MIRA INFORM REPORT

Report Date :

31.05.2011

IDENTIFICATION DETAILS

Name :	GREEN ENERGY TECHNOLOGY INC.

Registered Office :	No.22, Sec.3, Jhongshan N. Rd., Jhongshan District, Taipei City 104, Taiwan, R.O.C.

Country :	Taiwan

Financials (as on) :	31.03.2011

Date of Incorporation :	29.06.2004

Com. Reg. No.:	27335280

Legal Form :	Joint Stock Company

Line of Business :	Manufacture and sales of electronic components, etc

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 800,000
Status :	Good
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Taiwan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Contact Points

Company Name:	Green Energy Technology Inc.
Supplied Name:	Green Energy Technology Inc
Trading Address:	19-2,Tatung 1^st Rd.,Kuanyin Industrial Park,kuanyin Township,Taoyuan County 32849,Taiwan, ROC.
Supplied Address:	22, Chungshan N. Rd. 3rd Sec., Taipei, Taiwan‘; Plant : 19-2, Tatung 1st Road, Kuanyin Industrial Park, Taoyuan, Taiwan
Telephone Number:	+886-3-416-0207
Fax Number:	+886-3-416-0267/0523/0211
E-mail:	allen.chen@getinc.com.tw

Notes: Subject’s exact name and address are as above and the supplied address also belongs to subject.

Credit Summary

Credit Rating:	Maximum credit USD 800,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	Green Energy Technology Inc.
Registered Address:	No.22, Sec.3, Jhongshan N. Rd., Jhongshan District, Taipei City 104, Taiwan, R.O.C.
Date of Foundation:	2004-6-29
Registration Number:	27335280
Registry:	Department of Commerce, Ministry of Economic Affairs
Registered Capital:	NTD 3,500,000,000 (USD 122,500,000) (As of 2011.05, 1 NTD = 0.035 USD)
Paid-up Capital:	NTD 2,418,731,730 (USD 84,655,611)
Legal Representatives:	Weishan Lin
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and sales of electronic components, etc
Staff:	About 1,200 employees (Taiwan factory) About 100 employees (Shandong factory)
Listed at Stock Exchange:	Yes. Stock Code: 3519 as of 2008-1-25
Date of Last Annual Return:	2011-4-21

History

Subject was incorporated on 2004-6-29 with registered number 27335280 as Joint Stock Company in Taiwan.

Awards

Year	Awards
2007	Blue chip importer and exporter
2008	Blue chip importer and exporter
2009	Blue chip importer and exporter

Standard of Blue chip importer and exporter

Unit: USD

Year	Amount
2007	18,000,000
2008	19,000,000
2009	15,000,000

Shareholders

Name	Subscription Shares
San Chih Semiconductor Company	70,510,091
Yuansheng Tang	15,067
Fanxiong Chen	6,159
Bosong Qiu	2,089

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

Subsidiaries & Branches

Parent Company

Name	San Chih Semiconductor Company
Address:	No. 22, Chungshan N.Rd, 3rd Sec. Taipei,Taiwan, 104, R.O.C.
Tel:	+886-2-2592-5252 ext.3386
Fax:	+886-2-2585-8132
Listed at Stock Exchange:	Yes, (Public, TPO:3579)

Other Address:

Address:	No. 22, Chungshan N.Rd, 3rd Sec. Taipei,Taiwan, 104, R.O.C.
Tel:	+886-2-2594-8462
Fax:	+886-2-2599-5543

Branch Company

Name	Nanke Branch
Address:	Area A, 2/F., No.82, Luke No.5 Road, Luzhu District, Kaohsiung, Taiwan.
Registration Number	29184647
Date of Registration	2010-8-9
Status	Active
Manager Name	Helong Lin

Factories:

1
Name:	Guangyin Factory
Address:	19-2,Tatung 1^st Rd.,Kuanyin Industrial Park,kuanyin Township,Taoyuan County 32849,Taiwan,ROC.
Tel:	+886-3-416-0207
Fax:	+886-3-416-0267/0523/0211
2
Name:	Shandong Factory
Address:	Weifang City, Shandong Province, China.

