MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	MOON MARINE INTERNATIONAL CO., LTD.

Registered Office :	11f No.2 Chung-Cheng 3rd Rd. Hsin Hsing Dist, Kaohsiung

Country :	Taiwan

Date of Incorporation :	23.10.1980

Reg. No.:	12301121

Legal Form :	Joint Stock Company

Line of Business :	Trade of seafood and the related products.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

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:	MOON MARINE INTERNATIONAL CO., LTD.
Supplied Name:	MOON MARINE INTERNATIONAL CO LTD.
Trading Address:	11f No.2 Chung-Cheng 3rd Rd. Hsin Hsing Dist, Kaohsiung, Taiwan, R.O.C
Supplied Address:	11F No. 2 Cheng 3rd Road, hsin Hsing Dist., Kaohsiung
Telephone Number:	+886 7 2381123
Fax Number:	+886 7 2383123

Notes:

The exact address is as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	MOON MARINE INTERNATIONAL CO., LTD.
Registered Address:	11f No.2 Chung-Cheng 3rd Rd. Hsin Hsing Dist, Kaohsiung
Date of Foundation:	1980-10-23
Registration Number:	12301121
Registry:	Economic Development Bureau, Kaohsiung City
Registered Capital:	NTD 28,000,000 (USD 962,163) (As of 2012.12, 1 NTD = 0.03436 USD)
Paid-up Capital:	NTD 28,000,000 (USD 962,163)
Legal Representatives:	Bowen Wang
Legal Form:	Joint Stock Company
Principal Activities:	Trade of seafood and the related products.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-6-4

Note:

Subject declined to disclose the staff number, and from other sources, we couldn’t obtain the information, either.

History

Subject was incorporated on 1980-10-23 with registered number 12301121 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Bowen Wang	1,967,000
Meiyun Zhuang
455,000
Yufeng He	200,000

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

Directors

1
Name	Bowen Wang
Position	Board of Chairman
2
Name	Meiyun Zhuang
Position	Director
3
Name	Xiufeng He
Position	Director
4
Name	Yufeng He
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	11f No.2 Chung-Cheng 3rd Rd. Hsin Hsing Dist, Kaohsiung, Taiwan, R.O.C

Production Information

Subject is a trader of seafood and the related products without any production activities

Purchase Information

The registered activities of subject:

Business Code	Details
101040	Wholesale of meat
201020	Retails of livestock products

The productions are purchased from both local and abroad.

Sales Information

Subject is mainly engaged in trading of seafood and the related products.

Subject introduced that its products include frozen tuna, frozen mackerel, frozen shrimp and so on.

Subject introduced that the products are mainly from Taiwan, Indonesia, India and so on.

Subject’s selling territory mainly covers Asia and Europe.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Subject declined to disclose the settlements information, and from other sources, we couldn’t obtain the information, either.

Subject introduced that the settlement method is general, but it will disclose after they get the orders.

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

The bankers’ information is not available from the subject or other sources.

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.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

SDA

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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