MIRA INFORM REPORT

()

Report No. :	307450
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	HANWHA CORPORATION

Registered Office :	86, Cheonggyecheon-ro, Jung-gu, Seoul, Korea

Country :	South Korea

Financials (as on) :	31.03.2014

Date of Incorporation :	28.10.1952

Com. Reg. No.:	202-81-16825

Legal Form :	Listed Company

Line of Business :	Manufacture of Explosives and Pyrotechnic Products

No. of Employees	4,096

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

South Korea

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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	HANWHA CORPORATION (Trade Name : HWC)
Registered Address	86, Cheonggyecheon-ro, Jung-gu, Seoul, Korea
Building	24th Fl., Hanwha Bldg.
Zip Code	100-797
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	Shim Kyung-Sub
Address
Date of Birth	09/1954
Title	President & CEO / Finance
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

377,190,145,000

Employees

4,096

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

Korea Exchange 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)	5,073,034	6.72
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
OTHERS	43,474,265	57.63
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.

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
President & CEO / Finance	Mr.	Shim Kyung-Sub	Korean	1954.09.	Korea University, Korea
President & CEO / Int’l Trading	Mr.	Park Jae-Hong	Korean	1958.02.	Hanyang University, Korea
Sr. Executive Director	Mr.	Han Kwon-Tae	Korean	1955.03.	Seogang University, Korea
Sr. Executive Director	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

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)03/2014	1,311,986,601,138	6,365,419,880,865	49,253,848,821
(*)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	01/01/2014~03/31/2014	As of 12/31/2013	As of 12/31/2012
Total Assets	6,365,419,880,865	6,276,925,505,532	5,947,456,856,907
Current Assets	1,716,306,576,379	1,639,085,299,218	1,502,517,673,269
Cash & Cash Equivalents	111,849,381,078	94,723,102,517	69,077,895,637
Marketable Financial Instruments	34,134,157	35,491,108	3,000,000,000
Trade Receivables & Other Receivables	933,891,832,918	921,849,434,477	706,766,612,372
Other Finance Assets	20,737,103,295	22,845,020,062	35,058,792,584
Other Current Assets	86,369,858,144	95,665,150,949	79,503,904,867
Inventories	563,424,266,787	503,967,100,105	603,879,555,999
Marketable Assets			5,230,911,810
Non-Current Assets	4,649,113,304,486	4,637,840,206,314	4,444,939,183,638
Marketable Financial Instruments	8,020,591,702	8,454,267,262	5,816,066,569
Trade Payables & Other Payables			68,154,824
Other Finance Assets	35,223,144,102	32,661,281,674	26,678,551,143
Investment_Related Companies	3,680,922,936,622	3,681,464,257,333	3,531,913,991,836
Investment_Real Estates	44,338,303,806	44,405,540,108	44,013,587,459
Tangibles	783,688,893,910	771,373,151,769	742,326,466,333
Intangibles	93,252,927,104	95,085,103,744	91,613,317,191
Other Non-Current Assets	3,666,507,240	4,396,604,424	2,509,048,283
Total Liabilities	3,709,769,538,295	3,642,694,962,140	3,343,315,276,577
Current Liabilities	2,371,641,064,013	2,327,038,816,869	1,880,024,124,839
Trade Payables & Other Payables	865,959,568,509	954,960,661,726	632,978,171,839
Long-Term Borrowings	1,245,975,763,519	1,129,359,201,310	1,015,966,802,394
Other Non-Current Financial Debts	23,269,038,450	38,936,894,654	51,444,330,367
Other Current Liabilities	213,210,246,640	177,217,009,740	179,634,820,239
Current Provisions	6,560,000,000	6,560,000,000	-
Deferred Income Tax Credit	16,666,446,895	20,005,049,439	-
Non-Current Liabilities	1,338,128,474,282	1,315,656,145,271	1,463,291,151,738
Long-Term Trade Payables & Other Payables	13,057,506,116	12,948,963,143	13,536,929,302
Long-Term Borrowings	892,805,689,093	871,892,178,447	998,556,600,124
Other Finance Liabilities	3,486,160,796	3,512,259,864	91,140,000
Confirmed Salaries	177,932,196,166	172,739,651,552	166,707,002,091
Provision	4,133,055,000	4,133,055,000	9,959,815,000
Deferred Income Tax Credit	246,713,867,111	250,430,037,265	274,439,665,221
Capital Stock	377,190,145,000	377,190,145,000	377,190,145,000
Capital Surplus	339,257,038,334	339,257,038,334	339,257,038,334
Installments	-20,751,089,414	-20,751,089,414	-20,751,089,414
Installments	-674,182,310	-687,308,967	-504,428,135
Profit Surplus	1,960,628,430,960	1,939,221,758,439	1,908,949,914,545
Total Equity	2,655,650,342,570	2,634,230,543,392	2,604,141,580,330
Liab. & Shareholder’s Equity	6,365,419,880,865	6,276,925,505,532	5,947,456,856,907

