MIRA INFORM REPORT

Report No. :	349342
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	YEM CHIO CO., LTD.
Registered Office :	7/F, No.397, Xingshan Rd., Neihu Dist., Taipei City
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	07.03.1978
Com. Reg. No.:	35894259
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of adhesive tapes and plastic materials.
No. of Employee :	About 500 Employees (Taiwan) About 3000 Employees (Group)

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

Taiwan Standard Credit Report

Date of Order:	2015-11-05	Date of Delivery:	2015-11-12
Type of Inquiry:	Normal	Number of Pages:	21

Contact Points

Company Name:	Yem Chio Co., Ltd.
Supplied Name:	YEM CHIO CO LTD
Trading Address:	7/F, No.397, Xingshan Rd., Neihu Dist., Taipei City, Taiwan
Supplied Address:	P.O BOX NO. 6-25, HSIN CHUANG TAIPEI HSIEN TAIWAN
Telephone Number:	+886-2-2903-3102
Fax Number:	+886-2-2903-6729
E-mail:	yemchio@yemchio.com
Website:	www.yemchio.com

Crediteyes Notes: The exact name and address are as above.

Credit Summary

Credit Rating:	Maximum credit USD 600,000
Credit Opinion:	Business connections are permissible.
Risk Score:	248 Points
Risk Analysis:	Good creditworthiness

Company Identification Details

Registered Name:	YEM CHIO CO., LTD.
Registered Address:	7/F, No.397, Xingshan Rd., Neihu Dist., Taipei City, Taiwan
Date of Foundation:	1978-03-07
Registration Number:	35894259
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 6,000,000,000 (USD 186,000,000) (As of 2015.11, 1 NTD = 0.031 USD)
Paid-up Capital:	NTD 4,590,021,070 (USD 142,290,653.17)
Legal Representatives:	Zhixian Li
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of adhesive tapes and plastic materials.
Staff:	About 500 Employees (Taiwan) About 3000 Employees (Group)
Listed at Stock Exchange:	Yes; Stock Symbol: 4306
Date of Last Annual Return:	2015-10-22

History

Subject was incorporated on 1978-03-07 with registered number 35894259 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 2008-01-21.

Corporate Structure

Factories

1
Address:	No.28, 2nd Rd., Industrial Zone, Houliao Village, Fangyuan Countryside, Changhua County, Taiwan
Date of Foundation:	1911-07-18
Date of Registration:	1992-10-20
Factory Registration Number:	99645215
Factory Manager:	Zhixian Li
Status:	In Production
Date of Last Annual Return:	2014-12-19
Major Products:	220 Plastic products
2
Name:	Taishan Factory
Address:	No. 423, Sec.3, Mingzhi Rd., Taishan Dist., New Taipei City, Taiwan
Date of Foundation:	1998-10-17
Date of Registration:	1998-11-30
Factory Registration Number:	99615520
Factory Manager:	Zhixian Li
Status:	In Production
Date of Last Annual Return:	2002-12-16
Major Products:	220 Plastic products
3
Name:	Bomo Factory
Address:	No.16, W. Industrial 6th Rd., Lugang Township, Changhua County, Taiwan
Date of Registration:	2004-05-31
Factory Registration Number:	99679387
Factory Manager:	Zhixian Li
Status:	In Production
Date of Last Annual Return:	2004-05-31
Major Products:	220 Plastic products
4
Name:	The 2nd Bomo Factory
Address:	No.18, W. Industrial 6th Rd., Dongshi Li, Lugang Township, Changhua County, Taiwan
Date of Foundation:	1992-12-07
Date of Registration:	1998-02-10
Factory Registration Number:	07000174
Factory Manager:	Zhixian Li
Status:	In Production
Date of Last Annual Return:	2014-04-22
Major Products:	220 Plastic products
5
Name:	Zhangbin Factory
Address:	No. 12, 13, E. Industrial 3rd Rd., Haibu Li, Lugang Countryside, Changhua County, Taiwan
Date of Foundation:	1992-12-07
Date of Registration:	1998-02-10
Factory Registration Number:	99645267
Factory Manager:	Zhixian Li
Status:	In Production
Date of Last Annual Return:	2014-08-14
Major Products:	220 Plastic products

