MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	ACELON CHEMICALS & FIBER CORPORATION
Registered Office :	No.94, Fan Chin Rd., Pu Yan Hsiang, Chang Hua Hsien
Country :	Taiwan
Financials (as on) :	31.12.2013
Date of Incorporation :	22.07.1988
Com. Reg. No.:	22976047
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sale of Fibers and Cleaning Products.
No. of Employee :	About 550

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:	Acelon Chemicals & Fiber Corporation
Supplied Name:	ACELON CHEMICALS AND FIBER CORPORATION
Trading Address:	No.94, Fan Chin Rd., Pu Yan Hsiang, Chang Hua Hsien, Taiwan, R.O.C.
Supplied Address:	NO. 94, FAN CHIN ROAD, PU YAN HSIANG, CHANG HUA, TAIWAN
Telephone Number:	+886-4-865-2321/ 763-8869
Fax Number:	+886-4-865-4003/ 762-6831
E-mail:	service@acelon.com.tw

Note: The exact name and address are as above.

Company Identification Details

Registered Name:	Acelon Chemicals & Fiber Corporation
Registered Address:	No.94, Fan Chin Rd., Pu Yan Hsiang, Chang Hua Hsien, Taiwan, R.O.C.
Date of Foundation:	1988-7-22
Registration Number:	22976047
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 2,000,000,000 (USD 62,800,000) (As of 2014.12, 1 NTD = 0.0314 USD)
Paid-up Capital:	NTD 1,111,519,350 (USD 34,901,708)
Legal Representatives:	Wendong Zhou
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of fibers and cleaning products,
Staff:	About 550 Employees
Listed at Stock Exchange:	Yes, Stock Symbol: 1466
Date of Last Annual Return:	2014-11-13

History

Subject was incorporated on 1988-7-22 with registered number 22976047 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1998-4-4.

Corporate Structure

Factories

1
Name:	Dou Liu Factory
Address:	No. 150, Dougong 10^th Rd., Liunan Li, Douliu City, Douliu City, Yunnan County, Taiwan
Date of Foundation:	1997-9-20
Date of Registration:	1998-11-23
Factory Registration Number:	99653510
Factory Manager:	Wendong Zhou
Status:	In Production
Date of Last Annual Return:	2014-10-8
Major Products:	185 Synthetic fiber 111 Spinning
2
Address:	No.94, 94-11, Fanjin Rd., Puyan Township, Changhua County, Taiwan
Date of Foundation:	1988-10-14
Date of Registration:	1989-8-7
Factory Registration Number:	99645449
Factory Manager:	Wendong Zhou
Status:	In Production
Date of Last Annual Return:	2011-5-16
Major Products:	111 Spinning
3
Name:	Fang Yuan Factory
Address:	No.45, Gongqu Rd., Fangyuan Township, Changhua County, Taiwan
Date of Foundation:	1991-7-8
Date of Registration:	1992-11-26
Factory Registration Number:	99645448
Factory Manager:	Wendong Zhou
Status:	In Production
Date of Last Annual Return:	2011-5-16
Major Products:	111 Spinning

Branch

Name	Taipei Branch
Address	4/F., No. 35, Gangu St., Datong Dist., Taipei City, Taiwan
Registration Number	16835301
Date of Registration	1999-1-28
Status	Live
Manager Name	Wendong Zhou
Date of Last Annual Return	2012-7-23

Shareholders

Major Shareholders

Name	Subscription Shares
Wendong Zhou	1,401,531
Dihao Limited
2,867,082
Mingyi Lai	5,291,273
Jian Hong International Co., Ltd (Literal Translation)	1,384,000
Chin Ying Fa Mechanical Ind. Co., Ltd.	2,624,077
Zhan Ying Investment Co., Ltd. (Literal Translation)	1,569,555
Hong Hou Investment Co., Ltd. (Literal Translation)	1,481,552
Wenbo Yang	704,606
Cornucopia Global Investment Co., Ltd. (Literal Translation)	1,435,680
Dong Jun Investment Co., Ltd. (Literal Translation)	999,226

Shareholder Information:

