MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	SENHER PRECISION MACHINERY CO., LTD.
Registered Office :	6F., No.88, Changchun Rd., Lujhu Township, Taoyuan County 338
Country :	Taiwan
Date of Incorporation :	17.05.1999
Com. Reg. No.:	16918203
Legal Form :	Joint Stock Company
Line of Business :	Subject operates as a liaison office for group at present
No. of Employees :	Over 160 employees (Group)

RATING & COMMENTS

MIRA’s Rating :

B

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Taiwan	A2	A2

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

Contact Points

Company Name:	Senher Precision Machinery Co., Ltd.
Supplied Name:	SENHER PRECISION MACHINERY CO LTD.
Trading Address:	6F., No.88, Changchun Rd., Lujhu Township, Taoyuan County 338, Taiwan (R.O.C.)
Telephone Number:	+886-3-222-3226

Notes: Subject’s exact name and address are as above. And subject did not introduce the supplied address.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Senher Precision Machinery Co., Ltd.
Registered Address:	6F., No.88, Changchun Rd., Lujhu Township, Taoyuan County 338, Taiwan (R.O.C.)
Date of Foundation:	1999-5-17
Registration Number:	16918203
Registry:	MOEA Central Office
Registered Capital:	NTD 16,000,000 (USD 534,400) (As of 2012.08, 1 NTD = 0.0334 USD)
Paid-up Capital:	NTD 16,000,000 (USD 534,400)
Legal Representatives:	Ziping Wang
Legal Form:	Joint Stock Company
Principal Activities:	Subject operates as a liaison office for group at present
Staff:	Over 160 employees (Group)
Listed at Stock Exchange:	No
Date of Last Annual Return:	2010-7-20

Notes: Staff in Taiwan did not introduce its staff number, from other source we found subject‘s staff number as above for reference.

History

Subject was incorporated on 1999-5-17 with registered number 16918203 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Ziping Wang	150,000
Jiannan Lin
140,000
Zihui Wang	10,000
Jiazheng Lin	4,000

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

Subsidiaries & Branches

Related Companies

1
Name	Fujian Wellsun Machinery Co., Ltd
Address	Xinghua Rd,Xingtai Economic Development Zone, Changtai County, Zhangzhou City, Fujian,China
Tel:	+86-596-8366588
Fax:	+86-596-8366288
2
Name	Ya Man Da Co., Ltd (Literal Translation)
Address	Xiamen City, Fujian,China
Tel:	+86-592-5505-188

Personnel Information

Core Management

Directors

1
Name	Ziping Wang
Position	Board Chairman
2
Name	Jiannan Lin
Position	Director
3
Name	Zihui Wang
Position	Director
4
Name	Jiazheng Lin
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	6F., No.88, Changchun Rd., Lujhu Township, Taoyuan County 338, Taiwan (R.O.C.)

Operation Information

It is introduced that subject operates as a liaison office for the group without purchase and sales business and the main business of the group is in the mainland of China at present.

Subject’s related company Fujian Wellsun Machinery Co., Ltd operates as group factory engaged in knitting machines and it imports the advanced technology from Germany and Japan and its major items are as follows

Major products

1	Single Jersey Knitting Machines
2	Double Jersey Knitting Machines
3	Single Jersey Open/End Knitting Machines
4	Towel Machines
5	Single Knit 4/6 Color Striper
6	Pile Loop Cut Knitting
7	Computerized Jacquard

And subject’s another related company Ya Man Da Co., Ltd (Literal Translation) is engaged in sales of the machines to both domestic and overseas market such as Pakistan, etc

l The registered activities of subject:

Business Code	Details
CB01010	Manufacture of mechanical equipment
CB01990	Manufacture of other machinery (Air press machines, machine elements )
E604010	Machinery installation industry
F113010	Wholesales of machinery
F113030	Wholesales of precise instrument
F213040	Retails of precise instrument
F213080	Retails of mechanical restraint

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Since subject is a liaison office and it does not take orders at present, the settlement information is not available.

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 declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

Bankers

Subject declined to disclose its bank details; 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

Position

Operator

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.43

INFORMATION DETAILS

Report Prepared by :

MNL

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.