MIRA INFORM REPORT

Report No. :	489130
Report Date :	02.02.2018

IDENTIFICATION DETAILS

Name :	ASIAN PLASTIC MACHINERY CO., LTD.
Registered Office :	No.1-1, Songjiang N. Rd., Zhongli Dist., Taoyuan City 32062, Taiwan, R. O. C.
Country :	Taiwan
Financials (as on) :	31.12.2016
Date of Incorporation :	28.12.1987
Com. Reg. No.:	22663360
Legal Form :	Private limited company
Line of Business :	Trade of large injection molding machines
No. of Employees :	10

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Taiwan	A1	A1

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.

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. Domestic economic issues loomed large in public debate ahead of the January 2016 presidential and legislative elections, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement.

Source : CIA

GIVEN DATA OF SUBJECT COMPANY

Given Name：	ASIAN PLASTIC MACHINERY CO LTD
Given Address：	NO.1, SUNG CHIANG N. ROAD, CHUNG LI INDY DIST. CHUNG LI, TAOYUAN TAIWAN ROC
Verification Remark：	The given address refers to that of subject company’s： Present Operating Office Present Registered Office

ESSENTIAL CORPORATE INFORMATION

Registration No.：		22663360
English Company Name：		ASIAN PLASTIC MACHINERY CO., LTD.
Registered Address in English：		No.1-1, Songjiang N. Rd., Zhongli Dist., Taoyuan City 32062, Taiwan, R. O. C.
Address of Operating Office：		Same as above
URL：	http://www.asianplastic.com.tw/
E-mail：	michael@asianplastic.com.tw；asian@asianplastic.com.tw； laura@asianplastic.com.tw
TEL：	+886-3-4522288
FAX：	+886-3-4520261
Established on：	December 28, 1987
No. of Employees：	10
Business Type：	Manufacturing Service Banking/Financing
NACE Code：	4662
Business Size：	Super Large Large Medium Medium-Small Small
Legal Form：	Private limited company

FACTORY AND BRANCH

Item		Address	Registration No.	Tel.	Fax.
	Taipei service office	No.351, Sec. 6, New Taipei Blvd., Taishan Dist., New Taipei City 24355 24355		+886-2-2903-5321	02-2903-5783
	Taichung service office	No.619, Jianguo Rd., Wuri Dist., Taichung City 41449		+886-4-2338-3718	+886-4-2338-3616
	Kaohsiung service office	1F., No.71, Zhongshan S. Rd., Gangshan Dist., Kaohsiung City 82065 82065		+886-7-626-7767	+886-7-626-9256

AFFILIATE

Registration No.		Company Name		Registered Person-in-Charge	Relationship to Subject Company
			English
	12292880		CHEN HSONG MACHINERY TAIWAN CO., LTD.	CHIANG CHEN-YUEN 蔣震遠	Affiliate	Subsidiary
Information provided by financial manager Mr. Chang (ext. 111).

HISTORY

Change in Company Name/Form
	Subject company has kept its present name and form since its establishment.

CAPITAL INCREASE/DECREASE

	Registered capital read NT$50,000,000 (fully paid-up) at the time of establishment.
Subsequent Capital Increase/Decrease
	NIL

PLAN FOR CAPITAL INCREASE/DECREASE & STOCK LISTING - NIL

ACTUAL BUSINESS ITEMS/ ACTIVITIES

1.	Trade of large injection molding machines

MAIN SHAREHOLDERS

Name		Position	Stake (NT$)	Ratio (%)	Note
Representative of Ai Wei Le Kao Co. Ltd. (B.V.I.)
	Jiang, Zheng-Yuan	Chairman	50,000,000	100.00
	Jiang, Li-Yuan	Director
	Wu, Han-Hua	Director
	Hsieh, Tai-Hsiung	Supervisor
Total No. of Shareholders：1

CORPORATE SHAREHOLDER OVERVIEW

Registration No.		Company Name		Address
			English
	- -		Ai Wei Le Kao Co. Ltd. (B.V.I.)	B.V.I.

