MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	TAIWAN GLASS INDUSTRY CORP.
Registered Office :	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei
Country :	Taiwan
Financials (as on) :	31.12.2012
Date of Incorporation :	05.09.1964
Com. Reg. No.:	11914002
Legal Form :	Joint Stock Company
Line of Business :	· engaged in manufacturing and sale of glass and related products including flat glass, processed glass, auto glass, photovoltaic glass & fiber glass container Manufacturing, processing and sale of glass raw materials Manufacturing and sale of sheet glass Manufacturing and sale of figured glass Manufacturing and sale of wire glass Processing and sale of reflection plate glass Processing and sale of tempered glass and agglutination safety glass Processing and sale of mirror plate glass Processing and sale of double insulation safety glass
No of Employees :	About 14,200 Employees (Including 4,760 employees in Taiwan and 9,440 employees in the Mainland China)

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 :	Slow But Correct
Litigation :	Exists

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	A2	A2

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

Contact Points

Company Name:	Taiwan Glass Industry Corp.
Supplied Name:	Taiwan Glass Ind Corp
Trading Address:	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei, Taiwan
Supplied Address:	PO Box 81-700 Taiepi
Telephone Number:	+886-2-2713-0333
Fax Number:	+886-2-2715-0333/8712-0872/2715-8077
E-mail:	tgi@taiwanglass.com

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

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Taiwan Glass Industry Corp.
Registered Address:	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei, Taiwan
Date of Foundation:	1964-9-5
Registration Number:	11914002
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 26,000,000,000 (USD 860,600,000) (As of 2014.05, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 23,780,608,000 (USD 787,138,125)
Legal Representatives:	Bofeng Lin
Legal Form:	Joint Stock Company
Principal Activities:	engaged in manufacturing and sale of glass and related products including flat glass, processed glass, auto glass, photovoltaic glass & fiber glass container
Staff:	About 14,200 Employees (Including 4,760 employees in Taiwan and 9,440 employees in the Mainland China)
Listed at Stock Exchange:	Yes; Stock Symbol:1802
Date of Last Annual Return:	2014-4-7

History

Subject was incorporated on 1964-9-5 with registered number 11914002 as Joint Stock Company in Taiwan.

Subject was listed on Taiwan Stock Exchange on 1973-7-20.

Shareholders

Name	Subscription Shares
Bofeng Lin	16,868,795
Boshi Lin
12,779,175
Bochun Lin	3,983,412
Yun San Corporation	146,339
Handong Lin	8,783,860
Taifeng Investment Co., Ltd. (Literal Translation)	363,601,432
Taijian Investment Co., Ltd. (Literal Translation)	215,828,896
Hehe Investment Co., Ltd. (Literal Translation)	317,941,562
Lim Kien Seng Kah Kih Co., Ltd.	114,302,799
Sacon Industrial Co., Ltd.	904,479

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

Shareholder Information:

1
Registered Name:	Yun San Corporation
Registered Address:	1F, No.50, Lane 177, Sec.1, Tun Hwa S. Rd., Taipei Taiwan R.O.C.
Date of Foundation:	1971-4-12
Registration Number:	18629968
Registry:	Taiepi City Government
Registered Capital:	NTD 495,000,000 (USD 16,384,500) (As of 2014.5, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 300,000,000 (USD 9,930,000)
Legal Representatives:	Boxin Zhang
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-3-28
2
Registered Name:	Taifeng Investment Co., Ltd. (Literal Translation)
Registered Address:	11F, No. 261, Sec. 3, Nanjing E Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1972-3-6
Registration Number:	11825613
Registry:	Taiepi City Government
Registered Capital:	NTD 500,000,000 (USD 16,550,000) (As of 2014.5, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 350,000,000 (USD 11,585,000)
Legal Representatives:	Bofeng Lin
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-10-31
3
Registered Name:	Taijian Investment Co., Ltd. (Literal Translation)
Registered Address:	11F, No. 261, Sec. 3, Nanjing E Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1964-10-3
Registration Number:	11905101
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 820,000,000 (USD 27,142,000) (As of 2014.5, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 574,000,000 (USD 18,999,400)
Legal Representatives:	Bochun Lin
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-10-19
4
Registered Name:	Hehe Investment Co., Ltd. (Literal Translation)
Registered Address:	11F, No. 261, Sec. 3, Nanjing E Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1974-6-17
Registration Number:	04705894
Registry:	Taipei City Government
Registered Capital:	NTD 500,000,000 (USD 16,550,000) (As of 2014.5, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 350,000,000 (USD 11,585,000)
Legal Representatives:	Boshi Lin
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-11-9
5
Registered Name:	Lim Kien Seng Kah Kih Co., Ltd.
Registered Address:	11F, No. 261, Sec. 3, Nanjing E Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1968-6-27
Registration Number:	11368215
Registry:	Taipei City Government
Registered Capital:	NTD 600,000,000 (USD 19,860,000) (As of 2014.5, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 420,000,000 (USD 13,902,000)
Legal Representatives:	Boshi Lin
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-11-5
6
Registered Name:	Sacon Industrial Co., Ltd.
Registered Address:	3F., No.89, Minshan Street, Neihu Dist., Taipei City, Taiwan (R.O.C.)
Date of Foundation:	1970-7-29
Registration Number:	00819902
Registry:	Taipei City Government
Registered Capital:	NTD 138,428,670 (USD 4,581,989) (As of 2014.5, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 138,428,670 (USD 4,581,989)
Legal Representatives:	Linmanli Xie
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2013-9-6

Subsidiaries & Branches

Factories in Taiwan

1
Name:	Taiwan Glass Industry Corp. Yingbin Factory
Address:	No. 52, Lugong Rd., Lugang Town, Zhanghua County, Taiwan
Date of Registration:	2011-10-25
Factory Registration Number:	07000332
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2014-3-20
Major Products:	231 glass and related products
2
Name:	Taiwan Glass Industry Corp. Taoyuan Factory
Address:	No. 1, Jingjian 5 Rd., Shulin Village, Guanyin Xiang, Taoyuan County, Taiwan
Date of Foundation:	1987-7-7
Date of Registration:	1990-4-12
Factory Registration Number:	99621324
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2012-5-14
Major Products:	231 glass and related products
Factory Area	181,181 square meters
Annual Production Capacity	48,000 MT
3
Name:	Taiwan Glass Industry Corp. Xinzhu Factory
Address:	No. 200, Zhonghua Rd., Yilin, Guangxing Li, Toufen Town, Miaoli County, Taiwan
Date of Foundation:	1969-9-12
Date of Registration:	1969-9-12
Factory Registration Number:	99631819
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-11-7
Major Products:	232 Refractory clay, building materials and ceramic products 239 Other non-metallic mineral products
4
Name:	Taiwan Glass Industry Corp. Taichung Factory
Address:	No. 377, Ziqiang Rd., Caonan Li, Wuqi Dist., Taichung City, Taiwan
Date of Foundation:	1980-8-1
Date of Registration:	1980-8-1
Factory Registration Number:	99633230
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-7-1
Major Products:	231 glass and related products
5
Name:	Taiwan Glass Industry Corp. Taichung Processing Factory
Address:	No. 222, Zili 3^rd Street, Caonan Li, Wuqi Dist., Taichung City, Taiwan
Date of Foundation:	1984-4-1
Date of Registration:	1984-4-1
Factory Registration Number:	99633231
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-7-1
Major Products:	231 glass and related products
6
Name:	Taiwan Glass Industry Corp. Taichung Pingban Third Factory
Address:	No. 220, Zili 3^rd Street, Caonan Li, Wuqi Dist., Taichung City, Taiwan
Date of Foundation:	1988-9-30
Date of Registration:	1991-1-24
Factory Registration Number:	99633232
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-7-10
Major Products:	231 glass and related products
7
Name:	Taiwan Glass Industry Corp. Taichung Lugang Factory
Address:	No. 11, Lugong Rd., Lugang Town, Zhanghua County, Taiwan
Date of Foundation:	1996-12-17
Date of Registration:	1998-8-7
Factory Registration Number:	99645130
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2008-10-9
Major Products:	231 glass and related products 112 weaving
8
Name:	Taiwan Glass Industry Corp. Taichung Xinzhu Factory
Address:	No. 470, Sec. 4, Zhonghua Rd., Niubu Li, Xinzhu City, Xiangshan Dist., Xinzhu City, Taiwan
Date of Foundation:	1969-1-1
Date of Registration:	1969-10-20
Factory Registration Number:	99667431
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2012-11-14
Major Products:	231 glass and related products
9
Name:	Taiwan Glass Industry Corp. Taichung Pingban Factory
Address:	No. 11, Lugong Rd., Lugang Town, Zhanghua County, Taiwan
Date of Registration:	2008-10-9
Factory Registration Number:	99680788
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2008-10-9
Major Products:	231 glass and related products

