MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	GS GLOBAL CORP.

Registered Office :	10th FI., GS Gangnam Tower, 508, Nonhyeon-ro, Gangnam-gu, 135-985 Seoul, Korea

Country :	South Korea

Financials (as on) :	30.06.2014

Date of Incorporation :	31.07.1954

Com. Reg. No.:	202-81-33028

Legal Form :	Listed Company

Line of Business :	Wholesale of Non-Specialized Goods, Iron and Steel Products, Chemicals, Cement, Machinery Plants.

No. of Employees :	242

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 :	Exist

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	GS GLOBAL CORP. (Ex. Company Name : SSANGYONG CORPORATION, “(주)쌍용”)
Registered Address	508, Nonhyeon-ro, Gangnam-gu, Seoul, Korea
Building	10th FI., GS Gangnam Tower
Zip Code	135-985
Tel	+82-2-2005-5300
Fax	+82-2-2005-5301
E-mail	admin@sycorp.co.kr;shjeong@gsgcorp.com
Website	www.gsgcorp.com

Trading Address	10th FI., GS Gangnam Tower, 508, Nonhyeon-ro, Gangnam-gu, Seoul, Korea (Old Address System : 10th FI., GS Gangnam Tower, 679, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea)
Tel	+82-2-2005-8300
Fax	+82-2-2005-8301

Other Address-Logistics Team	381-5, Wonchang-dong, Seo-gu, Incheon, Korea
Tel	+82-32-573-8460
Fax	+82-32-573-8465

Other Address-Leisure Sports Business	154-2, Choil-dong, Hanam-si, Gyeonggi-do, Korea
Tel	+82-31-792-5952
Fax	+82-31-792-5993

Other Address-Machinery Import Team	A-903, SK Twin Tech Tower, 345-9, Gasan-dong, Geumcheon-gu, Seoul, Korea
Tel	+82-2-866-5600
Fax	+82-2-862-5649

Type	Export/Import
Industry	Wholesale of Non-Specialized Goods
Main Business	Iron & Steel Products, Chemicals, Cement, Machinery, Plants

Established (mm/dd/yyyy)	07/31/1954

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Clothing(53100000)
Sell	Steel(11101704)
Sell	Cement(30111601)
Sell	Network service equipment(43222600)
Sell	Cooking or table salt(50171551)
Sell	Inorganic compounds(12352300)
Sell	Processed and synthetic rubber(13101600)
Sell	Storage(78130000)
Sell	Solid and gel fuels(15101600)
Sell	Chemicals including Bio Chemicals and Gas Materials(12000000)
Sell	Industrial Manufacturing and Processing Machinery and Accessories(23000000)

CEO’s

Name	Jung Taik-Keun
Date of Birth	11/30/1953
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

56,334,410,000

Employees

242

Formation

Listed Company(Korea Stock Exchange : 001250) as of 06/27/1976

A Company of GS Group

Bank Details

Shinhan Bank-Central Branch

Woori Bank

Corporate Registered No.

110111-0031479

Business Registered No.

202-81-33028

Permit & Licenses

Int’l Trade No.: 670203

Shareholder Position

Name	Shares	%
GS HOLDINGS CO., LTD.(110111-3045112)	12,298,820	54.58
UBS HANA ASSET MANAGEMENT CO., LTD.(110111-2009292)	926,780	4.11
NATIONAL PENSION SERVICE(110171-0007134)	438,620	1.95
TRUSTON ASSET MANAGEMENT CO., LTD.(110111-1531519)	866,084	3.84
JUNG TAIK-KEUN	10,000	0.04
KIM JAE-RYONG	340	0.00
EMPLOYEE STOCK OWNERSHIP ASSOCIATION	269,286	1.20
TREASURY STOCK	38,562	0.17
OTHERS	7,685,272	34.11
TOTAL	22,533,764	100.00

Company History

07/31/1954 Incorporated as Kumsung Industries Co., Ltd.

03/20/1972 Changed company name to Ssangyong Industries Co., Ltd.

