MIRA INFORM REPORT

Report Date :

08.04.2011

IDENTIFICATION DETAILS

Correct Name :	CP LOGISTICS
Registered Office :	9/F., China Merchants Commercial Building, 15-16 Connaught Road West
Country :	Hong Kong
Date of Incorporation :	08.02.2002
Com. Reg. No.:	13475181-002-12
Legal Form :	Sole Ownership
Line of Business :	Logistic Service Provider of Piecegoods, haberdashery, etc.

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

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Hong Kong	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

CP LOGISTICS

Company address

9/F., China Merchants Commercial Building, 15-16 Connaught Road West, Hong Kong.

PHONE: 2815 7667, 2815 7687

FAX: 2815 7655

MANAGEMENT

Manager: Mr. Chan Kei Yip, Frankie

SUMMARY

Establishment: 8th February, 2002.

Organization: Sole Ownership.

Capital: Not disclosed.

Business Category: Logistic Service Provider.

Employees: 20. (Including Sole Owner)

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

Banking Relation: Satisfactory.

Company ADDRESS

Head Office:-

9/F., China Merchants Commercial Building, 15-16 Connaught Road West, Hong Kong.

Parent Company:-

Acerank Investments Ltd., Hong Kong. (See attachment)

Ultimate Parent Company:-

Silver Reed Holdings Inc., British Virgin Islands.

Sister Companies:- (Same BR No.)

Acerank Industrial Company, Hong Kong.
[BR No. 13475181-001-12] (Ceased business on 31-03-1998)

Swift Delicacies, Hong Kong.
[BR No. 13475181-003-12] (Ceased business on 18-11-2004)

Associated Companies:-

Guangzhou Sheila’s Export Ltd., China.

Sheila’s Exports Ltd., Hong Kong. [Trading as “Asia Exports HK”, “Avacorp”, “Grande Marm I”, “Meilitex”, “Silken Fibers”, “Trident Creations”, “Trident Resources”, “Trident Technologies” and “Z+Technology”]

Vidhi Dyestuffs Manufacturing Ltd., India.

Wonderland Toys Ltd., Bangladesh.

BUSINESS REGISTRATION NUMBER

13475181-002-12

MANAGEMENT

Manager: Mr. Chan Kei Yip, Frankie

SOLE OWNER

Acerank Investments Ltd., Hong Kong.

HISTORY

The subject was established on 8th February, 2002 as a sole ownership firm with Acerank Investments Ltd. as the proprietor under the Hong Kong Business Registration Regulations.

At the very beginning, the subject was located at Room 1401-1404 (or Unit 1‑4), 14/F., China Merchants Building, 152-155 Connaught Road Central / 303-307 Des Voeux Road Central, Hong Kong, moved to Room 2004B, 20/F., Kai Tak Commercial Building, 317-319 Des Voeux Road Central, Hong Kong in November 2003; but moved back to Room 1401-1404, 14/F., China Merchants Building in September 2006; and further moved to the present address in January 2009.

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

OPERATIONS

Activities: Logistic Service Provider.

Lines: Piecegoods, haberdashery, etc.

Employees: 20. (Including Sole Owner)

Commodities Imported: China, India, Bangladesh, other Asian countries, etc.

Markets: North America, Europe, Asian countries, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, D/P, etc.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Making a small profit every year.

Condition: Keeping in a normal manner.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

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

Standing: Normal.

GENERAL

CP Logistics is the business name of Acerank Investments Ltd. [Acerank] which is a Hong Kong-registered firm. The subject is engaged in freight forwarding and customs clearing.

The subject commenced business in February 2002. The directors of the subject are Mr. Chan Kei Yip and Mr. Ashok Arjan Vaswani who is an Indian.

Incorporated on 13th December, 1988, Acerank is a Hong Kong-registered company located at the operating address of the subject. Having issued 10,000 ordinary shares of HK$1.00 each, Acerank is a wholly-owned subsidiary of Silver Reed Holdings Inc. which is a BVI-registered firm.

Acerank is trading in the following commodities:

· Piecegoods — Vegetable Fibre (Linen/Cotton)

· Piecegoods — Silk

· Haberdashery (Button from Bangladesh)

Commodities are sourced from China, India, Bangladesh, other Asian countries, etc. Prime markets are North America, Europe, Asian countries, etc. Business is steady as regular suppliers and customers have been maintained.

Vaswani is Acerank’s minor shareholder and director. He is also the managing director of another firm Sheila’s Exports Ltd. [Sheila’s], a Hong Kong-registered firm located at the old address of the subject.

Sheila’s is wholly-owned by Vaswani. This firm is a large size trading house based in Hong Kong and has been doing business for more than three decades in the China trade. It is specialized in handling engineering and electronics products, fabrics, yarns, etc.

Sheila’s has set up a representative office in Guangzhou, China to facilitate commodities sourcing. Sheila’s trades in the following commodities: dyeing, tanning and colouring materials; health and medical care; machine parts; pharmaceutical and medicine; pharmaceutical preparation; piecegoods – vegetable fibre; yarn – woollen; yarn – vegetable fibre; marble blocks, porcelain and ceramic tiles; chemicals; pigments; textiles and made-ups; etc. Commodities are sourced from China, Taiwan, Japan, South Korea, the Middle East, Europe and the United States. Re-export markets are India, Bangladesh, Australia, Dubai, the United States, the Philippines, etc. Overall business is active.

The subject is offering its parent and associated firms with all kinds of logistic services.

Supported by Acerank, the subject is considered good for normal business engagements.

COURT CASES: None per our.

Company name

ACERANK INVESTMENTS LTD.

(Trading as CP LOGISTICS)

Company ADDRESS

9/F., China Merchants Commercial Building, 15-16 Connaught Road West, Hong Kong.

BUSINESS REGISTRATION NUMBER

13475181-000-12

COMPANY FILE NUMBER

0235813

DATE OF INCORPORATION

13th December, 1988.

CAPITAL

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

Issued Share Capital: HK$10,000.00

SHAREHOLDERS

(As per registry dated 13-10-2010)

Name		No. of shares
Ashok Arjan VASWANI		1
Silver Reed Holdings Inc. Wickhams Cay, Road Town, Tortola, British Virgin Islands.		9,999
		––––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 13-10-2010)

Name (Nationality)	Address
CHAN Kei Yip	Flat B, 8/F., Block 8, Melody Garden, Tuen Mun, New Territories, Hong Kong.
Ashok Arjan VASWANI	Flat C, 10/F., Conway Mansion, 29 Conduit Road, Hong Kong.

SECRETARY

(As per registry dated 13-10-2010)

Name	Address	Co. No.
Sincere Secretaries Ltd.	13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong.	0109535

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.71.97
Euro	1	Rs.63.23

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	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

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.