MIRA INFORM REPORT

Report No. :	511023
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	TON YI INDUSTRIAL CORP.
Registered Office :	837, Chung Cheng N. Rd., Yung Kang Dist., Tainan City 71042, Taiwan, R.O.C.
Country :	Taiwan
Financials (as on) :	31.12.2017
Date of Incorporation :	14.04.1969
Com. Reg. No.:	73252657
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sales of Tin Cans, etc.
No. of Employees :	About 1,200

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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Contact Points

Company Name:	TON YI INDUSTRIAL CORP.
Supplied Name:	TON YI INDUSTRIAL CORP
Trading Address:	837, Chung Cheng N. Rd., Yung Kang Dist., Tainan City 71042, Taiwan, R.O.C.
Supplied Address:	837 Chung Cheng N Rd, Yung Kang City Tainan 71043 R.O.C
Telephone Number:	+886-6-253-1131
Fax Number:	+886-6-253-5222
E-mail:	tty@tonyi.com.tw
Website:	www.tonyi.com.tw

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Ton Yi Industrial Corp.
Registered Address:	837, Chung Cheng N. Rd., Yung Kang Dist., Tainan City 71042, Taiwan, R.O.C.
Date of Foundation:	1969-04-14
Registration Number:	73252657
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 17,847,009,180 (USD 588,951,303) (As of 2018.5, 1 NTD = 0.033 USD)
Paid-up Capital:	NTD 15,791,453,420 (USD 521,117,963)
Legal Representatives:	Zhixian Luo
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of tin cans, etc.
Staff:	About 1,200 Employees
Listed at Stock Exchange:	Yes; Stock Symbol: 9907
Date of Last Annual Return:	2017-07-14

History

Subject was incorporated on 1969-04-14 with registered number 73252657 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1991-01-29.

Corporate Structure

Factories

1
Name:	The First Factory
Address:	No. 837, Chung Cheng N. Rd., Niao Sung Tsun Yung Kang Dist., Tainan City 71042, Taiwan, R.O.C.
Date of Foundation:	1970-04-01
Date of Registration:	1970-04-01
Factory Registration Number:	99657360
Factory Manager:	Xiaosi Shen
Status:	In Production
Date of Last Annual Return:	2018-03-15
Major Products:	253 Metal Container 254 Metal Processing Treatment 220 Plastic Products
2
Name:	The Second Factory
Address:	No. 77, Heping Rd., Niao Sung Tsun Yung Kang Dist., Tainan City 71042, Taiwan, R.O.C.
Date of Foundation:	1994-03-01
Date of Registration:	1996-09-16
Factory Registration Number:	99657348
Factory Manager:	Youxin Zhang
Status:	In Production
Date of Last Annual Return:	2017-09-22
Major Products:	254 Metal Processing Treatment
3
Name:	The Third Factory
Address:	No.113, 5^th N. Rd., Niao Sung Tsun Yung Kang Dist., Tainan City 71042, Taiwan, R.O.C.
Date of Foundation:	1997-12-12
Date of Registration:	1998-08-31
Factory Registration Number:	99657327
Factory Manager:	Shoushan Wei
Status:	In Production
Date of Last Annual Return:	2017-03-31
Major Products:	254 Metal Processing Treatment
4
Name:	The Fourth Factory
Address:	No. 78, Heping Rd., Niao Sung Tsun Yung Kang Dist., Tainan City 71042, Taiwan, R.O.C.
Date of Foundation:	2000-01-21
Date of Registration:	2001-05-11
Factory Registration Number:	99656249
Factory Manager:	Shoushan Wei
Status:	In Production
Date of Last Annual Return:	2017-03-31
Major Products:	259 Other Metal Products

Related Companies

1
Name	Tovecan Corporation Ltd.,
Address	Lot A60/I-A61/II, No.7 Street, Vinh Loc Industrial Park, Binh Hung Hoa B Ward, Binh Tan District, Hochiminh City, Vietnam
Telephone Number	+84-8-3765-5214
Fax Number	+84-8-3765-5211
Email	sales@tovecan.com.vn
2
Name	Chengdu Ton Yi Industrial Packing Co., Ltd.
Address	East Section South 2^nd Road, Xindu Industrial Zone Of Chengdu Satellite-Down, China
Telephone Number	+86-28-8396-6885
Fax Number	+86-28-8396-5400
Email	cty@tonyi.com.tw
3
Name	Wuxi Ton Yi Industrial Packing Co., Ltd.
Address	Tai Shan Road No.3, New Zone, Wuxi, Jiangsu, China
Telephone Number	+86-510-8521-4650
Fax Number	+86-510-8521-6264
Email	wxtonyi@tonyi.com.tw
4
Name	Jiangsu Ton Yi Tinplate Co., Ltd.
Address	Tai Shan Road No.1, New Development Zone, Wuxi City, Jiangsu Province, China
Telephone Number	+86-510-8521-5096
Fax Number	+86-510-8521-0124
Email	jty.a2@tonyi.com.tw
5
Name	Fujian Ton Yi Tinplate Co., Ltd.
Address	Nanbei No.2 Road Jiaomei Industry General Developing District, Longhai City, Fujian Province, China
Telephone Number	+86-596-676-6266
Fax Number	+86-596-676-5292
Email	fty@tonyi.com.tw
6
Name	Zhangzhou Ton Yi Industrial Co., Ltd.
Address	Fengshan Industrial Park, Zhangzhou Taiwanese Investment Zone, Fujian Province, China
Telephone Number	+86-596-676-6266
Fax Number	+86-596-676-6867
Email	ztyi@tonyi.com.tw

