MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	HSU PEN MACHINERY CO.

Registered Office :	No.360, Fuyang Rd., Fengyuan Dist., Taichung City 420

Country :	Taiwan

Date of Incorporation :	03.01.1976

Com. Reg. No.:	55664332

Legal Form :	Joint Stock company

Line of Business :	Manufacture and the export of Tenoners, Carbon fiber impregnation machines, etc.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 30,000
Status :	Moderate
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Taiwan

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

Contact Points

Company Name:	HSU PEN Machinery Co.
Supplied Name:	HSU PEN Machinery Co Ltd.
Trading Address:	No.360, Fuyang Rd., Fengyuan Dist., Taichung City 420, Taiwan (R.O.C.)
Supplied Address:	No. 360, Fyuang Rd., Feng Yuan taichung, TW
Telephone Number:	+886-4-25225378
Fax Number:	+886-4-25235098

Notes: The exact subject’s name and address are as above mentioned.

Credit Summary

Credit Rating:

Maximum credit USD 30,000

Company Identification Details

Registered Name:	HSU PEN Machinery Co.
Registered Address:	No.360, Fuyang Rd., Fengyuan Dist., Taichung City 420, Taiwan (R.O.C.)
Date of Foundation:	1976-01-03
Registration Number:	55664332
Registry:	Ministry of Economic Affairs Central Office
Registered Capital:	NTD 15,000,000 (USD 493,500) (As of 2011.10, 1 NTD = 0.0329 USD)
Paid-up Capital:	NTD 15,000,000 (USD 493,500)
Legal Representatives:	Zhang Qiehui
Legal Form:	Joint Stock company
Principal Activities:	Manufacture and the export of Tenoners, Carbon fiber impregnation machines, etc.
Staff:	About 10 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-07-13

History

Subject was incorporated on 1976-01-03 with registered number 55664332 as Joint Stock company in Taiwan.

Shareholders

(Unit: NTD)

Name	Subscription Shares
Zhang Qiehui	1,920
Zhang Rongqi
3,500
Zhang Zhengzhong	3,950
Zhang Shizong	3,450

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

Subsidiaries & Branches

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Personnel Information

Core Management

Directors

1
Name	Zhang Qinghui
Position	Chairman
2
Name	Zhang Rongqi
Position	Director
3
Name	Zhang Zhengzhong
Position	Director
4
Name	Zhang Shizong
Position	Supervisor

Personnel Structure

Total Employees

About 10 employees

Operation Information

Offices & Factories

	Headquarters
Add	No.360, Fuyang Rd., Fengyuan Dist., Taichung City 420, Taiwan (R.O.C.)
	Factory
Add	In Taiwan (details unknown)

Production Information

l Subject produces Tenoners, Carbon fiber impregnation machines, etc.

l Subject has a factory in Taiwan.

Purchase Information

l The registered activities of subject:

Business Code	Details
CB01010	Machinery and Equipment Manufacturing
CB01990	Manufacture of other machinery
CC01080	Manufacture of Electronic Components
CD01050	Manufacture of bicycles and other parts
CE01990	Other optical and precision equipment manufacturing
CH01010	Manufacture of sporting goods
CP01010	Manufacture of hand tools
F109070	Wholesales of Cultural, educational, musical instruments, music education supplies
F113010	Wholesales of machines
F113030	Wholesales of Precision instruments
F113990	Wholesales of other machinery
F114040	Wholesales of bicycles and other parts
F119010	Wholesales of Electronic Components
F401010	International trade
ZZ99999	In addition to licensing business, Act was not prohibited or restricted operation of the business

Besides licensed business, all other business items those are not banned or restricted.

l The components and raw material for production are mostly purchased from domestic market.

Sales Information

l The subject has a proportion of 100% for export.

l The subject is engaged in the export of Tenoners, Carbon fiber impregnation machines, etc.

Major products sold

Product	Sales Region
Tenoners, Carbon fiber impregnation machines, etc.	Southeast Asia
Tenoners, Carbon fiber impregnation machines, etc.	America, European countries

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Foreign Purchase

Note: Subject seldom purchases from foreign countries.

Sales

Domestic Markets

Note: Subject doesn’t sell products to local markrt.

Export

Product	Sales Terms	Proportion
Tenoners, Carbon fiber impregnation machines, etc.	CBD, 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 Ms. Wang declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can 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.

Interview Details

Name	Ms. Wang
Position	Accountant
E-mail	hsupen@ms14.hinet.net

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.52

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.