MIRA INFORM REPORT

Report Date :

07.07.2011

IDENTIFICATION DETAILS

Name :	OCEAN PLASTICS CO., LTD.
Registered Office :	5, 6th Fl., 310, Chukwang Rd., Taipei Taiwan R.O.C.
Country :	Taiwan
Financials (as on) :	31.03.2011
Date of Incorporation :	15024509
Com. Reg. No.:	07.06.1965
Legal Form :	Joint Stock Company
Line of Business :	Manufacture and sales of plastic products

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 400,000
Status :	Satisfactory
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Taiwan	a2	a2

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

Bottom of Form

Contact Points

Company Name:	Ocean Plastics Co., Ltd.
Supplied Name:	Ocean Plastics Co. Ltd.
Trading Address:	5, 6TH FL., 310, CHUKWANG RD., TAIPEI TAIWAN R.O.C.
Supplied Address:	5 FL, No. 310, Chukwang Road, Taipei, Taiwan
Telephone Number:	+886-2-2306-2131
Fax Number:	+886-2-2306-2320
E-mail:	andy@opc.com.tw

Notes: Subject’s exact name and address are as above.

Credit Summary

Credit Rating:	Maximum credit USD 400,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	Ocean Plastics Co., Ltd.
Registered Address:	5, 6th Fl., 310, Chukwang Rd., Taipei Taiwan R.O.C.
Date of Foundation:	1965-6-7
Registration Number:	15024509
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 2,272,282,680 (USD 79,075,437) (As of 2011.07, 1 NTD = 0.0348 USD)
Paid-up Capital:	NTD 2,272,282,680 (USD 79,075,437)
Legal Representatives:	Qinming Chen
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and sales of plastic products
Staff:	About 600 employees
Listed at Stock Exchange:	Yes Stock Symbol 1321
Date of Last Annual Return:	2011-4-7

History

2008	Ocean Plastics (Hui Zhou) Co., Ltd. was established, manufacturing flexible sheet.
2006	Ocean Plastics (Dong Guan) Co., Ltd. was established, manufacturing PU leather. The Tao-Yuan factory achieved TUV NORD ISO 14001 Environmental Certification.
2003	Ocean factory, Tao-Yuan factory, Chung-Li factory achieved ISO 9001 (Version 2000) quality certification.
2002	Hunan Ocean Wide Plastics Ltd. was established, manufacturing rigid PVC pipes. It's OPC first beginning to enter China local market of construction.
2000	The company restructured the organizations, established Plastic Processing Business Department(originally Ocean factory), PVC Raw Material Business Department(originally Tao-Yuan factory), and Construction Material Business Department(originally Chung-Li factory)
1999	OPC was public on TSE(Taiwan Stock Exchange Market), Chung-Li factory achieved ISO 14001 Environmental certification.
1999-1-26	Subject was listed in Taiwan Stock Exchange on 1999-1-26
1998	Water-based PU was developed, and began to develop environmental friendly materials.
1997	Ocean factory achieved ISO 9002 quality certification. The Tao-Yuan factory was granted RW-TuV ISO 9002 quality certification.
1996	Chung-Li factory was granted ISO 9002 quality certification.
1995	.New item of PVC rigid sheets were added to our product lines.
1994	The Ocean factory achieved DNV ISO 9002 quality certification.
1993	Started producing polymer-blended compound for OA housing.
1991	Developed conductive PVC pellet, entered into IC tube packaging industry.
1990	PVC rigid board and PVC foam plate were added to our product lines.
1987	PVC transparent pellet for general medical equipment(such as oxygen mask)
1985	Chung-Li factory was established, manufacturing rigid PVC pipes
1978	R&D department was founded.
1976	Tao-Yuan factory was established, manufacturing PVC resin.
1970	With the technology license from a Japanese company Akimai Gomu Co., Ltd., began manufacturing high quality sponge leather and polyurethane leather.
1967	PVC printed sheets and plastic wallpaper were added to our product lines.
1965	With the technology license from a Japanese company Kanegafuchi Chemical Co., started to produce PVC resin. And Ocean factory was established in Chung-Ho city in Taipei, manufacturing PVC sheets, pipes, films and leather.

