCHEON, KOREA

TEL:+82-32-760-2114 FAX:+82-32-760-2813

HYUNDAI HEAVY INDUSTRIES CO.,LTD.(181211-0000386)

1, JEONHA 1-DONG, DONG-GU, ULSAN, KOREA

TEL:+82-52-202-2114 FAX:+82-52-234-2565

THE KANSAI ELECTRIC POWER COMPANY, INC.

3-6-16, NAKANOSHIMA KITA-KU OSAKA-SHI, OSK 530-8270 JAPAN

TEL:+81-6-64418821

MASHINOSTROITEL'NYI ZAVOD OAO

UL. K. MARKSA 12 ELEKTROSTAL', 144001 RUSSIA

TEL:+7-495-7029901 FAX:+7-495-7029221 (FAX)

SHIKOKU ELECTRIC POWER COMPANY, INC.

2-5 MARUNOUCHI TAKAMATSU-SHI, KGW 760-8573 JAPAN

TEL:+81-87-8215061

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	DOOSAN INFRACORE CO., LTD.(120111-0234469) (38.86% held by the subject company) DOOSAN ENGINE CO., LTD(194211-0038423) (53.04% held by the subject company) DOOSAN MECATEC CO., LTD.(110111-0126022) (100.00% held by the subject company) N.SHAPER CO., LTD .(110111-1943574) (80.52% held by the subject company) ORICOM INC(110111-0176986) (9.72% held by the subject company) DOOSAN CONSTRUCTION & ENGINEERING CO., LTD.(110111-0194277) (52.18% held by the subject company) DOOSAN CAPITAL CO., LTD.(110111-1220336) (19.99% held by the subject company) DOOSAN ASSET MANAGEMENT COMPANY CO., LTD(194211-0097859) (100.00% held by the subject company) DOOSAN DONG-A CO., LTD.(110111-3977117) DOOSAN CO., LTD.(110111-0013774) SRS KOREA CO., LTD.(110111-3139733) DOOSAN FEED & LIVESTOCK CO., LTD.(110111-3809138) DOOSAN WINE SALES CO., LTD.(110111-3942582) SAMHWA CROWN & CLOSURE CO., LTD.(134111-0003462) DOOSAN MOTTROL CO., LTD.(194211-0000274) NEO TRANS CO., LTD.(131111-0141801) DOOSAN TOWER CO., LTD.(110111-1722499) DOOSAN MOTORS CORP.(110111-3008293) DONG HYUN ENGINEERING CO., LTD.(110111-0508329) NEOPLUX CO., LTD.(110111-1927841) BIG & GOOD SECURITIES BROKERAGE.CO., LTD.(110111-1965560) REXCON CO., LTD.(110111-3586273) DOOSAN CUVEX CO., LTD(140111-00325709) DOOSAN BEARS INC.(110111-0346919) DOOSAN MOTTROL HOLDINGS CO., LTD.(110111-3892505) DOOSAN INTERNATIONAL KOREA LIMITED(110111-3773531)
Overseas Office
Liaison Office
Overseas Branch	FRANKFURT FRANKFURT OFFICEARABELLA CENTER, 9TH FLOOR LYONER STRASSE 44-48 FRANKFURT AM MAIN 60528, GERMANY TEL:+49-69-69-5004-0 FAX:+49-69-69-5004- 10 NEW JERSEY 400 KELBY STREET, PARKER PLAZA, 10TH FL. FORT LEE, NJ 07024, USA TEL:+1-201-944-4554 FAX:+1-201-944-5022/5053 WINDSOR WESTINGHOUSE ELECTRIC, 20 INTERNATIONAL DRIVE, WINDSOR, CT 06095, USA TEL:+1-860-731-6479 FAX:+1-860-731-6478 SCHENECTADY GENERAL ELECTRIC BUILDING 33, ROOM 202A, ONE RIVER ROAD, SCHENECTADY, NY 12345, USA TEL:+1-518-385-5218 FAX:+1-518-385-4984 BEIJING 19F, TOWER B, GATEWAY PLAZA, NO18 XIAGUANGLI,NORTH ROAD, EAST