MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	GREENCHEM INTERNATIONAL CO., LTD.
Registered Office :	No.20, Ln. 619, Zhonghua Rd., Yongkang Dist., Tainan City 710
Country :	Taiwan
Date of Incorporation :	16.12.1999
Com. Reg. No.:	70676075
Legal Form :	Joint Stock Company
Line of Business :	engaged in manufacturer & sale of chemicals include Specialty Chemical, Waterborne Polyurethane Dispersion, Solvent-Based PU Dispersion and Water-Based Ink which apply to leather and Textile Industries.
No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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

Contact Points

Company Name:	Greenchem International Co., Ltd.
Supplied Name:	GREENCHEM INTERNATIONAL CO., LTD
Trading Address:	No.8, Hsing Yeh Road, Chaitai Industrial Zone, Tai Pao City, Chia Yi County, Taiwan
Supplied Address:	NO.8, HSING-YEH ROAD, CHAITAI INDUSTRIAL ZONE TAI-PAO CITY, CHIA-YI COUNTY, Taiwan
Telephone Number:	+886-5-238-1832
Fax Number:	+886-5-238-5697
Website:	www.greenchem.com.tw

Notes: The exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Greenchem International Co., Ltd.
Registered Address:	No.20, Ln. 619, Zhonghua Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.)
Date of Foundation:	1999-12-16
Registration Number:	70676075
Registry:	Tainan City Government
Registered Capital:	NTD 120,000,000 (USD 4,080,000) (As of 2014.12, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 80,000,000 (USD 2,720,000)
Legal Representatives:	Chonghu Xiao
Legal Form:	Joint Stock Company
Principal Activities:	engaged in manufacturer & sale of chemicals include Specialty Chemical, Waterborne Polyurethane Dispersion, Solvent-Based PU Dispersion and Water-Based Ink which apply to leather and Textile Industries.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-11-25

Note: Subject declined to disclose its staff number; from other source we could not obtain the relevant information, either.

History

Subject was incorporated on 1999-12-16 with registered number 70676075 as Joint Stock Company in Taiwan.

Corporate Structure

Factory

Name:	Jiayi Factory
Address:	No.8, Xingye Road, JIatai Industrial Area, Taibao City, Jiayi County, Taiwan
Date of Registration:	2002-3-19
Factory Registration Number:	99656106
Factory Manager:	Chonghu Xiao
Status:	In Production
Date of Last Annual Return:	2011-10-7
Major Products:	192 coating, dye and pigment 193 cleaning supplies

Subsidiary

Name:	Jiaxu Fine Chemical (Shanghai) Co., Ltd.
Address:	No.55-1, Pengfeng Road, Malu Town, Jiading District, Shanghai City, China
Tel:	+86-21-6915-6991
Fax:	+86-21-6915-6993
Date of Registered:	2004-10-15
Registration Number:	310000400400845
Registry:	Shanghai Industry and Commerce Bureau, Jiading Suboffice
Registered Capital:	USD 200,000
Legal Representatives:	Fengzhang Yang
Legal Form:	Limited Liability Company

Shareholder

Major Shareholder

Name	Subscription Shares
Prolink Microsystems Corporation
8,000,000

Shareholder Information:

Registered Name:	Prolink Microsystems Corporation
Registered Address:	6F., No.349, Yang-Kuang St., Nei-Hu, Taipei, Taiwan, R.O.C.
Date of Foundation:	1989-8-11
Registration Number:	23438530
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,066,450,000 (USD 36,259,300) (As of 2014.12, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 503,922,500 (USD 17,133,365)
Legal Representatives:	Dengbo Xiao
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-6-30

Management Information

Core Management

Directors

1
Name		Chonghu Xiao
Position		Board Chairman
2
Name	Fengzhang Yang
Position		Director
3
Name	Chunchi Hong
Position		Director
4
Name	Jingren Bai
Position		Supervisor

Operation Information

	Headquarters
Add	No.8, Hsing Yeh Road, Chaitai Industrial Zone, Tai Pao City, Chia Yi County, Taiwan

Production Information

l Subject is engaged in manufacturing of chemicals

l Subject has factories in Taiwan and Mainland China for production.

Purchase Information

l The registered activities of subject:

Business Code	Details
C801010	Manufacturing of basic chemicals
C801030	Manufacturing of precise chemical materials
C801040	Manufacturing of synthetic resin
C801990	Manufacturing of other chemical materials (adhesive, paste)
F107100	Wholesale of basic chemicals
F107120	Wholesale of precise chemical materials
F107130	Wholesale of synthetic resin
F107990	Wholesale of other chemical materials (adhesive, paste)
F207100	Retail of basic chemicals
F207120	Retail of precise chemical materials
F207130	Retail of synthetic resin
F207990	Retail of other chemical materials (adhesive, paste)
F401010	International trade business

l The raw materials for production are purchased from both home and abroad.

Sales Information

l Subject is engaged in sale of chemicals

l Subject’s major types of products include specialty chemical, waterborne polyurethane dispersion, solvent-based PU dispersion and water-based ink

l The products are applied to textile and leather industries

l Subject’s sales regions include Asia, Europe and America

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

1. Domestic Purchase

Products	Raw materials
Payment Terms	Cash, T/T

2. Import

Products	Raw materials
Payment Terms	T/T

Sales

1. Domestic Markets

Product	Chemicals
Selling Terms	Cash, T/T

2. Export

Product	Chemicals
Selling Terms	L/C, T/T

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. Chen 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. Chen
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.21
UK Pound	1	Rs.97.80
Euro	1	Rs.77.48

INFORMATION DETAILS

Analysis Done by :	SUB
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.