MIRA INFORM REPORT

Report Date :

12.03.2011

IDENTIFICATION DETAILS

Name :	WING FAT ENTERPRISES LTD.
Registered Office :	Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon
Country :	Hong Kong
Date of Incorporation :	26.11.2004
Com. Reg. No.:	35165287
Legal Form :	Private Limited Company
Line of Business :	Importer, Re-exporter and Wholesaler of all kinds of garments, fabrics and other textiles

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

WING FAT ENTERPRISES LTD.

Company ADDRESS

Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

PHONE: 3552 5500, 3553 5607

FAX: 3552 5501, 2723 3357

E-MAIL: rajesh@basicline.com.hk

MANAGEMENT

Managing Director: Mr. Seema Rajesh Mirpuri

SUMMARY

Incorporated on: 26th November, 2004.

Organization: Private Limited Company.

Capital: Nominal: HK$2,000,000.00

Issued: HK$2,000,000.00

Business Category: Importer, Re-exporter and Wholesaler.

Employees: 8. (Including affiliate)

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

Holding Company:-

Euroline Overseas Co. Ltd., British Virgin Islands.

Affiliated Company:-

Basicline International Ltd., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

35165287

COMPANY FILE NUMBER

0936443

MANAGEMENT

Managing Director: Mr. Seema Rajesh Mirpuri

CAPITAL

Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,000,000.00

SHAREHOLDER

(As per registry dated 26-11-2010)

Name	Occupation	No. of shares
Euroline Overseas Co. Ltd. Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands.	Corporation	2,000,000 =======

DIRECTOR

(As per registry dated 26-11-2010)

Name (Nationality)	Address
Seema Rajesh MIRPURI	Flat B, U23/F., Block 3, Garden Terrace, 8A Old Peak Road, Hong Kong.

SECRETARY

(As per registry dated 26-11-2010)

Name	Address
Rajesh Prishotam MIRPURI	Flat B, U23/F., Block 3, Garden Terrace, 8A Old Peak Road, Hong Kong.

HISTORY

The subject was incorporated on 26th November, 2004 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, Re-exporter and Wholesaler.

Lines: All kinds of garments, fabrics and other textiles.

Employees: 8. (Including affiliate)

Commodities Imported: Imported from Europe, China, India, etc.

Markets: South Africa, Asian countries, etc.

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

Terms/Buying: As per contracted.

FINANCIAL INFORMATION

Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,000,000.00

Mortgage or Charge:-

Date of Charge: 27-04-2005

Amount: All monies obligations and liabilities

Property: By way of first fixed charge of all monies from time to time standing to the credit of the Security Account (means deposit account number 630-588783-824) and any account opened by the Chargee

Mortgagee: Belgian Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China (Asia) Ltd.]

Profit or Loss: Business is profitable.

Condition: Keeping in a satisfactory manner.

Facilities: Actively using general banking facilities.

Payment: Met as required.

Commercial Morality: Satisfactory.

Bankers:-

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

Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

Standing: Normal.

GENERAL

Having issued 2 million ordinary shares of HK$1.00 each, Wing Fat Enterprises Ltd. is a wholly owned subsidiary of Euroline Overseas Co. Ltd. which is a BVI-registered firm. The subject is chiefly controlled by Mr. Seema Rajesh Mirpuri who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.

The subject has got an affiliated company Basicline International Ltd. [Basicline] located at its operating address. Basicline and the subject are engaged in the same lines of business.

Incorporated on 17th August, 1990, Basicline is a private limited company jointly owned by Mr. Prishotam Ramchand Mirpuri and Mr. Asha Prishotam Mirpuri, both of whom are the members of the Indian Mirpuri family. The former is holding 50.34% while the latter, holding 49.66%. The two Mirpuris are also directors of Basicline and have got the right to reside in Hong Kong permanently as they are Hong Kong ID Card holders.

The subject is a garment, fabric and other textile product importer and re‑exporter. Commodities are mainly imported from India, Europe and China while its re-exported markets are Asian countries and South Africa. The subject also trades in sweaters, knitted accessories. Overall business has been steady.

The subject and Basicline have developed long term business ties with a number of firms in India and buyers in South Africa.

In order to penetrate the international market further, Basicline has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, Basicline had taken part in the fair held in Las Vegas, the United States from 16th to 18th February, 2010.

As the history of the subject in Hong Kong is over six years and three 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.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

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

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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