05/27/1975 Designated as a general trading company

12/01/1975 Changed company name to SSANGYONG CORPORATION

11/2009 Moved to the present HQ address from 24-1, Jeodong 2-ga, Jung-gu, Seoul, Korea

07/21/2009 Changed company name to the present name

11/2009 Moved to the present HQ address from 24-1, Jeo-dong 2-ga, Jung-gu, Seoul, Korea

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
President & CEO	Mr.	Jung Taik-Keun	Korean	1953.11.30	Yonsei University, Korea
Executive Director & CFO	Mr.	Kim Jae-Ryong	Korean	1966.12	Korea University, Korea
Director	Mr.	Seo Kyung-Seok	Korean	1947.12.23	Seoul National University, Korea
Director	Mr.	Kim Eng-Sik	Korean	1958.06	Yonsei University, Korea
Director	Mr.	Yoon Il-Joong	Korean	1953.07.29	Busan National University, Korea
Outside Director	Mr.	Yeo Sung-Koo	Korean	1946.12	Yonsei University, Korea
Outside Director	Mr.	Kim Kyung-Jong	Korean	1954.11	Seoul National University, Korea
Outside Director	Mr.	Kim Young-Seob	Korean	1950.02.13	Korea University, Korea

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)06/2014	1,127,038,949,066	680,029,330,108	7,584,039,903
(*)2013	2,111,241,259,814	661,014,462,322	11,190,077,393
(*)2012	2,685,281,796,266	619,881,933,536	15,544,788,926
(*)2011	2,288,493,847,484	632,929,118,289	18,422,072,724
(*)2010	1,400,513,382,625	396,904,204,642	17,715,868,485
2009	1,153,563,497,667	152,504,740,325	24,401,357,182
2008	1,303,117,078,277	145,633,611,686	27,205,755,897
2007	1,050,359,245,212	106,953,182,431	9,588,004,175
2006	936,707,087,308	126,790,504,103	7,139,644,578
2005	1,476,005,249,828	195,240,508,293	1,856,850,261
2004	1,479,830,933,063	238,510,768,978	9,274,434,544

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

Financial Description

Authorized Capital(KRW)	1,000,000,000,000
Paid-Up Capital(KRW)	56,334,410,000
Total Issues Shares	22,533,764

Balance Sheet
Unit : Korean Won	01/01/2014~06/30/2014	As of 12/31/2013	As of 12/31/2012
Total Assets	680,029,330,108	661,014,462,322	619,881,933,536
Current Assets	391,064,104,061	373,321,629,658	380,267,788,152
Cash & Cash Equivalents	28,309,481,532	53,554,677,528	61,476,127,069
Current Financial Instruments	280,831,974	2,092,120,124	1,429,991,150
Trade Receivables & Other Receivables	293,715,286,497	247,267,429,491	246,284,322,175
Current Non-Financial Instruments	16,084,173,668	11,700,097,405	7,443,994,690
Prepaid Taxes	74,323,826	163,514,817	220,661,188
Inventories	52,600,006,564	58,543,790,293	63,412,691,880
Non-Current Assets	288,965,226,047	287,692,832,664	239,614,145,384
Non-Current Financial Instruments	14,398,641,316	13,122,767,781	6,362,370,760
Investment_Related Companies	177,477,035,130	178,250,459,199	163,167,499,199
Tangibles	1,571,915,319	1,729,777,936	2,046,802,050
Intangibles	6,341,908,802	6,631,634,039	4,605,788,990
Long-Term Trade Receivables & Other Receivables	66,482,668,177	65,105,544,187	42,477,273,964
Non-Current Portion of Non-Finance Assets	-	159,592,219	-
Deferred Income Tax Assets	22,693,057,303	22,693,057,303	20,954,410,421
Total Liabilities	412,549,736,220	396,988,586,021	365,744,490,798
Current Liabilities	329,840,782,559	317,201,926,153	317,251,991,930
Trade Payables & Other Payables	189,187,779,895	192,284,422,315	185,508,307,466
Short-Term Borrowings	132,485,987,025	119,514,178,939	119,067,364,050
Other Current Financial Debts	3,960,218,535	2,520,071,844	2,767,569,778
Other Current Non-Financial Debts	4,206,797,104	2,883,253,055	9,908,750,636
Non-Current Liabilities	82,708,953,661	79,786,659,868	48,492,498,868
Long-Term Trade Payables & Other Payables	6,862,444	5,979,868	9,311,356
Long-Term Borrowings	82,166,400,000	79,780,680,000	48,199,500,000
Other Non-Current Financial Debts	406,567,161	-	-
Provision for Severance & Retirement	129,124,056	-	283,687,512
Capital Stock	56,334,410,000	56,334,410,000	56,334,410,000
Capital Surplus	126,145,517,815	126,145,517,815	126,145,517,815
Others	-1,017,586,963	300,835,103	-1,160,712,906
Profit Surplus	86,017,253,036	81,245,113,383	72,818,227,829
Total Equity	267,479,593,888	264,025,876,301	254,137,442,738
Liab. & Shareholder’s Equity	680,029,330,108	661,014,462,322	619,881,933,536