RELATIONSHIP BETWEEN MAIN SHAREHOLDERS

Spouse	Parent/Children	Siblings	Relatives/In-Laws	Schoolmates
Associates	Friends	Members in CHEN HSONG Group		Institutional Investors
Others (specified as follows)：Foreign fund

MANAGEMENT（CHAIRMAN AND GENERAL MANAGER）

Chairman
English：		CHIANG CHEN-YUEN			Sex：	Male	ID No.：		Declined
	Date of Birth：		August 11, 1923
	Place of Birth：		Herche, Changdong, China
	Education：		Master of Honorary Business of The Open University of Hong Kong Doctor of Honorary Engineering of The Hong Kong Polytechnic University Doctor of Honorary Social Science of The Chinese University of Hong Kong
	Experience：		Chairman of CHEN HSONG MACHINERY TAIWAN CO., LTD. (Hong Kong) Director of CHAIN Z-M BEAUTY GROUP, LTD. Establisher of Chiang Chen Industrial Charity Foundation
	Years in Subject Company’s Line of Business：							More than 50 years
	Other Business Investments									Position
				English Company Name
				CHEN HSONG MACHINERY TAIWAN CO., LTD.						Chairman

General Manager（President）
English：		Michael Wang			Sex：	Male	ID No.：		Declined
	Date of Birth：		1966
	Place of Birth：		Taiwan
	Education：		University graduated
	Experience：		Vice Chairman of LATIN AMERICAN BUSINESS COUNCIL (a society) Vice chairman of Plastic & Rubber Machinery Professional Committee Publisher of Chen Hsong Industrial Monthly Publication Megazine
	Years in Subject Company’s Line of Business：							More than 20 years
	Other Business Investments									Position
				English Company Name
				CHEN HSONG MACHINERY TAIWAN CO., LTD.						General Manager
Information provided by financial manager Mr. Chang (ext.111).

PREMISES

	Registered cum Operating Office：
	The rented premise reports a total floor space of 224.25 square meters and is registered under the name of CHEN HSONG MACHINERY TAIWAN CO., LTD..
Note：Information related to ownership status of subject premises is obtained from computerized official records issued by local land administration authority.

MAJOR PRODUCTION FACILITY - NIL

MORTGAGE RECORD OF MOVEABLE PROPERTIES

NIL

DOMESTIC SUPPLIERS

Raw Material / Product		Supplier		Payment Term
	Large injection molding machines		CHEN HSONG MACHINERY TAIWAN CO., LTD. Companies in related fields		T/T on 30-90 Days term (100%)

OVERSEAS SUPPLIERS

Raw Material/ Products		Country/Region
	Large scale injection molding machine parts	China, Hong Kong
	Payment Terms
	T/T (100%)

BRAND NAMES OF PRODUCTS LICENSED FOR SALE BY SUBJECT COMPANY

Subject company declines the brand name carried.

DOMESTIC CUSTOMERS - NIL

MAIN DOMESTIC SALES CHANNELS - NIL

OVERSEA CUSTOMERS

Raw Material/ Products		Country/Region
	Large injection molding machines	China, Philippines, Indonesia, Malaysia, Vietnam, Thailand, India, Sri Lanka, Iran, Russia, Ukraine, Poland, Germany, United Kingdom, Turkey, Tunisia, South Africa, United States, Mexico, Brazil, Argentina, Columbia, Australia, Chile, Lebanon, Egypt, Other Middle East countries, Latin America
	Payment Terms
	T/T (50%) L/C (50%)

OVERSEA PRODUCTION BASES / SALES OUTLETS

Subject company claims to have no oversea production stations.

COMPLIANCE WITH LOCAL / INTERNATIONAL STANDARDS

ISO-9001 certified in 1994

ISO-14001 certified in 2000

BANKERS

	Bank of Taiwan, Neli Branch	Account No.：Declined
	Active since：Declined	Current Status：Normal Dishonored
	HSBC Bank, Chungli Branch	Account No.：Declined
	Active since：Declined	Current Status：Normal Dishonored
Information provided by financial manager Mr. Chang (ext. 111).

PAYMENT RECORD

As of Jan. 26, 2018, relevant records obtained from Clearing House indicate：
	No dishonored banking record filed against subject company during the past three years.
	No dishonored banking record filed against subject company’s registered person-in-charge during the past three year.

STATUS AS QUALIFIED GOVERNMENT SUPPLIER

Subject company’s status as a qualified government supplier has not been suspended during the past one year.

