MIRA INFORM REPORT

Report Date :

10.07.2012

IDENTIFICATION DETAILS

Name :	MAX SEE INDUSTRY CO., LTD.

Registered Office :	No.6, Gongyecyu 35th Rd., Situn Dist., Taichung City 40768

Country :	Taiwan

Date of Incorporation :	28.03.1986

Com. Reg. No.:	22089416

Legal Form :	Joint Stock Company

Line of Business :	Manufacture and sales of mechanical equipment

No. of Employees :	About 35 employees

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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:	Max See Industry Co., Ltd.
Supplied Name:	Max See Industry Co Ltd.
Trading Address:	No. 6, 35 RD Taichung Industry District Taichung Taiwan
Supplied Address:	No. 6, 35 RD Taichung Industry District Taichung Taiwan
Telephone Number:	+886-4-23597668
Fax Number:	+886-4-23597670
E-mail:	info@maxsee.com.tw

Notes: Subject’s exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Max See Industry Co., Ltd.
Registered Address:	No.6, Gongyecyu 35th Rd., Situn Dist., Taichung City 40768, Taiwan (R.O.C.)
Date of Foundation:	1986-3-28
Registration Number:	22089416
Registry:	MOEA Central Office
Registered Capital:	NTD 40,000,000 (USD 1,336,000) (As of 2012.07, 1 NTD = 0.0334 USD)
Paid-up Capital:	NTD 40,000,000 (USD 1,336,000)
Legal Representatives:	Tongshi Lai
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and sales of mechanical equipment
Staff:	About 35 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-4-18

History

Subject was incorporated on 1986-3-28 with registered number 22089416 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Tongshi Lai	1,320
Jinhong Lai
1,160
Yiling Lai	110
Laiyou Yan	1,300

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

Subsidiaries & Branches

Related Company

Name	CENTER Technology Co., Ltd. (Shanghai)
Address	#6363 Zhulu Rd., Luxiang Town, Jinshan District, Shanghai, China
Tel:	+86-21-5737-6999
Fax:	+86-21-5737-6789
Notes:	The Company is engaged in technology research, manufacturing and sales of Slow Wire-cut EDM, CNC Sparking EDM and High Speed Drill EDM, etc

Personnel Information

Core Management

Directors

1
Name	Tongshi Lai
Position	Board Chairman
2
Name	Jinhong Lai
Position	Director
3
Name	Yiling Lai
Position	Director
4
Name	Laiyou Yan
Position	Supervisor

Personnel Structure

Total Employees

About 35 employees

Operation Information

Offices & Factories

	Headquarters
Add	No.6, Gongyecyu 35th Rd., Situn Dist., Taichung City 40768, Taiwan (R.O.C.)

Production Information

l Subject is engaged in manufacture of EDM, Wire EDM, High Speed Machining Center and Drill EDM, etc

l Subject has passed the certification of CE, ISO 9002, etc

Purchase Information

l The registered activities of subject:

1	Design, manufacture, processing and sales of Discharge processing machinery, milling machine, lathe, grinder, mould and Automation line
2	Import, export, operation and investment of the above mentioned items

l Subject mainly purchases components and raw materials from Taiwan.

Sales Information

l The subject is mainly engaged in sales of EDM, Wire EDM, High Speed Machining Center and Drill EDM, etc

l Subject’s products has its own brand named MAXSEE

l Subject’s products are both sold in domestic and overseas market and it is introduced that subject’s customers are mainly the agents

l It is introduced that subject’s general delivery date is about 60 days.

Major items

Type	Detailed Items
Wire EDM	BSW Series FW Series SW Series
High Speed Mill	MH Series MHC Series
EDM	C series C type- CNC P Series C type- ZNC P series Ram type- CNC P series Ram type- PNC P series
Drill EDM	CNC-S Series SDR Series ZNC-S Series
Cover Glass Machining Center	MCG Series

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Components, etc	COD, Credit Sales, etc	100%

Foreign Purchase

Subject has little import business

Sales

Domestic Markets

Product	Sales Terms	Proportion
EDM Machines, etc	30% prepayment, 70% before delivery, etc	100%

Export

Product	Sales Terms	Proportion
EDM Machines, etc	30% prepayment, 70% before delivery, 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. Xiao 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, and 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. Xiao
Department	Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.02
UK Pound	1	Rs.86.78
Euro	1	Rs.68.83

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%)

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.