Income Statement
Unit : Korean Won	01/01/2014~03/31/2014	As of 12/31/2013	As of 12/31/2012
Sales	1,311,986,601,138	5,340,878,642,018	5,242,016,462,365
Cost of Sold Goods	1,227,777,862,229	4,908,055,104,323	4,847,661,820,026
Gross Profit	84,208,738,909	432,823,537,695	394,354,642,339
Selling & Admin. Expenses	60,260,073,732	320,774,177,270	281,611,753,488
Operating Income	23,948,665,177	112,049,360,425	112,742,888,851
Other Income	26,670,077,498	132,791,683,421	117,648,964,039
Other Expenses	33,143,119,491	187,426,650,522	152,134,060,626
Finance Income	39,429,433,489	74,827,295,958	85,257,024,719
Finance Expenses	20,496,201,252	79,757,345,550	91,463,096,626
Income Before Taxes	36,408,855,421	52,484,343,732	72,051,720,357
Income Taxes Expenses	-12,844,993,400	-1,325,810,295	2,765,158,333
Net Income	49,253,848,821	53,810,154,027	69,286,562,024

Cash Flows
Unit : Korean Won	01/01/2014~03/31/2014	As of 12/31/2013	As of 12/31/2012
Operating Activities Cash Flows	-86,471,911,090	317,836,044,564	266,248,047,069
Cash Flows from Operating	-92,257,940,960	317,711,527,099	281,882,364,921
Income Taxes	5,786,029,870	124,517,465	-15,634,317,852
Cash Flows from Investing	-13,011,308,939	-169,927,634,953	-22,985,018,599
Cash Flows from Financing	116,609,498,590	-122,263,202,731	-193,637,102,883
Increase/Decrease in Cash	17,126,278,561	25,645,206,880	49,625,925,587
Cash at the Beginning of Year	94,723,102,517	69,077,895,637	19,451,970,050
Cash at the End of Year	111,849,381,078	94,723,102,517	69,077,895,637

