MIRA INFORM REPORT

Report Date :

31.01.2012

IDENTIFICATION DETAILS

Name :	SAN FU CHEMICAL CO., LTD.

Registered Office :	5F., No.21, Chung Shan N. Rd., Sec.2, Jhongshan Dist., Taipei 104

Country :	Taiwan

Date of Incorporation :	17.03.2003

Com. Reg. No.:	80170651

Legal Form :	Joint Stock Company

Line of Business :	Manufacture and sales of chemical products, etc

No. of Employees :	250

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 200,000
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 – September 30^th, 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:	San Fu Chemical Co., Ltd.
Supplied Name:	Sanfu Chemical Co Ltd.
Trading Address:	7F., No.21, Chung Shan N. Rd., Sec.2, Jhongshan Dist., Taipei 104, Taiwan, R.O.C.
Supplied Address:	7th Floor 21 Chung Shang N Road Sec 2 Taipei 10419
Telephone Number:	+886-2-2542-6789
Fax Number:	+886-2-2581-3215
E-mail:	service@sfchem.com.tw

Notes: Subject’s exact name and address are as above.

Credit Summary

Credit Rating:	Maximum credit USD 200,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	San Fu Chemical Co., Ltd.
Registered Address:	5F., No.21, Chung Shan N. Rd., Sec.2, Jhongshan Dist., Taipei 104, Taiwan, R.O.C.
Date of Foundation:	2003-3-17
Registration Number:	80170651
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,200,000,000 (USD 40,320,000) (As of 2012.01, 1 NTD = 0.0336 USD)
Paid-up Capital:	NTD 800,000,000 (USD 26,880,000)
Legal Representatives:	Xinhong Wu
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and sales of chemical products, etc
Staff:	About 250 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-5-24

History

Subject was incorporated on 2003-3-17 with registered number 80170651 as Joint Stock Company in Taiwan.

Awards

Year	Awards
2008	Blue chip importer and exporter
2009	Blue chip importer and exporter
2010	Blue chip importer and exporter

Standard of Blue chip importer and exporter

Unit: USD

Year	Amount
2008	19,000,000
2009	15,000,000
2010	20,000,000

Shareholders

Name	Subscription Shares
Xinhong Wu	3,421,750
Chunming Zhang
10,941,845
Axi Fu	149,174
Yizong Zhang	255,341
Yaoming Wang	300,000
Yapping Zhang	40,382

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

Subsidiaries & Branches

Offices:

1
Name:	Shanghai Office
Address:	No.999,Zhoushanxilu, Huawenguoji Office Tower Unit 302, Shanghai, P.R.China
Tel:	+86-21-3250-3558;3250-3556-160
Fax:	+86-21-5238-9711
2
Name:	Taichung Office
Address:	9, Kung-Yeh 3rd Rd., Industrial Zone, Taichung, Taiwan 407
Tel:	+886-4-23591299
Fax:	+886-4-23500143
3
Name:	Shan-Hua Office
Address:	340, Hsiao-Hsin Li, Shan-Hua, Taiwan 741
Tel:	+886-6-5837608
Fax:	+886-6-5839498
4
Name:	Kaohsiung Office
Address:	45 , Chung-Heng St., Hsiao Kang Dist, Kaohsiung, Taiwan 812
Tel:	+886-7-8713471
Fax:	+886-7-8714233

Factories

Name:	Shan-Hua Factory
Address:	340, Hsiao-Hsin Li, Shan-Hua, Taiwan 741
Tel:	+886-6-5837608
Fax:	+ 886-6-5839498
Major products:	Citric Acid, Benzoic Acid, P-Hydruxybenzoic Acid, etc
2
Name:	Kaohsiung Factory
Address:	45 , Chung-Heng St., Hsiao Kang Dist, Kaohsiung, Taiwan 812
Tel:	+886-7-8713471
Fax:	+886-7-8714233
Major products:	Cyclohexane

Personnel Information

Core Management

Directors

1
Name	Xinhong Wu
Position	Board Chairman
2
Name	Chunming Zhang
Position	Director
3
Name	Axi Fu
Position	Director
4
Name	Yizong Zhang
Position	Director
5
Name	Yaoming Wang
Position	Director
6
Name	Yapping Zhang
Position	Supervisor
7
Name	Shengfu You
Position	Supervisor
8
Name	Mingfu Huang
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	7F., No.21, Chung Shan N. Rd., Sec.2, Jhongshan Dist., Taipei 104, Taiwan, R.O.C.

Production Information

l Subject is a manufacturer of chemicals.

l It is introduced that subject has factory in Shanhua and Kaohsiung to deal with the production.

l It is introduced that subject’s factories obtained the certification of ISO 9002, CNLA, ISO 14001,OSHAS18001, etc

Purchase Information

l The registered activities of subject:

Business Code	Details
F401010	International Trading Business
F207100	Retails of Basic chemical materials
C801010	Manufacture of Basic chemical materials
F107100	Wholesales of Basic chemical materials
F107110	Wholesales of petrochemical materials
C801020	Manufacture of petrochemical materials
F207110	Retails of petrochemical materials
F107060	Wholesales of Toxic Chemical Substance
F107990	Wholesales of other chemicals (aniline)
C801070	Manufacture of high pressure gas
C802150	Manufacture of dyestuff
F107020	Wholesales of dyestuff
F207020	Retails of dyestuff
C802100	Manufacture of cosmetics
F108040	Wholesales of cosmetics
C109010	Manufacture of flavouring
F102130	Wholesales of flavouring
C801040	Manufacture of synthetic resin
F107130	Wholesales of synthetic resin
F207130	Retails of synthetic resin
C901020	Manufacture of glass and glass products.
CA04010	Surface treatment industry
C199990	Manufacture of other unclassified food.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l Subject purchases both at home and abroad.

Sales Information

l The subject is mainly engaged in sales of chemicals including Citric Acid, Glucose, Sodium Cyclamate, Paraben, PHBA, Cyclohexylamine, and glass etching, polish, slimming, etc

l Subject’s products are applied to IC、LCD、Solar Cell industry, etc

l Subject’s products are mainly sold in overseas market and it is introduced that subject mainly export to USA, etc (Major customer: Air Products & Chemicals Inc., etc). And a part of subject’s chemical products are sold to local market

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Raw materials, etc	COD, CBD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Raw materials, etc	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Chemical Products, etc	CBD, etc	100%

Export

Product	Sales Terms	Proportion
Chemical Products, 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 declined to disclose its financials citing the grounds of company’s confidentiality; while from other source we found that subject’s annual sales reaches NTD 3 billion, but the figure is not confirmed by subject and only for reference.

Bankers

Subject declined to disclose its bank details; 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

Department

Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.50
UK Pound	1	Rs.77.74
Euro	1	Rs.65.19

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.