MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	ALLIED BIOTECH CORP.
Registered Office :	13F., No.71, Tun Hwa S. Rd., Sec. 2, Taipei 106
Country :	Taiwan
Financials (as on) :	31.12.2012
Date of Incorporation :	25.12.2001
Com. Reg. No.:	12971536
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sale of carotenoids
No. of Employees :	About 150 Employees

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 :	No complaints
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Taiwan	A2	A2

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:	Allied Biotech Corp.
Supplied Name:	ALLIED BIOTECH CORPORATION
Trading Address:	13F., No.71, Tun Hwa S. Rd., Sec. 2, Taipei 106, Taiwan (R.O.C.)
Supplied Address:	12TH FLOOR, NO.76 SEC. 2, TUN HUA SOUTH ROAD, TAIPEI, TAIWAN
Telephone Number:	+886-2-2703-0209
Fax Number:	+886-2-2703-0289
Website:	www.altratene.com

Notes: The exact name and address are as above; the supplied address belongs to subject’s shareholder “Allied Industrial Corp., Ltd.”

Credit Summary

Credit Opinion:	Business connections are permissible.
Risk Analysis:	Average creditworthiness

Company Identification Details

Registered Name:	Allied Biotech Corp.
Registered Address:	13F., No.71, Tun Hwa S. Rd., Sec. 2, Taipei 106, Taiwan (R.O.C.)
Date of Foundation:	2001-12-25
Registration Number:	12971536
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,200,000,000 (USD 39,720,000) (As of 2014.09, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 946,000,000 (USD 31,312,600)
Legal Representatives:	Zhengli Yang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of carotenoids, etc
Staff:	About 150 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-7-29

History

Subject was incorporated on 2001-12-25 with registered number 12971536 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Emerging Stock Market on 2010-4-29.

Corporate Structure

Factory

Name:	Guanyin Factory
Address:	No.6, Industrial 6 Road, Guanyin Industrial Zone, Guanyin Township, Taoyuan County, Taiwan
Date of Foundation:	1999-1-19
Date of Registration:	1999-3-29
Factory Registration Number:	99621956
Factory Manager:	Zhengli Yang
Status:	In production
Date of Last Annual Return:	2014-8-14
Major Products:	089 other food 192 paints, dyes and pigments 199 other chemical products

Shareholders

Major Shareholders

Name	Subscription Shares
Zhengli Yang
500,000
Qinghui Lin	200,000
Mega International Commercial Bank Co., Ltd.	13,000,000
Rongmin Gong	400,000
Allied Industrial Corp., Ltd.	19,848,758
China Development Industrial Bank Co., Ltd (Literal Translation)	2,750,000
Sailing Venture Investment Co., Ltd (Literal Translation)	2,200,000

Shareholder Information:

1
Registered Name:	Mega International Commercial Bank Co., Ltd.
Registered Address:	No.100, Jilin Rd., Zhongshan Dist., Taipei City 10424, Taiwan (R.O.C.)
Date of Foundation:	1928-10-26
Registration Number:	03705903
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 77,000,000,000 (USD 2,548,700,000) (As of 2014.09, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 77,000,000,000 (USD 2,548,700,000)
Legal Representatives:	Youcai Cai
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-9-4
2
Registered Name:	Allied Industrial Corp., Ltd.
Registered Address:	12Fl., No.76, Sec.2, Tun Hua S. Rd., Daan Dist., Taipei 106, Taiwan, R.O.C.
Date of Foundation:	1964-1-9
Registration Number:	11121403
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 3,800,000,000 (USD 125,780,000) (As of 2014.09, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 2,000,000,000 (USD 66,200,000)
Legal Representatives:	Yuanqi Zhao
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-6-30
3
Registered Name:	China Development Industrial Bank Co., Ltd (Literal Translation)
Registered Address:	No.125, China Development Building, Sec.5, Nanjing East Road, Songshan District, Taipei City
Date of Foundation:	1959-5-14
Registration Number:	11147207
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 92,668,510,000 (USD 3,067,327,681) (As of 2014.09, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 61,603,994,100 (USD 2,039,092,205)
Legal Representatives:	Muzai Chen
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-8-29
4
Registered Name:	Sailing Venture Investment Co., Ltd (Literal Translation)
Registered Address:	28/F, No.7, Sec.5, Xinyi Road, Xinyi District, Taipei City
Date of Foundation:	2005-3-25
Registration Number:	27252844
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,000,100,000 (USD 33,103,310) (As of 2014.09, 1 NTD = 0.0331 USD)
Paid-up Capital:	NTD 1,000,100,000 (USD 33,103,310)
Legal Representatives:	Xiongsheng Gao
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-6-27

