MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	JINTEX CORPORATION LTD.

Registered Office :	12F, No.126, Sec.4,Nanking East Road, Taipei 105

Country :	Taiwan

Financials (as on) :	30.06.2011

Date of Incorporation :	28.12.1978

Legal Form :	Joint Stock Company

Line of Business :	Manufacture and sales of Specialty Chemical

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 100,000
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 – 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:	Jintex Corporation Ltd.
Supplied Name:	Jintex Corporation Ltd.
Trading Address:	12F, No.126, Nanking East Road,Sec.4, Taipei 105 Taiwan,R.O.C.
Supplied Address:	12F., No. 126, Nanking E. Rd., Sec 4, Taipei 105 Taipei , TW
Telephone Number:	+886-2-2578-8999
Fax Number:	+886-2-2579-8008
E-mail:	jintex@jintex.com.tw

Notes: Subject’s 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:	Jintex Corporation Ltd.
Registered Address:	12F, No.126, Sec.4,Nanking East Road, Taipei 105, Taiwan, R.O.C.
Date of Foundation:	1978-12-28
Registration Number:	12207266
Registry:	MOEA Central Office
Registered Capital:	NTD 800,000,000 (USD 26,560,000) (As of 2011.10, 1 NTD = 0.0332 USD)
Paid-up Capital:	NTD 697,593,600 (USD 23,160,108)
Legal Representatives:	Caijin Zhuang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and sales of Specialty Chemical
Staff:	About 200 employees (Group)
Listed at Stock Exchange:	Yes OTC listed company with the Stock Symbol: 1787
Date of Last Annual Return:	2011-4-8

History

Subject was incorporated on 1978-12-28 with registered number 12207266 as Joint Stock Company in Taiwan.

Subject became an OTC listed company on the Taiwan stock market with the Stock Symbol: 1787

Change of Name

Former Chinese Name	福盈股份有限公司
Current Chinese Name	福盈科技化學股份有限公司

Shareholders

Name	Subscription Shares
Qinggang Investment Co, Ltd (Literal Translation)	6,929,364
Congzhe Wong
1,216,899
Wenxiong Zheng	1,421,759
Zhongbao Chen	675,785
Rongyuan Gu	471,473
Binghuang Yan	314,314
Qingzhi Huang	350,833

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

Subsidiaries & Branches

Factory

Address	No.7, Min Chuan Rd.,Ta Yuan lnd. Park., Tao-Yuan Hsien 337,Taiwan
Tel:	+886-3-3869968
Fax:	+886-3-3869207

Other Related Companies

Foshan Fubao Fine additives Co., Ltd (Literal Translation)

Road 3, Tancun industrial Development Area, Fochen Road, Chencun Township, Shunde District, Foshan City, Guangdong Province, China
TEL:+86-757-2331k3358 FAX:+86-757-23313359

Suzhou Fubin Xinke Chemical Co., Ltd
Website: http://www.fubin.com.cn/

No. 18, Dongzhou Road, Yanjiang Industrial Area, Changshu City, Jiangsu Province, China
TEL:+86- 512-52271789 FAX:+86- 512-52271759

Pt.Jindo Industry(Indonesia)
Jl. Akasia Ii Kav.A 7-3 Delta Silicone Industrial Park.Lippo Cikarang,Bekasi 17550, Indonesia
TEL:+62-21-89722121 FAX:+62-21-89908826

GH Bangkok Co.,Ltd.( -Thailand)
34/6,9F,Top View tower,Soi Sukhumvit 59Rd.,Klongton,Wattana,Bangkok 10110,Thailand
TEL:+662-7142490 FAX:+662-7142490

Jintex India Co.,Pvt.,Ltd.( India)
1st Floor,New No.17,Waddels Road,Kilpauk,Chennai-600010,Tamilnadu,India
TEL:+91-44-42602628/2618 FAX:+91-44-42602608

