MIRA INFORM REPORT

Report Date :

06.07.2011

IDENTIFICATION DETAILS

Name :	ANDA CHEMICALS (HK) LIMITED
Registered Office :	Room 2105, JCD248, Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong Island
Country :	Hong Kong
Date of Incorporation :	29.12.2009
Com. Reg. No.:	51612367
Legal Form :	Private Limited Company
Line of Business :	----

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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 summary

Bottom of Form

Subject's Registered Name (in English ~ Chinese):	Anda Chemicals (HK) Limited
Companies Registry No. (CR No.):	1406158
Subject's Business Name (in English ~ Chinese):	N/A

Registered Address:

Room 2105, JCD248, Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong Island, Hong Kong.

Operating/Business Address:	No trace
Telephone:	No trace; Not registered
Fax:	No trace; Not registered
Email:	No trace
Website:	No trace

NACE - Code & Industry:	N/A
Certification:	N/A
Business/Industry Trend:	N/A
Public Filings Compliance:	N/A

NACE - General name for economic activities in the European Union. The NACE-Code system is based on the European standard for industry classification and was introduced in 1970. In 1990 a revised version became applicable.

Public Filings Compliance - looks into a number of compliance requirements such as whether Subject is promptly filing its annual return (e.g. within 42 days after the anniversary of the date of incorporation (for private companies having a share capital); whether Subject's individual director is reporting a residential address and/or whether Subject is reporting its status under the Mortgage and Charges section for Total Amount Outstanding.... etc.

ALL FIGURES QUOTED IN LOCAL CURRENCY UNLESS OTHERWISE STATED

Notes for non-scored/non-appraised companies:

Zero ("0") score and/or no appraisal will be given to the companies:

• In business operation for less than one year. The given rating will be NR.
• Incorporated or registered overseas and NOT possessing registration locally. The given rating will be NR.
• With acquired and/or offered information being insufficient or inappropriate to facilitate rating (e.g. companies that are dormant, applying or planning to cease business or not having a place of business operation locally). The given rating will be NR.
• Trade survey's result is mostly unavailable for the captioned companies.

TOTAL CREDIT APPRAISAL (TCA) GUIDE:

• The TCA is an opinion of the company's capability and ability based on prevailing conditions and information made available to Total Credit at the time of appraising.
• The TCA is not a recommendation to buy or sell nor is it an endorsement or non- endorsement of an issue.
• The information received has been obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed.
• Total Credit does not assume any part of the requestor's risk in the use or non-use of this TCA.
• No part of this report may be reproduced, stored in retrieval system or transmitted, in any form or by any means.
• TCA is subject to change due to any unforeseen and/or foreseen circumstances.

CORPORATE STRUCTURE

The following statutory information is based on the examination of Subject's file at the Companies' Registry (CR), Hong Kong.

(For Public Limited Company - Listed, only Substantial Shareholders ("SS") are listed, as based on the latest available annual or interim reports. It is noted that some of the shares held (including long, short and other positions) might have been duplicated due to capacities of "Beneficial owner", "Interest of controlled corporation", "Interest of spouse", "Family interest", etc., which mean the total number of shares held by SS may exceed the authorized and/or issued shares. Duplicate holding (if any) will be elaborated under the "Notes to Substantial Shareholders" on the Structure Remark section.)

Co. File Examined	30 Jun 2011
Companies Registry No. (CR No.)	1406158
Business Registration No. (BR No.)	51612367
Legal Status	Private Limited Company
Active Status	Live
Date of Incorporation / Registration	29 Dec 2009

Name Changed

N/A

Authorized Share Capital

HKD6,000,000 

No. of Shares Issued

6,000,000  

Issued Share Capital

HKD6,000,000  

Paid up Capital (excluding premium)

HKD6,000,000 

Class of Share

Ordinary  

Last Annual Return Date

29 Dec 2010 

Year(s) of "Annual Return of No Change" Filed

N/A 

Branches/Trading As

N/A 

Chief Executive

N/A

Company Secretary

Name	ID/CR No.	Passport No.	Issuing Country	Address
World Trade Enterprises Consultancy Limited ~	1156560	N/A	N/A	15/F, Highgrade Building, 117 Chatham Road, Tsim Sha Tsui, Kowloon, Hong Kong.

Shareholders/ Subscribers (as at 29 Dec 2010)

Shareholders/ Subscribers	ID/CR No.	Passport No.	Issuing Country	Address	No. of Shares	Class of Share	% Of Share Capital
XIANG Huan ~	510682198812134762; 510682881213476	N/A	China	Room 2105, JCD248, Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong Island, Hong Kong.	6,000,000	Ordinary	100.00
				Total:	6,000,000

Directors (as at 29 Dec 2010)

Directors	ID/CR No.	Passport No.	Issuing Country	Address
XIANG Huan	510682198812134762; 510682881213476	N/A	China	Room 2105, JCD248, Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong Island, Hong Kong.