Management Information

Core Management

Directors

1
Name		Zhengli Yang
Position		Board Chairman
2
Name	Qinghui Lin
Position		Deputy Chairman & Manager
Date of Appointment of Manager		2002-1-8
3
Name	Mega International Commercial Bank Co., Ltd.
Position		Director
4
Name	Rongmin Gong
Position		Director
5
Name	Zhizhong Xiang
Position		Director
6
Name	China Development Industrial Bank Co., Ltd (Literal Translation)
Position		Director
7
Name	Zongxian Lv
Position		Director
8
Name	Zheng Zhang
Position		Independent Director
9
Name	Zhili Chen
Position		Independent Director
10
Name	Lvjie Wang
Position		Supervisor
11
Name	Zhengdong Lv
Position		Supervisor
12
Name	Yongshun Zhuang
Position		Supervisor

Personnel Structure

Total Employees

About 150 Employees

Operation Information

	Headquarters
Add	13F., No.71, Tun Hwa S. Rd., Sec. 2, Taipei 106, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of carotenoids, etc.

Subject has a factory in Taoyuan County, Taiwan for production.

It is introduced that’s annual production capacity is about 395 MT in 2013.

Subject obtained the certifications of ISO 9001 and ISO 9002.

Purchase Information

The registered activities of subject:

Business Code	Details
C199990	Unallocated other food manufacturing industry
C201010	Feed manufacturing industry
C801030	Precision chemical material manufacturing industry
C802100	Cosmetics manufacturing industry
C802110	Cosmetics pigment manufacturing industry
C802200	Paint, paint, dyestuff and pigment manufacturing industry
F103010	Feed wholesale industry
F107020	Dye, pigment wholesale industry
F107070	Veterinary drug wholesale industry
F107080	Environmental medicine wholesale industry
F108040	Cosmetics wholesale industry
F208040	Cosmetics retail industry
F401010	The international trade industry
H703090	Property sales industry
H703100	Real estate leasing industry
F101050	Aquatic products wholesale industry
F102030	Tobacco and liquor wholesale industry
F203020	Tobacco and liquor retail industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.
C114010	Food additives manufacturing industry
F102020	Edible oil wholesale industry
F121010	Food additives wholesale industry
F202010	Feed retail industry
F221010	Food additives retail industry

The raw materials for production are purchased from Mainland China, Japan and Europe.

One of subject’s major suppliers is Penglai Hua Mao Fine Chemicals Co., Ltd. (Literal Translation).

Sales Information

Subject is engaged in sale of carotenoids, etc.

Subject’s major products include beta-carotene, apocarotenal, lycopene, lutein, canthaxanthin

The products are applied to food, feed, dietary supplements and cosmetic, etc.

Subject sells products with the brands “Altratene”, “Lycotene”, Lutene and “Canthatene”, etc.

Subject’s sales regions include Asia, Europe and USA, etc.

Subject’s major competitors are DSM (Netherlands) and BASF (Germany).

One of subject’s major customers is Shanghai Mao Shun Business Co., Ltd. (Literal Translation).

