MIRA INFORM REPORT

Report No. :	489968
Report Date :	08.02.2018

IDENTIFICATION DETAILS

Name :	CHINA MAN-MADE FIBER CORPORATION
Registered Office :	No.8, Jingjian Rd., Dashe Dist., Kaohsiung City 81567
Country :	Taiwan
Financials (as on) :	31.12.2016
Date of Incorporation :	11.05.1955
Com. Reg. No.:	07066907
Legal Form :	Joint Stock Company
Line of Business :	Subject is engaged in manufacturing and sale of chemical products
No. of Employees :	600

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 :	Good
Payment Behaviour :	Regular
Litigation :	Exist

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

Company name and address

Company Name:	China Man-Made Fiber Corporation
Supplied Name:	China Man Made Fiber Corporation
Trading Address:	10-11F, No. 50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City, Taiwan
Supplied Address:	10F, No 50, Sec 1, Xinsheng S Rd, Taipei 100
Telephone Number:	+886-2-2393-7111
Fax Number:	+886-2-2391-0462
Website:	www.cmfc.com.tw

Note: The exact name and address are as above.

Company Identification Details

Registered Name:	China Man-Made Fiber Corporation
Registered Address:	No.8, Jingjian Rd., Dashe Dist., Kaohsiung City 81567, Taiwan
Date of Foundation:	1955-05-11
Registration Number:	07066907
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 14,700,000,000 (USD 499,800,000)
Paid-up Capital:	NTD 14,294,934,580 (USD 486,027,775.72)
Legal Representatives:	Guixian Wang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of chemical products, etc.
Staff:	About 600 employees
Listed at Stock Exchange:	Yes, Stock Code: 1718
Date of Last Annual Return:	2017-06-16

History

Subject was incorporated on 1955-05-11 with registered number 07066907 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1963-12-02.

Corporate Structure

Factory

Name:	Kaohsiung Factory
Address:	No. 8, Jingjian Rd., Sannai Li, Dashe Dist., Kaohsiung City, Taiwan
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99661662
Factory Manager:	Benyi Lin
Status:	In Production
Date of Last Annual Return:	2016-1-12
Major Products:	181 The basic chemical materials 185 Rayon 339 Other unclassified products

Shareholders

Major Shareholders

Name	Subscription Shares
Pan Asia Investment Co. Ltd. (Literal Translation)	42,301,672
China Fiber Investment Co. Ltd. (Literal Translation)
35,467,759

Shareholder Information:

1
Registered Name:	Pan Asia Investment Co. Ltd. (literal translation)
Registered Address:	4F-4, No. 50, Sec. 1, Xinsheng South Rd., Zhongzheng Dist., Taipei, Taiwan
Date of Foundation:	1996-06-24
Registration Number:	97092096
Registry:	Taipei City Government
Registered Capital:	NTD 198,000,000
Paid-up Capital:	NTD 198,000,000
Legal Representatives:	Guixian Wang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2017-1-25
2
Registered Name:	China Fiber Investment Co. Ltd. (literal translation)
Registered Address:	11/F., No. 50, Sec. 1, Xinsheng South Rd., Zhongzheng Dist., Taipei, Taiwan
Date of Foundation:	1996-06-25
Registration Number:	97160586
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 679,225,000
Paid-up Capital:	NTD 679,225,000
Legal Representatives:	Guixian Wang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2017-2-24

Management Information

Core Management

Directors

1
Name		Guixian Wang
Position		Board Chairman
2
Name	Mingshan Zhuang
Position		Vice Chairman
3
Name		Qincai Li
Position		Executive Director
4
Name	Guifeng Wang
Position		Director & Manager
Date of Manager Appointment		2010-09-10
5
Name	Mingxiong Huang
Position		Director
6
Name	Yongda Liu
Position		Director & Manager
Date of Manager Appointment		2008-02-01
7
Name	Guoqing Chen
Position		Director
8
Name	Dewei Li
Position		Independence Director
9
Name	Liye Xu
Position		Independence Director

Personnel Structure

Total Employees

About 600 employees

Operation Information

Office

	Headquarters
Add	10-11F, No. 50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City, Taiwan

Production Information

Subject is engaged in manufacturing of chemical products, etc.

