MIRA INFORM REPORT

Report No. :	323656
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	CHENFULL INTERNATIONAL CO., LTD.

Registered Office :	No.9-1,Lane 187,Guandong Rd., Hsinchu

Country :	Taiwan

Financials (as on) :	31.12.2014

Date of Incorporation :	28.04.1982

Com. Reg. No.:	12378253

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing sale of engineering service.

No. of Employee :	About 600

RATING & COMMENTS

MIRA’s Rating :

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

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. However, negotiations on follow-on components of ECFA, including an agreement on trade in services, deals on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for 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 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 fourth largest, behind those of China, Japan, and Russia. 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 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 the Taiwan 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 entry-level jobs.

Source : CIA

Contact Points

Company Name:	Chenfull International Co., Ltd.
Supplied Name:	CHENFULL INTERNATIONAL CO. LTD
Trading Address:	9F., No.99, Sec. 1, Nankan Rd., Luzhu, Taoyuan, Taiwan 33859, R.O.C.
Supplied Address:	NO. 9-1, LANE 187, GUANDONG RD., HSINCHU Taiwan
Telephone Number:	+886-3-322-0022
Fax Number:	+886-3-322-0055/322-0033/322-6508

Notes: The exact name and address are as above, and the supplied address belongs to subject’s factory address.

Company Identification Details

Registered Name:	Chenfull International Co., Ltd.
Registered Address:	No.9-1,Lane 187,Guandong Rd., Hsinchu, Taiwan, R.O.C.
Date of Foundation:	1982-4-28
Registration Number:	12378253
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,500,000,000 (USD 48,750,000) (As of 2015.5, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 1,181,924,820 (USD 38,412,556.65)
Legal Representatives:	Qiongru Zhang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing sale of engineering service, etc.
Staff:	About 600 Employees
Listed at Stock Exchange:	Yes; (Stock Code: TPE: 8383)
Date of Last Annual Return:	2014-10-21

History

Subject was incorporated on 1982-4-28 with registered number 12378253 as Joint Stock Company in Taiwan.

Changing of Name

Former English Name	Chen Full International Co., Ltd.
Current English Name	Chenfull International Co., Ltd.

Subject listed on Taiwan Over-The-Counter Securities Exchange on 2004-9-10.

Corporate Structure

Factories

1
Name:	Dayuan Factory
Address:	No. 29-51, Xu Li Gang, 11 Dayuan Township, Taoyuan County, Taiwan (R.O.C.)
Date of Registration:	2007-10-22
Factory Registration Number:	99707277
Factory Manager:	Qiongru Zhang
Status:	In production
Date of Last Annual Return:	2012-9-28
Major Products:	293 General machinery and equipment
Tel	+ 886-3-3860035
Fax	+ 886-3-3860331
2
Name:	Taoyuan Factory
Address:	No. 29-17, Xu Li Gang, 11 Dayuan Township, Taoyuan County, Taiwan (R.O.C.)
Date of Foundation:	1988-4-28
Date of Registration:	1988-12-2
Factory Registration Number:	99686899
Factory Manager:	Qiongru Zhang
Status:	In production
Date of Last Annual Return:	2012-7-31
Major Products:	259 Other metal 241 Steel and iron
Tel	+ 886-3-3869196-7
Fax	+ 886-3-3865047
3
Name:	Taichung Factory
Address:	No.21-12, Lane Long Xing, Sec. 2, Fengxing Rd., Tanzi Dist., Taichung City, Taiwan (R.O.C.)
Date of Foundation:	1988-8-25
Date of Registration:	1988-8-25
Factory Registration Number:	99633454
Factory Manager:	Qiongru Zhang
Status:	In production
Date of Last Annual Return:	2012-8-3
Major Products:	293 General machinery 319 Other unclassified transport tools and components
Tel	+ 886-4-25361143
Fax	+ 886-4-25361172
4
Name:	Luzhu Factory
Address:	9F-1, 2, 3, 4, 5, 6, 7, No.99, Sec. 1, Nankan Rd., Luzhu Township, Taoyuan County, Taiwan (R.O.C.)
Date of Foundation:	2001-1-16
Date of Registration:	2001-2-9
Factory Registration Number:	99626244
Factory Manager:	Qiongru Zhang
Status:	In production
Date of Last Annual Return:	2014-4-1
Major Products:	293 General machinery
5
Name:	Chenfull International Co., Ltd. Ctsp Branch
Address:	No.28, Houke S. Rd., Houli Dist., Taichung City 42152, Taiwan
Date of Registration:	2012-5-17
Factory Registration Number:	93A00114
Factory Manager:	Qiongru Zhang
Status:	In production
Date of Last Annual Return:	2014-8-1
Major Products:	319 Other unclassified transport tools and components