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

Products	Raw materials, etc
Payment Terms	L/C, T/T, etc

Sales

Domestic Markets

Product	Carotenoids, etc
Selling Terms	Cash, T/T, etc

Export

Product	Carotenoids, etc
Selling Terms	L/C, T/T, etc

Balance Sheet

Individual Balance Sheet

Unit: NTD/000

	2012-12-31 *	2011-12-31 *
Assets
Current Assets
Cash and cash equivalents	251,064	204,525
Changes in the fair value of the financial assets on profit and loss-flow	300	1,740
Notes receivable - net	1,485	2,724
Accounts receivable - net	106,829	51,164
Accounts receivable - related parties - net	75,871	87,868
Other financial assets - flow	548	19,630
Inventories	251,326	273,639
Other current assets	12,917	22,186
Current assets	700,340	663,476
Funds and Investments
Long-term equity investments under equity method	6,028	5,085
Investments	6,028	5,085
Funds and investments	6,028	5,085
Fixed Assets
Cost
Land	210,220	210,220
Buildings and structures	214,848	206,949
Machinery and equipment	285,367	281,785
Transportation equipment	4,623	4,660
Office equipment	6,192	5,894
Other equipment	140,613	131,890
Fixed assets cost	861,863	841,398
Accumulated depreciation	-351,074	-316,545
Construction in process and prepayment for equipments	59,764	2,036
Fixed assets	570,553	526,889
Intangible Assets
Other Assets
Deferred income tax assets – non current	1,738	3,656
Other assets - other	10	10
Other assets	1,748	3,666
Assets	1,278,669	1,199,116
Liabilities and Stockholders' Equity
Liabilities
Current Liabilities
Short-term borrowing	62,981	11,563
Financial liabilities at fair value through profit or loss -flow	449	76
Notes payable	29,695	24,880
Accounts payable	1,366	7,435
Income tax payable	559	0
Accrued expenses	11,816	13,870
Long-term liabilities -current portion	26,481	35,786
Other current liabilities	6,343	3,189
Current liabilities	139,690	96,799
Long term Liabilities
Long term borrowings	143,010	142,481
Long term liabilities	143,010	142,481
Reserves
Other Liabilities
Pension reserve / accrued pension liability	3,830	3,580
Other liabilities-others	6,694	10,764
Other liabilities	10,524	14,344
Liabilities	293,224	253,624
Stockholders' Equity
Capital
Common stock	946,000	946,000
Capital Surplus
Capital surplus -share premium account	0	0
Capital surplus	0	0
Retained Earnings
Inappropriate retained earnings	38,861	-1,155
Retained earnings	38,861	-1,155
Stockholders’' Equity and Other adjustment
Cumulative translation adjustments	584	647
Equity adjustments	584	647
Stockholders‘ equity	985,445	945,492
Number of treasury stock acquired by the company and subsidiaries (unit: share)	0	0
Equivalent shares of outstandings of advance receipts for common stock (unit: share)	0	0

Consolidated Balance Sheet

Unit: NTD/000

	2013-12-31 #
Current Assets
Cash and cash equivalents	147,384
Current financial assets at fair value through profit or loss - flow	6,425
Current bond investment without active market, net	160,500
Notes receivable - net	1,441
Accounts receivable - net	132,856
Accounts receivable - related parties - net	0
Other receivables	116
Inventories	292,829
Other current assets	16,167
Total current assets	757,718
Non-Current Assets
Property, plant and equipment	674,443
Deferred income tax assets	10,881
Other non-current assets	8,003
Non-current assets	693,327
Assets	1,451,045
Current Liabilities
Short-term borrowing	101,070
Changes in the fair value of the financial liability on profit and loss-flow	1,368
Notes payable	49,209
Accounts payable	5,150
Other payables	23,256
Total current tax liabilities	1,354
Other current liability	20,443
Total current liability	201,850
Non-current Liability
Long-term loan	254,137
Deferred income tax liabilities	664
Other non-current liabilities	11,504
Non-current liabilities	266,305
Total Liabilities	468,155
Equity Attributable to the Parent Company
Capital
Common stock	946,000
Capital stock	946,000
Capital Surplus
Legal reserve	3,886
Inappropriate retained earnings	32,789
Retained earnings	36,675
Other Equity Interest
Exchange differences	215
Other equity interest	215
Total equity attributable to owners of parent	982,890
Total equity	982,890
Equivalent issue shares of advance receipts for ordinary share	0
Number of shares in entity held by entity and by its subsidiaries	0