Income Statement
Unit : Korean Won	01/01/2014~06/30/2014	As of 12/31/2013	As of 12/31/2012
Sales	1,127,038,949,066	2,111,241,259,814	2,685,281,796,266
Cost of Sold Goods	1,100,255,619,048	2,063,209,715,300	2,624,541,680,146
Gross Profit	26,783,330,018	48,031,544,514	60,740,116,120
Selling Expenses	4,325,322,985	9,396,537,348	12,352,455,433
Admin. Expenses	14,809,902,392	30,143,099,501	32,247,505,378
Operating Income	7,648,104,641	8,491,907,665	16,140,155,309
Other Operating Income	45,280,990,862	71,546,215,660	79,914,252,991
Other Operating Expenses	43,795,864,767	69,384,956,246	76,425,977,185
Finance Income	7,222,794,431	6,490,972,400	2,921,526,291
Finance Expenses	3,485,398,695	7,675,143,610	7,669,933,687
Profits from Stocks Disposal	-5,286,586,569	-	-476,432,000
Income Before Taxes	7,584,039,903	9,468,995,869	14,403,591,719
Income Taxes Expenses	-	-1,721,081,524	-1,141,197,207
Net Income	7,584,039,903	11,190,077,393	15,544,788,926

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	-36,345,979,895	20,405,181,015	32,241,036,662
Cash Flows from Operating	3,389,996,458	-2,451,242,256	-1,832,020,847
-Net Income	7,584,039,903	11,190,077,393	15,544,788,926
-Exp. without Cash Outflow	28,445,582,155	26,862,480,671	35,008,572,001
-Revenue without Cash Inflows	-26,587,276,320	-24,339,362,266	-24,636,635,420
-Changes in Asset/ & Liability	-49,178,322,091	9,143,227,473	8,156,332,002
Interests Received	438,429,681	1,088,434,706	1,448,731,917
Interests Paid	-1,980,785,864	-3,618,167,057	-3,470,051,134
Dividends Received	4,843,161,650	21,343,724	127,221,791
Income Taxes	89,190,991	57,146,371	62,076,579
Cash Flows from Investing	-6,429,013,935	-61,605,297,298	-46,266,370,311
-Cash Inflow from Investing	15,477,671,596	5,133,065,744	7,461,616,157
-Cash Outflows for Investing	-21,906,685,531	-66,738,363,042	-53,727,986,468
Cash Flows from Financing	17,529,797,834	33,278,666,742	-6,897,751,748
-Cash Inflows from Financing	139,855,877,023	155,157,931,042	174,877,656,528
-Cash Outflows from Financing	-122,326,079,189	-121,879,264,300	-181,775,408,276
Increase/Decrease in Cash	-25,245,195,996	-7,921,449,541	-20,923,085,397
Cash at the Beginning of Year	53,554,677,528	61,476,127,069	82,399,212,466
Cash at the End of Year	28,309,481,532	53,554,677,528	61,476,127,069

Products, Technologies, Services Description

Main Products & Services

CEMENT MATERIAL

Cement, Cement Clinker, Special Cement(Micem, Etc)

ENERGY

-Bituminous Coal, Anthracite

-Gypsum, Petroleum Coke

PETROCHEMICAL

-Aromatics

-Fiber Intermediates

-Polymers (Plastics)

-Chemical products

STEEL & METAL

MACHINERY

-Industrial Products & Materials

-Sparkignition Engine, Engine Parts, Water Pump, Lawn Mower, Brush Cutter

LOGISTICS SERVICES

-PDI (Pre-Delivery Inspection) Service

LEISURE SPORTS BUSINESS

Trade Partners & Competitors

Suppliers

HONDA(JAPAN)

GS-CALTEX CORPORATION(110111-0078819)

Customers

GS GLOBAL JAPAN CORPORATION

GS GLOBAL AUSTRALIA PTY LTD.

NISSAN KOREA CO., LTD.(110111-2957508)

HONDA KOREA CO., LTD.(110111-2362418)

Competitors

SK NETWORKS CO., LTD.