Shareholders

Major Shareholders

Name	Subscription Shares
Uni-President Enterprises Corp.
719,357,425
Gaoquan Investment Co., Ltd (Literal Translation)	25,520,700
Xiangju Liang	5,920,028
Guogeng Chen	7,859,222

Shareholders’ Information:

1
Registered Name:	Uni-President Enterprises Corp.
Registered Address:	No. 301, Zhongzheng Rd., Yongkang Dist., Tainan City 71001, Taiwan (R.O.C.)
Date of Foundation:	1967-08-25
Registration Number:	73251209
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 60,000,000,000
Paid-up Capital:	NTD 56,820,154,210
Legal Representatives:	Zhixian Luo
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2018-03-13
2
Registered Name:	Gaoquan Investment Co., Ltd (Literal Translation)
Registered Address:	No. 3, 148 Lane, 2^nd Daqiao Street, Daqiao Village, Yongkang Dist., Tainan City 71001, Taiwan (R.O.C.)
Date of Foundation:	1986-12-10
Registration Number:	22267853
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 842,500,000
Paid-up Capital:	NTD 842,500,000
Legal Representatives:	Xiuling Gao
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2018-05-21

Management Information

Core Management

Directors

1
Name		Zhixian Luo
Position		Board Chairman
2
Name	Ruisheng Wang
Position		Director
3
Name	Zhaokai Huang
Position		Director
4
Name	Zhizhong Chen
Position		Director
5
Name	Xiuling Gao
Position		Director
6
Name	Xiangju Liang
Position		Director
7
Name	Guogeng Chen
Position		Director
8
Name	Minglong Wang
Position		Independent Director
9
Name	Jincheng Jian
Position		Independent Director
10
Name	Bingen Wu
Position		Independent Director
11
Name	Fengfu Chen
Position		Manager
Date of Appointment		2016-06-23

Personnel Structure

Total Employees

About 1,200 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.837, Chung Cheng N. Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of tin cans, etc.

Subject has factories in Taiwan for production.

It is introduced that subject also has factories in the Mainland of China and Vietnam for production.

From public files, we found some information of the subject’s factories as follows for your reference:

Plant	Product	Production Capacity	Certification
Tainan Ton Yi	Tinplate	300,000 MT	JIS, ISO 9001, ISO 14001, OHSAS 18001
Jiangsu Ton Yi	Electrolytic tinning	160,000 MT	ISO 9001, ISO 14001, JIS G3303
Fujian Ton Yi	Electrolytic tinning	160,000 MT	JIS G3303 ISO 9001
	TFS	100,000 MT
Zhangzhou Ton Yi	PET cap	--	--
Chengdu Ton Yi	Can	400 million	ISO 9001
	Printed tinplate	42 million pieces
Wuxi Ton Yi	Can	400 million	ISO 9001
	Printed tinplate	84 million pieces
Tovecan	Can	120 million	ISO 9001

Purchase Information

The registered activities of subject:

Business Code	Details
--	Processing, manufacturing, domestic sales and export of various iron sheet, printing can, and its material.
--	Processing and Manufacturing of plating steel sheet, raw material and steel sheet.
--	Import and export & sales of can and tinplate.
--	Providing the processing and manufacturing technology for Tinplate can, plating steel sheet and raw material.
F199990	Other Wholesaling(Iron Oxide, Fatty Acid, Tin Product, Tin Oxide)
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

It is introduced that subject imports some technology from Japan.

Sales Information

Subject is engaged in sales of tin cans, etc.

The major products of the subject are tin mill black plate & cold rolled coils, tin plates and TFS, tin cans and PET products, etc.

It is introduced that subject’s tin-cans are applied for containing food and beverages, etc.

Subject’s sales regions include domestic market, Southeast Asia, America and Europe, etc.

The major customers are manufacturers of canned food, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Products	Raw materials, etc.
Payment Terms	L/C, T/T, etc.

