MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	UNION CHEMICAL INDUSTRIAL CORP.

Registered Office :	6f., No.9, De Hui St., Taipei

Country :	Taiwan

Date of Incorporation :	07.09.1973

Com. Reg. No.:	04293133

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and trading of chemical products

No. of Employees :	About 70 Employees(Subject), 250 Employees (Group)

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:	Union Chemical Industrial Corp.
Supplied Name:	Union Chemical Industrial Corp
Trading Address:	6f., No.9, De Hui St., Taipei, Taiwan, R.O.C.
Supplied Address:	6FL 9Teh Hui Chungshan Dist. Taipei City 104
Telephone Number:	+886 2 25954321
Fax Number:	+886 2 25959698
E-mail:	uci57442@ms9.hinet.net

Notes:

The exact address is as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Union Chemical Industrial Corp.
Registered Address:	6f., No.9, De Hui St., Taipei, Taiwan, R.O.C.
Date of Foundation:	1973-9-7
Registration Number:	04293133
Registry:	Economic Development Bureau, Kaohsiung City
Registered Capital:	NTD 500,000,000 (USD 17,014,500) (As of 2012.5, 1 NTD = 0.03403 USD)
Paid-up Capital:	NTD 500,000,000 (USD 17,014,500)
Legal Representatives:	Shiwen Li
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and trading of chemical products.
Staff:	About 70 Employees(Subject), 250 Employees (Group)
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-10-18

History

Subject was incorporated on 1973-9-7 with registered number 04293133 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Shiwen Li	143,014
Deyi Li
553,289
Jingwen Liu	3,804,489
Zhaoxiong Zhang	877,460
Senlong Huang	777,344
Youqing Li	1,158,278
Wenxian Wei	836,971
Hewen Zhang	1,651,293

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

Subsidiaries & Branches

Parent Company

Name	Union Chemical Industrial Co., Ltd
Telephone Number:	+886 2-25954321
Fax Number:	+886 2-25959698

Taoyuan Plant

Address:	No.376, Hongzhen Road, Pingzhen City, Taoyuan County 324, Taiwan, R.O.C
Telephone	+886 3450-9033
Fax	+886 3460-1107

Personnel Information

Core Management

Directors

1
Name	Shiwen Li
Position	Board of Chairman
2
Name	Deyi Li
Position	Vice Chairman
3
Name	Jingwen Liu
Position	Director
4
Name	Zhaoxiong Zhang
Position	Director
5
Name	Senlong Huang
Position	Director
6
Name	Youqing Li
Position	Director
7
Name	Wenxian Wei
Position	Supervisor
8
Name	Hewen Zhang
Position	Supervisor

Personnel Structure

Total Employees

About 70 Employees(Subject), 250 Employees (Group)

Operation Information

Offices & Factories

	Headquarters
Add	6f., No.9, De Hui St., Taipei, Taiwan, R.O.C.

Production Information

l Subject is a manufacturer of chemical materials with the production activities

Purchase Information

l The registered activities of subject:

Business Code	Details
C801100	Manufacture of synthetic resin and plastic.
C801990	Manufacture of other chemical material
C802200	Manufacture of painting
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l The raw materials for production are purchased from both Taiwan and abroad.

Sales Information

l Subject is mainly engaged in manufacturing and trading of chemical products and the related products.

l Subject is a subsidiary of Union Chemical Industrial Co., Ltd.

l Subject introduced that it mainly trades the building materials, such as Floor leveling material, waterproof material and so on.

l Subject introduced that it also is an agent of HUNTSMAN”JEFFCAT from the U.S.A, GORAPUR from Germany and so on.

l Subject introduced that its products trades as a brand named UNION MORTAR.

l Subject introduced that it mainly trades in the local markets.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Subject declined to disclose the settlements information, and from other sources, we couldn’t obtain the information, either.

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. Lee 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:	Chang Hwa Commercial Bank Ltd.
Address:	Taichung City, Taiwan

Note:

Subject declined to disclose more details about the bankers’ information.

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. Lee

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

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.