MIRA INFORM REPORT

Report Date :

21.11.2008

IDENTIFICATION DETAILS

Name :	CALFRUITS CO. LTD.
Registered Office :	Room 703, 7/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon
Country :	Hong Kong
Date of Incorporation :	20.03. 2000
Com. Reg. No.:	30792730
Legal Form :	Private Limited Company.
Line of Business :	Importer and Wholesaler of all kinds of fruits

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 :	Regular
Litigation :	Clear

Name

CALFRUITS CO. LTD.

ADDRESS

Room 703, 7/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.

PHONE: 2620 8966

FAX: 2368 8222

MANAGEMENT

Managing Director: Mr. Sin Tung Hing

SUMMARY

Incorporated on: 20th March, 2000.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$2.00

Business Category: Fruit Trader.

Employees: 5.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Room 703, 7/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.

Associated Companies:-

Asian Citrus Holdings Ltd., Bermuda/Hong Kong.

Asian Fruits Ltd., British Virgin Islands/Hong Kong.

Asian Fruits Trading (Dongguan) Ltd., China.

BUSINESS REGISTRATION NUMBER

30792730

COMPANY FILE NUMBER

709030

MANAGEMENT

Managing Director: Mr. Sin Tung Hing

Contact Person: Ms. Sharon Kwan

CAPITAL

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

Issued Share Capital: HK$2.00

SHAREHOLDERS

(As per registry dated 20-03-2008)

Name		No. of shares
HEUNG Kiu Ling		1
SIN Tung Hing		1
		––
	Total:	2 =

DIRECTORS

(As per registry dated 20-03-2008)

Name (Nationality)	Address
HEUNG Kiu Ling	Room 703, 7/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
SIN Tung Hing	Room 703, 7/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 20-03-2008)

Name	Address	Co. No.
Dynamic Key Service Ltd.	Room 1002, 10/F., Eastern Commercial Centre, 397 Hennessy Road, Hong Kong.	253998

HISTORY

The subject was incorporated on 20th March, 2000 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 and Wholesaler.

Lines: All kinds of fruits.

Employees: 5.

Commodities Imported: Worldwide countries.

Markets: Hong Kong, Macao, etc.

Terms/Sales: As per contracted.

Terms/Buying: As per contracted.

FINANCIAL INFORMATION

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

Issued Share Capital: HK$2.00

Indebtedness: HK$28,093,632.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 20-03-2008)

Mortgage or Charge

Date of Security Over Deposits: 07-02-2005

Amount: Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge

Property: A deposit with chargee in the amount of All Monies under Deposit A/C No. 808-052633, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices

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

Profit & Loss: Business is rather profitable.

Condition: Keeping in an active state.

Facilities: Making active use of general banking facilities.

Payment: So far so good.

Commercial Morality: Satisfactory.

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

Standing: Normal.

GENERAL

Calfruits Co. Ltd. is equally owned by Ms. Heung Kiu Ling and Mr. Sin Tung Hing. The subject has just issued 2 ordinary shares of HK$1.00 each while each of the shareholders holds a single share.

The subject is specialised in importing fruits from overseas and re-sell in Hong Kong and Macau supermarkets.

The subject has set up a joint venture Asian Fruits Ltd. [Asian Fruits], a BVI-registered firm, with Asian Citrus Holdings Ltd. [Asian Citrus]. Asian Fruits has set up a wholly-owned subsidiary Asian Fruits Trading (Dongguan) Ltd. [Asian Fruits Trading], in Dongguan City, Guangdong Province, China. Currently, Asian Fruits Trading is sourcing oranges from farmers in Jiangxi Province, China, for export. Asian Citrus has 46% stake in Asian Fruits Trading.

Asian Fruits Trading is operating a factory in Dongguan City where the oranges are graded and packed.

Asian Citrus is incorporated and has its registered office in Bermuda. The main country of operation is China where all of the plantations are based. The ordinary shares of Asian Citrus have been admitted to trading on the AIM market in London which has been regulated by the London Stock Exchange since August 2005.

Asian Citrus is the largest orange plantation owner and operator in China. It currently owns and operates two orange plantations: the Hepu Plantation in Hepu County in the Guangxi Zhuang Autonomous Region, occupying approximately 30.9 sq.km.; and the Xinfeng Plantation in Xinfeng County in Jiangxi Province, occupying approximately 37.1 sq.km. The plantations are located in similar latitudes to that of Florida of the United States, which is well known for growing oranges.

The subject’s business is chiefly handled by Ms. Sharon Kwan.

The subject also sources oranges from Asian Citrus and Asian Fruits Trading.

On the whole, consider the subject good for normal business engagements.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.52
UK Pound	1	Rs.75.54
Euro	1	Rs.63.12

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