MIRA INFORM REPORT

Report No. :	350222
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	EVERLIGHT CHEMICAL INDUSTRIAL CORPORATION
Registered Office :	5-6 F, No.77, Sec.2, Tun Hua South Road, Taipei, Taiwan, Republic of China
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	07.09.1972
Com. Reg. No.:	15458455
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sales of Chemicals.
No. of Employees :	About 1,710

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Taiwan	A1	A1

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. 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. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks.

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 expected to account for nearly 20% of the island's total population by 2025.

The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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, the Taiwan Central Bank signed a memorandum of understanding (MOU) 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 has helped Taiwan develop into a local RMB hub.

Closer economic links with the mainland bring greater opportunities for Taiwan’s economy but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues, while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.

Source : CIA

Contact Points

Company Name:	EVERLIGHT CHEMICAL INDUSTRIAL CORPORATION
Supplied Name:	EVERLIGHT INDUSTRIAL CORPORATION
Trading Address:	5-6 F, No.77, Sec.2, Tun Hua South Road, Taipei, Taiwan
Supplied Address:	6th Fl, Chung Ting Bldg, No 77, Sec 2, Tun Hua South Road Taipei
Telephone Number:	+886-2-2706-6006
Fax Number:	+886-2-2708-1254

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Everlight Chemical Industrial Corporation
Registered Address:	5-6 F, No.77, Sec.2, Tun Hua South Road, Taipei, Taiwan, Republic of China
Date of Foundation:	1972-09-07
Registration Number:	15458455
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 8,000,000,000 (USD 248,000,000) (As of 2015.12, 1 NTD = 0.031 USD)
Paid-up Capital:	NTD 5,216,687,860 (USD 161,717,323.66)
Legal Representatives:	Jianxin Chen
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of chemicals.
Staff:	About 1,710 Employees
Listed at Stock Exchange:	Yes; Stock Code:1711
Date of Last Annual Return:	2015-08-19

History

Subject was incorporated on 1972-09-07 with registered number 15458455 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1988-12-27.

Corporate Structure

Factories

1
Name:	The 1^st Factory
Address:	No. 271, N. Zhongshan Rd., Neihai Li, Dayuan Dist., Taoyuan City, Taiwan
Date of Foundation:	1978-06-26
Date of Registration:	1980-09-24
Factory Registration Number:	99622357
Factory Manager:	Jianxin Chen
Status:	In Production
Date of Last Annual Return:	2014-12-10
Major Products:	192 Coating, dyes and pigments 089 Other food 199 Other chemical products
2
Name:	The 2^nd Factory
Address:	No.12, 3^rdIndustrial Rd., Shulin Li, Guanyin Dist., Taoyuan City, Taiwan
Date of Foundation:	1991-04-22
Date of Registration:	1991-05-24
Factory Registration Number:	99622051
Factory Manager:	Jianxin Chen
Status:	In Production
Date of Last Annual Return:	2015-02-08
Major Products:	181 Basic chemical materials 192 Coating, dyes and pigments 199 Other chemical products 200 Medicines and medical chemicals
3
Name:	The 3^rd Factory
Address:	No. 937 & 935, Sec.2 Chenggong Rd., Shulin Li, Guanyin Dist., Taoyuan City, Taiwan
Date of Foundation:	1992-04-24
Date of Registration:	1995-04-17
Factory Registration Number:	99622352
Factory Manager:	Jianxin Chen
Status:	In Production
Date of Last Annual Return:	2015-07-07
Major Products:	199 Basic chemical products 181 Basic chemical materials

