your best credit partner company profile ... - …net operating expenses 173.9 150.1 loss ratio (%)...

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YOUR BEST CREDIT PARTNER

COMPANY PROFILE &PRODUCT INFORMATION

CONTENTS

02 Company Profile

04 Financial Highlights

08 Contract Bonds

10 Bid Bond

12 Performace Bond

14 Advance Payment Bond

16 Maintenance Bond

18 Counter Guaruntee Bond

20 Fronting Service

21 Company Directory

22 Global Presence

Established in 1969,

Seoul Guarantee Insurance has provided individuals

and corporates with a diverse range of guarantee

services that have facilitated Korea’s economic

development for more than 46 years.

In this long and ongoing journey, we have been the leader in the Korean

surety and credit insurance market. Our hope and aim throughout these

years was to provide opportunities to those who can readily realize their

potential when backed by our support. Based on our core values, and coupled

with a well-diversified portfolio, we have constantly provided our clients with

such possibilities, while firmly securing our future at the top of the league.

Now, to build further on this achievement and in search of blue oceans, we

are accelerating our active expeditions out into the world. Our global footprint,

to this end, has been steadily expanding with launches of representative

offices in Hanoi, Beijing, Dubai and New York. As part of our initiatives to find

a new growth engine, we transformed the Hanoi Office into our first overseas

branch. We hope this launch will become a powerful catalyst for opening a

new chapter in SGI’s history.

Going forward, we will continue to guarantee a promising future to clients

around the globe based on our unparalleled expertise and solid performance.

We will always be,

“Your Best Credit Partner”

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• Established in 1969, SGI is a leader in the Korean surety and credit insurance market.• The state-owned Korea Deposit Insurance Corporation holds 93.85% of SGI’s share.• SGI has 1,246 employees and 919 agents.• There are thirty-two departments and three centers in the headquarters along with six regional head offices,

twenty-one regional claims and recovery service centers, seventy-two branches,one overseas branch and three overseas offices.

• SGI offers seventy-two types of products that were officially reported to the Financial Supervisory Service of Korea; surety bond(49), credit insurance(15), fidelity(5), other(3)

• SGI has a subsidiary company in debt collection.- SG Credit Information Company

• SGI is affiliated with global associations such as ICISA, PASA, and SFAA.

COMPANY PROFILE

Milestones

Year Month Milestones

2014 October Launched Hanoi Branch

2013 March Assigned "AA-" by Fitch Ratings

2012 October Opened New York Rep. Office

2012 September Assigned "A" by Standard & Poors

2009 December Opened Middle East Rep. Office

2009 June Hosted 67th ICISA General Associated Meeting in Jeju Island

2008 June Opened Beijing Rep. Office

2007 October Opened Hanoi Rep. Office

2007 June Value of written premiums reached KRW 1 trillion

2004 November Bond exposure surpassed KRW 100 trillion

2004 March Established SG Credit Information Company

1998 November Seoul Guarantee Insurance Company incorporated*

1989 November Hankuk Fidelity & Surety Company incorporated

1969 February Korea Fidelity & Surety Company incorporated

* Merger between Korea Fidelity & Surety Co. and Hankuk Fidelity & Surety Co.

CREDIT RATINGS

A(STABLE)

AA-(STABLE)

AAA(STABLE)

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FINANCIAL HIGHLIGHTS

Statements of Financial Position(KRW Billion) (USD Million)

FY2014 FY2013 FY2014 FY2013

Total Assets 6,957.1 6,490.9 6,329.2 5,905.1

Cash and due from banks 117.0 457.0 106.4 415.8

Financial assets at fair value through profits or loss 1,166.9 775.8 1,061.6 705.8