Profit and Loss Account

Individual Profit and Loss Account

Unit: NTD/000

	2012 *	2011 *
Sales	447,745	382,825
Sales return	95	156
Sales discount	638	202
Sales	447,012	382,467
Processing income	9,102	0
Service income	9,102	0
Operating income	456,114	382,467
Selling cost	308,490	272,296
Processing cost	6,607	0
Service cost	6,607	0
Operating costs	315,097	272,296
Gross profit (loss) from operations	141,017	110,171
Unrealized gain from inter-affiliate accounts.	6,694	10,764
Realized gain from inter-affiliate accounts.	10,764	10,858
Selling expense	39,807	36,514
General and administrative expenses	33,837	35,568
Research and development expenses	21,852	20,375
Operating expenses	95,496	92,457
Operating income (loss)	49,591	17,808
Non-Operating Income
Interest income	2,002	1,245
Investment income	1,020	640
Investment income under equity method	1,020	640
Income on disposal of fixed assets	0	56
Foreign exchange gain	0	3,329
Miscellaneous disbursements	2,425	82
Non-operating income and gain	5,447	5,352
Non-operating Expenses and Losses
Interest expenses	5,789	5,917
Foreign exchange loss	4,123	0
Miscellaneous disbursements	929	124
Non-operating Expenses and Losses	10,841	6,041
Income from continuing operations before income tax	44,197	17,119
Income tax expense (benefit)	4,181	1,825
Income from continuing operations	40,016	15,294
Net income (loss)	40,016	15,294

Consolidated Profit and Loss Account

Unit: NTD/000

	2013 #
Total operating revenue	479,575
Total operating costs	337,947
Gross profit (loss) from operations	141,628
Gross profit (loss) from operations, net	141,628
Operating expenses
Selling expenses	75,852
Administrative expenses	39,547
Research and development expenses	24,487
Total operating expenses	139,886
Net operating income (loss)	1,742
Non-operating income and expenses
Other income	3,455
Other gains and losses, net	7,410
Finance costs, net	4,096
Total non-operating income and expenses	6,769
Profit (loss) from continuing operations before tax	8,511
Total tax expense (income)	2,151
Profit (loss) from continuing operations	6,360
Profit (loss)	6,360
Other comprehensive income
Exchange differences on translation	336
Actuarial gains (losses) on defined benefit plans	-4,743
The income tax related to other comprehensive income	-748
Other comprehensive income, net	-3,659
Total comprehensive income	2,701
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	6,360
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	2,701

Cash Flows

Individual Cash Flows

Unit: NTD/000

	2012 *	2011 *
Cash Flows from Operating Activities - Indirect Method
Net Income (Loss)	40,016	15,294
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities
Depreciation Expense	34,663	33,951
Provision (Reversal of Provision) for Bad Debts Losses	0	379
Investment Loss (Income) Recognized under Equity Method	-1,020	-640
Loss (Gain) on Disposal of Property, Plant and Equipment	5	-56
Unrealized Loss (Gain) on From Inter-Affiliate Accounts.	-4,070	-94
Changes in Operating Assets and Liabilities
Trading Financial Assets (Increase) Decrease	1,440	-249
Decrease (Increase) in Notes Receivable	1,239	188
Decrease (Increase) in Accounts Receivable	-19,274	-19,685
Decrease (Increase) in Accounts Receivable – Related Parties	-5,167	22,156
Decrease (Increase) in Inventories	22,313	-4,849
Decrease (Increase) in Other Current Assets	7,938	-7,264
Decrease (Increase) in Other Financial Assets	-145	1,249
Decrease (Increase) in Deferred Income Tax Assets	3,263	1,825
Decrease (Increase) in Trading Financial Liabilities	373	76
Increase (Decrease) Notes Payable	4,870	6,184
Increase (Decrease) Notes Payable – Related Parties	-55	445
Increase (Decrease) in Accounts Payable	-4,156	-664
Increase (Decrease) in Accounts Payable– Related Parties	-1,913	49
Increase (Decrease) in Income Tax Payable	559	0
Increase (Decrease) in Accrued Expenses	-2,054	919
Increase (Decrease) in Other Current Liabilities	-514	545
Increase (Decrease) in Accrued Pension Liabilities	250	-176
Net Cash Provided by (Used in) Operating Activities	78,561	49,583
Cash Flows from Investing Activities
Purchase of Property, Plant and Equipment	-74,667	-10,658
Proceeds from Disposal of Property, Plant and Equipment	3	70
Decrease (Increase) in Refundable Deposits	0	0
Decrease (Increase) in Other Financial Assets	0	7,000
Net Cash Provided by (Used in) Investing Activities	-74,664	-3,588
Cash Flows from Financing Activities
Increase (Decrease) in Short-term Loans	51,418	-15,090
Long Term Loan	55,746	30,000
Repayment of Long-Term Loans	-64,522	-50,283
Increase (Decrease) in Other Payables – Related Parties	0	0
Capital Increase by Cash	0	0
Net Cash Provided by (Used in) Financing Activities	42,642	-35,373
Net Increase (Decrease) in Cash and Cash Equivalents	46,539	10,622
Cash and Cash Equivalents, Beginning of year	204,525	193,903
Cash and Cash Equivalents, End of year	251,064	204,525
Supplemental Cash Flow Information
Interest Paid	5,672	6,069
Interest Paid- Excluding Capitalized Interest	5,672	6,069
Non-cash Investing and Financing Activities
Current Portion of Long-term Liabilities	26,681	35,786
Capital Surplus Covers the Loss	0	69,000
Investing Activities Affecting Both Cash and Non-cash Items
Cash Paid for Acquisition of Property, Plant and Equipment
Increase in Property, Plant and Equipment	78,335	9,583
Increase (Decrease) in Payable for Equipment Purchased	-3,668	1,075
Cash Paid for Purchase of Property, Plant and Equipment	74,667	10,658

