MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	FU MAO INTERNATIONAL CO., LTD.

Registered Office :	1F, No.434, Minzu 1st Road, Sanmin Dist Kaohsiung City, 807

Country :	Taiwan

Date of Incorporation :	02.09.2005

Com. Reg. No.:	27690274

Legal Form :	Private Limited Company

Line of Business :	Not Available

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Undetermined

Payment Behaviour :	---

Litigation :	---

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Taiwan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Taiwan - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.

Source : CIA

Contact Points

Company Name:	Fu Mao International Co., Ltd.
Supplied Name:	Fu Mao International Co.Ltd.
Supplied Address:	1F, No.434, Minzu 1st Road, Sanmin Dist Kaohsiung City, 807 Taiwan

Notes: Subject’s exact name is as above.

Credit Summary

Credit Opinion:

Since we did not get in touch with subject, in view of the absence of information about subject’s operation, caution should be exercised.

Special Notes

We did not find any operation information or contact information of subject from public files according to the supplied name or address.

Up to the date of reporting, we failed to get in touch with subject, if you kindly supply subject’s contact information, we’d like to continue our investigation.

We found subject’s registration information from local registry, supplying as follows for reference.

Company Identification Details

Registered Name:	Fu Mao International Co., Ltd.
Registered Address:	1F, No.434, Minzu 1st Road, Sanmin Dist Kaohsiung City, 807 Taiwan
Date of Foundation:	2005-9-2
Starting Date of Cessation	2009-4-6
Ending Date of Cessation	2010-4-5
Registration Number:	27690274
Registry:	Economic Development Board of Kaohsiung City Government
Registered Capital:	NTD 10,000,000 (USD 339,000) (As of 2012.11, 1 NTD = 0.0339 USD)
Legal Representatives:	Yiqin Lin
Legal Form:	Private Limited Company
Principal Activities:	N/A
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-9-2

Notes: information on Principal Activities and staff is not available.

History

Subject was incorporated on 2005-9-2 with registered number 27690274 as Private Limited Company in Taiwan.

Shareholders

(Unit: NTD)

Name

Subscription Amount

Yiqin Lin

10,000,000

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

Subsidiaries & Branches

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Personnel Information

Core Management

Director

Name	Yiqin Lin
Position	Director

Operation Information

Offices & Factories

Since we did not get in touch with subject, we can not confirm subject’s current trading address.

Operation Information

We can not obtain subject’s operation details, thus we supplied subject’s registered activities as follows for reference

l The registered activities of subject:

Business Code	Details
F101130	Wholesales of fruits and vegetables
F101050	Wholesales of aquatic products
F113070	Wholesales of Telecom equipments
F113110	Wholesales of battery
F401010	International Trading Business
F104110	Wholesales of fabric, garments, shoes, caps, umbrellas and accessories, etc
F113030	Wholesales of precise instrument
F113010	Wholesales of machinery
F119010	Wholesales of electronic materials
F106010	Wholesales of hardware
F111090	Wholesales of building materials
F107200	Wholesales of chemical materials
F102170	· Wholesales of food and groceries
F108040	Wholesales of cosmetics
F107050	Wholesales of fertilizer
F101040	Wholesales of livestock
F114010	Wholesales of automobiles
F214010	Retails of automobiles
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

The settlement information is not available from subject or other sources.

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.

Since we did not find subject, the information is not available

Bankers

Information on bank details is not available from 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.