Related Companies:

1
Name	Wong Chio Construction Co., Ltd
2
Name	Ningbo Asia Plastics Technology Co., Ltd
Address	201 Huangshan West Road, Beilun, Ningbo, Zhejiang, China.
Telephone Number	+86-574-86802588
Fax Number	+86-574-86861077
3
Name	Wanglih (Vietnam) Co., Ltd.
Telephone Number	+84-8-729-0574~5
Fax Number	+84-8-729-0576
4
Name	U-Com Fashion Hotel Co., Ltd.
Address	No. 389, Sec. 1, Wenhua 3rd Road, Linkow Dist., New Taipei City 244, Taiwan (R.O.C.)
Telephone Number	+886-2-2600-8822
Fax Number	+886-2-2608-7844

Group Companies:

1
Name	Achem Industry America, Inc. (West Coast Service Center) (California)
Address	13226 Alondra Blvd., Cerritos, CA 90703
Telephone Number	+1-562-802-0998
Fax Number	+1-562-802-5069
2
Name	Achem Industry America, Inc. (East Coast Service Center) (North Carolina)
Address	3000 Stitt Street, Suite 130, Monroe, NC 28110
Telephone Number	+1-704-283-6144
Fax Number	+1-704-283-5320
3
Name	Achem Industry America, Inc. (Central Service Center) (Illinois)
Address	1876 Suncast Lane, Batavia, IL 60510
Telephone Number	+1-630-406-7811
Fax Number	+1-630-406-7822
4
Name	Rinnai Vietnam Co.,Ltd
Address	No.01 Vsip II A, Street 15, Viet Nam Singapore Industrial Park II A, Tan Uyen District, Binh Duong Province, Viet Nam
Telephone Number	+84- 650-2220766
Fax Number	+84- 650-2220765
5
Name	Achem technology (m) sdn. Bhd.(Melaka)
Address	44 / 46 / 48, Jalan Jasa Merdeka 1, Taman Datuk Tamby Chik Karim, Batu Berendam, Melaka 75350
Telephone Number	+606-3172611
Fax Number	+606-3174622

Shareholders

Major Shareholders

Name	Subscription Shares
Zhixian Li
31,178,385
Asia Plastics Co., Ltd.	28,470,050
Ings Chyuang International Co., Ltd.	33,584,703
Sishans Lin	2,004,395
Zhengjian Zeng	1,738,048

Management Information

Core Management

Directors

1
Name		Zhixian Li
Position		Chairman of the Board
2
Name	Jianyu Lin
Position		Director
3
Name	Hongquan Huang
Position		Director
4
Name	Dingwen Li
Position		Independent Director
5
Name	Sishan Lin
Position		Supervisor
6
Name	Zhengjian Zeng
Position		Supervisor
7
Name	Qiang Xie
Position		Manager
Date of Appointment		2015-04-01

Personnel Structure

Total Employees

About 500 Employees (Taiwan) About 3000 Employees (Group)

Operation Information

Offices & Factories

	Headquarters
Add	7/F, No.397, Xingshan Rd., Neihu Dist., Taipei City, Taiwan

Production Information

Subject is engaged in manufacturing of adhesive tapes and plastic materials, etc.

Subject has factories in Taiwan for production.

Subject obtained the certification of ISO 9001: 2000 and ISO 14001:2004.

Purchase Information

The registered activities of subject:

Business Code	Details
--	Manufacturing, processing and sales of various adhesive tape (tape for packing, tape for stationery, type for double side, tape for printing, tape for trademark kind of paper, tape for medical treatment)
--	Manufacturing, processing and sales of hardware machinery such as straps, baler, packing machine, cartoning sealing machine, hasp, sealing needle, etc
--	Manufacturing, processing and sales of plastic bag, plastic rope, telescopic film, rubber band, bubble pad, plastic gloves, plastic tube, plastic basket
--	Manufacturing, processing and sales of Paper, cardboard and paper bags, cartons, paper cups, paper tube
--	Import and export above related products
F107140	Wholesale of plastic raw material
F109020	Wholesale of stationery
F113050	Wholesale of office machine equipment
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

Sales Information

Subject is engaged in sales of tapes and plastic materials, etc.

