MIRA INFORM REPORT

Report No. :	343956
Report Date :	12.10.2015

IDENTIFICATION DETAILS

Name :	HIWIN TECHNOLOGIES CORP.
Registered Office :	No. 7, Jingke Road, Nantun District, Taichung City 40852
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	11.10.1989
Com. Reg. No.:	23503047
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sale of Ballscrew and Bearings.
No. of Employees :	About 4,000 Employees (Taiwan)

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:	Hiwin Technologies Corp.
Supplied Name:	HIWIN TECHNOLOGIES CORP
Trading Address:	No. 7, Jingke Road, Nantun District, Taichung City 40852, Taiwan
Supplied Address:	No.7, JINGKE ROAD NANTUN DISTRICT TAICHUNG 40852
Telephone Number:	+886-4-2359-4510
Fax Number:	+886-4-2359-4420
Website:	www.hiwin.com.tw

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Hiwin Technologies Corp.
Registered Address:	No. 7, Jingke Road, Nantun District, Taichung City 40852, Taiwan
Date of Foundation:	1989-10-11
Registration Number:	23503047
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 3,000,000,000 (USD 93,000,000) (As of 2015.10, 1 NTD = 0.0310 USD)
Paid-up Capital:	NTD 2,692,784,560 (USD 83,476,321.36)
Legal Representatives:	Yongcai Zhuo
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of ballscrew and bearings.
Staff:	About 4,000 Employees (Taiwan)
Listed at Stock Exchange:	Yes; Stock Code: 2049
Date of Last Annual Return:	2015-9-2

History

Subject was incorporated on 1989-10-11 with registered number 23503047 as Joint Stock Company in Taiwan.

Subject listed on Taiwan stock exchange on 2009-06-26.

Corporate Structure

Factories

1
Name:	Hiwin Technologies Corp. Yunke The Third Factory
Address:	No. 26, Linkejia Road, 6, Changan Li, Douliu City, Yunlin County, Taiwan
Date of Registration:	2013-05-20
Factory Registration Number:	09000306
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	2013-05-20
Major Products:	259 Other metal and products
2
Name:	Hiwin Technologies Corp. Industrial The Forth Factory
Address:	No. 30, 37 Road, Industrial Zone, Xiehe Li, Xitun Dist., Taichung City, Taiwan
Date of Registration:	2013-11-08
Factory Registration Number:	66002283
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	2013-11-08
Major Products:	292 Other specialized mechanical equipment
3
Name:	Hiwin Technologies Corp. Tanzi Factory
Address:	No. 83, Lane 36, Tanxing Road, Tanyang Li, Tanzi Dist., Taichung City, Taiwan
Date of Foundation:	1983-10-12
Date of Registration:	1983-11-02
Factory Registration Number:	99633991
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	2008-11-20
Major Products:	293 Ordinary engineering devices
4
Name:	Hiwin Technologies Corp. Yunke Factory
Address:	No. 128, Section 3, Yunke Road, Huxi Li, Douliu City, Yunlin County, Taiwan
Date of Registration:	2004-06-15
Factory Registration Number:	99654583
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	2012-07-18
Major Products:	259 Other metal and products 292 Other specialized mechanical equipment 293 Ordinary engineering devices 303 Automobile parts 319 Unclassified other means of transport and its parts
5
Name:	Hiwin Technologies Corp.
Address:	No. 46, 37 Road, Industrial Zone, Xiehe Li, Xitun Dist., Taichung City, Taiwan
Date of Foundation:	1990-03-03
Date of Registration:	1990-11-15
Factory Registration Number:	99669595
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	1990-11-15
Major Products:	293 Ordinary engineering devices 292 Other specialized mechanical equipment 319 Unclassified other means of transport and its parts
6
Name:	Hiwin Technologies Corp. Yunke The Second Factory
Address:	No. 130, Section 3, Yunke Road, Huxi Li, Douliu City, Yunlin County, Taiwan
Date of Registration:	2010-08-09
Factory Registration Number:	99709582
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	2013-10-17
Major Products:	259 Other metal and products
7
Name:	Hiwin Technologies Corp. Industrial The Seventh Factory
Address:	No. 6, Jingke Third Rd., Wenshan Li, Nantun Dist., Taichung, Taiwan
Date of Registration:	2015-4-16
Factory Registration Number:	66003576
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	2015-4-16
Major Products:	293 Ordinary engineering devices
8
Name:	Hiwin Technologies Corp. Industrial The Sixth Factory
Address:	No. 42, Jingke 8th Rd., Wenshan Li, Nantun Dist., Taichung, Taiwan
Date of Registration:	2014-10-8
Factory Registration Number:	66003114
Factory Manager:	Yongcai Zhuo
Status:	In Production
Date of Last Annual Return:	2014-10-8
Major Products:	293 Ordinary engineering devices