Factories in Mainland China

1
Name	Qingdao Float Glass Co., Ltd.
Tel	+86-532-8316-1177
Fax	+86-532-8316-1203
Factory Area	199,319 square meters
Annual Production Capacity	140,000 MT
Major Products	Clear float glass, mirror glass, tempered glass, laminated glass
2
Name	Qingdao Rolled Glass Co., Ltd.
Tel	+86-532-8316-1088
Fax	+86-532-8316-1078
Factory Area	229,807 square meters
Annual Production Capacity	150,000 MT
Major Products	Rolled glass
3
Name	TG Changjiang Co., Ltd.
Tel	+86-512-5744-0001
Fax	+86-512-5744-0666
Factory Area	318,970 square meters
Annual Production Capacity	320,000 MT
Major Products	Clear float glass, tinted float glass, insulating glass, tempered glass, laminated glass, reflective glass, low-e glass, heat strengthened glass, bent glass, mirror glass
4
Name	Taichia Glass Fiber Co., Ltd.
Tel	+86-512-5745-3000
Fax	+86-512-5745-3333
Factory Area	323,539 square meters
Annual Production Capacity	40,000MT
Major Products	E-glass fabric
5
Name	TG Chengdu Glass Co., Ltd.
Tel	+86-28-8366-7100
Fax	+86-28-8366-7300
Factory Area	346,276 square meters
Annual Production Capacity	480,000 MT
Major Products	Clear float glass, tempered glass, laminated glass, insulating glass, low-e glass, heat strengthened glass
6
Name	TG Huanan Glass Co., Ltd.
Tel	+86-769-8884-1000
Fax	+86-769-8884-0000
Factory Area	364,907 square meters
Annual Production Capacity	480,000 MT
Major Products	Clear float glass、mirror glass
7
Name	TG Donghai Glass Co., Ltd.
Tel	+86-518-8726-6866
Fax	+86-518-8726-6766
Factory Area	253,100 square meters
Annual Production Capacity	120,000 MT
Major Products	Clear float glass
8
Name	TG Kunshan Glass Co., Ltd.
Factory Area	85,800 square meters
Annual Production Capacity	200,000 MT
Major Products	Clear float glass
9
Name	TG Tianjin Glass Co., Ltd.
Tel	+86-22-6866-0077
Fax	+86-22-6866-0088
Factory Area	300,448 square meters
Annual Production Capacity	200,000 MT
Major Products	Clear float glass
10
Name	TG Fujian Photovoltaic Glass Co., Ltd.
Tel	+86-596-698-0000
Fax	+86-596-698-1000
Factory Area	400,000 square meters
Annual Production Capacity	60,000 MT
Major Products	PV cover glass

