MIRA INFORM REPORT

Report Date :

03.05.2014

IDENTIFICATION DETAILS

Name :	KING CAR FOOD INDUSTRIAL CO., LTD.

Registered Office :	1F, No.230, Roosevelt Road, Sec.3, Taipei

Country :	Taiwan

Date of Incorporation :	12.07.1979

Com. Reg. No.:	05007903

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and sale of canned coffee

No. of Employees	2100

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

Company name and address

Company Name:	KING CAR FOOD INDUSTRIAL CO., LTD.
Supplied Name:	KING CAR FOOD INDUSTRIAL
Trading Address:	1F, No.230, Roosevelt Road, Sec.3, Taipei Taiwan R.O.C.
Supplied Address:	230 Roosevelt Road 3 sec TAIPEI - TAIWAN
Telephone Number:	+886-2-2365-6551
Fax Number:	+886-2-2368-8128

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	King Car Food Industrial Co., Ltd.
Registered Address:	1F, No.230, Roosevelt Road, Sec.3, Taipei Taiwan R.O.C.
Date of Foundation:	1979-7-12
Registration Number:	05007903
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 4,050,000,000 (USD 134,865,000) (As of 2014.04, 1 NTD = 0.0333 USD)
Paid-up Capital:	NTD 4,050,000,000 (USD 134,865,000)
Legal Representatives:	Tiancai Li
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of canned coffee, etc.
Staff:	About 2100 Employees (Group)
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-12-14

History

Subject was incorporated on 1979-7-12 with registered number 05007903 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Tiancai Li	180,594,299
Yuding Li
2,052,884
Bochang Liao	16,850,834
Corporate Body King Car Food Industrial Co., Ltd. (Literal Translation)	123,323,869

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

Subsidiaries & Branches

Factories

1
Name:	King Car Food Industrial Co., Ltd. Pingzhen Factory
Address:	No. 527, Pingzhen Sec., Zhongxing Rd., Zhenxing Li, Pingzhen City, Taoyuan County, Taiwan
Date of Foundation:	1990-9-27
Date of Registration:	1993-3-9
Factory Registration Number:	99621244
Factory Manager:	Tiancai Li
Status:	In Production
Date of Last Annual Return:	2001-6-20
Major Products:	089 other food 152 paper container
2
Name:	King Car Food Industrial Co., Ltd. Yuanshan Factory
Address:	No. 326, Sec. 2, Yuanshan Rd., Yuanshan Xiang, Yilan County, Taiwan.
Date of Foundation:	1995-8-17
Date of Registration:	1997-11-8
Factory Registration Number:	99620282
Factory Manager:	Tiancai Li
Status:	In Production
Date of Last Annual Return:	2013-2-27
Major Products:	091 alcoholic beverage 092 non-alcoholic beverage 220 plastic products 332 medical equipments and products
3
Name:	King Car Food Industrial Co., Ltd. Zhongli Factory
Address:	No. 412, Rongmin South Rd., Zhongli City, Taoyuan County, Taiwan
Date of Foundation:	1969-1-1
Date of Registration:	1980-8-3
Factory Registration Number:	99628011
Factory Manager:	Tiancai Li
Status:	In Production
Date of Last Annual Return:	2007-9-26
Major Products:	091 alcoholic beverage 092 non-alcoholic beverage 089 other food 339 other products