Sales

Domestic Markets

Product	Tin cans, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Tin cans, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2017-12-31	2016-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	906,332	745,621
Notes receivable, net
Notes receivable, net	942,043	690,719
Accounts receivable, net
Accounts receivable, net	1,763,622	1,873,439
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	876,138	886,754
Other receivables
Other receivables, net	108,613	118,097
Current tax assets
Total current tax assets	57,551	40,205
Inventories
Total inventories	3,736,553	3,520,787
Prepayments
Total prepayments	487,599	729,133
Other current assets
Other current financial assets	3,194	21,367
Total other current assets	3,194	21,367
Total current assets	8,881,645	8,626,122
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	178,731	122,642
Non-current financial assets at cost
Non-current financial assets at cost, net	501,050	501,050
Property, plant and equipment
Total property, plant and equipment	26,208,765	28,914,965
Investment property, net
Investment property, net	129,027	137,670
Intangible assets
Total intangible assets	363,051	399,648
Deferred tax assets	516,368	572,239
Other non-current assets
Prepayments for business facilities	3,556	3,696
Guarantee deposits paid	84,473	89,800
Long-term prepaid rents	482,516	503,015
Other non-current assets, others
Total other non-current assets, others	22,221	41,967
Total other non-current assets	592,766	638,478
Total non-current assets	28,489,758	31,286,692
Total assets	37,371,403	39,912,814
Liabilities and equity
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	1,617,516	2,575,599
Short-term notes and bills payable
Total short-term notes and bills payable	699,816	349,838
Notes payable
Total notes payable	23,659	13,325
Accounts payable
Total accounts payable	1,246,651	1,071,402
Accounts payable to related parties
Total accounts payable to related parties	112,170	92,276
Other payables
Total other payables	1,257,149	1,331,162
Other payables to related parties	54,933	104,386
Current tax liabilities	3,777	88,944
Other current liabilities
Other current financial liabilities	19,563	20,929
Advance receipts
Total advance receipts	83,524	237,597
Long-term liabilities, current portion
Total long-term liabilities, current portion	2,066,184	1,305,665
Total other current liabilities	2,169,271	1,564,191
Total current liabilities	7,184,942	7,191,123
Non-current liabilities
Bonds payable
Total bonds payable	0	658,144
Long-term borrowings
Total long-term borrowings	9,914,142	11,982,355
Non-current provisions
Total non-current provisions	76,802	75,389
Deferred tax liabilities
Total deferred tax liabilities	428,263	375,518
Other non-current liabilities
Net defined benefit liability, non-current	360,381	459,460
Guarantee deposits received	9,392	8,309
Total other non-current liabilities	369,773	467,769
Total non-current liabilities	10,788,980	13,559,175
Total liabilities	17,973,922	20,750,298
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	15,791,453	15,791,453
Total capital stock	15,791,453	15,791,453
Capital surplus
Capital surplus, additional paid-in capital
Total capital surplus, additional paid-in capital	58,271	58,271
Capital surplus, treasury share transactions	169,088	169,088
Capital surplus, donated assets received
Total capital surplus, donated assets received	819	819
Capital surplus, others	1,869	0
Total capital surplus	230,047	228,178
Retained earnings
Legal reserve	1,536,659	1,439,699
Special reserve	1,075,145	826,453
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	659,405	969,596
Total retained earnings	3,271,209	3,235,748
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	-660,495	-818,870
Unrealized gains (losses) on available-for-sale financial assets
Total unrealized gains (losses) on available-for-sale financial assets	-200,186	-256,275
Total other equity interest	-860,681	-1,075,145
Total equity attributable to owners of parent	18,432,028	18,180,234
Non-controlling interests	965,453	982,282
Total equity	19,397,481	19,162,516
Total liabilities and equity	37,371,403	39,912,814

