MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	SEA GLORY FISHERY PRODUCT CO., LTD.

Registered Office :	1/F., No.143, Nan Ya Road, Chian Chen Dist., Kaohsiung

Country :	Taiwan

Date of Incorporation :	05.01.1999

Com. Reg. No.:	16475100

Legal Form :	Joint Stock Company

Line of Business :	Trading of frozen sea food.

No. of Employees :	Over 10 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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:	Sea Glory Fishery Product Co., Ltd.
Supplied Name:	Sea Glory Fishery Prodict Co Ltd
Trading Address:	1/F., No.143, Nan Ya Road, Chian Chen Dist., Kaohsiung, Taiwan, R.O.C.
Supplied Address:	No 143 Nan Ya Roadchain Chen Dist Kaoshsiung Taiwan
Telephone Number:	+886-7-8139372
Fax Number:	+886-7-8139371

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

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Sea Glory Fishery Product Co., Ltd.
Registered Address:	1/F., No.143, Nan Ya Road, Chian Chen Dist., Kaohsiung, Taiwan, R.O.C.
Date of Foundation:	1999-1-5
Registration Number:	16475100
Registry:	Economic Development Board of Kaohsiung City Government
Registered Capital:	NTD 15,000,000 (USD 502,500) (As of 2012.07, 1 NTD = 0.0335 USD)
Paid-up Capital:	NTD 15,000,000 (USD 502,500)
Legal Representatives:	Yuanlong Hong
Legal Form:	Joint Stock Company
Principal Activities:	Trading of frozen sea food.
Staff:	Over 10 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-5-10

History

Subject was incorporated on 1999-1-5 with registered number 16475100 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Yuanlong Hong	1,300
Shunzhong Hong
200

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

Subsidiaries & Branches

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Personnel Information

Core Management

Directors

1
Name	Yuanlong Hong
Position	Board Chairman
2
Name	Huilong Wu
Position	Director
3
Name	Zhishang Li
Position	Director
4
Name	Shunzhong Hong
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	1/F., No.143, Nan Ya Road, Chian Chen Dist., Kaohsiung, Taiwan, R.O.C.

Production Information

l Subject is a trader of frozen sea food without any production activities itself

Purchase Information

l The registered activities of subject:

Business Code	Details
F101050	Wholesales of Fresh Fish
F102010	Wholesales of frozen food
F101990	Wholesales of other agricultural, livestock and aquatic products (Fry)
F201030	Retails of aquatic products
Ｆ201990	Retails of other agricultural, livestock and aquatic products (fry)
F203010	Retails of food and beverage.
F401010	International Trading Business
F102160	Wholesales of accessary food
Ｆ102990	Wholesales of other food (fish meal and surimi)

l Subject purchases frozen seafood mainly abroad from India, Pakistan and the Middle East, etc

Sales Information

l The subject is mainly engaged in sales of frozen sea food and its major products include fish and molluscs, etc

l Subject’s products are both sold in domestic and overseas market and subject’s major business is triangular trade and it mainly exports to Vietnam, Malaysia, Singapore and Thailand, etc

l Subject’s major customers are food processors, etc

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Subject has little domestic purchase

Foreign Purchase

Product	Payment Terms	Proportion
Frozen sea food, etc	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Frozen sea food, etc	30%~50% prepayment, and the rest before delivery, etc	100%

Export

Product	Sales Terms	Proportion
Frozen sea food, etc	30%~50% prepayment, and the rest before delivery, etc	100%

Notes: Subject’s settlement for export is generally in USD

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. Lin 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	First Commercial Bank

Notes: Subject confirmed the banker, but the staff did not introduce any more details.

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. Lin
Department	Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.55
UK Pound	1	Rs.85.48
Euro	1	Rs.68.70

INFORMATION DETAILS

Report Prepared by :

MNL

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.