Major Related Companies

1
Name	Everlight USA, Inc.
Address	P.O. Box 411187, Charlotte, NC 28241, 10507 Southern Loop Blvd., Pineville, NC 28134
Telephone Number	+1-704-588-1004
Fax Number	+1-704-588-0051
2
Name	Everlight Europe B.V.
Address	Rivium Boulevard 112b, 2909 LK Capelle Aan Den Ijssel, The Netherlands
Telephone Number	+31-10-238-0099
Fax Number	+31-10-238-0090
3
Name	Elite Foreign Trading Inc.
Address	Mersin Serbest Bolgesi, Mersin, Turkey
Telephone Number	+90-324-237-7789
Fax Number	+90-324-237-0246
4
Name	Everlight Hong ivium Boulevard 112b, ress are as above.n Kong Limited
Address	Room 1704, 17F, No.223, Hing Fong Road, Tower 2, Metroplaza, Kwai Chung, N. T. Hong Kong
Telephone Number	+852-2619-1095
Fax Number	+852-2619-1031
5
Name	Everlight (Suzhou) Advanced Chemicals Ltd
Address	No.33, Ping Sheng Road, Suzhou Industrial Park Suzhou 215126 P.R. China
Telephone Number	+86-512-6287-1980
Fax Number	+86-512-6287-1217
6
Name	Ethical International Trading & Warehousing (Shanghai) Co., Ltd
Address	Rm.1101, No.2067, West Yanan Road, Super Ocean Finance Center, Shanghai, China
Telephone Number	+86-21-6219-6954
Fax Number	+86-21-6219-1276
7
Name	Guangzhou Ethical Trading Co., Ltd
Address	Room 409,Regal Business Center,No.574-578,TianHe North Road, Guangzhou, China
Telephone Number	+86-20-3849-7030
Fax Number	+86-20-3849-7031
8
Name	Qingdao Ethical Trading Co., Ltd
Address	Room 1601, No.29, Shandong Road, Galaxy Building, Qingdao, China
Telephone Number	+86-532-8501-6051
Fax Number	+86-532-8501-6063

Shareholders

Major Shareholders

Name	Subscription Shares
Jianxin Chen
6,405,000
Dingchuan Chen	81,033,750
Weiwang Chen	5,974,500
Jianming Chen	2,823,898
Dingji Chen	16,598,719
Yonglong Li	2,172,388
Wenyuan Gan	2,810,862
Chongguang Chen	128,116

Management Information

Core Management

Directors

1
Name		Jianxin Chen
Position		Chairman of the Board
2
Name	Dingchuan Chen
Position		Director
3
Name	Weiwang Chen
Position		Director & Manager
Date of Appointment for Manager		2001-01-01
4
Name	Jianming Chen
Position		Director
5
Name	Dingji Chen
Position		Director
6
Name	Yonglong Li
Position		Director
7
Name	Wenyuan Gan
Position		Director
8
Name	Chongguang Chen
Position		Director
9
Name	Xiujun Wang
Position		Independent Director
10
Name	Yingzheng Hong
Position		Independent Director
11
Name	Congfan Wu
Position		Independent Director
12
Name	Yongheng Huang
Position		Manager
Date of appointment		2014-06-20
13
Name	Fangyun Li
Position		Manager
Date of appointment		2014-06-20
14
Name	Degang Zhou
Position		Manager
Date of appointment		2014-06-20
15
Name	Guangfeng Cai
Position		Manager
Date of appointment		2014-06-20
16
Name	Mingzhi Liao
Position		Manager
Date of appointment		2014-06-20
17
Name	Chongguang Chen
Position		Manager
Date of appointment		2014-06-20
18
Name	Zhaowen Lin
Position		Manager
Date of appointment		2014-06-20
19
Name	Sifeng Chen
Position		Manager
Date of appointment		2015-01-01

Personnel Structure

Total Employees

About 1,710 Employees

Operation Information

Offices & Factories

	Headquarters
Add	5-6 F, No.77, Sec.2, Tun Hua South Road, Taipei, Taiwan

Production Information

Subject is engaged in manufacturing of chemicals.

Subject has factories in Taiwan for production.

Subject obtained the certifications of ISO 9001, ISO 14001 and OHSAS 18001.

Purchase Information

The registered activities of subject:

Business Code	Details
C802200	Manufacturing of coating, paint, dye and pigment
C802120	Manufacturing of industrial additives
C802990	Manufacturing of other chemical products
C802041	Manufacturing of western medicine
C802060	Manufacturing of animal medicine
C802100	Manufacturing of cosmetic
C801990	Manufacturing of other chemical materials
CA04010	Surface treatment industry
C801010	Basic chemical industry
F401010	International trade business
C199990	Manufacturing of other unclassified food
C802110	Manufacturing of cosmetic pigment
F108051	Sale of cosmetic pigment
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.
C114010	Manufacturing of dietary supplement

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

Sales Information

Subject is engaged in sales of chemicals.

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

It is introduced that the products of subject are mainly applied to textile industry, leather industry, paper industry, digital printing industry, coating industry, plastic industry, LED Industry, solar industry, IC Industry and medical treatment industry, etc.

It is introduced that subject has distributors in over 80 countries.

Subject’s major customers are Parkdale Mills El Salvador SA De CV, Chorrillos Color SA and Proquind Y Cia S En C,.

