MIRA INFORM REPORT

Report Date :

22^nd February, 2007

IDENTIFICATION DETAILS

Name :	SUNSHINE (FAR EAST) LTD

Registered Office :	Rm 1107 Peninsula Centre 67 Mody Rd, Tsimshatsui East Kowloon, Hong Kong

Country :	Hong Kong

Date of Incorporation :	21.05.2001

Com. Reg. No.:	0757323

Legal Form :	Private Company

Line of Business :	Engaged in trading wide range of textiles, kitchenware and luggage.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	USD15,000

Status :	Moderate

Payment Behaviour :	Usually Correct

Litigation :	Clear

Company Name & Address

SUNSHINE (FAR EAST) LTD

RM 1107 PENINSULA CENTRE 67 MODY RD, TSIMSHATSUI EAST KOWLOON, HONG KONG.

TEL: 852-23664791

FAX: 852-23664790

EXECUTIVE SUMMARY

INCORPORATION DATE : MAY 21, 2001

REGISTRATION NO. : 0757323

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : N/A

STAFF STRENGTH : 10

CAPITAL : US$ 772,201

BUSINESS LINE : TRADER

TURNOVER : N/A (AS OF DEC. 31, 2005)

EQUITIES : N/A (AS OF DEC. 31, 2005)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : USD 15,000

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : STABLE

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.81461 = US$1 AS OF 2007-2-12

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

HKD –Hongkong Dollars

*Company Registration*

===================

(1)

License number : 0757323

Date issued : 21 May, 2001

Issuing authority : Companies Registry

Legal form : Private Company having a share capital

(2)

License number : 31810850-000

Date issued : N/A

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : Business license

*Capital Details*

==============

Authorized capital : HKD 6,000,000.00 divided into 6,000,000 shares of HKD 1.00/-each, fully paid

*Reputation*

==========

Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.

*Approved Signatures*

====================

Only Mr. Laxman Shabhunath Vaswani can sign on behalf of the company with seal affixed.

SC is not known to host website of its own at present.

E-mail: sunshine@vinay.com.hk

For the past two years there is no record of litigation.

*Major Shareholders*

================

Total number of shareholders : 2

Total number of shares : 6,000,000

Shareholders' Name No. of Shares Amount of Shares (HKD) % of Shares

--------------------------- ------------------- ---------------------------------- -----------------

Manju Laxman Vaswani 5,250,000 5,250,000.00 87.50

Laxman Shabhunath Vaswani 750,000 750,000.00 12.50

*Directors' Details*

==============

(1)

Parshotam Shambunath Vaswani

India Passport no. : Z1114518

Email address : jpv@centrin.net.id

Address : Wisma Megah Lt 1 R 105B Jalan Danau Sunter Utara Block N2, 2-3

Jakarta Utara East Java Indonesia 14350

(2)

Manju Laxman Vaswani

HKID number : P432596(A)

Address : 11A Majestic House 82 Nathan Rd Tsimshatsui Kowloon Hong Kong

(3)

Laxman Shabhunath Vaswani

HKID number : P356165(1)

Address : 11A Majestic House 82 Nathan Rd Tsimshatsui Kowloon Hong Kong

*Company Secretary*

================

Manju Laxman Vaswani

HKID number : P432596(A)

Address : 11A Majestic House 82 Nathan Rd Tsimshatsui Kowloon Hong Kong

SC refused to released the management detail at present.

*Main Products & Services*

======================

Specializes in trading wide range of textiles, kitchenware and luggage.

Products: Fabrics

Handbags

Kitchenware

Luggages

Textile goods

*Payment Terms*

===============

Sales

--------

Local : Cash or Credit

Export : Letter of Credit (L/C)

Purchases

---------------

Local : Cash or Credit

*Local Distribution Network*

=======================

Majority of the annual turnover is attributed to local sales.

*Export Markets*

=============

Part of the annual turnover is attributed to export.

SC is not known to have any subsidiary at present.

PAYMENT RATING :4 OBTAINED SCORES : 48

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

Dealings on open terms may be possible for SMALL amounts depending on individual judgement experience.

Note

-------

The name VINAY HOLDINGS LTD is NOT registered in Hong Kong and the staff from the company did not confirm the country of registration. However, they confirmed that the correct legal name in Hong Kong is SUNSHINE (FAR EAST) LTD.

*Bank Details*

============

Bank name : HONG KONG & SHANGHAI BANKING CORP LTD, THE

Branch : Way Foong House 82-84 Nathan Rd Kowloon Hong Kong

Swiftcode : HSBCHKHH

As a private limited company there is no legal requirement according to local corporate law for public disclosure of detailed financials.

Over the past 3 years, SC has made a stable growth with satisfactory profit. It is considered a credit line up to USD15,000 appears to be within SC’s capacities.

ATTACHED: TRADE REFERENCES

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 2200 Textile Mill Products

Trading 2258 Warp knit fabrics

Trading 2261 Finish Cotton Fabrics

Trading 2281 Yarn, spun, of cotton, man-made fibers, and silk

Trading 2284 Thread and handwork yarns

Trading 2297 Nonwoven fabrics

Trading 2299 Textile goods,

Trading 2399 Fabricated textile products,

Trading 2434 Wood kitchen cabinets

Trading 3161 Luggage

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 4200 Articles of leather, saddlery & harness, travel goods, handbags, articles

of gut

Trading 4202 Travel goods, handbags, wallets, jewelry cases etc

Trading 4419 Tableware and kitchenware, of wood

Trading 5609 Art of yarn like of head 5404/5405 twine or cable

Trading 5900 Impregnated, coated, covered, or laminated textile prod, textile prod for

industrial use

Trading 5911 Textile products etc. for specific tech uses

Trading 6912 Ceramic tableware, kitchenware etc, earthenware etc

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Product/Service Description

Trading Textiles

Trading Travel goods

Trading Yarns

INTERNATIONAL TRADE : ACTIVITY & MARKETS

Exporting to Asia

Exporting to China

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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