MIRA INFORM REPORT

Report No. :	357013
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	HANWHA CORPORATION
Registered Office :	86, Cheonggyecheon-ro, Jung-gu, Seoul, 24th Fl., Hanwha Bldg., 04541
Country :	South Korea
Financials (as on) :	09.30.2015
Date of Incorporation :	10.28.1952
Com. Reg. No.:	202-81-16825
Legal Form :	Listed Company
Line of Business :	· Manufacture of Explosives and Pyrotechnic Products · Industrial Explosive, Network Equipment, CDMA
No. of Employee :	5,623

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 economic 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. A system of close government and business ties, including directed credit and import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 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 the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.

Source : CIA

Basic Information

Basic

Company Name	HANWHA CORPORATION (Trade Name : HWC)
Registered Address	86, Cheonggyecheon-ro, Jung-gu, Seoul, Korea
Building	24th Fl., Hanwha Bldg.
Zip Code	04541
Tel	+82-2-729-1114
Fax	+82-2-729-1762
E-mail	hanwhacorp@hanwha.co.kr;calmmoon@hanwha.co.kr;swhong26@hanwha.co.kr
Website	www.hanwhacorp.co.kr
Trading Address	86, Cheonggyecheon-ro, Jung-gu, Seoul, Korea (Old Address System : 24th Fl., Hanwha Bldg., 1, Janggyo-dong, Jung-gu, Seoul, Korea (C.P.O Box 7423 Seoul))
Tel	+82-2-729-1114
Fax	+82-2-729-1762
Other Address-Asan Factory	15-2 Block, Asan Technovalley, San 21-9, Seokgok-ri, Dunpo-myeon, Asan-si, Chungcheongnam-do, Korea
Tel	+82-41-538-7552
Fax
Other Address-Changwon Factory	39, Ungnam-dong, Changwon-si, Gyeongnam-do 641-290 Korea
Tel	+82-55-278-2880
Fax
Other Address-Gumi Factory	258, Gongdan-dong, Gumi-si, Gyeongbuk-do 730-030 Korea
Tel	+82-54-467-8500
Fax
Other Address-Daejeon Factory	52-1, Waesam-dong, Yuseong-gu, Daejeon 305-156 Korea
Tel	+82-42-829-2255
Fax
Other Address-Incheon Factory	50, Gojan-dong, Namdong-gu, Incheon 405-310 Korea
Tel	+82-32-460-1114
Fax	+82-32-446-1889
Other Address-Yeosu Factor	805, Sinwol-dong, Yeosu-si, Jeonnam-do 550-190 Korea
Tel	+82-61-640-1114
Fax
Other Address-Cheonan Factory	402-1, Sinwol-ri, Seongkeo-eup, Cheonan-si, Chungnam-do 330-834 Korea
Tel	+82-41-580-3800
Fax
Other Address-Boeun Factory	111, Eomdun-ri, Naebuk-myeon, Boeun-gun, Chungbuk-do 376-812 Korea
Tel	+82-43-540-0114
Fax
Other Address-Onsan Factory	753, Wonsan-ri, Onsan-eup, Ulju-gun, Ulsan 689-892 Korea
Tel	+82-52-237-6512
Fax
Other Address-Yeongnam Business Dept.	127-8, Gamjeon-dong, Sasang-gu, Busan 617-250 Korea
Tel	+82-51-312-9955
Fax
Other Address-Donghae Branch	San 24, Mangsang-dong, Donghae-si, Gangwon-do 240-080 Korea
Tel	+82-33-532-2747
Fax
Other Address-Taeback Branch	253-119, Hwangji-dong, Taeback-si, Gangwon-do 235-010 Korea
Tel	+82-33-552-2410
Fax	+82-33-552-3664
Other Address-Gwangju Branch	1352, Songjeon 2-dong, Gwangsan-gu, Gwangju 506-807 Korea
Tel	+82-62-942-8011
Fax
Other Address- Busan Branch	47, Daechang-dong 1-ga, Jung-gu, Busan 600-101 Korea
Tel	+82-51-469-6066
Fax
Other Address-Cheonan Branch	89, Namgwan-ri, Pungse-myeon, Cheonan-si, Chungnam-do 330-911 Korea
Tel	+82-41-578-7224
Fax
Other Address-Jecheon Branch	169-1, Sigok-ri, Songhak-myeon, Jechon-si, Chungbuk-do 390-813 Korea
Tel	+82-43-647-3644
Fax
Other Address-Guro Business Office	52-357, Gocheok-dong, Guro-gu, Seoul 152-080 Korea
Tel	+82-2-2689-1404
Fax
Other Address-Goyang Branch	San 118, Yongdu-dong, Deokyang-gu, Goyang-si, Gyeonggi-do 412-110 Korea
Tel	+82-2-353-1770
Fax
Other Address-Jeomchon Branch	524-1, Gongpyeong-dong, Mungyeong-si, Gyeongbuk-do 745-150 Korea
Tel	+82-54-552-2318
Fax
Type	Export/Import
Industry	Manufacture of Explosives and Pyrotechnic Products
Main Business	Industrial Explosive, Network Equipment, CDMA
Sub Business
Established (mm/dd/yyyy)	10/28/1952