Major products

Type	Product
Dyes	Reactive dyes, Direct dyes, Acid dyes, Leather dyes, Anodizing dyes
Functional Dyes	Pre-Inks, Ink-Jet inks, CD-R, DVD-R dyes, Dichroic dyes
Specialty Chemicals	UV Absorber, HALS, UV Masterbatch, Textile UV Absorber
Pharmaceutical	Alprostadil, Misoprostol, Cloprostenol Sodium, Felodipine, Latanoprost
Nano-Materials	Sol-Gels, UV-curable hybrids
Electronic Chemicals	--

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials
Payment Terms	T/T, Cash

Import

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

Sales

Domestic Markets

Product	Chemicals
Selling Terms	T/T, Cash

Export

Product	Chemicals
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Cash on hand	2,791	3,042
Cash in banks	633,066	842,409
Total cash and cash equivalents	635,857	845,451
Current financial assets at fair value through profit or loss
Current financial assets at fair value through profit or loss, designated as upon initial recognition	0	60,021
Total current financial assets at fair value through profit or loss	0	60,021
Notes receivable, net
Notes receivable	292,495	308,891
Allowance for uncollectible accounts, notes receivable	1,182	1,264
Notes receivable, net	291,313	307,627
Accounts receivable, net
Accounts receivable	1,648,128	1,559,274
Allowance for uncollectible accounts, accounts, installment, and lease payments receivable	34,881	31,703
Accounts receivable, net	1,613,247	1,527,571
Inventories
Inventories, manufacturing business
Finished goods	1,849,698	1,403,445
Work in progress	601,139	682,732
Raw materials	741,928	613,833
Supplies	24,259	18,574
Materials and supplies in transit	54,386	210,062
Inventories, manufacturing business, net	3,271,410	2,928,646
Total inventories	3,271,410	2,928,646
Other current assets
Other current financial assets	31,389	30,243
Other current assets, others	150,995	144,453
Total other current assets	182,384	174,696
Total current assets	5,994,211	5,844,012
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets	1,267,434	1,061,161
Non-current available-for-sale financial assets, net	1,267,434	1,061,161
Non-current financial assets at cost
Non-current financial assets at cost	134,244	87,526
Non-current financial assets at cost, net	134,244	87,526
Investments accounted for using equity method
Investments accounted for using equity method	123,972	93,160
Investments accounted for using equity method, net	123,972	93,160
Property, plant and equipment
Land, net
Land, cost	900,214	898,011
Land, net	900,214	898,011
Buildings and structures, net
Buildings and structures, cost	3,311,108	2,994,966
Accumulated depreciation, buildings and structures	1,655,747	1,551,364
Buildings and structures, net	1,655,361	1,443,602
Machinery and equipment, net
Machinery and equipment, cost	7,491,928	6,986,599
Accumulated depreciation, machinery and equipment	5,741,451	5,623,977
Machinery and equipment, net	1,750,477	1,362,622
Unfinished construction and equipment under acceptance	661,179	618,021
Total property, plant and equipment	4,967,231	4,322,256
Deferred tax assets	85,192	76,329
Other non-current assets
Prepayments for business facilities	117,704	123,136
Other non-current financial assets
Other non-current financial assets, others	4,088	3,443
Total other non-current financial assets	4,088	3,443
Long-term prepaid rents	28,286	27,985
Other non-current assets, others
Other non-current assets, others	9,088	14,016
Total other non-current assets, others	9,088	14,016
Total other non-current assets	159,166	168,580
Total non-current assets	6,737,239	5,809,012
Total assets	12,731,450	11,653,024
Liabilities
Current liabilities
Short-term borrowings
Bank loan	2,741,305	1,713,000
Total short-term borrowings	2,741,305	1,713,000
Short-term notes and bills payable
Short-term notes and bills payable	14,973	19,952
Total short-term notes and bills payable	14,973	19,952
Notes payable
Notes payable	172,663	192,519
Total notes payable	172,663	192,519
Accounts payable
Accounts payable	275,532	424,677
Total accounts payable	275,532	424,677
Other payables
Other accrued expenses	430,613	420,953
Payable on machinery and equipment	45,350	36,087
Total other payables	475,963	457,040
Current tax liabilities	65,632	79,942
Other current liabilities
Long-term liabilities, current portion
Long-term borrowings, current portion	360,625	240,000
Total long-term liabilities, current portion	360,625	240,000
Other current liabilities, others	58,510	27,771
Total other current liabilities	419,135	267,771
Total current liabilities	4,165,203	3,154,901
Non-current liabilities
Long-term borrowings
Long-term bank loans	500,298	840,000
Total long-term borrowings	500,298	840,000
Deferred tax liabilities
Deferred tax liabilities, income tax	48,704	42,053
Total deferred tax liabilities	48,704	42,053
Other non-current liabilities
Accrued pension liabilities	275,545	292,955
Total other non-current liabilities	275,545	292,955