Personnel Information

Core Management

Directors

1
Name	Caijin Zhuang
Position	Board Chairman
2
Name	Congzhe Wong
Position	Deputy Chairman
3
Name	Wenxiong Zheng
Position	Director
4
Name	Weigong Qi
Position	Independent Director
5
Name	Zhongbao Chen
Position	Director
6
Name	Yuzhong Xie
Position	Independent Director
7
Name	Rongyuan Gu
Position	Director
8
Name	Changbang Zhang
Position	Supervisor
9
Name	Binghuang Yan
Position	Supervisor
10
Name	Qingzhi Huang
Position	Supervisor

Personnel Structure

Total Employees

About 200 employees (Group)

Operation Information

Offices & Factories

	Headquarters
Add	12F, No.126, Nanking East Road,Sec.4, Taipei 105 Taiwan,R.O.C.

Production Information

l Subject is a manufacturer of Specialty Chemical

l It is introduced that subject’s group has research and development center, production base and service points in Guangdong in Shanghai, Guangdong, the mainland of China, Taiwan, India and Indonesia.

l It is introduced that subject’s group has the annual production capacity of 40,000 tons

l It is introduced that subject’s factory has obtained ISO 9001 awards certificated by German TUV Company

Purchase Information

l The major registered activities of subject:

Business Code	Details
C802120	Manufacture of industrial additives
F107990	Wholesales of other chemical products (abluent, Photoresist, Etchant, developer)
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l Subject purchases both at home and abroad

Sales Information

l The subject is mainly engaged in sales of Specialty Chemical

l Subject’s products are applied to textile and leather dyeing and finishing, paper making and electronic industry, etc

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

Major products sold

1	Textile Specialty Chemicals
2	Leather Specialty Chemicals
3	Electronic Specialty Chemicals
4	Innovation Specialty Chemicals

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Foreign Purchase

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

Sales

Domestic Markets

Product	Sales Terms	Proportion
Specialty Chemicals	COD, CBD, etc	100%

Export

Product	Sales Terms	Proportion
Specialty Chemicals	CBD, etc	100%

Balance Sheet

Unit: NTD/000

	2011-6-30	2010-6-30
Cash and cash equivalents	195,227	134,304
Net Notes receivable	62,104	61,241
Net accounts receivables	150,571	170,516
Accounts receivable - related parties	29,336	21,981
Other receivables - related parties	9	9
Current assets	594,356	607,221
Inventories	127,388	184,916
inventory-manufacture	127,388	184,916
Advance Payment	8,145	10,556
Other Current Assets	11,557	23,698
The deferred income tax assets-current	7,908	17,117
Restricted Assets	2,500	4,657
Other Current Assets-other	1,149	1,924
Changes in the fair value of the financial Assets on profit and loss-flow	10,019	.
Investment	389,525	487,343
Long-Term Investments At Equity	382,887	487,343
Prepaid long-term investment	6,638	.
Changes in the fair value of the financial Assets on profit and loss-non flow	.	3,794
Fund and investment	389,525	491,137
Land	99,485	101,567
Land- surplus arising on revaluation	82,568	82,568
Buildings and constructures	175,271	174,621
Machine Equipment	155,322	128,375
Transporting equipment	16,618	17,272
Fixed assets total cost	543,652	517,339
Value through revaluation	82,568	82,568
Accumulated Depreciation	-219,525	-194,033
Total Net Fixed Assets	418,027	408,598
Total Cost and value through revaluation	626,220	599,907
Construction In Progress And Prepayments For Equipment	11,332	2,724
Construction In Progress	4,776	14
Prepayment For Equipment	6,556	2,710
Other Devices	96,956	95,504
Trademarks	427	474
Total Intangible Assets	427	474
Guaranteed Deposits Paid	1,555	1,446
Deferred Expenses	10,906	15,312
Other Assets-others	5,694	5,588
Total Other Assets	18,155	22,346
Total Assets	1,420,490	1,529,776
Short-Term Borrowing	37,558	50,570
Notes Payable	22,080	36,312
Account Payable	64,910	92,571
Income Tax Payable	2,257	4,101
Accrued Expenses	53,769	56,553
Changes in the fair value of the financial liability on profit and loss-flow	230	2,121
Current Liabilities	304,710	313,481
Other payables	54,348	29,099
Dividends Payable	48,000	27,771
Payables on equipment	6,348	1,328
Long-Term Liabilities -Current Portion	67,373	36,900
Corporate Bonds-Current Portion	50,473	.
Long-Term loan -Current Portion	16,900	36,900
Other Current Liabilities	2,185	5,254
Other Current Liabilities-others	2,185	5,254
Bonds Payable	.	103,605
long-term loan	50,700	67,600
Long Term Liabilities	50,700	171,205
Reserve for land revaluation increment tax	27,135	27,135
Total Reserves	27,135	27,135
Deferred income tax	2,644	8,852
deferred income tax liabilities-non current	2,644	8,852
Other Liabilities-Other	4,753	7,148
Deferred credit–interest between affiliate companies	4,753	7,148
Total Other Liabilities	7,397	16,000
Total Liabilities	389,942	527,821
Ordinary Share Capital	697,594	655,228
Capital Collected In Advance	.	972
Share Capital	697,594	656,200
capital reserve–share premium account	121,963	103,547
Capital reserve-stock options	6,273	13,271
Total Capital Reserve	128,236	116,818
Legal Surplus	69,971	61,254
For not retained earnings	57,833	69,532
Total Retained earnings	127,804	130,786
Cumulative Translation Adjustments	21,481	42,718
Unrealized revaluation value	55,433	55,433
Total shareholders’ equity other adjustment	76,914	98,151
New Issued (under stockholders' equity section) shares Equivalents (Unit: Shares)	-	97,086
Treasury Stock of held by parent company also as held by subsidiaries (Unit: Shares)	-	-
Total shareholders’ equity	1,030,548 (USD 34,214,194)	1,001,955 (USD 33,264,906)

