MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	IMAGE-TRANS TECHNICS INC.

Registered Office :	3F., No.25, Lane 122, Sec.1, Min-Chi Rd., Taishan Dist., New Taipei City 243,

Country :	Taiwan

Date of Incorporation :	24.03.2004

Com. Reg. No.:	80736263

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture and trading of transfer paper printing products

No. of Employees :	10

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:	IMAGE-TRANS TECHNICS INC.
Supplied Name:	IMAGE TRANSFERS INC.
Trading Address:	1/F., No. 26 Alley 5, Lane 19 Sec. 1, Min-Chi Road, Tai-Shan, Taipei Hsien, Hsinchuang, Taipei Hsien, Taiwan R.O.C.
Supplied Address:	26, ALLEY 5, LANE 19, SEC.1, MIN-CHI ROAD, TAI-SHAN DIST., New Taipei City - 24343, Northern
Telephone Number:	+886-2-2900-7201
Fax Number:	+886-2-2900-7518
E-mail:	image.trans@msa.hinet.net
Website:	www.image-trans.com

Notes: The exact name and address are as above; the supplied name is another foreign trading name of subject which was not registered in the registry.

Company Identification Details

Registered Name:	Image-Trans Technics Inc.
Registered Address:	3F., No.25, Lane 122, Sec.1, Min-Chi Rd., Taishan Dist., New Taipei City 243, Taiwan (R.O.C.)
Date of Foundation:	2004-3-24
Registration Number:	80736263
Registry:	New Taipei City Government
Registered Capital:	NTD 1,000,000 (USD 32,000) (As of 2014.12, 1 NTD = 0.032 USD)
Legal Representatives:	Minghua Cai
Legal Form:	Private Limited Liability Company
Principal Activities:	Manufacture and trading of transfer paper printing products, etc.
Staff:	About 10 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	--

History

Subject was incorporated on 2004-3-24 with registered number 80736263 as Private Limited Liability Company in Taiwan.

Corporate Structure

Subject did not register any subsidiaries or branches; from other source we could not obtain the relevant information, either.

Shareholders

Major Shareholders

(Unit: NTD)

Name

Subscription Amount

Minghua Cai

500,000

Management Information

Core Management

Directors

Name	Minghua Cai
Position	Director

Personnel Structure

Total Employees

About 10 Employees

Operation Information

Offices & Factories

	Headquarters
Add	1/F., No. 26 Alley 5, Lane 19 Sec. 1, Min-Chi Road, Tai-Shan, Taipei Hsien, Hsinchuang, Taipei Hsien, Taiwan R.O.C.

Production Information

Subject is engaged in manufacturing of transfer paper printing products, etc.

Purchase Information

The registered activities of subject:

Business Code	Details
F107130	Wholesales of synthetic resin
F207130	Retails o f synthetic resin
F107010	Wholesales of paint vehicle and coating
F207010	Retails of paint vehicle and coating
F104020	Wholesales of garment
F204020	Retails of garment
F109020	Wholesales of stationery
F209010	Retails of books and stationery
I102010	Investment consultant business
I103010	Enterprise operation and management consulting service
F401010	International Trading Business

The raw materials for production are mostly purchased at domestic market.

Sales Information

Subject is engaged in sale of transfer paper printing products, etc.

The major products include flock heat transfers, iron-on transfers, decal water slide transfer printing, heat transfer printing, foil transfer sticker, heat transfer paper, label transfer sticker, tag-less label heat transfer film, rub-on transfers, hot stamping transfers, and so on.

It’s introduced that subject manufactures its products according to customer’s design samples.

Subject’s products are applied to most of substrates, including garment clothing accessories, plastic, leather, rubber, metal, carbon fiber, glass, ceramic, wood, most of other industrial products, for promotion and decoration.

Subject’s sales regions include Hong Kong, Japan, Malaysia, Singapore, Vietnam, Turkey, United Kingdom, United States, and Australia, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Subject has little import.

Sales

Domestic Markets

Product	Transfer paper printing products, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Transfer paper printing products, 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 Mr. Cai 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	Mr. Cai
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIS

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.