Total non-current liabilities	824,547	1,175,008
Total liabilities	4,989,750	4,329,909
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	4,968,274	4,731,690
Total capital stock	4,968,274	4,731,690
Capital surplus
Capital surplus, additional paid-in capital
Capital surplus, additional paid-in capital arising from ordinary share	462,559	462,559
Total capital surplus, additional paid-in capital	462,559	462,559
Capital surplus, treasury share transactions	10,999	10,999
Total capital surplus	473,558	473,558
Retained earnings
Legal reserve	800,558	741,741
Special reserve	43,346	43,346
Unappropriated retained earnings (accumulated deficit)
Accumulated profit and loss	806,202	771,211
Total unappropriated retained earnings (accumulated deficit)	806,202	771,211
Total retained earnings	1,650,106	1,556,298
Other equity interest
Exchange differences on translation of foreign financial statements
Exchange differences on translation of foreign financial statements, associates and joint ventures accounted for using equity method	67,892	20,482
Total exchange differences on translation of foreign financial statements	67,892	20,482
Unrealized gains (losses) on available-for-sale financial assets
Unrealized gains (losses) on available-for-sale financial assets, associates and joint ventures accounted for using equity method	260,025	238,958
Total unrealized gains (losses) on available-for-sale financial assets	260,025	238,958
Total other equity interest	327,917	259,440
Total equity attributable to owners of parent	7,419,855	7,020,986
Non-controlling interests	321,845	302,129
Total equity	7,741,700	7,323,115
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Operating revenue
Net sales revenue
Sales revenue
Sales revenue	9,899,878	8,768,980
Total sales revenue	9,899,878	8,768,980
Net sales revenue	9,899,878	8,768,980
Total operating revenue	9,899,878	8,768,980
Operating costs
Cost of sales
Cost of sales	7,651,988	6,669,666
Total cost of sales	7,651,988	6,669,666
Total operating costs	7,651,988	6,669,666
Gross profit (loss) from operations	2,247,890	2,099,314
Gross profit (loss) from operations	2,247,890	2,099,314
Operating expenses
Selling expenses
Total selling expenses	743,696	675,139
Administrative expenses
Total administrative expenses	451,929	448,304
Research and development expenses
Total research and development expenses	374,965	348,378
Total operating expenses	1,570,590	1,471,821
Net operating income (loss)	677,300	627,493
Interest income from bank deposits	5,246	6,096
Total interest income	5,246	6,096
Dividend income	45,154	40,852
Total other income	50,400	46,948
Other gains and losses
Gains on disposals of investments	11,235	0
Foreign exchange gains	3,858	65,989
Gains on financial assets (liabilities) at fair value through profit or loss	16	507
Miscellaneous disbursements	-63,146	-43,331
Losses on disposals of property, plant and equipment	1,202	512
Losses on disposals of investments	0	13,342
Impairment loss
Impairment loss on financial assets	2,394	18,270
Total impairment loss	2,394	18,270
Other gains and losses, net	74,659	77,703
Finance costs
Interest expense	53,610	42,409
Finance costs, net	53,610	42,409
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit of associates and joint ventures accounted for using equity method	0	2,270
Share of loss of associates and joint ventures accounted for using equity method	399	0
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-399	2,270
Total non-operating income and expenses	71,050	84,512
Profit (loss) from continuing operations before tax	748,350	712,005
Tax expense (income)
Current tax expense (income)	160,124	122,776
Total tax expense (income)	160,124	122,776
Profit (loss) from continuing operations	588,226	589,229
Profit (loss)	588,226	589,229
Other comprehensive income
Exchange differences on translation	52,857	63,542
Unrealised gains (losses) on valuation of available-for-sale financial assets	21,067	225,260
Actuarial gains (losses) on defined benefit plans	-5,575	6,981
Share of other comprehensive income of associates and joint ventures accounted for using equity method
Total share of other comprehensive income of associates and joint ventures accounted for using equity method	1,211	2,440
Income tax related to components of other comprehensive income	-948	1,186
Other comprehensive income, net	70,508	297,037
Total comprehensive income	658,734	886,266
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	578,435	588,161
Profit (loss), attributable to non-controlling interests	9,791	1,068
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	642,764	867,486
Comprehensive income, attributable to non-controlling interests	15,970	18,780
Basic earnings per share
Basic earnings (loss) per share from continuing operations	1.16	1.18
Total basic earnings per share	1.16	1.18
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	1.16	1.18
Total diluted earnings per share	1.16	1.18