Related Company

Name	Hiwin Mikrosystem Corp.
Address	No.7, Jingke Rd., Nantun District, Taichung City 408, Taiwan
Telephone Number	+886-4-2355-0110
Fax Number	+886-4-2355-0123

Shareholders

Major Shareholders

Name	Subscription Shares
Yongcai Zhuo
13,977,572
Jincai Chen	3,902,436
Xunqin Li	12,663,116
Wenheng Zhuo	5,931,765
Huiqing Cai	4,350,649
Sanxing Investment Co., Ltd. (literal translation)	3,075,561
Liangji Zhang	1,887,510

Shareholder Information:

Registered Name:	Sanxing Investment Co., Ltd. (literal translation)
Registered Address:	7/F, No. 372, Linsen North Rd., Zhongshan Dist., Taipei City, Taiwan
Date of Foundation:	1997-04-23
Registration Number:	97447365
Registry:	Taipei City Government
Legal Representatives:	Jingyi Huang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2012-10-23

Management Information

Core Management

Directors

1
Name	Yongcai Zhuo
Position	Board Chairman
2
Name	Jincai Chen
Position	Vice Board Chairman
3
Name	Xunqin Li
Position	Director
4
Name	Wenheng Zhuo
Position	Director
5
Name	Huiqing Cai
Position	Director & Manager
Date of Appointment:	2008-7-1
6
Name	Zhenghe Jiang
Position	Independent Director
7
Name	Zeyu Chen
Position	Independent Director
8
Name	Yousan Huang
Position	Supervisor
9
Name	Liangji Zhang
Position	Supervisor

Personnel Structure

Total Employees

About 4,000 Employees (Taiwan)

Operation Information

Offices & Factories

	Headquarters
Add	No. 7, Jingke Road, Nantun District, Taichung City 40852, Taiwan

Production Information

Subject is engaged in manufacturing of ballscrew and bearings, etc.

Subject has factories in Yunlin County and Taichung City, Taiwan for production.

Subject obtained the certifications of ISO 9001, ISO 14001, OHSAS 18001 and ISO 13485, etc.

Purchase Information

The registered activities of subject:

Business Code	Details
CB01010	Machinery and equipment manufacturing
CB01990	Other machinery manufacturing
CC01010	Generate electricity, transmission and distribution of mechanical manufacturing
CD01030	Automobile and parts manufacturing
CD01990	Other means of transport and its parts manufacturing
CD01060	Aircraft and parts manufacturing
CF01011	Medical device manufacturing
F108031	Medical equipment wholesale
F208031	Medical equipment retail
F401010	The international trade
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

The components and raw materials for production are mostly purchased in Taiwan.

Sales Information

Subject is engaged in sale of ballscrew and bearings, etc.

The major products of the subject are ballscrews, linear guideway, bearings, robot, linear motor, linear actuator and so on.

It is introduced that the subject’s sales regions include domestic market, Asia, Mid-East, Europe, Africa, America, Australia, Switzerland, etc.

Subject’s general delivery lead time of ballscrews is about 30 to 45 days; the general delivery lead time of bearings is about 30 to 60 days

The major customers of the subject are Peninsula Components Inc. and Microplan Italia Srl., etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

Subject has little import.

