MIRA INFORM REPORT

Report No. :	504197
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	FORTREND TAIWAN SCIENTIFIC CORP
Registered Office :	No. 20, 4th Rd., Linkou Dist., New Taipei City 244, Taiwan (R.O.C.)
Country :	Taiwan
Date of Incorporation :	23.09.1999
Com. Reg. No.:	70438531
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of touching and controlling products
No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Taiwan	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.

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 of that year, 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 uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US. These overtures have likely played a role in increasing Taiwan’s total exports, which rose 11% during the first half of 2017, buoyed by strong demand for semiconductors.

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 with many economies, including China and the US, 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 and has also secured greater market access for its investors on 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 renminbi (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 opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. President TSAI’s administration has made little progress on the domestic economic issues that loomed large when she was elected, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement. TSAI has made more progress on boosting trade with South and Southeast Asia, however, which may help insulate Taiwan’s economy from a fall in mainland demand should China’s growth slow in 2018.

Source : CIA

Company Name And Address

Company Name:	Fortrend Taiwan Scientific Corp.
Trading Address:	No. 20, 4th Rd., Linkou Dist., New Taipei City 244, Taiwan (R.O.C.)
Telephone Number:	+886-2-2601-5678
Fax Number:	+886-2-2601-5678
E-mail:	services@touchpanelpro.com

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Fortrend Taiwan Scientific Corp.
Registered Address:	No. 20, 4th Rd., Linkou Dist., New Taipei City 244, Taiwan (R.O.C.)
Date of Foundation:	1999-9-23
Registration Number:	70438531
Registry:	New Taipei City Government
Registered Capital:	NTD 600,000,000 (USD 18,000,000)
Paid-up Capital:	NTD 471,195,000 (USD 1,415,850)
Legal Representatives:	Mingfa Wu
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of touching and controlling products
Staff:	N/A
Date of Last Annual Return:	2016-8-18

Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.

History

Subject was incorporated on 1999-9-23 with registered number 70438531 as Joint Stock Company in Taiwan.

Corporate Structure

Factory

Address:	No. 20, 4th Rd., Linkou Dist., New Taipei City 244, Taiwan (R.O.C.)
Date of Registration:	2007-5-28
Factory Registration Number:	99696642
Factory Manager:	Mingfa Wu
Status:	In production
Date of Last Annual Return:	2014-1-7
Major Products:	262 Passive electronic components 264 Optoelectronic materials and components 269 Other electronic components 271 Computers and peripherals

Oversea Offices

Address: Amardeep Singh，Sector 49 ，Gurgaon - Haryana - 122018

E-mail: Amardeep@touchpanelpro.com

Tel: +91 98730-08921

Shareholders

Major Shareholders

(Unit: NTD)

Name	Subscription Shares
Mingfa Wu	2,337,370
Cheng Wu	1,893,837
Jia Ying Electronic Co., Ltd (Literal Translation)	2,075,700
Xian Tong Investments Co., Ltd (Literal Translation)	3,893,140
Good Idea Corp.	10,614,006

Shareholder Information:

1
Registered Name:	Jia Ying Electronic Co., Ltd (Literal Translation)
Registered Address:	3F., No.112, Guangfu N. Rd., Songshan Dist., Taipei City, Taiwan (R.O.C.)
Date of Foundation:	1992-11-2
Registration Number:	86886990
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 2,100,000,000
Paid-up Capital:	NTD 761,888,750
Legal Form:	Joint Stock Company
Status:	Abolished
Date of Abolishment:	2018-3-20
Date of Last Annual Return:	2016-2-26
2
Registered Name:	Xian Tong Investments Co., Ltd (Literal Translation)
Registered Address:	6F.-4, No.112, Sec. 2, Zhongshan N. Rd., Zhongshan Dist., Taipei City, Taiwan (R.O.C.)
Date of Foundation:	1976-7-23
Registration Number:	14079610
Registry:	Taipei City Government
Registered Capital:	NTD 5,000,000
Paid-up Capital:	NTD 5,000,000
Legal Representatives:	Baicang Wu
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2016-8-17
3
Registered Name:	Good Idea Corp.
Registered Address:	6F.-4, No.112, Sec. 2, Zhongshan N. Rd., Zhongshan Dist., Taipei City, Taiwan (R.O.C.)
Date of Foundation:	1974-1-10
Registration Number:	04403687
Registry:	Taipei City Government
Registered Capital:	NTD 28,000,000
Paid-up Capital:	NTD 28,000,000
Legal Representatives:	Mingfa Wu
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2016-7-26

Management Information

Core Management

Directors

1
Name		Mingfa Wu
Position		Board Chairman
2
Name	Cheng Wu
Position		Director
3
Name	Jiewen Chen
Position		Director
4
Name	Baicang Wu
Position		Director
5
Name	Baiyi Wu
Position		Director
6
Name		Mingcon Wu
Position		Director
7
Name	Nianci Liu
Position		Director
8
Name	Mingshun Wu
Position		Supervisor
9
Name	Good Idea Corp.
Position		Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	No. 20, 4th Rd., Linkou Dist., New Taipei City 244, Taiwan (R.O.C.)

Production Information

· Subject is engaged in manufacturing of touching and controlling products and etc.

· Subject has a factory in Taiwan for production.

· Subject obtained the certification of ISO-14000 and QC-080000.

Purchase Information

The registered activities of subject:

Business Code	Details
CB01010	Machinery and equipment manufacturing
IZ99990	Other business services
F401010	International trading business.
CC01040	Lighting equipment manufacturing
CC01080	Electronic components manufacturing
CC01110	Computer and peripheral equipment manufacturing
CC01120	Data storage media manufacturing and copying industry
F106030	Mould wholesale
F113020	Wholesale of electrical appliances
F113050	Computer and business equipment wholesale
F118010	Information software wholesale
F119010	Electronic materials wholesale
F206030	Mould retail
F213010	Electrical retail
F213030	Computers and business machines retail
F218010	Information software retail
F219010	Electronic materials retail
H701020	Industrial plant development rental industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.
F108031	Medical equipment wholesale
F208031	Medical equipment retail

Subject purchases its raw materials and etc both at home and abroad.

Sales Information

· Subject is engaged in sale of touching and controlling products and etc.

· The major products include Nano Liquid Diamond Coating Turnkey, Nano Liquid Diamond Touch Panel, Nano Liquid Diamond Coating Glass Protector and etc.

· Subject’s sales regions include Asia, Europe, America and etc.

· Subject’s major customers are manufacturers or designers of electronic products such as computer, mobile phone and etc.

· It is introduced that subject has cooperated with many partners such as LG, TPV, Humanware, SOLOMON SYSTECH, KUPA, LOCOSYS, SUMSUNG and etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Touching and controlling products and etc.
Payment Terms	Cash, T/T and etc

Import

Products	Touching and controlling products and etc.
Payment Terms	L/C, T/T and etc

Sales

Domestic Markets

Product	Touching and controlling products and etc.
Selling Terms	Cash, T/T and etc

Export

Product	Touching and controlling products and etc.
Selling Terms	L/C, T/T and etc

Financial Information

Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we could not obtain such information, either.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

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

Special Note

Interview Details

Name	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46
TWD	1	INR 2.25

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.