MIRA INFORM REPORT

Report No. :	311608
Report Date :	17.03.2015

IDENTIFICATION DETAILS

Name :	CHINA MAN-MADE FIBER CORPORATION
Registered Office :	10F., No. 50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City 10059
Country :	Taiwan
Financials (as on) :	31.12.2013
Date of Incorporation :	11.05.1955
Com. Reg. No.:	07066907
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and trading of chemical products
No. of Employee :	About 600

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Taiwan	A2	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, 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:	China Man-Made Fiber Corporation
Supplied Name:	China Man Made Fiber Corporation
Trading Address:	10-11F, No. 50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City 100, Taiwan (R.O.C.)
Supplied Address:	World Trade Buldg., 10th Floor 50 Sec 1 Xingheng South Road Taipei Taiwan 100 ROC
Telephone Number:	+886 -2-2393-7111
Fax Number:	+886- 2-2391-0462
Website:	www.cmfc.com.tw

Note: The exact name and address are as above.

Company Identification Details

Registered Name:	China Man-Made Fiber Corporation
Registered Address:	10F., No. 50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City 10059, Taiwan (R.O.C.)
Date of Foundation:	1955-5-11
Registration Number:	07066907
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 14,700,000,000 (USD 463,050,000) (As of 2015.3, 1 NTD = 0.0315 USD)
Paid-up Capital:	NTD 13,716,932,460 (USD 432,083,372)
Legal Representatives:	Guixian Wang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and trading of chemical products, etc.
Staff:	About 600 employees
Listed at Stock Exchange:	Yes, Stock Code: 1718
Date of Last Annual Return:	2014-10-21

History

Subject was incorporated on 1955-5-11 with registered number 07066907 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1963-12-2

Corporate Structure

Factory

Name:	Kaohsiung Plant
Address:	No. 8, Jingjian Rd., Sannai Li, Dashe Dist., Kaohsiung, Taiwan
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99661662
Factory Manager:	Benyi Lin
Status:	In Production
Date of Last Annual Return:	2014-12-10
Major Products:	181 The basic chemical materials 185 Rayon 339 Other products

Shareholders

Major Shareholders

Name	Subscription Shares
Pan Asia Investment Co. Ltd. (literal translation)	42,301,672
China Fiber Investment Co. Ltd. (literal translation)
35,467,759
Guang Fu Investment Co. Ltd. (literal translation)	5,000,000

Shareholder Information:

1
Registered Name:	Pan Asia Investment Co. Ltd. (literal translation)
Registered Address:	4F-4, No. 50, Sec. 1, Xinsheng South Rd., Zhongzheng Dist., Taipei, Taiwan
Date of Foundation:	1996-6-24
Registration Number:	97092096
Registry:	Taipei City Government
Registered Capital:	NTD 198,000,000 (USD 6,237,000) (As of 2015.3, 1 NTD = 0.0315 USD)
Paid-up Capital:	NTD 198,000,000 (USD 6,237,000)
Legal Representatives:	Guixian Wang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-1-28
2
Registered Name:	China Fiber Investment Co. Ltd. (literal translation)
Registered Address:	11/F., No. 50, Sec. 1, Xinsheng South Rd., Zhongzheng Dist., Taipei, Taiwan
Date of Foundation:	1996-6-25
Registration Number:	97160586
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 679,225,000 (USD 21,395,588) (As of 2015.3, 1 NTD = 0.0315 USD)
Paid-up Capital:	NTD 679,225,000 (USD 21,395,588)
Legal Representatives:	Guixian Wang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-2-25
3
Registered Name:	Guang Fu Investment Co. Ltd. (literal translation)
Registered Address:	3/F., No. 159, Sec. 2, Chengde Rd., Datong Dist., Taipei, Taiwan
Date of Foundation:	2005-9-22
Registration Number:	27771803
Registry:	Taipei City Government
Registered Capital:	NTD 28,558,000 (USD 899,577) (As of 2015.3, 1 NTD = 0.0315 USD)
Legal Representatives:	Bingfu Chen
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2005-11-22

Management Information

Core Management

Directors

1
Name		Guixian Wang
Position		Board Chairman
2
Name	Mingshan Zhuang
Position		Vice Chairman
3
Name	Guifeng Wang
Position		Director & Manager
Date of Manager Appointment		2010-9-10
4
Name	Mingxiong Huang
Position		Director
5
Name	Yongda Liu
Position		Director & Manager
Date of Manager Appointment		2008-2-1
6
Name	Guoqing Chen
Position		Director
7
Name	Hongyang Wu
Position		Director
8
Name	Qincai Li
Position		Independence Director
9
Name	Dewei Li
Position		Independence Director
10
Name	Tianzan Xiao
Position		Supervisor
11
Name	Jianrong Gong
Position		Supervisor

Personnel Structure

Total Employees

About 600 employees

Operation Information

Office

	Headquarters
Add	10-11F, No. 50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City 100, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of chemical products, etc.

