MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	XIAMEN JIASHENG FOREIGN TRADE CO.,LTD
Registered Office :	18-19 F, Building 8, Guanyinshan International Business Centre, No.168 East Tapu Road, Siming District, Xiamen City, Fujian
Country :	China
Date of Incorporation :	16.07.2002
Com. Reg. No.:	350203200018426
Legal Form :	Limited Liabilities Company
Line of Business :	Transport Forwarding Service
No. of Employees :	150 Persons

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

Maximum Credit Limit :	1,500,000.00 Chinese Yuan
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)
China	a2	a2

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

Company name & address

XIAMEN JIASHENG FOREIGN TRADE CO.,LTD
18-19 F, Building 8, Guanyinshan International Business Centre, No.168 East Tapu Road, Siming District, Xiamen City, Fujian Province
361008
Tel :	86 592 3757888
Fax:	86 592 3757800
E-mail:	--
Website:	http://www.xmjsjt.com
GTM Reference No.	G111249209

Currency in this report is Chinese Yuan unless otherwise stated.

Exchange Rate: 1 USD=6.37 Chinese Yuan

"--"in this report indicates "unavailable" due to insufficient information or "no comments"

EXECUTIVE SUMMARY

DATE OF establishment	JULY.16^th, 2002
Aic Registration No.	350203200018426
REGISTERED LEGAL FORM	limited liabilities company
REGISTERED CAPITAL	60,000,000.00
main BUSINESS	logistic transportation service
SIC Code (China)	5720 Transport forwarding service
employees	150
import and export permits	yes
business scale	Large
operation trend	Good
TURNOVER	643,466,000.00 (As of Dec.31^st, 2010)
net profit	1,281,000.00 (As of Dec.31^st, 2010)
total assets	55,273,000.00 (As of Dec.31^st, 2010)
net worth	9,932,000.00 (As of Dec.31^st, 2010)
base CrediT limit	1,500,000.00
EXCHANGE RATE	1 Usd=6.37CNY (nov.25^th, 2011)

REGISTRATION

Name	XIAMEN JIASHENG FOREIGN TRADE CO.,LTD
AIC Registration Number	350203200018426
Registered address	Room 1803, No.165 East Tapu Road, Siming District, Xiamen City, Fujian Province
Operation address	18-19 F, Building 8 Guanyinshan International Business Centre, No.168 East Tapu Road, Siming District, Xiamen City, Fujian Province
Date of Establishment	July.16^th, 2002
Registry	Administration Bureau of Industry and Commerce – Xiamen
Legal Representative	Wu Yaqiang
Registered Legal Form	limited liabilities company
Registered Capital	60,000,000.00
Operating Duration	From Jul.16^th, 2002 to Jul.15^th, 2027
Changes in Registration	1. May.15^th, 2003 Subject’s shareholders were changed from Wu Yaqiang and Li Huisheng to Wu Yaqiang, Li Dongmin and Chen Yonghuo. 2. Sep.29^th, 2003 Subject’s registered capital was increased from 5 million to 10 million CNY. 3. Dec.27^th, 2005 Subject’s shareholders were changed to Wu Yaqiang and Li Dongmin. 4. Nov.23^rd, 2006 Subject’s registered capital was increased to 15 million CNY. 5. Sep.2^nd, 2011 Subject’s registered capital was increased to 60 million CNY.

Limited liabilities co.

This form of business in PR China is defined as a legal person. Its registered capital is contributed jointly by at least two shareholders and no more than fifty. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:

Upon the establishment of the co., an investment certificate is issued to the each of shareholders.

The board of directors is comprised of three to thirteen members.

The minimum registered capital for a co. is listed as follows:

-manufacturing co. : RMB 500,000.00

-trading &wholesaling co. : RMB 500,000.00

-retailing co. : RMB 300,000.00

-consultancy & service co. : RMB 100,000.00

Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.

Cash contributed by all shareholders must account for at least 50% of the registered capital while contribution by intangible assets must not exceed 20% of the registered capital.

Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.

REGISTRATION INFO: AVAILABLE

FINANCIAL REPORTS: AVAILABLE

SHAREHOLDERS AND SHARES

As indicated in the following table:

Shareholder	Capital Subscribed	Percentage
Li Dongmin	36,000,000.00	60%
Wu Yaqiang	24,000,000.00	40%
Total	60,000,000.00	100%

Shareholder	Way of Investment	Paid-up Percentage
Li Dongmin	Other	100%
Wu Yaqiang	Other	100%

Background of major shareholder

Name	Li Dongmin
Gender	Female
Date of birth	Oct.31^st, 1970
National ID NO.	350221701031452
Name	Wu Yaqiang
Gender	Male
Date of birth	July.30^th, 1971
National ID NO.	350221710730153

AFFILIATE(S)

No affiliate of subject is found after checking.

MANAGEMENT

Name	Wu Yaqiang
Gender	Male
Title	Executive director
Date of birth	July.30^th, 1971
National ID No.	350221710730153
Name	Li Lingmin
Gender	Female
Title	Supervisor
Date of birth	May.27^th, 1976
National ID No.	350221760527452

BANKERS INFORMATION

Bank name	Construction Bank of China – Guanyinshan Sub-branch (Xiamen)
Account No. (CNY)	--
Source of information	Subject’s staff

OFFICE FACILITIES

Geographic Location	18-19 F, Building 8 Guanyinshan International Business Centre, No.168 East Tapu Road, Siming District, Xiamen City, Fujian Province
Area	2,000 square meters
Environment and traffic	Good
Property Ownership	Rented

TRADEMARKS

Total trademarks	1
Registration No.	3540102
Registration date	Feb.25^th, 2003
Image

PATENTS

After checking with the State Intellectual Office, no trademarks or patents of SC were found.

