MIRA INFORM REPORT

Report Date :

18.07.2011

IDENTIFICATION DETAILS

Name :	SUNPOWER TRADING CO. LTD.

Registered Office :	Room 804, 8/F., Arion Commercial Centre, 2-12 Queen’s Road West, Sheung Wan

Country :	Hong Kong

Date of Incorporation :	22.10.1992

Com. Reg. No.:	16198792

Legal Form :	Private Limited Company.

Line of Business :	Importer and Re-exporter of all kinds of stainless steel kitchen ware

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exists

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

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

Company name

SUNPOWER TRADING CO. LTD.

Company ADDRESS

Room 804, 8/F., Arion Commercial Centre, 2-12 Queen’s Road West, Sheung Wan, Hong Kong.

PHONE: 2545 6288, 2545 6355

FAX: 2851 2851, 2541 2536

E-MAIL: sales@sunpower-hk.com

MANAGEMENT

Managing Director: Mr. Sham King Shing, Peter

SUMMARY

Establishment: 1980.

Incorporated on: 22nd October, 1992.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000,000.00

Issued: HK$1,000,000.00

Business Category: Kitchen Ware Trader.

Annual Turnover: HK$90~95 million.

Employees: 20.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Room 804, 8/F., Arion Commercial Centre, 2-12 Queen’s Road West, Sheung Wan, Hong Kong.

P.O. Box 33668, Sheung Wan Post Office, Hong Kong.

China Office:-

Room 301, Block D1, Rose Garden, Qingzhu Avenue, Jiangnan Xi Road, 510240 Guangzhou, Guangdong Province, China.

[Tel: (86-20) 3427 8680, 3427 8681, 3427 8775

Fax: (86-20) 3427 8955

E-mail: purchase@sunpower-hk.com ]

Associated Companies:-

· Orizo International Co. Ltd., Hong Kong. [Dissolved]

· Sunpower Development Ltd., Hong Kong. [Dissolved]

· Sunpower Homeware Ltd., Overseas.

· Sunpower Manufacturing Co. Ltd., Hong Kong. [Dissolved]

BUSINESS REGISTRATION NUMBER

16198792

COMPANY FILE NUMBER

0386295

MANAGEMENT

Managing Director:

Mr. Sham King Shing, Peter

CAPITAL

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000,000.00

SHAREHOLDER

(As per registry dated 22-10-2010)

Name		No. of shares
SHAM King Shing, Peter		1,000,000 =======

Name

No. of shares

SHAM King Shing, Peter

1,000,000

=======

DIRECTOR

(As per registry dated 22-10-2010)

Name (Nationality)	Address
SHAM King Shing, Peter (British)	Flat 1, 29/F., Block G, Beverly Hill, 6 Broadwood Road, Hong Kong.

Name

(Nationality)

Address

SHAM King Shing, Peter

(British)

Flat 1, 29/F., Block G, Beverly Hill, 6 Broadwood Road, Hong Kong.

SECRETARY

(As per registry dated 22-10-2010)

Name	Address
TSANG Lit Kwan	Room 1610, 16/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.

HISTORY

The subject was incorporated on 22nd October, 1992 as a private limited liability company under the Hong Kong Companies Ordinance to take over the business of Sunpower Trading Co. which was established in 1980.

Formerly the subject was located at Room 806, 8/F., Arion Commercial Centre, 2-12 Queen’s Road West, Sheung Wan, Hong Kong, moved to Room 804, 8/F. of the same building in September 2007.

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

OPERATIONS

Activities: Importer and Re-exporter.

Lines: All kinds of stainless steel kitchen ware.

Brand Names: “Sunpower”, “Hausmuller”, “Queen Ruby” and “Frankmoller”.

Employees: 20.

Commodities Imported: Imported from foreign advanced countries.

Markets: USA, South America, Middle East, etc.

Annual Turnover: HK$90~95 million.

Terms/Sales: L/C, D/P and D/A.

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000,000.00

Alternation of Capital:-

Initially	paid up	HK$ 200,000.00
06-03-2008	paid up	HK$ 800,000.00
		–––––––––––––––
Total:	paid up	HK$ 1,000,000.00 ==============

Mortgage or Charge:-

Date of Legal Charge: 20-03-1993

Amount: General banking facilities

Property: 20/7,556th parts or shares of and in Inland Lot No. 8486 (Office No. 7 on 8/F. of Arion

Commercial Centre, 2‑12 Queen’s Road West, Hong Kong.)

Mortgagee: Hua Chiao Commercial Bank Ltd., Hong Kong.
[Merged into Bank of China (Hong Kong) Ltd.]

Profit or Loss: Traded at a small profitable angle.

Condition: Keeping in a satisfactory manner.

Facilities: Rather actively using general banking facilities.

Payment: Delay payment experienced.

Commercial Morality: Satisfactory.

Bankers:-

· Bank of China (Hong Kong) Ltd., Hong Kong.

· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Standing: Normal.

GENERAL

Sunpower Trading Co. Ltd. is a private limited company wholly owned by Mr. Peter Sham King Shing. He is also the only director of the subject.

The predecessor of the subject Sunpower Trading Co. was reorganised into a limited company which is the subject in October 1992.

The subject is a kitchen ware trader. It also imports kitchen ware from China and exports to foreign markets such as the United States, South America and the Middle East. Most of its products bear the trade mark “Sunpower”, “Hausmuller”, “Queen Ruby” and “Frankmoller”. The followings are the main products of the subject: stainless steel cutlery set, cookware set, frying pan, stainless steel cooking pot, cutlery set, vacuum flask, fork, spoon and knife, and vacuum flask.

According to the subject, its affiliated factories are in China. The factories are specialized in manufacturing stainless steel household products which include whistling kettles, cutlery, vacuum flasks, cookware, gadgets, kitchen tools, knives, etc.

The subject also acts as a buying agent for overseas customers in China by providing full professional service.

The subject had several associated companies in Hong Kong, however, all the firms have been dissolved. The subject has set up an office in Guangzhou, China which is responsible for sourcing commodities from the suppliers in China.

The subject was claimed by a Hong Kong firm for an amount due in March 2000.

On the whole, consider the subject good for normal business engagements in small credit amounts.

REMARKS:

Court case:-

Action Date	Case No.	Plaintiff	Defendant	Cause	Amount
Apr. 1991	-	Ki Mee Metal & Plastic Factory Ltd.	Sunpower Trading Co.	Injunction	Not stated
Mar. 2000	H2154	Golden Leaf Development (HK) Ltd.	Sunpower Trading Co. Ltd.	Amount due	US$62,040

Property information of the company:-

Property Location: Office 7 on 8/F., Arion Commercial Centre,
2-12 Queen’s Road West, Hong Kong.

Owner: Sunpower Trading Co. Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
20-03-1993	-	Hua Chiao Commercial Bank Ltd., Hong Kong. [Merged into Bank of China (Hong Kong) Ltd.]	Legal charge to secure general banking facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.53
UK Pound	1	Rs.71.91
Euro	1	Rs.62.98

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