LITIGATION/COURT RECORD

Subject company has been involved in neither litigation nor legal proceeding during the past two years.

INTELLECTUAL PROPERTY（PATENT and TRADEMARK）

		No patent is found registered under the name of subject company.
		A total of 1 trademark is found registered under the name of subject company：
No.			Registration No.	Trademark
	1		00625305	亞塑機械股份有限公司標章
Source：Intellectual Property Office, Ministry of Economic Affairs, R.O.C.

OPERATING INCOME 2014~2016（NT$：1,000）

	2016	％	2015	％	2014	％
Domestic Sales	－－	－－	－－	－－	－－	－－
Export Value	500,000	100.00	420,000	100.00	858,000	100.00
Total	500,000	100	420,000	100	858,000	100
Growth (%)	19.05	%	-51.05	%	－－	%

TRADE RECORD（USD）

YEAR	TOTAL IMPORT	TOTAL EXPORT
2016	0-500,000	Over 10,000,000
2015	0-500,000	Over 10,000,000
2014	0	23,758,714

01/01~12/31, 2016：BREAKDOWN OF SALES BY PRODUCTS（NT$：1,000）

PRODUCT		SALES	％
	Various large injection molding machines	500,000	100.00

● SALES PERFORMANCE 01~11, 2017（NT$：1,000）

550,000

FINANCIAL PROFILE（NT$：1,000）

As of	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Paid-in Capital	－－	50,000	－－	－－
Net Worth	－－	200,000	－－	－－
Liabilities	－－	250,000	－－	－－
Assets	－－	450,000	－－	－－
Business Performance	01~12, 2017	01~12, 2016	01~12, 2015	01~12, 2014
Net Sales	－－	500,000	－－	－－
Operating Income	－－	15,000	－－	－－
Net Income	－－	6,000	－－	－－

BANK LINE OF CREDIT

NO, subject did not obtain any credit limit.

CORPORATE RANKING 2014~2016

Category	2016	2015	2014
By Import/Export Performance	－－	－－	2,056
The Corporate ranking of subject company is based on the Top 1000 Largest Corporations in Taiwan published annually by Common Wealth Magazine and Directory of Leading Importers & Exporters in Taiwan published by Ministry of Economic Affairs

SUMMARY

Subject company’s attitude toward credit reporting： Reasonably cooperative
	Subject company is engaged in trade of large injection molding machines. The products cover toggle clamping server-cum-ecofriendly injection molding machines (SMV series), large toggle clamping server-cum-ecofriendly injection molding machines, toggle clamping server-cum-ecofriendly double-color injection molding machines (DCV series), high-speed toggle clamping server-cum-ecofriendly injectionmolding machines(TSV series), hydraulic clamping server-cum-ecofriendly injection molding machines(HCV series), two-boards server-cum-ecofriendly injection molding machines, etc. Products are all manufactured by, being sold around the world. Subject is a marketing company in Taiwan founded by CHEN HSONG Group’s sub-investment.
	The majorities of the needed business products or raw materials are procured from domestic suppliers that include CHEN HSONG MACHINERY TAIWAN CO., LTD. and companies in related fields. Only few of them are imported from China and Hong Kong.
	Subject relies mainly on export sale that accounts for approximately 100% of its total business revenues. Major export markets include China, Philippines, Indonesia, Malaysia, Vietnam, Thailand, India, Sri Lanka, Iran, Russia, Ukraine, Poland, Germany, United Kingdom, Turkey, Tunisia, South Africa, United States, Mexico, Brazil, Argentina, Columbia, Australia, Chile, Lebanon, Egypt, other Middle East countries and Latin America, chiefly to Asia region (mostly to SE Asia).
	Subject indicates that its parent company, CHEN HSONG Group, has established for more than 60 years, and it has complete producing amd marketing system. Due to the fluctuations in the market, business performance of subject appears up and down in recent years. It is expected that sales for this year (2018) ought to be able to maintain stable.

RESULT OF MEDIA SEARCH

No adverse news or reports related to subject company and its registered person-in-charge have been identified during the past two years.

OUR COMMENTS

Credit or business dealings with subject company are deemed acceptable while monitoring on a regular basis remains desirable.

APPENDICES - NIL

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.61
UK Pound	1	INR 89.32
Euro	1	INR 78.95
TWD	1	INR 2.19

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.