MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	UNITED RAW MATERIAL SOLUTIONS INC.

Registered Office :	11^th Floor, No.167, Fuxing North Road, Songshan District, Taipei City 10560, Taiwan (R.O.C.)

Country :	Taiwan

Date of Incorporation :	17.11.2003

Com. Reg. No.:	80542219

Legal Form :	Joint Stock Company

Line of Business :	Trading of plastic and petrochemical raw materials

No. of Employees :	60

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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:	United Raw Material Solutions Inc.
Supplied Name:	UNITED RAW MATERIALS SOLUTIONS INC
Trading Address:	11^th Floor, No.167, Fuxing North Road, Songshan District, Taipei City 10560, Taiwan (R.O.C.)
Supplied Address:	11F. NO.167, FUXING N. RD, TAIPEI, TAIWAN 105
Telephone Number:	+886-2-2718-2066
Fax Number:	+886-2-2718-0688
E-mail:	marketing@urms.com

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	United Raw Material Solutions Inc.
Registered Address:	11^th Floor, No.167, Fuxing North Road, Songshan District, Taipei City 10560, Taiwan (R.O.C.)
Date of Foundation:	2003-11-17
Registration Number:	80542219
Registry:	Taipei City Government
Registered Capital:	NTD 297,650,400 (USD 10,120,114) (As of 2014.09, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 115,850,680 (USD 3,938,923)
Legal Representatives:	Jinglun Lin
Legal Form:	Joint Stock Company
Principal Activities:	Trading of plastic and petrochemical raw materials
Staff:	About 60 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-11-21

History

Subject was incorporated on 2003-11-17 with registered number 80542219 as Joint Stock Company in Taiwan.

Change of Address:

Current Address	11^th Floor, No.167, Fuxing North Road, Songshan District, Taipei City 10560, Taiwan (R.O.C.)
Former Address	5F., No.35, Ln. 11, Guangfu N. Rd., Songshan Dist., Taipei City 10560, Taiwan (R.O.C.)

Shareholders

Name	Subscription Shares
Jinglun Lin
4,634,238
Jingzhe Lin	422,672
Jingyuan Lin	359,721
Qianhui Lin	479,629
Yixiong Lin	1,648

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

Subsidiaries & Branches

Major Related Companies

1
Name	Formosa Industries Corporation
Address	Nhon Trach 3 Industrial Zone, Nhon Trach District, Dong Nai Province, Vietnam
2
Name	Formosa Chemicals & Fibre Corporation
Address	359, Chung Shan Rd., Sec.3, Chuang Hwa City, Taiwan; Changhua County, Taiwan
3
Name	Formosa Plastics Corporation
Address	201 Tung Hwa North Rd, Taipei, Taiwan
4
Name	Emers Industrial Corporation
Address	5F., No.35, Ln. 11, Guangfu N. Rd., Songshan Dist., Taipei City 10560, Taiwan (R.O.C.)

Personnel Information

Core Management

Directors

1
Name	Jinglun Lin
Position	Board Chairman
2
Name	Jingzhe Lin
Position	Director
3
Name	Jingyuan Lin
Position	Director
4
Name	Qianhui Lin
Position	Supervisor
5
Name	Yixiong Lin
Position	Supervisor

Personnel Structure

Total Employees

About 60 Employees

Operation Information

Offices & Factories

	Headquarters
Add	5F., No.35, Ln. 11, Guangfu N. Rd., Songshan Dist., Taipei City 10560, Taiwan (R.O.C.)

Production Information

l Subject is a trader of plastic and petrochemical raw materials without any production activities.

Purchase Information

l The registered activities of subject:

Business Code	Details
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l Subject purchases products from both home and abroad and we obtained some of subject’s major suppliers’ information as follows for reference.

Type	Product	Supplier
Textile raw materials	Viscose Rayon, Viscose Cotton, Nylon Fiber, Polyester Fiber	China Man-Made Fiber Corporation
	--	HUALON (Malaysia)
	Polyester Staple Fiber	Tuntex Distinct Corp.
	Viscose	Formosa Chemicals & Fibre Corporation
	Draw Texturing Yarn	Tuntex Distinct Corp.
	Polyester Pre-Oriented Yarn	Taiwan Polypropylene Co., Ltd
Plastic raw material	ABS	Formosa Chemicals & Fibre Corporation Great Eastern Resins Industrial Co., Ltd Taita Chemical Co., Ltd
	EVA	Formosa Plastics Corporation USI Corporation
	PP/PE	Formosa Chemicals & Fiber Corporation Formosa Plastics Corporation Korea Petrochemical Industrial Co., Ltd Taiwan Polypropylene Co., Ltd Titan Polyethylene (Malaysia) Sdn. Bhd TPI Polene Public Company Limited USI Corporation Yung Chia Chemical Industries Corporation Hanwha Corporation Siam Chemical Trading Daelim Corporation
	PS	Eternal Chemical Formosa Chemicals & Fibre Corporation Supreme Petrochem LTD Taita Chemical Co., Ltd
	PVC	Apex Petrochemical Co., Ltd China General Plastics Corp Hanwha Corporation Jiamin Textile Co., Ltd Korea Petrochemical Industrial Co., Ltd Formosa Plastics Corporation
Petrochemical	Plasticizers	Formosa Chemicals & Fiber Corporation

Sales Information

l Subject is engaged in sales of plastic and petrochemical raw materials, etc.

l Subject’s sales region covers all over the world.

l Subject’s major customers are the manufacturers of textile, electronic product and automobile, etc.

l Subject’s major customers are Queen Gil Co., Ltd and Asian Business Group S.A.S.

l Subject’s major cooperative shipping companies are Yang Ming, YES Logistics Corp., Evergreen, Wan Hai Lines Ltd., K-Line, T. S. Lines and Cosco.

Major Products

Type	Product
Textile raw materials	Polyester, Nylon, Viscose
Plastic raw material	EVA, PE, PP, PS, PVC, SAN, PA, PET
Petrochemical raw materials	PTA, MEG, PET CHIP, PX, 1.4BG, THF
Electronics	LCD Optical Protection Film, Flash Drive

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Terms	Proportion
Plastic and petrochemical products	Interior Settlement, T/T	100%

Foreign Purchase

Product	Terms	Proportion
Plastic and petrochemical products	T/T, L/C	100%

Sales

Domestic Markets

Product	Terms	Proportion
Plastic and petrochemical products	Cash, T/T	100%

Export

Product	Terms	Proportion
Plastic and petrochemical products	T/T, L/C	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 Mr. Zhang declined to disclose its financials citing the grounds of company’s confidentiality; from other source we cannot obtain the relevant information, either

Bankers

1
Name	CITI Bank
2
Name	Far Eastern International Bank
3
Name	Bank of Overseas Chinese
4
Name	Bank of Shanghai
5
Name	HSBC

Public Record

Mortgage

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

Lawsuit

1
Trial Number:	2005, Jian, 2881
Date of Trial:	2006-3-14
Reason:	Labor standards law
Claimant:	Taipei District Prosecutors Office Procurator
Defendant:	United Raw Material Solutions Inc.
2
Trial Number:	2005, Guomao, 8
Date of Trial:	2005-10-11
Reason:	Payment for goods
Claimant:	Not Stated
Defendant:	United Raw Material Solutions Inc.

Interview Details

Name	Mr. Zhang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Report Prepared by :

TPT

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.