MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	AMSCO FINANCE LTD.

Registered Office :	c/o Tricor Services Ltd, Level 28, Three Pacific Place, 1 Queen’s Road East

Country :	Hong Kong

Date of Incorporation :	23.05.2003

Com. Reg. No.:	33644380

Legal Form :	Private Limited Company

Line of Business :	---

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Hong Kong

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

Company name

AMSCO FINANCE LTD.

company ADDRESS

Registered Office:-

c/o Tricor Services Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.

[Tel: 2980 1888; Fax: 2861 0285]

Holding Company:-

COFRA Holding AG, Switzerland.

Associated Companies:-

COFRA Group of Companies

· Bregal Investments Inc., USA.

· C&A (China) Co. Ltd., China.

· C&A Bank GmbH, Germany.

· C&A Europe, Belgium.

· C&A France, France.

· C&A Mico S. de R.L., Mexico.

· C&A Moda Ticaret A.S., Turkey.

· C&A Modas Lda. & C, Portugal.

· C&A Modas Ltda., Brazil.

· C&A Modas SL, Spain.

· C&A Mode AG, Switzerland.

· C&A Mode GesmbH & Co. KG, Austria.

· C&A Mode KG, Germany.

· C&A Modes SA, Greece.

· C&A Nederland CV, the Netherlands.

· C&A Polska Sp.zo.o., Poland.

· Centre Partners Management LLC, USA.

· COFRA Amsterdam BV, the Netherlands.

· COFRA Asia Ltd., Hong Kong.

· COFRA Brussels Comm. V., Belgium.

· COFRA Dseldorf GmbH, Germany.

· COFRA Latin Amica Ltda., Brazil.

· COFRA London Ltd., UK.

· COFRA Madrid SL, Spain.

· COFRA North America Inc., USA.

· COFRA Paris, France.

· COFRA Services Mico S. de R.L., Mexico.

· COFRA Vienna GmbH, Austria.

· Redevco (Suisse) SA, Switzerland.

· Redevco Asia Ltd., Hong Kong.

· Redevco BV, the Netherlands.

· Redevco France SASU, France.

· Redevco Retail Belgium Comm. V., Belgium.

· Redevco Services Deutschland GmbH, Germany.

· Redevco Sweden AB, Sweden.

etc.

BUSINESS REGISTRATION NUMBER

33644380

COMPANY FILE NUMBER

0847769

DATE OF INCORPORATION

23rd May, 2003.

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 23-05-2011)

Name		No. of shares
COFRA Holding AG Grafenauweg 10, 6,300 Zug, Switzerland.		1,000,000 =======

Name

No. of shares

COFRA Holding AG

Grafenauweg 10, 6,300 Zug, Switzerland.

1,000,000

=======

DIRECTORS

(As per registry dated 23-05-2011)

Name (Nationality)	Address
Robert DEEN	Tremelobaan 170 H, 3140 Keerbergen, Belgium.
LAI Mun Chew, Andrew	48 Loyang Rise, Singapore 507553.

Name

(Nationality)

Address

Robert DEEN

Tremelobaan 170 H, 3140 Keerbergen, Belgium.

LAI Mun Chew, Andrew

48 Loyang Rise, Singapore 507553.

SECRETARY

(As per registry dated 23-05-2011)

Name	Address	Co. No.
Tricor Strath Ltd.	Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.	0004873

GENERAL

Amsco Finance Ltd. is a private limited company incorporated on 23rd May, 2003 under the Hong Kong Companies Ordinance. It has issued 1 million ordinary shares of HK$1.00 each.

The subject was a wholly-owned subsidiary of Amsco Holdings Pte. Ltd. [Amsco] which is a Singapore-based firm. The directors of the subject were Mr. Chung Hak Bin and Mr. Chin Chee Kee. Now, the subject has become a wholly-owned subsidiary of COFRA Holding AG [COFRA Holding] which is a Switzerland‑based firm. Its directors have changed to Mr. Lai Mun Chew, Andrew and Mr. Robert Deen. The former is a Singapore passport holder while the latter is a Netherlands passport holder. Deen currently is residing in Belgium.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong known as Tricor Services Ltd. [Tricor] which is handling its correspondences and documents.

The subject’s corporate secretary is Tricor Strath Ltd. This firm is an affiliate of Tricor which is also located at the above-mentioned address.

Tricor has had an office located at “24/F., Prince’s Building, Central, Hong Kong” where is the main office of Tricor.

The subject’s lines of business are unknown since the commercial service firm declined to divulge any information about it.

The subject has no employees in Hong Kong. It is a member of the COFRA Group. The subject is engaged in the same lines of business as the Group.

The COFRA Group of companies encompasses activities within 5 main industries:-

· Retail

· Real Estate

· Financial Services

· Private Equity

· Renewable Energies

Each of these industries operates independently while upholding the mission and values that bind the COFRA Group together.

COFRA Holding is the holding company for a decentralised and diverse group of businesses with over 50,000 employees. It depends strongly on its employees to promote individual success and development. It is primarily its people and the extent to which they can reach individual and COFRA objectives which determines the success of its Group.

COFRA Holding is a family owned and managed group of companies. Through investing in people, COFRA achieves two major objectives: growth through performance and long term health through balanced strategic investments.

COFRA Holding, founded in October 2001, is the holding company for a group of companies located in Europe, North and Latin America, and Asia. Its activities include retail, real estate, private equity investments and financial services. Located in Zug, Switzerland, it is also the headquarters of 12 regional offices, which provide legal, tax and financial services to the group. The regional offices are located in the following cities:-

· Amsterdam, The Netherlands

· Brussels, Belgium

· Dusseldorf, Germany

· Jersey, Channel Islands

· London, United Kingdom

· Madrid, Spain

· New York, United States

· Paris, France

· São Paulo, Brazil

· Tlaquepaque, Mexico

· Vienna, Austria

Robert Deen is the director of finance and controlling at C&A Europe [C&A]. C&A is part of the COFRA Holding.

C&A is one of the leading fashion retailers in Europe and Latin America. Indeed, it has been for decades. Having started trading in 1841 as a textile warehouse, it has a history spanning over 160 years and 5 generations of the same family making it one of the pioneers of the retail industry. Today, C&A operates in 18 European and 2 Latin American countries as well as China.

It is likely that C&A deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. C&A also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not active. History in Hong Kong is over eight years and five months.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.68.26

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.