MIRA INFORM REPORT

Report Date :

01.11.2013

IDENTIFICATION DETAILS

Name :	SAN HSIN PLASTECH CO., LTD.

Registered Office :	No.17, Jian Guo E. Rd., Tao Yuan City, Tao Yuan County 330

Country :	Taiwan

Date of Incorporation :	27.12.1977

Com. Reg. No.:	35887882

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and sales of molds and related machinery and equipment for plastic-rubber products

No. of Employees :	About 120 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 :	Slow but Correct
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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Taiwan

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. 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 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, 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 except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. 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 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook 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. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. 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:	San Hsin Plastech Co., Ltd.
Former Name:	San Hsin Technology Co., Ltd.
Supplied Name:	SAN HSIN PLASTECH CO., LTD
Supplied Address:	NO. 17 JIANGUO E. RD., TAO YUAN, 330 TAIWAN
Telephone Number:	+886-3-364-7566
Fax Number:	+886-3-364-7752
E-mail:	No.17, Jian Guo E. Rd., Tao Yuan City, Tao Yuan County 330, Taiwan, R.O.C.

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	SAN HSIN PLASTECH CO., LTD.
Registered Address:	No.17, Jian Guo E. Rd., Tao Yuan City, Tao Yuan County 330, Taiwan, R.O.C.
Date of Foundation:	1977-12-27
Registration Number:	35887882
Registry:	MOEA Central Office
Registered Capital:	NTD 200,000,000 (USD 6,700,000) (As of 2013.10, 1 NTD = 0.0339 USD)
Paid-up Capital:	NTD 135,000,000 (USD 4,522,500)
Legal Representatives:	Shuyuan Huang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of molds and related machinery and equipment for plastic-rubber products
Staff:	About 120 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-7-19

History

Subject was incorporated on 1977-12-27 with registered number 35887882 as Joint Stock Company in Taiwan.

Change of Name

Former English Name	San Hsin Technology Co., Ltd.
Current English Name	San Hsin Plastech Co., Ltd.

Shareholders

Name	Subscription Shares
Shuyuan Huang	2,049,348
Fuzhu Jiang
5,384,001
Jianlin Jiang	207,030
Chongxi Cai	180,120
Jinhui Lin	152,369
Qixiong Hong	186,103
Qirui Jiang	711,813
Yizhen Shou	63,000
Hongzhang Wei	112,209
Chunzhu Lin	450,914

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

Subsidiaries & Branches

Factories

1
Address:	No.17, Jian Guo E. Rd., Tao Yuan City, Tao Yuan County 330, Taiwan, R.O.C.
Date of Foundation:	1998-11-23
Date of Registration:	2000-4-21
Factory Registration Number:	99621548
Factory Manager:	Shuyuan Huang
Status:	In Production
Date of Last Annual Return:	2005-3-2
Major Products:	259 Other metal products 220 Plastic-Rubber Products
2
Address:	No.3, Xinghua Rd., Taoyuan City, Taoyuan County, Taiwan (R.O.C.)
Date of Registration:	2006-5-26
Factory Registration Number:	99706359
Factory Manager:	Shuyuan Huang
Status:	In Production
Date of Last Annual Return:	2006-5-26
Major Products:	259 Other metal products

Personnel Information

Core Management

Directors

1
Name	Shuyuan Huang
Position	Board Chairman
2
Name	Fuzhu Jiang
Position	Director
Date of Appointment	1997-10-29
3
Name	Jianlin Jiang
Position	Director
4
Name	Chongxi Cai
Position	Director
5
Name	Jinhui Lin
Position	Director
6
Name	Qixiong Hong
Position	Director
7
Name	Qirui Jiang
Position	Director
8
Name	Yizhen Shou
Position	Director
9
Name	Hongzhang Wei
Position	Supervisor
10
Name	Chunzhu Lin
Position	Supervisor

Personnel Structure

Total Employees

About 120 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.17, Jian Guo E. Rd., Tao Yuan City, Tao Yuan County 330, Taiwan, R.O.C.

Production Information

Subject is a manufacturer of molds and related machinery and equipment for plastic-rubber products, etc.

It is introduced that subject has two factories in Taiwan for production.

It is introduced that subject has obtained ANSI, ISO 14001, ISO 9001 2008 certifications.

Purchase Information

The registered activities of subject:

Business Code	Details
CQ01010	Manufacturing of molds.
F106030	Wholesales of molds.
CE01990	Manufacturing of other precision machinery and optical instruments.
CC01040	Manufacturing of lighting equipment.
C805050	Manufacturing of industrial plastic-rubber products.
C805990	Manufacturing of other plastic-rubber products.
CB01010	Manufacturing of machinery and equipment.
CC01101	Manufacturing of radio-frequency devices under telecommunications regulation.
CC01990	Manufacturing of other electrical and electronic machinery.
CA02990	Manufacturing of other metal products.
F113010	Wholesales of machinery.
F106010	Wholesales of hardware.
F401010	International trading business.
IZ06010	Packaging industry.
IZ99990	Other trading business.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

It is introduced that subject purchases its raw materials, components and etc both at home and abroad.

Sales Information

The subject is mainly engaged in sales of molds and related machinery and equipment for plastic-rubber products, etc.

It is introduced that subject’s selling territory includes United States, Australia, China, Indonesia, Malaysia, Thailand, Viet Nam, Canada, Philippines and etc.

It is introduced that subject’s major customers are manufacturers of plastic-rubber products, packaging industry and etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Payment Terms	Proportion
Raw materials, components and etc	COD, CBD and etc	100%

Foreign Purchase

Product	Payment Terms	Proportion
Raw materials, components and etc	CBD and etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Molds and related machinery and equipment for plastic-rubber products, etc.	COD, CBD and etc	100%

Export

Product	Sales Terms	Proportion
Molds and related machinery and equipment for plastic-rubber products, etc.	CBD and 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. Lim 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

Case Type:	Certificate No.:	Debtor Name:	Document Number:	Date of Registration:	Date of Alteration:	Status:
Chattel Mortgage	060775	San Hsin Plastech Co., Ltd.	850834	1999-1-25	2000-6-26	Paid Off
Chattel Mortgage	062045	San Hsin Plastech Co., Ltd.	855719	1999-6-1	2000-6-26	Paid Off
Chattel Mortgage	069677	San Hsin Plastech Co., Ltd.	09005069730	2001-3-15		Paid Off
Chattel Mortgage	104669	San Hsin Plastech Co., Ltd.	10030369250	2011-9-16

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

Interview Details

Name	Ms. Lim
Department	Sales Department
E-mail	info@sanhsin.com.tw

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.29
Euro	1	Rs.84.12

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%)

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.