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Explosive initiators(12131704)
Sell	Polyvinyl Chloride PVC(13102030)
Sell	Dynamite(12131501)
Sell	Fireworks(12131601)
Sell	Igniters(12131700)
Sell	Gold(11101801)
Sell	Bombs and grenades(46111500)
Sell	Stainless steel plate(30102205)
Sell	Bearings(31171500)
Sell	Newsprint and offset papers(14121900)
Sell	Coated papers(14121800)
Sell	Art or craft paper(14111606)
Sell	Pyrotechnics(12131600)
Sell	Blasting caps(12131701)
Sell	Metal and mineral industries(73120000)
Sell	Organic derivatives and substituted compounds(12352100)
Sell	Ammonia(12142103)
Sell	International trade services(80151600)
Sell	Printing and writing paper(14111500)
Sell	Inorganic compounds(12352300)
Sell	Meat and poultry(50111500)
Sell	Airbags(25172101)
Sell	Demolition services(72103003)
Sell	Civil engineering(81101500)
Sell	Lip balm(53131630)

CEO’s

Name	Park Jae-Hong
Address
Date of Birth	02/1958
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

377,190,145,000

Employees

5,623

Formation

Listed Company (Korea Stock Exchange: 000880) as of 06/25/1976

A Company of HANWHA GROUP

Bank Details

Woori Bank- Euljiro 1-Ga Branch

Korea Development Bank

KEB Hana Bank

Kookmin Bank

Shinhan Bank

Corporate Registered No.

110111-0002959

Business Registered No.

202-81-16825

Permit & Licenses

09/1995 ISO 9002

Int’l Trade No.: 672438

Shareholder Position

Name	Shares	%
KIM SEUNG-YON	16,977,949	22.51
KIM DONG-KWAN	3,330,000	4.41
HANWHA S&C CO., LTD.(110111-2204470)	1,650,000	2.19
NATIONAL PENSION SERVICE(110171-0007134)	7,845,682	10.40
KIM DONG-WON	1,250,000	1.66
KIM DONG-SUN	1,250,000	1.66
SEO YOUNG-MIN	1,061,676	1.41
CHEONAN BUKIL EDUCATION ACADEMY	1,371,105	1.82
TREASURY STOCK	5,880,000	7.79
OTHERS	34,821,617	46.16
TOTAL	75,438,029	100.00

Company History

06/25/2014 Decided to acquire Business Division of HANWHA TECHM CO.,LTD (194211-0056095) as of 10/01/2014

12/31/2012 Transferred Aerospace Business to HANWHA TECHM CO., LTD.(194211-0056095)

10/01/2010 Acquired MICROAEROBOT CO., LTD.(110111-2798069)

12/02/2008 Awarded US$2 Billion Export Top Prize

04/01/2008 Acquired CENTEC.CO., LTD(180111-0157403)

01/23/2008 Acquired Sentec Co., Ltd.

07/2007 Participated in Yemen’s 4 Zone Oil Development Project

05/2005 Signed business agreement to develop the land for the Incheon factory

11/2003 Sold Information & Communications Division’s Switchboard Unit

06/2003 Sold Information & Communications Division’s Mobile Communications Unit

04/2003 Formally announced ethical management initiative

07/2002 Spun-off Construction Division (Hanwha Engineering & Construction Co.) and Machi

03/2002 Sold Information & Communications Division’s Transmission Operations Unit and u

12/2001 Acquired Defense Product Unit from Daewoo Electronics (currently the Gumi factor

03/2001 Spun-off Information Division (Hanwha S&C)

09/2000 Machinery Division acquired aircraft components factory (CheonanFactory)

12/1999 Spun-off Pharmaceutical Division (H-Pharm Co.)

12/1999 Spun-off Power Generation Division (Hanwha Energy Co.)

09/1999 Acquired Power Generation Unit from Korea Energy (formerly Hanwha Energy)

12/1998 Incorporated with Hanwha Machine Co. (Machinery Division)

11/1998 Awarded the Silver Tower Industrial Medal and the $1 Billion Export Tower award

01/1996 Incorporated with Hanwha Electronic Information & Communication Co. (Information

02/1996 Incorporated with Duksan Construction Co. (Construction Division)

12/1995 Assumed operations of Central Pharmacy

09/1995 Received ISO 9002 certification

01/1995 Incorporated with Golden Bell Trading Co. (Trade Division)

03/1993 Officially became Hanwha Corporation

05/1992 Completed construction of Nitrate Manufacturing Plant in Incheon

01/1991 Completed construction of Boeun factory

11/1990 Received Korea Productivity Grand Prize

01/1989 Sold Kimpo Ceramics’ Factory

01/1988 Incorporated with Sanda Co. (currently the Explosives Division’s Changwon facto

07/1987 Acquired Daejeon factory

04/1984 Acquired Kimpo Ceramics’ factory

11/1982 Awarded the Gold Tower Industrial Medal and the $100 Million Export Tower award

12/1979 Established Central Research Institute

08/1978 Completed construction of Yeosu Factory

06/1976 Company’s IPO (Capital stock: KRW 3.274 million)

05/1974 Officially designated as a Defense Contractor

01/1955 Acquired Chosun Oil & Fat Company’s Incheon factory

01/1952 Incorporated as Korea Explosive Co., Ltd.

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
President & CEO / Int’l Trading	Mr.	Park Jae-Hong	Korean	1958.02.	Hanyang University, Korea
Sr. Executive Director & CEO / Machinery	Mr.	Kim Yeon-Cheol	Korean	1961.12.	Yonsei University, Korea
Sr. Executive Director & CEO / Chemicals	Mr.	Choi Yang-Soo	Korean	1958.07.	Sungkyunkwan University, Korea
Outside Director	Mr.	Hwang Eui-Don	Korean	1953.12.	Korea Army Academy
Outside Director	Mr.	Choi Jung-Ho	Korean	1954.10.	Pennsylvania University, USA
Outside Director	Mr.	Kang Seok-Hoon	Korean	1963.08.	Seoul National University, Korea
Outside Director	Mr.	Noh Sun-Ho	Korean	1957.02.	Seogang University, Korea
Outside Director	Mr.	Hong Jong-Ho	Korean	1940.01.	Seoul National University, Korea