HISTORY SUMMARY
Change of Ownership & Capital/ Share Allotment/Other Changes	N/A
Appointment and/or Resignation of Directors or Secretary	N/A
Admission or Retirement of Sole Proprietor/Partner	N/A
Parent	N/A

RELATED NEWS /FINDINGS

Due to the nature of the information learned, we are responding in narrative format.

There is no telephone listing found on Subject, its sole shareholder and director. In addition, it is not found in the major reference books and trade and web directories.

We visited the building of the given address (Unit 907, 9/F, Wing Tuck Commercial, 177-183 Wing Lok Street, Hong Kong) but could not find Subject's name on the building directory. We further visited the given unit and found that it is the office of Subject's secretary World Trade Enterprises Consultancy Limited (Tel: 21153188; 29738322 and Fax: 21159613). Interviewed a female staff there, provided that Subject's registered address is one of their branches and Subject is their client maintaining the registered office at their branch but declined to release any further information on the grounds of privacy. Message was left for Subject, its sole shareholder and director, but no reply was received during the report compilation. 

MANAGEMENT BACKGROUND

Name

XIANG Huan ~

Position (Title)

Director 

Nationality

China 

Age

22 

Sex

Female 

Experience

N/A 

Profile / Responsibility

Born on 13 Dec 1988 with China ID issued at Shifang, Deyang, Sichuan. Could not be reached during the report compilation. Appears stationing in China. 

Business Capacity

Company Name	CR/BR No.	Capacity	As at:
Anda Chemicals (HK) Limited	1406158	Director	29 Dec 2010
Anda Chemicals (HK) Limited	1406158	Shareholder	29 Dec 2010

Court Action

As Defendant


None found in our database

Profile/Responsibility and Business Capacity indicated are based on -on-file, sources, and enquiries and investigations recently conducted but do not necessarily represent the full or most updated records. For example, the status indicated under Business Capacity is based on the date shown (if available) as recorded, which might have been changed at the time the report is compiled.

FINANCIAL

Current Interviews & Investigations

Its sole shareholder and director was unreachable for interview during the report compilation. Sources and records reveal no related information.

Private companies in Hong Kong (include private limited, sole proprietorship and partnership) are not required to file or disclose their financial information for public inspection.

GROUP PROFILE & FINANCIALS

N/A

BANKING

No banking information was learned.

TRADE RECORD

N/A

TOTAL DEBT SCANNER (TDS)

TDS reveals if subject has been listed as debtor in our debt database in the past 5 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. Accounts are sometimes placed for collection even though the existence or amount of the debt is disputed. It should be noted that the collection record contained in the report might have been paid, terminated, vacated, settled or released prior to the date of report compiled.

Search Result:

Subject

None found in our database

Related Members

None found in our database

Related Companies

None found in our database

PUBLIC FILINGS

Mortgages and Charges (M&C)

M&C records, if any, are extracted from the Companies Registry, Hong Kong ("CRHK"). Details of "Creating Instrument" and "Description of Property Mortgaged or Charged" are available subject to the prevailing fees as per document charged by CRHK. Please indicate/select "Full Mortgage/Charge" when ordering our services/reports (e.g.: Total Limited Company Search or Total Company Credit Report). Request for Full mortgage/Charge made 7 days after the report delivery will be treated as a new order and is subject to our "Official Document Retrieval (ODR)" service charge + related government fees. M&C brief particulars may not be available from CRHK for mortgage/charge registered before 28 Feb 2005.

Records filed in:

N/A

Total Amount outstanding as of the date of this Return on all mortgages and charges which are required to be registered with the Registrar of Companies pursuant to sections 80 and 82 of the Companies Ordinance

TOTAL WRIT SCANNER (TWS)

TWS reveals if subject has been listed as defendant, plaintiff, in liquidation or bankruptcy within our court database in the past 7 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. It should be noted that the court record contained in a report might have been paid, terminated, vacated, settled or released prior to the date of a report was compiled. Civil claims are filed as the result of disputes of a commercial or other nature. The defendant is not liable nor the plaintiff eligible to the claim until judgement is obtained from the relevant court, which is not open for public inspection at present.Only the latest 50 records will be shown when total records exceed 50.