Personnel Information

Core Management

Directors

1
Name	Bofeng Lin
Position	Chairman of the Board
2
Name	Boshi Lin
Position	Executive Director
3
Name	Bochun Lin
Position	Director
4
Name	Boxin Zhang
Position	Director
5
Name	Handong Lin
Position	Director
6
Name	Yude Su
Position	Director
7
Name	Jiahong Lin
Position	Director
8
Name	Jiayou Lin
Position	Director
9
Name	Jiaming Lin
Position	Director
10
Name	Zhengzhang Chen
Position	Director
11
Name	Baocun Lin
Position	Director
12
Name	Fengzheng Lin
Position	Independent Director
14
Name	Qingzhi Chen
Position	Independent Director
15
Name	Qingyuan Huang
Position	Independent Director
16
Name	Liling Xu
Position	Supervisor
17
Name	Guodong Xie
Position	Supervisor
18
Name	Boshi Lin
Position	Manager
Date of Appointment	2012-6-5
19
Name	Yude Su
Position	Manager
Date of Appointment	2012-6-5
20
Name	Jiahong Lin
Position	Manager
Date of Appointment	2012-6-5
21
Name	Jiayou Lin
Position	Manager
Date of Appointment	2012-6-5
22
Name	Jiaming Lin
Position	Manager
Date of Appointment	2012-6-5
23
Name	Jiqing Xu
Position	Manager
Date of Appointment	2013-7-1
24
Name	Zhengzhang Chen
Position	Manager
Date of Appointment	2012-6-5
25
Name	Baocun Lin
Position	Manager
Date of Appointment	2012-6-5

Personnel Structure

Total Employees

About 14,200 Employees (Including 4,760 employees in Taiwan and 9,440 employees in the Mainland China)

Operation Information

Offices & Factories

	Headquarters
Add	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei

Production Information

l Subject is engaged in manufacturing of glass and related products

l Subject has factories in Taiwan and Mainland China for production.

l Subject obtained the certifications of ISO 9001 and ISO 14001.

Purchase Information

l The registered activities of subject:

Business Code	Details
--	Manufacturing, processing and sale of glass raw materials
--	Manufacturing and sale of sheet glass
--	Manufacturing and sale of figured glass
--	Manufacturing and sale of wire glass
--	Processing and sale of reflection plate glass
--	Processing and sale of tempered glass and agglutination safety glass
--	Processing and sale of mirror plate glass
--	Processing and sale of double insulation safety glass
--	Processing and sale of Railway vehicles and car glass
--	Processing and sale of bevelled glass
--	Manufacturing and sale of container glass
--	Manufacturing, processing and sale of heat-resistant glass
--	Manufacturing, processing and sale of fiber glass filament
--	Export of glass machinery and technology
--	Import and export of glass raw materials and machinery
--	Installation of glass
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l The raw materials for production are both purchased at home and abroad such as Japan, Germany, UK, USA, etc.

l It is introduced that the silica sand for production are purchased from subject’s related companies.

Sales Information

l Subject is engaged in sale of glass and related products

l The major products of the subject are including flat glass, processed glass, auto glass, photovoltaic glass & fiber glass container

l Subject’s sales regions include domestic market, Japan, South Korea, Southeast Asia, USA, North America, Middle East, Australia, Europe, and South Africa, etc.

l Subject’s products are applied to auto industry, building industry and Food utensil manufacturing, etc

Major products

Type	Product
Flat Glass	Clear float glass, tinted float glass, super clear glass, rolled glass
Processed Glass	Reflective glass, insulating glass, low-E glass, tempered glass, heat soak testing, heat strengthened glass, sound control laminated glass, ceramic spandrel glass, ceramic silkscreen glass, bent glass, mirror glass, etc.
Photovoltaic Glass	Photovoltaic Glass, solar power mirror
Fiber Glass	Glass fabric, glass fiber
Container	Liquor, wine and beer, food jar, pepper, spice, sauce, oil and vinegar, soft drink, juice and milk, pharmaceutical, cobalt blue containers, etc.

