MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	SCA TAIWAN LTD.
Registered Office :	8F., No.2, Sec 1, Dunhua S. Rd., Taipei 10506
Country :	Taiwan
Date of Incorporation :	21.09.1986
Com. Reg. No.:	22192869
Legal Form :	Joint Stock Company
Line of Business :	Manufacture and sell family daily necessities.
No. of Employees :	About 300 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 :	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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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. 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 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, 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 except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. 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 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook 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. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. 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:	Sca Taiwan Ltd.
Former Name:	Everbeauty Corporation
Supplied Name:	SCA TAIWAN LTD.
Trading Address:	8F., No.2, Sec. 1, Dunhua S. Rd., Taipei 10506, Taiwan
Supplied Address:	8F, No. 2, Sec. 1, Dunhua S. Rd., Taipei 10506
Telephone Number:	+886-2-2775-5333
Fax Number:	+886-2-2711-7677
E-mail:	itdept@eb.com.tw

Notes: The exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Sca Taiwan Ltd.
Registered Address:	8F., No.2, Sec 1, Dunhua S. Rd., Taipei 10506, Taiwan
Date of Foundation:	1986-9-21
Registration Number:	22192869
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,430,879,450 (USD 48,506,813) (As of 2013.08, 1 NTD = 0.0339 USD)
Paid-up Capital:	NTD 1,430,879,450 (USD 48,506,813)
Legal Representatives:	Stephan Dyckerhoff
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and sell family daily necessities.
Staff:	About 300 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-7-12

History

Subject was incorporated on 1986-9-21 with registered number 22192869 as Joint Stock Company in Taiwan.

Change of Name

Former Chinese Name	全日美實業股份有限公司
Current Chinese Name	台灣愛生雅股份有限公司

Former English Name	Everbeauty Corporation
Current English Name	Sca Taiwan Ltd

Shareholders

Name	Subscription Shares
Sca Hygiene Holding Ab	143,087,945

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

Subsidiaries & Branches

Parent Company

Name	Sca Hygiene Holding Ab
Address	Stureplan 3, 111 45, Stockholm, Sweden
Telephone Number	+46-8788-5100

Factory

Name	Gaoxiong Factory
Address	No. 2, 3 Ally, Weixin Road, Yongan Town, Gaoxiong, Taiwan.
Telephone Number	+886-7-691-271
Fax Number	+886-7-691-0072
Email	yanfac@eb.com.tw

Offices

1
Name	Taipei Office
Address	No.19, Wu-Quan 2th Rd, Five shares industrial zone Taipei, Taiwan.
Telephone Number	+886-2-2298-9011
Fax Number	+886-2-2298-0329
2
Name	Taichung Office
Address	8F-3, No.540, Sec 1 Wenxin Road, Nantun District, Taichung, Taiwan.
Telephone Number	+886-4-2320-1685
Fax Number	+886-4-2320-0221
3
Name	Gaoxiong Office
Address	No. 2, 3 Ally, Weixin Road, Yongan Town, Gaoxiong, Taiwan.
Telephone Number	+886-7-691-0851
Fax Number	+886-7-691-0072

Related Company:

Name	SCA (China) Holding Co., Ltd.
Address	5th Floor, Building 1, No.3 Fenyang Road,Xuhui District, Shanghai 200031, China.
Telephone Number	+86-21-2405-9888
Fax Number	+86-21-5433-2243

