MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	VISION WIDE TECH CO., LTD.

Registered Office :	No.43, 17th Industrial Rd., Taiping Dist., Taichung City 411

Country :	Taiwan

Date of Incorporation :	03.04.1999

Com. Reg. No.:	16885104

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and Sale of CNC Machine

No of Employees :	About 140

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:	Vision Wide Tech Co., Ltd.
Supplied Name:	Vision Wide Tech Co Ltd
Trading Address:	No.43, 17th Industrial Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.)
Supplied Address:	No. 43 17th Industrial Road, Taiping City Taichung Hsein 41154
Telephone Number:	+886-4-2271-2000
Fax Number:	+886-4-2271-2009
E-mail:	info@visionwide.com.tw

Notes: Subject’s exact name and address are as above.

Company Identification Details

Registered Name:	Vision Wide Tech Co., Ltd.
Registered Address:	No.43, 17th Industrial Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.)
Date of Foundation:	1999-4-3
Registration Number:	16885104
Registry:	Taichung City Government
Registered Capital:	NTD 320,000,000 (USD 10,592,000) (As of 2014.10, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 320,000,000 (USD 10,592,000)
Legal Representatives:	Shengxun Hong
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of CNC machine and etc.
Staff:	About 140 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-8-29

Notes: Subject’s capital has been increased as above.

History

Subject was incorporated on 16885104 with registered number 16885104 as Joint Stock Company in Taiwan.

Change of Name

Former Chinese Name:	喬崴進科技有限公司
Current Chinese Name:	喬崴進科技股份有限公司

Awards

Year	Awards
2008	Blue chip importer and exporter
2009	Blue chip importer and exporter
2010	Blue chip importer and exporter

Standard of Blue chip importer and exporter

Unit: USD

Year	Amount
2008	19,000,000
2009	15,000,000
2010	20,000,000

Corporate Structure

Factory

Address:	No.43, 17th Industrial Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.)
Date of Registration:	2007-8-23
Factory Registration Number:	99704423
Factory Manager:	Shengxun Hong
Status:	In Production
Date of Last Annual Return:	2012-3-14
Major Products:	291 Machinery and equipment for processing of metal

Shareholders

Major Shareholders

Name	Subscription Shares
Shengxun Hong	1,347,374
Songjiang Chen	3,104,112
Zheyu Chen	1,316,672
Shuyue Li	2,804,533
Xiaotong Zhang	1,448,055
Shumei He	1,064,762

Management Information

Core Management

Directors

1
Name		Shengxun Hong
Position		Board Chairman
2
Name	Songjiang Chen
Position		Director
3
Name	Zheyu Chen
Position		Director
4
Name	Ruikun Jiang
Position		Deputy Chairman
5
Name	Shuyue Li
Position		Director
6
Name	Xiaotong Zhang
Position		Director
7
Name	Luohui Huang
Position		Director
8
Name	Shumei He
Position		Supervisor

Personnel Structure

Total Employees

About 140 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.43, 17th Industrial Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.)
Construction Area	About 15,000 square meters

Production Information

Subject is engaged in manufacturing of CNC machine and etc.

Subject has a factory in Taiwan for production.

Subject obtained the certification and awards as following:

1	TAIWAN EXCELLENCE 2012 (SF SERIES)
2	TAIWAN EXCELLENCE 2011 (NF SERIES)
3	TAIWAN EXCELLENCE 2008 (VH SERIES)
4	ISO 9001 : 2008 (certificated by TÜV Nord)
5	ISO 14001 : 2004 (certificated by BUREAU VERITAS)
6	Machinery Directive: 2006/42/EC
7	Electrical Safety: EN60204-1:2006
8	Low Voltage: 2004/108/EC
9	Electromagnetic Compatibility
10	2004/108/EC
11	Electromagnetic Compatibility: 2004/108/EC certificated by Safenet(U.K.)
12	CE

Purchase Information

The registered activities of subject:

Business Code	Details
CB01010	Manufacturing of machinery and equipment.
CC01010	Manufacturing of related equipment for machinery for electricity generation, electricity transmission.
F113010	Wholesales of machinery.
F113030	Wholesales of precise instrument.
F113070	Wholesales of telecommunication equipment.
F401010	International trading business.

It is introduced that subject purchases its components and etc both at home and abroad.

Sales Information

Subject is engaged in sale of CNC machine and etc.

The major products include High Efficiency Machining, Rigid Heavy Cutting, Moving Beam/ Fixed Beam 5-Face Machining, High Performance 5-Axis Machining Center, Portal Milling Machine and so on.

Subject’s sales regions covers all over the world such as China, Korea, India, U.S.A., Canada, Australia, Mexico, Brazil, Africa, Europe and etc. And subject had many distributors worldwide.

Subject’s major customers are manufacturers of metal product, such as molds etc.

It is introduced that subject’s products are applied to manufacturing and processing of plastic, aerospace, power generation and automotive and etc.

It is introduced that subject has its own brand named “Vision Wide”.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and etc
Payment Terms	Cash, T/T and etc

Import

Products	Components and etc
Payment Terms	L/C, T/T and etc

Sales

Domestic Markets

Product	CNC machine and etc.
Selling Terms	Cash, T/T and etc

Export

Product	CNC machine and etc.
Selling Terms	L/C, T/T and 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. Guo 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. Guo
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.74
UK Pound	1	Rs.98.87
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.