MIRA INFORM REPORT

Report Date :

16.07.2014

IDENTIFICATION DETAILS

Name :	SHINE E INDUSTRIES CO LTD.

Registered Office :	3Fl., No.62, Changan W. Rd., Datung Chiu, Taipei,

Country :	Taiwan

Date of Incorporation :	05.02.2002

Com. Reg. No.:	13085038

Legal Form :	Private Limited Liability Company

Line of Business :	Trading of chemicals

No. of Employees	10

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 Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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:	SHINE E INDUSTRIES CO., LTD.
Supplied Name:	SHINE E INDUSTRIS CO LTD.
Trading Address:	No.190-2, Min Chuan Rd., Luzhou Dist., New Taipei City ,Taiwan
Supplied Address:	NO. 190-2, MIN CHUAN RD, LUZHOU DIST., NEW TAIPEI CITY TAIPEI TAIWAN
Telephone Number:	+886-2-2288-3940/ 2281-0825
Fax Number:	+886-2-2282-0227
E-mail:	shine.e.taiwan@gmail.com

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Shine E Industries Co., Ltd.
Registered Address:	3Fl., No.62, Changan W. Rd., Datung Chiu, Taipei, Taiwan, R.O.C.
Date of Foundation:	2002-2-5
Registration Number:	13085038
Registry:	Taipei City Government
Registered Capital:	NTD 10,800,000 (USD 367,200) (As of 2014.06, 1 NTD = 0.0340 USD)
Legal Representatives:	Youqi Zhang
Legal Form:	Private Limited Liability Company
Principal Activities:	Trading of chemicals, etc
Staff:	About 10 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-7-16

History

Subject was incorporated on 2002-2-5 with registered number 13085038 as Private Limited Liability Company in Taiwan.

Change of Name

Former English Name	Shine E Industris Co., Ltd.
Current English Name	Shine E Industries Co., Ltd.

Shareholders

(Unit: NTD)

Name	Subscription Amount
Youqi Zhang	10,800,000

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 cannot obtain the relevant information, either.

Personnel Information

Core Management

Name	Youqi Zhang
Position	Director

Personnel Structure

Total Employees

About 10 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.190-2, Min Chuan Rd., Luzhou Dist., New Taipei City ,Taiwan

Production Information

Subject is a trader of chemicals, etc without any production activities.

Purchase Information

The registered activities of subject:

Business Code	Details
F119010	Wholesale of electronic material
F219010	Retail of electronic material
F401010	International trade business
I401010	Advertising service
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

Subject purchases products from both home and abroad such as Mainland China, Taiwan, India and other Asian countries, etc.

One of subject’s major suppliers is Guangxi Mingli Group Co., Ltd. (Mainland China), etc.

Sales Information

Subject is engaged in sale of chemicals, etc.

The major products sold by subject include calcium chloride, de-icing powder, soda ash, phosphoric acid and so on.

Subject’s sales regions include domestic market, Southeast Asia, Europe and America, etc.

One of subject’s major customers is Fang Chemicals Inc, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Terms	Proportion
Chemicals, etc	T/T, Cash, etc	100%

Foreign Purchase

Product	Terms	Proportion
Chemicals, etc	L/C, T/T, etc	100%

Sales

Domestic Markets

Product	Terms	Proportion
Chemicals, etc	T/T, Cash, etc	100%

Export

Product	Terms	Proportion
Chemicals, 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 Mr. Wu 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 any information about bankers, and we can not obtain the information from other source.

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	Mr. Wu
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 :	RAS

Report Prepared by :	NIS

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.