MIRA INFORM REPORT

Report Date :

01.12.2011

IDENTIFICATION DETAILS

Name :	UNITED RAW MATERIAL SOLUTIONS INC

Registered Office :	6fl, 31, Lane 11, Kuang Fu North Rd, Sungshan Dist Taipei City 105

Country :	Taiwan

Date of Incorporation :	17.11.2003

Com. Reg. No.:	80542219

Legal Form :	Private Company With Limited Liability

Line of Business :	Management of commercial platform

No. of Employees :	43 Persons

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Usually Correct

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Taiwan

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

Company name & address

UNITED RAW MATERIAL SOLUTIONS INC

6FL, 31, LANE 11, KUANG FU NORTH RD

SUNGSHAN DIST TAIPEI CITY 105, TAIWAN

TEL: 886- 2-27182066 FAX: 886-2-27180688

EXECUTIVE SUMMARY

INCORPORATION DATE : NOVEMBER 17, 2003

REGISTRATION NO. : 80542219

LEGAL FORM : PRIVATE COMPANY WITH LIMITED LIABILITY

CHIEF EXECUTIVE : MR. ALAN CHING-LUN LIN (CHAIRMAN)

STAFF STRENGTH : 43

CAPITAL : US$ 9,281,272

BUSINESS LINE : TRADER

TURNOVER : N/A (AS OF DEC. 31, 2009)

EQUITIES : N/A (AS OF DEC. 31, 2009)

PAYMENT : FAIR

RECOMM. CREDIT RANGE : SMALL AMOUNT

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : TWD 32.02191 = US$1

Adopted abbreviations

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

TWD –Taiwan New Dollars

Name in Local Language : 倫華科技股份有限公司

Registered Legal Address : 5Fl, 35, Lane 11, Kuang Fu North Rd Taipei City 110

*Capital Details*

=============

Authorized capital : NTD 297,650,400

Initial paid-up capital : NTD 1,000,000

Paid-up capital increases as follows:

Date Increase (NTD)

------ --------------------

June 2004 287,250,400

July 2004 289,850,400

*Office & Facilities*

================

Size : 518,08 sq. meters (Approx)

Location : Taipei City

Property status : Rented

Type of building : Commercial

Comments : Serves as office and warehouse

Other e-mail : teresa@urms.com / job@urms.com / marketing@urms.com / sales@urms.com

Previous Contact Details

-----------------------------------

(1)

Address : 17Fl, 167 Tun Hua North Rd Sungshan Dist Taipei City 105

(2)

Address : B1 Sanho Bldg 102 Tun Hua North Rd Sungshan Dist Taipei City 105

*Factories, Size & Locations*

======================

The company is a trading house focused on exports and maintains no manufacturing facilities.

*Corporate & Organization Structure*

============================

A medium sized company mainly operated and managed by an experienced team of professionals.

*Accountants*

===========

DELOITTE & TOUCHE CO

www.urms.com The design is professional and the content is well organized. At present it is in both Chinese and English versions.

E-mail: service@urms.com

For the past two years there is no record of litigation.

*Major Shareholders*

===============

Total number of shareholders: 5

Total number of shares: 5,447,215

Shareholders Country Number Amount %

Mr. Alan Ching-lun Lin Taiwan 4,280,082.00 n/a 78.57

Ms. Chien-hui Lin Taiwan 442,987.00 n/a 8.13

Mr. Ching-che Lin Taiwan 390,382.00 n/a 7.17

Mr. Ching-yuan Lin Taiwan 332,240.00 n/a 6.10

Mr. Yi-hsiung Lin Taiwan 1,524.00 n/a 0.03

*Key Personnel*

=============

Mr. Alan Ching-lun Lin

Founder : Co- founder

Responsibilities : Handles the daily operation of the firm including all financials, sales and legal matters.

Resident status : Taiwan

Education : Obtained his Bachelors and Master Degrees from the University of California, Berkeley.

