MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	HL&CK ENGINEERING CO., LTD.

Registered Office :	No.2, Alley 12, Lane 91, Sec.1, Nei Hu Rd., Nei Hu Dist., Taipei

Country :	Taiwan

Date of Incorporation :	22.02.1994

Com. Reg. No.:	84755071

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture and sales of cool-fog humidifiers, hinal-fog humidifiers, steam humidifier & dispersion panels, 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 20,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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:	HL&CK Engineering Co., Ltd.
Supplied Name:	HK & CK Engineering Co Ltd
Trading Address:	No.2, Alley 12, Lane 91, Sec.1, Nei Hu Rd., Nei Hu Dist., Taipei
Supplied Address:	1F, No. 2, Alley 12, Lane 91 Nei-Hu Rd, Sec 1, Taipei 114-42 ,TW
Telephone Number:	+886-2-2657-6518

Credit Summary

Credit Rating:	Maximum credit USD 20,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	HL&CK Engineering Co., Ltd.
Registered Address:	No.2, Alley 12, Lane 91, Sec.1, Nei Hu Rd., Nei Hu Dist., Taipei
Date of Foundation:	1994-02-22
Registration Number:	84755071
Registry:	Government of Taipei City
Registered Capital:	NTD 6,000,000.00 (USD 197,400.00) (As of 2011.10, 1 NTD = 0.0329 USD)
Paid-up Capital:	NTD 6,000,000.00 (USD 197,400.00)
Legal Representatives:	Gu Mingqin
Legal Form:	Private limited liability company
Principal Activities:	Manufacture and sales of cool-fog humidifiers, hinal-fog humidifiers, steam humidifier & dispersion panels, etc.
Staff:	10 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2002-02-05

History

Subject was incorporated on 1994-02-22 with registered number 84755071 as Private Limited Liability Company in Taiwan.

Shareholders

Name	Subscription Shares
Gu Mingqin	200,000
Zheng Huizi
100,000
Chen Zhanghong	50,000
Fu Huizhu	100,000

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	Gu mingqin
Position	Chairman
2
Name	Zheng Huizi
Position	Director
3
Name	Chen Hongzhang
Position	Director
4
Name	Fu Huizhu
Position	Supervisior

Personnel Structure

Total Employees

10 Emloyees

Operation Information

Offices & Factories

	Headquarters
Add	No.2, Alley 12, Lane 91, Sec.1, Nei Hu Rd., Nei Hu Dist., Taipei
	Factory
Add	In Taiwan (details unknown)

Production Information

l Subject produces cool-fog humidifiers, hinal-fog humidifiers, steam humidifier & dispersion panels, etc.

l Subject has a factory in Taiwan.

Purchase Information

l The registered activities of subject:

Business Code	Details
1	Trading of mechanical hardware and building material, Installation and construction of machinery
2	Trading, installation and construction of environmental protection equipment(Besides licensed business)
3	Import and export of the above products
4	Agency distribution business of the above products
5	CB01990 Manufacture of other machinery (steam humidifier & dispersion panels)
6	CC01990 Manufacture of electrical and electronic machinery and equipment (steam generator, automatic humidifier control panel)

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 local area.

Sales Information

l The subject is mainly engaged in the sales of cool-fog humidifiers, hinal-fog humidifiers, steam humidifier & dispersion panels, etc.

l The subject only sells products to local markets.

l The subject doesn’t export.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Components and raw material for production	CBD, etc.	100%

Foreign Purchase

Note: Subject seldom purchases from foreign markets.

Sales

Domestic Markets

Product	Sales Terms	Proportion
Cool-fog humidifiers, hinal-fog humidifiers, steam humidifier & dispersion panels, etc	CBD, etc.	100%

Export

Note: Subject seldom sells products to local markets.

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. Gu 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	Mr. Gu
E-mail	hlckeng@ms51.hinet.net

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

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.