MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	EN CHUAN CHEMICAL INDUSTRIES CO., LTD.

Registered Office :	No.676, Taiping Rd., Taiping Dist., Taichung City 411

Country :	Taiwan

Date of Incorporation :	23.02.1965

Com. Reg. No.:	57104700

Legal Form :	Private Limited Company

Line of Business :	Manufacture and Sales of PS Pellets, Unsaturated Polyester Resin, Polystyrene, etc

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 30,000
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 – 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:	EN Chuan Chemical Industries Co., Ltd.
Supplied Name:	EN Chuan Chemicals Industries Co Ltd.
Trading Address:	No.676, Taiping Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.)
Supplied Address:	676 Taiping Rd., Taiping City Taichung Hsien, Taiwan
Telephone Number:	+886-4-22794176
Fax Number:	+886-4-22789207

Credit Summary

Credit Rating:	Maximum credit USD 30,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	EN Chuan Chemical Industries Co., Ltd.
Registered Address:	No.676, Taiping Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.)
Date of Foundation:	1965-02-23
Registration Number:	57104700
Registry:	Department of Commerce
Registered Capital:	NTD 623,000,000 (USD 20,496.70) (As of 2011.10, 1 NTD = 0.0329 USD)
Paid-up Capital:	NTD 623,000,000 (USD 20,496.70)
Legal Representatives:	Chen Jiemin
Legal Form:	Private limited company
Principal Activities:	Manufacture and sales of PS Pellets, Unsaturated polyester resin, Polystyrene, etc.
Staff:	Over 200 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2008-12-16

History

Subject was incorporated on 1965-02-23 with registered number 57104700 as Private Limited Liability Company in Taiwan.

Standard of Blue chip importer and exporter

Unit: USD

Year	Amount
2008	19,000,000
2009	15,000,000
2010	20,000,000

Shareholders

Name	Subscription Shares
Chen Jiemin	7,862,340
Chen Jiehong
8,250,395
Ke Tong	1,466,003
Chen Jieyuan	10,058,395
Chen Zhaoxian	1,021,000

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

Personnel Information

Core Management

Directors

1
Name	Chen Jiemin
Position	Chairman
2
Name	Chen Jiehong
Position	Director
3
Name	Ke Tong
Position	Director
4
Name	Chen Jieyuan
Position	Director
5
Name	Chen Zhaoxian
Position	Supervisor

Personnel Structure

Total Employees

Over 200 employees

Operation Information

Offices & Factories

	Headquarters
Add	No.676, Taiping Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.)
	Factory
Add	33 Xinggong Road, Shengang Township, Changhua County
Construction Area	Industry Area

Production Information

l Subject produces PS Pellets, Unsaturated polyester resin, Polystyrene, etc.

l Subject has a factory in Taiwan.

Purchase Information

l The registered activities of subject:

Business Code	Details
1	Manufacture, wholesale, and retailing of industrial adhesive, unsaturated polyester resin, polyester resin, thermoplastic rubber materials
2	Agency of the preceding paragraph
3	Import and export of the relevant product and raw materials

Besides licensed business, all other business items those are not banned or restricted.

l The components and raw material for production are mostly purchased from local area.

l The subject has a proportion of 50% for Import

Sales Information

l The subject is mainly engaged in sales of PS Pellets, Unsaturated polyester resin, Polystyrene, etc.

l The subject has a proportion of 50% for export.

l The subject has both domestic and foreign markets.

Major products sold

Product	Sales Region
PS Pellets, Unsaturated polyester resin, Polystyrene, etc.	Taiwan, the mainland of China
PS Pellets, Unsaturated polyester resin, Polystyrene, etc.	Europe, America, Asian countries

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Raw materials	CBD, etc.	100%

Foreign Purchase

Product	Payment Terms	Proportion
Raw materials	CBD, etc.	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
PS Pellets, Unsaturated polyester resin, Polystyrene, etc.	CBD, etc.	100%

Export

Product	Sales Terms	Proportion
PS Pellets, Unsaturated polyester resin, Polystyrene, etc.	CBD, etc.	100%

Financial Information

Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff Ms. Zhang declined to disclose its financials citing the grounds of company’s confidentiality; 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

Name	Ms. Zhang
Department	Sales Department
E-mail	ECC@enchuan.com.tw

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

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.