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

The products of subject are mainly applied for packaging industry, printing industry, food, stationery, Industry and electronics, etc.

Subject’s major customers are manufacturers of stationery, Industry and electronics, etc.

Major products

No.	Products
1	Biaxially Oriented Polypropylene Film
2	Adhesive
3	Packaging Material
4	Petrochemical
5	BOPP Film
6	Adhesive Tape

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

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

Sales

Domestic Markets

Product	Tapes and plastic materials, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Tapes and plastic materials, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	3,523,060	2,903,826
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	23,443	37,098
Current available-for-sale financial assets
Current available-for-sale financial assets, net	30,516	39,840
Current bond investment without active market
Current bond investment without active market, net	178,014	255,436
Notes receivable, net
Notes receivable, net	986,983	591,561
Accounts receivable, net
Accounts receivable, net	2,786,702	2,799,149
Other receivables
Other receivables, net	241,800	118,777
Inventories
Total inventories	8,677,871	6,834,218
Prepayments
Total prepayments	924,013	617,984
Non-current assets classified as held for sale, net
Non-current assets classified as held for sale, net	2,803	26,001
Other current assets
Total other current assets	874,601	412,334
Total current assets	18,249,806	14,636,224
Non-current assets
Non-current financial assets at cost
Non-current financial assets at cost, net	174,108	187,044
Investments accounted for using equity method
Investments accounted for using equity method, net	559,223	541,177
Property, plant and equipment
Total property, plant and equipment	14,370,567	13,401,180
Investment property, net
Investment property, net	925,090	2,417
Intangible assets
Total intangible assets	207,189	196,094
Deferred tax assets	130,052	89,052
Other non-current assets
Total other non-current assets	982,105	1,105,862
Total non-current assets	17,348,334	15,522,826
Total assets	35,598,140	30,159,050
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	4,845,842	4,139,254
Short-term notes and bills payable
Total short-term notes and bills payable	760,000	480,000
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	852	9,699
Notes payable
Total notes payable	672,262	615,157
Accounts payable
Total accounts payable	1,100,671	993,663
Other payables
Total other payables	629,613	572,349
Current tax liabilities	35,849	98,497
Liabilities related to non-current assets classified as held for sale	0	8,600
Other current liabilities
Total other current liabilities	5,055,741	3,933,154
Total current liabilities	13,100,830	10,850,373
Non-current liabilities
Bonds payable
Total bonds payable	1,106,481	683,258
Long-term borrowings
Total long-term borrowings	7,902,244	6,353,682
Deferred tax liabilities
Total deferred tax liabilities	286,211	272,829
Other non-current liabilities
Total other non-current liabilities	700,095	805,450
Total non-current liabilities	9,995,031	8,115,219
Total liabilities	23,095,861	18,965,592
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	5,127,246	4,506,825
Total capital stock	5,127,246	4,506,825
Capital surplus
Capital surplus, additional paid-in capital
Total capital surplus, additional paid-in capital	1,735,186	1,459,468
Capital surplus, treasury share transactions	13,294	13,294
Capital surplus, difference between consideration and carrying amount of subsidiaries acquired or disposed	0	0
Capital Surplus, changes in ownership interests in subsidiaries	0	111,310
Capital surplus, changes in equity of associates and joint ventures accounted for using equity method	0	0
Capital surplus, net assets from merger	719	719
Capital surplus, share options	67,033	98,336
Total capital surplus	1,816,232	1,683,127
Retained earnings
Legal reserve	517,252	443,161
Special reserve	200,053	200,053
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	283,206	954,937
Total retained earnings	1,000,511	1,598,151
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	303,061	131,187
Unrealized gains (losses) on available-for-sale financial assets
Total unrealized gains (losses) on available-for-sale financial assets	-13,487	-5,765
Other equity, others
Total other equity, others	0	0
Total other equity interest	289,574	125,422
Total equity attributable to owners of parent	8,233,563	7,913,525
Non-controlling interests	4,268,716	3,279,933
Total equity	12,502,279	11,193,458
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
Total operating revenue	19,994,110	19,618,480
Operating costs
Total operating costs	17,918,341	16,900,091
Gross profit (loss) from operations	2,075,769	2,718,389
Gross profit (loss) from operations	2,075,769	2,718,389
Operating expenses
Selling expenses
Total selling expenses	976,215	977,719
Administrative expenses
Total administrative expenses	714,782	625,484
Research and development expenses
Total research and development expenses	45,386	36,312
Total operating expenses	1,736,383	1,639,515
Net operating income (loss)	339,386	1,078,874
Non-operating income and expenses
Other income
Total other income	233,353	220,662
Other gains and losses
Other gains and losses, net	297,676	72,927
Finance costs
Finance costs, net	273,793	257,442
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	62,495	55,821
Total non-operating income and expenses	319,731	91,968
Profit (loss) from continuing operations before tax	659,117	1,170,842
Tax expense (income)
Total tax expense (income)	165,579	184,672
Profit (loss) from continuing operations	493,538	986,170
Profit (loss)	493,538	986,170
Other comprehensive income
Exchange differences on translation	258,463	343,875
Unrealised gains (losses) on valuation of available-for-sale financial assets	-14,710	-5,592
Actuarial gains (losses) on defined benefit plans	8,601	22,320
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	18,957	-2,680
Other comprehensive income, net	271,311	357,923
Total comprehensive income	764,849	1,344,093
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	144,855	740,914
Profit (loss), attributable to non-controlling interests	348,683	245,256
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	312,426	993,028
Comprehensive income, attributable to non-controlling interests	452,423	351,065
Basic earnings per share
Basic earnings (loss) per share from continuing operations	0.28	1.53
Total basic earnings per share	0.28	1.53
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	0.25	1.25
Total diluted earnings per share	0.25	1.25