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)09/2015	3,628,339,498,378	7,871,107,277,239	86,462,270,360
(*)2014	5,057,047,289,914	6,588,237,591,955	95,381,197,559
(*)2013	5,340,878,642,018	6,276,925,505,532	53,810,154,027
(*)2012	5,242,016,462,365	5,947,456,856,907	69,286,562,024
(*)2011	5,426,939,000,000	6,160,600,000,000	69,558,000,000
2010	5,230,965,000,000	6,044,104,000,000	129,870,000,000
2009	4,675,860,457,962	5,649,188,742,823	561,470,674,214
2008	4,942,288,330,531	5,207,421,767,749	293,413,143,362
2007	3,466,903,819,977	4,195,706,697,459	215,850,116,823
2006	2,293,081,639,543	4,205,878,343,488	272,854,639,481
2005	2,150,672,516,399	3,448,001,532,340	114,157,122,401
2004	2,378,598,196,724	3,384,245,709,314	241,737,091,895
2003	2,200,754,855,949	2,513,734,991,708	70,206,212,572

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

Financial Description

Authorized Capital(KRW)	1,000,000,000,000
Paid-Up Capital(KRW)	377,190,145,000
Total Issues Shares	75,438,029

Balance Sheet
Unit : Korean Won	01/01/2015~09/30/2015	As of 12/31/2014	As of 12/31/2013
Total Assets	7,871,107,277,239	6,588,237,591,955	6,276,925,505,532
Current Assets	2,239,183,610,286	1,859,249,801,231	1,639,085,299,218
Cash & Cash Equivalents	38,479,347,412	48,914,486,419	94,723,102,517
Marketable Financial Instruments	2,449,167,958	2,379,220,919	35,491,108
Trade Receivables & Other Receivables	1,229,009,780,746	974,048,417,237	921,849,434,477
Other Finance Assets	30,741,300,167	35,485,647,896	22,845,020,062
Other Current Assets	151,758,668,665	143,950,610,369	95,665,150,949
Inventories	776,452,275,987	654,471,418,391	503,967,100,105
Marketable Assets	10,293,069,351	-
Non-Current Assets	5,631,923,666,953	4,728,987,790,724	4,637,840,206,314
Marketable Financial Instruments	7,743,258,255	7,706,653,682	8,454,267,262
Trade Payables & Other Payables	501,752,326	-	-
Other Finance Assets	59,278,542,791	41,686,935,060	32,661,281,674
Investment_Related Companies	4,465,447,620,731	3,615,193,080,859	3,681,464,257,333
Investment_Real Estates	18,811,689,261	32,056,837,863	44,405,540,108
Tangibles	962,153,976,207	918,810,973,798	771,373,151,769
Intangibles	111,775,045,394	107,715,340,135	95,085,103,744
Other Non-Current Assets	6,211,781,988	5,817,969,327	4,396,604,424
Total Liabilities	5,138,516,510,122	3,907,360,492,293	3,642,694,962,140
Current Liabilities	3,030,320,577,781	2,188,272,359,263	2,327,038,816,869
Trade Payables & Other Payables	953,870,956,304	928,063,622,566	954,960,661,726
Long-Term Borrowings	1,584,539,189,258	818,499,563,721	1,129,359,201,310
Other Non-Current Financial Debts	46,012,813,104	50,452,627,814	38,936,894,654
Other Current Liabilities	439,005,024,013	307,786,152,894	177,217,009,740
Current Provisions	-	51,690,000,000	6,560,000,000
Deferred Income Tax Credit	6,892,595,102	31,780,392,268	20,005,049,439
Non-Current Liabilities	2,108,195,932,341	1,719,088,133,030	1,315,656,145,271
Long-Term Trade Payables & Other Payables	188,739,060,546	14,048,472,690	12,948,963,143
Long-Term Borrowings	1,402,254,754,061	1,201,908,775,001	871,892,178,447
Other Finance Liabilities	3,331,665,878	3,483,138,916	3,512,259,864
Confirmed Salaries	250,194,924,357	236,260,273,417	172,739,651,552
Provision	22,214,901,452	11,013,546,060	4,133,055,000
Other Non-Current Liabilities	5,764,366	5,764,366	-
Deferred Income Tax Credit	241,454,861,681	252,368,162,580	250,430,037,265
Capital Stock	377,190,145,000	377,190,145,000	377,190,145,000
Capital Surplus	337,737,690,216	337,737,690,216	339,257,038,334
Installments	-20,751,089,414	-20,751,089,414	-20,751,089,414
Installments	-614,862,458	-669,238,753	-687,308,967
Profit Surplus	2,039,028,883,773	1,987,369,592,613	1,939,221,758,439
Total Equity	2,732,590,767,117	2,680,877,099,662	2,634,230,543,392
Liab. & Shareholder’s Equity	7,871,107,277,239	6,588,237,591,955	6,276,925,505,532

Income Statement
Unit : Korean Won	01/01/2015~09/30/2015	As of 12/31/2014	As of 12/31/2013
Sales	3,628,339,498,378	5,057,047,289,914	5,340,878,642,018
Cost of Sold Goods	3,270,950,713,805	4,627,674,955,587	4,908,055,104,323
Gross Profit	357,388,784,573	429,372,334,327	432,823,537,695
Selling & Admin. Expenses	227,726,473,307	269,022,545,893	320,774,177,270
Operating Income	129,662,311,266	160,349,788,434	112,049,360,425
Other Income	186,586,020,052	289,579,882,894	132,791,683,421
Other Expenses	211,606,361,735	286,800,472,660	187,426,650,522
Finance Income	68,359,690,318	49,119,127,955	74,827,295,958
Finance Expenses	67,707,749,906	80,304,814,602	79,757,345,550
Income Before Taxes	105,293,909,995	131,943,512,021	52,484,343,732
Income Taxes Expenses	18,831,639,635	36,562,314,462	-1,325,810,295
Net Income	86,462,270,360	95,381,197,559	53,810,154,027

