MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	PLANWELL TRADING LTD.
Registered Office :	Suite 1123, 11/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon,
Country :	Hong Kong
Date of Incorporation :	10.08.1993
Com. Reg. No.:	17815680
Legal Form :	Private Limited Company.
Line of Business :	Importer, Wholesaler and Re-exporter of all kinds of furniture, household items and premium goods.

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 :	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, 2010

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 name

PLANWELL TRADING LTD.

Company ADDRESS

Suite 1123, 11/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2377 3912, 2377 3399

FAX: 2377 3948

E-MAIL: office@planwell.com.hk

MANAGEMENT

Managing Director: Mr. Ian Robert Hasell

SUMMARY

Incorporated on : 10th August, 1993.

Organization : Private Limited Company.

Capital: Nominal: HK$3,700,000.00

Issued: HK$3,648,849.00

Business Category : Furniture and Household Item Trader.

Employees : 7.

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

Banking Relation : Satisfactory.

Company ADDRESS

Registered Head Office:-

Suite 1123, 11/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

Holding Companies:-

Braunsberger Holding GmbH, Austria. [Held 75%]

Tongoa Ltd., Hong Kong. [Held 25%]

Sister & Affiliated Companies:-

Braunsberger Bautrager GmbH, Austria.

Braunsberger Property Developer GmbH, Austria.

CEE Immobilien Development AG, Switzerland.

EKZ Alpha Construction Co. mbH, Austria.

EKZ Alpha Errichtungs GmbH, Austria.

EKZ Bad Hall Projektentwicklungs-u. Betreiber GmbH, Austria.

EKZ Zagreb Development d.o.o., Slovenia.

EKZ Zagreb Entwicklungs GmbH, Austria.

e-power GmbH, Austria.

FMZ Bad Hall Project Development & Pursuit Co. mbH, Austria.

FMZ Dietach Construction Co. mbH, Austria.

FMZ Dietach Errichtungsgesellschaft mbH, Austria.

FMZ Haag Construction Co. mbH, Austria.

GZ Haag Errichtungsgesellschaft mbH, Austria.

Kontec Energy Ltd., Greece.

PW Goods Trading GmbH, Austria.

PW Warenhandels GmbH, Austria.

S&B Real Estade Development GmbH, Austria.

TBB Real Estate Development Pachergasse GmbH, Austria.

Trgovacki Centar Varazdin d.o.o., Slovenia.

Trgovacki Centar Zagreb d.o.o., Slovenia.

etc.

BUSINESS REGISTRATION NUMBER

17815680

COMPANY FILE NUMBER

0442318

MANAGEMENT

Managing Director: Mr. Ian Robert Hasell

Office Manager: Ms. Chan Mei Li, Nina

CAPITAL

Nominal Share Capital: HK$3,700,000.00 (Divided into 925,000 “A” shares and 2,775,000 “B” shares of HK$1.00 each)

Issued Share Capital: HK$3,648,849.00

SHAREHOLDERS

(As per registry dated 10-08-2010)

Name		No. of shares
Tongoa Ltd., Hong Kong.		912,212	“A”
Braunsberger Holding GmbH Pachergasse 17, 4400 Steyr, Austria.		2,736,637	“B”
		––––––––
	Total:	3,648,849 =======

DIRECTOR

(As per registry dated 10-08-2010)

Name (Nationality)	Address
Ian Robert HASELL (British)	House 12, Phoenix Palm Villa, DD 213, Lot 395, No. 70 Lung Mei, Sai Kung, New Territories, Hong Kong.

SECRETARY

(As per registry dated 10-08-2010)

Name	Address	Co. No.
First Island Secretaries Ltd.	Room 905, 9/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.	0049295

HISTORY

The subject was incorporated on 10th August, 1993 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Suite 513, 5/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to Suite 1123, 11/F. of the same building in August 2005.

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

OPERATIONS

Activities : Importer, Wholesaler and Re-exporter.

Lines : All kinds of furniture, household items and premium goods.

Employees : 7.

Commodities Imported : Imported from Southeast Asia, China and other Asian countries.

Markets : Hong Kong, Europe and other Asian countries.

Terms/Sales : As per contracted.

