MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	RADIANTECH INCORPORATION
Formerly Known As :	RADIANTECH INC.
Registered Office :	No.2-1, Industry East. Rd. I, Science Based Industrial Park, Hsin-Chu, 300
Country :	Taiwan
Date of Incorporation :	24.08.1990
Com. Reg. No.:	23890899
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing of Fiber Optic Test and Measurement Solutions and Optical Communications Products.
No. of Employees :	About 60 Employees (Taiwan)

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: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. 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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a TRADE IN services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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

Company Name and address

Company Name:	Radiantech Incorporation
Former Name:	Radiantech Inc.
Supplied Name:	Radiantech Inc
Trading Address:	No.2-1, Industry East. Rd. I, Science Based Industrial Park, Hsin-Chu, 300, Taiwan, R.O.C.
Supplied Address:	No 2-1, Industry 6, 1st Road, Science Based Industrial Park Hsinchu Taiwan
Telephone Number:	+886-3-577 7818
Fax Number:	+886-3-577 7817
E-mail:	RI-sales@radiantech.com.tw

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Radiantech Incorporation
Registered Address:	No.2-1, Industry East. Rd. I, Science Based Industrial Park, Hsin-Chu, 300, Taiwan, R.O.C.
Date of Foundation:	1990-8-24
Registration Number:	23890899
Registry:	Science Park Administration, MOST
Registered Capital:	NTD 500,000,000 (USD 16,550,000) (As of 2014.12, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 264,885,300 (USD 8,767,703)
Legal Representatives:	Xueyu Song
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing of fiber optic test & measurement solutions and optical communications products.
Staff:	About 60 Employees (Taiwan)
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-12-9

History

Subject was incorporated on 1990-8-24 with registered number 23890899 as Joint Stock Company in Taiwan.

Former English Name:	Radiantech Inc.
Current English Name:	Radiantech Incorporation

Corporate Structure

Factory

Address:	No.2-1, Industry East. Rd. I, Science Based Industrial Park, Hsin-Chu, 300, Taiwan, R.O.C.
Date of Registration:	1993-3-30
Factory Registration Number:	95A00221
Factory Manager:	Xueyu Song
Status:	In Production
Date of Last Annual Return:	2014-1-8
Major Products:	272 telecommunication equipment

Office

Name	China Office
Address	3F, Building21, No.188 Xinjun Ring Rd, Minhang, Shanghai, China
Tel	+86-21-34637590
Fax	+86-21-54188658 Ext:815
E-mail	service@radiantech.com.cn

Shareholders

Major Shareholders

Name	Subscription Shares
Xueyu Song	3,301,896
Xiaozhong Han	369,020
Congming Zhong	6,733,777
Wencai Zhu	55,915
Mei Liu	1,222,773

Management Information

Core Management

Directors

1
Name		Xueyu Song
Position		Board Chairman
2
Name	Xiaozhong Han
Position		Director
3
Name	Congming Zhong
Position		Director
4
Name	Wencai Zhu
Position		Director
5
Name	Mei Liu
Position		Director
6
Name	Jingyu Zhang
Position		Director
7
Name	Xueyu Song
Position		Supervisor
Date of Appointment		2006-6-6

Personnel Structure

Total Employees

About 60 Employees (Taiwan)

Operation Information

Offices & Factories

	Headquarters
Add	No.2-1, Industry East. Rd. I, Science Based Industrial Park, Hsin-Chu, 300, Taiwan, R.O.C.

Production Information

· Subject is engaged in manufacturing of fiber optic test & measurement solutions and optical communications products, etc

· Subject has a factory in Taiwan for production.

· Subject obtained the certification of ISO-9001, TL-9000 and etc.

Purchase Information

The registered activities of subject:

Business Code	Details
CC01080	Manufacturing of electronic components.
CE01030	Manufacturing of optical instrument.
CC01060	Manufacturing of wired telecommunication equipment.
F401010	International trading business.
I301010	Services of information software.
I301030	Services of supplying electronic information
I103060	Management consultant services
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.
Researching, developing, producing, manufacturing and sales of following products:
1	Optical coupling element
2	Optical photovoltaic conversion connector.
3	Fiber distributed data interface components
4	Optical network system
5	Instrument and equipment for measuring of fiber optic.
6	Laser diode and light sensor components encapsulation
7	Fusion splicer
--	Consulting services of above related products
--	Importing and exporting, bidding of above related products.
--	Integration services for information platform
--	Management service for information system

· It is introduced that subject purchases its components and etc both at home and abroad.

Sales Information

· Subject is engaged in sale of fiber optic test & measurement solutions and optical communications products, etc

· The major products are Test & Measurement and Transmission Products, Fiber Optical Monitoring Alarm System, Transmission Products and so on.

· Subject’s sales regions include Asia, Europe, America and etc.

· Subject’s major customers are manufacturers of telecommunication equipment and etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and etc
Payment Terms	Cash, T/T and etc

Import

Products	Components and etc
Payment Terms	L/C, T/T and etc

Sales

Domestic Markets

Product	Fiber optic test & measurement solutions and optical communications products, etc
Selling Terms	Cash, T/T and etc

Export

Product	Fiber optic test & measurement solutions and optical communications products, etc
Selling Terms	L/C, T/T and etc

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. Fu declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we could not obtain such information, either.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

1
Trial Number:	2003, Bu, 37
Date of Trial:	2003-1-8
Reason:	Payments for goods
Claimant:	Xiang Lin Technology Co., Ltd (Liberal Translation)
Defendant:	Radiantech Incorporation
2
Trial Number:	2003, Bu, 85
Date of Trial:	2003-12-8
Reason:	Payments for goods
Claimant:	Xiang Lin Technology Co., Ltd (Liberal Translation)
Defendant:	Radiantech Incorporation
3
Trial Number:	2003, Su, 85
Date of Trial:	2003-12-7
Reason:	Payments for goods
Claimant:	Xiang Lin Technology Co., Ltd (Liberal Translation)
Defendant:	Radiantech Incorporation
4
Trial Number:	2008, Bu, 37
Date of Trial:	2008-1-28
Reason:	Returns for possession and etc
Claimant:	Xin Shi Jie Zi Tong Co., Ltd (Liberal Translation)
Defendant:	Radiantech Incorporation
5
Trial Number:	2007, Zhongsu, 196
Date of Trial:	2009-5-27
Reason:	Returns for leasehold and etc
Claimant:	Radiantech Incorporation
Defendant:	You Wang Tong International Information Co., Ltd (Liberal Translation) Xin Shi Jie Zi Tong Co., Ltd (Liberal Translation)
6
Trial Number:	2007, Zhongsu, 196
Date of Trial:	2009-6-25
Reason:	Returns for leasehold and etc
Claimant:	Radiantech Incorporation
Defendant:	You Wang Tong International Information Co., Ltd (Liberal Translation) Xin Shi Jie Zi Tong Co., Ltd (Liberal Translation)
7
Trial Number:	2007, Zhongsu, 196
Date of Trial:	2009-7-10
Reason:	Returns for leasehold and etc
Claimant:	You Wang Tong International Information Co., Ltd (Liberal Translation)
Defendant:	Radiantech Incorporation

Special Note

Interview Details

Interview Date	2014-12-5
Name	Ms. Fu

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.