MIRA INFORM REPORT

Report Date :

23.07.2011

IDENTIFICATION DETAILS

Name :	CHINA MAN-MADE FIBER CORPORATION

Registered Office :	10F., No.50, Sec. 1, Xinsheng S. RD., Zhongzheng Dist., Taipei City 10059

Country :	Taiwan

Date of Incorporation :	11.05.1955

Com. Reg. No.:	07066907

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and sales of petrifaction products and fiber

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 100,000

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Taiwan

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:	China Man-Made Fiber Corporation
Supplied Name:	China Man Made Fiber Corp
Trading Address:	10F., No.50, Sec. 1, Xinsheng S. RD., Zhongzheng Dist., Taipei City 10059, Taiwan (R.O.C.)
Supplied Address:	50 Sec 1 Hsin Sheng South Road, Taipei Taiwan 100, Taiwan
Telephone Number:	+886-2-23937111
Fax Number:	+886-2-23910462

Notes: The exact name and address are as above.

Credit Summary

Credit Rating:	Maximum credit USD 100,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	China Man-Made Fiber Corporation
Registered Address:	10F., No.50, Sec. 1, Xinsheng S. RD., Zhongzheng Dist., Taipei City 10059, Taiwan (R.O.C.)
Date of Foundation:	1955-5-11
Registration Number:	07066907
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 14,700,000,000 (USD 507,150,000) (As of 2011.06, 1 NTD = 0.0345 USD)
Paid-up Capital:	NTD 14,105,902,460 (USD 486,653,634.87)
Legal Representatives:	Guifeng Wang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of petrifaction products and fiber
Staff:	More than 30 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-5-11

History

Subject was incorporated on 1955-5-11 with registered number 07066907 as Joint Stock Company in Taiwan.

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
Panya Investigate Co., Ltd	42,302,541
Zhongxian Investigate Co., Ltd
32,806,103
Pinyou Industrial Co., Ltd	4,250,000

Notes: 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

1
Name	Guifeng Wang
Position	Board Chairman
2
Name	Baoxian Wang
Position	Director
3
Name	Mingxiong Huang
Position	Director
4
Name	Jiazhen Lin
Position	Director
5
Name	Mingshan Jiang
Position	Director
6
Name	Wanquan Xu
Position	Director
7
Name	Yongda Liu
Position	Director
8
Name	Tangrong Ye
Position	Auditor
9
Name	Jianrong Gong
Position	Auditor

Personnel Structure

Total Employees

More than 30 Employees

Operation Information

Offices & Factories

	Headquarters
Add	10F., No.50, Sec. 1, Xinsheng S. RD., Zhongzheng Dist., Taipei City 10059, Taiwan (R.O.C.)

Production Information

l Subject produces petrifaction products and fiber.

l The subject produces in Taiwan.

Purchase Information

l The components and raw material for production are mostly purchased from domestic markets.

Sales Information

l The subject is mainly engaged in sales of petrifaction products and fiber.

l The products are including ethylene glycol, Di-Ethylene Glycol, etc.

l The subject sells products 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

The subject seldom imports.

Sales

Domestic Markets (Taiwan)

Product	Sales Terms	Proportion
Petrifaction products and fiber	CBD, etc	100%

Export

Product	Sales Terms	Proportion
Petrifaction products and fiber	CBD, etc	100%

Financial Information

Year	Sales
2010	About USD 10,000,000

Notes: The information is from introduction.

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	Petrifaction products and fiber

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.37
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

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.