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	748,350	712,005
Profit (loss) before tax	748,350	712,005
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	436,867	416,711
Amortization expense	1,655	2,102
Provision (reversal of provision) for bad debt expense	-2,250	18,073
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-16	-507
Interest expense	53,610	42,409
Interest income	-5,246	-6,096
Dividend income	-45,154	-40,852
Share of loss (profit) of associates and joint ventures accounted for using equity method	399	-2,270
Loss (gain) on disposal of property, plant and equipment	1,202	512
Impairment loss on financial assets	2,394	18,270
Other adjustments to reconcile profit (loss)	-11,235	13,342
Total adjustments to reconcile profit (loss)	432,226	461,694
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	16,396	-70,339
Decrease (increase) in accounts receivable	-82,993	-235,450
Decrease (increase) in inventories	-342,764	-291,748
Decrease (increase) in other current assets	-6,542	-13,314
Decrease (increase) in other financial assets	-1,155	13,931
Total changes in operating assets	-417,058	-596,920
Changes in operating liabilities
Increase (decrease) in notes payable	-19,856	-87,416
Increase (decrease) in accounts payable	-149,145	28,891
Increase (decrease) in other payable	8,153	51,666
Increase (decrease) in other current liabilities	21,763	-3,197
Increase (decrease) in accrued pension liabilities	-22,985	-16,334
Total changes in operating liabilities	-162,070	-26,390
Total changes in operating assets and liabilities	-579,128	-623,310
Total adjustments	-146,902	-161,616
Cash inflow (outflow) generated from operations	601,448	550,389
Interest received	5,255	6,111
Dividends received	45,154	40,852
Income taxes refund (paid)	-175,698	-99,566
Net cash flows from (used in) operating activities	476,159	497,786
Cash flows from (used in) investing activities
Acquisition of financial assets at fair value through other comprehensive income	0	-460,000
Proceeds from disposal of financial assets at fair value through other comprehensive income	60,037	470,604
Acquisition of available-for-sale financial assets	-209,906	-125,088
Proceeds from disposal of available-for-sale financial assets	35,935	135,020
Acquisition of financial assets at cost	-48,400	-24,000
Acquisition of investments accounted for using equity method	-30,000	0
Acquisition of property, plant and equipment	-1,050,936	-774,756
Proceeds from disposal of property, plant and equipment	1,906	3,724
Increase in other financial assets	-1,160	-102
Increase in other non-current assets	0	-5,216
Decrease in other non-current assets	3,933	0
Increase in prepayments for business facilities	0	-52,300
Decrease in prepayments for business facilities	5,503	0
Net cash flows from (used in) investing activities	-1,233,088	-832,114
Cash flows from (used in) financing activities
Increase in short-term loans	1,028,305	115,995
Decrease in short-term loans	0	0
Decrease in short-term notes and bills payable	-4,979	-5,029
Proceeds from long-term debt	20,923	500,000
Repayments of long-term debt	-240,000	-120,000
Cash dividends paid	-236,584	-225,319
Interest paid	-52,103	-41,689
Change in non-controlling interests	5,411	-12,671
Net cash flows from (used in) financing activities	520,973	211,287
Effect of exchange rate changes on cash and cash equivalents	26,362	22,367
Net increase (decrease) in cash and cash equivalents	-209,594	-100,674
Cash and cash equivalents at beginning of period	845,451	946,125
Cash and cash equivalents at end of period	635,857	845,451
Cash and cash equivalents reported in the statement of financial position	635,857	845,451

Note: Subject didn’t submit its individual financial information; we obtained its consolidated financials as above for reference.

The above financial 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	Ms. Chen
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.81
UK Pound	1	Rs.100.36
Euro	1	Rs.70.68
TWD	1	Rs.2.03

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	TPT

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.