Branches

Name	Chenfull International Co., Ltd. Ctsp Branch
Registration Number	29182768
Registered Address	No.28, Houke S. Rd., Houli Dist., Taichung City 42152, Taiwan
Date of Registration	2011-12-30
Manager Name	Zhiming Lai
Tel	+886-4-25588638#2381
Fax	+886-4-25589925

Related Companies

ChenFull Water Resource Co., Ltd.

Address: No.306, Wukan, Magong, Penghu, Taiwan 88050, R.O.C.

TEL: + 886-6-9228850 FAX: + 886-6-9228851

ChenFeng Machinery & Enterprise Co., Ltd.

Address: 9F, No.99, Sec. 1, Nankan Rd., Luzhu, Taoyuan, Taiwan 33859, R.O.C.

TEL: + 886-3-3220022 FAX: + 886-3-3226508

ChenFull Electromechanical Technology (Kunshan) Co., Ltd.

Address: No.1, Huayang Rd., Lujia, Kunshan, Jiangsu, China

TEL: + 86-512-57078699 FAX: + 86-521-57078695

ChenFeng Machinery (Dongguan) Co., Ltd.

Address: No.2, Ln.1, Gukeng East Area, Xintang, Houjie, Dongguan, Guangdong, China

TEL: + 86-769-85591346 FAX: + 86-769-85814949

Thien Phu Co., Ltd.

Address: No.189, 1A National Road, Block.1. Binh Hung Hoa Ward, Binh Tan District, Ho Chi Minh City, Vietnam.

TEL: + 84-8-54281531 FAX: + 84-8-54280002

Offices

Hsinchu

Address: No.9, Ln.187, Guandong Rd., Hsunchu, Taiwan 30074, R.O.C.

TEL: + 886-3-5795556 FAX: + 886-3-5789746

Taichung

Address: No.50, Ln. 66, Sec. 4, Zhongqing Rd., Daya, Taichung, Taiwan 42880, R.O.C.

TEL: + 886-4-25692569 FAX: + 886-4-25690300

Tainan

No.68, Ln. 57, Yangming Rd., Shanhua, Tainan, Taiwan 74180, R.O.C.

TEL: + 886-6-5811268 FAX: + 886-6-5811255

Penghu

Address: No.306, Wukan, Magong, Penghu, Taiwan 88050, R.O.C.

TEL: + 886-6-9228850 FAX: + 886-6-9228851

Wangan

Address: No.37-1, Xian, Wangan, Penghu, Taiwan 88241, R.O.C.

TEL: + 886-6-9991590 FAX: + 886-6-9991292

Jinmen

Address: No.1 Taoyuan Rd., Jinning, Jinmen, Taiwan 88248, R.O.C.