Branch Companies

1
Registered Name:	Taichung Yongfu Branch Company (Literal Translation)
Registered Address:	No. 139, Yongfu Rd., Xitun Dist., Taichung City, Taiwan
Date of Foundation:	2013-10-24
Registration Number:	54370182
Legal Representatives:	Tiancai Li
2
Registered Name:	Taoyuan Zhongli Branch Company (Literal Translation)
Registered Address:	1F, No. 30, Jiuhe Second Street, Zhongli City, Taoyuan County, Taiwan
Date of Foundation:	2013-3-1
Registration Number:	53666187
Legal Representatives:	Tiancai Li
3
Registered Name:	Taichung Zhonggang Branch Company (Literal Translation)
Registered Address:	No. 373, Sec. 1, Taizhonggang Rd., Xi Dist., Taichung City, Taiwan
Date of Foundation:	2012-11-27
Registration Number:	53661465
Legal Representatives:	Tiancai Li
4
Registered Name:	Bitan Branch Company (Literal Translation)
Registered Address:	No. 2, Sec. 1, Beiyi Rd., Xindian Dist., New Taipei City, Taiwan
Date of Foundation:	2012-11-15
Registration Number:	53660888
Legal Representatives:	Tiancai Li
5
Registered Name:	Muzha Branch Company (Literal Translation)
Registered Address:	1F, No. 177, Sec. 1, Muzha Rd., Wenshan Dist., Taipei, Taiwan
Date of Foundation:	2012-4-24
Registration Number:	53649414
Legal Representatives:	Tiancai Li
6
Registered Name:	Zhonghe Yuandong Branch Company (Literal Translation)
Registered Address:	1F, No. 12, Jiaba Rd., Zhonghe Dist., New Taipei City, Taiwan
Date of Foundation:	2012-4-10
Registration Number:	53028610
Legal Representatives:	Tiancai Li
7
Registered Name:	Yonghe Zhongzheng Branch Company (Literal Translation)
Registered Address:	1F, No. 500, Zhongzheng Rd., Yonghe Dist., New Taipei City, Taiwan
Date of Foundation:	2012-3-13
Registration Number:	53027181
Legal Representatives:	Tiancai Li
8
Registered Name:	Minsheng Second Branch Company (Literal Translation)
Registered Address:	1F, No. 214, Sec. 5, Minshen E Rd., Songshan Dist., Taipei, Taiwan
Date of Foundation:	2012-3-1
Registration Number:	53026373
Legal Representatives:	Tiancai Li
9
Registered Name:	Beitou Branch Company (Literal Translation)
Registered Address:	No. 249, Zhonghe Street, Beitou Dist., Taipei, Taiwan
Date of Foundation:	2011-12-26
Registration Number:	53022849
Legal Representatives:	Tiancai Li
10
Registered Name:	Zhongshan Branch Company (Literal Translation)
Registered Address:	No. 106-1, Sec. 1, Zhongshan N Rd., Zhongshan Dist., Taipei, Taiwan
Date of Foundation:	2011-11-22
Registration Number:	53022714
Legal Representatives:	Tiancai Li
11
Registered Name:	Jianguo Branch Company (Literal Translation)
Registered Address:	1F, No. 166, Sec. 1, Jianguo S Rd., Daan Dist., Taipei, Taiwan
Date of Foundation:	2011-7-21
Registration Number:	53015002
Legal Representatives:	Tiancai Li
12
Registered Name:	Xianfu Branch Company (Literal Translation)
Registered Address:	1-2F, No. 86-1, 88, Xianfu Rd., Taoyuan City, Taoyuan County, Taiwan
Date of Foundation:	2011-6-22
Registration Number:	53013481
Legal Representatives:	Tiancai Li
13
Registered Name:	Nanjing First Branch Company (Literal Translation)
Registered Address:	1F, No. 218, Sec. 2, Nanjing E Rd., Zhongshan Dist., Taipei City, Taiwan
Date of Foundation:	2011-5-12
Registration Number:	53011189
Legal Representatives:	Tiancai Li
14
Registered Name:	Chengde Branch Company (Literal Translation)
Registered Address:	1F, No. 133, Sec. 3, Chengde Rd., Datong Dist., Taipei City, Taiwan
Date of Foundation:	2010-7-8
Registration Number:	28997890
Legal Representatives:	Tiancai Li
15
Registered Name:	Gongguan Branch Company (Literal Translation)
Registered Address:	1F, No. 230, Sec. 3, Luosifu Rd., Zhongzheng Dist., Taipei City, Taiwan.
Date of Foundation:	2009-3-16
Registration Number:	28976255
Legal Representatives:	Tiancai Li
16
Registered Name:	Nanjing Branch Company (Literal Translation)
Registered Address:	1F, No. 1, Sec. 2, Nanjing E Rd., Zhongshan Dist., Taipei City, Taiwan
Date of Foundation:	2009-2-5
Registration Number:	28974849
Legal Representatives:	Tiancai Li
17
Registered Name:	Yilan Branch Company (Literal Translation)
Registered Address:	No. 326, Sec. 2, Yuanshan Rd., Yuanshan Xiang, Yilan County, Taiwan
Date of Foundation:	1995-3-27
Registration Number:	89391775
Legal Representatives:	Tiancai Li

Personnel Information

Core Management

Directors

1
Name	Tiancai Li
Position	Chairman of the Board
2
Name	Yuding Li
Position	Director
3
Name	Bochang Liao
Position	Director
4
Name	Shijie Wu
Position	Supervisor

Personnel Structure

Total Employees

About 2100 Employees (Group)

Operation Information

Offices & Factories

	Headquarters
Add	1F, No.230, Roosevelt Road, Sec.3, Taipei Taiwan R.O.C.

Production Information

Subject is engaged in manufacturing of canned coffee, etc.

