MIRA INFORM REPORT

Report No. :	510607
Report Date :	25.05.2018

IDENTIFICATION DETAILS

Name :	PRODIGIT ELECTRONICS CO., LTD.

Registered Office :	8/F, No.88, Baojhong Rd., Xindian Dist., New Taipei City 231, Taiwan (R.O.C.)

Country :	Taiwan

Date of Incorporation :	30.01.1986

Com. Reg. No.:	22012959

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and sale of power electronics test and measurement instruments

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

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:	Prodigit Electronics Co., Ltd.
Supplied Name:	Prodigit Electronics Co Ltd
Trading Address:	8/F, No.88, Baojhong Rd., Xindian Dist., New Taipei City 231, Taiwan (R.O.C.)
Supplied Address:	8F., No. 88, Baojhong Rd.,Sindian District, New Taipei, City 23144, Taiwan, R.O.C.
Telephone Number:	+886-2-2918-2620
Fax Number:	+886-2-2912-9870
E-mail:	sales@prodigit.com.tw
Website:	www.prodigit.com

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Prodigit Electronics Co., Ltd.
Registered Address:	8/F, No.88, Baojhong Rd., Xindian Dist., New Taipei City 231, Taiwan (R.O.C.)
Date of Foundation:	1986-1-30
Registration Number:	22012959
Registry:	New Taipei City Government
Registered Capital:	NTD 200,000,000 (USD 6,600,000)
Paid-up Capital:	NTD 144,000,000 (USD 4,752,000)
Legal Representatives:	Yingzhang Liu
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of power electronics test and measurement instruments,
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2017-6-29

Note: Subject declined to disclose the number of staff, and from other source we cannot obtain the information, either.

History

Subject was incorporated on 1986-1-30 with registered number 22012959 as Joint Stock Company in Taiwan.

Corporate Structure

Factory

Name:	Baojhong Factory
Address:	7F., No.88, Baojhong Rd., Sindian Dist., New Taipei City, Taiwan
Date of Registration:	2007-03-08
Factory Registration Number:	99696429
Factory Manager:	Yingzhang Liu
Status:	In Production
Date of Last Annual Return:	2007-03-08
Major Products:	275 Measurement equipment, navigation equipment, control equipment and horologe

Related Companies

1
Name:	Prodigit Electronics (ShenZhen) Co., Ltd.
Address:	Room K, 13 Floor, Newhaofang Office Building, NO. 10188, ShenNan Avenue, NanShan District, Shenzhen, China
Telephone Number:	+86-755-2606-3392
Fax Number:	+86-755-2606-3390
2
Name:	Su Zhou Porsche Electronics Co., Ltd.
Address:	816,BuildingB,No.588 Bin He Road，New District，Suzhou，China
Telephone Number:	+86-512-6529-5315
Fax Number:	+86-512-6707-5975

Shareholders

Major Shareholders

Name	Subscription Shares
Yingzhang Liu
1,510,026
Yijia Investment Co., Ltd. (Literal Translation)	1,611,158
Jiajia Investment Co., Ltd. (Literal Translation)	190,000
Zhijin Liang	200,000
Mega International Commercial Bank Co., Ltd.	2,094,624
Haoliland Investment Co. Ltd. (Literal Translation)	1,047,313

Shareholders Information:

1
Registered Name:	Yijia Investment Co., Ltd. (Literal Translation)
Registered Address:	8/F, No.88, Baojhong Rd., Xindian Dist., New Taipei City 231, Taiwan (R.O.C.)
Date of Foundation:	2010-12-3
Registration Number:	53196313
Registry:	New Taipei City Government
Registered Capital:	NTD 20,000,000
Legal Representatives:	Yingzhang Liu
Legal Form:	Private Limited Liability Company
Date of Last Annual Return:	2015-11-17
2
Registered Name:	Jiajia Investment Co., Ltd. (Literal Translation)
Registered Address:	8/F, No.88, Baojhong Rd., Xindian Dist., New Taipei City 231, Taiwan (R.O.C.)
Date of Foundation:	2014-2-20
Registration Number:	54699025
Registry:	New Taipei City Government
Registered Capital:	NTD 100,000
Legal Representatives:	Weiping Yang
Legal Form:	Private Limited Liability Company
Date of Last Annual Return:	2015-11-12
3
Registered Name:	Mega International Commercial Bank Co., Ltd.
Registered Address:	No.100, Jilin Rd., Zhongyuan Li, Zhongshan Dist., Taipei, Taiwan
Date of Foundation:	1928-10-26
Registration Number:	03705903
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 85,362,336,310
Paid-up Capital:	NTD 85,362,336,310
Legal Representatives:	Zhaoshun Zhang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2018-3-30
4
Registered Name:	Haoliland Investment Co. Ltd. (Literal Translation)
Registered Address:	7/F, No.19-3, Sanzhong Rd., Nangang Dist., Taipei, Taiwan
Date of Foundation:	1996-2-29
Registration Number:	96941108
Registry:	Taipei City Government
Registered Capital:	NTD 29,500,000
Paid-up Capital:	NTD 29,500,000
Legal Representatives:	Yuzhang Tang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2017-4-20