Sales

Domestic Markets

Product	Ballscrew and bearings, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Ballscrew and bearings, 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	2,460,006	1,185,673
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	104	0
Notes receivable, net
Notes receivable, net	203,939	141,709
Notes receivable due from related parties, net
Notes receivable due from related parties, net	7,177	69,275
Accounts receivable, net
Accounts receivable, net	5,450,013	4,656,896
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	12,802	0
Inventories
Total inventories	4,066,870	3,960,986
Other current assets
Total other current assets	801,521	370,849
Total current assets	13,002,432	10,385,388
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	16	16
Held-to-maturity non-current financial assets
Non-current held-to-maturity financial assets, net	3,258	3,369
Non-current financial assets at cost
Non-current financial assets at cost, net	351,754	360,954
Investments accounted for using equity method
Investments accounted for using equity method, net	104,990	99,181
Property, plant and equipment
Total property, plant and equipment	15,258,375	13,902,937
Deferred tax assets	153,991	136,389
Other non-current assets
Prepayments for business facilities	1,144,092	2,337,571
Guarantee deposits paid	35,994	222,087
Long-term prepaid rents	98,207	0
Other non-current assets, others
Total other non-current assets, others	212,331	163,096
Total other non-current assets	1,490,624	2,722,754
Total non-current assets	17,363,008	17,225,600
Total assets	30,365,440	27,610,988
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	4,398,088	5,120,653
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	13,667	2,792
Notes payable
Total notes payable	10,060	20,518
Accounts payable
Total accounts payable	2,146,987	1,868,197
Accounts payable to related parties
Total accounts payable to related parties	110,862	90,075
Other payables
Other accrued expenses	1,355,434	1,029,653
Total other payables	1,355,434	1,029,653
Current tax liabilities	480,707	315,136
Other current liabilities
Long-term liabilities, current portion
Total long-term liabilities, current portion	1,360,209	1,252,797
Other current liabilities, others	136,050	118,764
Total other current liabilities	1,496,259	1,371,561
Total current liabilities	10,012,064	9,818,585
Non-current liabilities
Long-term borrowings
Total long-term borrowings	5,887,161	5,210,736
Deferred tax liabilities
Total deferred tax liabilities	180,389	151,754
Other non-current liabilities
Long-term notes and accounts payable
Non-current lease obligations payable	393,494	420,165
Total long-term notes and accounts payable	393,494	420,165
Accrued pension liabilities	219,747	213,850
Guarantee deposits received	300	300
Total other non-current liabilities	613,541	634,315
Total non-current liabilities	6,681,091	5,996,805
Total liabilities	16,693,155	15,815,390
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	2,614,354	2,538,208
Total capital stock	2,614,354	2,538,208
Capital surplus
Capital surplus, additional paid-in capital
Total capital surplus, additional paid-in capital	308,630	308,630
Total capital surplus	308,630	308,630
Retained earnings
Legal reserve	1,355,627	1,153,469
Special reserve	0	163,449
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	8,664,091	7,065,846
Total retained earnings	10,019,718	8,382,764
Other equity interest
Total other equity interest	-14,561	2,154
Total equity attributable to owners of parent	12,928,141	11,231,756
Non-controlling interests	744,144	563,842
Total equity	13,672,285	11,795,598
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	15,087,336	12,442,866
Operating costs
Total operating costs	9,296,584	7,834,804
Gross profit (loss) from operations	5,790,752	4,608,062
Gross profit (loss) from operations	5,790,752	4,608,062
Operating expenses
Selling expenses
Total selling expenses	1,126,186	847,168
Administrative expenses
Total administrative expenses	1,009,279	834,536
Research and development expenses
Total research and development expenses	807,452	557,488
Total operating expenses	2,942,917	2,239,192
Net operating income (loss)	2,847,835	2,368,870
Non-operating income and expenses
Other income
Total other income	66,675	75,151
Other gains and losses
Gains on disposals of investments	0	9,770
Foreign exchange gains	211,439	200,032
Miscellaneous disbursements	8,210	3,878
Losses on financial assets (liabilities) at fair value through profit or loss	23,086	7,674
Impairment loss
Impairment loss on financial assets	9,200	0
Impairment loss recognised in profit or loss, property, plant and equipment	12,454	0
Total impairment loss	21,654	0
Other gains and losses, net	158,489	198,250
Finance costs
Finance costs, net	172,112	149,030
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	10,055	11,069
Total non-operating income and expenses	63,107	135,440
Profit (loss) from continuing operations before tax	2,910,942	2,504,310
Tax expense (income)
Total tax expense (income)	643,592	591,486
Profit (loss) from continuing operations	2,267,350	1,912,824
Profit (loss)	2,267,350	1,912,824
Other comprehensive income
Exchange differences on translation	-19,698	47,555
Unrealized gains (losses) on valuation of available-for-sale financial assets	0	4,539
Actuarial gains (losses) on defined benefit plans	-5,641	312
Other comprehensive income	2,983	0
Other comprehensive income, net	-22,356	52,406
Total comprehensive income	2,244,994	1,965,230
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	2,404,906	2,021,585
Profit (loss), attributable to non-controlling interests	-137,556	-108,761
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	2,382,550	2,073,991
Comprehensive income, attributable to non-controlling interests	-137,556	-108,761
Basic earnings per share
Basic earnings (loss) per share from continuing operations	9.20	7.73
Total basic earnings per share	9.20	7.73
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	9.16	7.70
Total diluted earnings per share	9.16	7.70

