MIRA INFORM REPORT

Report No. :	508451
Report Date :	16.05.2018

IDENTIFICATION DETAILS

Name :	MINDMAN INDUSTRIAL CO., LTD.
Registered Office :	1F., No.106, Sec. 3, Chengde Rd., Datong Dist., Taipei City, Taiwan
Country :	Taiwan
Date of Incorporation :	27.02.1979
Com. Reg. No.:	04486005
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of pneumatic equipment
No. of Employees :	500

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

Maximum Credit Limit :	USD 200,000
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 (30.09.2017)	Current Rating (31.12.2017)
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. 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:	Mindman Industrial Co., Ltd.
Trading Address:	No.106, Sec. 3, Chengde Rd., Datong Dist., Taipei City, Taiwan (R.O.C.)
Telephone Number:	+886-2-25913001/25976201
Fax Number:	+886-2-25912822 ‧ 886-2-25981879
E-mail:	mindman@mindman.com.tw

Notes: The exact name and address are as above.

Credit Summary

Credit Rating:

Maximum credit USD 200,000

Company Identification Details

Registered Name:	Mindman Industrial Co., Ltd.
Registered Address:	1F., No.106, Sec. 3, Chengde Rd., Datong Dist., Taipei City, Taiwan (R.O.C.)
Date of Foundation:	1979-2-27
Registration Number:	04486005
Registry:	Taipei City Government
Registered Capital:	NTD 376,740,000 (USD 11,302,200)
Paid-up Capital:	NTD 376,740,000 (USD 11,302,200)
Legal Representatives:	Jingcheng Huang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of pneumatic equipment
Staff:	About 500 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2016-4-20

History

Subject was incorporated on 1979-2-27 with registered number 04486005 as Joint Stock Company in Taiwan.

Corporate Structure

Factory

1
Address:	No.1-30, Lai Qian Liao, Jiali Dist., Tainan City, Taiwan (R.O.C.)
Date of Foundation:	2000-1-4
Date of Registration:	2000-1-19
Factory Registration Number:	99656307
Factory Manager:	Jingcheng Huang
Status:	In production
Date of Last Annual Return:	2004-4-29
Major Products:	293 general machinery and equipment
2
Address:	No.117-38, Liu An, Jiali Dist., Tainan City, Taiwan (R.O.C.)
Date of Registration:	2005-4-11
Factory Registration Number:	99684693
Factory Manager:	Jingcheng Huang
Status:	In production
Date of Last Annual Return:	2005-4-11
Major Products:	259 other metal products 293 general machinery and equipment 271 computer and related equipment
3
Address:	No.12-30, Lai Qian Liao, Jiali Dist., Tainan City, Taiwan (R.O.C.)
Date of Registration:	2009-11-24
Factory Registration Number:	99711848
Factory Manager:	Jingcheng Huang
Status:	In production
Date of Last Annual Return:	2009-11-24
Major Products:	293 other metal products

Shareholders

Major Shareholders

Name	Subscription Shares
Jingcheng Huang	133,412
Huizhen Chen	34,466
Weiren Huang	106,075
Yiting Huang	15,638
Wanting Huang	17,635

Management Information

Core Management

Directors

1
Name		Jingcheng Huang
Position		Board Chairman
2
Name	Huizhen Chen
Position		Director
3
Name	Weiren Huang
Position		Director
4
Name	Yiting Huang
Position		Director
5
Name	Wanting Huang
Position		Supervisor

Personnel Structure

Total Employees

About 500 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.106, Sec. 3, Chengde Rd., Datong Dist., Taipei City, Taiwan (R.O.C.)

Production Information

· Subject is engaged in manufacturing of pneumatic equipment, etc.

· Subject has factories in Taiwan for production.

· Subject obtained the certification of ISO 9001 and ISO 9002, etc.

Purchase Information

The registered activities of subject:

Business Code	Details
---	All kinds of air compressor hydraulic components trading and manufacturing.
--	A variety of automated machinery trading and manufacturing.
--	A variety of electronic computer electronic time clocks and electronic parts and equipment sales and manufacturing operations.
--	All kinds of hardware automotive materials, chemical raw materials (industrial) food and various machinery (devices) manufacturing and trading.
--	Importing and exporting of above related business.
--	Agent of marking price, bidding and sales of domestic and oversea manufacturers’ above related products.

Subject purchases its components and etc both at home and abroad.

It is introduced that subject imports technology from Japan and etc.

Sales Information

· Subject is engaged in sale of pneumatic equipment, etc.

· The major products include Directional Control Valve, Air Treatment Unit, Air Cylinders, Electric Actuators, Auxiliary Equipment, PISCO, Discontinued Products and etc.

· Subject’s sales regions include Asia, Australia, the Middle East, America and Europe, etc.

· Subject’s major customers are food industry, machine building industry, automobile industry, agriculture industry, electronic industry and etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and etc
Payment Terms	Cash, T/T and etc

Import

Products	Components and etc
Payment Terms	L/C, T/T and etc

Sales

Domestic Markets

Product	Pneumatic equipment, etc.
Selling Terms	Cash, T/T and etc

Export

Product	Pneumatic equipment, 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 Mr. Huang 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

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 60.53
UK Pound	1	INR 91.49
Euro	1	INR 80.53
TWD	1	INR 2.27

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

INFORMATION DETAILS

Analysis Done by :	VIV
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)

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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.