MIRA
INFORM REPORT

Report Date :

17.01.2013

Tel. No.:

011 886 2 8227 2200

IDENTIFICATION DETAILS

Name :

LE&DER CO., LTD.

Registered Office :

16F.-3, No.186, Jian Yi Rd., Zhonghe Dist., New Taipei
City 235

Country :

Taiwan

Date of Incorporation :

02.11.1989

Com. Reg. No.:

23586074

Legal Form :

Joint Stock Company

Line of Business :

Import and sales of environment
monitoring equipment,
etc

No. of Employees :

About 120 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: [email-masked]
while quoting report number, name and date.

ECGC Country Risk Classification List – June 30th, 2012

Country Name

Previous Rating

(31.03.2011)

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:

Le&der Co., Ltd.

Supplied Name:

Leder Co Ltd.

Trading Address:

16F.-3, No.186, Jian Yi Rd., Zhonghe Dist., New Taipei City 235, Taiwan
(R.O.C.)

Supplied Address:

16F-3, No. 186, Jian Y1 Road New Taipei City taiwan 23553

Telephone Number:

+886-2-8227-2200

Fax Number:

+886-2-8228-0917

Subject’s exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:

LE&DER CO., LTD.

Registered Address:

16F.-3, No.186, Jian Yi Rd., Zhonghe Dist., New Taipei City 235, Taiwan
(R.O.C.)

Date of Foundation:

1989-11-2

Registration Number:

23586074

Registry:

New Taipei City Government

Registered Capital:

NTD 40,000,000 (USD 1,356,000)

(As of 2013.01, 1 NTD = 0.0339 USD)

Paid-up Capital:

NTD 40,000,000 (USD 1,356,000)

Legal Representatives:

Yibin Zheng

Legal Form:

Joint Stock Company

Principal Activities:

Import and sales of environment monitoring
equipment, etc

Staff:

About 120 employees

Listed at Stock
Exchange:

No

Date of Last
Annual Return:

2010-12-24

History

Subject was incorporated on 1989-11-2 with
registered number 23586074 as Joint Stock Company in Taiwan.

Shareholders

Name

Subscription Shares

Yibin Zheng

600,000

Yanru
Li

149,999

Junyi Xu

191,150

Jialin Feng

229,318

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

Subsidiaries & Branches

Related Companies in the same group

1

Jimwe
Enterprises Co., Ltd (Literal Translation)

2

Sunway
Environment Technology Co. , Ltd

(Literal
Translation)

3

Shanghai Thunder
Co. , Ltd (Literal Translation)

4

Sunway (HK) Environmental Technology Co., Ltd.

Branches

1

Address:

3/F., No. 350,
Zhonghua No.1 Road, Gushan District, Kaohsiung City, Taiwan.

Tel:

+886-7-553-5181

Fax:

+886-7-553-5182

2

Address:

3/F-1, No. 311,
Huamei West Road Section 2, Xitun District, Taichung, Taiwan.

Tel:

+886-4-2316-6997

Fax:

+886-4-2316-6995

Personnel Information

Core Management

Directors

1

Name

Yibin Zheng

Position

Board Chairman

2

Name

Yanru Li

Position

Director

3

Name

Junyi Xu

Position

Director

4

Name

Jialin Feng

Position

Supervisor

Personnel
Structure

Total Employees

About 120 employees

Operation Information

Offices
& Factories

Headquarters

Add

16F.-3, No.186, Jian Yi Rd., Zhonghe Dist., New Taipei City 235, Taiwan
(R.O.C.)

Production
Information

l
Subject is a trader of environment
monitoring equipment
without any production activities

Purchase
Information

l
The major registered activities of subject:

Business Code

Details

--

Sales, agent and technology service of Scientific
physical and chemical environmental protection instrument

--

Import, export and sales of measuring instruments

--

Sales of Water purification engineering and
equipment

--

Import, export and agent service of the above
mentioned items

F117010

Wholesales of fire safety equipment

F113030

Wholesales of precise
instrument

F113050

Wholesales of Routine machinery and equipment

F113100

Wholesales of Pollution-Prevention Equipment

F213030

Retails of Routine machine and equipment

F213040

Retails of precise
instrument

F213100

Retails of Pollution-Prevention Equipment

F217010

Retails of fire safety equipment

EZ05010

Instrument installation engineering industry

J101050

Environmental testing services

E303010

Air pollution control engineering industry

E303020

Noise and vibration prevention and control
engineering

industry

E303030

Soil pollution control engineering industry

F401010

International Trading Business

F401021

Import of Controlled telecommunications
radio-frequency devices

F113070

Wholesales of Telecom equipment

F213060

Retails of Telecom equipment

l
Subject purchases mainly
abroad from the suppliers including Dani, CES and Ecotech, etc

Sales
Information

l
The subject is mainly engaged in sales of environment monitoring
equipment, etc

l
Subject’s products are both sold in domestic
market, while the overseas customers are not declined.

l
Subject has related companies in Shanghai, Macau
and Hong Kong for local distribution.

Major products

Brand

Items

Dani

THC Analyzer Hydrocarbons Analyzer

CES

Multi-Metals Fence-Line Monitor

Ecotech

3 Wavelength Nephelometer

Ecotech

Particulate Sampler

Ecotech

Dilution Calibration System

Ecotech

Serinus 50 Sulfur Dioxide analyser

Ecotech

Serinus 40 Oxides of Nitrogen analyser

Ecotech

Serinus 30 Carbon Monoxide analyser

Ecotech

Serinus 10 Ozone analyser

Ecotech

Sulfur Compounds analyser

Import and export
right:

Import right

Yes

Export right

Yes

Settlements

Purchase

Domestic Purchase

Subject has little domestic purchase

Foreign Purchase

Product

Payment Terms

Proportion

Environment monitoring equipment, etc

CBD, etc

100%

Sales

Domestic Markets

Product

Sales Terms

Proportion

Environment monitoring equipment, etc

CBD, etc

100%

Export

Product

Sales Terms

Proportion

Environment monitoring equipment, etc

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 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

Department

Sales department

FOREIGN EXCHANGE RATES

Currency

Unit

Indian Rupees

US Dollar

1

Rs.54.82

UK Pound

1

Rs.87.99

Euro

1

Rs.72.83

INFORMATION DETAILS

Report
Prepared by :

PRL

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%)