MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	LOGIC ART AUTOMATIC CO., LTD.

Registered Office :	8F-7, No. 16, Lane 609, Sec. 5, Chongxin Rd., Sanchong Dist., New Taipei City 24

Country :	Taiwan

Date of Incorporation :	13.01.1993

Com. Reg. No.:	84160206

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing and Sale of Textile Equipment.

No. of Employee :	About 50

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

Contact Points

Company Name:	LOGIC ART AUTOMATIC CO., LTD.
Supplied Name:	LOGIC ART AUTOMATIC CO., LTD.
Trading Address:	8F-7, No. 16, Lane 609, Sec. 5, Chongxin Rd., Sanchong Dist., New Taipei City 24 Taiwan
Supplied Address:	8F-7, NO. 16, LANE 609, SEC. 5, CHONGXIN RD., SANCHONG DIST., NEW TAIPEI CITY 24 TAIWAN
Telephone Number:	+886-2-2999-2899
Fax Number:	+886-2-2999-2893
Website:	www.logicart.com.tw

Company Identification Details

Registered Name:	Logic Art Automatic Co., Ltd.
Registered Address:	8F-7, No. 16, Lane 609, Sec. 5, Chongxin Rd., Sanchong Dist., New Taipei City 24 Taiwan
Date of Foundation:	1993-1-13
Registration Number:	84160206
Registry:	New Taipei City Government
Registered Capital:	NTD 25,000,000 (USD 790,000) (As of 2014.12, 1 NTD = 0.0316 USD)
Legal Representatives:	Weiren Chen
Legal Form:	Private Limited Liability Company
Principal Activities:	Manufacturing and sale of textile equipment, etc.
Staff:	About 50 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-1-2

History

Subject was incorporated on 1993-1-13 with registered number 84160206 as Private Limited Liability Company in Taiwan.

Corporate Structure

Factory

Address:	8F-7, No. 16, Lane 609, Sec. 5, Chongxin Rd., Sanchong Dist., New Taipei City 24 Taiwan
Date of Foundation:	1996-6-14
Date of Registration:	1996-6-28
Factory Registration Number:	99612107
Factory Manager:	Weiren Chen
Status:	In Production
Date of Last Annual Return:	2010-3-2
Major Products:	292 Other special machinery and equipment

Major Related Companies:

LA Texmac Co. Ltd. (Thailand)

No. 64/32 Moo 3, Setthakit 1 Road, Klongmaduea, Kratoomban, Samutsakorn 74110, Thailand

EMAIL： logicart@logicarttexmac.co.th

TEL：+66-34 473201~3

FAX：+66-34 473204

Offices

Shanghai Qun Xiang Office

Building 13, No. 1500 Xinfei Road, Xinqiao Town, Songjiang Industrial Zone, Shanghai, China

Postal code: 201612

TEL：+86-21-57685276/ +86-21-57685277/ +86-21-57685278/ +86-21-57685279

FAX：+86-21-57685270

Guang-Zhou Office

RM.905, Block1, Oriental Manor, No.12 Guang Ming Bei Road, Panyu District, Guangdong, China

EMAIL： southchina@logicart.com.tw

TEL：+86-20-84885028 / 84837038

FAX：+86-20-84703068

African Colour Systems

PO Box 6010, Zimbali, KZN, 4418

EMAIL： chrisgosling@telkomsa.net

TEL：+27 82 491 5507

FAX：+27 86 696 3127

SA Office- Malaysia

C/O 1 C-G-A1, Leader Garden, Jalan Chee Seng 13, Tanjong Bunga 11200 Penang, Malaysia
EMAIL： alanwb@logicart.com.tw
TEL：+60-4-899-4015
FAX：+60-4-899-4015

Shareholders

Major Shareholder

(Unit: NTD)

Name	Subscription Amount
Weiren Chen	4,750,000

Management Information

Core Management

Director

Name	Weiren Chen
Position	Director

Personnel Structure

Total Employees

About 50 employees

Operation Information

	Headquarters
Add	8F-7, No. 16, Lane 609, Sec. 5, Chongxin Rd., Sanchong Dist., New Taipei City 24 Taiwan

Production Information

Subject is engaged in manufacturing of textile equipment, etc.

Purchase Information

The registered activities of subject:

1	Design, research, development and wholesale of computer software, automated parking machinery and equipment, lift ladder
2	Trading of elevators, lifts, telescopic ladder and related components
3	Trading of computer software
4	Design and wholesale of computer hardware, electronic products and peripheral components
5	Import and export business and agents for above mentioned affairs.
6	Consultant of computer automation technology
7	Manufacturing and sale of automation equipment and components

The components and raw material for production are purchased from both home and abroad.

Sales Information

Subject is engaged in sale of textile equipment

Subject’s sales regions are the mainland of China, Southeast Asia, USA, Middle East and South Africa

Subject’s major customers are industries of textile, etc

Subject’s main products are as following:

Type	Products
Lab. control series	Laboratory automatic dye machine, laboratory multi-batch dyer, Infrared test color machine
Workshop management series	Semi-auto powder weighing management machine, stenter liquid chemical dispensing machine, automatic chemical dispensing & distribution machine
Dye machine control series	Dye automatic batching machine, dye machine controller, dyeing waste water heat recovery machine

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials
Payment Terms	T/T, Cash

Import

Products	Raw materials
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Textile equipment
Selling Terms	T/T, Cash

Export

Product	Textile equipment
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 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. Shi
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	TPT

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.