Subject has a factory in Kaohsiung, Taiwan for production.

Subject obtained the certifications of ISO 14064-1, Toshmas and Ohsas 18001:2007, etc.

Purchase Information

The registered activities of subject:

1	Manufacturing, processing and trading of rayon, cellophane, polyamide fibers, polyester fibers, chemicals and raw materials
2	Developing, manufacturing and trading of machineries for as above
3	Manufacturing and trading of ethylene glycol, ethylene oxide, nonyl phenol, ethylene, liquefied petroleum gas and petrochemical industries related products
4	Entrust create vendor to build national residential and commercial buildings for renting and sale
5	Classification and distribution of all kinds of goods handling and storage services
6	Operating supermarkets, the sale of fresh food, vegetables and fish, and a variety of spices and other dry goods.
7	Manufacturing and sale of steam and businesses electricity
8	Acting distribution and installation of cogeneration, pollution prevention and control equipment
9	Manufacturing and sale of oxygen gas, oxygen, nitrogen gas, nitrogen, argon, liquid argon, carbon dioxide and compressed air
F212011	Gas station industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

Sales Information

Subject is engaged in sale of chemical products, etc.

It is introduced that chemical products are applied in antifreeze agents, refrigerants, ice and snow removers, explosives, brake oils, solvent naphtha, deicers, regulators, promoting agents, antioxidants, etc.

It is introduced that chemical fiber products are applied in weaving-cloth, bags, industrial cloth and shoes materials.

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

Subject’s major customers are manufacturers of textile, mold and electronic products, etc.

Major Products

Types	Products
Chemical products	Ethylene Glycol (EG), Mono-Ethylene Glycol (MEG), Di-Ethylene Glycol (DEG), Tri-Ethylene Glycol (TEG), Ethylene Oxide(EO), Nonyl-Phenol (NP)
Chemical products	Polyester Chip, Polyester Partially Oriented Yarn(POY), Polyester Spin Drawn Yarn 100%(SDY), Polyester DTY Textured Yarn (DTY)

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw material
Payment Terms	T/T, Cash