4, PYEONG-DONG, GWONSEON-GU, SUWON-SI, GYEONGGI-DO 441-230 KOREA

TEL:+82-2-2221-2016 FAX:+82-2-2221-0080

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

HYUNDAI CORPORATION

HUNGKUK LIFE INSURANCE BD 226, SINMUNNO 1-GA, JONGNO-GU, SEOUL 110-786 KOREA

TEL:+82-2-390-1114 FAX:+82-2-390-1101

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

DAEWOO INTERNATIONAL CORPORATION

DAEWOO CENTER BLDG., 541, NAMDAEMUNNO 5-GA, JUNG-GU, SEOUL 100-714 KOREA

TEL:+82-2-759-2114 FAX:+82-2-753-9489

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

HYOSUNG CORPORATION

HYOSUNG BLDG., 450, GONGDEOK 2-DONG, MAPO-GU, SEOUL 121-720 KOREA

TEL:+82-2-707-7000 FAX:+82-2-707-0130

INDUSTRY: MAN-MADE FIBERS SPINNING

SAMSUNG C&T CORPORATION

310, TAEPYEONGNO 2-GA, JUNG-GU, SEOUL 100-865 KOREA

TEL:+82-2-2145-2114 FAX:+82-2-2145-3114

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

LG INTERNATIONAL CORPORATION

12TH FL., LG TWIN TOWER EAST ANNEX, 20, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3773-5034 FAX:+82-2-3773-5034

INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates-Domestic	GS HOLDINGS CO., LTD.(110111-3045112) GS RETAIL CO.,LTD.(110111-0090037) GS ENGINEERING & CONSTRUCTION CORP.(110111-0002694) SAMYANG TONGSANG CO.,LTD.(110111-0033433) COSMO CHEMICAL CO., LTD.(110111-0152738) COSMO ADVANCED MATERIALS & TECHNOLOGY CO., LTD.(120111-0018251) GS HOME SHOPPING INC.(110111-1111444) GS ENERGY CORPORATION(110111-4765412) GS POWER CO.,LTD.(134111-0074744) HAEYANG CITY GAS. CO., LTD.(200111-0004906) SEORABEOL CITY GAS CO.,LTD.(171211-0024180) GSFUELCELL CO.LTD.(160111-0108202) SAMIL POLYMER CO., LTD.(110111-1933278) GS PLATECH CO., LTD.(160111-0120412) GS NANOTEC CO., LTD.(110111-2089062) SAL DE VIDA KOREA CORPORATION(144811-0008169) POWER CARBON TECHNOLOGY CO., LTD.(110111-3974882) GSE WTE CO.,LTD.(110111-4943191) BORYEONG LNG TERMINAL CO.,LTD.(164511-0021527) DAEJUNG EM CO., LTD.(120111-0232364) GS-CALTEX CORPORATION(110111-0078819) GS MBIZ CO.,LTD.(110111-1007023) GS PARK 24 CO., LTD.(110111-3413880) INNOPOLYTECH CORPORATION(154311-0009826) GS MBIZ CO.,LTD.(110111-1007023) SANGJI SHIPPING CO.,LTD.(110111-1004243) GS BIO CO.,LTD.(110111-4303030) GS ECOMETAL CO.,LTD.(230111-0168657) WATSONS KOREA CO., LTD.(110111-3136474) FRESH SERVE CO.,LTD.(110111-3646738) GS NETVISION CO., LTD.(110111-3862897) GS TELESERVICE CO., LTD.(110111-2618192) A+B INC.(110111-4639592) TENBYTEN INC.(110111-2316415) GS EPS CO.,LTD.(165011-0004621) PLS CO., LTD.(131311-0093131) GS ENTEC CORP.(181211-0008699) GS E&R CORP.(135011-0121570) E&R SOLAR CO.,LTD.(110111-3788671) GS YEOGYANG WINDPOWER CO., LTD.(174511-0004266) STX ELECTRIC POWER CO., LTD.(144711-0019225)
Affiliates-Domestic	GS SPORTS.LTD.(110111-3024330) PARNAS HOTEL CO., LTD.(110111-0411142) EZVILLE,INC.(110111-1934557) XISERVICE CO., LTD.(110111-3141720) G-ESTEC CO., LTD.(110111-3253583) UIJEONGBU LIGHT RAIL TRANSIT CO., LTD.(280111-0071743) GCS PLUS CORP.(140111-0033487) BSM CO., LTD.(135511-0187118) SEOUL MUNSAN EXPRESSWAY CO., LTD.(110111-3809344) SANGLAK FOOD CO., LTD.(110111-2637837) OKSAN OCHANG HIGHWAY CORPORATION(110111-4120971) EUN PYEONG NEW ROAD CORP.(110111-4155390) PNS CO., LTD.(110111-4973164) DAEGU GREENENERGYCENTER CO.,LTD.(110111-5116862) G&M ESTATE CO.,LTD.(110111-5206093) GS NEOTEK CO., LTD.(110111-0166953) SAMYANG INT'L CO., LTD.(110111-0424848) BOHEUN DEVELOPMENT CO., LTD.(110111-1557573) CHEMTECH INTERNATIONAL CO., LTD.(110111-1967730) OKSAN DISTRIBUTION CO., LTD.(110111-1426108) GS ITM CO., LTD.(110111-3451731) SEUNGSAN GROUP CORPORATION(110111-0110653) CENTRAL MOTORS CORP.(131111-0101912) WINASSET CO., LTD.(110111-0720832) NC TAS CO., LTD.(110111-4442622) COSMO FINE CHEMICALS CO.,LTD.(110111-0531205) COSMO INDUSTRIAL CO.LTD.(150111-0077722) COSMO & COMPANY, INC.(110111-0298243) COSMO CORPORATION CO., LTD.(110111-2559354) LANDMARK ASIA, INC.(110111-2219411) MARUMAN KOREA CO.,LTD.(131111-0093953) XEBIO KOREA CO., LTD.(110111-4853035) MARUMANB&F CO., LTD.(110111-4101591) SAM JOUNG DEVELOPMENT CO., LTD.(110111-5005809) GS ASSET MANAGEMENT CO., LTD.(110111-3934670)
Affiliates-Overseas	FRONTIER NEMTWO CORPORATION(MALAYSIA) FRONTIER WOKAM CORPORATION(MALAYSIA) ASIA CLEAN ENERGY LIMITED(MALAYSIA) GS CALTEX SINGAPORE PTE., LTD.(SINGAPORE) GS CALTEX (LANGFANG) PLASTICS CO., LTD.(CHINA) GS CALTEX (QINGDAO) ENERGY CO., LTD.(CHINA) GS CALTEX (QINGDAO) PETROLEUM CO., LTD(CHINA) GS CALTEX (JINAN) ENERGY CO., LTD.(CHINA) GS CALTEX (YANTAI) ENERGY CO., LTD.(CHINA) GS CALTEX INDIA PTE., LTD. (INDIA) GSC (SUZHOU) PLASTICS CO., LTD.(CHINA) GSC CZECH S.R.O.(CZECH) GS CALTEX CHINA CO., LTD.(CHINA) GS CALTEX TRADING (SUZHOU) CO., LTD.(CHINA) LURODA LUBRICANTS (TIANJIN) CO., LTD.