MIRA INFORM REPORT

Report Date :

05.12.2012

IDENTIFICATION DETAILS

Name :	PING TAI ENTERPRISE CO., LTD.

Registered Office :	12F, No.5, Chung Hwa 3rd Road, Kaohsiung

Country :	Taiwan

Date of Incorporation :	21.10.1974

Com. Reg. No.:	91743261

Legal Form :	Joint Stock Company

Line of Business :	Trading of feedstuff and aquatic products

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 :	Unknown

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Taiwan

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

Taiwan - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.

Source : CIA

Contact Points

Company Name:	Ping Tai Enterprise Co., Ltd.
Supplied Name:	Ping Tai Enterprise Co Ltd
Trading Address:	12/F, No.5, Chung Hwa 3rd Road, Kaohsiung Taiwan R.O.C.
Supplied Address:	Taiwan
Telephone Number:	+886-7-215-2767
Fax Number:	+886-7-211-2116
E-mail:	pingtai@ms.15.hinet.net

Notes: Subject’s complete and exact address is as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Ping Tai Enterprise Co., Ltd.
Registered Address:	12/F, No.5, Chung Hwa 3rd Road, Kaohsiung Taiwan R.O.C.
Date of Foundation:	1974-10-21
Registration Number:	91743261
Registry:	Economic Development Bureau, Kaohsiung City
Registered Capital:	NTD 40,000,000 (USD 1,360,000) (As of 2012.12, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 40,000,000 (USD 1,360,000)
Legal Representatives:	Yuting Wu
Legal Form:	Joint Stock Company
Principal Activities:	Trading of feedstuff and aquatic products
Staff:	About 10 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2010-7-2

History

Subject was incorporated on 1974-10-21 with registered number 91743261 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Yuting Wu	1,400,000
Zhifeng Wu
750,000
Jingyi Wu	700,000
Jizhu Chen	750,000

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

Subsidiaries & Branches

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Personnel Information

Core Management

Directors

1
Name	Yuting Wu
Position	Board Director
2
Name	Zhifeng Wu
Position	Director
3
Name	Jingyi Wu
Position	Director
4
Name	Jizhu Chen
Position	Supervisor

Personnel Structure

Total Employees

About 10 Employees

Operation Information

Offices & Factories

	Headquarters
Add	12/F, No.5, Chung Hwa 3rd Road, Kaohsiung Taiwan R.O.C.

Production Information

l Subject is a trader of feedstuff and aquatic products, etc without any production activities.

Purchase Information

l The registered activities of subject:

Business Code	Details
--	Import and export of all kinds of aquatic products
--	Import, export and processing of agricultural and animal products
--	Import, export and processing of timber, rattan and building materials
--	Operation of ocean, offshore fishing business and trading of feed
--	Import and export of feed and fish meal
--	Import and export of nutrition foodstuff and feedstuff s
--	General import and export business

l Subject purchases feedstuff, fish meal, fishery product, etc from both home and abroad.

Sales Information

l Subject is engaged in sales of feedstuff and aquatic products, etc.

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

l The major products sold by subject include fish meal, fishery product, feedstuff, and aquaculture machine, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase (Taiwan)

Product	Payment Terms	Proportion
Fish meal, feedstuff, aquaculture machines	COD, CBD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Fish meal, fishery product	CBD, etc	100%

Sales

Domestic Markets (Taiwan)

Product	Sales Terms	Proportion
Fish meal, fishery product	COD, CBD, etc	100%

Export

Product	Sales Terms	Proportion
Fish meal, feedstuff, aquaculture machines	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 Mr. Wu 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. Wu
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.95
UK Pound	1	Rs.88.42
Euro	1	Rs.71.71

INFORMATION DETAILS

Report Prepared by :

MNL

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.