Available-for-sale financial assets 4,293.6 3,934.5 3,906.1 3,579.4

Held-to-maturity financial assets 0.3 2.3 0.3 2.1

Loans 21.4 23.3 19.5 21.2

Indemnity receivables 641.0 630.6 583.2 573.7

Investment property 26.4 28.2 24.0 25.7

Property and equipment 140.2 128.5 127.5 116.9

Intangible assets 21.0 17.6 19.1 16.0

Reinsurance assets 155.4 169.1 141.4 153.8

Insurance receivables 104.0 110.5 94.6 100.5

Accrued income 55.7 53.0 50.7 48.2

Other assets 214.2 160.5 194.9 146.0

Total Liabilities 3,303.5 3,378.5 3,005.4 3,073.6

Insurance liabilities 2,282.5 2,334.0 2,076.5 2,123.4

Borrowings 194.9 243.9 177.3 221.9

Insurance claims payable 120.8 123.9 109.9 112.7

Current tax liabilities 95.5 50.7 86.9 46.1

Retirement benefit obligations 16.0 1.2 14.6 1.1

Deferred tax liabilities 157.1 116.1 142.9 105.6

Provisions 28.7 121.8 26.1 110.8

Other liabilities 408.0 386.8 371.2 351.9

Total Equity 3,653.6 3,112.4 3,323.8 2,831.5

* The FY2014(Fiscal Year) began on January 1, 2014 and ended on December 31, 2014. * The FY2013(Fiscal Year) began on April 1, 2013 and ended on December 31, 2013. * Financial Statements are based on Korean- IFRS * Applicable exchange rate: USD 1 = KRW 1,099.20 (Basic F/X rate provided by the Korea Exchange Bank on December 31, 2014)

Total Assets

6,329.2(USD Million)

Total Equity



Total Liabilities

* The FY2014(Fiscal Year) began on January 1, 2014 and ended on December 31, 2014. * The FY2013(Fiscal Year) began on April 1, 2013 and ended on December 31, 2013. * Financial Statements are began on Korean- IFRS * Applicable exchange rate: USD 1 = KRW 1,099.20 (Basic F/X rate provided by the Korean Exchange Bank on December 31, 2014)

(KRW Billion) (USD Million)

FY2014 FY2013 FY2014 FY2013

Operating Revenues 1,913.2 1,439.9 1,740.5 1,310.0

Operating Expenses 1,296.2 1,307.2 1,179.2 1,189.2

Operating Income 617.0 132.7 561.3 120.7

Profit before income taxes 634.8 158.6 577.5 144.3

Income tax expense 150.6 43.7 137.0 39.8

Profit for the period 484.2 115.0 440.5 104.6

Other comprehensive income (loss) 139.7 (35.4) 127.1 (32.2)

Comprehensive Income 623.8 79.6 567.5 72.4

(USD Million, %)

FY2014 FY2013

Premium Income 1,148 855

Claims Paid 627 696

Net Operating Expenses 173.9 150.1

Loss Ratio (%) 49.4 79.1

Expense Ratio (%) 15.3 18.1

RBC Ratio (%) 494.5 499.9

* The FY2014(Fiscal Year) began on January 1, 2014 and ended on December 31, 2014. * The FY2013(Fiscal Year) began on April 1, 2013 and ended on December 31, 2013. * Financial Statements are based on Korean- IFRS * Applicable exchange rate: USD 1 = KRW 1,099.20 (Basic F/X rate provided by the Korean Exchange Bank on December 31, 2014)

Statements of Comprehensive Income

Key Index of Insurance Operating

Premium Income


Operating Income

561.3(USD Million)

Operating Revenues


76 7

Exposure and Market Shares

USD BillionKRW Trillion

2011

177.3

2009

160.6

2010

162.8

2013

207.4

2012

194.7

2014

210.9

2007

139.2

2008

154.7153.0170.1 176.5

178.9194.9

214.0228.0 231.0

Shareholder Structure

Since 1999, the Korea Deposit Insurance Corporation(KDIC) has been SGI’s major shareholder, injecting capital into SGI. The KDIC was established as a public corporation on June 1, 1996 for the purpose of stabilizing the Korean financial system. Maintaining a public function of SGI is important since it greatly affects the national economy. Since this raises the possibility that KDIC would continue to retain its position as SGI’s largest shareholder, SGI is expected to serve as a stable and credit guarantee services provider going forward.

Ownership structure of SGI

Seoul Guarantee Insurance

4.80% 93.85% 1.35%Various Domestic Life

Insurers in KoreaKorea Deposit

Insurance CorporationVarious Domestic

Non-life Insurers in Korea

Exposure (Share)

25.7

16.5

19.6

10.3

8.4

6.7

13.0

(Unit: %)

OthersSGIGuarantee Cooperatives

Banks

K-Sure Guarantee Funds

Korea Housing Guarantee

As of Dec 31, 2014 (Units: in USD billion, %)

SGI Guarantee cooperatives

Korea Housing

Guarantee

K-Sure GuaranteeFunds

Banks Others Total

Exposure (Share)

210.9(25.7)

135.4(16.5)

159.4 (19.6)

84.4 (10.3)

68.3(8.4)

107.0(13.0)

55.1 (6.7)

820.5(100.0)

98 98

CONTRACT BONDS

2. Bond Contract 3. Bond Issue

1. Master Contract

Contractor(Subcontractor)

ProjectOwner

(Contractor)

Overview

A contract bond is a guarantee in support of an underlying (master) contract. The parties to a contract bond are the Contractor, the Project Owner and the Guarantor (the insurer).