Subject has a factory in Kaohsiung, Taiwan for production.

Subject obtained the certifications of ISO 14064-1, Toshmas and Ohsas 18001:2007.

Purchase Information

The registered activities of subject:

Business Code	Details
--	Manufacturing, processing and trading of rayon, cellophane, polyamide fibers, polyester fibers, chemicals and raw materials
--	Developing, manufacturing and trading of machineries for as above
--	Manufacturing and trading of ethylene glycol, ethylene oxide, nonyl phenol, ethylene, liquefied petroleum gas and petrochemical industries related products
--	Entrust create vendor to build national residential and commercial buildings for renting and sale
--	Classification and distribution of all kinds of goods handling and storage services
--	Operating supermarkets, the sale of fresh food, vegetables and fish, and a variety of spices and other dry goods.
--	Manufacturing and sale of steam and businesses electricity
--	Acting distribution and installation of cogeneration, pollution prevention and control equipment
--	Manufacturing and sale of oxygen gas, oxygen, nitrogen gas, nitrogen, argon, liquid argon, carbon dioxide and compressed air
F212011	Gas station industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

Sales Information

Subject is engaged in sale of chemical products, etc.

The products of the subject are applied in antifreeze agents, refrigerants, ice and snow removers, explosives, brake oils, solvent naphtha, deicers, regulators, promoting agents, antioxidants, weaving-cloth, bags, industrial cloth and shoes materials, etc.

Subject’s sales regions include Asia, Australia and USA, etc.

Subject’s major customers are manufacturers of textile, mold and electronic products, etc.

Major Products

Types	Products
Fiber products	Polyester Chip Polyester Partially Oriented Yarn(POY) Polyester Spin Drawn Yarn 100%(SDY) Polyester DTY Textured Yarn (DTY)
Petrochemical	Ethylene Glycol (EG) Mono-Ethylene Glycol (MEG) Di-Ethylene Glycol (DEG) Tri-Ethylene Glycol (TEG) Ethylene Oxide(EO) Nonyl-Phenol (NP)

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	Chemical products
Selling Terms	T/T, Cash, etc.

Export

Product	Chemical products
Selling Terms	L/C, T/T, etc.