(CHINA) GS RETAIL VIETNAM CO., LTD(VIETNAM) PT. GSRETAIL INDONESIA(INDONESIA) GS(SHANGHAI) COMMERCIAL CO., LTD.(CHINA) GLOBAL FASHION DISTRIBUTION SA (SWISS) GS GLOBAL JAPAN CO., LTD.(JAPAN) GS GLOBAL AUSTRALIA PTY LTD.(AUSTRALIA) GS GLOBAL HONG KONG LTD.(HONG KONG) GS GLOBAL EUROPE GMBH (GERMANY) SSANGYONG RESOURCES PTY LTD.(AUSTRALIA) GS GLOBAL GUANGZHOU CO.,LTD.(CHINA) GS GLOBAL SHANGHAI CO.,LTD.(CHINA) GS GLOBAL USA, INC. (USA) GS GLOBAL SINGAPORE PTE LTD.(SINGAPORE) PT GS GLOBAL RESOURCE(INDONESIA) GS GLOBAL (SUZHOU) STEEL SERVICE CENTER CO., LTD.(CHINA) MILL-PRO PTY LIMITED (AUSTRALIA) GS GLOBAL E&P (AMERICA) CORPORATION(USA) GS GLOBAL (NEMAHA) LLC(USA) GS TECHNICAL CONSULTING&SERVICE (DEZHOU) CO.,LTD.(CHINA) GS E&C NANJING CO.,LTD.(CHINA) GS NHA BE DEVELOPMENTONE-MEMBER LLC(VIETNAM) GS SAIGON DEVELOPMENTONE-MEMBER LLC(VIETNAM) GS E&C DELHI PRIVATE LTD.(INDIA) GS (CAMBODIA) DEVELOPMENT CO.,LTD.(CAMBODIA) GS CONSTRUCTION ARABIA CO.,LTD.(SAUDI ARABIA) GS CONSTRUCTION SAUDI CO., LTD.(SAUDI ARABIA) GS E&C POLAND SP.ZO.O(POLAND) GS E&C CONSTRUCTION CANADA LTD.(CANADA) GS E&C THAI CO.,LTD.(THAILAND) GS E&C PANAMA S.A.(PANAMA) GS ENGINEERING & CONSTRUCTION SPAIN, S.L.(SPAIN) GS INIMA ENVIRONMENT S.A.(SPAIN) GS PP DEVELOPMENT CO., LTD.(CAMBODIA)
Affiliates-Overseas	GS ENGINEERING & CONSTRUCTION MUMBAI PRIVATE LIMITED(INDIA) AGUAS DE ENSENADA, S.A. DE C.V.(MEXICO) AMBIENT SERVICOS AMBIENTAIS DE RIBEIRAO PRETO, S.A.(BRAZIL) AQUARIA WATER LLC(USA) ARAUCARIA SANEAMENTO, S.A.(BRAZIL) DESALINIZADORA ARICA LTDA.(CHILLE) GS INIMA CHILE, S.A.(CHILLE) GS INIMA MEXICO, S.A. DE C.V.(MEXICO) GS INIMA USA CONSTRUCTION CORPORATION(USA) GS INIMA USA CORPORATION(USA) GS INIMA BRASIL LTDA.(BRAZIL) PROMOAQUA DESALACION DE LOS CABOS, S.A. DE C.V.(MEXICO) SANEAMENTO DO VALE DO PARAIBA, S.A.(BRAZIL) SERVICOS DE SANEAMENTO DE MOGI MIRIM, S.A.(BRAZIL) TECNICAS Y GESTION MEDIOAMBIENTAL, S.A.(SPAIN) TRACTAMENT METROPOLITA DE FANGS, S.L.(SPAIN) CASINIMA - EMPREITADA PONTE DA BAIA, A.C.E.(PORTUGAL) HIALEAH WATER, LLP(USA) GS INIMA SERVICIOS CORPORATIVOS S.A. DE C.V.(MEXICO) VALORINIMA S.L.(SPAIN) SOCIEDAD DE ECONOMIA MIXTA AGUAS DE SORIA S.L.(SPAIN) INIMA AMARANTE SOCIEDADES UNIPESSOAL, LTDA.(PORTUGAL) GSNEOTEK VIETNAM CO.,LTD(VIETNAM) GS NEOTEK L.L.C(OMAN) GS NEOTEK(CAMBODIA)CO.,LTD.(CAMBODIA) GSNEOTEK THAILAND CO.,LTD(THAILAND) QINGDAO SAMYANG LEATHER CO., LTD.(CHINA) SY ENERGY PTE.LTD.(SINGAPORE) SYI INDIA PVT.LTD.(INDIA) FARWEST STEEL CO.(USA)
Affiliates-Overseas	WESTERN COATING INC(USA) FARWEST STEEL CONTRACTING INC.(USA) FARWEST STEEL REINFORCING CO.(USA) FARWEST STEEL PROPERTIES, INC(USA) GS AROMATICS PTE. LTD(SINGAPORE) ACENOCEAN(SINGAPORE) QINGDAO LIDONG CHEMICAL CO., LTD.(CHINA) QINGDAO LIXING LOGISTICS CO., LTD.(CHINA) GS AROMATICS (QINGDAO) CHEMICAL. CO.,LTD.(CHINA) QINGDAO LIXING TANK TERMINAL CO., LTD.(CHINA) OCEAN GLORY PTE. LTD.(SINGAPORE) COSMO VIETNAM CO.,LTD.(VIETNAM) COSMO GLOBAL(BEIJING) TRADING CO., LTD.(CHINA) SLEEP METHODS, INC.(USA) NATIONAL D&I(RUSSIA) MARUMAN & CO., LTD(JAPAN) COSMO & COMPANY, INC.(USA) COSMO & COMPANY CO., LTD.(JAPAN) COSMO NOBLE TOUR CO., LTD.(JAPAN) GS ENERGY AMERICAS INC.(USA) NEMAHA EXPLORATION AND PRODUCTION LLC(USA) GS ENERGY(JIANGIN) PLASTICS CO., LTD(CHINA) GS ENERGY(SUZHOU) COMPOSITE MATERIAL CO., LTD(CHINA) GS ENERGY TRADING SINGAPORE PTE. LTD.(SINGAPORE) GS E&R AMERICA INC.(USA) GS E&R AMERICA OFFSHORE, LLC(USA) GS E&R AMERICA OLDHOME, LLC(USA) GS E&R AMERICA RIVERBEND, LLC(USA) STX IRELAND LTD.(IRELAND) E&R AMERICA LONEWOLF, LLC.(USA) GS E&R CANADA, INC.(CANADA) E&R SOLAR JAPAN CORPORATION(JAPAN)