Import

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

Sales

Domestic Markets

Product	Chemical products
Selling Terms	T/T, Cash

Export

Product	Chemical products
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2013-12-31	2012-12-31
Assets
Current assets
Cash and cash equivalents	7,686,056	12,161,342
Due from the central bank and call loans to banks	75,496,734	66,803,349
Current financial assets at fair value through profit or loss	13,270,253	7,649,291
Securities purchased under resell agreements	4,550,801	0
Receivables, net
Notes receivable	2,840,341	1,303,110
Accounts receivable	3,988,366	3,708,575
Other receivables	1,965,982	2,010,256
Receivables, net	8,794,689	7,021,941
Receivables due from related parties	6,261	193
Current tax assets
Prepaid income tax	57,612	80,818
Total current tax assets	57,612	80,818
Inventories	1,786,523	2,039,698
Prepayments	920,604	1,004,332
Non-current assets classified as held for sale, net
Non-current assets classified as held for sale, net	0	0
Other current assets	268,136	143,313
Discounts and loans, net	362,916,674	324,029,419
Total current assets	475,754,343	420,933,696
Non-current assets
Non-current available-for-sale financial assets	20,499,537	19,688,772
Non-current held-to-maturity financial assets	3,340,584	8,782,945
Non-current financial assets at cost	552,581	514,091
Investments accounted for using equity method	1,034,461	635,596
Property, plant and equipment, net
Land	5,340,473	5,900,644
Buildings and structures	2,334,616	2,012,004
Computer and machinery equipment	3,699,774	3,003,655
Transportation and communication equipment	44,888	52,787
Miscellaneous equipment	252,182	253,396
Other facilities	59,796	76,399
Construction in process and prepayments for buildings and land	5,234,355	3,523,387
Property, plant and equipment, net	16,966,084	14,822,272
Investment property, net
Investment property, net	1,899,576	1,211,639
Intangible assets, net
Intangible assets, net	128,701	94,936
Deferred income tax assets, net	500,291	497,562
Other assets
Guarantee deposits paid	958,420	1,111,151
Other assets - others	1,586,803	2,571,514
Total other assets	2,545,223	3,682,665
Total non-current assets	47,467,038	49,930,478
Total assets	523,221,381	470,864,174
Liabilities and equities
Liabilities
Current liabilities
Short-term borrowings	9,212,993	8,837,156
Notes and bonds issued under repurchase agreement	358,769	264,045
Current financial liabilities at fair value through profit or loss	88,836	113,004
Deposits from the central bank and banks	8,341,508	5,151,548
Payables
Notes payable	151	4,890
Accounts payable	1,212,771	1,112,379
Other payables	4,878,582	9,617,083
Total payables	6,091,504	10,734,352
Payables to related parties	522,761	504,067
Current tax liabilities	302,712	285,146
Long-term liabilities, current portion	2,124,455	5,368,964
Other current liabilities	206,066	384,804
Deposits and remittances	429,508,619	385,309,144
Due to the central bank and other banks	2,086,000	1,887,600
Total current liabilities	458,844,223	418,839,830
Non-current liabilities
Bonds payable	14,400,000	8,900,000
Long-term borrowings	5,773,815	3,328,535
Other non-current financial liabilities	111,741	17,208
Provisions
Provisions for employee benefits	534,353	491,304
Provisions for guarantee liabilities	92,078	36,837
Other provisions
Other provisions, others	15,713	16,346
Total other provisions	15,713	16,346
Total provisions	642,144	544,487
Guarantee deposits received	263,595	103,781
Deferred tax liabilities
Deferred tax liabilities, land value increment tax	1,021,022	1,034,819
Total deferred tax liabilities	1,021,022	1,034,819
Other liabilities	327,331	85,914
Total non-current liabilities	22,539,648	14,014,744
Total liabilities	481,383,871	432,854,574
Equity
Equities attributable to owners of parent
Capital
Ordinary share	14,105,902	14,105,902
Total capital	14,105,902	14,105,902
Capital surplus
Capital surplus, additional paid-in capital
Capital surplus, additional paid-in capital arising from ordinary share	1,523,811	1,525,405
Total capital surplus, additional paid-in capital	1,523,811	1,525,405
Total capital surplus	1,523,811	1,525,405
Retained earnings
Legal reserve	380,521	338,614
Special reserve	2,726,703	910,017
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	2,254,848	3,200,991
Total retained earnings	5,362,072	4,449,622
Other equity interest
Exchange differences on translation of foreign financial statements	5,788	-2,615
Unrealized gains (losses) on available-for-sale financial assets	-405,255	-682,009
Total other equity interest	-399,467	-684,624
Treasury shares	1,612,790	1,612,790
Total equities attributable to owners of parent	18,979,528	17,783,515
Non-controlling interests	22,857,982	20,226,085
Total equity	41,837,510	38,009,600
Equivalent issue shares of advance receipts for ordinary share (unit: share)	0	0
Number of shares in entity held by entity and by its subsidiaries (unit: share)	280,172,859	280,172,859

