MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	TAEYOUNG CORPORATION

Registered Office :	126-13, Noksanhwajeon-ro, Gangseo-gu, Busan, Korea

Country :	South Korea

Date of Incorporation :	01.02.2012

Legal Form :	Company Limited By Shares

Line of Business :	Wholesale of Pipes and Tubes of Non Cast Iron or Steel.

No of Employees :	6

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

Company Name	TAEYOUNG CORPORATION (Trade Name : TY) (Korean Company Name : “태영코퍼레이션(주)”)
Registered Address	126-13, Noksanhwajeon-ro, Gangseo-gu, Busan, Korea
Building
Zip Code	618-280
Tel	+82-51-831-1671
Fax	+82-51-831-1683
E-mail
Website
Trading Address	126-13, Noksanhwajeon-ro, Gangseo-gu, Busan, Korea (Old Address System : 602-4, Hwajeon-dong, Gangseo-gu, Busan, Korea)
Tel	+82-51-831-1671
Fax	+82-51-831-1683
Other Address
Tel
Fax
Type	Export
Industry	Wholesales of Pipes and Tubes, of Non-cast Iron or Steel
Main Business	Valve
Sub Business
Established (mm/dd/yyyy)	02/01/2012

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Valves(40141600)
Sell	Pipe fittings(40142300)
Sell	Pipe flanges(40142400)

CEO’s

Name	Yoon Hong-Man
Address	Suite 206-703, 100, Dadaenakjo 2-gil, Saha-gu, Busan, Korea
Date of Birth	10/03/1954
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	200,000,000
Employees	6
Formation	Co., Ltd by Shares
Bank Details	N/A
Corporate Registered No.	180111-0793520
Business Registered No.	606-86-35***(The full 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	N/A
Company History	02/01/2012 Incorporated as the present name

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Yoon Hong-Man	Male	Korean	02/01/2012
Director	Mr.	Yoon Young-Joon	Male	Korean	02/01/2012
Director	M/S.	Yoon Hyun-Young	Female	Korean	02/01/2012
Auditor	M/S.	Choi Soon-Nam	Female	Korean	02/01/2012

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)	800,000,000
Paid-Up Capital(KRW)	200,000,000
Total Issued Shares	20,000

Products, Technologies, Services Description

Main Products & Services	Valve
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers

TK CORPORATION(180111-0045559)

Customers

Competitors

METAL KOREA CO., LTD.

801, JINYEONG-RI, JINYEONG-EUP, GIMHAE-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-51-919-6954 FAX:+82-51-919-6957

HAN SHIN METAL CO.

651-58, EOMGUNG-DONG, SASANG-GU, BUSAN, KOREA

TEL:+82-51-305-2240 FAX:+82-51-305-2243

HANDOK METAL CO.

416-1, SINPYEONG 2-DONG, SAHA-GU, BUSAN, KOREA

TEL:+82-51-206-1968 FAX:+82-51-202-0030

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates

TAE YOUNG IND., CO(606-45-81383)

Sales by Region (Activity & Markets)

Not Available.

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 :	DIV

Report Prepared by :	TPT

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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