Cash Flows
Unit : Korean Won	01/01/2015~09/30/2015	As of 12/31/2014	As of 12/31/2013
Operating Activities Cash Flows	-260,864,885,275	221,915,334,266	317,836,044,564
Cash Flows from Operating	-54,650,097,942	231,767,383,236	317,711,527,099
Income Taxes	-315,514,983,217	-9,852,048,970	124,517,465
Cash Flows from Investing	-550,991,275,862	-77,561,970,122	-169,927,634,953
Cash Flows from Financing	856,071,120,072	-190,161,980,242	-122,263,202,731
Increase/Decrease in Cash	-10,435,139,007	-45,808,616,098	25,645,206,880
Cash at the Beginning of Year	48,914,486,419	94,723,102,517	69,077,895,637
Cash at the End of Year	38,479,347,412	48,914,486,419	94,723,102,517

Products, Technologies, Services Description

Main Products & Services	EXPLOSIVES BUSINESS Explosives -Explosives -Accessories Nitric Products -Nitric Acid -Ammonia Defense Products -Guided Weaponry -Rockets -Illumination Cartridges -Grenades -Fuzes -High Explosives -Propellants -Undersea Equipment Inflators -Driver's Seat -Passenger Seat -Sides Fireworks -Nighttime Fireworks -Daytime Fireworks -Ground Fireworks -Special Effects -Signals Aerospace Products -Fixed Wing -Rotary Wing -Space Brand Name: MegaMite, Hanwha, NewMITE Plus
Main Products & Services	MegaMite is a nitroglycol-based gelatin dynamite with good water- and cold-resistance. The unparalleled detonation power and velocity makes it an all-purpose explosives for both soft and super hard rocks. In particular, it is suitable to blow up hard and super hard rocks that are hardly affected by emulsion explosives. HiDETO Plus is an electric detonator with RDX 650mg as its base charge, and is used to detonate a blast hole electrically. There are basically two types of products: MS(Millisecond) delay detonators with a stage-to-stage interval of 20ms and LP(Long Period) delay detonators with a stage-to-stage interval of 100∼500ms. They are generally effective both for open-area and underground blasting. Also, their excellent millisecond precision is effective in minimizing the blasting vibration and improving fragmentation. With the coloring of leg wires, shell bodies they are extremely easy to discern. Driver's Seat In 2001, Hanwha completed the localization of two kinds of inflators through technology cooperation with TRW. The two are: FG inflator that uses Azide as the explosive facilitating the generation of gas to inflate the airbag; and the ADI inflator that uses non-Azide, an environment friendly product. Currently, these products are manufactured at the Hanwha Boeun factory which is the only inflator manufacturer in Korea. Passenger Seat The representative products are PPI3 and PHI-2. PPI3 uses non-Azide propellant as the main source of gas generation to inflate airbags while PHI2 uses compressed inert gas. These products are manufactured at TRW. In Korea, the installation of passenger-side airbags is increasing rapidly in order to enhance vehicle safety. Sides It uses compressed inert gas to inflate side airbags and is currently manufactured at TRW of Germany. The demand for inflators for side airbags is expected to increase in Korea in order to increase vehicle safety. Korean Fighter Program HANWHA was designated as a specialized FCISA(Flight Control Integrated Servo Actuator) supplier for KFP program by Korea MND and successfully delivered to KAI. We fully support our customer, ROKAF, by repair and overhaul.
Main Products & Services	TRADE BUSINESS Petroleum Petrochemicals Plastic Resin Chemicals -Inorganic -Organic Chemical -Chemical Export Transportation Equipment Metals Bearings Machinery Equipment -Pneumetic -General Purpose Valves -Bush -LM Defense Products -Ammunitions -Rockets -Fuzes -Propelling Charges -Hand Grenades and Mines -Bombs and Demolitions -Other Suppliable Defense Livestock -Beef -Pork Salt Plastic Products Papers Cut Flowers
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers	HUCHEMS FINE CHEMICAL CORPORATION 5 FL., KUKDONG BLDG., 60-1, CHUNGMURO 3-GA, JUNG-GU, SEOUL 100-705 KOREA TEL: 82-2-2262-0600 FAX: 82-2-2265-9381 INDUSTRY: MANUFACTURE OF ALL OTHER CHEMICAL PRODUCTS N.E.C. TAEYOUNG INDUSTRY CORPORATION 1-1, YONGJAM-DONG, NAM-GU, ULSAN 680-070 KOREA TEL: 82-52-228-3300 FAX: 82-52-228-3388 INDUSTRY: WATER FREIGHT HANDLING HANWHA CHEMICAL CORPORATION HANWHA LIVING &CREATIVE CORPORATION HANWHA ENGINEERING & CONSTRUCTION CORPORATION YEOCHUN NAPHTHA CRACKING CENTER CO., LTD. HANWHA S & C CO., LTD. TRW
Customers	DEFENSE PROCUREMENT AGENCY HANWHA CHEMICAL CORPORATION HANWHA LIVING &CREATIVE CORPORATION HANWHA ENGINEERING & CONSTRUCTION CORPORATION YEOCHUN NAPHTHA CRACKING CENTER CO., LTD. HANWHA S & C CO., LTD. NOVELIS KOREA LIMITED(175611-0003950) HANWHA INTERNATIONAL (S) PTE LTD.(SINGAPORE) HYUNDAI CONSTRUCTION EQUIPMENT USA INC.(USA) MARUBENI CORPORATION TOKYO(JAPAN)
Competitors	SK NETWORKS CO., LTD. 4, PYEONG-DONG, GWONSEON-GU, SUWON-SI, GYEONGII-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 LG INTERNATIONAL CORP. 12 FL., LG TWIN TOWER EAST ANNEX, 20, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL 150-721 KOREA TEL:+82-2-3773-5114 FAX:+82-2-3773-5446 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 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