Profit and Loss Account

Unit: NTD/000

Consolidated	2013	2012
Revenues
Interest income	9,950,721	8,649,459
Fee income	2,018,751	1,624,604
Gains on financial assets or liabilities at fair value through profit or loss	266,804	386,219
Net sales
Net sales	19,711,825	19,313,895
Service revenue	90,545	85,631
Construction and engineering revenue	0	0
Gains on disposals of investments	0	26,743
Net change in reserve for foreign exchange valuation	0	0
Reversal of impairment loss on assets	884,719	0
Foreign exchange gains	304,434	0
Other income	272,586	334,005
Total revenue	33,500,385	30,420,556
Expenses
Interest expense	3,821,363	3,367,485
Fee expense	243,848	236,576
Share of loss of associates and joint ventures accounted for using equity method	175,476	24,073
Bad debt expenses and guarantee liability provisions	1,864,173	249,169
Cost of sales	18,489,742	18,508,143
Cost of services	77,085	73,085
Operating expenses
Total operating expenses	4,974,728	4,599,176
Loss on sale of investments	882	0
Impairment losses	0	61,406
Foreign exchange losses	0	208,456
Other expenses	114,550	78,226
Total expenses	29,761,847	27,405,795
Profit (loss) from continuing operations before income tax	3,738,538	3,014,761
Tax expense (income)	550,498	591,283
Profit (loss) from continuing operations, net of tax	3,188,040	2,423,478
Profit (loss)	3,188,040	2,423,478
Other comprehensive income
Exchange differences on translation	24,265	-2,615
Unrealised gains (losses) on valuation of available-for-sale financial assets	218,340	159,787
Actuarial gains (losses) on defined benefit plans	-71,184	-157,865
Share of other comprehensive income of associates and joint ventures accounted for using equity method	332,967	-20,753
Income tax related to components of other comprehensive income	-1,836	-25,713
Other comprehensive income, net	506,224	4,267
Total comprehensive income	3,694,264	2,427,745
Profit (loss), attributable to
Profit (loss), attributable to owners of parent	958,678	413,829
Profit (loss), attributable to non-controlling interests	2,229,362	2,009,649
Comprehensive income attributable to
Comprehensive income, attributable to owners of parent	1,224,969	537,148
Comprehensive income, attributable to non-controlling interests	2,469,295	1,890,597
Basic earnings per share
Total basic earnings per share	0.85	0.37
Diluted earnings per share
Total diluted earnings per share	0.85	0.37