Consolidated Cash Flows

Unit: NTD/000

	2013 #
Cash Flows from Operating Activities - Indirect Method
Profit (loss) from continue operating before income tax	8,511
Profit (loss) before income tax	8,511
Depreciation Expense	37,595
Provision (Reversal of Provision) for Bad Debts Losses	5,472
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	1,062
Interest expense	6,214
Interest income	-2,171
Dividend income	-88
Loss (gain) on disposal of property, plant and equipment	-35
Loss (gain) on disposal of investment	0
Non cash income and expense items	48,049
Decrease (increase) in financial assets held for trading	-6,268
Decrease (increase) in notes receivable	44
Decrease (increase) in accounts receivable	4,546
Decrease (increase) in other receivable	313
Decrease (increase) in inventories	-5,397
Decrease (increase) in other current assets	-8,142
Total changes in operating assets	-14,904
Increase (decrease) in notes payable	19,513
Increase (decrease) in accounts payable	3,602
Increase (decrease) in other payable	6,755
Increase (decrease) in other current liabilities	-2,063
Increase (decrease) in accrued pension liabilities	623
Total changes in operating liabilities	28,430
Total changes in operating assets and liabilities	13,526
Total adjustments	61,575
Cash inflow (outflow) generated from operations	70,086
Interest received	2,151
Dividend received	88
Interest paid	-5,971
Income taxes refund (paid)	-1,776
Net cash flows from (used in) operating activities	64,578
Cash flows from (used in) investing activities
Acquisition of bond investments without active market	0
Acquisition of property, plant and equipment	-138,645
Proceeds from disposal of property, plant and equipment	38
Increase in other non-current assets	-15,351
Net cash flows from (used in) investing activities	-153,958
Cash flows from (used in) financing activities
Increase in short-term loans	38,089
Long-term loans	272,444
Repayment of long-term loans	-169,491
Net cash flows from (used in) financing activities	141,042
Effect of exchange rate changes on cash and cash equivalents	335
Net increase (decrease) in cash and cash equivalents	51,997
Cash and cash equivalents at beginning of period	95,387
Cash and cash equivalents at end of period	147,384
Cash and cash equivalents reported in the statement of balance sheet	147,384

Note: Subject didn’t submit its individual financials to local registry; we could only obtain subject’s latest consolidated financials as above for reference.

(*) Figures are based on the Taiwan generally accepted accounting principle.

(#) Figures are based on the IFRSs Accounting System.

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	Mr. Chen
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.03
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SHG

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.