MIRA INFORM REPORT

Report Date :

05.01.2011

IDENTIFICATION DETAILS

Name :	JBF LTD.
Registered Office :	Room 812, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon
Country :	Hong Kong
Date of Incorporation :	26.02.2007
Com. Reg. No.:	37681215
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Plastic products, raw materials, 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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

JBF LTD.

Company ADDRESS

Room 812, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

PHONE: 2722 1553

FAX: 2722 1554

MANAGEMENT

Managing Director: Mr. Lee Byeong Kwon

SUMMARY

Incorporated on: 26th February, 2007.

Organization: Private Limited Company.

Capital: Nominal: HK$300,000.00

Issued: HK$300,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 4.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Room 812, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

Affiliated Companies:-

· Pax Electron Ltd., Overseas.

· Pax Polymer Co. Ltd., Overseas.

BUSINESS REGISTRATION NUMBER

37681215

COMPANY FILE NUMBER

1111776

MANAGEMENT

Managing Director: Mr. Lee Byeong Kwon

CAPITAL

Nominal Share Capital: HK$300,000.00 (Divided into 300,000 shares of HK$1.00 each)

Issued Share Capital: HK$300,000.00

SHAREHOLDER

(As per registry dated 26-02-2010)

Name	No. of shares
LEE Byeong Kwon	300,000 ======

DIRECTORS

(As per registry dated 26-02-2010)

Name (Nationality)	Address
LEE Byeong Kwon	Room 812, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
YOON Sung Hee	Room 812, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 26-02-2010)

Name	Address	Co. No.
Smart Rise International Ltd.	Room 1522, 15/F., Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.	0866176

HISTORY

The subject was incorporated on 26th February, 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: Plastic products, raw materials, etc.

Employees: 4.

Commodities Imported: China, South Korea, other Asian countries, etc.

Markets: China, other Asian countries, Europe, Australia, Middle East, etc.

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

Terms/Buying: As per contracted.

FINANCIAL INFORMATION

Nominal Share Capital: HK$300,000.00 (Divided into 300,000 shares of HK$1.00 each)

Issued Share Capital: HK$300,000.00

Alternation of Capital:-

Initially	paid up	HK$ 100,000.00
23-10-2009	paid up	HK$ 200,000.00
		––––––––––––––
Total:	paid up	HK$ 300,000.00 ============

Profit or Loss: Making a very small profit in 2009.

Condition: Business has been normal.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

JBF Ltd. is wholly-owned by Mr. Lee Byeong Kwon who is a South Korean. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Lee can be reached at his mobile phone number 852-9155 6024.

There are two more firms located at the operating office of the subject: Pax Polymer Co. Ltd. [Pax Polymer] and Pax Electron Ltd. [Pax Electron]. Both are non-Hong Kong firms. It is likely that both firms are South Korea firms.

The subject is importing and exporting from and to China the following commodities:-

· PET, Resin, film, plastic bottles

· PVC Plasticizer (TOTM, DINP, DPHP, DOTP)

· PP, PE Resin

The subject is trading in the following commodities: Packaging Materials – Plastic, Detergent, Industrial Chemicals, Lubricants and Related Materials, Plastic Resin, PVC Compound Sheet – Plastic (Rigid), Plastic Resin (Recycled), Electrical and Electronic Products, etc. Commodities are imported from China, India, South Korea, Europe, etc. Prime markets are Australasia,·China, Eastern Europe, Hong Kong, Japan, Middle East, Southeast Asia, Taiwan, Western Europe, etc.

Pax Polymer is trading in PET, PP, PE, PVC resin, PVC films and sheets, plasticizers such as TOTM, DINP, DPHP, DOTP, DUP, additives such as stabilizers, colours, etc.

Pax Electron is an agent, distributor and wholesaler of electronic products such as LCD, LED products, digital signage systems, etc. Products are chiefly imported from South Korea.

The businesses of the subject, Pax Polymer and Pax Electron are handled by Lee Byeong Kwon.

The subject has had good business ties with a number of firms in South Korea.

The history of the subject in Hong Kong is over three years and ten months.

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

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.84
UK Pound	1	Rs.69.32
Euro	1	Rs.59.79

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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