MIRA INFORM REPORT

Report Date :

22.12.2012

IDENTIFICATION DETAILS

Name :	KINGYORKER ENTERPRISE CO., LTD.
Registered Office :	4F., No.159, Xing-Ai Rd., Neihu District, Taipei City 11494
Country :	Taiwan
Date of Incorporation :	13.04.1981
Com. Reg. No.:	20884177
Legal Form :	Joint Stock Company
Line of Business :	Trading of chemical materials, etc
No. of Employees :	About 65 Employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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 (31.03.2012)	Current Rating (30.06.2012)
Taiwan	A2	A2

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:	Kingyorker Enterprise Co., Ltd.
Supplied Name:	KINGYORKER ENTERPRISE CO LTD.
Trading Address:	4F., No.159, Xing-Ai Rd., Neihu District, Taipei City 11494, Taiwan, R.O.C.
Supplied Address:	10FL Fortune Bldg 58 Fu Hsing North Rd. Chungshan Dist., Taipei City 104
Telephone Number:	+886-2-8791-8589
Fax Number:	+886-2-8791-1819
E-mail:	info@kingyorker.com
Website:	www.kingyorker.com

Notes: The supplied address also belongs to subject. The exact name and address are as above.

Company Identification Details

Registered Name:	KINGYORKER ENTERPRISE CO., LTD.
Registered Address:	4F., No.159, Xing-Ai Rd., Neihu District, Taipei City 11494, Taiwan, R.O.C.
Date of Foundation:	1981-4-13
Registration Number:	20884177
Registry:	Taipei City Government
Registered Capital:	NTD 69,831,000 (USD 2,374,254) (As of 2012.12, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 69,831,000 (USD 2,374,254)
Legal Representatives:	Yimou Cai
Legal Form:	Joint Stock Company
Principal Activities:	Trading of chemical materials, etc
Staff:	About 65 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-2-21

History

Subject was incorporated on 1981-4-13 with registered number 20884177 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Yimou Cai	2,490,000
Cichun Ou
10,000

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

Subsidiaries & Branches

Office:

Address:	10Fl, Fortune Bldg 58 Fu Hsing North Rd. Chungshan Dist., Taipei City 104
Telephone Number:	+886-2-2777-2369
Fax Number:	+886-2-2741-1626

Branch Companies

1
Name:	Kaohsiung Branch
Address:	6F-1, No. 412, Chung Shan Second Road, Kaohsiung, Taiwan, R.O.C.
Telephone Number:	+886-7-338-6585
Fax Number:	+886-7-338-6547
Status:	Live Company
2
Name:	Neihu Branch
Registration Number:	28858118
Date of Registration:	2008-4-7
Status:	Withdraw
Manager Name:	Zhongyu Cheng
Date of Last Annual Return:	2009-12-24

Related Companies

1
Name:	KingShred Technology Co., Ltd.
Address:	No.159, Xing-Ai Rd., Neihu District, Taipei City 11494, Taiwan, R.O.C.
Telephone Number:	+886-2-2795-5689
Fax Number:	+886-2-2791-1788
2
Name:	Kingyorker (Shanghai)Enterprise Co., Ltd.
Address:	Room 1207, No.1701, West Bejing Road., Jing-An District, Shanghai City, China
Telephone Number:	+86-21-6288-4369
Fax Number:	+86-21-6288-4371

Personnel Information

Core Management

Directors

1
Name	Yimou Cai
Position	Board Director
Date of Appointment	1998-11-13
2
Name	Cichun Ou
Position	Director
3
Name	Zhongrui Cheng
Position	Director
4
Name	Qiuxiang Sucheng
Position	Supervisor

Personnel Structure

Total Employees

About 65 Employees

Operation Information

Offices & Factories

	Headquarters
Add	4F., No.159, Xing-Ai Rd., Neihu District, Taipei City 11494, Taiwan, R.O.C.

Production Information

Subject is a trader of chemical materials, etc without any production activities.

Purchase Information

The registered activities of subject:

Business Code	Details
F107200	Wholesale of chemical material
F208040	Retail of cosmetic
F107990	Wholesale of other chemical products
F108021	Wholesale of western medicine
F108031	Wholesale of medical equipment
F108040	Wholesale of cosmetic
F109070	Wholesale of stationery, instrument, recreational supplies
F113010	Wholesale of machinery
F207200	Retail of chemical material
F208021	Retail of western medicine
F208031	Retail of medical equipment
F209060	Retail of stationery, instrument, recreational supplies
F401010	International trade business
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.
F101050	Wholesale of aquatic product
F107041	Wholesale of pesticide
F107070	Wholesale of animal medicine
F107170	Wholesale of industrial additives
F107080	Wholesale of environmental medicine

Subject purchases products from both home and abroad such as Europe, USA, and Japan, South Korea, India, China, Australia, New Zealand, and South Africa, etc.