1
Registered Name:	Dihao Limited
Registered Address:	3F., No. 152, Sanmin Rd., Lugang Township, Changhua County 50569, Taiwan (R.O.C.)
Date of Foundation:	2009-2-2
Registration Number:	24299233
Registry:	MOEA Central Office
Registered Capital:	NTD 35,000,000 (USD 1,099,000) (As of 2014.12, 1 NTD = 0.0314 USD)
Paid-up Capital:	NTD 35,000,000 (USD 1,099,000)
Legal Representatives:	Yibang Lin
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-1-15
2
Registered Name:	Jian Hong International Co., Ltd (Literal Translation)
Registered Address:	2/F., No. 40, Lane 277, Sec. 2, Jhongshan Rd., Heping Li, Yuanlin Town, Chang Hua County, Taiwan, R.O.C.
Date of Foundation:	2003-2-13
Registration Number:	80136731
Registry:	MOEA Central Office
Registered Capital:	NTD 6,400,000 (USD 200,960) (As of 2014.12, 1 NTD = 0.0314 USD)
Legal Representatives:	Shuyin Lai
Legal Form:	Private Limited Liability Company
Date of Last Annual Return:	2012-10-1
3
Registered Name:	Chin Ying Fa Mechanical Ind. Co., Ltd.
Registered Address:	No.273, Sec.4, Yuanlu Road, Pu Hsin, Chang Hwa County, Taiwan R.O.C.
Date of Foundation:	1976-11-8
Registration Number:	60206646
Registry:	MOEA Central Office
Registered Capital:	NTD 55,680,000 (USD 1,748,352) (As of 2014.12, 1 NTD = 0.0314 USD)
Paid-up Capital:	NTD 55,680,000 (USD 1,748,352)
Legal Representatives:	Songlin Shi
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-12-4
4
Registered Name:	Zhan Ying Investment Co., Ltd. (Literal Translation)
Registered Address:	1/F., No. 250, Sec. 1, Jhongshan Rd., Gangzao Li, Yuanlin Town, Chang Hwa County, Taiwan R.O.C.
Date of Foundation:	1997-3-10
Registration Number:	97396035
Registry:	MOEA Central Office
Registered Capital:	NTD 26,800,000 (USD 841,520) (As of 2014.12, 1 NTD = 0.0314 USD)
Legal Representatives:	Yulong Shi
Legal Form:	Private Limited Liability Company
Date of Last Annual Return:	2006-1-10
5
Registered Name:	Hong Hou Investment Co., Ltd. (Literal Translation)
Registered Address:	1/F., No. 21, Lane 85, Meigang Rd., Meigang Village, Dacun Township, Chang Hwa County, Taiwan R.O.C.
Date of Foundation:	2008-1-2
Registration Number:	28907188
Registry:	MOEA Central Office
Registered Capital:	NTD 17,000,000 (USD 533,800) (As of 2014.12, 1 NTD = 0.0314 USD)
Paid-up Capital:	NTD 17,000,000 (USD 533,800)
Legal Representatives:	Zhongjiong Chen
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2011-10-27
6
Registered Name:	Cornucopia Global Investment Co., Ltd. (Literal Translation)
Registered Address:	2/F., No. 40, Lane 277, Sec. 2, Jhongshan Rd., Yuanlin Town, Chang Hwa County, Taiwan R.O.C.
Date of Foundation:	2006-3-20
Registration Number:	28125570
Registry:	MOEA Central Office
Registered Capital:	NTD 15,000,000 (USD 471,000) (As of 2014.12, 1 NTD = 0.0314 USD)
Legal Representatives:	Liwen Chen
Legal Form:	Private Limited Liability Company
Date of Last Annual Return:	--
7
Registered Name:	Dong Jun Investment Co., Ltd. (Literal Translation)
Registered Address:	No. 21, Lane 85, Meigang Rd., Meigang Village, Dacun Township, Chang Hwa County, Taiwan R.O.C.
Date of Foundation:	1998-2-17
Registration Number:	16383340
Registry:	MOEA Central Office
Registered Capital:	NTD 10,000,000 (USD 314,000) (As of 2014.12, 1 NTD = 0.0314 USD)
Paid-up Capital:	NTD 10,000,000 (USD 314,000)
Legal Representatives:	Biyu Chen
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2011-3-1

