MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	MARINE LAND CO., LTD.
Registered Office :	59, Eopseong 2-gil, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea, 331-290
Country :	South Korea
Financials (as on) :	31.12.2008
Date of Incorporation :	06.08.1993
Com. Reg. No.:	123-81-32838
Legal Form :	Co., Ltd by shares
Line of Business :	Wholesale of Transportation Equipment
No of Employees :	22

RATING & COMMENTS

MIRA’s Rating :

B

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	A1	A1

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	MARINE LAND CO., LTD. (Korean Company Name : “마린랜드(주)”)
Registered Address	59, Eopseong 2-gil, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea
Building
Zip Code	331-290
Tel	+82-41-564-5221
Fax	+82-41-564-0246
E-mail	desk@marineland.co.kr
Website	www.marineland.co.kr
Trading Address	59, Eopseong 2-gil, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea (Old Address System : 360-60, Eopseong-dong, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea)
Tel	+82-41-564-5221
Fax	+82-41-564-0246
Other Address-Showroom	536, Gyeongchun-ro, Cheongpyeong-myeon, Gapyeong-gun, Gyeonggi-do, Korea (Old Address System : 99-3, Daeseong-ri, Cheongpyeong-myeon, Gapyeong-gun, Gyeonggi-do, Korea)
Tel	+82-31-585-5221
Fax	+82-31-585-5220
Other Address	45-36, Cheongpyeong-ri, Cheongpyeong-myeon, Gapyeong-gun, Gyeonggi-do, Korea
Tel	+82-31-584-5700
Fax	+82-505-584-5700
Other Address	San 105, Hoegok-ri, Seorak-myeon, Gapyeong-gun, Gyeonggi-do, Korea
Tel	+82-31-584-0300
Fax
Other Address	1537, Sangam-dong, Mapo-gu, Seoul, Korea
Tel	+82-2-372-5221
Fax
Type	Import
Industry	Wholesale of Transportation Equipment
Main Business	Boat
Sub Business
Established (mm/dd/yyyy)	08/06/1993

Mr. Kim Chan-Su owns the premises of registered HQ address.

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Oil pumps(40151524)
Sell	Water safety(46161600)
Sell	Switches and controls and relays and accessories(39121500)
Sell	Ventilation(40101500)
Sell	Engines(26101500)
Sell	Marine craft systems and subassemblies(25111900)
Sell	Recreational watercraft(25111800)

CEO’s

Name	Kim Chan-Su
Address	Suite 107-1103, 403, Ichon-dong, Yongsan-gu, Seoul, Korea
Date of Birth	01/06/2000
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

100,000,000

Employees

22

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea(Acct. No.: 041-564-5221)

Nonghyup Bank(Acct. No.: 100015-51-005267)

Kookmin Bank(Acct. No.: 059-25-0020-916)

Korea Exchange Bank-Geumjeong Dong Branch

(Acct. No.: 238-22-01136-5)

Corporate Registered No.

135111-0038963

Business Registered No.

123-81-32838

Permit & Licenses

Int’l Trade No. : 1123169

Shareholder Position

Name	Shares	%
KIM CHAN-SU	5,450	54.50
OTHERS(4)	4,550	45.50
TOTAL	10,000	100.00

Company History

08/06/1993 Incorporated as PACIFIC MARINE LTD.

06/1997 Changed company name to the present name

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Kim Chan-Su	Male	Korean	01/06/2000
Director	Mr.	Kim Chan-Yong	Male	Korean	01/06/2000
Director	M/S.	Oh Kyung-Sook	Female	Korean	01/06/2000
Auditor	Mr.	Kim Ho-Sik	Male	Korean	01/06/2000

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013
2012
2011
2010
2009	6,925,000,000	9,384,000,000	416,000,000
2008	4,785,510,235	8,141,144,443	(-)126,679,470
2007	6,100,113,524	8,660,711,445	(-)314,822,744
2006	6,977,609,535	8,596,767,149	622,864,813
2005	6,369,687,286	7,729,455,715	603,592,445
2004	7,639,702,812	7,146,461,013	848,623,356

The latest 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)	400,000,000
Paid-Up Capital(KRW)	100,000,000
Total Issues Shares	10,000

