MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	EVERMARINE TRADING CO., LTD.

Registered Office :	3F., No.133, Yingming 1^st Rd., Cianjhen District, Kaohsiung City 806

Country :	Taiwan

Date of Incorporation :	08.07.2006

Com. Reg. No.:	28289192

Legal Form :	Joint Stock Company

Line of Business :	Trading of food material and western medicine.

No. of Employees :	About 10 Employees

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 :	Slow but Correct
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

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:	Evermarine Trading Co., Ltd.
Supplied Name:	Guermine Trading Co Ltd.
Trading Address:	No.51 Lianjiang Street, Cianjhen District, Kaohsiung City 806, Taiwan (R.O.C.)
Supplied Address:	No. 51 Lian-Jiang St. 806 Kaohsiung Taiwan
Telephone Number:	+886-7-713-0235
Fax Number:	+886-7-713-0237

Notes: The supplied name is not accurate and the exact name and address are as above.

Company Identification Details

Registered Name:	EVERMARINE TRADING CO., LTD.
Registered Address:	3F., No.133, Yingming 1^st Rd., Cianjhen District, Kaohsiung City 806, Taiwan (R.O.C.)
Date of Foundation:	2006-8-7
Registration Number:	28289192
Registry:	Economic Development Board of Kaohsiung City Government
Registered Capital:	NTD 10,000,000 (USD 340,000) (As of 2013.10, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 10,000,000 (USD 340,000)
Legal Representatives:	Zhirong Li
Legal Form:	Joint Stock Company
Principal Activities:	Trading of food material and western medicine.
Staff:	About 10 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-3-27

History

Subject was incorporated on 2006-8-7 with registered number 28289192 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Zhirong Li	800,000
Wenzheng Lin	200,000

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

Directors

1
Name	Zhirong Li
Position	Board Chairman
2
Name	Lingmei Li
Position	Director
3
Name	Qiuzi Suli
Position	Director
4
Name	Wenzheng Lin
Position	Supervisor

Personnel Structure

Total Employees

About 10 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.51 Lianjiang Street, Cianjhen District, Kaohsiung City 806, Taiwan (R.O.C.)

Production Information

Subject is a trader of food material and western medicine, etc without any production activities.

Purchase Information

The registered activities of subject:

Business Code	Details
F102170	Wholesale of food and grocery
F103010	Wholesale of feed
F107020	Wholesale of dye and pigment
F107070	Wholesale of animal medicine
F107200	Wholesale of chemical materials
F108021	Wholesale of western medicine
F108040	Wholesale of cosmetic
F401010	International trade business
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

Subject purchases products mainly from abroad such as Japan, USA and Europe, etc.

Sales Information

Subject is engaged in sale of food material and western medicine, etc.

Subject’s sales region is mainly in Taiwan domestic market.

Subject’s major customers are the manufacturers of pharmaceutical, food and cosmetic, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Subject has little domestic purchase.

Foreign Purchase

Product	Terms	Proportion
Food material and western medicine, etc	L/C, T/T, etc	100%

Sales

Domestic Markets

Product	Terms	Proportion
Food material and western medicine, etc	Cash, T/T, etc	100%

Export

Subject has little 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 Mr. Lin 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

Up to date of reporting, no existing or latent litigation of the subject has been found.

Interview Details

Name	Mr. Lin
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

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%)

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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.