Awards

Year	Awards
2007	Blue chip importer and exporter
2008	Blue chip importer and exporter
2009	Blue chip importer and exporter

Standard of Blue chip importer and exporter

Unit: USD

Year	Amount
2007	18,000,000
2008	19,000,000
2009	15,000,000

Shareholders

Name	Subscription Shares
Qinming Chen	5,695,202
Rugeng Wang
731,230
Qinhe Chen	4,122,842
Qinxiong Chen	3,943,860
Qishou Chen	673,101
Qinren Chen	5,447,771
Xuanyang Investment Co., Ltd (Literal Translation)	1,440,247
Wangwang Food Co., Ltd	2,976,669
Xiurong Wu	525,638
Junfu Chen	1,156,246
Siyun Xie	1,469,769

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

Subsidiaries & Branches

Factories :

1
Address:	No. 353, Section 2, Zhongshan Road, Zhonghe City, Taipei County, Taiwan.
Tel:	+886-2-2223-4134
2
Address:	No. 539, Longxing Road, Zhongli City, Taoyuan County, Taiwan.
Tel:	+886-3-465-0125
3
Address:	No. 375, Haihu East Road, Haihu Village, Luzhu Township, Taoyuan County, Taiwan.
Tel:	+886-3-354-1626
4
Address:	No, 7, Wangwang East Road, Gaotangling Town, Wangcheng County, Changsha City, Hunan Province, China.
Tel:	+86-731-8805-4888
5
Address:	Weiwu Industrial Zone, Nanya Village, Daozhen Town, Dongguan City, Guangdong Province, China
Tel:	+86-769-8133-1558
6
Address:	Folong Industrial Zone, Shatian Town, Huiyang District, Huizhou City, Guangdong Province, China.
Tel:	+86-752-372-8989

Office

Address:	No. 131, Jianping 14 Street, Tainan, Taiwan.
Tel:	+886-6-297-4511

Personnel Information

Core Management

Directors

1
Name	Qinming Chen
Position	Board Chairman & Manager
Date of Appointment	1997-6-30
2
Name	Rugeng Wang
Position	Director
3
Name	Qinhe Chen
Position	Director
4
Name	Qinxiong Chen
Position	Director
5
Name	Qishou Chen
Position	Director
6
Name	Qinren Chen
Position	Director
7
Name	Qinsheng Chen
Position	Director
8
Name	Yanming Cai
Position	Director
9
Name	Xiurong Wu
Position	Supervisor
10
Name	Junfu Chen
Position	Supervisor
11
Name	Siyun Xie
Position	Supervisor

Personnel Structure

Total Employees

About 600 employees

Operation Information

Offices & Factories

	Headquarters
Add	5, 6TH FL., 310, CHUKWANG RD., TAIPEI TAIWAN R.O.C.

Production Information

l Subject is a manufacturer of plastic products and subject has factories both in Taiwan and the mainland of China to deal with the production.

Purchase Information

l The major registered activities of subject:

Business Code	Details
--	Manufacture and sales of plastic materials.
--	Manufacture and sales of raw materials for plastics industry
C801020	Manufacture of petrochemicalmaterials
C801040	Manufacture of synthetic resin
C801990	Manufacture of other chemical materials
H701010	Residential and building developing and rental industry
H701020	Industrial plant developing and rental industry
F401010	International trading business
F301010	Department store industry
F301020	Super market industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l Subject purchases raw materials both at home and abroad.

