Credit Report

	Company Details
	Global Identifier : P0342938 Country : Taiwan Address : 7Fl 43 Nanking East Rd Section 2 Chungshan Dist Taipei City 104 Tel : [+886] 2-26511515 Fax : [+886] 2-26511717 Email : fastape@zen-tek.com Website : www.zen-tek.com Type : Manufacturer Industry : Electronic Products & Components
	Key Facts
	Established Year : 1991 Formation : Private License number/s : 12345678 Date Issued : 1999 Issuing authority : Ministry of Economic Affairs (MOEA) Employees : 78 Capital : US$ 3,982,122
	Credit Rating & Risk Analysis
	Risk Index : Low Rating : Excellent   Points Allocated : 89 Credit Opinion : Consulted sources within the industry have reported that the company has been settling its payments regularly and on time.       CREDIT ASSESSMENT FACTORS   AsianCIS's Credit risk assessment is gauged on 12 key business factors.   Each factor is assigned a rating and the total is aggregated and weighed   in consideration of any other influencing factors relevant to the final assessment.       These factors include :    Financial Status    Profitability    Industry sector & trends    Principals    Litigation    Liabilities    Management    Scale of operations    Years in business & co history    Assets(real estate etc.)    Trade references & reputation    Family involvement & support
	Adverse Data
	Results : Total of  0  record found.
	Recommended Credit Limit - Trade Finance
	Maximum Recommended Credit : USD 15,000.00 based on 90 days
	Financial Summary  (Currency: U.S. $'s)
	Year Sales Assets Net Income 2003 $103,354,454 $78,123,123 $1,334,000 2004 $138,713,333 $88,115,333 - $1,433,159 2005 $186,182,000 $111,478,713 $2,202,550
	Management & Products
	Management : Mr. Ah-ming Tseng, Managing Director     Mr. Nai-jiu Bai, Director     Mr. Osman Ding-men Tsai, General Manager    Products : Capacitors     Electronic components     Fixed capacitors     Variable capacitor     Electronic products
	Int´l Trade Activity  (Currency: U.S. $'s)
	Year Imports Exports Total 2003 $4,219,907 $5,878,694 $10,098,601 2004 $3,206,616 $5,107,371 $8,313,987 2005 $3,592,986 $5,418,224 $9,011,210
	Commercial Credit Inquiries
	Date of Inquiry Industry in which Inquirer Operates Credit Type (* / **) Credit Amount Period 15 Apr, 2004 Financial Services MRC USD 15,000 90 days 9 Jun, 2004 Professional Services MRC USD 15,000 90 days 2 Aug, 2005 Financial Services ISC USD 12,000 120 days 11 Nov, 2005 Financial Services MRC USD 15,000 120 days Note: * MRC : Maximum Recommended Credit ** ISC : Inquirer Specified Credit

	In-depth Report Details

	Country : Taiwan Company Name : ZEN-TEK ELECTRONICS LTD Type : Manufacturer Industry : Electronic Products & Components Established Year : 1991 Office Contact Details Address : 7Fl 43 Nanking East Rd Section 2 Zip : 104 Suburb : Chungshan Dist City : Taipei City Tel : [+886] 2-26511515 Cell : [+886] 9055266266 Fax : [+886] 2-26511717 E-Mail : fastape@zen-tek.com Web Site : www.zen-tek.com Factory Contact Details Address : Hsinchu Science-Based Industrial Park 7 Innovation Rd Zip : 300 City : Hsinchu City Tel : [+886] 3-5666262 Fax : [+886] 3-5626161 Postal Details P.O. Box : 52-118 P.O. Zip : 111 P.O. Suburb : Shihlin Dist

	SIC PRODUCT CLASSIFICATION & ACTIVITY
	Activity Code Product/Service Description Importing 3675 Electronic capacitors Manufacturing 3672 Printed circuit boards Manufacturing 3674 Semiconductors and related devices, and parts, nspf Manufacturing 3679 Electronic components, nspf Manufacturing 5065 Electronic Parts/Equip, NEC

	HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
	Activity Code Product/Service Description Importing 8532 Electric capacitors, fixed, variable or adjustable (preset) Importing 8532290040 Fixed capacitors Importing 8532300090 Variable or adjustable capacitors Manufacturing 8534 Printed circuits Manufacturing 8542 Electronic integrated circuits & microassembl, parts

	DETAILED PRODUCT CLASSIFICATION & ACTIVITY
	Activity Product/Service Description Importing Capacitors Importing Electronic components Importing Fixed capacitors Importing Variable capacitor Manufacturing Electronic products