Personnel Information

Core Management

Directors

1
Name	Weishan Lin
Position	Board Chairman
2
Name	Wenyan Linguo
Position	Director
3
Name	Helong Lin
Position	Director
4
Name	Longda Li
Position	Director
5
Name	Yuansheng Tang
Position	Director
6
Name	Fanxiong Chen
Position	Director
7
Name	Juqing Wang
Position	Independent Director
8
Name	Bosong Qiu
Position	Independent Director
9
Name	Dengcai Tu
Position	Independent Director

Personnel Structure

Total Employees

About 1,200 employees (Taiwan factory)

About 100 employees (Shandong factory)

Operation Information

Offices & Factories

	Headquarters
Add	19-2,Tatung 1^st Rd.,Kuanyin Industrial Park,kuanyin Township,Taoyuan County 32849,Taiwan, ROC.

Production Information

l Subject is manufacturer of electronic components such as Silicon Wafer and Thin Film, etc

Purchase Information

l The registered activities of subject:

Business Code	Details
CC01080	Manufacture of electronic building brick and components
F119010	Wholesales of electronic materials
F219010	Retails of electronic materials
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l Subject’s production facilities are mainly purchased from foreign countries and subject uses machines branded GT Solar, etc

l Subject’s raw materials are mainly purchased from South Korea and it mainly cooperates with the brand OCI.

Sales Information

l The subject is engaged in sales of electronic components such as Silicon Wafer and Thin Film, etc

l Subject’s products are sold all over the world.

l Subject’s major customers are semiconductor manufacturers and LED manufacturers, etc

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Raw materials, etc	COD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Raw materials, etc	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Electronic components	Credit sales (7-14 days), etc	100%

Export

Product	Payment Terms	Proportion
Electronic components	T/T in advance (for new customers), etc	100%
Electronic components	Credit sales (7-14 days), etc	100%

Balance Sheet

Unit: NTD/000

	2011-3-31	2010-12-31
Cash and cash equivalents	3,762,919	763,812
Notes receivable net	.	23,771
Accounts receivable net	2,610,413	1,028,649
Other receivables	117,571	340,849
Current assets	9,920,478	6,144,169
Inventories	2,359,744	2,033,790
Inventories- manufacture	2,359,744	2,033,790
Advance payment	964,058	1,108,207
Other current assets	105,773	811,855
Deferred income tax assets -current	89,297	7,347
Restricted assets	5,269	802,500
Other current assets-other	11,207	2,00
Changes in the fair value of the financial assets included and losses-current	.	31,800
For sale financial assets-current	.	1,436
Investment	2,081,269	744,531
Adopt the equity method of a long-term equity investment	2,081,269	744,531
The financial assets at cost measure- - non-current	600,000	600,000
The financial assets at cost measure -non-current	600,000	600,000
Fund and investment	2,681,269	1,344,531
Land	56,178	22,828
Buildings and structures	659,534	598,979
Machine and equipment	7,926,290	6,097,498
Transporting equipment	25,678	19,904
Office equipment	44,243	37,564
Total cost of fixed asset	10,764,318	8,623,945
Accumulated depreciation	-2,358,382	-1,249,138
Net fixed assets	11,590,652	7,759,392
Total cost and value through revaluation	10,764,318	8,623,945
Improvements on leased property	1,886,158	1,686,800
Construction in progress and prepayments for equipment	3,184,716	384,585
Other equipment	166,237	160,372
Computer software cost	1,614	1,143
Deferred pension costs	.	.
Total intangible assets	1,614	1,143
Guaranteed deposits paid	41,637	15,428
Deferred charges	45,341	39,992
Other deferred charges	45,341	39,992
Deferred income tax assets -non current	.	.
Other assets-other	3,472,619	2,211,276
Other assets-other	3,472,619	2,211,276
Total other assets	3,559,597	2,266,696
Total assets	27,753,610	17,515,931
Short-term borrowing	4,818,785	3,971,336
Account payable	931,747	694,752
Income tax payable	276,175	23,263
Accrued charge	821,130	253,354
Changes in the fair value of the financial liability included and losses-current	54,034	.
Total liabilities	9,233,840	6,679,652
Other payables	481,688	712,313
Advance receipt	615,804	317,143
Long-term liabilities -current portion	1,019,478	696,243
Executive sell back to the right company debt -current portion	71,648	.
Current portion	947,830	696,243
Other current liabilities	214,999	11,248
Deferred income tax liabilities	.	.
Other current liabilities-other	214,999	11,248
Changes in the fair value of the financial liability included and losses-non current	.	117,561
Bonds payable	.	1,278,559
Long-term loan	2,174,252	1,029,621
Long term liabilities	2,174,252	2,425,741
Retirement pension / accrued pension liabilities	.	.
Guarantee deposit received	23,714	148
Deferred income tax	47,420	330
Deferred income tax liabilities -non current	47,420	330
Other liabilities-other	713,377	838,251
Other liabilities-other	713,377	838,251
Total other liabilities	784,511	838,729
Total liabilities	12,192,603	9,944,122
Ordinary share capital	2,418,732	1,611,114
Share capital	2,418,732	1,611,114
Capital surplus-issued share premium	10,115,350	4,862,416
Capital surplus-common stock	8,341,964	4,860,641
Capital surplus- convertible debt conversion premium	1,773,386	1,775
Capital surplus-long term investment	8,317	.
Capital surplus- employee stock option	20,446	.
Total capital surplus	10,144,113	4,862,416
Legal surplus	268,015	256,482
Special reserves	8,612	.
Not set-aside retained earnings	2,793,118	1,055,836
Total retained earnings	3,069,745	1,312,318
Cumulative translation adjustments	-71,583	-12,641
Financial products unrealized profit and loss	.	346
For sale financial assets unrealized profit and loss	.	346
Treasury stock	.	-201,744
Total shareholders' equity other adjustment	-71,583	-214,039
Total shareholders’ equity	15,561,007 (USD 544,635,245)	7,571,809 (USD 265,013,315)