TEL: + 886-82-312279 FAX: + 886-82-311526

Shareholders

Major Shareholders

Name	Subscription Shares
Qiongru Zhang
14,199,180
Jiasheng Xu	4,542,388
Yi Quan Investment Co., Ltd (Liberal translation)	2,890,976
Chengrong Jiang	83,776
Muxiong Zhang	1,099,339

Shareholder Information:

Registered Name:	Yi Quan Investment Co., Ltd (Liberal translation)
Registered Address:	2F., No.16, Lane 31, Sec. 3, Ren’ai Rd., Da'an Dist., Taipei City, Taiwan (R.O.C.)
Date of Foundation:	2004-4-19
Registration Number:	27268727
Registry:	Taipei City Government
Registered Capital:	NTD 60,000,000 (USD 1,950,000) (As of 2015.5, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 60,000,000 (USD 1,950,000)
Legal Representatives:	Jiasheng Xu
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-7-17

Management Information

Core Management

Directors

1
Name		Qiongru Zhang
Position		Chairman of the Board
2
Name	Jiasheng Xu
Position		Director
3
Name	Zhonghe Song
Position		Director
4
Name	Yi Quan Investment Co., Ltd (Liberal translation)
Position		Director
5
Name	Chengrong Jiang
Position		Independent Director
6
Name	Chaoguo Zhou
Position		Independent Director
7
Name	Muxiong Zhang
Position		Supervisor
8
Name	Meihuang Zhang
Position		Supervisor
9
Name	Longquan Liao
Position		Supervisor

Personnel Structure

Total Employees

About 600 Employees

Operation Information

Offices & Factories

	Headquarters
Add	9F., No.99, Sec. 1, Nankan Rd., Luzhu, Taoyuan, Taiwan 33859, R.O.C.

Production Information

Subject is engaged in manufacturing of engineering service, etc.

Subject has 5 factories in Taiwan for production.

Subject has obtained the certifications of FM class 4922, ISO9002, OHSAS 18001:1999, ISO/IEC 17025, ISO 9001：2000, AS9100, ISO 9001：2008.

Purchase Information

The registered activities of subject:

Business Code	Details
C109010	Manufacturing of condiment.
C110010	Manufacturing of drinks.
C114010	Manufacturing of food additives.
C199020	Manufacturing of edible ice.
C199990	Manufacturing of other unclassified food.
C801060	Manufacturing of synthetic rubber.
C801100	Manufacturing of synthetic resin and plastic.
C801110	Manufacturing of fertilizer.
C802100	Manufacturing of cosmetics
C805010	Manufacturing of plastic sheet, plastic cloth, plastic board and plastic pipes.
C805020	Manufacturing of plastic films and bags.
C805030	Manufacturing of plastic daily supplies.
CA01020	Rolling and delaying of steel.
CA02990	Manufacturing of other metal products.
CA04010	Surface treatment.
CB01010	Manufacturing of machinery and equipment.
CB01990	Manufacturing of other machinery.
CC01120	Manufacturing and copying of data files storage media.
CC01010	Manufacturing of machinery for electricity generation, electricity transmission and distribution of electricity.
CC01110	Manufacturing of computer and related equipment.
CD01020	Manufacturing of railway vehicle and components.
CD01060	Manufacturing of aircraft and components.
CK01010	Manufacturing of shoes.
CQ01010	Manufacturing of molds.
D301010	Tap water.
D401010	Supplying of heat.
E103101	Environmental protection engineering construction enterprises
E501011	Water pipe socket is installed.
E502010	Fuel conduit installation engineering.
E599010	Piping engineering.
E601010	Installing of electric appliances.
E602011	Installing of air conditioning.
E604010	Installing of machinery.
E605010	Installing of computer equipment.
F106010	Wholesales of hardware.
F106030	Wholesales of molds.
F107190	Wholesales of plastic films and bags.
F111090	Wholesales of construction materials.
F113010	Wholesales of machinery.
F113020	Wholesales of electric appliances.
F113050	Wholesales of computer and related equipment.
F113990	Wholesales of other machinery and equipment.
F114070	Wholesales of aircraft and components.
F114080	Wholesales of railway vehicle and components.
F118010	Wholesales of information software.
F206010	Retails of hardware.
F206030	Retails of molds.
F207190	Retails of plastic films and bags.
F211010	Retails of construction materials.
F213010	Retails of electric appliances.
F213030	Retails of computer and related equipment.
F213080	Retails of machinery and molds.
F213990	Retails of machinery and tools.
F214070	Retails of aircraft and components.
F214080	Retails of railway vehicle and components.
F218010	Retails of information software.
F399990	Other retails.
F401010	International trading business.
I103060	Management consulting.
I301010	Information software services
I301020	Data processing services.
I501010	Product design industry.
IG02010	Research and development services.
IG03010	Energy Services Companies
J101060	Wastewater or sewage water treatment industry.
J701040	Leisure venues.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

Sales Information

Subject is mainly engaged in sale of engineering service, etc.