Trademark

Name of trademark:	Taiwan Boli TaiwanGlass and Picture
Registration No.:	01547542
Mark Type:	Flat
Mark:
Owner’s Name and Address:	Taiwan Glass Industry Corp. Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei, Taiwan
Class No.:	019
Products and Service:	Glass doors, color glass windows, glass for building, glass mosaic, safe glass for building, glass for non-car windows, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Terms	Proportion
Raw materials, etc.	Interior Settlement, T/T, Cash, etc	100%

Foreign Purchase

Product	Terms	Proportion
Raw materials, etc.	L/C, T/T, etc	100%

Sales

Domestic Markets

Product	Terms	Proportion
Glass and related products, etc.	Credit Sale, T/T, Cash, etc	100%

Export

Product	Terms	Proportion
Glass and related products, etc.	L/C, T/T, etc	100%

Balance Sheet

Unit: NTD/000

	2012-12-31	2011-12-31
Assets
Current Assets
Cash and cash equivalents	3,084,340.00	5,745,066.00
Notes receivable - net	253,285.00	314,630.00
Accounts receivable - net	1,203,724.00	1,059,524.00
Accounts receivable - related parties - net	101,706.00	43,369.00
Other receivables	14,728.00	35,207.00
Other receivables - related parties	385,641.00	697,479.00
Inventories	4,309,730.00	3,620,159.00
Other prepayments	355,889.00	448,629.00
Other current assets	177,824.00	92,275.00
Current assets	9,886,867.00	12,056,338.00
Available-for-sale financial assets - non current	363,595.00	1,680,047.00
Financial assets carried at cost - non current	49,206.00	68,106.00
Equity investments under equity method	38,133,161.00	37,509,045.00
Prepayments for long-term investments	0.00	19,500.00
Investments	38,133,161.00	37,528,545.00
Funds and long-term investments	38,545,962.00	39,276,698.00
Land	3,429,800.00	3,429,800.00
Buildings and structures	6,800,643.00	6,656,461.00
Machinery and equipment	18,088,379.00	17,147,448.00
Transportation equipment	223,482.00	215,218.00
Other facilities	346,129.00	301,048.00
Natural resources	11,595.00	11,595.00
Revaluation increment	588,138.00	588,138.00
Cost and revaluation increment	29,488,166.00	28,349,708.00
Accumulated depreciation	-16,471,325.00	-15,381,793.00
Construction in process and prepayment for equipments	1,141,239.00	925,300.00
Fixed assets	14,158,080.00	13,893,215.00
Guarantee deposits paid	25,641.00	34,194.00
Deferred charges	23,541.00	24,471.00
Deferred income tax assets - non current	56,788.00	98,617.00
Other assets - other	333,664.00	330,896.00
Other assets	439,634.00	488,178.00
Assets	63,030,543.00	65,714,429.00
Short-term borrowings	3,260,000.00	2,170,000.00
Short-term notes and bills payable	1,198,952.00	0.00
Accounts payable	1,203,454.00	1,012,270.00
Income tax payable	28,055.00	158,651.00
Accrued expenses	388,788.00	562,568.00
Other payables	33,566.00	46,200.00
Advance receipts	314,310.00	330,938.00
Long-term liabilities - current portion	1,175,000.00	0.00
Other current liabilities	79,150.00	79,019.00
Current liabilities	7,681,275.00	4,359,646.00
Bonds payable	8,491,341.00	8,698,214.00
Long-term borrowings	2,000,000.00	3,175,000.00
Long-term liabilities	10,491,341.00	11,873,214.00
Reserve for land revaluation increment tax	236,222.00	236,222.00
Reserve for furnace overhaul	560,049.00	560,049.00
Reserves	796,271.00	796,271.00
Guarantee deposits received	21,896.00	21,580.00
Other liabilities - other	299,459.00	211,519.00
Other liabilities	321,355.00	233,099.00
Liabilities	19,290,242.00	17,262,230.00
Common stock	23,780,608.00	22,756,563.00
Capital surplus - additional paid-in capital	25,000.00	25,000.00
Capital surplus - long-term equity investments	1,374,998.00	1,212,797.00
Capital surplus - stock option	383,440.00	383,440.00
Capital surplus - other	103,166.00	103,166.00
Capital surplus	1,886,604.00	1,724,403.00
Legal reserve	5,601,432.00	5,349,014.00
Special reserve	7,020,044.00	7,020,044.00
Unappropriated retained earnings	3,879,692.00	8,000,447.00
Retained earnings	16,501,168.00	20,369,505.00
Cumulative translation adjustments	1,689,953.00	3,179,321.00
Unrealized gains (losses) on financial instruments	-183,298.00	357,141.00
Unrealized Revaluation Increment	65,266.00	65,266.00
Equity adjustments	1,571,921.00	3,601,728.00
Stockholdersˉ equity	43,740,301.00 (USD 1,447,803,963.10)	48,452,199.00 (USD 1,603,767,786.90)
Number of treasury stock acquired by the company and subsidiaries (unit: share)	0.00	0.00
	0.00	0.00

