MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	ELITE LINE INDUSTRIAL CORP

Registered Office :	1F, No.40, Jialing St., Cianjhen District, Kaohsiung City 80656,

Country :	Taiwan

Date of Incorporation :	18.03.1999

Com. Reg. No.:	16479561

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing and sale of valves

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

Company name and address

Company Name:	ELITE LINE INDUSTRIAL CORP.
Supplied Name:	ELITE LINE INDUSTRIAL CORP.
Trading Address:	No.40, Jialing St., Cianjhen District, Kaohsiung City 80656, Taiwan
Supplied Address:	NO. 40, JIALING STREET, CIANJEN DISTRICT, Kaohsiung - 80656, Taiwan
Telephone Number:	+886-7-331-1060
Fax Number:	+886-7-331-0100

Company Identification Details

Registered Name:	ELITE LINE INDUSTRIAL CORP.
Registered Address:	1F, No.40, Jialing St., Cianjhen District, Kaohsiung City 80656, Taiwan
Date of Foundation:	1999-3-18
Registration Number:	16479561
Registry:	Economic Development Board of Kaohsiung City Government
Registered Capital:	NTD 5,000,000 (USD 165,500) (As of 2014.09, 1 NTD = 0.0331 USD)
Legal Representatives:	Jinzhong Chen
Legal Form:	Private Limited Liability Company
Principal Activities:	Manufacturing and sale of valves, etc.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-3-7

Note: Subject declined to disclose the number of staff, and from other source we cannot obtain the information, either.

History

Subject was incorporated on 1999-3-18 with registered number 16479561 as Private Limited Liability Company in Taiwan.

Corporate Structure

Subject did not register any subsidiaries or branches; from other source we could not obtain the relevant information, either.

Shareholders

Major Shareholders

(Unit: NTD)

Name

Subscription Amount

Jinzhong Chen

1,500,000

Management Information

Core Management

Director

Name	Jinzhong Chen
Position	Director

Operation Information

Offices & Factories

	Headquarters
Add	No.40, Jialing St., Cianjhen District, Kaohsiung City 80656, Taiwan

Production Information

Subject is engaged in manufacturing of valves, etc.

It is introduced that subject has a factory in Taipei City of Taiwan for production.

Purchase Information

The registered activities of subject:

Business Code	Details
F101050	Aquatic products wholesale
F102030	Tobacco and alcohol wholesale
F102040	Beverage wholesale
F102170	Food wholesale
F103010	Fodder wholesale
F106010	Hardware wholesale
F109070	Culture and education instrument, recreational supplies wholesale
F113010	Mechanical wholesale
F114030	Equipped with steam locomotive parts wholesale
F119010	Electronics material wholesale business
F201030	Aquatic products retail
F202010	Fodder retail
F203010	Food and beverage retail
F203020	Tobacco and alcohol retail
F206010	Hardware retail
F209060	Culture and education instrument, recreational supplies retail
F213080	Mechanical equipment retail
F214030	Equipped with steam locomotive parts retail
F219010	Electronics components retail business
F401010	The international trade
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

The components and raw materials for production are both purchased at home and abroad.

Sales Information

Subject is engaged in sale of valves, etc.

The major products of the subject are pressure reducing valves, back pressure valves, relief pressure valves, low pressure reducing valves, air control valves, pilot operated valves, etc.

It is introduced that subject’s products are applied in water supply system and fire protection system, etc.

Subject’s main sales regions include domestic market, Japan, Korea, Southeast Asia, USA, etc.

The major customers of the subject are manufacturers of machines, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Products	Components and raw materials, etc.
Payment Terms	L/C, T/T, etc.

Sales

Domestic Markets

Product	Valves, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Valves, etc.
Selling Terms	L/C, T/T, 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 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	Mr. Zhang
Department	Sales Department
E-mail	oliver@z-tide.com

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.02
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

INFORMATION DETAILS

Analysis Done by :	SUM

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.