MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	FORWARD EXPRESS LTD.
Registered Office :	13Fl,A, No.18, Yiyi Rd., Keelung City 20241
Country :	Taiwan
Date of Incorporation :	30.12.1982
Com. Reg. No.:	00850109
Legal Form :	Joint Stock Company
Line of Business :	Providing customs clearance service, etc
No. of Employees :	About 150 Employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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 :	--

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 (31.03.2011)	Current Rating (30.06.2012)
Taiwan	A2	A2

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:	Forward Express Ltd.
Supplied Name:	FORWARD EXPRESS LTD.
Trading Address:	13Fl,A, No.18, Yiyi Rd., Keelung City 20241, Taiwan, R.O.C.
Supplied Address:	Building A, 13 Floor, No. 18 Yi 1st Road, Keelung Taiwan
Telephone Number:	+886-2-2426-7171
Fax Number:	+886-2-2428-7342
E-mail:	crm@mail.forexp.com.tw
Website:	www.forexp.com.tw

Notes: The exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Forward Express Ltd.
Registered Address:	13Fl,A, No.18, Yiyi Rd., Keelung City 20241, Taiwan, R.O.C.
Date of Foundation:	1982-12-30
Registration Number:	00850109
Registry:	MOEA Central Office
Registered Capital:	NTD 100,000,000 (USD 3,400,000) (As of 2013.01, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 100,000,000 (USD 3,400,000)
Legal Representatives:	Jianhong Chen
Legal Form:	Joint Stock Company
Principal Activities:	Providing customs clearance service, etc
Staff:	About 150 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-12-12

History

Subject was incorporated on 1982-12-30 with registered number 00850109 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Jianhong Chen	606,766
Xingnan Lu
414,893
Shengzhong Su	508,384
Minde Xie	489,134

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

Subsidiaries & Branches

Branch Companies

1
Name	Taipei Branch
Address	6^th Floor, No.19, Sec 3, Nanjing East Road, Zhongshan District, Taipei City, Taiwan, R.O.C.
Registration Number	16905874
Date of Registration	1999-4-30
Telephone Number	+886-2-2515-7070
Fax Number	+886-2-2506-0260
Status	Live Company
Manager Name	Taixiong Yang
Date of Last Annual Return	2007-3-7
2
Name	Kaohsiung Branch
Address	6^th Floor-2, No.67, Lane 53, Ziqiang 3^rd Road, Lingya District, Kaohsiung City, Taiwan, R.O.C.
Registration Number	22375804
Date of Registration	1987-1-7
Telephone Number	+886-7-334-0999
Fax Number	+886-7-333-8900
Status	Live Company
Manager Name	Zhaofa Xie
Date of Last Annual Return	1999-12-22
3
Name	Taichung Branch
Address	10^th Floor-1, No.131, Sec 2, Wuquan West Road, Nantun District, Taichung City, Taiwan, R.O.C.
Registration Number	56689466
Date of Registration	1982-12-30
Telephone Number	+886-4-2471-0399
Fax Number	+886-4-2471-0355
Status	Live Company
Manager Name	Hongyun Song
Date of Last Annual Return	2002-4-25

Related Companies

1
Name	Guoyu Warehouse Company Limited (Literal Translation)
Address	No.1, Lane 7, Alley 310, Fude 1^st Road, Xizhi District, New Taipei City, Taiwan
Telephone Number	+886-2-2694-6561
Fax Number	+886-2-2694-8560
Principal Activities	Custom chains and general warehouses bonded
Area	Storage house 6,000 square meters Bulk cargo space 19,800 square meters
2
Name	Shun Warehouse Company Limited (Literal Translation)
Address	No. 158, Nanyang Street, Xizhi District, New Taipei City, Taiwan
Telephone Number	+886-2-2694-3034
Fax Number	+886-2-2694-5737
Principal Activities	Custom chains and general warehouses bonded
Area	Storage house 2,000 square meters Bulk cargo space 17,000 square meters
3
Name	Zhenzhou Loading And Unloading Company Limited (Literal Translation)
Address	7^th Floor-2, No.296-1, Xin Er Road, Keelung Road, Taiwan
Telephone Number	+886-2-2420-2250
Fax Number	+886-2-2420-2084
Principal Activities	Cargo loading and unloading operations

Personnel Information

Core Management

Directors

1
Name	Jianhong Chen
Position	Board Chairman
2
Name	Xingnan Lu
Position	Director
Date of Appointment	2001-11-1
3
Name	Shengzhong Su
Position	Director
4
Name	Minde Xie
Position	Supervisor

Personnel Structure

Total Employees

About 150 Employees

Operation Information

Offices & Factories

	Headquarters
Add	13Fl,A, No.18, Yiyi Rd., Keelung City 20241, Taiwan, R.O.C.

Operation Information

l Subject is engaged in providing customs clearance service, etc.

l The major services provided by subject include customs clearance, commodity inspection / quarantine, inland transportation, international trading permit application, and warehousing, etc.

l It is introduced that subject has two cooperative warehouses for their customers to store goods.

l The registered activities of subject:

Business Code	Details
G701011	Customs clearance industry
G799990	Other transport auxiliary industry
IZ06010	Distribution & packing industry
G101061	auto cargo freight industry
F102060	Wholesale of daily necessities
F109060	Wholesale of packaging material
F113010	Wholesale of machinery
F113030	Wholesale of machinery and instrument
F113050	Wholesale of office equipment
F114030	Wholesale of automobile and motor parts
F114060	Wholesale of ship and its parts
F106010	Wholesale of hardware

Import and export right:

Import right	Yes
Export right	Yes

Settlements

It is introduced that the details of settlements are to be negotiated.

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. Lian 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 cannot obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Trial Number:	2000,Chongsu, 69
Date of Trial:	2001-12-28
Reason:	Payment for contract

Interview Details

Name	Ms. Lian
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

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.