Structure of Contract Bonds

Types of Contract Bonds

Benefits of Contract Bonds

Through the contract bonding process, the contractor undergoes a rigorous pre-qualification process and is judged to be capable of fulfilling the obligations of the contract.Contractors are more likely to complete bonded projects than non-bonded projects since SGI may require personal or corporate indemnity from the subcontractor.Bonding capacity can increase a contractor’s or subcontractor’s project opportunities. Our underwriter can offer technical, financial, or management assistance to a contractor or subcontractor.

Contract Bonds

• Satisfy all the needs arising from end-to-end process of any contract

BidBond

Bidding

PerformanceBond

Contracting

AdvancePayment

Bond

AdvancePay

MaintenanceBond

FinalAcceptance

SGI(Guarantor)

Type Coverage

Bid Bond

Bid bonds guarantee the employer that the contractor awarded a contract will honour its bid and will sign all contract documents if awarded the contract. If the contractor refuses to honour the bid, he and the surety are liable on the bond for any additional costs the owner incurs in reletting the contract. The penal sum of a bid bond ranges from 5% to 10% of the bid amount.

Performance Bond

Performance bonds guarantee that a project will be performed according to the terms and conditions of the contract and provide remedy to the project owner in the case of breaching performance obligations of the contractor. Typically, the bond amounts are set from 10% to 20% of the contract price of the project.

Advance Payment BondAdvance payment bonds are issued where the project owner makes a payment to the contractor in advance of construction or the provision of services or supply of goods. The bond amount equals the sum advanced.

Maintenance BondMaintenance bonds are a form of performance bond relating purely to the maintenance period and are sometimes required by the project owner of a construction project. They provide a remedy for defective workmanship or faulty materials discovered after the project has been completed.

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What advantage can be taken?

The employer can • avoid frivolous bids from many bidders, since the bidder has to furnish the bond with his own expenses, and

bears liability to reimburse to SGI in the case of not being able to fulfill the bond obligation. • Save the time and cost as SGI takes into account a wide range of factors that the employer considers for

bidder assessment such as the bidder’s financial stability, business experience, and past performance history before issuing a bid bond.

The contractor can• enhance the working capital and liquidity by replacing the cash deposit by a bid bond

Main Features, At a glance

Principal Bidder

Beneficiary Employer (Project Owner)

Underlying Contract Invitation to bid

Scope of Coverage The bidder’s withdrawal during bid validity period Failure to execute the contract

Bond Amount Percentage of the bidding amount as specified in the invitation to bid

Bond Period During the period of bid validity specified in the invitation to bid

BID BOND

What is the background?

A bid bond serves as the proof that an accepted bidder has the capacity to sign a contract pursuant to the contract conditions proposed by the employer. The employer, who is unaware of the bidder’s financial condition and the ability to fulfill the contract, seeks to hedge the risk of being unable to proceed with the contract under the conditions of the accepted bid. The bid bond issued by SGI provides a hedging solution for such risk posed to the employer.

What is covered?

A bid bond guarantees the financial loss incurring to the employer in case the bidder • withdraws the bid during the period of bid validity specified in the invitation to bid, or • refuses to execute the contract, or fails to furnish the performance security in accordance with the

instructions to bidders after being accepted.

How much and how long does it cover?

Generally the bond amount is calculated around 5%-10% of the bid amount, for which the employer decides the rate. The period of the bid bond remains in full force and effect from the bond issuance up to and including certain period of expiration of the bid validity as stated in the invitation to bid or extended by the employer at any time prior to this date.

What happens in case of bond call?

SGI pays the claim, and makes a request to the bidder to reimburse the amount of paid claim in accordance with the terms and conditions of indemnity agreement signed at the time of issuing the bond. Legal action may be taken in this process if the bidder does not fulfill his reimbursement liability.

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PERFORMANCE BOND


SGI pays the claim and makes a request to the contractor to reimburse the amount of paid claim in accordance with the terms and conditions for indemnity agreement signed at the time of issuing the bond. Legal action may be taken in this process if the contractor does not fulfill his reimbursement liability.


