MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	MODENA TECHNOLOGY (HONG KONG) LTD.
Registered Office :	C/o Group Motion Secretarial & Consulting Ltd. Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central
Country :	Hong Kong
Date of Incorporation :	17.06.2009
Com. Reg. No.:	50795239
Legal Form :	Private Limited Company.
Line of Business :	Manufacturer and Exporter of all kinds of ceramic machinery and equipment, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	No Operating Office in Hong Kong
Payment Behaviour :	Unknown
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 and address

MODENA TECHNOLOGY (HONG KONG) LTD.

ADDRESS:

c/o Group Motion Secretarial & Consulting Ltd.

Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.

PHONE: 2544 5465, 2496 0803

FAX: 2815 2528, 2818 2528

E-MAIL: info@modena.com.cn

MANAGEMENT

Managing Director: Mr. Chan Ki Wood, Benjamin

SUMMARY

Incorporated on: 17th June, 2009.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$1.00

Business Category: Machinery Manufacturer and Trader.

Employees: Nil.

Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

c/o Group Motion Secretarial & Consulting Ltd.

Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.

Overseas Representative Offices: Spain, India, Vietnam and Mexico.

Holding Company:-

Foshan City Modena Machinery Co. Ltd.

Sanhuanxi Industrial District, Xiaotang Town, Foshan City, Guangdong Province, China.

[Tel: 86-757-8663 1888; Fax: 86-757-8663 1777]

Ultimate Holding Company:-

Modena Machinery (International) Ltd., Hong Kong. (Same address)

Associated/Affiliated Companies:-

Guangdong Modena Technology Ltd., China.

Modena Holdings Ltd., Hong Kong. (Same address)

Modena Impianti Ceramics S.r.l., Italy.

P.T. Anugerah Alam Abadi, Indonesia.

Pooya Sanat Navid Yazd, Iran.

Xinxing Modena Machinery Co. Ltd., China.

BUSINESS REGISTRATION NUMBER

50795239

COMPANY FILE NUMBER

1346126

MANAGEMENT

Managing Director: Mr. Chan Ki Wood, Benjamin

CAPITAL

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

Issued Share Capital: HK$1.00

SHAREHOLDER

(As per registry dated 17-06-2011)

Name	No. of share
Foshan City Modena Machinery Co. Ltd. Sanhuanxi, Industrial District, Shishan Town, Foshan City, Guangdong Province, China.	1 =

DIRECTOR

(As per registry dated 17-06-2011)

Name (Nationality)	Address
CHAN Ki Wood, Benjamin	Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.

SECRETARY

(As per registry dated 17-06-2011)

Name	Address	Co. No.
Group Motion Secretarial & Consulting Ltd.	Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.	1271722

HISTORY

The subject was incorporated on 17th June, 2009 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: Manufacturer and Exporter.

Lines: All kinds of ceramic machinery and equipment, etc.

Employees: Nil.

Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.

Markets: China, other Asian countries, Italy, other European countries, etc.

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

Terms/Buying: L/C, T/T, etc.

FINANCIAL INFORMATION

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

Issued Share Capital: HK$1.00

Indebtedness: US$15,386.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 17-06-2011)

Mortgage or Charge: (See attachment)

Profit or Loss: Kept a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

DBS Bank (Hong Kong) Ltd., Hong Kong.

Bank of India, Hong Kong Branch.

Standing: Small.

GENERAL

Modena Technology (Hong Kong) Ltd. is wholly-owned by Foshan City Modena Machinery Co. Ltd. [Foshan Modena] which is a China-based firm. The subject has just issued one ordinary share of HK$1.00 which is owned by Foshan Modena. Mr. Benjamin Chan Ki Wood is the only director of the subject. He is a Hong Kong merchant.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong known as Group Motion Secretarial & Consulting Ltd. [Group Motion] which is handling its correspondences and documents. Group Motion is also the corporate secretary of the subject. Given phone number 852-2496 0803 and fax number 852-2818 2528 belong to Group Motion.

The subject has no employees in Hong Kong.

Foshan Modena is a subsidiary company of Modena Machinery (International) Ltd. [Modena] which is a Sino-Italian joint venture.

With a registered capital of US$1.08 million, Foshan Modena is Modena’s R&D and manufacturing centre which is based in Foshan City, Guangdong Province China where is the world’s ceramic tile industry centre. Modena has supplied various kinds of machinery and equipment as well as complete plants to over 200 customers all over the world. Its service is claimed to be “available round the clock”.

Modena’s R&D and manufacturing centre occupy an area of 40,000 sq.m., in which the workshops take more than 30,000 sq.m. Currently, Foshan Modena has about 300 employees, 80% of which have more than 10 years experience in famous ceramic machinery companies both in China and abroad. Its staff members are claimed to be experienced in various fields such as management, engineering and designing, production and manufacturing, marketing and sales as well as technical service.

Foshan Modena has supplied machinery and solutions to the ceramic factories, covering the products of tile, tableware and sanitary ware, in 24 countries including China, the United States, India, Vietnam, Thailand, Egypt, Malaysia, Pakistan, Angola, Argentina, Columbia, Mexico, etc.

Main products of Foshan Modena are ceramic production equipment; furnace product line; glass production equipment; tableware production equipment, etc. Products include belt conveyor, vibrating sieve, spray dryer, etc.

The factory has been equipped with the latest European technology.

Over the past years, Foshan Modena has got the following awards or honours:-

· Top 10 Creative Brand Enterprise (awarded by Ceramics China in Year 2005)

· ISO 9001 certification

· Most Influential Energy-Efficient Kiln Enterprise (awarded by Ceramics China in Year 2009)

· Credit Honour Enterprise (awarded by Foshan City Bank Association in Year 2006) etc.

Mr. Benjamin Chan Ki Wood, is the legal representative of Foshan Modena.

The annual sales turnover of Foshan Modena ranges from RMB35 to 40 million.

Located at the operating address of Foshan Modena another firm known as Guangdong Modena Technology Ltd. is housed. This firm is trading in the products of Foshan Modena.

A new production base of Modena will be built in Xincheng Industrial Zone, Xinxing County, Guangdong Province, China.

Formally known as Xinxing Modena Machinery Co., Ltd. [Xinxing Modena], this firm covers an area of about 140 acres. With a total investment of about RMB118 million Yuan, Xinxing Modena will be built in two phases. The investment of the first phase will be RMB70.8 million Yuan and will be completed by 2012. The second phase is planned to invest RMB47.2 million Yuan, and will be completed by 2013. When the two phases are put into production, the annual turnover of Xinxing Modena will be about RMB500 million Yuan. Xinxing Modena will have about 300 employees.

It is likely that Foshan Modena deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Foshan Modena also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

MORTGAGE OR CHARGE

Date	Particulars	Amount
14-04-2010	Instrument: Charge on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong.	All sums of money and liabilities
02-11-2011	Instrument: Letter of Set-off and Appropriation Property: Deal No. Date Amount Due Date 173526 02-11-2011 US$516,000.00 02-11-2012 Mortgagee: Bank of India, Hong Kong Branch.	Advances and other banking facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

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
--	NB	New Business	--

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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