Balance Sheet
Unit : Korean Won	As of 12/31/2008	As of 12/31/2007	As of 12/31/2006
Total Assets	8,141,144,443	8,660,711,445	8,596,767,149
Current Assets	4,730,031,311	5,141,396,633	6,707,597,491
-Quick Assets	1,352,848,743	1,383,375,761	3,289,555,671
-Inventories	3,377,182,568	3,758,020,872	3,418,041,820
Fixed Assets	3,411,113,132	3,519,314,812	1,889,169,658
-Investment	33,696,000	33,696,000	30,888,000
-Tangibles	2,108,488,732	1,966,690,412	1,309,353,258
-Intangibles	770,000,000	990,000,000	-
-Others	498,928,400	528,928,400	548,928,400
Total Liabilities	992,756,425	1,385,643,957	1,006,876,917
Current Liabilities	303,812,843	821,748,041	500,664,223
Fixed Liabilities	688,943,582	563,895,916	506,212,694
Capital Stock	100,000,000	100,000,000	100,000,000
Capital Surplus	-	-	-
Profit Surplus	7,048,388,018	7,175,067,488	7,489,890,232
Capital Adjustment	-	-	-
Total Equity	7,148,388,018	7,275,067,488	7,589,890,232
Liab. & Shareholder’s Equity	8,141,144,443	8,660,711,445	8,596,767,149

Current Liabilities	303,812,843	821,748,041	500,664,223
Trade Payables	234,785,827	530,455,948	330,263,755
Account Payables	10,188,588	59,009,970	26,271,792
Withholdings	9,450,650	11,904,310	14,774,570
VAT Withhold	25,493,337	1,899,089	27,596,325
Advance Receipts	5,532,290	5,944,999	78,303,549
Accrued Income Tax	14,721,320	98,825	15,556,475
Accrued Expenses	3,640,831	212,434,900	7,897,757
Fixed Liabilities	688,943,582	563,895,916	506,212,694
Provision for Severance & Retirement	647,695,712	572,648,046	509,964,824
Leasehold Deposit Received	50,000,000	-	5,000,000

Income Statement
Unit : Korean Won	As of 12/31/2008	As of 12/31/2007	As of 12/31/2006
Sales	4,785,510,235	6,100,113,524	6,977,609,535
Cost of Sold Goods	2,905,514,439	3,960,856,070	4,697,510,599
Gross Profit	1,879,995,796	2,139,257,454	2,280,098,936
Selling & Admin. Expenses	2,294,027,624	2,333,979,421	1,851,988,813
Operating Income	(-)414,031,828	(-)194,721,967	428,110,123
Non-Operating Income	444,070,917	120,260,864	265,441,319
Non-Operating Expenses	169,524,747	247,804,644	36,925,308
Ordinary Income	(-)139,485,658	(-)322,265,747	656,626,134
Special Income	-	-	-
Income Before Taxes	(-)139,485,658	(-)322,265,747	656,626,134
Income Taxes Expenses	(-)12,806,188	(-)7,443,003	33,761,321
Net Income	(-)126,679,470	(-)314,822,744	622,864,813

Cash Flows
Unit : Korean Won	As of 12/31/2008	As of 12/31/2007	As of 12/31/2006
Cash Flows from Operating	480,015,058	86,312,421	1,921,933,415
-Net Income	(-)126,679,470	(-)314,822,744	622,864,813
-Exp. without Cash Outflow	533,356,257	367,070,201	145,288,362
-Revenue without Cash Inflows	-	-	(-)15,204,422
-Changes in Asset/ & Liability	73,338,271	34,064,964	1,168,984,662
Cash Flows from Investing	(-)188,803,911	(-)349,075,337	(-)1,626,219,813
-Cash Inflow from Investing	121,920,000	1,561,361,796	24,331,818
-Cash Outflows for Investing	(-)310,723,911	(-)1,910,437,133	(-)1,650,551,631
Cash Flows from Financing	-	-	-
-Cash Inflows from Financing	-	-	-
-Cash Outflows from Financing	-	-	-
Increase/Decrease in Cash	291,211,147	(-)262,762,916	295,713,602
Cash at the Beginning of Year	493,963,871	756,726,787	461,013,185
Cash at the End of Year	785,175,018	493,963,871	756,726,787

Products, Technologies, Services Description

Main Products & Services	Boats & Yachts Engines & Parts Waterskies Fishing & Scuba Goods Boating Accessories Leisure Goods Military & Rescue Equipments
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers	SEARAY(USA) FRAUSCHER(AUSTRIA) APREAMARE(ITALY) JEANNEAU(FRANCE) MASTERCRAFT(USA) STARCRAFT(USA) MERCURY MARINE
Competitors	HWA CHANG TRADING CO., LTD. 726-420, HANNAM-DONG, YONGSAN-GU, SEOUL, KOREA TEL:+82-2-794-6111 FAX:+82-2-794-6155 MASTER MARINE CO., LTD. 1423, SANJEONG 3-DONG, MOKPO-SI, JEOLLANAM-DO, KOREA TEL:+82-61-242-4496 FAX:+82-61-242-4497 MARINE 21 CO., LTD. RM. 11, SUYOUNGMAN YACHTING CENTER, 1393, U 1-DONG, HAEUNDAE-GU, BUSAN,, KOREA TEL:+82-51-742-4141 FAX:+82-51-744-2063

Sales by Region (Activity & Markets)

The Subject imports from USA and Europe including Italy, France and Austria.

Court Action

No.

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 :	SMN

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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