MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	CHE SING ENTERPRISE CO., LTD.

Registered Office :	10F-1, No. 346, Sec. 5, Nanking E. Rd., Taipei

Country :	Taiwan

Date of Incorporation :	23.03.1976

Com. Reg. No.:	04262194

Legal Form :	Private Limited Company

Line of Business :	Trading of paper article making machine, etc

No. of Employees :	About 10 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:	Che Sing Enterprise Co., Ltd.
Supplied Name:	Che Sing Enterprises Co Ltd
Trading Address:	10F-1, No. 346, Sec. 5, Nanking E. Rd., Taipei Taiwan.
Supplied Address:	105 10 F-1 346 Section 5, Nanking East Road Taipei
Telephone Number:	+886-2-2760-9604/2762-4560
Fax Number:	+886-2-2764-5340
E-mail:	che888@ms15.hinet.net

Notes:

The correct address is as above mentioned.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Che Sing Enterprise Co., Ltd.
Registered Address:	10F-1, No. 346, Sec. 5, Nanking E. Rd., Taipei Taiwan.
Date of Foundation:	1976-3-23
Registration Number:	04262194
Registry:	Taipei City Government
Registered Capital:	NTD 5,000,000 (USD167,000) (As of 2012.06, 1 NTD = 0.0334 USD)
Legal Representatives:	Huilang Wang
Legal Form:	Private Limited Company
Principal Activities:	Trading of paper article making machine, etc
Staff:	About 10 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2006-6-26

History

Subject was incorporated on 1976-3-23 with registered number 04262194 as Private Limited Company in Taiwan.

Shareholders

(Unit: NTD)

Name

Subscription Amount

Huilang Wang

3,000,000

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

Subsidiaries & Branches

Subject did not introduce any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Personnel Information

Core Management

Directors

1
Name	Huilang Wang
Position	Director
2
Name	Guangming Chu
Position	Manager
Date of Appointment	2006-6-14

Personnel Structure

Total Employees

About 10 Employees

Operation Information

Offices & Factories

	Headquarters
Add	10F-1, No. 346, Sec. 5, Nanking E. Rd., Taipei Taiwan.

Production Information

l Subject is a trader of paper article making machine without any production activities.

Purchase Information

l The registered activities of subject:

	Details
1	Trade of electrical materials and relevant equipments
2	Trade of car and shipping material, textile parts, rubber products, and asbestos, etc
3	Import, export and foreign guarantee of relevant business
4	Agency of bid, offer and sales products for domestic and foreign manufacturers
5	Trade and investment of relevant business above mentioned

l It is introduced that subject purchase products from South Korea and Taiwan.

Sales Information

l Subject is engaged in sales of paper article making machine, etc

l Subject’s main sales region is in Asia and the export proportion is 81% - 90%.

l Subject’s main customers include Sino Thai Paper, Sinar Mas Paper

Major products sold

1	Auto Paper Cone Making Machine
2	Automatic Tube Rolling Machine
3	Auto Paper Tube Winding Machine
4	Cardboard Cylinder Cutting Machine
5	Flocking Paper Cone Making Machine

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase (Taiwan)

Product	Payment Terms	Proportion
Paper article making machine, etc	COD, CBD, etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Paper article making machine, etc	CBD, etc	100%

Sales

Domestic Markets (Taiwan, Mainland China)

Product	Sales Terms	Proportion
Paper article making machine, etc	COD, CBD, etc	100%

Export

Product	Sales Terms	Proportion
Paper article making machine, etc	CBD, etc	100%

Notes: Subject’s settlement for export is generally in USD

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. Wang 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	Mr. Wang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

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.