MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	U.M. GRAVURE INDUSTRIAL CO., LTD.

Registered Office :	No.16, Lane 142, Sec.3, Min Fu Rd., Yangmei Town, Taoyuan Hsien

Country :	Taiwan

Date of Incorporation :	26.08.1991

Com. Reg. No.:	86276224

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and processing of packaging materials (polystyrene and paper bags, aluminum foil and seal bag, bottle of glue and aluminum foil bag).

No. of Employees :	About 60 employees

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 20,000
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, 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:	U.M. Gravure Industrial Co., Ltd.
Supplied Name:	U M Gravure Industrial Co Ltd
Trading Address:	No.16, Lane 142, Sec.3, Min Fu Rd., Yangmei Town, Taoyuan Hsien, Taiwan, R.O.C.
Supplied Address:	16, Lane 142, Min Fu Road Section 3, Yangmei Chen Taoyuan Hsien 326, Taiwan
Telephone Number:	+886-3-4723939
Fax Number:	+886-3-4723838

Notes: The exact subject’s name and address are as above mentioned.

Credit Summary

Credit Rating:	Maximum credit USD 20,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	U.M. Gravure Industrial Co., Ltd.
Registered Address:	No.16, Lane 142, Sec.3, Min Fu Rd., Yangmei Town, Taoyuan Hsien, Taiwan, R.O.C.
Date of Foundation:	1991-8-26
Registration Number:	86276224
Registry:	Ministry of Economic Affairs Central Office
Registered Capital:	NTD 50,000,000.00 (USD 1,650,000.00) (As of 2011.12, 1 NTD = 0.033 USD)
Paid-up Capital:	NTD 50,000,000.00 (USD 1,650,000.00)
Legal Representatives:	Guangming Zhang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and trade of
Staff:	About 60 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-1-19

History

Subject was incorporated on 1991-8-26 with registered number 86276224 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Guangming Zhang	1,641
Meiling Qiu
518
Guizhu Feng	564
Xianzhong Ke	1,059

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

Personnel Information

Core Management

Directors

1
Name	Guangming Zhang
Position	Chairman
2
Name	Meiling Qiu
Position	Director
3
Name	Guizhu Feng
Position	Director
4
Name	Xianzhong Ke
Position	Supervisor

Personnel Structure

Total Employees

About 60 employees

Operation Information

Offices & Factories

	Headquarters
Add	No.16, Lane 142, Sec.3, Min Fu Rd., Yangmei Town, Taoyuan Hsien, Taiwan, R.O.C.

Production Information

l Subject produces polychrome paper and bags, aluminum foil and seal bags, bottle of glue and aluminum foil bag, etc.

l Subject has a factory in Taiwan.

Purchase Information

l The registered activities of subject:

Business Code	Details
1	Packaging materials (polystyrene and paper bags, aluminum foil and seal bag, bottle of glue and aluminum foil bag) of manufacturing and processing trading and packaging
2	Design of the packaging materials and color art print manufacturing and processing trading
3	Agency pertaining to domestic and foreign manufacturers before the tender offer products distribution business
4	Import and export of the above products

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 abroad.

l The subject has a proportion of 50% for Import

Sales Information

l The subject is mainly engaged in manufacturing and processing of packaging materials (polystyrene and paper bags, aluminum foil and seal bag, bottle of glue and aluminum foil bag).

l Subject’s main customers are medicine manufacturers.

l Subject has both domestic and foreign markets.

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

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Components and raw material	COD, etc.	100%

Foreign Purchase

Product	Payment Terms	Proportion
Components and raw material	CBD, etc.	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Packaging materials	COD, etc.	100%

Export

Product	Sales Terms	Proportion
Packaging materials	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. Feng 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. Feng
E-mail	h8627622@ms24.hinet.net

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.29
UK Pound	1	Rs.78.10
Euro	1	Rs.65.59

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.