Work experience : - Joined FORMOSA PLASTICS GROUP in 1993. Initially trained at various departments, FPG management noticed his exceptional marketing skills and placed him in charge of the European, North and South America, Japan, and Australian markets of the polyester fiber division where he produced an overall increase of over 60% in Sales. Ultimately, he became the youngest Sales Manager of the group history in FPG’s venture in the US plant start up.

- Sales Director of 4 major markets for NAN YA PLASTICS CORP in 1994.

- Sales Manager of NAN YA PLASTICS CORP AMERICAN in 1996.

- In May 1999, he ventured into the world of Internet with www.yoshow.com. This Chinese literature/novel/poem publishing site has become the number one site in its category with the most page-viewed in Taiwan and Mainland China. With this experience and a talented web team behind him, he had marched into the raw material industries with the new technology to extend the speed and competitiveness of the Internet into the traditional upper stream raw material exchange markets.

Other positions : - CEO of EMERTEX CO LTD and EMERSCOM LTD since July 1998 & 1999 respectively.

- Founder & CEO of EMERS GLOBAL CO LTD since July 1997. An exclusive Marketing/Sales Agent for many of the largest manufacturers of synthetic fiber and raw material. He has developed this very profitable company into a well-respected name within the fiber and raw materials industry.

Management: Mr. Yi-hsiung Lin, Supervisor

Ms. Chien-hui Lin, Supervisor

Mr. Michael Lee, Executive

Name Nationality Job Description Dept. / Division

Mr. Yi-hsiung Lin Taiwanese Supervisor Administration

Ms. Chien-hui Lin Taiwanese Supervisor Administration

Mr. Michael Lee Taiwanese Executive Sales

Mr. Steven Yang Taiwanese Manager Sales

Mr. B. F. Kao Taiwanese Advisor -

Mr. Leslie Lok Taiwanese Advisor -

Mr. Shu-chen Lin Taiwanese Advisor -

Mr. Simon Yang Taiwanese Advisor -

Mr. Steve T. H. Chao Taiwanese Advisor -

Mr. W. Y. Wang Taiwanese Advisor -

Mr. Alan Ching-lun Lin Taiwanese General Manager -

Mr. Ching-che Lin Taiwanese Vice General Manager -

*Key Personnel*

=============

Name : Mr. Yi-hsiung Lin

Sex : M

Name : Ms. Chien-hui Lin

Sex : F

Name : Mr. Michael Lee

Sex : M

Email : michael@urms.com

Tel : [+886] 2-27182066

Ext : 247

Name : Mr. B. F. Kao

Sex : M

Name : Mr. Leslie Lok

Sex : M

Name : Mr. Alan Ching-lun Lin

Sex : M

Email : alan@urms.com

Country of Residence : Taiwan

Other Details : Responsibilities : Handles the daily operation of the firm including all financial, sales and legal matters.

Work experience : - Joined FORMOSA PLASTICS GROUP in 1993. Initially trained at various departments, FPG

management noticed his exceptional marketing skills and placed him in charge of the European,

North and South America, Japan, and Australian markets of the polyester fiber division where he

produced an overall increase of over 60% in Sales. Ultimately, he became the youngest Sales

Manager of the group history in FPGs venture in the US plant start up

- Sales Director of 4 major markets for NAN YA PLASTICS CORP in 1994

- Sales Manager of NAN YA PLASTICS CORP AMERICAN in 1996

Country University / College name Qualification Major

USA UNIVERSITY OF CALIFORNIA, BERKELEY Masteral Degree n/a

Previous Positions

Country Company name Position

Taiwan FORMOSA PLASTICS GROUP n/a

Taiwan NAN YA PLASTICS CORP Director

USA NAN YA PLASTICS CORP AMERICAN Manager

n/a EMERS GLOBAL CO LTD CEO

Other Positions

Country Company name Position

n/a EMERTEX CO LTD n/a

n/a EMERSCOM LTD CEO

Name : Mr. Steven Yang

Sex : M

Email : steven@urms.com

Tel : [+886] 2-27182066

Ext : 264

Mobile No. : 918629695

Other Details : Msn e-mail : stevenyc63@hotmail.com

Skype : stevenurms

Name : Mr. Shu-chen Lin

Sex : M

Name : Mr. Simon Yang

Sex : M

Name : Mr. Steve T. H. Chao

Sex : M

Name : Mr. W. Y. Wang

Sex : M

Name : Mr. Ching-che Lin

Sex : M

Name : Mr. Ching-yuan Lin

Nationality : Taiwanese

*Main Products & Services*

=====================

Specializes in the following areas of work :