Overseas Office	TOKYO TEL:+81-3-3434-1515/8537 FAX:+81-3-3434-3856 E-MAIL : HJKIM@SYCORP.CO.KR 7TH FL, MORI BLDG, EDOMIZAKA 1-40, 4-CHOME, TORANOMON MINATO-KU, TOKYO, JAPAN OSAKA TEL:+81-6-282-1414~8, 282-1421~3 FAX:+81-6-282-1420 E-MAIL : DISON@SYCORP.CO.KR 8TH FL., HOMMACHI YAMAMOTO BLDG., 1-10, 4-CHOME, MINAMI-HOMMACHI CHOU-KU, OSAKA, JAPAN U.S.A L.A. HEAD OFFICE TEL:+1-562-906-0799 FAX:+1-562-941-9890 E-MAIL : CKIM@SYCORP.CO.KR 10504 PIONEER BLVD/SANTA FE SPRINGS CA 90670 U.S.A. N.J. BRANCH TEL:+1-201-585-7202 FAX:+1-201-585-7205 E-MAIL : CKIM@SYCORP.CO.KR 2125 CENTER AVE, SUITE #107 FORP LEE, NJ07024
Overseas Office	SHANGHAI TEL:+86-21-6440-0321 FAX:+86-21-6440-0334 E-MAIL : THOMAS@SYCORP.CO.KR RM, 181 I/J ZHAO FENG UNIVERSE BLDG, NO.1800 ZHONG SHAN WEST ROAD, SHANGHAI P.R.CHINA 200233 CHINA BEIJING TEL:+86-10-6510-1299 FAX:+86-10-6510-1239 E-MAIL : KHAHN@SYCORP.CO.KR RM. 1117, BEIJING BRIGHT CHINA CHANG AN BUILDING NI.7, JIANGUOMEN NEI AVENUE DONGCHENG DISTRICT BEIJING P.R.C DALIAN TEL:+86-411-8230-2555 FAX:+86-411-8230-3838 E-MAIL : JYEE@SYCORP.CO.KR RM, 1209, SWISSOTEL DALIAN, 21 WUHUI ROAD, DALIAN, CHINA GUANGZHOU TEL:+86-20-8752-0586 FAX:+86-20-8752-0508 E-MAIL : DOLEE@SYCORP.CO.KR RM. 5406, CITIC PLAZA 233, TIAN HE NORTH ROAD, GUANGZHOU, CHINA HONGKONG TEL:+852-2542-3151 FAX:+852-2544-9342 E-MAIL : HSKKIM@SYCORP.CO.KR RM. 609. WING ON CENTER 111, CONNAUGHT ROAD CENTRAL, HONG KONG, CHINA TAIPEI TEL:+886-2-2775-3777 FAX:+866-2-2772-4526 E-MAIL : TPETSOU@SYCORP.CO.KR RM. 703,148 CHUNGHSIAO EAST ROAD, SEC. 4, TAIPEI, TAIWAN, R.O. CHINA
Overseas Office	KUALA LUMPUR TEL:+60-3-2162-3635 FAX:+60-3-2162-3807 E-MAIL : SMKIM@SYCORP.CO.KR SUITE 1707, 17TH FLOOR PERNAS INT’S BLDG., JALAN SULTAN ISMAIL 50250 KUALA LUMPUR, MALAYSIA SINGAPORE TEL:+65-6334-2550 FAX:+65-6337-4898 7 TEMASEK BOULEVARD #32-03 SUNTEC TOWER ONE SINGAPORE 038987 JAKARTA TEL:+62-21-5296-3283 FAX:+62-21-5296-3284 E-MAIL : MGPARK@SYCORP.CO.KR KOREA CENTRE BLDG., #302 JI, JEND. GATOT SUBROTO KAV. 57~58 JAKARTA, SELATAN 12950 NEW DELHI TEL:+91-11-5132-3704 FAX:+91-11-5132-5649 E-MAIL : KSHAN@SYCORP.CO.KR #9 RING ROAD, LAJPAT NAGAR Ⅳ, NEW DELHI-110024, INDIA HANOI TEL : 84-4-772-4183 FAX : 84-4-772-4184 E-MAIL : LULURARA@SYCORP.CO.KR UNIT 705 FORTUNA OFFICE BUILDING 6B LANG HA, BA DINH, HANOI, VIETNAM
Overseas Office	BANGKOK TEL:+66-2-655-5609 FAX:+66-2-655-5611 E-MAIL : SSYBKK@SYCORP.CO.KR 29 VANISSA BLDG., 4TH FLR. SOI CHILDOM, LANGSUAN ROAD, LUMPINI, PATHUMWAN DISTRICT BANGKOK 10330, THAILAND RIYADH TEL:+966-1-473-0622,0266 FAX:+966-1-479-1848 E-MAIL : DHKANG@SYCORP.CO.KR RM. 303, AL AKARIYAH BLDG. AL SITEEN ST., RIYADH 11683 SAUDI ARABIA FRANKFURT TEL:+49-6196-481756~7 FAX:+49-6196-43439 E-MAIL : JHSONG@SYCORP.CO.KR T.O.PA.S.1. MERGENTHALERALLE 77 65760, ESCHBORM, GERMANY SYDNEY, AUSTRALIA TEL:+61-2-9954-0911 FAX:+61-2-9954-0919 E-MAIL : YJIN@SYCORP.CO.KR LEVEL 5 107 MOUNT STREET, NORTH SYDNEY, NSW2060 AUSTRALIA
Joint Venture	PLS CO., LTD.(131311-0093131) (90.0% held by the subject company)
Subsidiary	SSANGYONG (U.S.A) INC. (100.0% held by the subject company) GS GLOBAL JAPAN CORPORATION (100.0% held by the subject company) GS GLOBAL AUSTRALIA PTY LTD. (100.0% held by the subject company) SSANGYONG SINGAPORE PTE LTD. (100.0% held by the subject company) GS GLOBAL (H.K) CO., LTD. (100.0% held by the subject company) SSANGYONG RESOURCES PTY LTD. (100.0% held by the subject company) GS GLOBAL EUROPE GMBH (100.0% held by the subject company) SSANYONG SLAG & MATERIALS CO., LTD.(211111-0015835) (36.0% held by the subject company) GS GLOBAL (SUZHOU) STEEL SERVICE CENTER CO., LTD. GS GLOBAL TRADING (SHANGHAI) CO., LTD. MILL-PRO PTY. LTD. GS GLOBAL E&P (AMERICA) CORPORATION GS GLOBAL (NEMAHA) LLC