Financials

Balance Sheet

Unit: NTD/000

Consolidated	2016-12-31	2015-12-31
Assets
Current assets
Cash and cash equivalents	17,562,265	13,007,650
Due from the central bank and call loans to banks	86,216,971	86,125,827
Current financial assets at fair value through profit or loss	23,330,938	32,841,318
Securities purchased under resell agreements	3,627,189	6,994,022
Receivables, net
Notes receivable	3,381,461	2,728,821
Accounts receivable	5,961,624	4,423,547
Other receivables	2,808,762	1,733,288
Receivables, net	12,151,847	8,885,656
Receivables due from related parties	0	159,604
Current tax assets
Prepaid income tax	10,182	6,175
Total current tax assets	10,182	6,175
Inventories	1,526,729	1,479,291
Prepayments	1,220,721	551,517
Non-current assets classified as held for sale, net
Non-current assets classified as held for sale, net	384,805	0
Other current assets	478,037	542,559
Discounts and loans, net	425,166,259	391,083,582
Total current assets	571,675,943	541,677,201
Non-current assets
Non-current available-for-sale financial assets	38,396,690	25,156,923
Non-current held-to-maturity financial assets	14,276,270	5,559,399
Non-current financial assets at cost	373,036	501,563
Investments accounted for using equity method	1,206,312	1,434,914
Property, plant and equipment, net
Land	11,021,781	11,206,582
Buildings and structures	2,663,530	2,598,501
Computer and machinery equipment	5,830,083	6,215,858
Transportation and communication equipment	44,336	40,407
Miscellaneous equipments	420,141	92,639
Other facilities	84,853	333,838
Construction in process and prepayments for buildings and land	2,601,554	2,312,495
Property, plant and equipment, net	22,666,278	22,800,320
Investment property, net
Investment property, net	1,758,073	1,937,761
Intangible assets, net
Intangible assets, net	207,861	280,844
Deferred income tax assets, net	970,237	954,466
Other assets
Guarantee deposits paid	2,375,443	1,526,240
Other assets - others	1,196,673	1,076,364
Total other assets	3,572,116	2,602,604
Total non-current assets	83,426,873	61,228,794
Total assets	655,102,816	602,905,995
Liabilities and equities
Liabilities
Current liabilities
Short-term borrowings	10,288,943	8,261,943
Short-term notes bills payable	1,383,996	578,507
Notes and bonds issued under repurchase agreement	4,222,258	273,312
Current financial liabilities at fair value through profit or loss	162,792	179,557
Deposits from the central bank and banks	11,617,728	3,864,104
Payables
Notes payable	14,594	635
Accounts payable	1,561,649	1,335,913
Other payables	10,370,624	5,611,212
Total payables	11,946,867	6,947,760
Payables to related parties	342,486	365,969
Current tax liabilities	60,890	468,418
Long-term liabilities, current portion	2,585,072	5,352,333
Other current liabilities	265,295	532,759
Deposits and remittances	539,625,750	504,648,376
Total current liabilities	582,502,077	531,473,038
Non-current liabilities
Bonds payable	10,860,000	11,060,000
Long-term borrowings	7,732,171	7,361,171
Provisions
Provisions for employee benefits	1,396,902	1,286,784
Provisions for guarantee liabilities	166,760	126,889
Other provisions
Other provisions, others	300	0
Total other provisions	300	0
Total provisions	1,563,962	1,413,673
Guarantee deposits received	389,244	269,266
Deferred tax liabilities
Deferred tax liabilities, land value increment tax	1,021,117	1,021,022
Total deferred tax liabilities	1,021,117	1,021,022
Other liabilities	113,532	4,988
Total non-current liabilities	21,680,026	21,130,120
Total liabilities	604,182,103	552,603,158
Equity
Equities attributable to owners of parent
Capital
Ordinary share	14,294,934	13,616,932
Total capital	14,294,934	13,616,932
Capital surplus
Capital surplus, additional paid-in capital
Capital surplus, additional paid-in capital arising from ordinary share	1,681,992	1,558,345
Total capital surplus, additional paid-in capital	1,681,992	1,558,345
Total capital surplus	1,681,992	1,558,345
Retained earnings
Legal reserve	638,873	584,815
Special reserve	2,481,347	2,726,703
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	2,501,747	3,401,414
Total retained earnings	5,621,967	6,712,932
Other equity interest
Exchange differences on translation of foreign financial statements	-25,319	11,553
Unrealized gains (losses) on available-for-sale financial assets	-284,967	-312,829
Total other equity interest	-310,286	-301,276
Treasury shares	1,273,586	1,062,617
Total equities attributable to owners of parent	20,015,021	20,524,316
Non-controlling interests	30,905,692	29,778,521
Total equity	50,920,713	50,302,837
Total liabilities and equity	655,102,816	602,905,995
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share (unit: share)	0	0
Number of shares in entity held by entity and by its subsidiaries (unit: share)	297,505,145	231,918,8

Profit and Loss Account

Unit: NTD/000

Consolidated	2016	2015
Revenues
Interest income	11,540,163	11,635,549
Fee income	2,833,855	2,528,079
Gains on financial assets or liabilities at fair value through profit or loss	703,060	278,868
Realized gains on available-for-sale financial assets	152,278	15,529
Net sales
Net sales	17,421,962	18,933,934
Reversal of impairment loss on assets	103,218	13,176
Foreign exchange gains	0	126,059
Other income	466,798	470,452
Total revenue	33,221,334	34,001,646
Expenses
Interest expense	3,909,462	4,334,074
Fee expense	561,857	484,629
Share of loss of associates and joint ventures accounted for using equity method	77,193	337,850
Bad debt expenses and guarantee liability provisions	801,079	744,291
Cost of sales	17,352,743	17,677,524
Operating expenses
Total operating expenses	7,189,273	6,402,953
Foreign exchange losses	306,990	0
Losses on sale of foreclosed collaterals	0	0
Other expenses	6,926	10,847
Total expenses	30,205,523	29,992,168
Profit (loss) from continuing operations before income tax	3,015,811	4,009,478
Tax expense (income)	564,057	814,393
Profit (loss) from continuing operations, net of tax	2,451,754	3,195,085
Profit (loss)	2,451,754	3,195,085
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit or loss
Gains (losses) on remeasurements of defined benefit plans	-237,624	-387,036
Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	-37,618	-63,752
Components of other comprehensive income that will not be reclassified to profit or loss	-200,006	-323,284
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	-147,392	-62,370
Unrealised gains (losses) on valuation of available-for-sale financial assets	-176,861	174,721
Income tax related to components of other comprehensive income that will be reclassified to profit or loss	113	3,267
Components of other comprehensive income that will be reclassified to profit or loss	-324,366	109,084
Other comprehensive income, net	-524,372	-214,200
Total comprehensive income	1,927,382	2,980,885
Profit (loss), attributable to
Profit (loss), attributable to owners of parent	-204,094	540,583
Profit (loss), attributable to non-controlling interests	2,655,848	2,654,502
Comprehensive income attributable to
Comprehensive income, attributable to owners of parent	-286,373	380,174
Comprehensive income, attributable to non-controlling interests	2,213,755	2,600,711
Basic earnings per share
Total basic earnings per share	-0.18	0.45
Diluted earnings per share
Total diluted earnings per share	-0.18	0.45

