MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	YENSTAR CHEMICAL CO., LTD.

Registered Office :	5F., No.171, Sec. 1, Heping E. Road, Da-An Dist., Taipei City 10644

Country :	Taiwan

Date of Incorporation :	25.10.2011

Com. Reg. No.:	53548730

Legal Form :	Private Limited Liability Company

Line of Business :	Trading of Chemicals

No. of Employees :	Not Available

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:	Yenstar Chemical Co., Ltd.
Supplied Name:	Yenstar Chemical Co Ltd (nf)
Trading Address:	5F., No.171, Sec. 1, Heping E. Rd., Da-An Dist., Taipei City 10644, Taiwan (R.O.C.)
Supplied Address:	5F No 171 Sec 1 ho Ping East Road Taipei
Telephone Number:	+886-2-2356-3278/2-2356-3539
Fax Number:	+886-2-2391-8810
E-mail:	yenstarlin@yahoo.com.tw

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Yenstar Chemical Co., Ltd.
Registered Address:	5F., No.171, Sec. 1, Heping E. Rd., Da-An Dist., Taipei City 10644, Taiwan (R.O.C.)
Date of Foundation:	2011-10-25
Registration Number:	53548730
Registry:	Taipei City Government
Registered Capital:	NTD 3,600,000 (USD 119,160) (As of 2014.09, 1 NTD = 0.0331 USD)
Legal Representatives:	Cuifeng Huang
Legal Form:	Private Limited Liability Company
Principal Activities:	Trading of chemicals and etc.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	--

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

History

Subject was incorporated on 2011-10-25 with registered number 53548730 as Private Limited Liability Company in Taiwan.

Corporate Structure

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Shareholders

Major Shareholders

(Unit: NTD)

Name

Subscription Amount

Cuifeng Huang

900,000

Management Information

Core Management

Directors

Name	Cuifeng Huang
Position	Director

Operation Information

Offices & Factories

	Headquarters
Add	5F., No.171, Sec. 1, Heping E. Rd., Da-An Dist., Taipei City 10644, Taiwan (R.O.C.)

Production Information

· Subject is a trader of chemicals and etc without any production activities

Purchase Information

· The registered activities of subject:

Business Code	Details
F107020	Wholesales of dyes and pigment.
F107030	Wholesales of cleaning supplies.
F107170	Wholesales of industrial agents.
F107200	Wholesales of chemical materials.
F107990	Wholesales of other chemical products.
F108040	Wholesales of cosmetics.
F121010	Wholesales of food additives.
F207020	Retails of dyes and pigment.
F207030	Retails of cleaning supplies.
F207170	Retails of industrial agents.
F207200	Retails of chemical materials.
F207990	Retails of other chemical products.
F208040	Retails of cosmetics.
F221010	Retails of food additives.
F401010	International trading business.

· It is introduced that subject purchases its products from Europe, USA, South America, Japan and etc.

Sales Information

· Subject is engaged in sale of chemicals and etc.

The major products are chemicals for metal finishing and electronics, raw materials for medicine and cosmetic and etc.

Subject’s sales regions are Asia and etc.

Subject’s major customers are manufacturers of cosmetics, metal products, electronics and etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Chemicals and etc
Payment Terms	Cash, T/T and etc

Import

Products	Chemicals and etc
Payment Terms	L/C, T/T and etc

Sales

Domestic Markets

Product	Chemicals and etc
Selling Terms	Cash, T/T and etc

Export

Product	Chemicals 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 Ms. Huang 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. Huang

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.03
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

INFORMATION DETAILS

Analysis Done by :	SUM

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%)

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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.