Management Information

Core Management

Directors

1
Name		Wendong Zhou
Position		Board Chairman & Manager
Date of Appointment of Manager		2001-3-4
2
Name	Dihao Limited
Position		Director
3
Name	Mingyi Lai
Position		Director
4
Name	Jian Hong International Co., Ltd (Literal Translation)
Position		Director
5
Name	Chin Ying Fa Mechanical Ind. Co., Ltd.
Position		Director
6
Name	Zhan Ying Investment Co., Ltd. (Literal Translation)
Position		Director
7
Name	Hong Hou Investment Co., Ltd. (Literal Translation)
Position		Director
8
Name	Wenbo Yang
Position		Supervisor
9
Name	Cornucopia Global Investment Co., Ltd. (Literal Translation)
Position		Supervisor
10
Name	Dong Jun Investment Co., Ltd. (Literal Translation)
Position		Supervisor
11
Name	Zezhong Lin
Position		Manager
Date of Appointment		2001-3-4

Personnel Structure

Total Employees

About 550 Employees

Operation Information

	Headquarters
Add	No.94, Fan Chin Rd., Pu Yan Hsiang, Chang Hua Hsien, Taiwan, R.O.C.

Production Information

• Subject is engaged in manufacturing of fibers and cleaning products
• It is introduced that subject has three factories in Taiwan for production.
• Subject obtained the certification of ISO 9002, and ISO 9001

Purchase Information

The registered activities of subject:

Business Code	Details
C301010	Spinning industry
C302010	Weaving industry
C303010	Non-woven industry
C399990	Manufacturing of other textiles and products
CI01010	Manufacturing of ropes
A101020	Crop cultivation industry
A102020	Agricultural products processing industry
A102050	Crop cultivation services
C601010	Manufacturing of pulp
F104110	Wholesale of fabric, clothing, shoes, hats, umbrellas, clothing accessories
F105050	Wholesale of furniture, bedding, kitchen appliances, installation products
F113010	Wholesale of machinery
F113020	Wholesale of electric equipment
F113030	Wholesale of precision instruments
F201010	Retail of agricultural products
F201020	Retail of livestock
F201030	Retail of aquatic
F203010	Retail of food and drink
F204110	Retail of fabric, clothing, shoes, hats, umbrellas, clothing accessories
F205040	Retail of furniture, bedding, kitchen appliances, installation products
F213010	Retail of electric equipment
F213040	Retail of precision instruments
F213080	Retail of mechanical appliances
C306010	Garment industry
C307010	Manufacturing of apparel
C801120	Manufacturing of rayon
C802090	Manufacturing of cleaning supplies
C802100	Manufacturing of cosmetic
C802110	Manufacturing of cosmetic pigments
CH01010	Manufacturing of sporting goods
CI01020	Manufacturing of blankets, carpets
CJ01010	Manufacturing of hat
CK01010	Manufacturing of shoes
CL01010	Manufacturing of umbrella
CN01010	Manufacturing of furniture and installation products
F106010	Wholesale of hardware
F106020	Wholesale of daily necessities
F106060	Wholesale of pet supplies
F107030	Wholesale of cleaning supplies
F108040	Wholesale of cosmetic
F109070	Wholesale of stationery, musical instrument and recreational supplies
F120010	Wholesale of refractory
F206020	Retail of daily necessities
F206050	Retail of pet supplies
F207030	Retail of cleaning supplies
F208040	Retail of cosmetic
F212050	Retail of petroleum products
F217010	Retail of fire safety equipment
F220010	Retail of refractory
F301010	Department store industry
F301020	Supermarket industry
F399990	Retail of other comprehensive
F399010	Convenience store industry
F401010	International trade
I101110	Textile industry consultant
I401010	General advertising services
I501010	Product design industry
I502010	Fashion design industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l The raw materials for production are mostly purchased from domestic market.

