MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	JOY NATURE INT'L LTD

Registered Office :	1st Floor, No.427, Hangning Street, Hsichih District, New Taipei City

Country :	Taiwan

Date of Incorporation :	12.04.2004

Com. Reg. No.:	80696396

Legal Form :	Limited Liability Company

Line of Business :	Trade of bathroom accessories, bulbs, and potentiometer parts, etc

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 :	Closed

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 – 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

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:	Joy Nature Int'l Ltd
Supplied Name:	Joy Nature Int'l Ltd
Supplied Address:	No 57 Alley 6 Lane 79 Hua Hsun St, Chungli City Taoyuan Hsien 320 Taiwan

Credit Summary

Credit Opinion:

Since the subject is closed now, the future development remains to be seen. At this stage credits require securities.

Special Notes

We tried to contact subject many times through the telephone number +886-3-465-1645 which we obtained from public files, but no one answered them.

The registered files show subject is closed now.

We found subject’s registered files from local registry, supplying as following for reference.

Company Identification Details

Registered Name:	Joy Nature Int'l Ltd
Registered Address:	1st Floor, No.427, Hangning Street, Hsichih District, New Taipei City, Taiwan.
Date of Foundation:	2004-4-12
Date of Closure (Start):	2012-3-26
Date of Closure (End):	2013-3-25
Registration Number:	80696396
Registry:	New Taipei City Government
Registered Capital:	NTD 1,000,000 (USD 34,000) (As of 2012.09, 1 NTD = 0.034 USD)
Legal Representatives:	Minhui Ji
Legal Form:	Limited Liability Company
Principal Activities:	Trade of bathroom accessories, bulbs, and potentiometer parts, etc
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2006-12-7

Note:

The principal activities are the former activities of subject obtained from public files, and now we couldn’t get in touch with subject, the information couldn’t be confirmed.

We couldn’t contact the subject successfully, and the staff number is not available from the subject or other sources.

History

Subject was incorporated on 2004-4-12 with registered number 80696396 as Limited Liability Company in Taiwan.

Shareholders

(Unit: NTD)

Name	Subscription Amount
Minhui Ji	1,000,000

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

Subsidiaries & Branches

China Office:

Address	Room 202, Unit 1, Building no. 39,Zhengyi Fuzeyuan, Kunshan City, Jiangsu Province, China. 215300
Telephone Number	+86-512-8788-2333
E-mail:	info@joynatureintl.com

Personnel Information

Core Management

Directors

Name	Minhui Ji
Position	Director

Operation Information

Offices & Factories

	Headquarters
Registered Address	1st Floor, No.427, Hangning Street, Hsichih District, New Taipei City, Taiwan.

Operation Information

We couldn’t contact subject successfully and registered files show subject is closed now.

l We obtained the registered activities of the subject as follows for reference.

Business Code	Details
F208040	Retail of cosmetic
F209010	Retail of book and stationery
F209030	Retail of toy and recreational goods
F218010	Retail of software
F301030	General merchandise industry
F401010	International trade business
I103020	Consultant of preschool education
J304010	Book publishing
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

We couldn’t contact the subject successfully, and the settlement information is not available from the 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.

We couldn’t contact the subject successfully, and the financial information is not available from the subject or other sources.

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

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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