Sales Information

l The subject is mainly engaged in sales of plastic products

l Subject’s products are both sold to domestic and overseas market

Major products

1	DMF-Free ECO PU
2	Wood Plastic Composites
3	PVC Sheet
4	PVC Leather
5	PVC Raw Material
6	PVC Construction Material

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Raw materials	COD, Credit Sales, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Raw materials	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Plastic products	CBD, etc	100%

Export

Product	Sales Terms	Proportion
Plastic products	CBD, etc	100%

Balance Sheet

Unit: NTD/000

	2011-3-31	2010-3-31
Cash and cash equivalents	63,530	28,128
cash in hand	50	50
Spent Cash	450	450
Cash In The Bank	63,030	27,628
Notes receivable net	62,144	54,995
Notes receivables	62,769	55,554
Reserve for bad debts- Notes receivables	-625	-559
Notes receivable net–related parties	1,207	361
Notes receivables–related parties	1,207	361
Net Accounts Receivable	451,056	482,354
Receivables	461,001	492,621
Reserve for bad debts–receivables, installment accounts receivable and rentals	-9,945	-10,267
Account receivable net- related parties	15,711	9,258
Account receivable-related parties	15,711	9,258
Other Receivables	20,635	26,389
Income Tax Refund Receivables	20,635	26,298
Other Receivables	.	91
Other receivables–related parties	69,740	93,148
Other receivables–related parties-other	69,740	93,148
Current assets	1,445,041	1,414,773
Inventories-selling industry	39	48
Merchandise Inventory	567	547
Depreciation allowances for inventory and dull loss	-528	-499
Inventories	689,118	678,932
Inventories-manufacturing	689,079	678,884
Finish goods	376,477	353,604
Unfinished Goods	61,899	62,871
Raw materials	305,548	224,580
Supplies	17,199	20,246
Materials and supplies in transit	8,155	95,642
Depreciation allowances for inventory and dull loss	-80,199	-78,059
Advanced Charge	3,411	8,573
Advance Deposit	2,350	2,350
Deposit Premium	1,043	806
Other Prepaid Expenses	18	5,417
Advance Payment	49,367	16,083
Prepayment For Purchases	11,096	16,083
EXCESS VAT PAID	15,263	.
Other Prepayments	23,008	.
Other current assets	19,122	16,552
Suspense Payment	2,428	.
The deferred income tax assets-flow	16,694	16,552
Investment	1,186,341	1,215,985
Long-term investments at equity	1,186,341	1,215,985
Financial assets for sale-Non Current	22,740	33,088
financial assets at cost – Non Current	227,133	227,133
Fund and investment	1,436,214	1,476,206
Land	227,508	223,465
Buildings and constructures	362,481	362,481
Accumulated depreciation–buildings and constructures	-290,523	-279,586
Machine And Equipment	2,518,431	2,517,034
Accumulated depreciation–Machine And Equipment	-2,393,425	-2,378,225
Accumulative loss-fixed assets	-51,841	-47,208
Total fixed assets cost	4,268,954	4,230,688
Surplus Arising On Revaluation	101,529	101,529
Accumulated Depreciation	-3,613,667	-3,554,126
Net Fixed Assets	866,587	826,737
Total Cost and value through revaluation	4,370,483	4,332,217
Construction in progress and prepayments for equipment	161,612	95,854
Construction in progress	161,612	95,854
Other devices	1,160,534	1,127,708
Accumulated Depreciation–other devices	-929,719	-896,315
Deferred Pension Costs	.	1,168
Total intangible assets	.	1,168
Idle Assets	679,016	653,647
Other assets-other	1,058	325
Total other assets	680,074	653,972
Total Assets	4,427,916	4,372,856
Short-Term Borrowing	360,000	345,000
Bank Loan	360,000	345,000
Notes Payable	9,764	7,411
Account payable	458,297	525,445
Account payable-related parties	1,850	3,173
Income Tax Payable	.	34,410
Accrued charge	106,450	112,807
Accrued salary	31,607	35,016
Accrued interest payable	378	141
Other Accrued charge	74,465	77,650
Current Liabilities	967,541	1,065,875
Other Current Liabilities	31,180	37,629
Long-Term Loan	500,000	200,000
Long term Bank Loan	500,000	200,000
Funded Debt	500,000	200,000
Retire Mental Lowance Reserve／Accrued Pension Liabilities	420,360	393,037
Other Liabilities-Other	12,172	34,961
Total Other liabilities	432,532	427,998
Total Liabilities	1,900,073	1,693,873
Ordinary Share Capital	2,272,283	2,272,283
Share Capital	2,272,283	2,272,283
Capital Reserve–Treasury Stock	7,113	7,113
Capital Reserve–permanent investment	93,591	93,591
Capital Reserve–other	679	679
Total Capital Reserve	101,383	101,383
Legal Surplus	274,573	274,573
Special Reserve	40,159	40,159
For not retained earnings	-204,505	-11,992
Accumulated Profit Or Loss	-204,505	-11,992
Retained earnings amounted to	110,227	302,740
Cumulative Translation Adjustments	66,041	73,387
unrealized gains or losses of financial instruments	-23,911	-72,630
Unrealized revaluation value	38,009	38,009
Treasury Stock	-36,189	-36,189
Total shareholders’ equity and other adjustment	43,950	2,577
New Issued (under stockholders' equity section) shares Equivalents (Unit: Shares)	.	.
Treasury Stock of held by parent company also as held by subsidiaries (Unit: Shares)	6,542,716	6,542,716
Total shareholders’ equity	2,527,843 (USD 87,968,936)	2,678,983 (USD 93,228,608)

