MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	SIN YANG CO LTD.

Registered Office :	98, Wonjeok-ro, Sindun-myeon, Icheon-si, Gyeonggi-do, Korea

Country :	South Korea

Date of Incorporation :	12.03.1987

Com. Reg. No.:	126-81-05081

Legal Form :	Co., Ltd by Shares

Line of Business :	Manufacture of Other Paper and Board Paper

No. of Employees :	32

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 :	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	SIN YANG CO LTD. (Korean Company Name : “(주)신양”)
Registered Address	98, Wonjeok-ro, Sindun-myeon, Icheon-si, Gyeonggi-do, Korea
Building
Zip Code	467-842
Tel	+82-31-632-6040
Fax	+82-31-632-7749
E-mail	dabinqc@naver.com
Website
Trading Address	98, Wonjeok-ro, Sindun-myeon, Icheon-si, Gyeonggi-do, Korea (Old Address System : 381-1, Namjeong-ri, Sindun-myeon, Icheon-si, Gyeonggi-do, Korea)
Tel	+82-31-632-6040
Fax	+82-31-632-7749
Other Address
Tel
Fax
Type	Export/Import
Industry	Manufacture of Other Paper and Board Paper
Main Business	Synthetic Textiles, Paper Printing & Punching for Tobacco Filer, Electronic Components
Sub Business
Established (mm/dd/yyyy)	03/12/1987

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Cardboard(14121503)

CEO’s

Name	Cho Kyung-Je
Address	Suite 317-301, 1000, Seongnam-daero, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea
Date of Birth	03/20/1950
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	100,000,000
Employees	32
Formation	Co., Ltd by Shares
Bank Details	Shinhan Bank-Icheon Branch
Corporate Registered No.	134411-0001915
Business Registered No.	126-81-05081
Permit & Licenses	Int’l Trade No.: 471086
Shareholder Position	N/A
Company History	03/12/1987 Incorporated as the present name

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Cho Kyung-Je	Male	Korean	03/30/2001
Director	Mr.	Lee Jae-Seob	Male	Korean	03/30/2001
Director	M/S.	Kim Hye-Sook	Female	Korean	03/30/2001
Auditor	M/S.	Kwon Young-Soon	Female	Korean	03/30/2001

Financials

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)	200,000,000
Paid-Up Capital(KRW)	100,000,000
Total Issues Shares	20,000

Products, Technologies, Services Description

Main Products & Services	Synthetic Textiles, Paper Printing & Punching for Tobacco Filer, Electronic Components
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers

Customers

KT&G CORPORATION(160111-0067804)

Competitors

SAM BO CORRUGATED BOARD CO., LTD.

195, CHUNUI-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-32-662-2227 FAX:+82-32-653-4300

KWANG SIN PANJI CO., LTD.

23B-10L, 770, WONSI-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-490-7514 FAX:+82-31-492-6676

YU JIN FIBRE BOARD IND. CO., LTD.

4NA-201, SIHWA INDUSTRIAL COMPLEX, 1293, JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-488-7000 FAX:+82-31-488-7029

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	UNION TECH CO., LTD.(134211-0001787)
Overseas Office
Liaison Office
Overseas Branch
Joint Venture
Subsidiary
Corporate Ownership
Major Shareholders
Cooperative Enterprise

Sales by Region (Activity & Markets)

The Subject deals with the companies in Taiwan, India, Malaysia and USA.

Court Action

Not Available.

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%)

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