MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	HONG IN ENTERPRISES CO., LTD.

Registered Office :	30, Seolleung-ro 100-gil, Gangnam-gu, Seoul, Korea Rm.402, Unicon Bldg. 135-875

Country :	South Korea

Date of Incorporation :	28.11.1997

Com. Reg. No.:	120-81-77632

Legal Form :	Co., Ltd by Shares

Line of Business :	Wholesale of Textiles

No. of Employees	6

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	HONG IN ENTERPRISES CO., LTD.
Registered Address	30, Seolleung-ro 100-gil, Gangnam-gu, Seoul, Korea
Building	Rm.402, Unicon Bldg.
Zip Code	135-875
Tel	+82-2-3452-7253
Fax	+82-2-3452-7269
E-mail	hanslee@honginent.co.kr;shlee@honginent.co.kr
Website	www.honginent.co.kr
Trading Address	Rm.402, Unicon Bldg., 30, Seolleung-ro 100-gil, Gangnam-gu, Seoul, Korea (Old Address System : Rm.402, Unicon Bldg., 140-17, Samseong 2-dong, Gangnam-gu, Seoul, Korea)
Tel	+82-2-3452-7253
Fax	+82-2-3452-7269
Other Address	724-1 , Bon-dong , Dalseo-gu , Daegu , Korea
Tel	+82-53-527-7211
Fax	+82-53-527-7213
Type	Export/Import
Industry	Wholesale of Textiles
Main Business	Polynosic Woven Fabric, Knit Fabric, Tencel Fabric, Spandex Fabric
Established (mm/dd/yyyy)	11/28/1997

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Fabrics and leather materials(11160000)
Sell	Fibers(11151500)

CEO’s

Name	Lee Seung-Ho
Address	Suite 103-1801, 25, Hanam-daero 887beon-gil, Hanam-si, Gyeonggi-do, Korea
Date of Birth	02/09/1974
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)	50,000,000
Employees	6
Formation	Co., Ltd by Shares
Bank Details	Hana Bank-Trade Center Branch
Corporate Registered No.	110111-1489106
Business Registered No.	120-81-77632
Permit & Licenses	Int’l Trade No.: 11476252
Shareholder Position	N/A
Company History	11/28/1997 Incorporated as the present name

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
President & CEO	Mr.	Lee Seung-Ho	Male	Korean	03/31/2011
Director	Mr.	Lee Chul-Soo	Male	Korean	03/31/2011
Auditor	Mr.	Park Sang-Hwan	Male	Korean	07/25/2008

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013
2012
2011	3,753,000,000
2010	3,152,000,000
2009	2,490,000,000
2008	4,134,000,000

The latest & full 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)	50,000,000
Total Issued Shares	10,000

Products, Technologies, Services Description

Main Products & Services

Polynosic Woven Fabric, Knit Fabric, Tencel Fabric, Spandex Fabric

Trade Partners & Competitors

Competitors

TAE KWANG INDUSTRIAL CO., LTD.(110111-0185276)

ILSHIN SPINNING CO.,LTD.(110111-0041717)

CHONBANG CO.,LTD.(110111-0005664)

Sales by Region (Activity & Markets)

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

The Subject deals with the companies in China, Hong Kong, Japan, Australia and Europe.

News Clipping

Not Available.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.61
UK Pound	1	Rs.100.49
Euro	1	Rs.79.56

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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