MIRA INFORM REPORT

Report Date :

16.08.2012

IDENTIFICATION DETAILS

Name :	CHINALAND ENTERPRISE CORP.

Registered Office :	13Fl-3, No.171, Sung Teh Rd., Taipei

Country :	Taiwan

Date of Incorporation :	04.03.1993

Com. Reg. No.:	84137016

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and sales of all kinds of fabric

No. of Employees :	About 10 Employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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:	Chinaland Enterprise Corp.
Supplied Name:	Navigator Worldwide Inc
Trading Address:	13Fl-3, No.171, Sung Teh Rd., Taipei, Taiwan (R.O.C.)
Supplied Address:	13F-3 No. 171, Sungteh Road taipei
Telephone Number:	+886-2-2759-8558
Fax Number:	+886-2-2759-8559

Notes: Subject’s exact name and address are as above and it is introduced that the supplied name is subject’s trading name.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Chinaland Enterprise Corp.
Registered Address:	13Fl-3, No.171, Sung Teh Rd., Taipei, Taiwan (R.O.C.)
Date of Foundation:	1993-3-4
Registration Number:	84137016
Registry:	Taipei City Government
Registered Capital:	NTD 5,000,000 (USD 167,000) (As of 2012.08, 1 NTD = 0.0334 USD)
Paid-up Capital:	NTD 5,000,000 (USD 167,000)
Legal Representatives:	Jinshu Chen
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of all kinds of fabric
Staff:	About 10 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2010-12-22

History

Subject was incorporated on 1993-3-4 with registered number 84137016 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Jinshu Chen	70,000
Deming Wu
145,000
Yixiang Lin	60,000
Huiying Wu	60,000

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

Subsidiaries & Branches

It is introduced that subject has a factory in Nanjing City, Jiangsu Province, mainland China for production; but we can not obtained the relevant information from any sources.

Personnel Information

Core Management

Directors

1
Name	Jinshu Chen
Position	Board Chairman
2
Name	Deming Wu
Position	Supervisor
3
Name	Yixiang Lin
Position	Director
4
Name	Huiying Wu
Position	Director

Personnel Structure

Total Employees

About 10 Employees

Operation Information

Offices & Factories

	Headquarters
Add	13Fl-3, No.171, Sung Teh Rd., Taipei, Taiwan (R.O.C.)

Production Information

l Subject is engaged in manufacturing of all kinds of fabric.

l It is introduced that subject has a factory in Nanjing City, Jiangsu Province, mainland China for production.

Purchase Information

l The registered activities of subject:

Business Code	Details
--	General import and export business
--	Agent of offer and bid business for home and oversea company

l The raw materials for production are mostly purchased from mainland China.

Sales Information

l Subject is engaged in sales of all kinds of fabric.

l Subject’s sales regions include Southeast Asia, Middle East, Europe, and America, etc.

l It is introduced that the products are delivered from factory in mainland China directly.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase (Mainland, China)

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

Foreign Purchase

Subject has little import.

Sales

Domestic Markets (Taiwan)

Product	Sales Terms	Proportion
Fabric	COD, CBD, etc	100%

Export

Product	Sales Terms	Proportion
Fabric	CBD, etc	100%

Notes: Subject’s settlement for export is generally in USD

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 Mr. Chen declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

Bankers

Subject declined to disclose its bank details; from other source we cannot 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

Mr. Chen

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.64
UK Pound	1	Rs.87.31
Euro	1	Rs.68.81

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.