MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	Golden Wing Mau Agricultural Produce Corporation
Registered Office :	Room 2002, Tower C, Building A Of Fuyuan Commercial And Trade, Southeast Of Xin An Chuang Ye West Road, Baoan District, Shenzhen, Guangdong Province, 518109 Pr
Country :	China
Financials (as on) :	31.12.2011
Date of Incorporation :	19.05.2003
Com. Reg. No.:	440301103790463
Legal Form :	Shares Limited Co.
Line of Business :	Subject is engaged in distribution and wholesale of agricultural products, vegetables, fruits.
No. of Employees :	75

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 :	Slow but Correct
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
China	A2	A2

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

china - ECONOMIC OVERVIEW

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.

Source : CIA

Company name and address

Golden Wing Mau Agricultural Produce Corporation

ROOM 2002, TOWER C, BUILDING A OF FUYUAN COMMERCIAL AND TRADE, SOUTHEAST OF XIN AN CHUANG YE WEST ROAD, BAOAN DISTRICT, SHENZHEN, GUANGDONG PROVINCE, 518109 PR CHINA

TEL: 86 (0) 755-25928988-668/25182988 FAX: 86 (0) 755- 27592236

EXECUTIVE SUMMARY

INCORPORATION DATE : MAY 19, 2003

REGISTRATION NO. : 440301103790463

REGISTERED LEGAL FORM : Shares limited co.

CHIEF EXECUTIVE : MR. LiAO MAOHUA (CHAIRMAN)

STAFF STRENGTH : 75

REGISTERED CAPITAL : CNY 100,000,000

BUSINESS LINE : DISTRIBUTION AND TRADE

TURNOVER : cny 101,250,000 (AS OF dec. 31, 2011)

EQUITIES : cny 131,020,000 (AS OF dec. 31, 2011)

PAYMENT : AVERAGE

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : FAIRly stable

OPERATIONAL TREND : FAIRly STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.2305 = USD 1

Adopted abbreviations:

ANS - amount not stated NS - not stated SC - subject company (the company inquired by you)

NA - not available CNY - China Yuan Ren Min Bi

Note: SC’s correct tel. no. should be the heading one.

SC was registered as a shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on May 19, 2003.

Company Status: Shares limited co.

This form of business in PR China is defined as a legal person. Its registered capital is divided into shares of equal par value and the co. raises capital by issuing share certificates by promotion or by public offer. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to the extent of its total assets. The co has independent property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as follows:

The establishment of the co. requires at least two promoters and no more than 200, half of whom shall be domiciled in China.. Natural person are allowed to serve as promoters.

The minimum registered capital of a co. is CNY 5M. while that of the co. with foreign investment is CNY 5M. The total capital of a co. which propose to apply for publicly listed must be no less than CNY 30M.

The board of directors must consist of five to nineteen directors.

If the co. raises capital by public offer, the promoters must not subscribe less than 35% of the total shares. the promoters’ shares are restricted to transfer- within one year of the offer.

A state-owned enterprise that is restructured into a shares limited co. must comply with the conditions & requirements specified under the law & administrative rule.

SC’s registered business scope includes distribution, wholesale, commission agency (excluding auction) of agricultural products, vegetables, fruits, import and export and related business (does not involve state trading management products, involving quotas, license management, and other special provisions of the commodity, according to state regulations); pollution-free cultivation techniques of vegetables, fresh and dried fruit and product serial development, storage of vegetables, fresh and dried fruit, fruit selection, classification; new technologies development of fruit trees and other crops; international transport agency business of maritime, land, air import and export goods.

Mr. Liao Maohua is legal representative and chairman of SC at present.

SC is known to have approx. 75 employees at present.

SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Shenzhen. The detailed information of the area is unspecified.

Warehouse address: 4/F, Wufeng Foodstuff Warehouse, No. 75 Meiyuan Road, Luohu District, Shenzhen, Guangdong Province, 518023 Pr China

http://www.wingmau.com/ The website belongs to Golden Wing Mau Group. The design is professional and the content is well organized. At present it is in Chinese and English versions.

