MIRA INFORM REPORT

Report Date :

23.05.2012

IDENTIFICATION DETAILS

Name :	SEA FORTUNE CO., LTD.

Registered Office :	20f.-1, No.109, Sec. 1, Zhongshan Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.)

Country :	Taiwan

Date of Incorporation :	14.09.1987

Com. Reg. No.:	22638861

Legal Form :	Joint Stock Company

Line of Business :	Trading of office supplies, musical instruments, and entertainment products, etc.

No. of Employees :	70

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:	Sea Fortune Co., Ltd.
Supplied Name:	Sea Fortune Co Ltd.
Trading Address:	20f.-1, No.109, Sec. 1, Zhongshan Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.)
Supplied Address:	20F-1 No. 109 Sec 1 New Taipei City
Telephone Number:	+886 2-85227550
Fax Number:	+886 2-85227551
E-mail:	seapower@mail.ttn.com.tw

Notes:

The exact name is as above.

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

Company Identification Details

Registered Name:	Sea Fortune Co., Ltd.
Registered Address:	20f.-1, No.109, Sec. 1, Zhongshan Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.)
Date of Foundation:	1987-9-14
Registration Number:	22638861
Registry:	New Taipei City Government
Registered Capital:	NTD 32,000,000 (USD 1,082,750) (As of 2012.05, 1 NTD =0.03384 USD)
Paid-up Capital:	NTD 32,000,000 (USD 1,082,750)
Legal Representatives:	Guanqun Zhang
Legal Form:	Joint Stock Company
Principal Activities:	Trading of office supplies, musical instruments, and entertainment products, etc.
Staff:	70 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-12-27

History

Subject was incorporated on 1987-9-14 with registered number 22638861 as Private Limited Liability Company in Taiwan.

Shareholders

Name	Subscription Share
Guanqun Zhang	31,640
Shuping Sun
0
Yiwei Lin	360
Yingying Li	0

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

Subsidiaries & Branches

Related Company

Name:	Haiguo Musical Co., Ltd
Address:	20f.-1, No.109, Sec. 1, Zhongshan Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.)
Telephone Number:	+886 2-85227550
Fax Number:	+886 2-85227551

We tried to obtain more details about the related company, but the staff of subject declined to disclose more details information.

Personnel Information

Core Management

Directors

1
Name	Guanqun Zhang
Position	Board of Chairman
2
Name	Shuping Sun
Position	Director
3
Name	Yiwei Lin
Position	Director
4
Name	Yingying Li
Position	Supervisor

Personnel Structure

Total Employees

70 Employees

Operation Information

Offices & Factories

	Headquarters
Add	20f.-1, No.109, Sec. 1, Zhongshan Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.)

Production Information

l Subject is a trader of office supplies, musical instruments, and entertainment products, etc without any production activities

Purchase Information

l The registered activities of subject:

Business Code	Details
F401010	International trade
F114010	Wholesale of automobile
F214010	Retail of automobile
F113020	Wholesale of electronic products
F213010	Retail of electronic products
F109070	Wholesale of cultural and educational supplies, musical instruments, entertainment
F209060	Retail of cultural and office supplies, musical instruments, entertainment products
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l The productions are mainly purchased from abroad.

Sales Information

l Subject is mainly engaged in trading of musical instruments, sound box, and the related products.

l Subject introduced that it also can supply the after services of the products.

l Subject introduced that it is the agent of Fender Guitar in Asia, and according to the order of customer, it purchases the products from other countries.

l Subject’s selling territory mainly covers Asia, such as Taiwan, Hong Kong, Singapore and so on.

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 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

N/A

Note:

The staff declined to disclose her name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.93
UK Pound	1	Rs.88.14
Euro	1	Rs.70.87

INFORMATION DETAILS

Report Prepared by :

PDT

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.