MIRA INFORM REPORT

Report Date :

07.01.2011

IDENTIFICATION DETAILS

Name :	BOAS FURNITURE CO. LTD.
Registered Office :	c/o W & T Accountancy & Secretarial Services Ltd., Unit A, 16/F., 88 Commercial Building, 28-34 Wing Lok Street, Sheung Wan
Country :	Hong Kong
Date of Incorporation :	18.06.2007
Com. Reg. No.:	38084898
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of furniture, etc

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 :	Moderate
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

BOAS FURNITURE CO. LTD.

company ADDRESS

c/o W & T Accountancy & Secretarial Services Ltd.

Unit A, 16/F., 88 Commercial Building, 28-34 Wing Lok Street, Sheung Wan, Hong Kong.

PHONE: Not available

FAX: Not available

MANAGEMENT

Managing Director: Mr. Qiu Jiman

SUMMARY

Incorporated on: 18th June, 2007.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

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

Banking Relation: Satisfactory.

company ADDRESS

Registered Head Office:-

c/o W & T Accountancy & Secretarial Services Ltd.

Unit A, 16/F., 88 Commercial Building, 28-34 Wing Lok Street, Sheung Wan, Hong Kong.

Affiliated/Associated Companies:-

· Accelt International Co. Ltd., China.

· Qiaoyu Furniture (Shenzhen) Co. Ltd., China.

· Shenzhen Boas Furniture Co. Ltd., China.

· Shenzhen Boas Furniture Manufactory, China.

· Shenzhen Qiaoyu Furniture Manufactory, China.

BUSINESS REGISTRATION NUMBER

38084898

COMPANY FILE NUMBER

1142207

MANAGEMENT

Managing Director: Mr. Qiu Jiman

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

SHAREHOLDER

(As per registry dated 18-06-2010)

Name	No. of shares
QIU Jiman	10,000 =====

DIRECTOR

(As per registry dated 18-06-2010)

Name (Nationality)	Address
QIU Jiman	No. 48 Bao Le Road, Ping Di Town, Longgang District, Shenzhen, China.

SECRETARY

(As per registry dated 18-06-2010)

Name	Address	Co. No.
W & T Accountancy & Secretarial Services Ltd.	Unit A, 16/F., 88 Commercial Building, 28-34 Wing Lok Street, Sheung Wan, Hong Kong.	0417931

HISTORY

The subject was incorporated on 18th June, 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: All kinds of furniture, etc.

Employees: Nil.

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

products from China.

Markets: Southeast Asia, Europe, North America, etc.

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

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

FINANCIAL INFORMATION

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

Issued Share Capital: HK$10,000.00

Profit or Loss: Keeping 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.

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

Standing: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Boas Furniture Co. Ltd. is wholly owned by Mr. Qiu Jiman who is a China merchant. He is a China ID holder and does not have the right to reside in Hong Kong permanently. Qiu is the only director of the subject and currently residing in Shenzhen Special Economic Zone, China.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit A, 16/F., 88 Commercial Building, 28-34 Wing Lok Street, Sheung Wan, Hong Kong known as W & T Accountancy & Secretarial Services Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

To our knowledge, the subject has got an associated company in Shenzhen Special Economic Zone, China known as Shenzhen Boas Furniture Co. Ltd. [Shenzhen Boas].

Shenzhen Boas began manufacturing some 15 years in China. It was established as a sofa manufacturer and designer. Products have been marketed to overseas. The production capacity of Shenzhen Boas has reached 200 containers per month. Its factory, covers an area of some 50,000 sq.m., is in Longgang District of Shenzhen, China. Currently employing 550 workers, Shenzhen Boas has set up a showroom with an area of 1,200 sq.m. It also has set up an R&D department which is able to design 8 to 12 new style models per month. The products are exported to South Korea, Australia, Europe, North America, the Middle East, etc. The brand name of the sofa is “Silianna”. The Manager of Shenzhen Boas is Mr. Jacky Ouyang Fongyong who is a Chinese residing in Shenzhen SEZ. Your given phone number 86‑137-13949221 is the mobile phone number of Ouyang.

Besides Shenzhen Boas, Qiu Jiman also operates another furniture factory known as Qiaoyu Furniture (Shenzhen) Co. Ltd. [Qiaoyu]. Qiaoyu was set up in 2004 and employing about 75 persons. Qiu is the legal representative of this factory. The annual turnover of Qiaoyu is about RMB10 to 12 million Yuan.

The subject has had an affiliated company in Shenzhen SEZ known as Accelt International Co. Ltd. which is also a furniture trader. This firm is in the operating address of Shenzhen Boas.

It is likely that Shenzhen Boas deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Shenzhen Boas 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 very 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.

COURT CASES: None per our.

FOREIGN EX` RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.31
UK Pound	1	Rs.70.26
Euro	1	Rs.59.56

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%)

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

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