Search Result:

Subject

As Defendant

None found in our database

As Plaintiff

None found in our database

Comments

N/A

Related Members

As Defendant

None found in our database

Comments

N/A

Related Companies

As Defendant

None found in our database

Comments

N/A

OPERATION & ACTIVITIES

Business Lines

Principal Business Line	Not learned
Second Business Line	N/A

Product/Production

China Factory	N/A
Size of China Factory (sq. ft.)	N/A
No. of Staff / Workers in China (or Overseas)	N/A
Product / Production Remarks	N/A

Supplies/Purchases

Hong Kong and China
Types of Supplies	N/A
Buying Terms	N/A
Overseas
Import Countries	N/A
Types of Supplies	N/A
Buying Terms	N/A
Remarks	N/A

Markets

Major Market	N/A
Minor Market	N/A
Selling Products / Services	N/A
Selling Terms	N/A
Remarks	N/A

Brands

Own Brands	N/A
OEM (Clients) Brands	N/A
Remarks	N/A

Premises and Staff

Hong Kong Office
Area (sq. ft.)	N/A
Type	Commercial
Staff Range	N/A
China Office
Staff Range	N/A
Premises Remarks	Maintaining its registered office at the captioned address, which is the office of its secretary at a 29-year-old commercial building.
Total No. of Staff in Hong Kong (China)	N/A

TOTAL PROPERTY OWNERSHIP SEARCH (TPOS)

TPOS reveals if subject has been involved in property transaction record in our database since 1996. TPOS does not represent the full record or history of all transactions relating to the registered charges, mortgages or ownerships. Some of the charges, mortgages or ownerships might have been released and/or changed. There could be latest mortgages, charges, ownerships or transactions not reflected. TPOS also checks on Subject's shareholder, director, sole proprietor, partner (collectively listed under "Related Members" in this section) and/or related company while related records will be revealed when appropriate.

Search Result:

Subject

No Trace

Related Members

No Trace

Related Companies

No Trace

Abbreviations:
S&P = Sales and Purchase
GBF = General Banking Facilities
N/A = Not Available/Applicable

RELATED COMPANIES

Related companies mean Parent Company, Subsidiary Company, Director's Other Business/Capacity, etc.

N/A

SUMMARY

Despite repeated attempts of investigations and enquiries we have been unable to contact Subject, its sole shareholder and director.

Some sections in this report are resulted as "N/A" or "Not learned" due to the unavailability of related information and untraceable operation.

In view of the above, we now cease our investigation and advise caution should be taken. No credit appraisal or scoring can be facilitated since Subject does not appear possessing an operating office locally. Further attention should be given to its small paid up capital.

Subject appears a Mainland Chinese owned company whose sole shareholder and director appear stationing in Mainland China.

Total Credit Appraisal (TCA): NR: "With acquired and offered information being insufficient or inappropriate to facilitate rating (i.e. not having a place of business operation locally). The given rating will be NR." 

ECONOMIC AND TRADE INFORMATION ON HONG KONG

Major Economic Indicators

	2008	2009	2010	Forecast/Latest
Population, Mid-year (million)	6.98	7.00	7.07	7.10^a
Gross Domestic Product (US$billion)	215.0	208.0	223.6	240.3-242.6^b
Real GDP Growth (%)	+2.3	-2.7	+7.0	+5-6^b
GDP Per Capita (US$)	30,800	29,700	31,600	33,900-34,200^b
Inflation (% Change in Composite CPI)	+4.3	+0.5	+2.4	+4.0^c
Unemployment Rate (%)	3.6	5.4	4.4	3.4^c

^a end-2010; ^b government forecast for 2011; ^c January-March 2011

Merchandise Trade Performance

	2009		2010		January-March 2011
	US$billion	Growth %	US$billion	Growth %	US$billion	Growth %
Total Exports	316.5	-12.6	388.6	+22.8	101.6	+24.6
Domestic Exports	7.4	-36.4	8.9	+20.4	2.2	+11.9
Re-exports	309.1	-11.8	379.7	+22.8	99.4	+24.9
Imports	345.2	-11.0	431.4	+25.0	112.0	+20.6
Total Trade	661.7	-11.8	820.0	+23.9	213.6	+22.5
Trade Balance	-28.6	N/A	-42.8	N/A	-10.4	N/A

Service Trade Performance

	2009		2010		January-March 2011
	US$billion	Growth %	US$billion	Growth %	US$billion	Growth %
Exports	85.9	-6.8	106.0	+23.4	28.6	+16.9
Imports	43.7	-7.1	50.7	+16.0	13.0	+11.0
Total Trade	129.6	-6.9	156.7	+20.9	41.6	+15.0
Trade Balance	42.2	N/A	55.3	N/A	15.6	N/A

Current Economic Situation

· The world's freest economy

· The world's most services-oriented economy (services sectors accounting for more than 90% of GDP)

· The world's second highest per capita holding of foreign exchange reserves

· The world's tenth largest foreign exchange reserves holding

· The second largest source of foreign direct investment (FDI) in Asia

· The second largest recipient of FDI in Asia

Source: Hong Kong Trade Development Council, updated 26 May 2011.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.50
UK Pound	1	Rs.71.25
Euro	1	Rs.64.40

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.