MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	WORLDLY INDUSTRIAL CO., LTD.

Registered Office :	No.2, 7th Rd., Taichung Industry Park, Taichung

Country :	Taiwan

Date of Incorporation :	25.11.1981

Com. Reg. No.:	23814746

Legal Form :	Joint Stock Company

Line of Business :	· Engaged in manufacturing and sale of Printing Machines · Subject product ranges includes Rotogravure Printing Machines, Laminating Machines, Coating Machines & Extrusion Coating Laminating Machines.

No. of Employees	About 50 Employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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

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:	WORLDLY INDUSTRIAL CO., LTD.
Supplied Name:	WORDLY INDUSTRIAL CO LTD
Trading Address:	No.2, 7th Rd., Taichung Industry Park, Taichung, Taiwan
Supplied Address:	NO 2,7 FLOOR, TAICHUNG INDUSTRIAL PARK TAICHUNG, TAIWAN
Telephone Number:	+886-4-2359-9850
Fax Number:	+886-4-2359-6625

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	WORLDLY INDUSTRIAL CO., LTD.
Registered Address:	No.2, 7th Rd., Taichung Industry Park, Taichung, Taiwan
Date of Foundation:	1981-11-25
Registration Number:	23814746
Registry:	Taichung City Government
Registered Capital:	NTD 56,000,000 (USD 1,876,000) (As of 2014.09, 1 NTD = 0.0335 USD)
Paid-up Capital:	NTD 56,000,000 (USD 1,876,000)
Legal Representatives:	Fulai Lai
Legal Form:	Joint Stock Company
Principal Activities:	Engaged in manufacturing and sale of printing machines
Staff:	About 50 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-7-8

History

Subject was incorporated on 1981-11-25 with registered number 23814746 as Joint Stock Company in Taiwan.

Corporate Structure

Factory

Address:	No. 2, Industrial Zone, Xiehe Li, Xitun Dist., Taichung City, Taiwan
Date of Foundation:	1981-7-15
Date of Registration:	1994-1-31
Factory Registration Number:	99669118
Factory Manager:	Fulai Lai
Status:	In Production
Date of Last Annual Return:	2009-6-22
Major Products:	291 Metal processing machinery equipment 292 Other special machinery equipment

Shareholders

Major Shareholders

Name	Subscription Shares
Fulai Lai
9,580
Xiuyu Zheng	20,300
Wenkai Lai	10,540

Management Information

Core Management

Directors

1
Name		Fulai Lai
Position		Chairman of the Board
2
Name	Xiuyu Zheng
Position		Director
3
Name	Wenkai Lai
Position		Director
4
Name	Peiyu Zhang
Position		Supervisor

Personnel Structure

Total Employees

About 50 Employees

Operation Information

	Headquarters
Add	No.2, 7th Rd., Taichung Industry Park, Taichung, Taiwan

Production Information

Subject is engaged in manufacturing of printing machines

Subject has a factory in Taiwan for production.

Purchase Information

The registered activities of subject:

No.	Details
1	Manufacturing, processing, buying and selling of kinds of printing press, millers, machines tools, sack making, packaging machine, slitting machine, plastic bags sealing, cutting machine and hardware
2	Wholesale, retail, buying and selling the designing and raw materials of the above related products.
3	Importing, exporting and agent of above products.

The components and raw materials for production are both purchased at home and abroad.

It is introduced that subject import some technology from Japan, etc.

Sales Information

Subject is engaged in sale of printing machines.

The major products sold by the subject include rotogravure printing machines, laminating machines, coating machines & extrusion coating laminating machines.

Subject’s sales regions include domestic market, Japan, Korea, Southeast Asia, USA, Europe, etc.

Subject’s major customers are manufacturers of plastic products, printing companies, and dealers, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Products	Components and raw materials, etc.
Payment Terms	L/C, T/T, etc.

Sales

Domestic Markets

Product	Printing machines, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Printing machines, etc.
Selling Terms	L/C, T/T, 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 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

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

Special Note

Interview Details

Name	Ms. Zhang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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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.