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	2,910,942	2,504,310
Profit (loss) before tax	2,910,942	2,504,310
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	1,091,917	1,056,257
Amortization expense	14,587	16,626
Provision (reversal of provision) for bad debt expense	-1,272	-25,816
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	13,563	2,792
Interest expense	172,112	149,030
Interest income	-14,401	-2,781
Share of loss (profit) of associates and joint ventures accounted for using equity method	-10,055	-11,069
Loss (gain) on disposal of property, plant and equipment	820	2,456
Loss (gain) on disposal of investments	0	-9,770
Impairment loss on financial assets	9,200	0
Impairment loss on non-financial assets	16,741	41,857
Unrealized foreign exchange loss (gain)	-164,532	-28,789
Other adjustments to reconcile profit (loss)	111	0
Total adjustments to reconcile profit (loss)	1,128,791	1,190,793
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	-2,792	-1,611
Decrease (increase) in notes receivable	-1,396	-25,020
Decrease (increase) in accounts receivable	-698,485	-309,225
Decrease (increase) in inventories	-86,133	-173,460
Decrease (increase) in other current assets	18,292	-85,756
Total changes in operating assets	-770,514	-595,072
Changes in operating liabilities
Increase (decrease) in notes payable	-10,458	17,434
Increase (decrease) in accounts payable	333,689	220,423
Increase (decrease) in other payable	300,888	91,187
Increase (decrease) in other current liabilities	19,434	48,376
Increase (decrease) in accrued pension liabilities	256	64
Total changes in operating liabilities	643,809	377,484
Total changes in operating assets and liabilities	-126,705	-217,588
Total adjustments	1,002,086	973,205
Cash inflow (outflow) generated from operations	3,913,028	3,477,515
Interest received	6,516	2,781
Interest paid	-173,214	-149,458
Income taxes refund (paid)	-527,065	-712,570
Net cash flows from (used in) operating activities	3,219,265	2,618,268
Cash flows from (used in) investing activities
Proceeds from disposal of available-for-sale financial assets	0	39,195
Acquisition of held-to-maturity financial assets	0	-3,369
Acquisition of financial assets at cost	0	-21,000
Acquisition of property, plant and equipment	-733,419	-2,194,289
Proceeds from disposal of property, plant and equipment	1,731	2,698
Increase in refundable deposits	185,481	-206,260
Decrease in other financial assets	-346,922	0
Increase in other non-current assets	-60,385	-44,402
Increase in prepayments for business facilities	-589,636	-486,386
Increase in other prepayments	-97,102	0
Net cash flows from (used in) investing activities	-1,640,252	-2,913,813
Cash flows from (used in) financing activities
Decrease in short-term loans	-703,819	791,246
Proceeds from long-term debt	2,226,380	929,280
Repayments of long-term debt	-1,429,649	-1,065,902
Decrease in lease payable	-21,279	-20,172
Cash dividends paid	-685,316	-665,355
Change in non-controlling interests	321,032	190,720
Net cash flows from (used in) financing activities	-292,651	159,817
Effect of exchange rate changes on cash and cash equivalents	-12,029	4,312
Net increase (decrease) in cash and cash equivalents	1,274,333	-131,416
Cash and cash equivalents at beginning of period	1,185,673	1,317,089
Cash and cash equivalents at end of period	2,460,006	1,185,673
Cash and cash equivalents reported in the statement of financial position	2,460,006	1,185,673