	OWNERSHIP
	Chairman : Dr Louis Ming-li Chen Nationality : Taiwan Capital(U.S. $'s) : $3,982,122 Employees : 78 Company Formation : Private Direct Parent : ZEN-TEK HOLDINGS CO LTD Direct Parent Nationality : Taiwan

	Brand DoorNet Brand ZAP

	COMPANY MANAGEMENT
	Name Nationality Job Description Mr. Sen-bing Lim Director Malaysia Mr. Tin-lum Luk Director USA Mrs. Debbie Jing-sen Lin Finance Manager Taiwan Ms. Angel Mei-ling Wang CEO Taiwan Ms. Julie Hock-sum Chen Director Taiwan

	FINANCIALS SUMMARY (Currency: U.S. $'s)
	Year Sales Assets Net Income 2001 $7,010,202 $75,123,937 $1,715,000 2002 $8,100,342 $76,104,734 $1,375,600

	FINANCIAL & LEGAL STATUS

*Financial History* ============== 1995 - Invested heavily into two other subsidiaries in Taiwan. The levels of investment into the two other            subsidiaries represented a total of US$52.8 million. 2000 - Recorded an increase of 33.79% on its total turnover.          - The turnover of its drink division reached NT$3,774 million, up 50% compared to that of 1999.          - CDS's turnover reached NT$415 million, a 5.5% growth from 1999. 2001 - Its order fill-rate hit 93% and handling costs per case was reduced by 30%. *Financials* =========== Balance Sheet Currency : NT$Thousand (Except Number of Shares and Par Value)                                                                                                                                               31 December, 2005          31 December, 2004                                                                                             ------------------------          ------------------------- ASSETS Current Assets      Cash and cash equivalents                                                 88,396                                60,433      Investments in mutual funds - net                                     23,030                                  9,920      Notes receivable and accounts receivables -        net of allowance for doubtful accounts of        NT$5,819 (US$185) in 2005                                           1,180,484                               698,902      Inventories - net                                                                  583,822                               846,521      Receivables from related parties                                       154,590                               138,069      Receivables from principals                                                 93,493                               119,263      Prepaid expenses and other current assets                     226,883                                 53,404      Total current assets                                                          2,350,698                            1,926,512      Investments in shares of stock - net                                 561,234                               487,934      Properties      Cost        Land                                                                                     139,560                               141,456        Buildings and equipment                                                  364,477                               356,777        Office equipment                                                                332,938                               249,535        Vehicles                                                                                 48,137                                 45,430        Total cost                                                                            885,112                                793,198      Less - accumulated depreciation                                       241,838                                205,221      Construction in progress                                                     18,971                                  13,337      Prepayments for buildings and equipment                         1,858                                           -      Net Properties                                                                      664,103                               601,314      Intangible Assets      Franchises                                                                            179,301                                           -      Deferred charges                                                                   22,003                                           -     Total intangible assets                                                        201,304                                           -                      Other Assets                                                                          35,233                                  24,219     Total Assets                                                                      3,812,572                             3,039,979 LIABILITIES & STOCKHOLDERS' EQUITY Current Assets                                                         Short-term bank loans                                                        274,000                                 94,520      Commercial papers                                                              319,359                                          -      Notes payable and accounts payable                              397,879                               444,894      Accrued expenses liabilities                                              124,201                                  75,079      Income tax payable                                                                 1,964                                           -      Other current liabilities                                                         59,458                                126,067      Total current liabilities                                                     1,176,861                                740,560      Long-term liabilities                                                             131,000                                  22,000      Accrued pension cost                                                            4,142                                     3,348      Other liabilities                                                                     146,247                                            -      Total liabilities                                                                  1,458,250                                 765,908      Stockholders' equity                                             Capital stock - NT$10 par value        Authorized - 250,000 thousand shares        Issued - 162,000 thousand shares                                1,620,000                             1,620,000      Capital surplus                                  Paid-in capital in excess of par value                              570,249                                570,249        Gain on disposal of properties                                             1,908                                   1,144        From long-term stock investments                                           45                                           -        Total capital surplus                                                          572,202                               571,393      Retained earnings        Legal reserve                                                                         37,568                                 37,568        Unappropriated earnings                                                  126,130                                 50,911        Total retained earnings                                                      163,698                                88,479      Unrealized loss on long-term stock investments                (1,287)                               (5,801)      Cumulative translation adjustments                                        (291)                                        -      Total stockholders' equity                                                2,354,322                           2,274,071      Total liabilities and stockholders' equity                        3,812,572                        3,039,979                                                           INCOME STATEMENTS      Product sales - net of sales returns and      allowance of NT$244,211 (US$7,764) in 2005      and NT$224,847 in 2004                                                      5,923,774                        4,332,299      Central distribution service revenues                                 415,442                           393,872      Commission revenues                                                        6,369,023                        4,760,570      Cost of product sales and costs of revenues      from central distribution service                                       5,567,524                       3,983,496      Gross Profit                                                                             801,499                          777,074      Operating Expenses                                             Sales and marketing                                                              530,186                           645,346                   General and administrative                                                  141,115                           123,330      Income from operations                                                       130,198                               8,398      Non-operating income                                                         Interest                                                                                     13,318                               7,683      Investment income recognized under      equity method                                                                         12,058                                       -      Gain on disposal of investments in mutual      funds                                                                                          2,787                                       -                          Others                                                                                      26,093                             13,003      Total non-operating income                                                 54,256                             25,040      Non-operating expenses                                             Provision for decline in value of inventories                    48,614                              32,325      Foreign exchange losses - net                                             22,705                               4,156      Interest                                                                                    11,790                             24,826      Investment loss recognized under equity      method                                                                                             -                              17,344      Other                                                                                         2,751                                8,762      Total non-operating expenses                                            85,860                              87,413      Income (loss) before income tax                                         98,594                            (53,975)      Income tax                                                                              22,606                              (4,531)      Net income (loss)                                                                  75,988                            (49,444)          *Payment Terms* ============== Sales -------- Local   : Cash on delivery (COD)               30-60 days credit Export : Letter of Credit (L/C)               Document against Acceptance (D/A) Purchases -------------- Local   : Cash on delivery (COD)               30-60 days credit Import : Letter of Credit (L/C)               Document against Acceptance (D/A) *Company Registration* ==================== License number : 2200000025 Issuing authority : Ministry of Economic Affairs (MOEA) Type of license : Manufacturing, assembly, importation of electronic components and assembly. *Industry Ranking* ================ Considered to be one of Taiwan's largest PCB assemblers. *Accountants* ============ T NXSONIC & CO *Auditors* ========= T NX SONIC & CO *Company Name* ============= Incorporated as : PROPSEROUXX ELECTRICAL CORP Date of Incorporation : 10 October, 1994 Changed Name to : ZEN-TEK ELECTRONICS LTD Date of Change : August 1996 *Financial Structure* ================ Overview of  Turnover as per Division: --------------------------------------------------- PCB Division Year                    Turnover (NT$)              Growth (%) ------                    ---------------------              --------------- 2000                                1,678,311                   48 2001                                2,517,312                   50 2002                                3,774,276                   50 Components Division Year                   Turnover (NT$)              Growth (%) -------                  ---------------------              --------------- 2000                               2,471,434                      7 2001                               1,849,386                   -25 2002                               1,863,765                      8 CDS Division Year                    Turnover (NT$)              Growth (%) -------                   ---------------------              --------------- 2000                                   285,263                    52 2001                                   393,872                    38 2002                                   415,442                    5.5