Sales Information

l Subject is engaged in sale of fibers and cleaning products,

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

l It is introduced that subject’s cleaning products are mainly sold to local supermarket such as “Carrefour”, “Welfare Center”, and “Taisuco”,

l Subject’s major customers are KILOP USA INC., SANTETEX, S.A. DE C.V., and ALTEX CORPORATION,

Major Products

Type	Products
Filament Yarn	Nylon 6 Yarn Polyester Yarn Nylon/Polyester Conjugate Yarn Functional Yarn Cool Yarn Polyester Antistatic Yarn
Finished Products	House Hold Microfiber Cloth Kitchen Use Microfiber Cloth Bamboo Charcoal Wiper Double Effecting Microfiber Cloth Rayon Oil Cut Wipe Shoe's Cleaning Glove Hand Brush W/ Handle Hand Glove Brush Hand Glove White Board Glove Car Washing Towel

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials
Payment Terms	T/T, Cash,

Import

Subject has little import.

Sales

Domestic Markets

Product	Fibers and cleaning products,
Selling Terms	T/T, Cash,

1. Export

Product	Fibers and cleaning products,
Selling Terms	L/C, T/T,

Balance Sheet

Unit: NTD/000

Consolidated	2013-12-31	2012-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	43,996	188,874
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	0	0
Notes receivable, net
Notes receivable, net	197,847	178,313
Accounts receivable, net
Accounts receivable, net	374,229	340,951
Other receivables
Other receivables, net	20,874	16,754
Inventories
Inventories, manufacturing business
Inventories, manufacturing business, net	923,643	797,661
Total inventories	923,643	797,661
Prepayments
Total prepayments	47,442	28,652
Other current assets
Other current financial assets	49,400	46,234
Other current assets, others	6,843	7,727
Total other current assets	56,243	53,961
Total current assets	1,664,274	1,605,166
Non-current assets
Property, plant and equipment
Total property, plant and equipment	1,084,754	1,166,288
Investment property, net
Investment property, net	80,498	80,498
Intangible assets
Total intangible assets	323	1,505
Deferred tax assets	21,755	22,485
Other non-current assets
Total other non-current assets	109,392	31,433
Total non-current assets	1,296,722	1,302,209
Total assets	2,960,996	2,907,375
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	45,086	162,026
Short-term notes and bills payable
Total short-term notes and bills payable	99,536	184,769
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	2,612	4,080
Notes payable
Total notes payable	3,451	32,328
Accounts payable
Total accounts payable	514,948	297,728
Other payables
Total other payables	171,635	121,484
Current tax liabilities	3,963	5,160
Current provisions
Total current provisions	4,080	5,700
Other current liabilities
Long-term liabilities, current portion
Bonds payable, current portion	22,179	283,329
Long-term borrowings, current portion	14,278	4,550
Total long-term liabilities, current portion	36,457	287,879
Other current liabilities, others	33,949	54,011
Total other current liabilities	70,406	341,890
Total current liabilities	915,717	1,155,165
Non-current liabilities
Bonds payable
Total bonds payable	193,363	0
Long-term borrowings
Total long-term borrowings	126,976	131,449
Deferred tax liabilities
Total deferred tax liabilities	18,115	18,115
Other non-current liabilities
Accrued pension liabilities	51,006	58,724
Guarantee deposits received	7,881	2,740
Other non-current liabilities, others	616	584
Total other non-current liabilities	59,503	62,048
Total non-current liabilities	397,957	211,612
Total liabilities	1,313,674	1,366,777
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	997,875	952,617
Total capital stock	997,875	952,617
Capital surplus
Total capital surplus	319,582	261,064
Retained earnings
Legal reserve	39,437	29,822
Special reserve	161,126	161,126
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	129,955	136,622
Total retained earnings	330,518	327,570
Other equity interest
Total other equity interest	0	0
Treasury shares	653	653
Total equity attributable to owners of parent	1,647,322	1,540,598
Non-controlling interests	0	0
Total equity	1,647,322	1,540,598
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	91,475	91,475

