MIRA INFORM REPORT

Report Date :

10.10.2014

IDENTIFICATION DETAILS

Name :	SHENG CHUN TANG PHARMACEUTICAL INDUSTRIAL CO., LTD.

Registered Office :	No.6, Singgong Rd., Yongkang Dist., Tainan City 710

Country :	Taiwan

Date of Incorporation :	10.07.1982

Com. Reg. No.:	73701535

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer and Sales of Medical Products

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – 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:	Sheng Chun Tang Pharmaceutical Industrial Co., Ltd.
Supplied Name:	SHENG CHUN TANG PHARMACEUTICALS
Trading Address:	No.6, Singgong Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.)
Supplied Address:	INDUSTRIAL CO LTD NO 6 SINGGONG ROAD YONGKANG DISTT TAINAN CITY,TAIWAN.
Telephone Number:	+886-6-232-5155
Fax Number:	+886-6-233-5076

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Sheng Chun Tang Pharmaceutical Industrial Co., Ltd.
Registered Address:	No.6, Singgong Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.)
Date of Foundation:	1982-10-7
Registration Number:	73701535
Registry:	Tainan City Government
Registered Capital:	NTD 81,000,000 (USD 2,681,100) (As of 2014.10, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 81,000,000 (USD 2,681,100)
Legal Representatives:	Qingxiang Zheng
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of medical products and etc.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-6-23

Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.

History

Subject was incorporated on 1982-10-7 with registered number 73701535 as Joint Stock Company in Taiwan.

Corporate Structure

Factory

Address:	No.6, Singgong Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.)
Date of Foundation:	1982-8-21
Date of Registration:	1983-8-25
Factory Registration Number:	99659604
Factory Manager:	Qingxiang Zheng
Status:	In Production
Date of Last Annual Return:	2005-11-9
Major Products:	200 Medicine and medical chemical products. 193 Cleaning supplies. 194 Cosmetics 092 Non-alcoholic beverage 089 Other food

Shareholders

Major Shareholders

Name	Subscription Shares
Qingxiang Zheng	121,000
Meixun Wang	317,000
Zhiwen Zheng	4,156,200
Yuxiu Zheng	1,585,400
Jingying Zheng	1,238,600

Management Information

Core Management

Directors

1
Name		Qingxiang Zheng
Position		Board Chairman
2
Name	Meixun Wang
Position		Director
3
Name	Zhiwen Zheng
Position		Director
4
Name	Yuxiu Zheng
Position		Director
5
Name	Jingying Zheng
Position		Director
6
Name	Youlin Zhuang
Position		Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	No.6, Singgong Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.)

Production Information

· Subject is engaged in manufacturing of medical products and etc.

· Subject has a factory in Taiwan for production.

· It is introduced that subject can produce about

Purchase Information

· The registered activities of subject:

Business Code	Details
C802051	Manufacturing of Chinese traditional medicine.
F108011	Wholesales of Chinese traditional medicine.
F208011	Retails of Chinese traditional medicine.
F108021	Wholesales of Western medicine.
F208021	Retails of Western medicine.
C199990	Manufacturing of other classified food.
C802100	Manufacturing of cosmetics.
F108040	Wholesales of cosmetics.
F208040	Retails of cosmetics.
C802090	Manufacturing of cleaning supplies.
F107030	Wholesales of cleaning supplies.
F207030	Retails of cleaning supplies.
C110010	Manufacturing of drinks
F102040	Wholesales of drinks
C802080	Manufacturing of environmental medicine.
C802990	Manufacturing of other chemical products.
C109010	Manufacturing of condiment.
F102180	Manufacturing of alcohol.
F203030	Retails of alcohol.
F103010	Wholesales of feedings.
F106020	Wholesales of daily supplies.
F106060	Wholesales of pet products.
F107070	Wholesales of animal medicine.
F207070	Retails of animal medicine.
F108031	Wholesales of medical equipment.
F208031	Retails of medical equipment.
F201020	Retails of animal products.
F208050	Retails of class-B medicine.
F401010	International trading business.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

· It is introduced that subject purchases its raw materials and etc both at home and abroad.

· It is introduced that subject imports some equipment from Japan.

· It is introduced that subject can produce about 300,000 pieces of patch per day.

Sales Information

· Subject is engaged in sale of medical products and etc.

· The major products are medicated patch, water-based patch, oil patch, Chinese herbal medicine medicament and so on.

· Subject’s sales regions cover Asia, Europe, America and etc.

· Subject’s major customers are pharmaceutical companies and etc

· It is introduced that subject can provide OEM and ODM services.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials and etc
Payment Terms	Cash, T/T and etc

Import

Products	Raw materials and etc
Payment Terms	L/C, T/T and etc

Sales

Domestic Markets

Product	Medical products and etc.
Selling Terms	Cash, T/T and etc

Export

Product	Medical products and etc.
Selling Terms	L/C, T/T and etc

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

Case Type:	Chattel Mortgage
File No.:	102189
Debtor Name:	Sheng Chun Tang Pharmaceutical Industrial Co., Ltd.
Document Number:	09930374350
Date of Registration:	2010-12-2

Lawsuit

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

Special Note

Interview Details

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.04
UK Pound	1	Rs.98.64
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

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.