Management Information

Core Management

Directors

1
Name:		Yingzhang Liu
Position:		Chairman of the Board
2
Name:	Yijia Investment Co., Ltd. (Literal Translation)
Position:		Director
3
Name:	Jiajia Investment Co., Ltd. (Literal Translation)
Position:		Director
4
Name:	Zhijin Liang
Position:		Director
5
Name:	Mega International Commercial Bank Co., Ltd.
Position:		Director
6
Name:	Haoliland Investment Co. Ltd. (Literal Translation)
Position:		Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	8/F, No.88, Baojhong Rd., Xindian Dist., New Taipei City 231, Taiwan (R.O.C.)

Production Information

· Subject is engaged in manufacturing of power electronics test and measurement instruments, etc.

· Subject has a factory in Taiwan for production.

· Subject obtained the certification of ISO9001.

Purchase Information

The registered activities of subject:

Business Code	Details
CC01080	Manufacturing of electronic parts
CE01010	Manufacturing of general instrument
F401010	International trade
F113020	Wholesale of electric appliance
F113030	Wholesale of precise instrument
EZ05010	Installation of instrument
I301010	Information software service
I301020	Data processing service
I301030	Electronic information supply
F401181	Import of instruments for measuring distance, area and weight
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

Sales Information

· Subject is engaged in sale of power electronics test and measurement instruments, etc.

· The major products include LED load simulator, DC electronic load, AC & DC electronic load, automatic test equipment, digitizing power meter, precision current shunt, AC source, quick charger controller, power cost monitor, energy monitor with graphic timer and so on.

· Subject’s sales regions are domestic market, Southeast Asia, Northeast Asia, Middle East, Europe, America, Oceania, etc.

· Subject’s major customers are manufacturers of switching mode power supply, accumulator and uninterruptable power supplies, etc.

· Some of subject’s distributors are as follow:

Distributors

1
Name:	Ocean Xingye Technology Co., Ltd. (Wuhan)
Telephone Number:	+86-027-8766-0667
Fax Number:	+86-027-8778-0256
Email:	webmaster@whoi.com.cn
2
Name:	Ocean Xingye Technology Co., Ltd. (Beijing)
Address:	906 T-Longee Plaza No.4 building,No.19,Huangping RD.,XiSanQi East,Beijing China
Telephone Number:	+86-010-6217-6775
Fax Number:	+86-010-6217-6619
Email:	vetazn@oitek.com.cn
3
Name:	Shaanxi Trico Electronic Co., Ltd.
Telephone Number:	+86-029-8841-1363
Fax Number:	+86-029-8834-1069
Email:	tricoxa@163.com
4
Name:	Keisoku Giken Co., Ltd.
Telephone Number:	+81-45-948-0227
Fax Number:	+81-45-948-0227
Email:	PWsales@hq.keisoku.co.jp
5
Name:	BOB Enterprise
Telephone Number:	+82-2-8610-092
Fax Number:	+82-2-8610-097
Email:	info@bobinc.co.kr
6
Name:	Silicon Instrumentation Pte.Ltd.
Telephone Number:	+65-6743-3318
Fax Number:	+65-6743-4818
Email:	silicon@singnet.com.sg
7
Name:	IMC.
Telephone Number:	+1-408-924-0800
Fax Number:	+1-408-494-0804
Email:	revans@imcpower.com
8
Name:	AQTK S.A.
Telephone Number:	+54-11-4783-0776
Email:	osvaldoamato@aqtk.com.ar

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

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

Sales

Domestic Markets

Product	Power electronics test and measurement instruments, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Power electronics test and measurement instruments, etc.
Selling Terms	L/C, T/T, 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. The supplied Bankers (The Shanghai Commercial & Savings Bank, Ltd, Hsin Tien Branch, 75, Min Chuan Road, Hsin Tien, Taipei Hsien, Taiwan, R.O.C., Swift Code: SCSBTWTP029, A/c. 29108000000029) cannot be confirmed from any source.

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

Business Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.39
UK Pound	1	INR 91.44
Euro	1	INR 80.04
TWD	1	INR 2.26

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

INFORMATION DETAILS

Analysis Done by :	VAR

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.