MIRA INFORM REPORT

Report Date :

17.05.2011

IDENTIFICATION DETAILS

Name :	DURLUM ASIA LTD.
Registered Office :	1/F., Fook Wo Building, 10-20 Tai Wo Street, Wanchai
Country :	Hong Kong
Date of Incorporation :	12.02.1999
Com. Reg. No.:	22281141
Legal Form :	Private Limited Company.
Line of Business :	Importer, Exporter and Wholesaler of Metal Ceiling, Lighting Systems, 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 – 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 address

1/F., Fook Wo Building, 10-20 Tai Wo Street, Wanchai, Hong Kong.

PHONE: 2891 5111

FAX: 2893 5111

MANAGEMENT

Managing Director: Mr. Gary David McKean

SUMMARY

Incorporated on: 12th February, 1999.

Organization: Private Limited Company.

Capital: Nominal: HK$20,000.00

Issued: HK$20,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 8.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

1/F., Fook Wo Building, 10-20 Tai Wo Street, Wanchai, Hong Kong.

Associated Companies:-

Durlum Group of Companies

Durlum-Austria GmbH, Austria.

Durlumen S.A., France.

Durlum-Leuchten GmbH, Germany. etc.

BUSINESS REGISTRATION NUMBER

22281141

COMPANY FILE NUMBER

0667536

MANAGEMENT

Managing Director: Mr. Gary David McKean

CAPITAL

Nominal Share Capital: HK$20,000.00 (Divided into 20,000 shares of HK$1.00 each)

Issued Share Capital: HK$20,000.00

SHAREHOLDERS

(As per registry dated 12-02-2011)

Name		No. of shares
Gary David McKEAN		8,000
Fritz REUTER		4,000
Matthias Leo Georg REUTER		4,000
Peter Louis REUTER		4,000
		––––––
	Total:	20,000 =====

DIRECTORS

(As per registry dated 12-02-2011)

Name (Nationality)	Address
Matthias Leo Georg REUTER	Staltenstrasse 16, D-79650 Schopfheim, Germany.
Gary David McKEAN	43 Choi Yuen Tsuen, Mui Wo, Lantau Island, Hong Kong.

SECRETARY

(As per registry dated 12-02-2011)

Name	Address	Co. No.
Cornerstone Corporate Services Ltd.	Flat E, 16/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong.	0516230

HISTORY

The subject was incorporated on 1999 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: Metal ceiling, lighting systems, etc.

Employees: 8.

Commodities Imported:Germany, other European countries, etc.

Markets: Hong Kong, China, Asian countries, etc.

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

Terms/Buying: As per contracted

FINANCIAL INFORMATION

Nominal Share Capital: HK$20,000.00 (Divided into 20,000 shares of HK$1.00 each)

Issued Share Capital: HK$20,000.00

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making 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: Normal.

GENERAL

Having issued 20,000 ordinary shares of HK$1.00 each, Durlum Asia Ltd. is jointly owned by four German merchants. The largest shareholder Mr. Gary David McKean, holding 40%, is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The subject in fact is a member of the German based Durlum Group of companies, internationally known for their innovative design and expertise in the manufacture of metal ceiling and lighting systems. The subject is a project contractor.

The Group’s dedication to research and exploration of new technology so that it can maintains its position as a global leader in its field. The Group’s history is about sixty years and it has got the ISO 9001 certification.

The subject was founded on the principle of facilitating the transfer of new technology from Europe to consultants and architects in Hong Kong and the Asia Pacific region. Located in Hong Kong since 1999, the subject has been engaged in and completed more than eighty projects in the Asia Pacific Region.

The subject was engaged in the following projects:-

• Commercial Building:
  Dragonair Headquarters, Salotto Office, Esprit Headquarters, Hong Kong Tai Tung Arcade, Science Park Phase 1
• Railway Station:
  Hang Hau Station, Tiu Keng Leng Station, North Point MTR Station, Siu Hong KCRC, Tuen Mun KCRC
• Airport:
  Hong Kong Airport, Singapore Changi Airport
• Residential:
  Bamboo Grove Clubhouse
• Shopping Centre:
  Sau Mau Ping Estate, Jade Pearl Plaza, Fishmen’s Wharf, Sun Tsui Estate, Kwai Chung Estate Phase 3

The subject was also engaged in hospital projects. Durlum Group has had agents in India, South Korea, Macau, Malaysia, Singapore, Taiwan, Thailand, Vietnam, etc.

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

On the whole, in view of the background of the subject, consider it good for normal business engagements.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.72.097
Euro	1	Rs.63.57

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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