Cash Flows

Unit: NTD/000

Consolidated	2016	2015
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	3,015,811	4,009,478
Profit (loss) before tax	3,015,811	4,009,478
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	876,262	852,052
Amortization expense	113,307	101,223
Provision (reversal of provision) for bad debt expense	801,079	744,291
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-703,060	-278,868
Interest expense	3,909,462	4,334,074
Interest income	-11,540,163	-11,635,549
Dividend income	-60,771	-56,772
Net change in other provisions	300	-800
Share-based payments	0	3,900
Provision loss (gain) on disposal of foreclosed collaterals	0	0
Share of loss (profit) of associates and joint ventures accounted for using equity method	77,193	337,850
Loss (gain) on disposal of property, plant and equipment	-26,851	-31,222
Loss (gain) on disposal of investment properties	-12,988	0
Loss (gain) on disposal of investments	-151,222	-12,933
Reversal of impairment loss on financial assets	-103,218	-38,315
Impairment loss on non-financial assets	0	25,139
Unrealized foreign exchange loss (gain)	247,367	-110,897
Loss on disposal of non-performing loans	-386	-2,742
Other adjustments to reconcile profit (loss)	-159,234	-2,167
Total adjustments to reconcile profit (loss)	-6,732,923	-5,771,736
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in due from the central bank and call loans to banks	661,047	-1,653,284
Decrease (increase) in financial assets at fair value through profit or loss	10,684,884	-18,544,736
Decrease (increase) in receivables	-3,223,987	1,826,203
Decrease (increase) in inventories	-43,717	-16,942
Decrease (increase) in other prepayments	-272,130	4,645
Decrease (increase) in other current assets	-40,312	784
Decrease (increase) in discounts and loans	-34,727,382	-7,357,091
Decrease (increase) in other financial assets	16,611	2,656
Total changes in operating assets	-26,944,986	-25,737,765
Changes in operating liabilities
Decrease (increase) in notes and bonds issued under repurchase agreement	3,948,946	-261
Decrease (increase) in financial liabilities at fair value through profit or loss	-488,209	39,818
Decrease (increase) in deposits from the central bank and banks	7,753,624	-6,833,283
Increase (decrease) in payable	4,662,772	-2,215,467
Increase (decrease) in other current liabilities	-295,384	-18,896
Increase (decrease) in deposits and remittances	34,977,374	48,919,257
Increase (decrease) in provisions for employee benefits	-89,888	-18,165
Increase (decrease) in other financial liabilities	73,127	-1,251
Total changes in operating liabilities	50,542,362	39,871,752
Total changes in operating assets and liabilities	23,597,376	14,133,987
Total adjustments	16,864,453	8,362,251
Cash inflow (outflow) generated from operations	19,880,264	12,371,729
Interest received	11,398,043	11,623,649
Dividends received	105,007	488,231
Interest paid	-3,930,089	-4,351,164
Dividends paid	0	0
Income taxes refund (paid)	-991,381	-745,753
Net cash flows from (used in) operating activities	26,461,844	19,386,692
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-23,693,842	-6,036,935
Proceeds from disposal of available-for-sale financial assets	10,338,900	3,435,169
Acquisition of held-to-maturity financial assets	-10,960,910	-4,460,133
Proceeds from disposal of held-to-maturity financial assets	150,570	0
Proceeds from repayments of held-to-maturity financial assets	1,632,655	450,000
Acquisition of financial assets at cost	-10,000	0
Proceeds from disposal of financial assets at cost	82,786	16,107
Proceeds from disposal of subsidiaries	0	20,167
Acquisition of property, plant and equipment	-763,987	-4,897,600
Proceeds from disposal of property, plant and equipment	4,099	866
Increase in refundable deposits	-648,904	-342,899
Acquisition of intangible assets	-38,034	-84,426
Net cash inflows from business combination	259,296	0
Acquisition of investment properties	0	-891
Proceeds from disposal of investment properties	12,988	0
Proceeds from disposal of non-performing loan	272,897	84,921
Decrease in other assets	130,121	-130,724
Other investing activities	104,932	491,336
Net cash flows from (used in) investing activities	-23,126,433	-11,455,042
Cash flows from (used in) financing activities
Increase in short-term loans	2,027,000	-1,338,394
Increase in short-term notes and bills payable	805,489	-60,016
Proceeds from issuing bank notes payable	0	1,060,000
Repayments of bank notes payable	-3,100,000	0
Proceeds from long-term debt	2,413,439	2,689,000
Repayments of long-term debt	-1,909,700	-1,488,141
Increase in guarantee deposits received	119,978	-72,626
Cash dividends paid	-107,806	0
Exercise of employee share options	0	27,041
Payments to acquire treasury shares	-411,091	-22,403
Acquisition of ownership interests in subsidiaries	0	-61,408
Change in non-controlling interests	-1,085,355	231,604
Net cash flows from (used in) financing activities	-1,248,046	964,657
Effect of exchange rate changes on cash and cash equivalents	-147,392	-62,370
Net increase (decrease) in cash and cash equivalents	1,939,973	8,833,937
Cash and cash equivalents at beginning of period	89,538,126	80,704,189
Cash and cash equivalents at end of period	91,478,099	89,538,126
Cash and cash equivalents reported in the statement of financial position	17,562,265	13,007,650
Due from the central bank and call loans to banks qualifying for cash and cash equivalents under the definition of IAS 7	70,288,645	69,536,454
Securities purchased under resell agreements qualifying for cash and cash equivalents under the definition of IAS 7	3,627,189	6,994,022