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates-Domestics	HANWHA CHEMICAL CORPORATION (110111-0360935) HANWHA TIMEWORLD CO., LTD. (160111-0003410) HANWHA SECURITIES CO.,LTD (110111-0003155) HANWHA NON-LIFE INSURANCE CO., LTD. (110111-0006456) HANWHA L&C CORPORATION(110111-1725930) HANWHA POLYDREAMER CO.,LTD (161511-0001861) HANWHA STATION DEVELOPMENT CO., LTD. (110111-0544133) HANWHA CHONGNYANGNI STATION DEVELOPMENT CO., LTD. (110111-3008376) HANWHA INVESTMENT TRUST MANAGEMENT CO., LTD. (110111-0571201) HANWHA VC CORP. (110111-1912909) KLI INSURANCE INVESTIGATION CO., LTD. (110111-3192913) KOREA TELE MARKETING & SERVICES CO., LTD (110111-3199349) RADISSON SEOUL PLAZA HOTEL (110111-0154776) HAN COMM. INC. (110111-0362957) ENVIRONMENT FACILITIES MANAGEMENT CORPORATION (141411-0006564) DREAMPHARMA CORP. (110111-1181025) HANWHA S&C CO., LTD (110111-2204470) GUNPO ECOTECH CORPORATION (110111-2629941) HANWHA 63 CITY CORPORATION (110111-0425622) DAEDEOK TECHNO VALLEY CO., LTD (160111-0115059) YANGJU ENVIRO CORPORATION (110111-2503244) HANWHA CITY DEVELOPMENT CO.,LTD (160111-0182230) KUMDAN ECOTECH CORPORATION (110111-3205659) HANWHA GALLERIA CO., LTD.( 110111-0202989) HANWHA Q CELLS KOREA CORP.(110111-4572619) HANWHA TOUR HANWHA RESORT CO.,LTD (110111-0249709) KOREA LIFE INSURANCE CO.,LTD (110111-0003204) HANWHA EAGLES PROFESSIONAL BASEBALL CLUB (160111-0007214) DANGJIN TECHNO POLIS CO., LTD(165011-0022657) AZDEL INC. HANWHA INDEPENDENT ENERGY CORPORATION(110111-3780932) GIMHAE TECHNO VALLEY CO.,LTD.(195511-0120447) HANWHA CHEMICAL OVERSEAS HOLDINGS, CO., LTD.(110111-4137207)
Affiliates-Overseas	KOREA LIFE INVESTMENT (AMERICA) LTD. HANWHA (SHANGHAI) CO., LTD. HANWHA CHEMICAL THAILAND. MAXFORMA INCORPORATED. UNION INDUSTRIAL DEVELOPMENT INC. BOR DEVELOPMENT LLC. MAXFORMA HOLDINGS INCORPORATED MAXFORMA PLASTICS LLC. HANWHA CHEMICAL (BEIJING) CO., LTD. HANWHA CHEMICAL (SHANGHAI) CO., LTD. UNIVERSAL BEARINGS INC. HANWHA AMERICA DEVELOPMENT INC. HANWHA LANCASTER LLC. HANWHA DEVELOPMENT SERVICES LLC. LANCASTER DEVELOPMENT GROUP LLC. HANWHA INTERNATIONAL(S) PTE LTD. MGM RT. ACROPARK GOLF CORP. HANWHA BANK HUNGARY LTD. HANWHA FIRST INVESTMENT CO.,BV HANWHA CHANDLER LLC. CHANDLER LLC. HANWHA SONORAN LLC. SONORAN VISTA LLC. HANWHA SAUDI CONTRACTING CO. LTD. HANWHA RESOURCES (CANADA) LTD. HANWHA L&C CANADA INC. HANWHA PARCEL LLC HANWHA INTERNACIONAL DO BRASIL INTERMEDIACOES DE NEGOCIOS LTDA. HANWHA CORSICANA LLC HANWHA PARCEL O LLC HANWHA Q CELLS JAPAN CO., LTD. HANWHA LIFE INSURANCE COMPANY LIMITED. (VIETNAM) HANWHA SOLARONE TECHNOLOGY CO., LTD. HANWHA SOLARONE (QIDONG) CO., LTD. HANWHA SOLARONE HONG KONG LIMITED HANWHA SOLARONE INVESTMENT HOLDING LTD. HANWHA SOLARONE CO., LTD.
Overseas Office	HANWHA CORPORATION BEIJING REPRESENTATIVE OFFICE 1804 CAPITAL TOWER BUILDING TOWER A&B NO.6 JIA JIANGUOMENWAI AVENUE, CHAOYANG DISTRICT, BEIJING, CHINA TEL :+86-10-6517-0012 FAX :+86-10-6517-0025 HANWHA CORPORATION GUANGZHOU REPRESENTATIVE OFFICE RM 1903, WEST TOWER, FORTUNE PLAZA, #114-118, TIYUNDONG ROAD, GUANGZHOU, CHINA TEL :+86-20 -3893-1567 FAX :+86-20- 3893-2760 HANWHA CORPORATION SHANTOU REPRESENTATIVE OFFICE RM 6-03, 6F MERITUS HOTEL, JINDHA ROAD, SHANTOU, CHINA TEL :+86-754-8863-3006 FAX 86-754-8863-4209 HANWHA CORPORATION URUMQI REPRESENTATIVE OFFICE 11TH FLOOR, ”D”RM FOUNTAIN PLAZA, #86 ZHONG-SHAN ROAD, URUMQI, XINJIANG, CHINA TEL :+86-991-282-2512,2513 FAX :+86-991-236-3796 HANWHA CORPORATION SHENZHEN REPRESENTATIVE OFFICE RM 22E2, TIMES PLAZA, NO.1 TAIZI ROAD, SHEKOU, SHENZHEN, CHINA TEL :+86-755- 2667-3782 FAX :+86-755- 2667-3719 HANWHA CORPORATION SHENYANG REPRESENTATIVE OFFICE RM 1702, TOWER2, SHENYANG CITY PLAZA, NO.206, NANJING NORTH ST., HEPING DIST, SHENYANG, CHINA TEL :+86-24- 2334-1065 FAX :+86-24-2334-1096