THIRD RING, CHAOYANG DISTRICT,BEIJING 100027, CHINA TEL:+86-10-8454-7131∼33 FAX:+86-10-8454-7139 TAIWAN 704,NO.51,KEELUNG ROAD SECTION 2, TAIPEI, TAIWAN, R.O.C TEL:+886-2-2739-2255(ARS) FAX:+886-2-2739-2266 KUALA LUMPUR LETTER BOX NO.86,22ND FLOOR,UBN TOWER,10, JALAN P.RAMLEE,50250 KUALA LUMPUR. MALAYSIA. TEL:+60-3-2026-8890 FAX:+60-3-2026-8891 NEW DELHI 2A, 2NDFL. LOTUS TOWERS,NEW FRIENDS COLONY, NEW DELHI 110 065, INDIA TEL:+91-11-4132-8031/8034 FAX:+91-11-4132-8039 SHANGHAI 38TH FLOOR XIN MEI UNION SQUARE 999 SOUTH PUDONG ROAD, PUDONG NEW AREA SHANGHAI 200120, PR CHINA TEL:+86-21-5877-8696 FAX:+86-21-5877-5938
Overseas Branch	HANOI 1101, DAEHA BUSINESS CENTER, 360 KIM MA, BA DINH DISTRICK, HANOI, VIETNAM TEL:+84-4-273-0545/0548 FAX:+84-4-273-0550 BANGKOK 10TH FLOOR, M-THAI TOWER, WIRELESS ROAD, BANGKOK, THAILAND TEL:+66-2-654-0690~2 FAX:+66-2-654-0693 MUMBAI 1109&1110, 11TH FLOOR, MAKER CHAMBERS-V, NARIMAN POINT, MUMBAI 400021, INDIA TEL:+91-22-2202-6505-6516/7842 FAX:+91-22-2202-6557 TOKYO ROOM2410,MITA KOKUSAI BLD.1-4-28, MITA MINATO-KU, TOKYO, JAPAN 108-0073 TEL:+81-3-3452-5451~3 FAX:+81-3-3452-5624 ABU DHABI P.O. BOX 27767 AL GHAITH TOWER, SUITE 508, HAMDAN STREET, ABU DHABI, UAE TEL:+971-2-627-6273 FAX:+971-2-627-6274 RIYADH P.O. BOX 9656 RIYADH 11423, SAUDI ARABIA TEL:+966-1-419-1920/1696 FAX:+966-1-419-1995 DUBAI OFFICE NO. 308, AL SERKAL BUIDING, AIRPORT ROAD, PO BOX 11859, DHABI, UNITED ARAB EMIRATES TEL:+971-2-627-6273 FAX:+971-2-627-6274 KUWAIT SABAH AL-SALEM AREA, BLOCK 4 STREET 24, VILLA 15, KUWAIT TEL:+965-551-8436 FAX:+965-551-8453
Joint Venture
Subsidiary
Subsidiary	DOOSAN POWER SYSTEMS S.A. S.C. DOOSAN IMGB S.A. HF CONTROLS CORP. DOOSAN HYDRO TECHNOLOGY INC. DOOSAN HEAVY INDUSTRIES AMERICA CORP. DOOSAN HEAVY INDUSTRIES JAPAN CORP. DOOSAN HEAVY INDUSTRIES VIETNAM CO., LTD. PT. DOOSAN HEAVY INDUSTRIES INDONESIA DOOSAN ENGINEERING & SERVICES LLC DOOSAN POWER SYSTEMS INDIA PRIVATE LTD. DOOSAN ENPURE LTD. DOOSAN HEAVY INDUSTRIES AMERICA HOLDINGS INC. DOOSAN POWER SYSTEMS HOLDINGS LTD. DOOSAN POWER SYSTEMS UK INVESTMENT LTD. DOOSAN BABCOCK LTD. DOOSAN BABCOCK ENERGY SERVICES (OVERSEAS) LTD. DOOSAN POWER SYSTEMS EUROPE LIMITED GMBH DOOSAN BABCOCK ENERGY TECHNOLOGIES (SHANGHAI) LTD. DOOSAN BABCOCK ENERGY POLSKA SP Z.O.O. DOOSAN POWER SYSTEMS OVERSEAS INVESTMENTS LTD. DOOSAN BABCOCK ENERGY GERMANY GMBH DOOSAN POWER SYSTEMS AMERICAS LLC CLEAN ENERGY SOLUTIONS LLC DOOSAN BABCOCK ENERGY SCOTLAND LTD. BABCOCK WELDING PRODUCTS LTD. BABCOCK ENERGY LTD. DOOSAN POWER SYSTEMS PENSION TRUSTEE COMPANY LTD. DOOSAN POWER SYSTEMS CZECH INVESTMENT A.S. DOOSAN SKODA POWER S.R.O SKODA POWER PVT LTD. DOOSAN LENTJES GMBH DOOSAN POWER SYSTEMS BRAZIL LTDA DOOSAN LENTJES UK LIMITED DOOSAN LENTJES CZECH S.R.O AE & E LENTJES BELGIE N.V.
