MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	YEE FOONG INTERNATIONAL CO., LTD.

Registered Office :	12/F-5, 12/F., Lane 28 Longan Road, Fuxing Li, Xizhi District, New Taipei City

Country :	Taiwan

Date of Incorporation :	15.04.1999

Com. Reg. No.:	16892739

Legal Form :	Private Limited Company

Line of Business :	Trading of frozen seafood

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 – 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:	YEE FOONG INTERNATIONAL CO., LTD.
Supplied Name:	YEE FOONG INTERNATIONAL CO LTD
Trading Address:	12/F-5, 12/F., Lane 28 Longan Road, Fuxing Li, Xizhi District, New Taipei City, Taiwan R.O.C
Supplied Address:	1F, 86, NAN KWANG ST., CHI-TU DIST., KEELU
Telephone Number:	+886-2-2452-2305

Notes: Subject’s exact name and address are as above and it is introduced that subject does not have trading location on the supplied address.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	YEE FOONG INTERNATIONAL CO., LTD.
Registered Address:	12/F-5, 12/F., Lane 28 Longan Road, Fuxing Li, Xizhi District, New Taipei City, Taiwan R.O.C
Date of Foundation:	1999-4-15
Registration Number:	16892739
Registry:	New Taipei City Government
Registered Capital:	NTD 106,000,000 (USD 3,593,400) (As of 2012.11, 1 NTD = 0.0339 USD)
Legal Representatives:	Jincun Lin
Legal Form:	Private Limited Company
Principal Activities:	Trading of frozen seafood.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-7-27

Notes: Subject did not introduce its staff number and from other source we can not obtain the relevant information, either.

History

Subject was incorporated on 1999-4-15 with registered number 16892739 as Private Limited Company in Taiwan.

Shareholders

(Unit: NTD)

Name

Subscription Amount

Jincun Lin

106,000,000

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

Director

Name	Jincun Lin
Position	Director

Operation Information

Offices & Factories

	Headquarters
Add	12/F-5, 12/F., Lane 28 Longan Road, Fuxing Li, Xizhi District, New Taipei City, Taiwan R.O.C

Production Information

l Subject is a trader of frozen seafood and it is introduced that subject imports codifish and does the cutting and packaging in Taiwan

Purchase Information

l The registered activities of subject:

Business Code	Details
F101050	Wholesales of fresh fish
F102010	Wholesales of frozen food s
IZ06010	Distribution & Packing
F401010	International Trading Business

l Subject purchases both at home and abroad and it is introduced that subject imports codifish mainly from Canada and sometimes it also purchases from the mainland of China

Sales Information

l The subject is mainly engaged in sales of frozen codifish

l Subject’s products are mainly sold in Taiwan and it is introduced that subject’s customers are mainly dealers and supermarkets, etc

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Frozen seafood	CBD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Frozen seafood	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Frozen seafood	CBD, COD, Credit Sales, etc	100%

Export

Subject does not 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’s relevant staff Ms. Li 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 declined to disclose 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.

Interview Details

Name

Ms. Li

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

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.