UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of [January] 2007
MIRAE CORPORATION
(Translation of registrant’s name into English)
#9-2, CHA AM-DONG, CHUN AN, CHUNG CHONG NAM-DO 330-200
REPUBLIC OF KOREA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ( ü ) No Form 40-F ( )
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ( ) No ( ü )
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
The registrant files with the Korea Securities Exchange the notice dated January 3, 2007. Attached is English language version of the notice.
The following table sets forth the summary of the Cyberbank Corporation creditor was reported to have made a decision in carrying out the right of pledge was collateralized deposit by Mirae Corporation.
| 1.Title | Cyberbank Corporation creditor was reported to have made a decision in carrying out the right of pledge was collateralized deposit by Mirae Corporation. | |
| 2.Details | 1.Summary
Mirae Corporation provided pledge our deposit as collateral to our affiliated company Cyberbank Corporation and the repayment of the borrowings is not made for the creditor Korea Development Bank by Cyberbank Corporation.
As of January 3, 2007, Cyberbank Corporation creditor was reported to have made a decision in carrying out the right of pledge that collateralized deposit by Mirae Corporation. According to the contractual obligation with creditor, Mirae Corporation has to subrogate the debt of Cyberbank Corporation.
2.Mirae Corporation provided collateral of deposit in the total amount of Won 23,000 million for the repayment of borrowings. As of January 3, 2007, Mirae Corporation will have to subrogate the debt in the amount of Won 15,000 million (12.3% of Equity Capital) of Cyberbank Corporation due to the repayment of the borrowings was not made for the creditor. | |
3.Decision (Confirm) date | January 3, 2007 | |
| 4.Others | - The collateralized deposit in the total amount of Won 23,000 million for Cyberbank Corporation was settled previously as a provision for guarantees of the indebtedness of Cyberbank Corporation and no effect is expected to the profit and loss at the end of the fiscal year of 2006.
- Total amount of collateralized deposit for CyberBank Corporation is Won 23,000 million but, actual amount of subrogation for debt is Won 23,100 million including interest of delinquency.
- As of December 20, 2006, Mirae Corporation has been to subrogate the debt in the amount of Won 8,000 million of Cyberbank Corporation due to the repayment of the borrowings was not made for the creditor. | |
| ||
Date of Relevant Disclosure: December 20, 2006
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 4, 2007
| By | /s/ Gi-Hoon Joung | |
| Gi-Hoon Joung | ||
| Mirae Corporation | ||
| Director of Accounting Team and | ||
| Acting CFO |
3