Subsidiary	DOOSAN POWER SYSTEMS(SCOTLAND) LIMITED PARTNERSHIP DOOSAN INFRACORE (CHINA) INVESTMENT CO., LTD. DOOSAN INFRACORE CHINA CO., LTD. DOOSAN INFRACORE MACHINE TOOLS YANTAI CO., LTD. DOOSAN INFRACORE (SHANDONG) CO., LTD. DOOSAN INFRACORE SUZHOU CO., LTD. DOOSAN INTERNATIONAL MANUFACTURING CHINA CO., LTD. DOOSAN INFRACORE JAPAN CORP. BOBCAT CORP. DOOSAN INFRACORE AMERICA CORP. DOOSAN BOBCAT CHILE S.A. DOOSAN INTERNATIONAL MEXICO S.A. DE C.V. DOOSAN INTERNATIONAL DO BRASIL COMMERCIAL AND MARKET RELATED CONSULTING LTDA. DOOSAN INFRACORE SOUTH AMERICA INDUSTRIA E COMERICO DE MAQUINAS DE CONSTRUCAO LTDA DOOSAN INFRACORE U.K., LTD. DOOSAN INFRACORE GERMANY GMBH. DOOSAN INFRACORE NORWAY AS DOOSAN INFRACORE INTERNATIONAL, INC. CLARK EQUIPMENT CO. BOBCAT EQUIPMENT LTD. DOOSAN HOLDINGS EUROPE LTD. DOOSAN INTERNATIONAL LUXEMBURG SARL
Subsidiary	DOOSAN INFRACORE EUROPE S.A. DOOSAN BOBCAT MANUFACTURING S.R.O. DOOSAN BOBCAT ENGINEERING S.R.O. DOOSAN INTERNATIONAL ITALIA S.R.L DOOSAN INTERNATIONAL UK LTD. CJSC DOOSAN INTERNATIONAL RUSSIA DOOSAN INTERNATIONAL SOUTH EAST ASIA PTE. LTD. DOOSAN INTERNATIONAL CHINA CO., LTD. DOOSAN INFRACORE PORTABLE POWER (SHANGHAI) CO., LTD. DOOSAN INTERNATIONAL SOUTH AFRICA LTD. DOOSAN INTERNATIONAL AUSTRALIA PTY LTD. DOOSAN INTERNATIONAL PORTABLE POWER OF NETHERLANDS BV DOOSAN HOLDINGS INTERNATIONAL LTD. DOOSAN HOLDINGS GERMANY GMBH. DOOSAN BETEILIGUNGS GMBH. BOBCAT BENSHEIM GMBH. & CO. KG BOBCAT PARTS SERVICES GMBH. DOOSAN HOLDINGS FRANCE S.A.S. MONTABERT BOBCAT FRANCE S.A. BOBCAT LYON S.A.S. DOOSAN TRADING LTD. GOLDWAVE LTD. GEITH INTERNATIONAL LTD. GOLDWAVE HOLDINGS LTD. GEITH PATENTS LTD. GEITH INTERNATIONAL U.K. LTD. DOOSAN TECHNO HOLDING CO., LTD.(IRELAND) DOOSAN MARINE INDUSTRY (DALIAN) CO., LTD. DOOSAN HEAVY INDUSTRIES VIETNAM HAIPHONG CO., LTD.
Corporate Ownership
Major Shareholders
Cooperative Enterprise	-Technical Support MITSUBISHI HEAVY INDUSTRIES, LTD.(MHI:JAPAN)

Sales by Region (Activity & Markets)

Sales/ Unit : KRW	2010	2009	2008
Export	3,529,109,807,022	3,799,702,426,678	3,697,902,607,612
Domestic	2,649,224,790,384	2,479,778,278,229	2,011,756,962,567
Total	6,178,334,597,406	6,279,480,704,907	5,709,659,570,179

Court Action

(*)There are 2 cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 185,962,000,000 KRW.

News Clipping

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	KAR

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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