MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	CHUNG SHUN LAMINATES (MACAO COMMERCIAL OFFSHORE) LTD
Registered Office :	3 Andar B Edificio Comercial Rodrigues 599 Avenida Da Praia Grande
Country :	Macau
Date of Incorporation :	01.04.2005
Com. Reg. No.:	SO20907
Legal Form :	Private Company With Limited Liability
Line of Business :	Specialized professional services like Administration, Consultancy, Documentation

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Macau	A2	A2

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

Company name and address

CHUNG SHUN LAMINATES (MACAO COMMERCIAL OFFSHORE) LTD

3 ANDAR B EDIFICIO COMERCIAL RODRIGUES

599 AVENIDA DA PRAIA GRANDE, MACAU

TEL: 853-28322438 FAX: 853-28322364

EXECUTIVE SUMMARY

INCORPORATION DATE : APR. 1, 2005

REGISTRATION NO. : SO20907

LEGAL FORM : PRIVATE COMPANY WITH LIMITED LIABILITY

CHIEF EXECUTIVE : MR. KWOK-KEUNG CHEUNG (CHAIRMAN)

STAFF STRENGTH : 5

CAPITAL : MOP 100,000

BUSINESS LINE : SERVICE

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : FAIR

RECOMM. CREDIT RANGE : SMALL AMOUNT

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : MOP 8.03068 = US$1

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

MOP –Macau Pataca

Name in Local Language : 忠信積層板(澳門離岸商業服務)有限公司

Trading Name / DBA: COMPANHIA CHUNG SHUN TABUAS LAMINADAS (COMERCIAL OFFSHORE DE MACAU) LTDA

Issuing Authority: Conservatoria dos Registos Comercial e de Bens Moveis (Commercial Registry Office)

*CAPITAL (Currency: MOP - Macau Patacas)

==================================

Authorized Capital: 100,000

Paid-up Capital: 100,000

*OFFICE & FACILITIES*

====================

Name : CHUNG SHUN LAMINATES (MACAO COMMERCIAL OFFSHORE) LTD - MACAU

Building Size : 700 Square feet

Address : 3 Andar B Edificio Comercial Rodrigues 599 Avenida da Praia Grande, Macau

Country : Macao

Status : Operational

*REPUTATION*

=============

Reference checking for the purpose of establishing the CHUNG SHUN LAMINATES (MACAO COMMERCIAL OFFSHORE) LTD's reputation within the respective industry failed to reveal any adverse information.

SC is not known to host website of its own at present.

E-mail: klnco@kingboard.com

For the past two years there is no record of litigation.

*Major Shareholders*

================

Total number of shareholders: 1

Total number of shares: N/A

Shareholders Country Amount (MOP) %

EXCEL FIRST Virgin Islands (British) 100,000 100.00

INVESTMENTS LTD

*COMPANY DIRECTORS*

=====================

1

Name : Mr. Kwok-keung Cheung

Nationality : Macanese

2

Name : Mr. Kwok-ping Cheung

Nationality : Macanese

3

Name : Mr. Kwok-wa Cheung

Nationality : Macanese

4

Name : Mr. Kwok-wing Cheung

Nationality : Macanese

5

Name : Mr. Wing-kwan Chan

Nationality : Macanese

*CORE BUSINESS DESCRIPTION*

===========================

Core Business

-----------------

The primary business focus of CHUNG SHUN LAMINATES (MACAO COMMERCIAL OFFSHORE) LTD is:

·Specialized professional services

■Administration

■Consultancy

■Documentation

*Primary Products*

==============

Activity Products / Materials / Services Description

--------- ---------------------------------------------------

Service Administration

Service Consultancy

Service Document services

Service Documentation

Service International trading

Direct Parent : EXCEL FIRST INVESTMENTS LTD

Country : Virgin Islands (British)

PAYMENT RATING : 4 OBTAINED SCORES : 47

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

Dealings on open terms may be possible for SMALL amounts depending on individual judgement experience.

Based on the corporate laws of Macao, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

SC is considered small-sized in its line with an acceptable base to come into credit dealings of small amount.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Service 8748 Business Consulting Svcs, NEC

Service 7300 Business Services

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Service 9878 Business development/consulting

Service 9900 Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.89
UK Pound	1	Rs.75.31
Euro	1	Rs.65.63

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.