MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	TEAMADE INTERNATIONAL INC.

Registered Office :	5F.-4, No.2, Sec. 1, Nanjing E. Rd., Jhongshan District, Taipei City 104

Country :	Taiwan

Date of Incorporation :	25.10.2007

Com. Reg. No.:	28719778

Legal Form :	Limited Liability Company

Line of Business :	Manufacturing and sales of paper notebook products, etc

No. of Employees :	About 210 Employees

RATING & COMMENTS

MIRA’s Rating :

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 – 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:	Teamade International Inc.
Supplied Name:	Teamade International Inc (nf)
Trading Address:	5F.-4, No.2, Sec. 1, Nanjing E. Rd., Jhongshan District, Taipei City 104, Taiwan (R.O.C.)
Supplied Address:	5F 4 No 2 Sec 1 Nanjing Road Taipei
Telephone Number:	+886-2-2511-0766
Fax Number:	+886-2-2521-2766
E-mail:	penny.chiu@teamade.com.tw

Notes:

The correct name and address are as above mentioned.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Teamade International Inc.
Registered Address:	5F.-4, No.2, Sec. 1, Nanjing E. Rd., Jhongshan District, Taipei City 104, Taiwan (R.O.C.)
Date of Foundation:	2007-10-25
Registration Number:	28719778
Registry:	Taipei City Government
Registered Capital:	NTD 1,000,000 (USD 33,400) (As of 2012.06, 1 NTD = 0.0334 USD)
Legal Representatives:	Yihong Ji
Legal Form:	Limited Liability Company
Principal Activities:	Manufacturing and sales of paper notebook products, etc
Staff:	About 210 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	N/A

History

Subject was incorporated on 2007-10-25 with registered number 28719778 as Limited Liability Company in Taiwan.

Shareholders

(Unit: NTD)

Name	Subscription Amount
Yihong Ji	1,000,000

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

Subsidiaries & Branches

It is introduced that subject has factories both in Taiwan and Vietnam, but we cannot obtain the relevant information from any sources.

Personnel Information

Core Management

Directors

Name	Yihong Ji
Position	Director

Personnel Structure

Total Employees

About 210 Employees

Operation Information

Offices & Factories

	Headquarters
Add	5F.-4, No.2, Sec. 1, Nanjing E. Rd., Jhongshan District, Taipei City 104, Taiwan (R.O.C.)

Production Information

l Subject is engaged in manufacturing paper notebook products, etc.

l It is introduced that subject has factories both in Taiwan (about 4,000 square meters) and Vietnam.

l It is introduced that subject can provide OEM Service Offered, Design Service Offered, Buyer Label Offered.

l Subject obtained the certification of ISO 9001:2000.

Purchase Information

l The registered activities of subject:

Business Code	Details
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l The raw material for production is mostly purchased from both in Taiwan

l It is introduced that subject import some products from their Vietnam factory.

Sales Information

l Subject is engaged in sales of paper notebook products, etc.

l Subject has their own brand “Writebest”.

l Subject’s main sales regions are include Asia, North America, South America, Eastern Europe, etc.

l Subject’s main customers include Walgreen, Office Depot, CVS, Target, Staples, Office Max, Crayola, Top Flight, etc.

Major products

1	Spiral Notebook
2	School Notebook
3	Composition Book
4	General Stationery Items
5	Filler Papers
6	Legal Pad

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase (Taiwan)

Product	Payment Terms	Proportion
Raw material	COD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Paper notebook products, etc	Interior settlement, etc	100%

Sales

Domestic Markets (Taiwan and Mainland, China)

Product	Sales Terms	Proportion
Paper notebook products, etc	COD, CBD, etc	100%

Export

Product	Sales Terms	Proportion
Paper notebook products, etc	CBD, 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. Qiu declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

Bankers

Subject declined to disclose its bank details; from other source we cannot 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. Qiu
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

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.