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:	4946
Debtor Name:	China Man-Made Fiber Corporation
Registry:	Economic Development Bureau of Kaohsiung City Government
Name of Mortgagee:	Taiwan Cooperative Bank Co., Ltd.
Date of Registration:	2015-12-04
Amount of Secure Claims:	NTD 3,500,000,000
Type of Mortgage:	Machinery equipment or tools
2
Case Type:	Chattel Mortgage
Registered Number:	5527
Debtor Name:	China Man-Made Fiber Corporation
Registry:	Economic Development Bureau of Kaohsiung City Government
Name of Mortgagee:	Taiwan Cooperative Bank Co., Ltd.
Date of Registration:	2016-12-9
Amount of Secure Claims:	NTD 2,337,000,000
Type of Mortgage:	Machinery equipment or tools

Lawsuit

1
Trial Number:	2011, Beilao Jian, 9
Date of Trial:	2011-03-11
Reason:	Payment of salary
Claimant:	Yuxin Chen
Defendant:	China Man-Made Fiber Corporation
2
Trial Number:	2011, Beilao Su, 2
Date of Trial:	2011-06-13
Reason:	Payment of salary
Claimant:	Yuxin Chen
Defendant:	China Man-Made Fiber Corporation
3
Trial Number:	2011, Beilao Su, 2
Date of Trial:	2011-7-26
Reason:	Payment of salary
Claimant:	Yuxin Chen
Defendant:	China Man-Made Fiber Corporation

Special Note

Interview Details

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.14
UK Pound	1	INR 89.50
Euro	1	INR 79.43
TWD	1	INR 2.19

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

INFORMATION DETAILS

Analysis Done by :	NIS
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)

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.