(As of 2011.10, 1 NTD = 0.0332 USD)

Profit and Loss Account

Unit: NTD/000

	2010-7-1 ~2011-6-30	2009-7-1 ~2010-6-30
Total Operation Revenue	412,755 (USD 13,703,466)	472,924 (USD 15,701,077)
Total Sales Revenue	412,755	472,924
Total Sales Revenue	416,772	475,173
Sales Returns	1,032	415
Sales discounts and allowances	2,985	1,834
Total operating costs	315,674	335,398
Cost of goods sold	315,674	335,398
Gross Profit (Loss)	97,081	137,526
Unrealized Gain on InterAffiliate Accounts	4,753	7,148
Realized Gain on InterAffiliate Accounts	7,845	6,752
Total operating expenses	98,809	93,200
distribution cost	39,451	43,783
General And Administrative Expenses	25,280	26,428
research and development expenses	34,078	22,989
Net operating Profit (loss)	1,364	43,930
Non-operating revenue and profit	23,631	27,031
Interest Income	342	172
Income From Investment	12,795	15,798
Investment Income Recognized Under Equity Method	12,795	15,798
Sanctions Fixed Assets Interests	186	118
Foreign Exchange Gain	.	256
Financial assets evaluation interests	.	7,519
Miscellaneous Income	10,308	3,168
Non-operating expenses and losses	3,383	5,465
Interest Cost	1,624	3,286
Interest expenses	544	.
Financial assets evaluation Loss	244	.
Financial Liabilities evaluation Loss	971	2,103
Miscellaneous expenditure	.	76
Continuing Operations' Income (Loss) Before unit tax	21,612	65,496
income tax expense (income)	8,089	9,818
Continuing Operations' Unit net income (loss)	13,523	55,678
Net income (loss)	13,523 (USD 448,964)	55,678 (USD 1,848,510)
Basic earnings per share (Unit: NTD)	0.19	0.90
Dilute earning per share (Unit: NTD)	0.19	0.69

(As of 2011.10, 1 NTD = 0.0332 USD)

Bankers

Subject declined to disclose its bank details; 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.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.52

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.