MIRA INFORM REPORT

Report Date :

13.04.2011

IDENTIFICATION DETAILS

Correct Name :	PAR FAME ENTERPRISE CO., LTD.

Registered Office :	7F, No.64, Tacheng St., Datung Chiu, Taipei, Taiwan 103, R.O.C.

Country :	Taiwan

Date of Incorporation :	25.06.1991

Com. Reg. No.:	86121144

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing, Processing and Marketing of fabric

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 40,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Taiwan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Contact Points

Company Name:	Par Fame Enterprise Co., Ltd.
Supplied Name:	Yam Bond Industries Ltd.
Trading Address:	7F, No.64, Tacheng St., Datung Chiu, Taipei, Taiwan 103, R.O.C.
Supplied Address:	7F, 64 Ta Cheng ST Taipe, Taiwan
Telephone Number:	+886-2-2555-4440
Fax Number:	+886-2-2558-9217
E-mail:	sandra@parsame.com

Notes: The exact name is as above. It was introduced that the supplied name is the related company of subject.

Credit Summary

Credit Rating:	Maximum credit USD 40,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	Par Fame Enterprise Co., Ltd.
Registered Address:	7F, No.64, Tacheng St., Datung Chiu, Taipei, Taiwan 103, R.O.C.
Date of Foundation:	1991-6-25
Registration Number:	86121144
Registry:	Taipei City Government
Registered Capital:	NTD 100,000,000 (USD 3,460,000) (As of 2011.04, 1 NTD = 0.0346 USD)
Paid-up Capital:	NTD 12,000,000 (USD 415,200)
Legal Representatives:	Jiannan Chen
Legal Form:	Private Limited Liability Company
Principal Activities:	Manufacturing, processing and marketing of fabric
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2009-7-17

Notes: The subject declined to disclose its staff number.

History

Subject was incorporated on 1991-6-25 with registered number 86121144 as Private Limited Liability Company in Taiwan.

Shareholders

Name	Subscription Shares
Jiannan Chen	1,100,000
Yanliang Chen
960,000
Zhiming Ye	50,000
Jinqi Xu	300,000
Qingze Ye	300,000
Junjie Chen	860,000
Jianshan Chen	1,500,000
Meiying Chen	500,000
Yiting Chen	960,000
Xiangjun Chen	560,000

Notes: The information above is that of subject’s major shareholders.

Subsidiaries & Branches

It was introduced that subject has a factory in Fuzhou, the mainland of China.

Personnel Information

Core Management

1
Name	Jiannan Chen
Position	Chairman
2
Name	Yanliang Chen
Position	General Director
3
Name	Zhiming Ye
Position	General Director
4
Name	Jinqi Xu
Position	Director
5
Name	Qingze Ye
Position	Director
6
Name	Junjie Chen
Position	Director
7
Name	Jianshan Chen
Position	Director
8
Name	Meiying Chen
Position	Director
9
Name	Yiting Chen
Position	Director
10
Name	Xiangjun Chen
Position	Autidor

Operation Information

Offices & Factories

	Headquarters
Add	7F, No.64, Tacheng St., Datung Chiu, Taipei, Taiwan 103, R.O.C.

Production Information

l Subject produces fabric.

l Subject purchases fabric in Fuzhou, the mainland of China.

Purchase Information

l The registered activities of subject:

Business Code	Details
1	Manufacturing, processing and marketing of silk fibers, piece goods and cotton garments and other textile products
2	The import and export business of the relevant previous products
3	Agent of offer and tender of the products of relegated factories in domestic regions and foreign countries

l The raw material for production is mostly purchased from domestic markets.

Sales Information

l The subject is engaged in sales of fabric.

l The subject sells fabric around the world.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase (Taiwan and Mainland, China)

Product	Payment Terms	Proportion
Raw material	COD, etc	100%

Foreign Purchase

Subject seldom purchases from foreign countries.

Sales

Domestic Markets (Taiwan)

Product	Sales Terms	Proportion
Fabric	CBD, etc	100%

Export

Product	Sales Terms	Proportion
Fabric	CBD, etc	100%

Financial Information

Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff Ms. Pang declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

Bankers

Name	Taiwan Bank

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

Interview Details

Name	Ms. Pang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.72.26
Euro	1	Rs.63.90

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

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.