MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	NIENG NOONG TRADING CO., LTD.

Registered Office :	No.22, Alley 24, Lane 803, Fu Hsing Rd., Xinying Dist., Tainan City 730

Country :	Taiwan

Date of Incorporation :	07.02.1986

Com. Reg. No.:	22216031

Legal Form :	Private Limited Liability Company

Line of Business :	Processing and sale of agricultural products

No of Employees :	30

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 :	Unknown

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Taiwan

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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:	NIENG NOONG TRADING CO., LTD.
Supplied Name:	NIENG NOONG TRADING CO LTD.
Trading Address:	No.22, Alley 24, Lane 803, Fu Hsing Rd., Xinying Dist., Tainan City 730, Taiwan (R.O.C.)
Supplied Address:	No. 22 Alley 24 Lane 803 Fu Hsing Rd Xinying Dist. Tainan City 730
Telephone Number:	+886-6-652-3449
Fax Number:	+886-6-652-7902
E-mail:	sjaeger@ms41.hinet.net

Company Identification Details

Registered Name:	Nieng Noong Trading Co., Ltd.
Registered Address:	No.22, Alley 24, Lane 803, Fu Hsing Rd., Xinying Dist., Tainan City 730, Taiwan (R.O.C.)
Date of Foundation:	1986-7-2
Registration Number:	22216031
Registry:	Tainan City Government
Registered Capital:	NTD 36,000,000.00 (USD 1,202,400) (As of 2014.8, 1 NTD = 0.0334 USD)
Legal Representatives:	Kunhong Xu
Legal Form:	Private Limited Liability Company
Principal Activities:	Processing and sale of agricultural products
Staff:	About 30 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2009-10-9

Note: The number of staff is from public files; which is not confirmed by the subject.

History

Subject was incorporated on 1986-7-2 with registered number 22216031 as Private Limited Liability Company in Taiwan.

Corporate Structure

Subject did not register any subsidiaries or branches; from other source we could not obtain the relevant information, either.

Shareholders

Major Shareholders

(Unit: NTD)

Name	Subscription Amount
Kunhong Xu	8,700,000

Management Information

Core Management

Directors

Name	Kunhong Xu
Position	Director

Personnel Structure

Total Employees

About 30 employees

Operation Information

Offices & Factories

	Headquarters
Add	No.22, Alley 24, Lane 803, Fu Hsing Rd., Xinying Dist., Tainan City 730, Taiwan (R.O.C.)

Production Information

· Subject is engaged in processing of agricultural products

· It is introduced that subject has a factory ( on No. 53, Zhongxiao Rd., Xinying Industrial Park, Xinying Dist., Tainan City, Taiwan) for processing and packaging products.

Purchase Information

· The registered activities of subject:

Business Code	Details
--	General import and export (Besides licensed business)
--	Mung beans, red beans Wan screening, screening shelling millet, corn, crushed, import and export
--	Feed, grains, fruits, corn, soybeans trade, manufacturing, processing and import and export business
--	Edible oil, wheat, flour, rice, soybean meal, fertilizer, rice, corn flour sale, manufacture, processing and import and export business
--	Seed trading, manufacturing, processing and import and export business
--	Agent of above tender offer on domestic and foreign firms and products distribution business
A102020	Manufacture of agriculture products
F201010	Retailing of agriculture products
F102030	Wholesales of alcohol and tobacco
F203020	Retailing of alcohol and tobacco
F104010	Wholesales of cloth
F204010	Retailing of cloth
F105010	Wholesales of furniture
F205010	Retailing of furniture

· The products of the subject are both purchased at home and abroad such as India, USA, Australia, etc.

Sales Information

· Subject is engaged in sale of agricultural products

· The major products sold by the subject are grains like soybean and nuts like chestnuts, cashew nuts, seeds, sesames

· Subject mainly sells its products in Taiwan local market, etc.

· Subject’s major customers are manufacturers of food

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

1. Domestic Purchase

Products	Agricultural products, etc.
Payment Terms	T/T, Cash, etc.

2. Import

Products	Agricultural products, etc.
Payment Terms	L/C, T/T, etc.

Sales

1. Domestic Markets

Product	Agricultural products, etc.
Selling Terms	T/T, Cash, etc.

2. Export

Subject has little export business.

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 declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we could not obtain such information, either.

Bankers

Subject declined to disclose its bank details; from other source we could 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.

Special Note

Interview Details

Name	Ms. Li
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	SMN

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.