MIRA INFORM REPORT

Report Date :

19.01.2011

IDENTIFICATION DETAILS

Name :	JERN SHENG ENTERPRISE CORP

Registered Office :	149 Chung Cheng 5th St, Yungkang City, Tainan Hsien 710

Country :	Taiwan

Date of Incorporation :	26.03.1991

Com. Reg. No.:	86096145

Legal Form :	Private Company With Limited Liability

Line of Business :	Manufacturing of Finished products

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 10,000
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 – 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

JERN SHENG ENTERPRISE CORP

149 CHUNG CHENG 5TH ST, YUNGKANG CITY,

TAINAN HSIEN 710, TAIWAN

TEL: 886-6-2539846 FAX: 886- 6-2530507

EXECUTIVE SUMMARY

INCORPORATION DATE : MAR. 26, 1991

REGISTRATION NO. : 86096145

LEGAL FORM : PRIVATE COMPANY WITH LIMITED LIABILITY

CHIEF EXECUTIVE : MR. FU-JEN TSAI (CHAIRMAN)

STAFF STRENGTH : 15

PAID-UP CAPITAL : NTD 5,000,000

BUSINESS LINE : MANUFACTURER

TURNOVER : NTD 21,000,000 (AS OF DECEMBER, 2009)

EQUITIES : N/A (AS OF DECEMBER, 2009)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 10,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : TWD 29.02051 = 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 : 鎮陞企業股份有限公司

Tel: [+886] 6-2531743

*OTHER LICENSES*

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

Issuing Authority : Industrial Development Bureau - Ministry of Economic Affairs

License Name : Factory license

License Number : 99657364

Date of Issuance : 9 Apr, 1992

*CAPITAL (Currency: NTD - New Taiwan Dollars)

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

Authorized Capital: 5,000,000

Paid-up Capital: 5,000,000

*OFFICE & FACILITIES*

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

Name : JERN SHENG ENTERPRISE CORP - YUNGKANG CITY, TAINAN HSIEN

Building Size : 419 Square meters

Type of Location : Industrial Area

Address : 149 Chung Cheng 5th St, Yungkang City, Tainan Hsien 710

Country : Taiwan

Ownership of Property : Rented / Leased

Status : Operational

*REPUTATION*

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

Reference checking for the purpose of establishing the JERN SHENG ENTERPRISE CORP's reputation within the respective industry failed to reveal any adverse information.

SC is not known to host website of its own at present.

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

*Major Shareholders*

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

Total number of shareholders: 4

Total number of shares: 4,700

Shareholders Country Number

Mr. Fu-jen Tsai Taiwan 3,000

Ms. Su-chen Huang Taiwan 1,300

Mr. Ming-chi Tsai Taiwan 200

Ms. Ling-kuei Tsai Taiwan 200

Name Nationality Job Description Dept. / Division

Ms. Ling-kuei Tsai Taiwanese Manager Sales

Mr. Fu-jen Tsai Taiwanese General Manager -

*COMPANY DIRECTORS*

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

Name : Mr. Fu-jen Tsai

Nationality : Taiwanese

Name : Mr. Ming-chi Tsai

Nationality : Taiwanese

Name : Ms. Su-chen Huang

Nationality : Taiwanese

Name : Ms. Ling-kuei Tsai

Email : js2531743@yahoo.com.tw

*Core Business Description*

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

Core Business

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

The primary business focus of JERN SHENG ENTERPRISE CORP is:

·Manufacturing - Finished products

An integral part of the core business includes:

·Distribution

*Primary Products*

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

Activity Products / Materials / Services Description

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

Manufacturing Hex bolts

Manufacturing Hex nuts

Manufacturing Rivets

Manufacturing Screws

Manufacturing Tapping screws

*Payment Terms*

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

Selling

---------

Type Terms

Local Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 days

Purchasing

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

Type Terms

Local Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 days

*Competitors*

===========

The following is a representative list of local competitors:

AL-PRO METALS CO LTD

FONG HER FASTECH CORP

J C GRAND CORP

SHINN RUNG CO LTD

SPRING LAKE ENTERPRISE CO LTD

*Domestic Sales & Purchases*

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

Annual Sales Analysis Percentage

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

Domestic Sales 100%

Annual Purchases Analysis Percentage

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

Local Purchases 100%

*Sales Channel Analysis*

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

Sales Channel Sales Channel Ownership Percentage

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

Wholesalers Owned by Subject Business Entity (SBE) 100%

SC is not known to have any subsidiary at present.

PAYMENT RATING : 3 OBTAINED SCORES : 60

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 MODERATE amounts depending on individual judgement experience.

*BANK DETAILS*

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

Bank Name : E.SUN COMMERCIAL BANK LTD

Branch : Sungshan Dist, Taipei City

Branch Address : 115 Min Sheng East Rd Section 3 Sungshan Dist, Taipei City 105 (Head Office)

SWIFT Code : ESUNTWTP

Bank Name : TAIWAN COOPERATIVE BANK

Branch : Chungcheng Dist, Taipei City

Branch Address : 77 Kuan Chien Rd Chungcheng Dist, Taipei City 100 (Head Office)

SWIFT Code : TACBTWTP

*FINANCIAL STATEMENT – DETAILED*

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

Currency : NTD

Denomination : 1

Financial Year Ending : December

Financial Highlights As of 2009

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

Total Assets(*) 3,900,000

Turnover(*) 21,000,000

Profit After Tax attributable to Shareholders(*) 1,000,000

*Financials - Summary (Currency: USD - US Dollar)

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

Year Sales Assets Net Income

2009 (*) $652,782 $121,231 $31,085

Note: (*)

Financials listed are the most recent available for this company.

SC is considered small-sized in its line with a development history of 20 years. Taking into consideration of SC’s general performance, a credit line up to USD 10,000 appears to be within SC’s capacities.

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Manufacturing 3452 Bolts, nuts, screws, rivets, and washers

Manufacturing 5072 Hardware

Manufacturing 3451 Screw Machine Products

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Manufacturing 8302 Hardware, fixtures, castors etc & parts, base metal

Manufacturing 7318230000 Rivets of iron or steel

Manufacturing 7318 Screws, bolts, nuts, washers etc, iron or steel

Manufacturing 7318140000 Self-tapping screws of iron or steel

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.53
UK Pound	1	Rs.72.56
Euro	1	Rs.60.62

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.

Company name & address

EXECUTIVE SUMMARY

Adopted abbreviations

Unit