(As of 2014.05, 1 NTD = 0.0331 USD)

Profit and Loss Account

Unit: NTD/000

	2012	2011
Sales	13,179,412.00 (USD 436,238,537.20)	14,183,828.00 (USD 469,484,706.80)
Sales returns	17,524.00	17,510.00
Sales	13,161,888.00	14,166,318.00
Other operating revenue	82,178.00	69,910.00
Operating income	13,244,066.00	14,236,228.00
Cost of sales	11,587,614.00	11,261,916.00
Other operating costs	74,372.00	60,388.00
Operating costs	11,661,986.00	11,322,304.00
Gross profit (loss) from operations	1,582,080.00	2,913,924.00
Unrealized gains on intercompany transactions	3,500.00	3,966.00
Realized gains on intercompany transactions	3,966.00	5,023.00
Selling expense	1,608,636.00	1,665,816.00
General and administrative expenses	213,600.00	291,053.00
Research and development expenses	104,611.00	105,485.00
Operating expenses	1,926,847.00	2,062,354.00
Operating income (loss)	-344,301.00	852,627.00
Interest income	41,601.00	57,937.00
Income from long-term equity investments under the equity method	0.00	199,901.00
Dividends	6,380.00	247,429.00
Investment income	6,380.00	447,330.00
Gains on disposal of fixed assets	41,098.00	35,738.00
Gains on sale of investments	519,950.00	1,448,384.00
Foreign exchange gains	152,517.00	0.00
Rent income	90,176.00	87,523.00
Reversal of provision for bad debts	51,130.00	0.00
Miscellaneous income	248,349.00	175,454.00
Non-operating revenues and gains	1,151,201.00	2,252,366.00
Interest expense	221,301.00	109,856.00
Losses from long-term equity investments under the equity method	2,284,892.00	0.00
Other investment loss	18,900.00	0.00
Investment loss	2,303,792.00	0.00
Loss on disposal of fixed assets	0.00	5.00
Foreign exchange losses	0.00	53,697.00
Impairment loss on assets	0.00	27,000.00
Miscellaneous disbursements	122,054.00	127,259.00
Non-operating expenses and losses	2,647,147.00	317,817.00
Income from continuing operations before income tax	-1,840,247.00	2,787,176.00
Income tax expense (benefit)	-20,000.00	263,000.00
Income from continuing operations	-1,820,247.00	2,524,176.00
Net income (loss)	-1,820,247.00	2,524,176.00
Primary earnings per share	-0.77	1.06

(As of 2014.05, 1 NTD = 0.0331 USD)