Overseas Office	HANWHA CORPORATION TAIPEI REPRESENTATIVE OFFICE 8F-4, 207, TUN-HWAN ROAD, TAIPEI, TAIWAN TEL :+886-22-547-3355 FAX :+886-22-546-9955 HANWHA CORPORATION JAKARTA REPRESENTATIVE OFFICE S.WIDJOJO BUILDING 9TH FLOOR, JL.JEND. SUDIRMAN 71, JAKARTA 12190, INDONESIA TEL :+62-21-520-5815 FAX :+62-21-520-5810 HANWHA CORPORATION HO CHI MINH REPRESENTATIVE OFFICE SAIGON RIVERSIDE OFFICE CENTER 15FL, ROOM 1504 2A-4A TON DUC THANG ST., DIST.1., HCMC, VIETNAM TEL :+84-8-822-7301 FAX :+84-8-822-7302 HANWHA CORPORATION MANILA REPRESENTATIVE OFFICE 168 GOLDEN ROCK BLDG. 4TH FLOOR UNIT 4012 168 SALCEDO ST. LEGASPI VILLAGE, MAKATI CITY, PHILIPPINES 1229 TEL :+63-2-840-1330 FAX :+63-2-893-9482 HANWHA CORPORATION ATHENS REPRESENTATIVE OFFICE RIZARIOU 2A AND MIKRAS ASIAS 66, CHALANDRI, 15233, ATHENS, GREECE TEL :+30-210-685-8280 FAX :+30-210-685-8240 HANWHA CORPORATION MOSCOW REPRESENTATIVE OFFICE LENINSKY PROSPEKT 113 / 1, PARK PLACE BUSINESS CENTER, OFFICE 212D MOSCOW 117198, RUSSIA TEL :+7-495-662-3001~2 FAX :+7-495-662-3003
Liaison Office
Overseas Branch
Joint Venture
Subsidiary	HANWHA CHEMICAL CORPORATION (110111-0360935) (36.52% held by the subject company) HANWHA LIFE INSURANCE CO., LTD.(110111-0003204) (21.67% held by the subject company) HANWHA TECHWIN CO.,LTD.(194211-0000480) (32.35% held by the subject company) HANWHA E&C CO., LTD.(110111-2558405) (93.6% held by the subject company) HANWHA HOTELS & RESORTS CO.,LTD.(110111-0249709) (50.62% held by the subject company) HANWHA Q CELLS KOREA CORP.(110111-4572619) (41.0% held by the subject company) HANWHA TECHM CO.,LTD (194211-0056095) (100.0% held by the subject company) HANWHA AGRITECH LTD.(HONG KONG) (100.0% held by the subject company) HANWHA HOLDINGS (USA) INC.(USA) (0.58% held by the subject company) HANWHA HONGKONG CO.,LTD.(HONG KONG) (100.0% held by the subject company) HANWHA Q CELLS JAPAN CO., LTD. (100.0% held by the subject company) HANWHA EUROPE GMBH (100.0% held by the subject company)
Subsidiary	HANWHA MACHINERY CORP.(USA) (100.0% held by the subject company) HANWHA RESOURCES (CANADA) LTD. (100.0% held by the subject company) HANWHA RESOURCES (AUSTRALIA) PTY LTD. (100.0% held by the subject company) HANWHA RESOURCES(USA) CORPORATION(USA) (100.0% held by the subject company) HANWHA INTERNACIONAL DO BRASIL INTERMEDIACOES DE NEGOCIOS LTDA.(BRAZIL) (100.0% held by the subject company) HANWHA GREENTECH LTD.(HONG KONG) (80.0% held by the subject company) HANWHA TECHM HUNGARY ZRT.(HUNGARY) (97.21% held by the subject company) S&P WORLD NETWORKS DMCC(UAE) (100.0% held by the subject company) PT HANWHA MINING SERVICES INDONESIA (99.0% held by the subject company) HANWHA INTERNATIONAL INDIA PVT., LT(INDIA) (99.99% held by the subject company) HANWHA MINING SERVICES AUSTRALIA (100.0% held by the subject company) HANWHA MINING SERVICES PERU S.A.C(PERU) (99.0% held by the subject company) HANWHA MINING SERVICES CHILE SPA(CHILE) (100.0% held by the subject company) HANWHA MINING SERVICES SINGAPORE PTE. LTD.(SINGAPORE) (100.0% held by the subject company) HANWHA SINGAPORE PTE. LTD.(SINGAPORE) (100.0% held by the subject company) HANWHA EAGLES PROFESSIONAL BASEBALL CLUB(160111-0007214) (40.0% held by the subject company) HANWHA INTERNATIONAL TRADE(SHANGHAI) CO., LTD.(CHINA) (33.33% held by the subject company) PT. BARA BUMI INTERNATIONAL (99.6% held by the subject company)
