MIRA INFORM REPORT

Report Date :

16.07.2014

IDENTIFICATION DETAILS

Name :	CYCLORIA TECHNOLOGY CORPORATION

Registered Office :	9F.-3, No. 1, Fuxing North Road, Songshan District, Taipei City 10595

Country :	Taiwan

Date of Incorporation :	13.03.2012

Com. Reg. No.:	53745676

Legal Form :	Joint Stock Company

Line of Business :	· engaged in trading of Related Equipment of cable TV Engaged in Installation of Electrical Appliances Engaged in installing project of Cable. Engaged in Installation of Computer Engaged in Installation of Channel KU of satellite television and C channel equipment Project of radio-frequency devices under telecommunications regulation.

No. of Employees	Not Available

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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:	Cycloria Technology Corporation
Supplied Name:	CYCLORIA TECHNOLOGY CORPORATION
Trading Address:	9F.-3, No. 1, Fuxing North Road, Songshan District, Taipei City 10595, Taiwan, R.O.C.
Supplied Address:	9F.-3, NO. 1, FUXING NORTH ROAD SONGSHAN DISTRICT, TAIPEI CITY 10595 TAIWAN (REGISTERED ADDRESS)
Telephone Number:	+886-2-8751-0809
Fax Number:	+886-2-8751-0788

Notes: The exact address is as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Cycloria Technology Corporation
Registered Address:	9F.-3, No. 1, Fuxing North Road, Songshan District, Taipei City 10595, Taiwan, R.O.C.
Date of Foundation:	2012-3-13
Registration Number:	53745676
Registry:	Taipei City Government
Registered Capital:	NTD 60,000,000 (USD 1,998,000) (As of 2014.7, 1 NTD = 0.0333 USD)
Paid-up Capital:	NTD 60,000,000 (USD 1,998,000)
Legal Representatives:	Jiawen Sun
Legal Form:	Joint Stock Company
Principal Activities:	Trading of related equipment of cable TV
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-2-21

Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.

History

Subject was incorporated on 2012-3-13 with registered number 53745676 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Jiawen Sun	3,000,000
Zhaoren Lin	2,400,000

The information above is that of subject’s major shareholders.

Subsidiaries & Branches

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Personnel Information

Core Management

Directors

1
Name	Jiawen Sun
Position	Board of Chairman
2
Name	Zhaoren Lin
Position	Director
3
Name	Zheng Yan
Position	Director
4
Name	Peili Gong
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	9F.-3, No. 1, Fuxing North Road, Songshan District, Taipei City 10595, Taiwan, R.O.C.

Production Information

l Subject is engaged in trading of related equipment of cable TV without any production activities.

Purchase Information

l The registered activities of subject:

Business Code	Details
E601020	Installation of electrical appliances.
E603010	Installing project of cable.
E605010	Installation of computer.
E701020	Installation of channel KU of satellite television and C channel equipment.
E701030	Project of radio-frequency devices under telecommunications regulation.
EZ05010	Installing project of instrument and meter.
F113020	Wholesales of electrical appliances.
F113030	Wholesales of precision instrument.
F113050	Wholesales of computer and related equipment.
F113070	Wholesales of telecommunication materials.
F119010	Wholesales of electronic materials.
F206010	Retails of hardware.
F401010	International trading business.
I301010	Services of information media.
I301010	Supplying of electronic information.
J502020	Community antenna television equipment.
JA02010	Repairing of electrical appliances and electronic products.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l It is introduced that subject mainly purchases its products both at home and abroad such as USA.

Sales Information

l The subject is mainly engaged in sales of related equipment of cable TV

l Subject’s sales regions include domestic market, Japan, Singapore, India, Southeast Asia, Australia, Europe, etc.

l The major customers of the subject are manufacturers of cable TV and maintenance centers of cable TV, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Terms	Proportion
Related equipment of cable TV, etc.	T/T, Cash, etc.	100%

Foreign Purchase

Product	Terms	Proportion
Related equipment of cable TV, etc.	L/C, T/T, etc.	100%

Sales

Domestic Markets

Product	Terms	Proportion
Related equipment of cable TV, etc.	T/T, Cash, etc.	100%

Export

Product	Terms	Proportion
Related equipment of cable TV, etc.	L/C, T/T, etc.	100%

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 source we can not obtain the relevant information, either.

Bankers

Subject declined to disclose its bank details; from other source we cannot 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.

Interview Details

Name:	Ms. Lin
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.22
UK Pound	1	Rs.102.79
Euro	1	Rs.81.95

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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.