MIRA INFORM REPORT

Report Date :

23.05.2012

IDENTIFICATION DETAILS

Name :	HARPRO RESOURCES LIMITED

Registered Office :	1f., No.243, Sinfu Rd., Fengshan Dist., Kaohsiung City 830

Country :	Taiwan

Date of Incorporation :	18.05.1996

Com. Reg. No.:	89759174

Legal Form :	Joint Stock Company

Line of Business :	Trade of steel products

No. of Employees :	Not Available

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 – 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:	Harpro Resources Limited
Supplied Name:	Harpro Resoorces Ltd
Trading Address:	1f., No.243, Sinfu Rd., Fengshan Dist., Kaohsiung City 830, Taiwan (R.O.C.)
Supplied Address:	1F, No. 243, Sinfo Road, Fongsnan City, Kaohsiung County Taiwan
Telephone Number:	+886 7-765-9977
Fax Number:	+886 7-765-7355
E-mail:	info@harpro.com.tw

Notes:

The supplied name is incomplete, and the exact name is as above.

The supplied address is not accurate, and the exact address is as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Harpro Resources Limited
Registered Address:	1f., No.243, Sinfu Rd., Fengshan Dist., Kaohsiung City 830, Taiwan (R.O.C.)
Date of Foundation:	1996-5-18
Registration Number:	89759174
Registry:	Economic Development Bureau, Kaohsiung City
Registered Capital:	NTD 61,500,000 (USD 2,083,330) (As of 2012.2, 1 NTD = 0.03388 USD)
Paid-up Capital:	NTD 61,500,000 (USD 2,083,330)
Legal Representatives:	Zhengxiong Wu
Legal Form:	Joint Stock Company
Principal Activities:	Trade of steel products.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-7-25

Note:

The staff number is not available from the subject or other sources.

History

Subject was incorporated on 1996-5-18 with registered number 89759174 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

(Unit: NTD)

Name	Subscription Amount
Zhengxiong Wu	2,140,000
Lizhen Chen
270,000
Hongfu Wu	270,000
Lizhen Chen	175,000

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

Subsidiaries & Branches

Subject has an office located in China to deal with the business in mainland of China, but it declined to disclose more detail

Personnel Information

Core Management

Directors

1
Name	Zhengxiong Wu
Position	Board Chairman
2
Name	Lizhen Chen
Position	Director
3
Name	Hongfu Wu
Position	Director
4
Name	Lizhen Chen
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	1f., No.243, Sinfu Rd., Fengshan Dist., Kaohsiung City 830, Taiwan (R.O.C.)

Production Information

l Subject is a trader of steel products without any production activities

Purchase Information

l The registered activities of subject:

Business Code	Details
F106010	Wholesale of hardware
F111090	Wholesale of construction material
F206010	Retail of hardware
F401010	International trade
F101130	Wholesale of vegetables and fruits

l The components and raw material for production are mostly purchased from abroad.

Sales Information

l Subject is mainly engaged in trading of steel products.

l Subject introduced that it mainly exports prime/secondary steel coils or plates, hot rolled, cold rolled, galvanized/galvalume, prepainted, stainless, etc and imports HR coils/ CR coils/ Round Bar/ Ferro Alloy all over the world.

l Subject introduced that the products it supplies are all from the famous steel manufacturers in Taiwan.

l Subject’s selling territory covers all over the world.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

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

Sales

Domestic Markets

Product	Sales Terms	Proportion
Steel products	CBD, etc	100%

Export

Product	Sales Terms	Proportion
Steel products	T.T, L/C, 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’s relevant staff Mr. Chan declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

Bankers

The bankers’ information is not available from the subject or other sources.

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

Mr. Chan

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.88
UK Pound	1	Rs.86.84
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

PRL

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.