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

Name	Bank of Taiwan

Public Record

Mortgage

1
Case Type:	Chattel Mortgage
Certificate No.:	037821
Debtor Name:	Hiwin Technologies Corp.
Document Number:	109362
Date of Registration:	1991-07-11
Date of Alteration:	1991-07-11
Status:	Paid off
2
Case Type:	Chattel Mortgage
Certificate No.:	038135
Debtor Name:	Hiwin Technologies Corp.
Document Number:	325753
Date of Registration:	1991-09-02
Date of Alteration:	1991-09-02
Status:	Paid off
3
Case Type:	Chattel Mortgage
Certificate No.:	040417
Debtor Name:	Hiwin Technologies Corp.
Document Number:	290625
Date of Registration:	1992-07-31
Status:	Paid off
4
Case Type:	Chattel Mortgage
Certificate No.:	044468
Debtor Name:	Hiwin Technologies Corp.
Document Number:	197143
Date of Registration:	1994-02-21
Status:	Paid off
5
Case Type:	Chattel Mortgage
Certificate No.:	048023
Debtor Name:	Hiwin Technologies Corp.
Document Number:	244367
Date of Registration:	1995-05-30
Status:	Paid off
6
Case Type:	Chattel Mortgage
Certificate No.:	050484
Debtor Name:	Hiwin Technologies Corp.
Document Number:	467105
Date of Registration:	1996-03-18
Status:	Paid off
7
Case Type:	Chattel Mortgage
Certificate No.:	052386
Debtor Name:	Hiwin Technologies Corp.
Document Number:	473943
Date of Registration:	1996-11-14
Status:	Paid off
8
Case Type:	Chattel Mortgage
Certificate No.:	055356
Debtor Name:	Hiwin Technologies Corp.
Document Number:	993325
Date of Registration:	1997-09-13
Status:	Paid off
9
Case Type:	Chattel Mortgage
Certificate No.:	055722
Debtor Name:	Hiwin Technologies Corp.
Document Number:	994616
Date of Registration:	1997-10-22
Status:	Paid off
10
Case Type:	Chattel Mortgage
Certificate No.:	056279
Debtor Name:	Hiwin Technologies Corp.
Document Number:	996388
Date of Registration:	1997-12-08
Status:	Paid off
11
Case Type:	Chattel Mortgage
Certificate No.:	060957
Debtor Name:	Hiwin Technologies Corp.
Document Number:	851551
Date of Registration:	1999-02-08
Status:	Paid off
12
Case Type:	Chattel Mortgage
Certificate No.:	062553
Debtor Name:	Hiwin Technologies Corp.
Document Number:	534116
Date of Registration:	1999-07-14
Date of Alteration:	2001-06-12
Status:	Paid off
13
Case Type:	Chattel Mortgage
Certificate No.:	064814
Debtor Name:	Hiwin Technologies Corp.
Document Number:	564814
Date of Registration:	2000-01-31
Status:	Paid off
14
Case Type:	Chattel Mortgage
Certificate No.:	066547
Debtor Name:	Hiwin Technologies Corp.
Document Number:	571711
Date of Registration:	2000-06-30
Status:	Paid off
15
Case Type:	Chattel Mortgage
Certificate No.:	067392
Debtor Name:	Hiwin Technologies Corp.
Document Number:	574977
Date of Registration:	2000-09-01
Date of Alteration:	2005-03-16
Status:	Paid off
16
Case Type:	Chattel Mortgage
Certificate No.:	067604
Debtor Name:	Hiwin Technologies Corp.
Document Number:	575918
Date of Registration:	2000-09-21
Status:	Paid off
17
Case Type:	Chattel Mortgage
Certificate No.:	067990
Debtor Name:	Hiwin Technologies Corp.
Document Number:	577304
Date of Registration:	2000-10-20
Status:	Paid off
18
Case Type:	Chattel Mortgage
Certificate No.:	068537
Debtor Name:	Hiwin Technologies Corp.
Document Number:	579243
Date of Registration:	2000-11-29
Date of Alteration:	2005-03-16
Status:	Paid off
19
Case Type:	Chattel Mortgage
Certificate No.:	071059
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09005127860
Date of Registration:	2001-08-03
Date of Alteration:	2005-03-16
Status:	Paid off
20
Case Type:	Chattel Mortgage
Certificate No.:	071958
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09005174040
Date of Registration:	2001-11-29
Status:	Paid off
21
Case Type:	Chattel Mortgage
Certificate No.:	075273
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09205079680
Date of Registration:	2003-02-25
Status:	Paid off
22
Case Type:	Chattel Mortgage
Certificate No.:	077738
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09200490670
Date of Registration:	2003-11-17
Status:	Paid off
23
Case Type:	Conditional Sale
Certificate No.:	013161
Debtor Name:	Hiwin Technologies Corp.
Document Number:	242965
Date of Registration:	1995-04-17
Status:	Paid off
24
Case Type:	Conditional Sale
Certificate No.:	013206
Debtor Name:	Hiwin Technologies Corp.
Document Number:	243405
Date of Registration:	1995-05-01
Status:	Paid off
25
Case Type:	Conditional Sale
Certificate No.:	023010
Debtor Name:	Hiwin Technologies Corp.
Document Number:	578630
Date of Registration:	2000-11-17
Status:	Paid off
26
Case Type:	Conditional Sale
Certificate No.:	025151
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09105093990
Date of Registration:	2002-06-12
Status:	Paid off
27
Case Type:	Conditional Sale
Certificate No.:	025546
