MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	DING-ZING CHEMICAL PRODUCTS CO., LTD.

Registered Office :	No.8-1, Pei-Lin Road, Hsiao-Kang Dist, Kaohsiung

Country :	Taiwan

Date of Incorporation :	06.03.1981

Com. Reg. No.:	81486019

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of TPU and the related products

No. of Employees :	About 100 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:	Ding-Zing Chemical Products Co., Ltd.
Supplied Name:	Ding Zing Chemical Products Co Ltd.
Trading Address:	No.8-1, Pei-Lin Road, Hsiao-Kang Dist, Kaohsiung, Taiwan, R.O.C.
Supplied Address:	No. 8-1 Pei Lin Road Hsiao Kang Dist Kaohsiung Taiwan
Telephone Number:	+886 7-8070166
Fax Number:	+886 7-8071616

Notes:

The exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Ding-Zing Chemical Products Co., Ltd.
Registered Address:	No.8-1, Pei-Lin Road, Hsiao-Kang Dist, Kaohsiung, Taiwan, R.O.C.
Date of Foundation:	1981-3-6
Registration Number:	81486019
Registry:	Economic Development Bureau, Kaohsiung City
Registered Capital:	NTD 250,000,000 (USD 8,328,890) (As of 2012.6, 1 NTD = 0.03332 USD)
Paid-up Capital:	NTD 250,000,000 (USD 8,328,890)
Legal Representatives:	Dongtai Lin
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture of TPU and the related products/
Staff:	About 100 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-11-25

History

Subject was incorporated on 1981-3-6 with registered number 81486019 as Joint Stock Company in Taiwan.

Awards

Year	Awards
2008	Blue chip importer and exporter
2009	Blue chip importer and exporter
2010	Blue chip importer and exporter

Standard of Blue chip importer and exporter

Unit: USD

Year	Amount
2008	19,000,000
2009	15,000,000
2010	20,000,000

Shareholders

Name	Subscription Shares
Dongtai Lin	142,084
Shuhui Li
52,126
Fangyu Lin	14,707
Gengxian Lin	34,262

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

Subsidiaries & Branches

Taichung Office:

Address:	7f-10, No.521, Sec.1, Wunsin Rd., Nantun District, Taichung 408, Taiwan, R.O.C
Tel:	+886 4-2259-7158
Fax:	+886 4-2259-7258
E-mail:	film@dingzing.com

Subject introduced that it has some agents in the mainland of China, Europe, Korea and Turkey, but subject declined to disclose the details of them.

Personnel Information

Core Management

Directors

1
Name	Dongtai Lin
Position	Board of Chairman
2
Name	Shuhui Li
Position	Director
3
Name	Fangyu Lin
Position	Director
4
Name	Gengxian Lin
Position	Supervisor

Personnel Structure

Total Employees

About 100 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.8-1, Pei-Lin Road, Hsiao-Kang Dist, Kaohsiung, Taiwan, R.O.C.

Production Information

l Subject is a manufacturer of TPU and the related products with the production activities

Purchase Information

l The registered activities of subject:

Business Code	Details
1	Manufacture, process and trade of TPU (oil seal, mold, and so on)
2	Import and export of the products above.
3	Agent of the products’ bidding, distribution and so on

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

Sales Information

l Subject is mainly engaged in manufacturing and trading of TPU products and the related products.

l Subject introduced that its major products include TPU film, air hose and round belt, hydraulic seals and so on.

l Subject introduced that it has some agents and branches located in the mainland of China, Europe, Korea and Turkey,

l Subject introduced that it has its own brands named DINTEX®, DING ZING FILM®, DINDEX®, and DZ U-SEALS®.

l Subject’s selling territory covers all over the world, such as the mainland of China, Japan, Korea, South East Asia, USA, and Europe.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Subject declined to disclose the purchase settlements information, and from other sources, we couldn’t obtain the information, either.

Sales

Domestic Markets

Product	Sales Terms	Proportion
TPU products and the related products.	CBD, etc	100%

Export

Product	Payment/Terms	Proportion
TPU products and the related products.	L/C, 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 Mr. Pan declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

Bankers

The bankers’ information is not available from the subject or other sources.

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. Pan

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.50
UK Pound	1	Rs.85.58
Euro	1	Rs.69.30

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.