Sales Information

Subject is engaged in sales of chemical materials, etc.

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

The major types of chemicals sold by subject include industrial chemicals, fine chemicals, bulk pharmaceuticals, petroleum chemicals, agricultural chemicals, intermediates, food & feed additives, plastic & rubber additives, and optical & electronic chemicals, etc.

Major suppliers of subject

	Supplier
1	A.M.Player Inc.
2	Acei-Oroma & Fine Chemicals
3	African Zinc Mill (Pty) Ltd
4	Akzo Nobel Chemical
5	Alex Associates Inc
6	Aliachem A.S.
7	Anant Co.
8	Atul Limited
9	Argent Chemical Laboratories
10	Asahi Chemical
11	Associated Additives
12	Bladen Specialty Chemical Ltd
13	Borregaard Italia
14	Brenno-O-Kem (Pty) Ltd.
15	Calgon Carbon Corporation
16	Calkem Chemicals
17	Callery Chemical Company
18	Carus Chemicals Company
19	Central Glass
20	Cfm Oskar Tropitzsch
21	Charkit Chemical Corp
22	Chemet
23	Chemische Fabrik Budenheim Rudolf. Oetker
24	Daicel
25	Dancor Plastics (Pty)Ltd
26	Degussa Ag- Skw Tosberg
27	Excell Industries Limited
28	Fabric, Inc
29	Febex S.A
30	Finish Chemicals Oy
31	Fuji Kasei
32	Gulbrandesn Mfg. Inc.
33	Hayward Img
34	Hiperchem Inc.
35	Hodogaya Chemical
36	Hr Smith Group Of Companies
37	Ihara Chemical
38	Illovo Sugar Ltd.
39	Inchem Corporation
40	Industrial Solvents & Chemicals
41	Industrie Chemical Caffaro S.P.A
42	Japan Fine Chemical
43	Jopak(Canada) Inc
44	Joseph Storey & Company Ltd.
45	Kawaken Fine Chemical
46	Keeling & Walker Ltd.
47	Konoshima Chemical Co., Ltd.
48	Kureha Chemical
49	La Chemical S.P.A
50	Lambiotte & Cie S.A
51	Lexco Inc.
52	M/S Namada Food Ptv. Ltd.
53	Mcp-Hek Gmbh
54	Michel Baule Chemie S.A
55	Mitsui Petrochemical
56	Mitsui Toatsu
57	N.V. Campine S.A
58	Nextchimica (Pty) Ltd.
59	Nigu Chemie Gmbh
60	Nippon Soda Co., Ltd.
61	Novein-Kalama, Inc.
62	Noveon hilton davis
63	Oskar Tropitzsch
64	Otto Branch Gmbh
65	P.T. Inti Everspring Indonesia
66	Pechiney World Trade Inc
67	Penta Manufacturing Co., Ltd.
68	Precolor A.S
69	R C Treatt Co., Ltd.
70	Salsbury Chemical Company
71	Sanachem (Pty) Ltd.
72	Sf-Chem
73	Shikoku Kasei
74	Shinko Chemical
75	Skyanide Chemicals Gmbh
76	Stan Chem Intl Ltd.
77	Sumitomo Seika
78	Tega Marketing(Pty)Ltd.
79	Tetra Chemicals
80	The Goodyear Tire & Rubber Co
81	Tokai Denka
82	Tomioka Chemicals
83	Tosoh Corporation
84	Treibacher Aurent
85	U.S. Zinc Corp
86	Unilever (Australia) Pty Ltd.
87	Van Baerle & Cie
88	Wacker
89	Waker Chemicals Ltd.
90	William Blythe Limited
91	Zinchem(Pty) Limited

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Chemicals	COD, CBD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Chemicals	CBD, etc	100%

Sales

Domestic Markets

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

Export

Product	Sales Terms	Proportion
Chemicals	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. Li declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

Bankers

Name	Bank of Taiwan

Note: The supplied bank information is not confirmed by subject.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Trial Number:	2003,Beixiao,1053
Date of Trial:	2003-8-8
Reason:	Payment for construction cost

Interview Details

Name	Mr. Li
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

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%)

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.