Cash Flows

Unit: NTD/000

Consolidated	2013	2012
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	3,738,538	3,014,761
Profit (loss) before tax	3,738,538	3,014,761
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	704,809	696,976
Amortization expense	26,469	21,888
Provision (reversal of provision) for bad debt expense	1,864,173	248,955
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-266,804	-386,219
Interest expense	3,821,363	3,367,485
Interest income	-9,950,721	-8,649,459
Dividend income	-44,745	-48,486
Share of loss (profit) of associates and joint ventures accounted for using equity method	-175,476	-24,073
Loss (gain) on disposal of property, plan and equipment	-2,584	-21,248
Loss (gain) on disposal of investment properties	-43,929	0
Loss (gain) on disposal of non-current assets classified as held for sale	0	38,381
Loss (gain) on disposal of investments	4,640	-11,090
Loss (gain) on disposal of investments accounted for using equity method	0	-26,743
Reversal of impairment loss on financial assets	-701,778	171,122
Reversal of impairment loss on non-financial assets	-182,941	-109,716
Unrealized foreign exchange loss (gain)	-194,186	283,579
Loss (gain) on disposal of foreclosed properties	80,660	24,200
Total adjustments to reconcile profit (loss)	-5,061,050	-4,424,448
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in due from the central bank and call loans to banks	-1,999,449	3,269,933
Decrease (increase) in financial assets at fair value through profit or loss	-5,079,143	-4,765,534
Decrease (increase) in receivables	-1,628,082	-826,813
Decrease (increase) in inventories	253,175	390,711
Decrease (increase) in other prepayments	83,728	-241,653
Decrease (increase) in other current assets	-124,823	-39,024
Decrease (increase) in discounts and loans	-40,633,827	-46,492,993
Decrease (increase) in other financial assets	-90,137	-109,763
Total changes in operating assets	-49,218,558	-48,815,136
Changes in operating liabilities
Decrease (increase) in notes and bonds issued under repurchase agreement	94,724	264,045
Decrease (increase) in financial liabilities at fair value through profit or loss	-436,659	-366,365
Decrease (increase) in deposits from the central bank and banks	3,189,960	1,711,550
Increase (decrease) in payable	-4,671,278	1,126,293
Increase (decrease) in other current liabilities	-178,738	126,053
Increase (decrease) in deposits and remittances	44,199,475	51,790,126
Increase (decrease) in provisions for employee benefits	-28,768	-46,567
Increase (decrease) in other financial liabilities	-9,603	-5,313
Increase (decrease) in other operating liabilities	43	-761
Total changes in operating liabilities	42,159,156	54,599,061
Total changes in operating assets and liabilities	-7,059,402	5,783,925
Total adjustments	-12,120,452	1,359,477
Cash inflow (outflow) generated from operations	-8,381,914	4,374,238
Interest received	9,945,136	8,846,551
Dividends received	73,331	95,258
Interest paid	-3,655,365	-3,331,869
Income taxes refund (paid)	-480,142	0
Net cash flows from (used in) operating activities	-2,498,954	9,984,178
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-3,545,627	-22,594,500
Proceeds from disposal of available-for-sale financial assets	2,842,748	8,325,936
Acquisition of held-to-maturity financial assets	0	-504,586
Proceeds from disposal of held-to-maturity financial assets	5,802,240	0
Proceeds from repayments of held-to-maturity financial assets	550,000	763,848
Acquisition of financial assets at cost	-68,880	0
Proceeds from disposal of financial assets at cost	1,090	0
Proceeds from disposal of investments accounted for using equity method	0	102,677
Net cash flow from acquisition of subsidiaries	311	0
Proceeds from disposal of subsidiaries	105,437	0
Proceeds from disposal of non-current assets classified as held for sale	0	50,012
Acquisition of property, plant and equipment	-3,504,127	-2,805,760
Proceeds from disposal of property, plant and equipment	57,848	102,669
Increase in refundable deposits	152,731	17,085
Acquisition of intangible assets	-65,424	-20,800
Proceed from disposal of foreclosed collateral	102,281	38,762
Acquisition of investment properties	-77,029	0
Proceeds from disposal of investment properties	43,929	0
Decrease in other assets	1,060,241	753,779
Net cash flows from (used in) investing activities	3,457,769	-15,770,878
Cash flows from (used in) financing activities
Increase in short-term loans	375,837	2,610,358
Increase in due to the central bank and banks	198,400	0
Decrease in due to the central bank and banks	0	-989,950
Increase in commercial papers payable	104,136	0
Proceeds from issuing bank notes payable	5,500,000	3,000,000
Repayments of bank notes payable	-2,561,664	0
Proceeds from long-term debt	3,104,018	117,600
Repayments of long-term debt	-897,738	-359,139
Increase in guarantee deposits received	159,814	29,026
Payments to acquire treasury shares	0	-13,185
Disposal of ownership interests in subsidiaries (without losing control)	0	9,900
Change in non-controlling interests	-172,167	-79,405
Net cash flows from (used in) financing activities	5,810,636	4,325,205
Net increase (decrease) in cash and cash equivalents	6,769,451	-1,461,495
Cash and cash equivalents at beginning of period	67,764,159	69,225,654
Cash and cash equivalents at end of period	74,533,610	67,764,159
Cash and cash equivalents reported in the statement of financial position	7,686,056	12,161,342
Due from the central bank and call loans to banks qualifying for cash and cash equivalents under the definition of IAS 7	62,296,753	55,602,817
Securities purchased under resell agreements qualifying for cash and cash equivalents under the definition of IAS 7	4,550,801	0

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

Case Type:	Chattel Mortgage
File No.:	099172
Debtor Name:	China Man-Made Fiber Corporation
Document Number:	09930258490
Date of Registration:	2010-1-26

Lawsuit

1
Trial Number:	2011, Beilao Jian, 9
Date of Trial:	2011-3-11
Reason:	Payment of salary
Claimant:	Yuxin Chen
Defendant:	China Man-Made Fiber Corporation
2
Trial Number:	2011, Beilao Su, 2
Date of Trial:	2011-6-13
Reason:	Payment of salary
Claimant:	Yuxin Chen
Defendant:	China Man-Made Fiber Corporation
3
Trial Number:	2011, Beilao Su, 2
Date of Trial:	2011-6-24
Reason:	Payment of salary
Claimant:	Yuxin Chen
Defendant:	China Man-Made Fiber Corporation
4
Trial Number:	2011, Beilao Su, 2
Date of Trial:	2011-7-26
Reason:	Payment of salary
Claimant:	Yuxin Chen
Defendant:	China Man-Made Fiber Corporation
5
Trial Number:	2012, Sibei Bu, 25
Date of Trial:	2012-3-21
Reason:	Payment of salary
Claimant:	Xiuling He, Anjia Zhang, Shanfu Li, Mingchao Huang and so on
Defendant:	China Man-Made Fiber Corporation

Special Note

Interview Details

Name	Ms. Chen
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.82
UK Pound	1	Rs.92.82
Euro	1	Rs.66.17

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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.