	BANKS REFERENCES
	Bank: BANK OF TAIWAN Bank: CHIAO TUNG BANK CO LTD

	LOCAL BRANCHES & MANAGEMENT
	Branch : ZEN-TEK ELECTRONICS LTD - HSIN-I DIST Branch Address : 2Fl 167 Chung Hsiao East Rd Branch Zip : 110 Branch Suburb : Hsin-i Dist Branch City : Taipei City Branch Tel : [+886] 2-23565667 Branch Fax : [+886] 2-23569876 Branch Email : trendectshil@mail.com Branch Employees : 15 Branch Management Name Job Description Nationality Mr. Harry Henderson Vice President Australia Mr. Fred Lee Treasurer Taiwan Mr. Chin Long Director Taiwan     Branch : ZEN-TEK ELECTRONICS LTD - SHIHLIN DIST Branch Address : 1Fl 56 Chung Shan North Rd Section 5 Branch Zip : 111 Branch Suburb : Shihlin Dist Branch City : Taipei City Branch Tel : 2-28736678 Branch Fax : 2-28736678 Branch Email : trendectshil@mail.com Branch Employees : 10 Branch Management Name Job Description Nationality Ms. Virginia Yates President USA Mr. Joe Chen Managing Director Taiwan Mr. Ke-pei Meng Finance Manager Taiwan