Profit and Loss Account

Unit: NTD/000

Consolidated	2013	2012
Operating revenue
Total operating revenue	5,230,464	5,233,837
Operating costs
Cost of sales
Total cost of sales	4,780,263	4,782,855
Total operating costs	4,780,263	4,782,855
Gross profit (loss) from operations	450,201	450,982
Unrealized profit (loss) from sales	0	0
Realized profit (loss) on from sales	0	0
Gross profit (loss) from operations	450,201	450,982
Operating expenses
Selling expenses
Total selling expenses	182,782	189,559
Administrative expenses
Total administrative expenses	91,210	61,699
Research and development expenses
Total research and development expenses	76,657	63,480
Total operating expenses	350,649	314,738
Net other income (expenses)
Net other income (expenses)	0	0
Net operating income (loss)	99,552	136,244
Non-operating income and expenses
Other income
Total other income	31,108	22,618
Other gains and losses
Other gains and losses, net	2,620	-5,257
Gains (losses) arising from derecognition of financial assets measured at amortised cost
Gains (losses) arising from derecognition of financial assets measured at amortised cost	0	0
Gains (losses) on reclassification of financial assets
Gains (losses) on reclassification of financial assets	0	0
Finance costs
Finance costs, net	21,432	21,563
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	0	0
Total non-operating income and expenses	12,296	-4,202
Profit (loss) from continuing operations before tax	111,848	132,042
Tax expense (income)
Total tax expense (income)	13,569	32,674
Profit (loss) from continuing operations	98,279	99,368
Profit (loss) from discontinued operations
Total profit (loss) from discontinued operations	0	0
Profit (loss)	98,279	99,368
Other comprehensive income
Exchange differences on translation	0	0
Gains (losses) from investments in equity instruments	0	0
Unrealised gains (losses) on valuation of available-for-sale financial assets	0	0
Cash flow hedges	0	0
Hedges of net investments in foreign operations	0	0
Gains (losses) on revaluation	0	0
Actuarial gains (losses) on defined benefit plans	-84	-10,884
Share of other comprehensive income of associates and joint ventures accounted for using equity method
Total share of other comprehensive income of associates and joint ventures accounted for using equity method	0	0
Other comprehensive income	0	0
Income tax related to components of other comprehensive income	-14	-1,850
Other comprehensive income, net	-70	-9,034
Total comprehensive income	98,209	90,334
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	98,279	99,368
Profit (loss), attributable to former owner of business combination under common control	0	0
Profit (loss), attributable to non-controlling interests	0	0
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	98,209	90,334
Basic earnings per share
Total basic earnings per share	1.02	1.04
Diluted earnings per share
Total diluted earnings per share	0.93	1.04

Cash Flows

Unit: NTD/000

Consolidated	2013	2012
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	111,848	132,042
Profit (loss) from discontinued operations before tax	0	0
Profit (loss) before tax	111,848	132,042
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	133,811	135,722
Amortization expense	1,228	1,368
Provision (reversal of provision) for bad debt expense	0	373
Interest expense	21,432	21,563
Interest income	-587	-352
Loss (gain) on disposal of property, plan and equipment	69	308
Loss (gain) on bond redemption	6,832	0
Total adjustments to reconcile profit (loss)	162,785	158,982
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	-19,534	-4,348
Decrease (increase) in accounts receivable	-33,278	41,610
Decrease (increase) in other receivable	-4,120	-4,156
Decrease (increase) in inventories	-125,982	-68,350
Decrease (increase) in prepayments	-18,790	2,093
Decrease (increase) in other current assets	884	-5,824
Total changes in operating assets	-200,820	-38,975
Changes in operating liabilities
Increase (decrease) in financial liabilities held for trading	-2,247	-2,190
Increase (decrease) in notes payable	-28,877	-50,791
Increase (decrease) in accounts payable	217,220	-99,661
Increase (decrease) in other payable	50,151	-44,476
Increase (decrease) in provisions	-1,620	367
Increase (decrease) in other current liabilities	-20,062	-76,585
Increase (decrease) in accrued pension liabilities	-8,488	-7,602
Total changes in operating liabilities	206,077	-280,938
Total changes in operating assets and liabilities	5,257	-319,913
Total adjustments	168,042	-160,931
Cash inflow (outflow) generated from operations	279,890	-28,889
Interest received	587	352
Interest paid	-9,221	-9,125
Income taxes refund (paid)	-14,021	-28
Net cash flows from (used in) operating activities	257,235	-37,690
Cash flows from (used in) investing activities
Acquisition of property, plant and equipment	-52,984	-62,468
Proceeds from disposal of property, plant and equipment	638	52
Acquisition of intangible assets	-46	-1,230
Increase in other financial assets	-3,166	9,400
Increase in other non-current assets	-77,274	-11,426
Net cash flows from (used in) investing activities	-132,832	-65,672
Cash flows from (used in) financing activities
Increase in short-term loans	0	122,026
Decrease in short-term loans	-116,940	0
Decrease in short-term notes and bills payable	-85,000	-15,000
Proceeds from issuing bonds	294,970	0
Repayments of bonds	-277,569	0
Increase in other borrowings	5,254	112,493
Increase in guarantee deposits received	5,141	0
Decrease in other non-current liabilities	33	-778
Cash dividends paid	-95,170	-95,171
Net cash flows from (used in) financing activities	-269,281	123,570
Net increase (decrease) in cash and cash equivalents	-144,878	20,208
Cash and cash equivalents at beginning of period	188,874	168,666
Cash and cash equivalents at end of period	43,996	188,874
Cash and cash equivalents reported in the statement of financial position	43,996	188,874