Cash Flows

Unit: NTD/000

	2012	2011
Net Income (Loss)	-1,820,247.00	2,524,176.00
Depreciation Expense	1,359,987.00	1,227,948.00
Amortization Expense	7,780.00	7,317.00
Amortization of Discounts (Premiums) on Bonds Payable	145,067.00	60,856.00
Effects of Exchange Rate Changes Of Bonds Payable	-351,940.00	423,492.00
Investment Loss (Income) Recognized under Equity Method	2,284,892.00	-199,901.00
Cash Dividends Received from Investments Accounted for under Equity Method	26,100.00	13,050.00
Loss (Gain) on Disposal of Property, Plant and Equipment	-41,098.00	-36,790.00
Loss (Gain) on Disposal of Non-current Assets Classified as Held for Sale	-519,950.00	-1,448,384.00
Impairment Losses on Financial Asset	18,900.00	27,000.00
Unrealized Gain (Loss) on Intercompany Transactions	-466.00	0.00
Other Adjustments to Reconcile Net Income	0.00	-48,142.00
Decrease (Increase) in Notes Receivable	61,345.00	-55,275.00
Decrease (Increase) in Accounts Receivable	-144,200.00	221,081.00
Decrease (Increase) in Accounts Receivable - Related Parties	-58,337.00	-4,875.00
Decrease (Increase) in Other Receivables	20,479.00	19,397.00
Decrease (Increase) in Other Receivable- Related Parties	-232,602.00	11,523.00
Decrease (Increase) in Inventories	-689,571.00	-995,984.00
Decrease (Increase) in Other Prepayments	92,740.00	-198,717.00
Decrease (Increase) in Other Current Assets	-5,610.00	-752.00
Decrease (Increase) in Deferred Tax Assets	-38,110.00	12,187.00
Decrease (Increase) in Other Operating Assets	-2,768.00	31,637.00
Increase (Decrease) in Accounts Payable	191,184.00	-57,531.00
Increase (Decrease) in Income Tax Payable	-130,596.00	24,251.00
Increase (Decrease) in Accrued Expenses	-173,780.00	-25,606.00
Increase (Decrease) in Other Payables	-15,745.00	39,575.00
Increase (Decrease) in Receipts in Advance	-16,628.00	-74,821.00
Increase (Decrease) in Other Operating Liabilities	131.00	-21,863.00
Net Cash Provided by (Used in) Operating Activities	-33,043.00	1,474,849.00
Proceeds from Disposal of Available-for-sale Financial Assets	1,295,961.00	3,139,776.00
Acquisition of Investments Accounted for by Equity Method	-4,262,273.00	-7,090,342.00
Decrease (Increase) in Prepayments for Long-term Investments	19,500.00	-19,500.00
Purchase of Property, Plant and Equipment	-1,656,660.00	-1,943,059.00
Proceeds from Disposal of Property, Plant and Equipment	161,312.00	2,284.00
Decrease (Increase) in Refundable Deposits	8,553.00	4,085.00
Increase in Deferred Charges	-6,850.00	-3,070.00
Decrease (Increase) in Other Receivables - Related Parties	544,440.00	-253,615.00
Net Cash Provided by (Used in) Investing Activities	-3,896,017.00	-6,163,441.00
Increase (Decrease) in Short-term Loans	1,090,000.00	-520,000.00
Increase (Decrease) in Short-term Notes and Bills Payable	1,198,952.00	0.00
Proceeds from Issuance of Bonds	0.00	8,597,306.00
Proceeds from Long-term Debt	0.00	3,175,000.00
Increase (Decrease) in Guarantee Deposits Received	316.00	-8.00
Cash Dividends Paid	-1,020,934.00	-1,241,455.00
Net Cash Provided by (Used in) Financing Activities	1,268,334.00	10,010,843.00
Net Increase (Decrease) in Cash and Cash Equivalents	-2,660,726.00	5,322,251.00
Cash and Cash Equivalents, Beginning of year	5,745,066.00	422,815.00
Cash and Cash Equivalents, End of year	3,084,340.00	5,745,066.00
Interest Paid- Excluding Capitalized Interest	76,162.00	47,737.00
Income Tax Paid	148,706.00	226,562.00

Note: We cannot found the new financial information of 2013 from official source, and the subject declined to disclose the 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

Trial Number	2010, Beijian,14682
Trial Date	2012-10-12
Reason	Payment of notes

Interview Details

Name	Mr. Lin
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.84
UK Pound	1	Rs.98.41
Euro	1	Rs.80.03

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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.