(As of 2011.05, 1 NTD = 0.035 USD)

Profit and loss account

Unit: NTD/000

	2011-1-1 ~2011-3-31	2010
Total operation revenue	6,511,724 (USD 227,910,340)	3,296,750 (USD 115,386,250)
Net sales revenue	6,511,724	3,296,750
Total sales revenue	6,514,181	3,296,750
Sales discounts and allowances	2,457	.
Total operating costs	5,180,548	2,987,533
Gross profit (loss)	1,331,176	309,217
Total operating expenses	198,743	89,397
Distribution cost	31,068	12,341
General and administrative expenses	141,156	57,366
Research and development expenses	26,519	19,690
Net operating profit (loss)	1,132,433	219,820
Non-operating revenue and profit	67,515	74,890
Interest income	1,854	362
Income from investment	63,976	.
Investment income recognized under equity method	63,976	.
Foreign exchange gain	.	6,972
Rental income	483	431
The financial liability evaluation interests	.	34,146
Miscellaneous income	1,202	32,979
Non-operating expenses and losses	454,138	35,605
Interest cost	6,048	23,916
Investment losses	.	9,850
Investment loss recognized under equity method	.	9,850
Sanctions fixed assets loss	24	6
Loss on exchange	10,870	.
Financial assets evaluation loss	.	735
The financial liability evaluation loss	437,149	.
Assorted items spending	47	1,098
Pre-tax profit on business unit (net loss)	745,810	259,105
Income tax expense (profit)	148,536	34,465
Income (loss) from continuing operations	597,274	224,640
Net income (loss)	597,274 (USD 20,904,590)	224,640 (USD 7,862,400)
Basic earnings per share	3	1
Diluted EPS (Unit : NTD)	2.62	1

(As of 2011.05, 1 NTD = 0.035 USD)

Bankers

Name	China Development Industrial Bank
Address	Taiwan

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.

Interview Details

Name	Mr. Allen Chen
Department	Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.10
UK Pound	1	Rs.74.27
Euro	1	Rs.64.35

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.