The employer can• secure the stability of contract by recovering the loss incurring from the contractor’s non-performance of the

contractual obligations. The contractor can • enjoy more project opportunities without sudden cash outflow since Performance Bonds can replace contract

securities


Principal Contractor


Underlying Contract Various contract

Scope of Coverage The contractor’s faithful fulfillment of contractual obligations

Bond Amount Percentage of total contract value as specified in the contract (up to total contract value)

Bond Period From the date of the contract conclusion till the ending date of contract period, or additional period can be applied

When is a performance bond required?

The contract prescribes numerous duties and obligations that must be fulfilled between the employer and the contractor, and the employer seeks guarantee on the loss incurring from the contractor’s non-performance of the contractual obligations. So the employer requires the accepted bidder to furnish a performance bond at the time of entering into the contract.

What is covered?

A performance bond covers a wide range of the contractor’s obligations as specified in the contract. The employer will be protected from the loss incurring from the contractor’s non-performance or from the contractor’s performance that deviates from what is stipulated in the contract.


The bond amount is calculated around 10~20% of the total contract price, and SGI guarantees the contractor’s performance liability within this bond amount.However, where the contract stipulates that the full amount of the performance bond is forfeited in the case of non-performance of the contractor, the full bond amount is paid upon the request of the employer. The bond period is set from the date of entering into the contract to the scheduled date of fulfilling the underlying contract, and in certain circumstances, an additional period can be applied to the scheduled date of performing the underlying contract.

How is a performance bond obtained?

When issuing a performance bond, SGI reviews the contract, the financial conditions, credit limit, and business experience of the contractor as well. If the contractor’s creditworthiness is not enough to issue the bond, personal guarantee or collateral can be requested.

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Where the advance payment or materials is not settled in accordance with the contract after the employer pays the contractor in advance, the employer files the claim to SGI for the unsettled amount, and SGI pays the amount the contractor should reimburse to the employer. After claim payment, SGI makes a request to the contractor to reimburse the amount of paid claim in accordance with the terms and conditions for indemnity agreement signed at the time of issuing the bond. Legal action may be taken in this process if the contractor does not fulfill his reimbursement liability.


The employer can • proceed with the contract without delay or interference by receiving the SGI advance payment bond as

collateral before paying the contractor in advance.• secure working capital without a loan from financial institutions by receiving the employer’s advance payment

or materials secured by the advance payment bond.





Scope of Coverage The contractor’s fulfillment of repayment obligations of advance payment or materials

Bond Amount The amount of advance payment or materials, and interest if applicable

Bond Period From the scheduled date of advance payment or materials till the date of settlement

ADVANCE PAYMENT BOND


For the contract to proceed without delay or interference, the contractor can make a request to the employer for advance payment or materials. However, the employer will require appropriate security for the settlement of the advance payment or materials before actually paying the contractor in advance. An advance payment bond replaces the role of such collateral.

What is covered?

An advance payment bond covers the contractor’s repayment obligations of the advance payment or materials according to the terms and conditions specifying the settlement of advance payment or materials. In case the contractor refuses the repayment of unsettled portion of advance payment or materials, the employer has to recover such financial loss through the bond call. As SGI’s advance payment bond covers only the first advance payment or materials made after the beginning date of the bond period. Each advance payment or materials should be guaranteed by respective bonds.


The amount of advance payment or materials becomes the bond amount, and the interest related to the advance payment or materials can be also covered in case the employer requires. The bond period is set from the scheduled date of advance payment or materials to the last day of contract period, or in case the settlement of advance payment or materials is specified in the contract, the period is set to the date of final settlement.

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During the bond period, the employer may file one or more claims within the bond amount whenever the defect is found, and the total claim paid by SGI does not exceed the bond amount. The claim amount is the financial loss amount incurring from the non-performance of maintenance, and SGI confirms to pay the claim. Thereafter, the contractor is liable to reimburse the claim amount to SGI.


The employer can• avoid any potential loss from the contractor’s non-performance of maintenance obligations• get peace of mind of secured solutionThe contractor can • avoid the employer’s endless unfair maintenance requests





Scope of Coverage The contractor’s fulfillment of maintenance obligations

Bond Amount Percentage of total contract value as specified in the contract (up to 30% of total contract value)

Bond Period The defect notification period as specified in the contract

MAINTENANCE BOND


If the contract has been concluded with these series of bonds, now it is time to consider a maintenance bond. Even when contract is completed, the employer may seek for guarantee on the potential defects in relation to the contract for a certain period of time. Although the employer may exempt a contractor from furnishing maintenance bond based on long-standing trust, most employers want a security for potential defects by receiving a maintenance bond.