Profit and Loss Account

Unit: NTD/000

Consolidated	2017	2016
Operating revenue
Total operating revenue	32,667,383	32,748,645
Operating costs
Total operating costs	29,217,870	28,409,397
Gross profit (loss) from operations	3,449,513	4,339,248
Gross profit (loss) from operations	3,449,513	4,339,248
Operating expenses
Selling expenses
Total selling expenses	1,213,486	1,247,586
Administrative expenses
Total administrative expenses	998,297	1,211,302
Total operating expenses	2,211,783	2,458,888
Net operating income (loss)	1,237,730	1,880,360
Non-operating income and expenses
Other income
Total other income	172,678	119,196
Other gains and losses
Other gains and losses, net	-104,486	-17,908
Finance costs
Finance costs, net	435,824	551,487
Total non-operating income and expenses	-367,632	-450,199
Profit (loss) from continuing operations before tax	870,098	1,430,161
Tax expense (income)
Total tax expense (income)	267,196	359,531
Profit (loss) from continuing operations	602,902	1,070,630
Profit (loss)	602,902	1,070,630
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	42,688	-149,591
Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	7,256	-25,430
Components of other comprehensive income that will not be reclassified to profit or loss	35,432	-124,161
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	137,678	-1,066,188
Unrealised gains (losses) on valuation of available-for-sale financial assets	56,089	-8,254
Income tax related to components of other comprehensive income that will be reclassified to profit or loss	-1,070	112
Components of other comprehensive income that will be reclassified to profit or loss	194,837	-1,074,554
Other comprehensive income, net	230,269	-1,198,715
Total comprehensive income	833,171	-128,085
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	600,104	1,069,141
Profit (loss), attributable to non-controlling interests	2,798	1,489
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	850,000	-62,009
Comprehensive income, attributable to non-controlling interests	-16,829	-66,076
Basic earnings per share
Basic earnings (loss) per share from continuing operations	0.38	0.68
Total basic earnings per share	0.38	0.68
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	0.38	0.67
Total diluted earnings per share	0.38	0.67

Cash Flows

Unit: NTD/000

Consolidated	2017	2016
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	870,098	1,430,161
Profit (loss) before tax	870,098	1,430,161
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	2,580,784	2,754,741
Amortization expense	9,508	45,374
Provision (reversal of provision) for bad debt expense	6,230	7,500
Interest expense	435,824	551,487
Interest income	-16,298	-13,341
Dividend income	-18,439	-5,152
Loss (gain) on disposal of property, plant and equipment	30,007	-18,975
Property, plant and equipment transferred to expenses	0	9,000
Loss (gain) on disposal of investment properties	0	-5,993
Other adjustments to reconcile profit (loss)	47,269	-198,747
Total adjustments to reconcile profit (loss)	3,074,885	3,125,894
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	-251,539	233,309
Decrease (increase) in accounts receivable	104,771	-429,847
Decrease (increase) in accounts receivable due from related parties	10,616	-739
Decrease (increase) in other receivable	9,484	-33,039
Decrease (increase) in inventories	-248,121	495,546
Decrease (increase) in prepayments	242,054	436,664
Total changes in operating assets	-132,735	701,894
Changes in operating liabilities
Increase (decrease) in notes payable	10,334	-10,749
Increase (decrease) in accounts payable	175,249	110,855
Increase (decrease) in accounts payable to related parties	19,894	-16,642
Increase (decrease) in other payable	-31,403	-44,733
Increase (decrease) in other payable to related parties	-49,453	30,620
Increase (decrease) in receipts in advance	-154,073	179,625
Increase (decrease) in net defined benefit liability	-56,391	-55,898
Increase (decrease) in other operating liabilities	0	-2,897
Total changes in operating liabilities	-85,843	190,181
Total changes in operating assets and liabilities	-218,578	892,075
Total adjustments	2,856,307	4,017,969
Cash inflow (outflow) generated from operations	3,726,405	5,448,130
Interest received	16,298	13,341
Dividends received	18,439	5,152
Interest paid	-446,004	-561,341
Income taxes refund (paid)	-273,583	-239,903
Net cash flows from (used in) operating activities	3,041,555	4,665,379
Cash flows from (used in) investing activities
Acquisition of property, plant and equipment	-152,262	-358,417
Proceeds from disposal of property, plant and equipment	29,543	95,053
Acquisition of intangible assets	0	-2,404
Acquisition of investment properties	0	-992
Proceeds from disposal of investment properties	0	10,178
Decrease in other financial assets	23,500	-13,815
Decrease in other non-current assets	19,746	-5,976
Increase in prepayments for business facilities	-86,886	-125,303
Net cash flows from (used in) investing activities	-166,359	-401,676
Cash flows from (used in) financing activities
Decrease in short-term loans	-958,083	-322,931
Decrease in short-term notes and bills payable	350,000	350,000
Proceeds from long-term debt	5,758,374	28,348,218
Repayments of long-term debt	-7,295,376	-31,909,682
Decrease in other financial liabilities	-283	-2,688
Cash dividends paid	-600,075	-505,327
Other financing activities	1,869	0
Net cash flows from (used in) financing activities	-2,743,574	-4,042,410
Effect of exchange rate changes on cash and cash equivalents	29,089	-180,431
Net increase (decrease) in cash and cash equivalents	160,711	40,862
Cash and cash equivalents at beginning of period	745,621	704,759
Cash and cash equivalents at end of period	906,332	745,621
Cash and cash equivalents reported in the statement of financial position	906,332	745,621

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

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	Ms. Li
Department	Sales Department
E-mail:	nick@tonyi.com.tw

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
TWD	1	INR 2.25

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

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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