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	659,117	1,170,842
Profit (loss) before tax	659,117	1,170,842
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	543,050	512,109
Amortization expense	14,416	12,609
Provision (reversal of provision) for bad debt expense	16,479	37,845
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-16,396	-45,893
Interest expense	273,793	257,442
Interest income	-19,043	-25,835
Dividend income	-1,574	-2,914
Share of loss (profit) of associates and joint ventures accounted for using equity method	-62,495	-55,821
Loss (gain) on disposal of property, plan and equipment	4,887	6,449
Loss (gain) on disposal of investment properties	0	-4,602
Loss (gain) on disposal of non-current assets classified as held for sale	-225,040	-73,704
Loss (gain) on disposal of investments	-2,901	-2,154
Total adjustments to reconcile profit (loss)	525,176	615,531
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	23,472	36,088
Decrease (increase) in notes receivable	24,790	-123,772
Decrease (increase) in accounts receivable	-4,746	-388,500
Decrease (increase) in other receivable	-117,417	-32,819
Decrease (increase) in inventories	-939,238	-403,517
Decrease (increase) in prepayments	-306,029	-355,237
Decrease (increase) in other current assets	-89,843	58,422
Total changes in operating assets	-1,409,011	-1,209,335
Changes in operating liabilities
Increase (decrease) in notes payable	57,105	-26,932
Increase (decrease) in accounts payable	107,008	100,253
Increase (decrease) in other payable	-59,299	251,778
Increase (decrease) in other current liabilities	295,620	54,889
Total changes in operating liabilities	400,434	379,988
Total changes in operating assets and liabilities	-1,008,577	-829,347
Total adjustments	-483,401	-213,816
Cash inflow (outflow) generated from operations	175,716	957,026
Interest received	19,043	25,835
Dividends received	83,901	116,708
Interest paid	-422,070	-292,674
Income taxes refund (paid)	-267,498	-150,332
Net cash flows from (used in) operating activities	-410,908	656,563
Cash flows from (used in) investing activities
Acquisition of bond investments without active market	-1,203,926	-803,659
Proceeds from repayments of bond investment without active market	1,284,249	550,377
Proceeds from capital reduction of financial assets at cost	7,330	3,150
Proceeds from disposal of non-current assets classified as held for sale	488,781	122,862
Acquisition of property, plant and equipment	-2,554,739	-3,301,999
Proceeds from disposal of property, plant and equipment	4,483	2,948
Acquisition of intangible assets	0	-1,092
Acquisition of investment properties	-649,438	-277,249
Proceeds from disposal of investment properties	0	16,627
Increase in other non-current assets	-539,451	-182,471
Net cash flows from (used in) investing activities	-3,162,711	-3,870,506
Cash flows from (used in) financing activities
Increase in short-term loans	706,588	382,886
Increase in short-term notes and bills payable	280,000	300,167
Proceeds from issuing bonds	200,000	1,000,000
Repayments of bonds	0	-200
Proceeds from long-term debt	5,814,192	5,471,984
Repayments of long-term debt	-2,477,680	-3,415,052
Increase in other non-current liabilities	0	75,959
Decrease in other non-current liabilities	-13,111	0
Cash dividends paid	-452,746	-349,955
Change in non-controlling interests	42,537	-280,723
Net cash flows from (used in) financing activities	4,099,780	3,185,066
Effect of exchange rate changes on cash and cash equivalents	93,073	216,686
Net increase (decrease) in cash and cash equivalents	619,234	187,809
Cash and cash equivalents at beginning of period	2,903,826	2,716,017
Cash and cash equivalents at end of period	3,523,060	2,903,826
Cash and cash equivalents reported in the statement of financial position	3,523,060	2,903,826

