MIRA INFORM REPORT

Report Date :

25.01.2008

IDENTIFICATION DETAILS

Name :	REGENCY FAR EAST LTD

Registered Office :	RM C & D 1FL Wing Cheong Commercial Bldg, 19-25 Jervois St Central,

Country :	Hong Kong

Date of Incorporation :	20.03.1987

Com. Reg. No.:	0185319

Legal Form :	Private Limited

Line of Business :	Importing a wide range of textile products from its China factory. Sales and distribution of imported products to international markets

RATING & COMMENTS

MIRA’s Rating :

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

COMPANY NAME & ADDRESS

REGENCY (FAR EAST) LTD

RM C & D 1FL WING CHEONG COMMERCIAL BLDG, 19-25 JERVOIS ST CENTRAL, HONG KONG.

TEL: 852-25457868

FAX: 852-25423963

EXECUTIVE SUMMARY

INCORPORATION DATE : MARCH 20, 1987

REGISTRATION NO. : 0185319

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : MR. ANIL TOURANI (CHAIRMAN)

STAFF STRENGTH : 15

CAPITAL : US$ 385,109

BUSINESS LINE : TRADER

TURNOVER : N/A (AS OF DEC. 31, 2006)

EQUITIES : N/A (AS OF DEC. 31, 2006)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : MODERATE AMOUNT

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.80983 = US$1

Adopted abbreviations:

ANS - amount not stated

NS - not stated SC - subject company (the company inquired by you)

NA - not available

M - million HKD –Hong Kong Dollars

*Company Name*

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

Incorporated as : RIO (HK) LTD

Date of incorporated : 20 March, 1987

Changed name to : REGENCY (FAR EAST) LTD

Date of change : 17 December, 1992

*Company Registration*

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

License number : 0185319

Date issued : 20 March, 1987

Issuing authority : Companies Registry

Type of license : Cororate

Legal form : Private Company

License number : 10874106-000

Issuing authority : Business Registration Office

Type of license : Business

*Capital Details*

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

Authorized capital : HKD 3,000,000.00 divided into 300,000 ordinary shares at HKD 10.00/-each, fully paid

*Corporate & Organization Structure*

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

A small sized family-owned business mainly operated and managed by the owners.

*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. Kamal Tourani can sign on behalf of the company with seal affixed.

*Registrar*

=========

SINCERE SECRETARIES LTD

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

E-mail: sales@regencyfe.com

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

*Major Shareholders*

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

Total number of shareholders: 2

Total number of shares: 300,000

Shareholders Number Amount (HKD) %

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

Mr. Lachhiram Parasram Tourani (Deceased) 192,000.00 1,920,000.00 64.00

Mr. Kamal Tourani 108,000.00 1,080,000.00 36.00

*Directors' Details*

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

Kamal Tourani

HKID no : K463099(8)

Address : Rm C & D 1Fl Wing Cheong Commercial Bldg 19-25 Jervois St Central Hong Kong

*Company Secretary*

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

Kamal Tourani

HKID no : K463099(8)

Address : Rm C & D 1Fl Wing Cheong Commercial Bldg 19-25 Jervois St Central Hong Kong

*Key Personnel*

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

Anil Tourani

HKID no : K858187(8)

Address : Rm C & D 1Fl Wing Cheong Commercial Bldg 19-25 Jervois St Central Hong Kong

Responsibilities : Handles the overall management of the company

*Main Products & Services*

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

Specializes in the following areas of work:

1. Importing a wide range of textile products from its China factory.

2. Sales and distribution of imported products to international markets.

Products: Cotton materials

Fabric materials

Textile products

*Payment Terms*

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

Sales

-------

Export : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

Purchases

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

Import : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

*Local Distribution Network*

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

There is no record of local sales since the prime focus of the firm's activity is concentrated on exports only.

*Export Markets*

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

100% of the annual turnover is attributed to export

SC is not known to have any subsidiary at present.

PAYMENT RATING : 3 OBTAINED SCORES : 50

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 MODERATE amounts depending on individual judgement experience.

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

SC is considered small-sized in its line with a long history. Credit in the range of moderate amount can be considered.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 2200 Textile Mill Products

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

Trading 2299 Textile goods,

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 5200 Cotton, inc. yarns & woven fabrics thereof

Trading 5203 Cotton, carded or combed

Trading 5911 Textile products etc. for specific tech uses

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Exporting to Africa

Importing from Asia

Importing from 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.	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%)

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