MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	EVERSLEEVE ENTERPRISE CO., LTD.
Registered Office :	No.3, Shi 3rd Rd., Yangmei City, Taoyuan County 32657
Country :	Taiwan
Date of Incorporation :	28.11.1995
Com. Reg. No.:	89792862
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of automatic shrinking sleeve labeling machines, etc
No. of Employees :	About 40 Employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Taiwan	A2	A2

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. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. 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. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. 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 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken 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. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. 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:	Eversleeve Enterprise Co., Ltd.
Former Name:	Everluck Machinery Co., Ltd.
Supplied Name:	EVERSLEEVE ENTERPRISES CO LTD.
Trading Address:	No.3, Shi 3rd Rd., Yangmei City, Taoyuan County 32657, Taiwan (R.O.C.)
Supplied Address:	No. 3 Shi 3rd Road, Youth Ind park Yangmei City, Taoyuan Country
Telephone Number:	+886-3-496-1668
Fax Number:	+886-3-496-1800
E-mail:	esleeve@ms56.hinet.net
Website:	www.esleeve.com.tw

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	EVERSLEEVE ENTERPRISE CO., LTD.
Registered Address:	No.3, Shi 3rd Rd., Yangmei City, Taoyuan County 32657, Taiwan (R.O.C.)
Date of Foundation:	1995-11-28
Registration Number:	89792862
Registry:	MOEA Central Office
Registered Capital:	NTD 7,000,000 (USD 238,000) (As of 2012.12, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 7,000,000 (USD 238,000)
Legal Representatives:	Liying Yuan
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of automatic shrinking sleeve labeling machines, etc
Staff:	About 40 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-3-10

History

Subject was incorporated on 1995-11-28 with registered number 89792862 as Joint Stock Company in Taiwan.

Change of Name

Former English Name	Everluck Machinery Co., Ltd.
Current English Name	Eversleeve Enterprise Co., Ltd.

Shareholders

Name	Subscription Shares
Liying Yuan	126,000
Chongzhen Yang
77,000
Shiru Xu	273,000
Wenxuan Yang	105,000

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

Subsidiaries & Branches

Related Company

Name	Eversleeve Enterprise (Suzhou) Co., Ltd.
Address	Liutai Road, Ludu Town, Taicang, Jiangsu, P.R.C.
Telephone Number	+86-512-53451899
Fax Number	+86-512-53451800

Personnel Information

Core Management

Directors

1
Name	Liying Yuan
Position	Board Director
2
Name	Chongzhen Yang
Position	Director
3
Name	Shiru Xu
Position	Director
4
Name	Wenxuan Yang
Position	Supervisor

Personnel Structure

Total Employees

About 40 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.3, Shi 3rd Rd., Yangmei City, Taoyuan County 32657, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of automatic shrinking sleeve labeling machines, etc.

Subject has factories in Taoyuan, Taiwan and Jiangsu, China for production.

Purchase Information

The registered activities of subject:

Business Code	Details
--	Manufacturing, processing, repairing, design and sales of automated machine (Test machine combination and assembly), machine tool, measuring implement, jig, mould and their parts
--	Design and installation of mechanical equipment
--	Sales of industrial controller and motor control system equipment
--	Manufacturing, processing, design and sales of software and industrial automation control system equipment
--	Manufacturing, processing, design and sales of food packaging machinery and food machinery
--	Manufacturing, processing and sales of plastic injection molding (bottle, water tank, sump, bottle cap, and plastic tube)
--	Manufacturing, processing and sales of food and grocery
--	Import and export of above items
--	As agent, quote price of above items and their materials

The components for production are purchased from both home and abroad.

Sales Information

Subject is engaged in sales of automatic shrinking sleeve labeling machines, etc.

Subject’s sales regions include Asia, Europe and America, etc.

The products sold by subject are applied to labeling on drinks, cosmetics, medicine, CD box, and daily supply, etc.

Subject’s major customers include “Pepsi”, “Coca Cola” and “Uni-President”, etc.

Major products sold

Type	Product
Auto Shrink Sleeving Machine	High Speed Auto Shrink Sleeving Machine (Separate Material Unwind)
	Double Head Auto Sleeving Machine (Dual Material Unwind)
	Auto Shrink Sleeving Machine (Dual Material Unwind)
	Auto Shrink Sleeving Machine (Single Material Unwind)
Accessories	Accumulating Unwind
	Dryer
	Stem Shrink Tunnel
	Electric Shrink Tunnel
	Pre-Shrink & Focus Heat Device
	Bullet
	Bottle Feeding Screw
	Cutter

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Components	COD, CBD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Components	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Automatic shrinking sleeve labeling machines	COD, CBD, etc	100%

Export

Product	Sales Terms	Proportion
Automatic shrinking sleeve labeling machines	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. Chen 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 cannot 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. Chen
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

SDA

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.