The major sales regions of the subject are domestic market, Japan, Korea, Southeast Asia, USA, South America, Europe, etc.

Subject’s major customers are manufacturers of chemicals, semiconductors, aircrafts, plastics, shoes and etc.

Major Products and Services

	Items
Engineering service	Hook Up System Clean Room System Space Planning Ultrapure Water system Air Abatement System Gas Supply System Chemical Supply System
Product Item	Engineering Plastics Process Exhaust Products
Air Conditioners	VAV Natural Air Conditioners VAV Air/ Water Cooled Water Chiller with Hot Water Supply VAV Controller Series
Toe lasting Machine	Die Cutting Toe Lasting Machine Side and Heel Lasting Machine Sole Attaching PVC Injection Molding Machine
Precision Technology Division	Parts & components for Aerospace Industry Parts & components for Optoelectronic and Semiconductor equipment Industry

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials and components
Payment Terms	T/T, Cash

Import

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

Sales

Domestic Markets

Product	Pipeline accessories and machinery
Selling Terms	T/T, Cash

Export

Product	Pipeline accessories and machinery
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Current assets
Cash and cash equivalents	617,473	256,639
Financial assets for sale-current net	10,400	0
Notes receivable, net	30,876	9,857
Accounts receivable, net	651,330	447,154
Building contract accounts receivable	245,154	508,745
Other accounts receivable, net	11,610	8,234
Tax assets	12	7,285
Inventories	615,233	666,941
Prepayment	57,747	214,080
Other current assets	30,186	60,921
Total current assets	2,270,021	2,179,856
Non-current assets
Financial assets for sale-non-current net	27,990	23,734
Property, plant and equipment	983,634	1,016,915
Deferred tax assets	44,798	41,090
Other non-current assets	951,852	997,219
Total other non-current assets	2,008,274	2,078,958
Total assets	4,278,295	4,258,814
Current liabilities
Short-term borrowings	0	457,495
Short-term notes payable	28,929	0
Notes payable	5,519	4,618
Accounts payable	565,711	480,922
Building contract accounts payable	366,274	261,368
Other accounts payable	213,513	175,770
Current tax liabilities	49,629	29,598
Other current liabilities	147,086	194,855
Total current liabilities	1,376,661	1,604,626
Non-current liabilities
Other non-current liabilities	124,104	121,887
Total non-current liabilities	124,104	121,887
Total liabilities	1,500,765	1,726,513
Total equity attributable to owners of parent
Ordinary share	1,181,925	1,181,925
Total capital stock	1,181,925	1,181,925
Capital surplus
Capital surplus- share premium	483,146	483,146
Capital surplus- storage stock trading	28,250	14,978
Capital surplus- consolidation excess	318,025	318,025
Total capital surplus	829,421	816,149
Legal reserve	196,177	177,430
Special reserve	11,523	10,237
Unappropriated retained earnings (accumulated deficit)	604,871	413,339
Total retained earnings	812,571	601,006
Other equity
Foreign cash balance operating mechanism conversion of the financial statements	-7,940	-11,524
Financial assets for sale unrealized profit or loss	400	0
Total other equity	-7,540	-11,524
Treasury stock	-38,847	-55,255
Total equity attributable to the parent company	2,777,530	2,532,301
Total equity	2,777,530	2,532,301
Number of shares in entity held by entity and by its subsidiaries	2,216,759	3,031,759