1. Management of commercial platform.

2. Importing and local purchasing of textiles, electronic products and plastic raw materials.

3. Selling of products to domestic and international market.

Products: Electronic products

MEG (monoethylene glycol)

MP3

Nylon

PE (polyethylene)

*Payment Terms*

=============

Sales

------

Local : Cash or credit

Export : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

Purchases

--------------

Local : Cash

30-60 days credit

Import : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

*Competitors*

===========

The following locally based companies supply similar range of products :

- SHANG-YING TECHNOLOGY CO LTD

- NICESHIPPING TECHNOLOGY CORP

- CADMUS ENTERPRISE CO LTD

- CHEN-SHIN DRESS-ADORNMENT CO LTD

- HUMBLE CO LTD

- JOHNSON ASSOCIATES CORP

*Domestic Suppliers*

=================

Major local suppliers also include:

LEALEA GROUP

LINCHENG

HUVIS

CHUNG SHING TEXTILE CO LTD

FORMOSA CHEMICALS & FIBRE CORP

FORMOSA INDUSTRIES CORP

LI PENG ENTERPRISE CO LTD

NAN YA PLASTICS CORP

SHINKONG SYNTHETIC FIBERS CORP

TAINAN SPINNING CO LTD

TUNTEX DISTINCT CORP

*Local Distribution Network*

======================

Small percentage of the annual turnover is attributed to local sales.

*Export Markets*

=============

Majority of the annual turnover is attributed to exports.

Note: The figures listed above for export, only represent the shipments made directly by the company. It is understood the firm also exports via locally based trading houses which export under their own corporate name.

*Overseas Customers *

=================

MASSIMEX IMPORTACOES E EXPORTACOES LTDA

*Overseas Suppliers*

===============

CHINA MAN-MADE FIBER CORP

HUALON CORP (M) SDN BHD

KOHAP CO LTD

TUNTEX (THAILAND) PUBLIC CO LTD

*(Subsidiaries, Joint-ventures & Affiliates)

================================

Business Entity Name : EMERTECH NETWORKS INC

Country : Taiwan

Relationship : Affiliate

Legal Form : Private Company with Limited Liability

Company Type : Service

Industry : Professional Services

Business Entity Name : UNITED RAW MATERIAL SOLUTIONS INC

Address : Suite A 13Fl Zhao Feng World Trade Bldg 369 Jiang Su Lu Rd Shanghai 200050 China

Country : China

Relationship : Subsidiary

Legal Form : Private Company with Limited Liability

Company Type : Trader

Industry : Chemicals

Business Entity Name : UNITED RAW MATERIAL SOLUTIONS INC

Country : Virgin Islands (British)

Relationship : Subsidiary

Legal Form : Private Company with Limited Liability

Company Type : Trader

Industry : Textiles & Raw Material

Business Entity Name : VANTAGE MEDIA LLC

Country : USA

Relationship : Affiliate

Legal Form : Private Company with Limited Liability

Company Type : Trader

Industry : Electronic Products & Components

*Strategic Partners & Alliances*

=========================

Maintains strategic alliances with the following companies:

SHIPPING

---------------

- YYANG MING MARINE TRANSPORT CORP

- YES LOGISTICS CORP

- EVERGREEN

- WAN HAI LINES LTD

- K-LINE

- T S LINES

- COSCO CONTAINER LINE AGENCIES LTD

INSURANCE

-------------------

- TAIWAN FIRE & MARINE INSURANCE CO LTD

- AIU INSURANCE CO

- FUBON INSURANCE CO LTD

- SOUTH CHINA INSURANCE CO LTD

- CATHAY CENTURY INSURANCE

INSPECTION

------------------

- INTERTEK TESTING SERVICES

- SGS FAR EAST LTD

BANKING

---------------

- CITIBANK

- FAR EASTERN INTERNATIONAL BANK

- BANK OF OVERSEAS CHINESE

- BANK OF SHANGHAI

- HSBC

Others

---------

- DHL

- TNT GLOBAL EXPRESS, Logistics and Mail

PAYMENT RATING : 4 OBTAINED SCORES : 45

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

Dealings on open terms may be possible for SMALL amounts depending on individual judgement experience.