Branch Companies

1
Name	Taichung Branch
Address	No.7, 149 ally, 168 Lane, Sec 2, Lingang road, Wuqi District, Taichung City Taiwan.
Registration Number	97170607
Date of Registration	1996-11-27
Date of revocation	2013-4-8
Status	Revocation
Manager Name	Dingyang Qiu
2
Name	Tainan Branch
Address	1F, No. 48, 153 ally, Po campus, Yongkang District, Tainan City, Taiwan.
Registration Number	84896179
Date of Registration	1994-9-2
Date of revocation	1997-3-6
Status	Revocation
Manager Name	Fengbao Li
3
Name	Hsinchu Branch
Address	No. 381, 2 Sec, Yanping Road, Hsinchu City, Taiwan.
Registration Number	84894480
Date of Registration	1994-7-11
Status	revocation
Date of revocation	1998-8-17
Manager Name	Fengbao Li
4
Name	Dounan Branch
Address	1F, No. 899, Zhongzheng Road, Dalin Town, Jiayi County, Taiwan.
Registration Number	84451577
Date of Registration	1993-10-21
Date of revocation	1998-5-28
Status	revocation
Manager Name	Fengbao Li

Personnel Information

Core Management

Directors

1
Name	Stephan Dyckerhoff
Position	Board chairman
2
Name	Toby Lawton
Position	Director
3
Name	Ulf Soderstrom
Position	Director
4
Name	Ruben Carbajo
Position	Supervisor

Personnel Structure

Total Employees

About 300 Employees(Taiwan); About 36,000 Employees(Group)

Operation Information

Offices & Factories

	Headquarters
Add	8F., No.2, Sec. 1, Dunhua S. Rd., Taipei 10506, Taiwan

Production Information

l Subject is engaged in manufacturing of family daily necessities, etc.

l Subject has been certificated by, ISO9002, ISO9001.

l It is introduced subject has a factory in Gaoxiong city, Taiwan.

Purchase Information

l The registered activities of subject:

Business Code	Details
--	Manufacture and sell business of family daily necessities (paper diaper, sanitary napkin, packaging bag, toilet paper, facial tissue, paper towel, non-woven fabric, paper pants, toilet soap, cleaning agent, cosmetic, etc).
--	Manufacture and sell business of the product’s raw material above.
--	Relevant import and export trade business(except futures)
F104110	Wholesale business of piece goods, clothing, shoes, caps, umbrella, furnishings.
F108031	Medical equipment wholesale business.
F204110	Retail business of piece goods, clothing, shoes, caps, umbrella, furnishings.
F208031	Medical equipment retail business.
C306010	Needle trade
C501990	Other wood products manufacturing industry.
CF01011	Medical equipment manufacturing industry
CZ99990	Manufacturing industry of not classified Other industrial products
F105050	Wholesale business of furniture, bedding, kitchenware, installed product.
F106020	Daily supplies wholesale business.
F107030	Wholesale business of cleaning supplies.
F107990	Wholesale business of other chemical products
F108040	Wholesale business of make-up products.
F109070	Wholesale business of culture and education, instrument, recreational supplies.
F115010	Wholesale business of jewelry and precious metal.
F205040	Retail industry of furniture, bedding, kitchenware, installed product.
F206020	Retail industry of daily supplies
F207030	Retail industry of cleaning supplies.
F207990	Retail industry of other chemical products
F209060	Retail industry of culture and education, instrument, recreational supplies.
F215010	Retail industry of jewelry and precious metal
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l The raw materials for production are mostly purchased in domestic markets.

Sales Information

l The subject is mainly engaged in sales of family daily necessities.

l The major products sold by subject include disposable diaper, baby diaper, adult diaper, insert pads, under pads, maternity pads, and wet wipes, etc.

l The subject’s main sales region is Asia.

l It is introduced subject’s group’s total sale in 2012 has reached 9.8 billion Euro.

l Subject sells products with the brands TENA, Libero, Libresse, Dr. P, Sealer, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase (Taiwan and Mainland, China)

Product	Terms	Proportion
Raw Material	Cash, T/T, etc	100%

Foreign Purchase

Subject has little import.

Sales

Domestic Markets

Product	Terms	Proportion
Family daily necessities.	T/T, Cash, etc	100%

Export

Product	Terms	Proportion
Family daily necessities.	L/C, etc	100%

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 cannot 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

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.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

SDA

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.