MIRA INFORM REPORT

Report Date :

16.02.2012


Tel. No.:	02 25377655

IDENTIFICATION DETAILS

Name :	PING JENG CO., LTD.

Registered Office :	2F. No.2-1, Sec.1, Chang An E. Rd., Taipei

Country :	Taiwan

Date of Incorporation :	07.12.1985

Com. Reg. No.:	1192907

Legal Form :	Overseas Company

Line of Business :	Manufacture and sales of food additives, raw material, etc.

No. of Employees :	About 35 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:	Ping Jeng Co., Ltd.
Supplied Name:	Ping Jeng Co, Ltd
Trading Address:	2F. No.2-1, Sec.1, Chang An E. Rd., Taipei Taiwan
Supplied Address:	2F, 2-1 Sec 1, Chang An E Rd, Taipei
Telephone Number:	+886-2-25377655
Fax Number:	+886-2-25216658

Notes:

The exact subject’s address is as above mentioned.

Credit Summary

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

Company Identification Details

Registered Name:	Ping Jeng Co., Ltd.
Registered Address:	2F. No.2-1, Sec.1, Chang An E. Rd., Taipei Taiwan
Date of Foundation:	1985-12-7
Registration Number:	1192907
Registry:	Government of Taipei City
Registered Capital:	NTD 28,000,000.00 (USD 924,000.00) (As of 2012.2, 1 NTD = 0.033 USD)
Paid-up Capital:	NTD 28,000,000.00 (USD 924,000.00)
Legal Representatives:	Xiuren Liu
Legal Form:	Overseas Company
Principal Activities:	Manufacture and sales of food additives, raw material, etc.
Staff:	About 35 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-12-13

Notes:

The staff number was obtained from public files which was not confirmed by the subject.

History

Subject was incorporated on 1985-12-7 with registered number 1192907 as Overseas Company in Taiwan.

Shareholders

(Unit: NTD)

Name	Subscription Amount
Xiuren Liu	20,241,277

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

Name	Xiuren Liu
Position	Director

Personnel Structure

Total Employees

About 35 employees

Operation Information

Offices & Factories

	Headquarters
Add	2F. No.2-1, Sec.1, Chang An E. Rd., Taipei Taiwan

Production Information

l Subject produces food additives, raw material, etc.

l Subject has its factory in Taiwan.

Purchase Information

l The registered activities of subject:

Business Code	Details
1	Spices (such as orange spice apple spice) of seasonings the (such as powder, beef powder and pork) food additives
2	(Such as glacial acetic acid, sodium and potassium sorbate) and chemical raw materials processed (such as the deployment of glacial acetic acid, etc.)
3	To except (trading the business) toxic and tube products
4	General export business
5	Tender offer of domestic and foreign manufacturers products and distribution businesses (futures except)
6	For business operations and investment
7	Spices (such as orange spice apple spice) of seasonings the (such as powder, beef powder and pork) food additives

Besides licensed business, all other business items those are not banned or restricted.

l The components and raw material for production are purchased from both domestic and abroad.

l The subject has a proportion of 50% for Import

Sales Information

l The subject is mainly engaged in manufacturing and processing of various food additives, raw material, etc.

l Subject has both domestic and foreign markets.

l Subject exports to the mainland of China, America, etc.

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, CBD, etc.	100%

Foreign Purchase

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

Sales

Domestic Markets

Product	Sales Terms	Proportion
Food additives, etc.	COD, CBD, etc.	100%

Export

Product	Sales Terms	Proportion
Food additives, etc.	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 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

Notes:

The woman who answered the telephone declined to introduce her name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.29
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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.