	PRODUCT, TECHNOLOGY, SERVICES DESCRIPTION

*Main Products & Services* ====================== Specializing in two main areas of work: 1. Import of computer components. 2. Production of multi-layer printed circuit boards incorporating some of the raw materials imported. *Detailed Product Specifications* ========================== Characteristics of products include: - Layers include : 2-8 layers - PCB's with hot air levelling process - PCB's with electroless nickel/gold plating - PCB's with carbon ink or with peelable solder masks - Epoxy or photimageable solder masks The main use of the IC's are for optimum performance under extreme temperatures. Application : weapons control panel on indigenous fighter jets. *Technologies Developed and/or Acquired* =================================== ZEN-TEK implements Q.C. testing throughout the manufacturing process. All testing jigs & software are produced by the in-house engineering department. *Quality Certification* ================= Type of Certification : ISO 9002 Date                             : January 1994 Issuing authority       : SGS *Product/brand/logo Licensing* ======================= Type of Licensing:  Technology know-how Licensor                 :  SEIKOX ELECTRONICS LTD - Indonesia Date                        :  June,1999 Details of license  :  Produce and incorporated patented range of SEIKOX components in PCB's manufactured                                     and sold to assemblers of plasma display units.

	FACTORY FACILITIES & MANUFACTURING CAPABILITIES

*Factories, Size & Locations* ====================== Factory 1 ------------ Type of building :  2-storey industrial Building size        :  25,000 sq. meters Land size              :  80,000 sq meters Location               :  Semi-industrial suburb of Hsinchu. Factory 2 ------------- Type of building :  Single storey semi-residential building Building size        :  8,000 sq meters. Land Size              :  Incorporated in the estim. land size above. Location               :  Same location as above. *Production Capacity* ================== Based on standard multi-layer PCB's, the factory is currently able to produce 200,000 boards per month based on two 8 hour production shifts per day.

	ORGANIZATION STRUCTURE

*Corporate & Organization Structure* ==============================                                                              Board of Directors                                                                                                                                                                |                                                                                                                                                                                |                                                                       Chairman                                                                                                                                                                             |                                                                                                                                 |                                                                                |                                                                                                                                             General Manager                                                                                                                                                                         |                                                                                |                                                                                                                  ------------------------------------------------------------                                                                                                        |                          |                               |                      |                                                                                                 Production         Personnel            Marketing       Finance                             Department         Department         Department     Department                                     |                                                         |                                                                                            Includes :                                          Includes :                                                                                                                     Manufacturing                                 Sales                                                                                                                            Quality Control                                Marketing *Company History* =============== 1994  -  Started operation of Hsin-i Dist branch office. 1995  -  Started operation of Shihlin Dist branch office. 2000  -  Affiliate with TRENDECT (CHINA) CO *Key Personnel* ============== Mr. Louis Ming-li Chen  (Also known as Ah ming Chen) Founder                            : Sole founder Age                                   : 55 years Education                         : Bachelor of Science at University of CKSC Qualification                    : Engineer, Architect Work experience             : 20 years Responsibilities              : Daily management of the firm and legal responsibility of all financial liabilities. Resident status               : Singapore Resident Status , but travels andresides in Taiwan regular basis. Previous experience       : Worked with ABCX  (TAIWAN) LTD for 5 years. Immediate support staff : Supported by Mr. Edward Choi Other position                 : President of ABBX  (THAILAND)       *Office & Facilities* =============== Size                        :  230 sq. meters Location               : Commercial area Facilities               : Modern and computerized. Description          : Well decorated and professionally layout. Property status   : Rented Type of Building : 12 storey office building Comments             : Office space shared with another company listed as  ABC MFG LTD.Relationship with                                   ABC MFG LTD unknown.

