MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	DON LOONG ENTERPRISE CO., LTD.

Registered Office :	No.61, Mei Gong Road Min Hsin Li Hualien Taiwan R.O.C.

Country :	Taiwan

Date of Incorporation :	01.05.1987

Com. Reg. No.:	22489481

Legal Form :	Joint Stock Company

Line of Business :	Processing and Sale of Stone Materials

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:	Don Loong Enterprise Co., Ltd.
Supplied Name:	Don Loong Enterprise Co. Ltd.
Trading Address:	No.61, Mei Gong Road Min Hsin Li Hualien Taiwan R.O.C.
Supplied Address:	No. 61, Mei Gong Road, Min HSin Li, Hualien,
Telephone Number:	+886-38-223559
Fax Number:	+886-38-223571
E-mail:	dl223559@ms24.hinet.net

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Don Loong Enterprise Co., Ltd.
Registered Address:	No.61, Mei Gong Road Min Hsin Li Hualien Taiwan R.O.C.
Date of Foundation:	1987-5-1
Registration Number:	22489481
Registry:	MOEA Central Office
Registered Capital:	NTD 39,000,000 (USD 1,287,000) (As of 2014.12, 1 NTD = 0.0330 USD)
Paid-up Capital:	NTD 39,000,000 (USD 1,287,000)
Legal Representatives:	Xueli Yan
Legal Form:	Joint Stock Company
Principal Activities:	Processing and sale of stone materials
Staff:	About 50 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-12-15

Note: Subject’s relevant staff declined to disclose the staff number; we obtained the relevant information from public files.

History

Subject was incorporated on 1987-5-1 with registered number 22489481 as Joint Stock Company in Taiwan.

Corporate Structure

Factories

1
Address:	No.61, Mei Gong Road Min Hsin Li Hualien Taiwan R.O.C.
Date of Registration:	1987-11-10
Factory Registration Number:	99666936
Factory Manager:	Xueli Yan
Status:	In Production
Date of Last Annual Return:	2003-1-14
Major Products:	234 stone materials
2
Name:	The 2^nd Factory
Address:	No.12, Mei Gong 8^th Road, Min Hsin Li, Hualien Taiwan R.O.C.
Date of Registration:	1993-8-16
Factory Registration Number:	99666937
Factory Manager:	Xueli Yan
Status:	In Production
Date of Last Annual Return:	2003-1-14
Major Products:	234 stone materials
3
Name:	The 3^rd Factory
Address:	No.16, Mei Gong 8^th Road, Min Hsin Li, Hualien Taiwan R.O.C.
Date of Registration:	2002-2-18
Factory Registration Number:	99666740
Factory Manager:	Xueli Yan
Status:	In Production
Date of Last Annual Return:	2002-2-18
Major Products:	234 stone materials

Shareholders

Major Shareholders

Name	Subscription Shares
Xueli Yan
7,783
Tingdong Wang	12,293
Chunyang Wang	8,912
Chunbu Wang	8,912

Management Information

Core Management

Directors

1
Name		Xueli Yan
Position		Board Chairman
2
Name	Tingdong Wang
Position		Director
3
Name	Chunyang Wang
Position		Director
4
Name	Chunbu Wang
Position		Supervisor

Personnel Structure

Total Employees

About 50 Employees

Operation Information

	Headquarters
Add	No.61, Mei Gong Road, Min Hsin Li, Hualien Taiwan R.O.C.

Production Information

· Subject is engaged in processing of stone materials, etc.

· Subject has factories in Hualien County, Taiwan.

Purchase Information

The registered activities of subject:

1	Processing and sale of all kinds of marble, serpentine and granite
2	Processing and sale of marble, sculpture, furniture and floor tile
3	Import and export of above items

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

Sales Information

· Subject is engaged in sale of stone materials, etc.

· Subject’s major products include granite slabs, marble slabs and so on.

· Subject’s sales region focuses on Asia market.

· Subject’s major customers are building contractors, designers, retailers and individuals, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

Products	Raw materials
Payment Terms	T/T, etc

Sales

Domestic Markets

Product	Stone materials, etc
Selling Terms	Cash, T/T, etc

Export

Product	Stone materials, etc
Selling Terms	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 Ms. Lin 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

Case Type:	Chattel Mortgage
File No.:	108491
Debtor Name:	Don Loong Enterprise Co., Ltd.
Document Number:	10231352220
Date of Registration:	2013-9-13

Lawsuit

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

Special Note

Interview Details

Name	Ms. Lin
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.98.88
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.