What is covered?

The employer makes a request for maintenance to the contractor for the defects discovered during the defects notification period. In case the contractor does not perform his maintenance obligation, the employer files claim to SGI to recover his financial loss incurring from the contractor’s non-performance.


The amount of potential defects cannot be defined precisely, but it is generally set from 5%~30% of the total contract price, and the maximum bond amount allowed at SGI is 30% of the total contract price. The maintenance period varies by the period that the employer has specified in the contract.

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SGI offers guarantee to companies in need of guarantee issued by financial institutions for concluding an overseas project.

What is counter guarantee bond?

When concluding an overseas project, many companies are requested to provide a guarantee issued by a financial institution. SGI’s counter guarantee bond can be used as collateral for the issuance of such guarantee, in case the contractor needs to furnish the guarantee issued by a financial institution operating in the employer’s country, or the contractor does not have enough credit limits to apply for a guarantee. Under SGI’s counter guarantee bond, in case the employer makes a call to the financial institution that issued the guarantee on behalf of the contractor, SGI will pay the amount of the employer’s call and relevant expenses and costs to the financial institution. The counter guarantee bond, as a product that co-exists with a guarantee, enhances the contractor’s creditworthiness. Also, SGI’s high credit rating has gained substantial trust from numerous financial institutions.

Structure of Counter Guarantee Bond

What is covered?

In case the employer makes a call to the financial institution for the reason of the contractor’s non-performance or breach of the contractual obligations and the financial institution has notified SGI of such call, the loss under the counter guarantee bond is deemed to occur. SGI’s counter guarantee bond will protect the financial institution against the impairment of liquidity incurred by the employer’s call.


SGI’s counter guarantee bond amount is equal to or more than the amount of the guarantee as the counter guarantee bond covers the guarantee amount as well as expenses, fees and costs incurred by the employer’s call. The counter guarantee bond period is equal to or longer than the guarantee period, considering an additional period for the financial institutions’ mailing period.

COUNTER GUARANTEE BOND

How to obtain counter guarantee?

In case a financial institution asks for collateral for issuing a guarantee, the contractor can consider SGI’s counter guarantee bond. If the financial institution accepts the counter guarantee bond as collateral, the contractor can contact SGI to apply for a counter guarantee bond. For application, the contractor shall provide the underwriter at SGI with the contract documents concluded between the contractor and the employer, and the wording of the guarantee to be issued by the financial institution. Also, the contractor needs to provide financial and non-financial information upon underwriter’s request. Taking various factors into account, the underwriter at SGI will decide whether to accept the contractor’s application for the counter guarantee bond.

SGI will issue the counter guarantee bond on receipt of the contractor’s upfront premium payment, and provide the counter guarantee bond to the financial institution for issuance of the guarantee.

The contractor shall sign an indemnity agreement for the issuance of SGI’s counter guarantee bond. If the contractor’s credit limit for counter guarantee bond is not enough, the contractor’s creditworthiness can be enhanced with means such as personal guarantee or collateral, in which case an indemnity agreement for respective means shall be signed.


During the counter guarantee bond period, the financial institution can file for one or more claims, not exceeding the counter guarantee bond amount, upon the employer’s call. In that case, SGI will pay the claim within the limit of the counter guarantee bond amount. Also, SGI will request reimbursement to the contractor and personal guarantor or collateral, if any, in accordance with the indemnity agreement.


SGI’s counter guarantee bond • supports the contractor in obtaining the guarantee from a foreign financial institution that does not know the

contractor well • keeps the contractor’s credit line set by bank• makes assessment on the financial and non-financial information rewarding the contractor’s experience,

history and reputation• assists the contractor’s stable progress in overseas business complementing the contractor’s credit with

SGI’s financial strength



Beneficiary Financial institution (guarantee issuer on behalf of contractor)

Scope of Coverage The employer’s call against the financial institution for the contractor’s non-performance or breach of the contract

Bond Amount Equal to or more than the guarantee amount

Bond Period Equal to or longer than the guarantee period *additional period for the beneficiary’s mailing period

SGI(Counter

Guarantor)

Contractor ProjectOwner

LocalBank

1. Master Contract

2. CGB Request

3. CGB Issue

5. Bank Guarantee Issue

4. Guarantee Contract

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How does Fronting work?

