MIRA INFORM REPORT

Report Date :

03.05.2012

IDENTIFICATION DETAILS

Name :	FONTAN INTERNATIONAL LTD.

Formerly Known As :	FONTAN BEVERAGES LTD.

Registered Office :	21F.-3, No.508, Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City 11083

Country :	Taiwan

Date of Incorporation :	01.07.2005

Com. Reg. No.:	27744335

Legal Form :	Joint Stock Company

Line of Business :	Trading of liquor and alcoholic beverage

No. of Employees :	Over 20 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:	Fontan International Ltd.
Supplied Name:	Fontan INT'L Ltd.
Trading Address:	21F.-3, No.508, Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City 11083, Taiwan (R.O.C.)
Supplied Address:	21 FL-3, 5087 Chung Hsiao R Section 5 Hsin-I Dist, Taipei City 110
Telephone Number:	+886-2-2759-1358
Fax Number:	+886-2-2759-1373

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

Company Identification Details

Registered Name:	Fontan International Ltd.
Registered Address:	21F.-3, No.508, Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City 11083, Taiwan (R.O.C.)
Date of Foundation:	2005-7-1
Registration Number:	27744335
Registry:	Taipei City Government
Registered Capital:	NTD 45,000,000 (USD 1,539,000) (As of 2012.05, 1 NTD = 0.0342 USD)
Paid-up Capital:	NTD 45,000,000 (USD 1,539,000)
Legal Representatives:	Hangxin Jian
Legal Form:	Joint Stock Company
Principal Activities:	Trading of liquor and alcoholic beverage.
Staff:	Over 20 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-4-24

History

Subject was incorporated on 2005-7-1 with registered number 27744335 as Joint Stock Company in Taiwan.

Change of Name

Former Chinese Name	樂源國際有限公司
Current Chinese Name	樂源國際股份有限公司

Former English Name	FONTAN BEVERAGES LTD.
Current English Name	FONTAN INTERNATIONAL LTD.

Shareholders

Name	Subscription Shares
Hangxin Jian	1,996,000
Siyu Lu
664,000
Sishi Lu	1,370,000

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	Hangxin Jian
Position	Board Chairman
2
Name	Siyu Lu
Position	Director
3
Name	Sishi Lu
Position	Director
4
Name	Xuanwen Zhan
Position	Supervisor

Personnel Structure

Total Employees

Over 20 employees

Operation Information

Offices & Factories

	Headquarters
Add	21F.-3, No.508, Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City 11083, Taiwan (R.O.C.)

Production Information

l Subject is a trader of liquor and alcoholic beverage without any production activities

Purchase Information

l The registered activities of subject:

Business Code	Details
F102030	Wholesales of liquor and cigarette
F401171	Import of liquor and cigarette
F401010	International trading business
F201010	Retails of agricultural products
F102170	Wholesales of food and groceries
F203010	Retails of food, groceries and beverage

l Subject purchases mainly abroad from Europe and South Africa, etc

l It is introduced that subject is the agent of Absinth (Czekh), Wild Africa Cream, SVEDKA VODKA (USA), etc

Sales Information

l The subject is mainly engaged in sales of liquor and alcoholic beverage including whisky, vodka, alcoholic basis, liqueur, etc

l Subject’s products are mainly in domestic market in Taiwan

l Subject’s major customers are dealers, individuals and catering enterprises, etc

Major items sold

1	Moffat Springs Classic Blended Scotch Whiskey
2	1906 polish classic vodka
3	Montezuma
4	Wild Africa Cream
5	Ed Hardy Vodka
6	Absinth

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
Liquor and alcoholic beverage	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Liquor and alcoholic beverage	COD, CBD, etc	100%

Export

Subject has little export

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; from other source we can not obtain the relevant information, either.

Bankers

Subject did not introduce 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.93
UK Pound	1	Rs.85.85
Euro	1	Rs.69.94

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.