Subject didn’t submit its individual financial information; we obtained its consolidated financials as follows for reference.

The above financial figures are based on the IFRSs Accounting System.

Bankers

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

Public Record

Mortgage

1
Case Type:	Chattel Mortgage
File No.:	050174
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	466038
Date of Registration:	1996-2-3
Date of Alteration:	2009-11-5
2
Case Type:	Chattel Mortgage
File No.:	052996
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	985463
Date of Registration:	1997-1-20
Date of Alteration:	2009-11-5
3
Case Type:	Chattel Mortgage
File No.:	105811
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	10130320980
Date of Registration:	2012-5-4
4
Case Type:	Chattel Mortgage
File No.:	105817
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	10130320990
Date of Registration:	2012-5-4
5
Case Type:	Chattel Mortgage
File No.:	105819
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	10130321000
Date of Registration:	2012-5-4
6
Case Type:	Chattel Mortgage
File No.:	048138
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	244746
Date of Registration:	1995-6-14
Date of Alteration:	2009-11-5
7
Case Type:	Chattel Mortgage
File No.:	056820
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	820720
Date of Registration:	1998-1-21
Date of Alteration:	2009-11-6
8
Case Type:	Chattel Mortgage
File No.:	110987
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	10331076470
Date of Registration:	2014-12-19
9
Case Type:	Chattel Mortgage
File No.:	089714
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	09605061760
Date of Registration:	2007-1-4
Date of Alteration:	2007-2-9
10
Case Type:	Chattel Mortgage
File No.:	090825
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	09605105150
Date of Registration:	2007-5-10
11
Case Type:	Chattel Mortgage
File No.:	046611
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	647505
Date of Registration:	1994-12-8
Date of Alteration:	2009-11-5
12
Case Type:	Chattel Mortgage
File No.:	046639
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	647619
Date of Registration:	1994-12-12
Date of Alteration:	2009-11-6
13
Case Type:	Chattel Mortgage
File No.:	061836
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	854954
Date of Registration:	1999-5-11
Date of Alteration:	2012-5-7
14
Case Type:	Chattel Mortgage
File No.:	061839
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	854941
Date of Registration:	1999-5-11
Date of Alteration:	2012-5-7
15
Case Type:	Chattel Mortgage
File No.:	104282
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	10030356060
Date of Registration:	2011-7-14
16
Case Type:	Chattel Mortgage
File No.:	049897
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	465073
Date of Registration:	1996-1-5
Date of Alteration:	2009-11-5
17
Case Type:	Chattel Mortgage
File No.:	096712
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	09830408750
Date of Registration:	2009-2-9
18
Case Type:	Chattel Mortgage
Debtor Name:	Acelon Chemicals & Fiber Corporation
Document Number:	10331076470
Date of Registration:	2014-12-19

Lawsuit

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

Special Note

Interview Details

Name	Ms. Grace
Department	Sales Department
E-mail	Grace@acelon.com.tw

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.63
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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.