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09105124860
Date of Registration:	2002-09-05
Status:	Paid off
28
Case Type:	Chattel Mortgage
Certificate No.:	080065
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09305135150
Date of Registration:	2004-06-24
Status:	Paid off
29
Case Type:	Chattel Mortgage
Certificate No.:	081705
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09305196560
Date of Registration:	2004-12-28
Status:	Paid off
30
Case Type:	Chattel Mortgage
Certificate No.:	082117
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09304997770
Date of Registration:	2004-12-28
Status:	Paid off
31
Case Type:	Chattel Mortgage
Certificate No.:	082194
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09405060510
Date of Registration:	2005-01-04
Status:	Paid off
32
Case Type:	Chattel Mortgage
Certificate No.:	082194
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09405060510
Date of Registration:	2005-01-04
Status:	Paid off
33
Case Type:	Chattel Mortgage
Certificate No.:	082674
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09405079470
Date of Registration:	2005-02-23
Status:	Paid off
34
Case Type:	Chattel Mortgage
Certificate No.:	082675
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09405079460
Date of Registration:	2005-02-23
Status:	Paid off
35
Case Type:	Chattel Mortgage
Certificate No.:	083818
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09405120130
Date of Registration:	2005-06-10
Status:	Paid off
36
Case Type:	Chattel Mortgage
Certificate No.:	083907
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09405122510
Date of Registration:	2005-06-17
Status:	Paid off
37
Case Type:	Chattel Mortgage
Certificate No.:	084588
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09405191510
Date of Registration:	2005-12-23
Status:	Paid off
38
Case Type:	Chattel Mortgage
Certificate No.:	087698
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09505129170
Date of Registration:	2006-06-27
39
Case Type:	Chattel Mortgage
Certificate No.:	087989
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09505138940
Date of Registration:	2006-07-19
Status:	Paid off
40
Case Type:	Chattel Mortgage
Certificate No.:	089522
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09505196160
Date of Registration:	2006-12-19
41
Case Type:	Chattel Mortgage
Certificate No.:	090195
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09605078440
Date of Registration:	2007-02-16
42
Case Type:	Chattel Mortgage
Certificate No.:	091464
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09605133010
Date of Registration:	2007-07-18
43
Case Type:	Chattel Mortgage
Certificate No.:	092526
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09605175510
Date of Registration:	2007-11-07
44
Case Type:	Chattel Mortgage
Certificate No.:	093514
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09705074100
Date of Registration:	2008-02-22
45
Case Type:	Chattel Mortgage
Certificate No.:	094380
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09705105880
Date of Registration:	2008-05-15
46
Case Type:	Chattel Mortgage
Certificate No.:	096316
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09730427310
Date of Registration:	2008-12-03
47
Case Type:	Chattel Mortgage
Certificate No.:	099586
Debtor Name:	Hiwin Technologies Corp.
Document Number:	09930274800
Date of Registration:	2010-03-18
Status:	Paid off
48
Case Type:	Chattel Mortgage
Certificate No.:	103697
Debtor Name:	Hiwin Technologies Corp.
Document Number:	10030337160
Date of Registration:	2011-05-13
49
Case Type:	Chattel Mortgage
Certificate No.:	103818
Debtor Name:	Hiwin Technologies Corp.
Document Number:	10030340910
Date of Registration:	2011-05-25
50
Case Type:	Chattel Mortgage
Certificate No.:	105012
Debtor Name:	Hiwin Technologies Corp.
Document Number:	10030380710
Date of Registration:	2011-11-17
51
Case Type:	Chattel Mortgage
Certificate No.:	105719
Debtor Name:	Hiwin Technologies Corp.
Document Number:	10130317650
Date of Registration:	2012-04-16
52
Case Type:	Chattel Mortgage
Certificate No.:	106982
Debtor Name:	Hiwin Technologies Corp.
Document Number:	10130363230
Date of Registration:	2012-12-11
53
Case Type:	Chattel Mortgage
Certificate No.:	108387
Debtor Name:	Hiwin Technologies Corp.
Document Number:	10231349080
Date of Registration:	2013-08-29
54
Case Type:	Chattel Mortgage
Debtor Name:	Hiwin Technologies Corp.
Document Number:	10231363230
Date of Receipt:	2013-11-05
Status:	Paid off

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

Special Note

Interview Details

Name	Ms. Wen
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	NIT

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.