A local insurer (“fronting company”) operating in a foreign country issues a bond to the project owner (“beneficiary”) to cover the relevant risk, then the risk is fully transferred to SGI(“instructing company”) operating in the country where the contractor is based. The project owner will be secured by the bond issued in the name of local insurer licensed in his country, but, economically, the whole risk of contract is underwritten and born by SGI licensed in the contractor’s country.

How to apply for fronting service?

When the contractor applies for a bond, SGI will contact a designated fronting company for the purpose of fronting arrangement. Once the arrangement is complete, the contractor will pay the premium to the fronting company, which then will issue a bond in the name of the fronting company


When the contractor fails to perform the contract and the project owner files the claim to the fronting company,the project owner’s and the fronting company’s financial losses will be covered by SGI. As the final risk taker, SGI will recover its loss from the contractor based on the indemnity agreement.

Remarks: In case Korea project owner requests the foreign contractor to furnish with the bond issued by SGI, the foreign contractor will consider SGI as a fronting company and the foreign insurer as an instructing company.

FRONTING SERVICE


An overseas project owner may request a contractor to furnish contract bond issued by a local insurer domiciled in his country. In the area of fronting, the lack of available information to be used for the purpose of underwriting can sometimes be a stumbling block both to the contractor and the insurer. However, SGI has a competitive advantage as it boasts a global network with renowned insurers and thus is capable of providing seamless guarantee services for Korean contractors that advance into global markets.

Structure of Fronting Service

Contractor ProjectOwner

LocalInsurer(FrontingCompany)

4. Insurance Contract

1. Master Contract

2. Local Bond Request

3. Fronting request

5. Bond Issue

COMPANY DIRECTORY

Headquarters Overseas Branch

Overseas Offices

Hanoi Branch

Unit 901, Floor 9, East Tower, Lotte Center Hanoi, 54 Lieu Giai Street, Cong Vi Ward, Ba Dinh District, Ha Noi, Vietnam

Tel 84-4-3946-0321~3Fax 84-4-3946-0324

Seoul Guarantee Insurance Company

Seoul Guarantee Insurance Building,29 Kimsangok-Ro, Jongno-Gu, Seoul, Korea

Tel 82-2-3671-7000Fax 82-2-3671-7400http://www.sgic.co.kr

International Business Department

Tel 82-2-3671-7481 Fax 82-2-3671-5534

Reinsurance Department

Tel 82-2-3671-7483Fax 82-2-3671-5627

Beijing Representative Office

Unit 1208 Beijing Landmark Tower 1, 8 North Dongsanhuan Road, Chaoyang District, Beijing 100004, China

Tel 86-10-6590-0288/0298Fax 86-10-6590-6328

Middle East Representative Office

203 Al Moosa Tower 1, Sheikh Zayed Road, P.O. Box 25238, Dubai, UAE

Tel 971-4-318-4203/4205 Fax 971-4-331-0503

New York Representative Office

Suite 430, Tower 56 126 E 56th Street, New York, NY 10022

Tel 1-212-317-0021Fax 1-212-317-1236

SGI(InstructingCompany)

2120

MEMOGLOBAL PRESENCE

Based on the nationwide network that integrates branches and agencies, SGI is actively advancing into the global market by strengthening overseas networks through the establishment of overseas offices and and concluding agreements with foreign financial institutions.

New York RepresentativeOffice

Hanoi Branch

Beijing Representative

Office

MENARepresentative

Office

Headquarters

Overseas Offices Address Tel

Hanoi Branch Unit 901, Floor 9, East Tower, Lotte Center Hanoi, 54 Lieu Giai Street, Cong Vi Ward, Ba Dinh District, Ha Noi, Vietnam 84-4-3946-0321~3

Beijing Rep. Office Unit 1208, Beijing Landmark Tower 1.8 North Dongsanhuan Road, Chaoyang Dist., Beijing, China 86-10-6590-0288

MENA Rep. Office Level2, Al Moosa Tower 1, Sheikh Zayed Road, P.O.Box 25238, Dubai, UAE 971-4-318-4203

New York Rep. Office Tower 56, 126 E 56th Street, New York, NY 10022 1-212-317-0021

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your best credit partner company profile ... - …net operating expenses 173.9 150.1 loss ratio (%)...

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