Sales by Region (Activity & Markets)

Sales/ Unit :Mil KRW	09/2010	2010	2009
Export	1,552,524	1,181,085	1,096,487
Domestic	473,572	449,110	34,803
Others	17,010	18,331	22,273
Total	2,043,106	1,648,526	1,153,563

The Subject deals with the companies in Australia, China and USA.

Court Action

Case No.	Court	Plaintiff(s)/ Creditor(s)/ Applicant(s)	Defendant(s)/ Debtor(s)/ Respondent(s)	Cause	Amount (KRW)	Status
	Makati Court, Philippines	The Subject Company	UNIMARINE	Claim for Compensation	US$1,530,000	Proceeding
		The Subject Company	AKRAM	-	USD 61,000	Proceeding
		The Subject Company	ASIA SOHO	Receivables	USD 909,000	Proceeding
		Kim Jung-Shin	The Subject Company	Related to Stocks	500,000,000	Proceeding
		Seoul Custom Center	The Subject Company	Penalties	1,044,096,000	Proceeding
		Jigu Environment Furnace	The Subject Company	Claim for Compensation	100,000,000	Proceeding
	Federal Supreme Court, Brazil	ELDORADO	The Subject Company	Confirmation on Not Existing Debts	US$2,662,000	Proceeding
		UNIMARINE & Others(4 Cases)	The Subject Company	Claim for Compensation	US$ 4,426,000	Proceeding

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.