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$3,700,000.00 (Divided into 925,000 “A” shares and 2,775,000 “B” shares of HK$1.00 each)

Issued Share Capital: HK$3,648,849.00

Alternation of Capital:-

Initially	paid up	HK$ 30,000.00
21-04-2005	paid up	HK$ 3,618,849.00
		–––––––––––––––
Total:	paid up	HK$ 3,648,849.00 ==============

Increase of Nominal Capital:-

From

HK$50,000.00

to

HK$3,700,000.00

on

21-04-2005

Mortgage or Charge:-

Date of Security Over Deposits with the Bank (Limited Company – Under Seal): 09-08-2007

Amount : To secure all monies in respect of banking facilities

Property : Initially US$100,000 and all monies whether now or hereafter standing to the credit of the Company’s deposit with the Bank under deposit No. 491-147054 and whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further moneys in any deposit account with the Bank at any of its offices

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

Profit or Loss : Traded at a small profitable angle.

Condition : Keeping in a normal state.

Facilities : Actively using general banking facilities.

Payment : Met trade commitments as required.

Commercial Morality : Satisfactory.

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

Standing : Normal.

GENERAL

Planwell Trading Ltd. was set up in August 1993. It is a 75% owned subsidiary of Braunsberger Holding GmbH, an Austria-based firm. The other 25% is owned by Tongoa Ltd. [Tongoa], a Hong Kong-registered firm.

Formerly the subject was owned by Braunsberger Holding AG of Austria, holding 75% interests, and Tongoa, holding 25%. Since 25th February, 1997, it had become a wholly-owned subsidiary of Ho Cheong Holdings Ltd. [Ho Cheong], a Hong Kong-registered firm which was incorporated in September 1996. However, Ho Cheong was dissolved by deregistration on 12th August, 2005. Since then, the subject has been reshuffled and the present shareholding structure has taken shape.

The headquarters of Braunsberger Holding AG are in Steyr, Austria. This firm is a service and financing enterprise and serves as a holding company for many companies. It is also the parent company of e-power GmbH which is a company engaged in the development of wind and solar power.

The subject is trading in furniture, household items and premium goods. Prime markets are Europe and some Asian countries.

Currently, the subject is manufacturing the following commodities:-

Product/Service	Product/Service Remarks
Furniture – Knockdown, Western Style	From China, Taiwan, Indonesia and Thailand
Furniture – Rattan and Cane	Include willow from China and Malaysia
Basket – Rattan	Rattan/willow basket from China and Malaysia
Carpet	From Nepal, India and China

With its base in Hong Kong, the subject sources commodities in Southeast Asia, China and other Asian countries. Main items include rattan/cane furniture, knock-down wooden and metal furniture, garden furniture, willow products, small household items, seasonal gifts for Christmas, etc.

The subject has close business ties with the firms in Austria. It was reported that most of subject’s furniture had been re-exported to Austria.

According to the subject, it has encouraged many European retailers in the business of furniture, house ware, carpets and home textiles to buy from the Asian market directly. The subject offers importing services like an European importer.

The subject offers clients with the following services:-

• Periodical trip to the customers in Europe
• Full detailed offers, including digital pictures
• Samples sent to merchandiser if requested and available
• Constant quality control by staff and agents
• Responsible for the risks of production and export
• Financing and insurance
• Handling of all documents for import, export and shipping
• Term of delivery is DDU, if wanted also CIF or DDP possible
• Payment only after delivery

The subject’s business is chiefly handled by Ms. Nina Chan Mei Li who is the Office Manager. Nina Chan is a Hongkongnese.

The subject is fully supported by its holding company Braunsberger Holding GmbH in Austria. Braunsberger Holding GmbH has had a number of subsidiaries in Europe while the subject is one of them.

Since the history of the subject in Hong Kong is over seventeen years and nine months, on the whole, consider it good for normal business engagements.

REMARKS

Court case:-

Action Date	Case No.	Plaintiff	Defendant	Cause	Amount
16-07-2007	R3237	Lau Pui Ching Aries	Planwell Trading Ltd.	Labour Dispute	Not stated
15-08-2007	R3237	Lau Pui Ching Aries	Planwell Trading Ltd.	Labour Dispute	Not stated

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

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.