Subsidiary	HANWHA Q CELLS SOLAR POWER SDN. BHD. UPPER PENTHOUSE, WISMA RKT, NO. 2, JALAN RAJA ABDULLAH, OFF JALAN SULTAN ISMAIL 50300 KUALA LUMPUR, MALAYSIA HANWHA TECHM USA LLC 1407 ALLEN DRIVE, SUITE F TROY, MI 48083, USA AMRU AND HANWHA INTERNATIONAL #158 NO. 15A, ST. PLAU LUM, SANGKAT RUSEY KEO, KHAN RUSSEY KEO, PHNOM PENH, KINGDOM OF CAMBODIA HQ MEXICO HOLDINGS S DE RL DE CV LUZ SAVINON 13 PH4, DEL VALLE, C.P. 03100, MEXICO, D.F., MEXICO MAZOVIA SOLAR 1 SP. Z O.O. (구, E14 AMB ENERGIA SP. Z O.O.) UL. SNIADECKICH 10, 00-656 WARZAW, POLAND HANWHA SOLAR POWER KITSUKI G.K. 1234-2, YAMAGAMACHI OAZAHIROSE, KITSUKI-SHI, OITA, JAPAN MAZOVIA SOLAR 2 SP. Z O.O. (구, E15 AMB ENERGIA SP. Z O.O.) UL. SNIADECKICH 10, 00-656 WARZAW, POLAND HANWHA INTERNATIONAL INDIA PVT., LT NO.35, 3RD FLOOR, MAKER CHAMBER III, NARIMAN POINT, MUMBAI, INDIA HQC PANAMA S DE RL 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE CA  92618 FENLAND RENEWABLES LIMITED LEVEL 6 CITY TOWER, 40 BASINGHALL STREET, LONDON, UNITED KINGDOM, EC2V 5DE HANWHA Q CELLS TURKEY GN. ALI RIZA GURCAN CAD. MERTER IS MERKEZI NO:2 OFIS:48 GUNGOREN ISTANBUL, TURKEY GREEN END RENEWABLES LIMITED LEVEL 6 CITY TOWER, 40 BASINGHALL STREET, LONDON, UNITED KINGDOM, EC2V 5DE Q SOLAR HOLDINGS G.K. OSAKASHI, CHUO-KU, KAWARAMACHI 1-7-2, TTN B/D 4F, #401, 541-0048 JAPAN DAINI Q SOLAR G.K. OSAKASHI, CHUO-KU, KAWARAMACHI 1-7-2, TTN B/D 4F, #401, 541-0048 JAPAN DAISAN Q SOLAR G.K. OSAKASHI, CHUO-KU, KAWARAMACHI 1-7-2, TTN B/D 4F, #401, 541-0048 JAPAN DAIYON Q SOLAR G.K. OSAKASHI, CHUO-KU, KAWARAMACHI 1-7-2, TTN B/D 4F, #401, 541-0048 JAPAN GK GA NASUKARASUYAMA OSAKASHI, CHUO-KU, KAWARAMACHI 1-7-2, TTN B/D 4F, #401, 541-0048 JAPAN HANWHA PROPERTY USA LLC 300 FRANK W. BURR BLVD., SUITE 52, TEANECK, NJ 07666 HANWHA Q CELLS CHILE SPA MIRAFLORES 222, PISO 28, SANTIAGO, CHILE HANWHA MINING SERVICES AUSTRALIA PTY., LTD UNIT 3, 47 FORREST STREET, SUBIACO WA 6008, AUSTRALIA HANWHA CHEMICAL INDIA PRIVATE LIMITED (주9) 105-106, RECTANGLE 1, D-4 , DISTRICT CENTRE SAKET, NEW DELHI 110017 HANWHA MINING SERVICES PERU S.A.C. AV. VICTOR A. BELAUDE 147 VIA PRINCIPAL 140 EDIFICIO REAL SEIS, PISO 7 LIMA 27, PERU HANWHA Q CELLS JAPAN POWER SOLUTIONS CO.,LTD. 9F HANWHA BLDG., 10-1, SHIBA 4-CHOME, MINATO-KU, TOKYO, JAPAN HANWHA Q CELLS TIL TIL UNO SPA ENRIQUE FOSTER 39, PISO 12, LAS CONDES, SANTIAGO, CHILE HANWHA MINING SERVICES CHILE SPA ALONSO DE CORDOVA 5870, FLOOR 7TH, OFFICE 707, LAS CONDES, SANTIAGO, CHILE HANWHA ASSET MANAGEMENT PTE. LTD. 80 ROBINSON ROAD #02-00 SINGAPORE(068898)
Subsidiary	BLUE ALBATROSS FZE JAFZAVIEW19 #2401, JEBEL ALI, DUBAI, UAE AVENIR EL DIVISADERO SPA STREET ENRIQUE FOSTER # 39.  FLOOR 12, LAS CONDES, SANTIAGO, REGION METROPOLITANA. CHILE. HANWHA SOLARONE POWER GENERATION (WUXI) CO., LTD. ROOM 610, 200 LINGHU ROAD, WUXI T-PARK, JIANGSU, P.R.C. HANWHA SINGAPORE PTE. LTD. 4 SHENTON WAY #15-06 SGX CENTRE II SINGAPORE (068807) HQ MEXICO SOLAR I S DE RL DE CV LUZ SAVINON 13 PH4, DEL VALLE, C.P. 03100, MEXICO, D.F., MEXICO FCHQC DEVELOPMENT, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HSEA PR ISLA II, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HSEA PR ISLA III, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HSEA PR ISLA IV, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HSEA PR ISLA V, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. PV VALLENAR UNO SPA STREET ENRIQUE FOSTER # 39.  