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

1
Case Type:	Chattel Mortgage
Registered Number:	Jingshou (Zhong) Dong Zi No.108224
Debtor Name:	Yem Chio Co., Ltd.
Registry:	MOEA Central Office
Bank Name:	Taiwan International Commercial Bank Co., Ltd. (Jianbei Branch) (Literal Translation)
Date of Registration:	2013-08-06
Amount of Secure Claims:	NTD 567,537,250
Type of Subject Matter:	Machinery, equipment or tools
Date of Contract Beginning:	2013-08-05
Date of Contract Ending:	2043-08-04
2
Case Type:	Chattel Mortgage
Registered Number:	Jingshou (Zhong) Dong Zi No. 105258
Debtor Name:	Yem Chio Co., Ltd.
Registry:	MOEA Central Office
Bank Name:	Taiwan International Commercial Bank Co., Ltd. (Jianbei Branch) (Literal Translation)
Date of Registration:	2012-01-05
Amount of Secure Claims:	NTD 734,777,785
Type of Subject Matter:	Machinery, equipment or tools
Date of Contract Beginning:	2011-12-19
Date of Contract Ending:	2041-12-18
3
Case Type:	Chattel Mortgage
Registered Number:	Jingshou (Zhong) Dong Zi No. 105191
Debtor Name:	Yem Chio Co., Ltd.
Registry:	MOEA Central Office
Bank Name:	Taiwan International Commercial Bank Co., Ltd. (Jianbei Branch) (Literal Translation)
Date of Registration:	2011-12-22
Amount of Secure Claims:	NTD 499,303,165
Type of Subject Matter:	Machinery, equipment or tools
Date of Contract Beginning:	2011-12-19
Date of Contract Ending:	2041-12-18

Lawsuit

Trial Number:	2009, Beijian, 29756
Date of Trial:	2009-10-28
Reason:	Payment for goods
Claimant:	Yem Chio Co., Ltd.
Defendant:	Taiwan Fluorescent Lamp Co., Ltd. (Literal Translation)

Special Note

Interview Details

Name

Mr. Li

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SDA

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.