Subject has factories in Taiwan for production.

Subject has got the certification of ISO9001 and ISO14002.

Purchase Information

The registered activities of subject:

Business Code	Details
C102010	Dairying
C103050	Canned, frozen, dehydrated and pickled food manufacturing
C104010	Candy manufacturing
C104020	Bake for cooking steamed food manufacturing
C105010	Edible oil manufacturing
C106010	Mill industry
C108010	Sugar manufacturing
C109010	Condiment manufacturing
C110010	Beverage manufacturing
C111010	Tea industry
C113011	Industry of wine
C113020	Alcohol semi-finished products manufacturing
C199010	Noodles, vermicelli, food manufacturing industry
C199020	Edible ice manufacturing
C199030	Ready-to-eat meals manufacturing
C199040	Beans processed food manufacturing
C199990	No other food manufacturing were classified
C601030	Paper container manufacturing
C805990	Other plastic products manufacturing
CA02060	Metal container manufacturing
CF01011	Medical device manufacturing
A102060	The food business
CC01080	Electronic components manufacturing
F101050	Aquatic products wholesale
F101100	Flower wholesale
F102020	Edible oil wholesaling
F102030	Tobacco and alcohol wholesaling
F102040	Beverage wholesaling
F102050	Tea wholesale
F102170	Food wholesale goods
F102180	Alcohol wholesaling
F109070	Culture and education, Musical Instruments, recreational supplies wholesale
F201030	Aquatic products retail
F201070	Flower retail
F203010	What food, beverage retail
F203020	Retail tobacco and alcohol
F203030	Alcohol retail
F301010	The department store industry
F301020	The supermarket industry
F399010	The convenience store industry
F401171	Wine importers
ZZ99999	Besides licensed business, all other business items those are not banned or restricted
F106020	Supplies wholesale
F206020	Supplies retail
F501060	Restaurant Business
I101090	Food Consultancy

The raw materials for production are both purchased at home and abroad.

Sales Information

Subject is engaged in sale of canned coffee, etc.

The major products sold by subject include Mr. Brown coffee, root beer, Mini-Oligo water, whisky, dietary fiber drinks, oligosaccharide drinks, and calcium-enriched drinks and so on.

Subject’s sales regions include domestic market, Japan, Korea, India, Southeast Asia, US, North America, Europe, Australia, etc.

It is introduced that subject has its own logistics company.

Subject’s major customers are shops, dealers, restaurants, etc.

Import and export right:

Import right	Yes
Export right	Yes

Trademarks

1
Name of the Mark:	King Car Kang Pei (Literal Translation)
Registered No.:	102045868
Date of Registration:	2013-8-20
Mark:
Mark Type:	Flat
Owner's Name, Address:	King Car Food Industrial Co., Ltd. No.230, Roosevelt Road, Sec.3, Taipei Taiwan R.O.C.
Class No.:	005
2
Name of the Mark:	King Car Kang Pei (Literal Translation)
Registered No.:	102045870
Date of Registration:	2013-8-20
Mark:
Mark Type:	Flat
Owner's Name, Address:	King Car Food Industrial Co., Ltd. No.230, Roosevelt Road, Sec.3, Taipei Taiwan R.O.C.
Class No.:	005

Settlements

Purchase

Domestic Purchase

Product	Terms	Proportion
Raw materials, etc.	T/T, Cash, etc	100%

Foreign Purchase

Product	Terms	Proportion
Raw materials, etc.	L/C, T/T, etc	100%

Sales

Domestic Markets

Product	Terms	Proportion
Canned coffee, etc.	T/T, Cash, etc	100%

Export

Product	Terms	Proportion
Canned coffee, etc.	L/C, T/T, 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 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 any information about bankers, and we can not obtain the information from other source.

Public Record

Mortgage

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

Lawsuit

1
Trial Number:	102, beijian, 13071
Date of Trial:	2014-4-21
Reason:	Moving house
Claimant:	King Car Food Industrial Co., Ltd.
Defendant:	--
2
Trial Number:	102, beijian, 9674
Date of Trial:	2014-4-3
Reason:	Moving house
Claimant:	King Car Food Industrial Co., Ltd.
Defendant:	Jianlin Chen (Former name: Jianhe Chen) Fengquan Wang Qiao xuan canteen that is Zhiying Li (Former name: Xiuxue Li)
3
Trial Number:	102, beijian, 11972
Date of Trial:	2014-1-29
Reason:	Moving house
Claimant:	King Car Food Industrial Co., Ltd.
Defendant:	Fengquan Wang

Interview Details

Name	Ms. Li
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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.