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Net sales revenue	2,252,740	1,649,620
Engineering revenue	595,968	692,802
Construction and engineering revenue	595,968	692,802
Service revenue	118,035	114,895
Operating revenue	2,966,743	2,457,317
Cost of sales	1,609,855	1,249,503
Engineering costs	506,375	568,343
Construction and engineering costs	506,375	568,343
Service costs	117,075	107,263
Operating costs	2,233,305	1,925,109
Gross profit (loss) from operations	733,438	532,208
Gross profit (loss) from operations-net	733,438	532,208
Operating expenses
Selling expenses	161,207	114,524
Administrative expenses	180,413	167,329
Research and development expenses	38,680	37,949
Total operating expenses	380,300	319,802
Profit (loss) from operations	353,138	212,406
Non-operating income and expenses
Other income	23,790	21,159
Other income and loss net	22,869	-4,478
Financial cost-net	3,521	10,632
Affiliated enterprise of recognized by employing the equity method and Joint venture share profits and losses net	0	-1,381
Non-operating income and expenses	43,138	4,668
Net income (loss) before tax	396,276	217,074
Tax expense (income)	46,180	29,606
Profit (loss) from continuing operations	350,096	187,468
Net income (loss)	350,096	187,468
Other net income (loss)
Foreign cash balance operating mechanism conversion of the financial statements	3,584	4,826
Unrealized profit or loss on financial assets for sale	400	0
Other comprehensive income and loss (net)	3,984	4,826
Comprehensive income	354,080	192,294
Net profit (loss) attributable to:
Net income or loss of parent company	350,096	187,468
Comprehensive profit (loss) attributable to:
Comprehensive profit (loss) of parent company	354,080	192,294
Net income or loss on continuing operating units	3.04	1.63
Basic earnings per share	3.04	1.63
Net income or loss on continuing operating units	3.01	1.62
Diluted earnings per share	3.01	1.62

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Net income or loss before tax on continuing operating units	396,276	217,074
Net income or loss before tax	396,276	217,074
Depreciation expense	121,487	121,207
Amortization expense	0	1,341
Provision (reversal of provision) for bad debt expense	18,203	17,197
Interest expense	3,521	10,632
Interest income	-12,938	-13,842
Income gain	-5,949	-1,468
Share-based payments	12,934	0
Share of loss (profit) of associates and joint ventures accounted for using equity method	0	1,381
Loss (gain) on disposal of property, plant and equipment	44	-3,238
Impairment loss on non-financial assets	11,728	3,193
Total income or loss projects non-effect cash flow	149,030	136,403
Decrease (increase) in notes receivable	-20,935	13,443
Decrease (increase) in accounts receivable	-174,990	-123,654
Decrease (increase) in building contact account receivable	263,591	-253,641
Decrease (increase) in inventories	37,486	-85,260
Decrease (increase) in prepayments	156,333	-92,796
Decrease (increase) in other current assets	4,186	1,040
Decrease (increase) in other financial assets	39,218	56,213
Total net changes in operating assets	304,889	-484,655
Increase (decrease) in notes payable	901	-4,214
Increase (decrease) in accounts payable	84,789	87,891
Decrease (increase) in building contact account payable	104,906	189,525
Increase (decrease) in other accounts payable	38,869	37,803
Increase (decrease) in other current liabilities	-47,121	-35,146
Increase (decrease) in accrued pension liabilities	2,222	-5,363
Total net changes in operating liabilities	184,566	270,496
Total changes in operating assets and liabilities	489,455	-214,159
Total adjustments	638,485	-77,756
Cash inflow (outflow) generated from operations	1,034,761	139,318
Interest received	12,445	12,519
Interest paid	-3,751	-10,712
Income taxes refund (paid)	-23,317	-16,222
Net cash flows from (used in) operating activities	1,020,138	124,903
Cash flows from (used in) investing activities
Acquisition of financial assets for sale	-14,256	0
Acquisition of property, plant and equipment	-85,758	-36,496
Proceeds from disposal of property, plant and equipment	13	7,414
Increase in refundable deposit	-779	0
Decrease in refundable deposit	0	1,339
Increase in other non-current assets	-17,812	0
Decrease in other non-current assets	0	49,893
Charge of the dividend	5,949	1,468
Net cash flows from (used in) investing activities	-112,643	23,618
Net cash flows from (used in) financing activities
Increase in short-term borrowing	0	8,595
Decrease in short-term borrowing	-457,495	0
Increase in short-term notes payable	28,929	0
Decrease in short-term notes payable	0	-99,879
Increase in deposits received	0	10
Decrease in deposits received	-5	0
Decrease in lease account payable	-648	-769
Cash dividends paid	-138,193	-115,160
Treasury stock purchased by employee	16,408	0
Net cash flows from (used in) financing activities	-551,004	-207,203
Effect of exchange rate changes on cash and cash equivalents	4,343	5,798
Net increase (decrease) in cash and cash equivalents	360,834	-52,884
Cash and cash equivalents at beginning of period	256,639	309,523
Cash and cash equivalents at end of period	617,473	256,639
Cash and cash equivalents reported in the statement of financial position	617,473	256,639

