MIRA INFORM REPORT

Report Date :

30.12.2008

IDENTIFICATION DETAILS

Name :	ZYTEL INDUSTRIES LTD.
Registered Office :	Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	12.04.2007
Com. Reg. No.:	37828019
Legal Form :	Private Limited Company
Line of Business :	Trading in all kinds of Telecommunication Equipment such as Mobile Phones

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

name of the company

ZYTEL INDUSTRIES LTD.

ADDRESS

Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2446 1740

FAX: 2446 1742

E-MAIL: lite@design-999.com

MANAGEMENT

Managing Director: Mr. Hemang Bhagwandas Shah

SUMMARY

Incorporated on: 12th April, 2007.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$100.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 4. (Including affiliates)

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Fairly satisfactory.

ADDRESS

Registered Head Office:-

Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

P.O. Box 98723, Tsimshatsui Post Office, Kowloon, Hong Kong.

Affiliated Factory:-

Lite Source Manufacturing Co.

8, Jin Yuan Street, Fen Jiang Nan Road, Foshan City, Guangdong Province, China.

[Tel: (86-757) 8338 0821; Fax: (86-757) 8333 9350]

Affiliated Companies:- (Same address)

Lite Source Manufacturing Co. Ltd., Hong Kong.

Lite Source Manufacturing Co., Hong Kong.

BUSINESS REGISTRATION NUMBER

37828019

COMPANY FILE NUMBER

1122874

MANAGEMENT

Managing Director: Mr. Hemang Bhagwandas Shah

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$100.00

SHAREHOLDERS

(As per registry dated 12-04-2008)

Name		No. of shares
Reena Hemang SHAH		51
Hemang Bhagwandas SHAH		49
		–––
	Total:	100 ===

DIRECTORS

(As per registry dated 12-04-2008)

Name (Nationality)	Address
Reena Hemang SHAH	Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Hemang Bhagwandas SHAH	Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 12-04-2008)

Name	Address	Co. No.
Megateam Corporate Services Ltd.	Unit 1704-1705, 17/F., Alliance Building, 130‑136 Connaught Road Central, Hong Kong.	918281

HISTORY

The subject was incorporated on 12th April, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Telecommunication equipment trader.

Employees: 4. (Including affiliates)

Commodities Imported: Europe, US, etc.

Markets: Southeast Asia, China, Europe, etc.

Annual Turnover: Too early to obtain figure.

Terms/Sales: As per contracted.

Terms/Buying: L/C.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$100.00

Profit & Loss: Too early to offer an opinion.

Condition: Business is still under development.

Facilities: Trying to make use of general banking facilities.

Payment: Maybe meet as required.

Commercial Morality: Too early to comment.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 100 ordinary shares of HK$1.00 each, Zytel Industries Ltd. is jointly owned by Mr. Hemang Bhagwandas Shah, holding 49% interest; and Mr. Reena Hemang Shah, holding 51%.

The subject is trading in all kinds of telecommunication equipment such as mobile phones. It has registered with the Office of Telecommunication Authority, the Government of Hong Kong SAR, bearing Radio Dealers (Unrestricted) Licence No. 12437.

The subject’s commodities are imported from Europe, the United States, China, etc. and re-exported to the other Asian countries, the Middle East, Europe, etc. Business is under development.

The subject has got an affiliated company Lite Source Manufacturing Co. [Lite Source] located at its operating address.

Established in June 1998, Lite Source is a sole proprietorship firm set up and owned by Mr. Hemang Bhagwandas Shah.

Lite Source is trading in the following products:-

· Building Materials – furniture fitting hardware, float glass/sheet glass, fancy plywood, aluminium composite panel, high pressure laminates.

· Hardware – glass door handles, grips, cabinet handles, mortise handles, knobs, hooks, door stoppers, drawer slides, cable manager, multi-hooks, towel bolts, curtain ends.

· Electronics – DVD player, CD player, VCD player, car CD player, home theatre system.

Lite Source’s affiliated factory, bearing the same name as the subject, is in Foshan City, Guangdong Province, China. Its main commodities are furniture fitting hardware which includes varieties of products. Lite Source has registered its trade mark “TESTONI” with Trade Marks Registry, Intellectual Property Department, the Government of the Hong Kong SAR. Its brand is “TESTONI” Design 999™. It has got many designs in a variety of colours and sizes to meet the requirements of its clients. Its products are approved by internationally well known TÜV Standards Certification agency. Electronic products and building materials are acquired from its China suppliers. Lite Source has set up an office in China responsible for inspecting the goods before delivery. All its suppliers are ISO certified or equivalent.

Administered by Mr. Shah, the subject is a purchasing agent for foreign importers.

The two shareholders of the subject are also shareholders of the following India-based firms:-

Euro Solo Energy System Ltd.

Euro Ceramics Ltd.

These two firms seem to be the suppliers of Lite Source.

On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.50
UK Pound	1	Rs.70.02
Euro	1	Rs.67.95

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.	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

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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