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, etc. 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) (50.0% HELD BY THE SUBJECT COMPANY) KOREA LIFE INSURANCE CO.,LTD (110111-0003204) (26.3% HELD BY THE SUBJECT COMPANY) HANWHA EAGLES PROFESSIONAL BASEBALL CLUB (160111-0007214) (40.0% HELD BY THE SUBJECT COMPANY) DANGJIN TECHNO POLIS CO., LTD(165011-0022657) (12/03/2007 Joined as an Affiliated company) AZDEL INC. (11/21/2007 Joined as an Affiliated company) HANWHA INDEPENDENT ENERGY CORPORATION(110111-3780932) (12/03/2007 2007 Joined as an Affiliated company) GIMHAE TECHNO VALLEY CO.,LTD.(195511-0120447) (10/01/2009 Joined as an Affiliated company) HANWHA CHEMICAL OVERSEAS HOLDINGS, CO., LTD.(110111-4137207) (08/04/2009 Joined as an Affiliated company)
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 E&C (110111-2558405) (100.0% held by the subject company) HANWHA TECHM CO.,LTD (194211-0056095) (100.0% held by the subject company) HANWHA 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) HANWHA MACHINERY AMERICA CORPORATION (100.0% held by the subject company) HANWHA YANHU CHEMICAL CO. (60.0% held by the subject company) HANWHA INTERNATIONAL(SHANGHAI) CO. (100.0% held by the subject company) HANWHA AGRITECH LTD. (100.0% held by the subject company) S&P WORLD NETWORKS JLT (100.0% held by the subject company) PT HANWHA MINING SERVICES INDONESIA (99.0% held by the subject company)
Subsidiary	HANWHA (H.K.) CO., LTD. UNIT 2709, THE CENTER, 99 QUEEN’S ROAD,CENTRAL, HONG KONG TEL : 852-2529-9325 FAX :+852-2529-4678 HANWHA INTERNATIONAL (SHANGHAI) CO.,LTD. RM.2101, DAWNING CENTRE EAST,NO.500 HONGBAOSHI ROAD, CHANGNING DISTRICT, SHANGHAI 201103 CHINA TEL: 86-21-3126-9889 FAX: 86-21-3209-2312 HANWHA YANHU CHEMICAL CO., LTD. YANHU, EAST SUBURB URUMQI, XINJIANG, CHINA TEL: 86-991-594-0275 FAX: 86-991-236-0277 HANWHA Q CELLS JAPAN CO., LTD. (100.0% held by the subject company) WWW.HANWHA-JAPAN.COM HANWHA BLDG. 8F, 10-1, SHIBA-4 CHOME, MINATO-KU, TOKYO 108, JAPAN TEL : 81-3-5441-5900 FAX :+81-3-5441-5921 HANWHA INTERNATIONAL (S) PTE LTD. 4 SHENTON WAY #15-05/06 SGX 2 CENTER, SINGAPORE 068807 TEL: 65-6227-3139 FAX: 65-6227-9337 HANWHA EUROPE GMBH WWW.HANWHA.DE MERGENTHALLER ALLEE 79-81, 65760 ESCHBORN, GERMANY TEL : 49-6196-5016-0 FAX :+49-6196-5016-90 HANWHA INTERNATIONAL LLC. 2559 RT. 130 CRANBURY, NJ 08512, USA TEL: 1-609-655-2500 FAX: 1-609-655-0711 UNIVERSAL BEARINGS LLC. WWW.UNIVBRG.COM 431 NORTH BIRKEY DRIVE, BREMEN, IN 46506, USA TEL : 1-574-546-2261 FAX :+1-574-546-5085
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 (Manufacturing) by Region

(Activity & Markets)

Sales/ Unit :Mil KRW	09/2011	2010	2009
Export	42,459	79,938	79,938
Domestic	584,228	901,738	901,738
Total	626,687	981,676	981,676

Sales (Trading) by Region (Activity & Markets)

Sales/ Unit :Mil KRW	09/2011	2010	2009
Export	2,180,702	2,606,882	2,253,602
Domestic	985,147	1,368,333	1,095,317
Total	3,165,849	3,975,215	3,348,919

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
	Seoul District Court	An Individual	The Subject Company & Others(2)	Claim for Damage	712	Proceeding
	Seoul Seobu District Court	Misung Enterprise Co., Ltd.(Korea)	The Subject Company & Others(7)	Claim for Damage	46	Proceeding
	Seoul High Court	The Subject Company	Samgong Engineering	Claim for Refund on Unfair Profit	437	2nd Round Proceeding(1st Round: The Subject Company won.)
	Cheonan District Court	The Subject Company	Misung Enterprise & Kim Nam-Sun	Claim for Promissory Note Amount	162	1st Round Proceeding
	Cheonan District Court	The Subject Company	Misung Enterprise	Claim for Payment	50	1st Round Proceeding
	Seoul Central District Court	Misung Enterprise & Kim Nam-Sun	The Subject Company	-	32	1st Round Proceeding
	Cheonan District Court	Kim Nam-Sun	The Subject Company	-	41	1st Round Proceeding
	-	Sichuan Hongda (Group) Co., Ltd	The Subject Company	Claim for Damage	USD 1,670,000	1st Round Proceeding
	-	An individual	The Subject Company	Claim for KIA Motor's SPECTRA related Case	Unspecified	Pending
	-	HUCHEMSFINECHEMICALCORPORATION(110111-2611906)	The Subject Company & Hanwha E&C	Claim for Damages	4,158	1st Round Proceeding

News Clipping

-----

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.