MAIN PRODUCTS & SERVICES

Main business	Logistic transportation service
Products and services	Subject’s service includes collecting, forwarding, ship booking, transshipment, LCL etc. It also provides customer clearance, issuing L/C and payment settlement etc. for the clients.
Certificates	ISO9001：2000

SALES INFORMATION

Local sales	100%
Regions	Fujian Province, Guangdong Province etc.
Major domestic clients	Shenzhenshiheng Granville Furniture Co., Ltd; MONARCH GROUP; QUANZHOU LIDA TEXTILE CO., LTD;
Payment terms	Prompt payment; on credit
Subject’s clients are mainly from textile, garment and furniture industry. It maintains stable relationship with its customers.
The above information was confirmed by SC’s employee on Nov.25^th, 2011.

PURCHASE INFORMATION

Main Commodities Purchased	Shipping, inland transportation service
Region	Local: 100%
Number of Major Suppliers	More than 5
Major suppliers	COSCO Container Lines Co., Ltd; XIAMEN PORT HOLDING GROUP CO.,LTD
Main Terms of Payment	Prompt payment; on credit
Subject cooperates with famous domestic logistic and shipping companies and provides efficient transportation and dispatching service for the customers.
The above information was confirmed by SC’s employee on Nov.25^th, 2011.

CREDIT

Name of supplier	COSCO Container Lines Co., Ltd.
Main commodities and service supplied	Shipping service
Title of interviewee	office staff
Telephone of Interviewee	86 21 35124888
Cooperation	Confirmed
Payment comment	Prompt
Date of interview	Nov.25^th, 2011

LITIGATION RECORDS

Name of person subject to enforcement	XIAMEN JIASHENG FOREIGN TRADE CO.,LTD
Court	People’s Court of Siming District, Xiamen City
File date	July12^th, 2011
File No.	(2011) Si Fa Zhi Zi 02864
Amount	842,144.50
Status	Closed

FINANCE

Balance Sheet (Unit: 1,000 Chinese Yuan):

	Dec. 31^st, 2009	Dec. 31^st, 2010
Current assets
Money capital	1,166	15,250
Short-term investment
Notes receivable
Net ball of Account Receivable	633	2,228
Payment in advance	9,703	8,183
Subsidy Receivable
Other Account Receivable	5,051	10,412
Inventory	4,946	16,436
Expenses to be deferred	9	152
Other current assets
Export rebates receivable
Total current Assets	21,508	52,661
Long-term investment
Long-term investment
Original value of fixed assets	309	2,487
Accumulated depreciation	108	287
Net fixed assets	201	2,200
Fixed assets depreciation reserve
Net Value of Fixed Assets	201	2,200
Fixed assets in liquidation
Projects being constructed		395
Fixed assets losses in suspense
Total fixed assets	201	2,595
Intangible assets and deferred assets
Intangible assets	23	17
Deferred assets
Total intangible and deferred assets	23	17
Other long-term assets
Other long-term assets
Total assets	21,732	55,273
Current liabilities
Short-term loans		38,000
Notes payable		10,000
Account payable	1,105	2,316
Deposit received	12,100	11,847
Other accounts payable	505	-14,523
Wages payable
Welfare payable	-3	42
Tax unpaid	-633	-2,346
Other accounts unpaid	4	5
Other current liabilities
Total current liabilities	13,078	45,341
L/T liabilities
L/T loans
Bonds payable
L/T account payable
Total L/T liabilities	0	0
Deferred tax
Deferred tax
Total liabilities	13,078	45,341
Owner’s interest
Paid-up capital	10,000	10,000
Contributed surplus
Surplus reserves
Unconfirmed investment loss
Undistributed profits	-1,346	-68
Minority interest
Total owner’s interest	8,654	9,932
Liabilities and owner’s interest	21,732	55,273

Income Statement (Unit: 1,000 Chinese Yuan):

	Dec. 31^st, 2009	Dec. 31^st, 2010
Main business income	132,948	643,466
Main business cost	131,349	634,066
Tax and associate charge	36	167
Main business profit	1,563	9,233
Other business profit		1
Operation expenses	599	3,776
- management expenses	1,103	1,651
Financial expenses	10	2,075
Operation profit	-149	1,732
Investment profit
Subsidy income
Non business income		3
- non business expenses	2	93
Prior year income adjustment
Total profit	-151	1,642
- income tax	0	361
Minority stock holder’s interest
Net profit	-151	1,281

Important Ratios:

	2009	2010
Return on net assets (%)	-1.74	12.90
Return on total assets (%)	-0.69	2.32
Net profit margin (%)	-0.11	0.20
Turnover of total assets	6.12	11.64
Turnover of current assets	6.18	12.22
Turnover of account receivable	210.03	288.81
Inventory turnover	26.56	38.58
Asset liability ratio (%)	60.18	82.03
Current ratio	1.64	1.16
Quick ratio	1.27	0.80

Major Financial Information (Unit: 1,000 Chinese Yuan):

	2009	2010
Main business income	132,948	643,466
Total profit	-151	1,642
Net profit	-151	1,281
Total assets	21,732	55,273
Total liabilities	13,078	45,341
Total owner’s interest	8,654	9,932
Source from	government	government
Whether audited or not	Yes	Yes

Analysis of financial indicator

Long-term solvency: poor

Short-term solvency: below average

Asset security: poor

Inventory status: good

Capital turnover: good

Debt recovery status: good

Profitability: poor

Return on assets (ROA): average

Enterprise background: average

Payment records: good

BASE CREDIT LIMIT

1,500,000.00 Chinese Yuan

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.83

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.