FLOOR 12, LAS CONDES, SANTIAGO, REGION METROPOLITANA. CHILE. HW SOLAR POWER 3 G.K. 10-1, SHIBA 4-CHOME, MINATO-KU, TOKYO, 108-0014, JAPAN TAWASUL AL-EZDIHAR CO., LTD AL MANSOUR, MAHLA 609, AVENUE 24, BUILDING 70, OFFICE 15. BAGHDAD, IRAQ HO'OHANA SOLAR I, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HANWHA Q CELLS FRANCE SAS LE CALYPSO, 25 RUE DE LA PETITE DURANNE, AIX-EN-PROVENCE, FRANCE FENLAND GREEN-END SOLAR HOLDING LTD. LEVEL 6 CITY TOWER, 40 BASINGHALL STREET, LONDON, UNITED KINGDOM, EC2V 5DE HANWHA MINING SERVICES SINGAPORE PTE. LTD. 8 CROSS STREET #10-00 PWC BUILDING SINGAPORE (048424) HQ SOLAR DEVELOPMENTS COSTA RICA, S DE RL SAN JOSE-SANTA ANA POZOS, CENTRO EMPRESARIAL FORUM UNO, EDIFICIO C, OFICINA UNO C UNO, BUFETE ARIAS & MUNOZ WOODLAND SOLAR POWER GENERATION STATION, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HANWHA CONSULTING SERVICES MYANMAR COMPANY LIMITED MYAWADDY BANK TOWER COMPLEX TOWER B, B-502 , NO.151, CORNER OF WARDEN STREET&BOGYOKE AUNG SAN ROAD, LANMADAW TOWNSHIP YANGON, MYANMAR HANWHA ADVANCED MATERIALS GERMANY GMBH INDUSTRIESTR. 27 · 92345 DIETFURT · GERMANY
Subsidiary	HANWHA ADVANCED MATERIALS MEXICO S. DE R.L. DE C.V. AV. TECNOLOGICO 1345, COL. MONTERREY TECHNOLOGY PARK, CIENEGA DE FLORES, NUEVO LEON, MEXICO  CP 65550 HANWHA Q CELLS TIL TIL DOS SPA STREET ENRIQUE FOSTER # 39.  FLOOR 12, LAS CONDES, SANTIAGO, REGION METROPOLITANA. CHILE. HQSB SOLAR I, S. DE R.L. DE C.V. LUZ SAVINON 13 PH4 DEL VALLE, C.P. 03100 MEXICO, D.F. MEXICO HIGH ERCALL RENEWABLES LIMITED C/O TUERNER & CO, NOTTINGHAM COMMERCE CENTRE, 8 EXPERIAN WAY, NOTTINGHAM, NG2 1EP PT. BARA BUMI INTERNATIONAL SEQUIS CENTER,9TH FLOOR,JL.JEND , SUDIRMAN,KAV71,JAKARTA SELATAN INDONESIA BOURTON RENEWABLES LIMITED C/O TUERNER & CO, NOTTINGHAM COMMERCE CENTRE, 8 EXPERIAN WAY, NOTTINGHAM, NG2 1EP HARELAW RENEWABLES LIMITED C/O TUERNER & CO, NOTTINGHAM COMMERCE CENTRE, 8 EXPERIAN WAY, NOTTINGHAM, NG2 1EP HANWHA Q CELLS SERVICIOS COMERCIALES, S DE RL DE CV LUZ SAVINON 13 PH4 DEL VALLE, C.P. 03101 MEXICO, D.F. MEXICO SFH SOLARPARK GMBH LORENZWEG 5, 12099 BERLIN/GERMANY KMPT SOLARPARK VERWALTUNG GMBH LORENZWEG 5, 12099 BERLIN/GERMANY Q SOLAR A G.K. 1-7-2, KAWARAMACHI, CHUO-KU, OSAKA, JAPAN Q SOLAR B G.K. 1-7-2, KAWARAMACHI, CHUO-KU, OSAKA, JAPAN Q SOLAR C G.K. 1-7-2, KAWARAMACHI, CHUO-KU, OSAKA, JAPAN MAZOVIA SOLAR 3 SP. Z O.O. UL. DOMANIEWSKA 39A, 02-672 WARZAW, POLAND HMS AUSTRALIA PROPERTY HOLDINGS PTY LTD PO BOX 7191, CLOISTERS SQUARE WA 6850 HSSC STAINLESS INC. 16331 CARMENITA RD, CERRITOS, CA 90703 MIDWAY SOLAR, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HQC ROCK RIVER SOLAR POWER GENERATION STATION, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A. HQC TATANKA WI SOLAR POWER GENERATION STATION, LLC 300 SPECTRUM CENTER DRIVE, SUITE 1250, IRVINE, CA 92618, U.S.A.
Corporate Ownership	The Subject company is the ultimate company of HANWHA GROUP.
Major Shareholders
Cooperative Enterprise	CLAVERHAM-UK YICOM-YEMEN -Insured Comp[any FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586)

Sales by Region (Activity & Markets)

Sales/ Unit :Thousand KRW	09/2015	2014	2013
Export	1,829,839,901
Domestic	1,798,499,597
Total	3,628,339,498

The Subject deals with the companies in China, Japan, Russia, Singapore, Vietnam and USA.

Court Action

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (Million KRW)

Status

There are 27 cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 12,332,000,000 KRW, and 6 cases Plaintiff(s)/ Creditor(s)/ Applicant(s) amounting 10,661,000,000 KRW as of 09/30/2015.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.99.61
Euro	1	Rs.70.67
KRW	1	Rs.0.057

Note : Above are approximate rates obtained from sources believed to be correct

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%)

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.