(As of 2011.07, 1 NTD = 0.0348 USD)

Profit and Loss Account

Unit: NTD/000

	2010-4-1 2011-2-31	2009-4-1 2010-2-31
Total Operation Revenue	1,300,858 (USD 45,269,858)	1,216,364 (USD 42,329,467)
Net Sales Revenue	1,300,858	1,216,364
Total Sales Revenue	1,306,705	1,223,635
Sales revenue	1,306,705	1,223,635
Sales returns	857	2,156
Sales Discounts And Allowances	4,990	5,115
Total operating costs	1,266,805	1,110,694
Cost Of Goods Sold	1,266,805	1,110,694
Gross Profit	34,053	105,670
Total operating expenses	75,875	75,144
Distribution Cost	52,253	50,027
Payroll Expense	8,908	9,249
Rental expense	261	261
Stationery	50	54
Travelling Expenses	329	537
Transportation Expenses	9,113	7,936
Postage	145	175
Betterment	16	.
Advertising Expense	145	35
Utilities	21	18
Insurance Expenses	905	653
Allowance For Entertainment	352	432
Depreciation	46	46
Board Expenses	248	255
Employee's Welfare	135	90
Commission	1,175	1,436
Training expenses	8	.
Import and export cost	26,452	27,356
Other expenses	3,944	1,494
general administrative expenses	23,622	25,117
payroll expense	13,955	13,536
Rental expense	1,089	1,097
Stationery	69	31
Travelling Expenses	377	179
Transportation Expenses	7	7
Postage Expenses	296	288
Betterment	406	494
Utilities	185	260
Insurance Expenses	1,029	1,176
Allowance for entertainment	722	679
Taxes and levies	601	601
Depreciation	442	424
Board Expenses	330	332
Employee's Welfare	186	141
Research And Development Expenses	65	161
Training expenses	51	56
Other expenses	3,812	5,655
Net Operating Profit (Loss)	-41,822	30,526
Non-operating revenue and profit	815	4,984
Foreign exchange gain	.	2,224
Financial assets evaluation interests	.	534
Miscellaneous Income	815	2,226
Non-operating expenses and losses	26,733	35,256
Interest Cost	1,849	1,133
Interest expenses	22,743	33,380
Investment Income Recognized Under Equity Method	22,743	33,380
Loss on disposal of investments	574	.
Loss on exchange	1,190	.
Financial assets evaluation loss	371	.
Miscellaneous Spending	6	743
Continuing Operations' Income (Loss) Before unit tax	-67,740	254
income tax expense (income)	-4,686	5,793
Continuing Operations' Unit net income (loss)	-63,054	-5,539
Net income (loss)	-63,054 (USD -2,194,279)	-5,539 (USD -192,757)
Basic earnings per share	0	0

(As of 2011.07, 1 NTD = 0.0348 USD)

Bankers

Subject did not introduce its bank details stating that they will release the information if there is further cooperation, from other source we can not obtain the relevant information, either.

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

Department

Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.71.24
Euro	1	Rs.64.16

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.