As a private limited company there is no legal requirement according to local corporate law for public disclosure of detailed financials.

Although financial summaries were obtained for reference.

Note

--------

Date : 23 March, 2005

UNITED RAW MATERIAL SOLUTIONS INC terminated its sales of public traded shares on the Taiwan Securities and Futures Commission, Ministry of Finance R.O.C.

*BANK DETAILS*

==============

Bank Name : BANK OF TAIWAN

Branch : Taipei City

Branch Address : 120 Chung Ching South Rd Section 1 Chungcheng Dist Taipei City 100 (Head Office)

SWIFT Code : BKTWTWTP

Bank Name : FIRST COMMERCIAL BANK CO LTD

Branch : Chungcheng Dist, Taipei City

Branch Address : Fu Hsin Branch, Taipei City

Account No. : 163-10-023202

SWIFT Code : FCBKTWTP

*Financial Summary (Currency: U.S. $'s)

==============================

Year Sales Assets Net Income

2004 $30,796,992.48 n/a n/a

2005 $86,887,835.70 $8,846,761.45 -$1,737,756.71

2006 $70,284,159.61 $8,766,626.36 -$2,811,366.38

2007 $59,837,054.92 $8,901,629.45 -$3,922,751.96

2008 $77,639,751.55 $8,074,534.16 -$2,795,031.06

2009 $52,844,264.84 $8,082,064.03 -$1,896,176.56

*Int´l Trade Activity (Currency: U.S. $'s)

=============================

Year Imports Exports Total

2004 $50,000.00 $1,500,000.00 $1,550,000.00

2005 $20,000.00 $30,000.00 $50,000.00

2006 $0.00 $35,000.00 $35,000.00

2007 $0.00 $40,000.00 $40,000.00

2008 $21,000.00 $45,000.00 $66,000.00

2009 $0.00 $43,052.53 $43,052.53

SC is considered medium-sized in its line with an acceptable base to come into credit dealings of small amount.

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Exporting 3089 Plastics products,

Trading 2299 Textile goods,

Trading 2300 Apparel/Other Textile Products

Trading 2399 Fabricated textile products,

Trading 2800 Chemicals and Allied Products

Trading 3089 Plastics products,

Trading 5162 Plastics Mat'ls/Basic Forms

Trading 5169 Chemicals/Allied Prdts, NEC

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Exporting 3901901000 Polymers of ethylene in primary form, elastomeric

Trading 2909430000 Monobutyl ethers of ethylene glycol or of diethylene glycol

Trading 3823909050 Chemical products and preparations of the chemical or allied industries

Trading 3900 Plastics & articles thereof

Trading 3901200000 Polyethylene having a specific gravity of 0.94 or more

Trading 3907 Polyethers, expoxides & polyesters, primary forms

Trading 5903 Textile fabrics (not tire cord) coat etc, plastics

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Product/Service Description

Trader MP3

Trader PE (polyethylene)

Trader PP

Trader Petrochemicals

Trader PTA

Trader MEG (monoethylene glycol)

Trader Electronic products

Trader Plastic raw materials

Trader Nylon

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Country / Region Main Trading Activity

Asia / Pacific Exporting, Importing

Europe Exporting

North America Exporting

Brazil Exporting

China Importing

Hong Kong Exporting

Malaysia Importing

South Korea Importing

Thailand Importing

USA Exporting

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

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.

Company name & address

EXECUTIVE SUMMARY

Adopted abbreviations

Unit