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

1
Trial Number:	2009, jianshang, 64
Date of Trial:	2009-4-22
Reason:	Pilferage
Claimant:	Chenfull International Co., Ltd.
Defendant:	Not Stated
2
Trial Number:	2011, sisheng, 289
Date of Trial:	2011-10-13
Reason:	Return the escrow thing
Claimant:	Chenfull International Co., Ltd.
Defendant:	Haohan Zhongxiao Engineering Co., Ltd. (Literal Translation)
3
Trial Number:	2012, sisheng, 238
Date of Trial:	2012-9-6
Reason:	Return the escrow thing
Claimant:	Kouling Electrical Engineering Co., Ltd. (Literal Translation)
Defendant:	Chenfull International Co., Ltd.
4
Trial Number:	2012, shisheng, 62
Date of Trial:	2013-1-3
Reason:	Return the escrow thing
Claimant:	Chenfull International Co., Ltd.
Defendant:	Kouling Electrical Engineering Co., Ltd. (Literal Translation)
5
Trial Number:	2013, sisheng, 389
Date of Trial:	2013-11-18
Reason:	Return the escrow thing
Claimant:	Kouling Electrical Engineering Co., Ltd. (Literal Translation)
Defendant:	Chenfull International Co., Ltd.
6
Trial Number:	2013, sisheng, 398
Date of Trial:	2013-12-6
Reason:	Return the escrow thing
Claimant:	Kouling Electrical Engineering Co., Ltd. (Literal Translation)
Defendant:	Chenfull International Co., Ltd.
7
Trial Number:	2012, su, 493
Date of Trial:	2014-5-30
Reason:	Confirm the exist of creditor’s rights
Claimant:	Chenfull International Co., Ltd.
Defendant:	Hsinchu City Government
8
Trial Number:	2006, chognsu, 173
Date of Trial:	2010-11-9
Reason:	Confirm the exist of creditor’s rights
Claimant:	Jinyi Enterprises Co., Ltd (Literal Translation)
Defendant:	Chenfull International Co., Ltd.
9
Trial Number:	2009, bu, 1159
Date of Trial:	2009-12-11
Reason:	Payment of engineering account
Claimant:	He Pin Security Engineering Co., Ltd (Literal Translation)
Defendant:	Chenfull International Co., Ltd.
10
Trial Number:	2013, sicui, 23
Date of Trial:	2013-3-11
Reason:	Public notice
Claimant:	Yuping Peng
Defendant:	Note Stated
11
Trial Number:	2010, zhujianjian, 6
Date of Trial:	2010-9-30
Reason:	Engineering payment
Claimant:	Hepin Safety Engineering Co., Ltd (Literal Translation)
Defendant:	Chenfull International Co., Ltd.

Special Note

Interview Details

Name	Ms. Huang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.84
UK Pound	1	Rs.98.38
Euro	1	Rs.69.64

INFORMATION DETAILS

Analysis Done by :	RAS

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.