	TRADE REFERENCES

*Domestic Customers* ================== Sales of IT products to local electronic compants manufacturers as followed: - TAIWAN ELECTRONIC SCREEN CO LTD - KOKOS PLASMA SCREEN MFG CO LTD *Associations* =========== Member of : - Taiwan Electronics Association *Competitors* =========== The following four (4) locally based companies supply an identical range of products : 1.  ABC COMPUTERS LTD 2.  CCC INFORMATION CORP 3.  DDD PC CO LTD 4.  Z-BASE ELECTRONICS INC

	RELATED PARTIES(Subsidiaries , Joint-ventures & Affiliates)
	Company Name : HEAVEN POLYPROPYLENE CO LTD Global Identifier : AF000001 Address : 8Fl Taiwan Garments Tower 113 Chung Shan North Rd Section 2 Chungshan Dist Taipei City 104 Taiwan Country : Taiwan Relationship : Subsidiary Formation : Listed Company Type : Manufacturer Industry : Plastics & Products   Company Name : HECTOR LAMINATES CORP Global Identifier : AF000002 Address : 18Fl Victory Tower 180 Chung Shan Rd Chungshan Dist Taipei City 104 Taiwan Country : Taiwan Relationship : Joint-Venture Formation : Private Company Type : Manufacturer Industry : Plastics & Products   Company Name : TREND-X (CHINA) CO Global Identifier : AF000003 Address : 20Fl Harbour Tower 20 Min Ju Rd Shanghai 508000 China Country : China Relationship : Affiliate Formation : Private Company Type : Manufacturer Industry : Electronic Products & Components

	RELATED PARTIES DESCRIPTION

*Subsidiaries, Joint-ventures & Affiliates* ================================= Company Name                                                        No. of shares      % of Investment --------------------                                                       ------------------      ---------------------- TAIWAN-LIGHT POLYPROPYLENE CO LTD        8,000,000                     80 TREND-X (CHINA) CO                                                1,000,000                     10 Ms. Lily Chang                                                              1,000,000                     10 Joint-ventures -------------------- HECTOR LAMINATES CORP This is a joint-venture between the following companies: - WESTS COAST IMPORTS INC - ZEN-TEK ELECTRONICS LTD *Strategic Partners & Alliances* ======================= In 2002, the firm announced a strategic alliance with one of China's largest computer manufacturers. Alliance name       :  GX CHINAS ELECTRONICS GROUP OF COMPANIES Founder                 :  Unknown Holding company:  LUKSS CHOP INVESTMENTS LTD Country                 :  Hong Kong Group members    :  A consortium of large manufacturers in China, Hong Kong and Taiwan.

	IMPORTER AGENCY LISTING
	Supplier : DINJI ELECTRONICS CORP Global Identifier : IM000001 Country of Origin : USA Product Description : Ic (integrated circuits) For control of magnetic devices under 6 degrees cel Brand : DJ Year : 1993   Supplier : MAGIC CO LTD Global Identifier : IM000002 Country of Origin : USA Product Description : Ic's for control units Brand : MAGIC Year : 1994

	LOCAL DISTRIBUTION & WAREHOUSING

*Local Distribution Network* ===================== Approximately 10% of the annual turnover is attributed to local sales through medium sized wholesalers servicing the domestic electronics manufacturing market. Local sales network includes the following firms: 1. HYDROS ELECTRONICS CO 2. CHAN'SA COMPONENTS 3. DAZZLINGSS ITEMS  LTD *Warehousing Facilities* ================== All warehousing of IC's is maintained in ZEN-TEK's Taipei bonded warehouse.  ("Bonded" implying that all IC's are imported without import tax since the items are 100% exported or sold to government owned production plants).

	INTERNATIONAL TRADE : ACTIVITY & MARKETS

Exporting to Argentina Exporting to Asia Exporting to Australia Exporting to Europe Exporting to USA Importing from Asia Importing from Europe Importing from Germany Importing from USA

	INTERNATIONAL TRADE ACTIVITY DESCRIPTION

*Export Markets* ============ 90% of the annual turnover is attributed to export to the following countries/region: Country           % of Exports -----------        ------------------ U.S.A.                    60 Hong Kong           20 Europe                   15 Australia                 5 *Overseas Customers* ================== - COUNTRY ASIA PACIFIC LTD (Hong Kong)                                            - COMPLEX COMPUTERS CORP (USA)                                 - MEGENE (Germany)

	OVERSEAS AGENTS AND DISTRIBUTORS
	Agent : SKW CORP Global Identifier : TW000001 Country of Origin : Taiwan Product Description : Biopharmaceuticals Brand : SKWPharm Year : 1999   Agent : MITSUBICHI CORP Global Identifier : TW000002 Country of Origin : Japan Product Description : Biopharmaceuticals Brand : SKWPharm Year : 2001   Agent : BIDDLE SAHE CORP Global Identifier : TW000003 Country of Origin : USA Product Description : Pharmaceutical products Brand : SKWPharm Year : 2001

*** End of Report on ZEN-TEK ELECTRONICS LTD ***

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