MIRA INFORM REPORT

Report Date :

01.12.2011

IDENTIFICATION DETAILS

Name :	MIWON FOODS CO., LTD.

Registered Office :	9fl.-4, No.45, Sec.4, Shin-Yi Rd., Daan Dist., Taipei 106

Country :	Taiwan

Date of Incorporation :	17.07.1989

Com. Reg. No.:	23427787

Legal Form :	Joint Stock Company

Line of Business :	Trade of food starch and dried fish floss

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 60,000
Status :	Moderate
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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:	Miwon Foods Co., Ltd.
Supplied Name:	Miwon Foods Co Ltd.
Trading Address:	9fl.-4, No.45, Sec.4, Shin-Yi Rd., Daan Dist., Taipei 106, Taiwan, R.O.C.
Supplied Address:	9F-4-No. 45, Sec 4, Shin Yi Road, Taipei
Telephone Number:	+886 2-2704-7451
Fax Number:	+886 2-2704-7634

Notes:

The exact name is as above.

The supplied address is incomplete, and the exact address is as above.

Credit Summary

Credit Rating:	Maximum credit USD 60,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	Miwon Foods Co., Ltd.
Registered Address:	9fl.-4, No.45, Sec.4, Shin-Yi Rd., Daan Dist., Taipei 106, Taiwan, R.O.C.
Date of Foundation:	1989-7-17
Registration Number:	23427787
Registry:	Taipei City Government
Registered Capital:	NTD36,000,000 (USD1,185,350) (As of 2011.12, 1 NTD = 0.03293 USD)
Legal Representatives:	Wuhui Zheng
Legal Form:	Joint Stock Company
Principal Activities:	Trade of food starch and dried fish floss.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-9-16

Note:

The staff number is not available from the subject or other sources.

History

Subject was incorporated on 1989-7-17 with registered number 23427787 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Number
Wuhui Zheng	750
Lizhen Yang
10,900
Lirong Yang	3,600
Fuyuan Jiang	12,600

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

Subsidiaries & Branches

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Personnel Information

Core Management

Directors

1
Name	Wuhui Zheng
Position	Board Chairman
2
Name	Lizhen Yang
Position	Director
3
Name	Lirong Yang
Position	Director
4
Name	Fuyuan Jiang
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	9fl.-4, No.45, Sec.4, Shin-Yi Rd., Daan Dist., Taipei 106, Taiwan, R.O.C.

Production Information

l Subject is a trader of food starch and dried fish floss.

Purchase Information

l The registered activities of subject:

Business Code	Details
F101050	Wholesale of seafood
F102180	Wholesale of alcohol
F101130	Wholesale of vegetables

l The products are mostly purchased from abroad.

Sales Information

l Subject is mainly involved in trading of starch and dried fish floss.

l Subject introduced that the products are mostly imported from Thailand, India, and America and so on.

l Subject’s selling territory covers all over the world.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Subject declined to disclose any information about settlement information, and from other sources, we couldn’t obtain the information, either.

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

Bankers

The bankers’ information is not available from the subject or other sources.

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	Mr. Yang
Mobile Number	+886 9 3791-4935

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.17
UK Pound	1	Rs.81.29
Euro	1	Rs.69.47

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.