Email: exp@wingmau.com

Changes of its registered information:

Date of change	Item	Before the change	After the change
2008-12-29	Registered capital	CNY 10,000,000	CNY 20,000,000
	Shareholders	Liao Maohua 1% Chen Qicai 11.5% Zheng Chu’e 11.5% Zhang Jun 11% Liao Weihua 65 %	Liao Maohua 0.5% Liao Weihua 32.5% Zhang Jun 5.5% Li Chunyan 50% Zheng Chu’e 5.75% Chen Qicai 5.75%
	Registration on.	4403011112909	Present one
2009-6-8	Registered capital	CNY 20,000,000	CNY 30,000,000
	Shareholders	Liao Maohua 0.5% Liao Weihua 32.5% Zhang Jun 5.5% Li Chunyan 50% Zheng Chu’e 5.75% Chen Qica 5.75%	Chen Qicai 3.83% Zheng Chu’e 3.83% Jin Xuejun 6.67% Li Chunyan 48.33% Zhang Jian 10% Zhang Jianbing 1.67% Liao Weihua 21.67% Liao Maohua 0.33% Zhang Jun 3.67%
2010-4-8	Legal representative	Liao Maohua	Li Chunyan
2010-5-7	Shareholders	Chen Qicai 3.83% Zheng Chu’e 3.83% Jin Xuejun 6.67% Li Chunyan 48.33% Zhang Jian 10% Zhang Jianbing 1.67% Liao Weihua 21.67% Liao Maohua 0.33% Zhang Jun 3.67%	Chen Qicai 3.83% Zheng Chu’e 3.83% Jin Xuejun 6.67% Li Chunyan 74% Zhang Jian 10% Zhang Jianbing 1.67%
2010-8-25	Registered capital	CNY 30,000,000	CNY 55,000,000
	Shareholders	Chen Qicai 3.83% Zheng Chu’e 3.83% Jin Xuejun 6.67% Li Chunyan 74% Zhang Jian 10% Zhang Jianbing 1.67%	Chen Qicai 2.09% Zheng Chu’e 14.42% Jin Xuejun 7.27% Li Chunyan 53.22% Zhang Jian 21.18% Zhang Jianbing 1.82%
2011-4-2	Registered capital	CNY 55,000,000	Present amount
	Shareholders	Chen Qicai 2.09% Zheng Chu’e 14.42% Jin Xuejun 7.27% Li Chunyan 53.22% Zhang Jian 21.18% Zhang Jianbing 1.82%	Present ones
2012-7-31	Legal representative	Li Chunyan	Present one

MAIN SHAREHOLDERS:

Name % of Shareholding

Zhang Jianbing 1

Zhang Jian 11.65

Li Chunyan 29.27

Jin Xuejun 4

Zheng Chu’e 7.93

Chen Qicai 1.15

Centre Gain International Limited (Hong Kong) 20

CSA Investments Limited 25

Centre Gain International Limited

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

Registration no.: 0444826

Legal form: private

Legal representative and chairman:

Mr. Liao Maohua is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as legal representative and chairman.

General manager:

Mr. Zhang Jianbing is currently responsible for the daily management of SC.

Working Experience(s):

From 2010 to present Working in SC as general manager.

Also working in Shenzhen Guangzheng Logistics Co. Ltd. (literal translation) as supervisor.

Directors:

Chen Qicai

Zhang Jian

Zheng Chu’e

Jin Xuejun

Supervisors:

Liu Xiuliang

Cheng Yong

Lin Xinguo

Note: The given contact person (Raymond Jin) is confirmed to be working in SC at present.

SC is mainly engaged in distribution and wholesale of agricultural products, vegetables, fruits.

SC’s products mainly include: agricultural products, vegetables, fruits.

Brands:

SC sources its materials 100% from domestic market; SC sells 95% of its products in domestic market, and 5% to the overseas market.

The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.

*Major Customers (According to the above website):

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

Note: SC’s management refused to release its main suppliers.

Wing Mau Trading Company Limited (Hong Kong)

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

Registration no.: 0500731

Legal form: private

Add: Stall B39, Western Wholesale Food Market, Sai Ying Pun, H.K.

Tel: (852) 2819 4563

Fax: (852) 2817 0485

Email: wingmau@hkstar.com

Subsidiaries:

Shenzhen Guangzheng Logistics Co. Ltd. (literal translation)

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

Registration no.: 440301103198087

Registered capital: CNY 5,000,000

Legal representative: Lin Xinyong

Supervisor: Zhang Jianbing

Tel: 0755-22319891

Golden Wing Mau Enterprise Development Co., Ltd.

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

Registration no.: 440306103411462

Registered legal form: One-person Limited Liability Company

Legal representative: Zhang Jian

Registered capital: CNY 50,000,000

Branch:

Golden Wing Mau Agricultural Produce Corporation Fruit Distribution Center

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

Registration no.: 440301102956204

Principal: Zheng Sanhai

Incorporation date: 2007-10-29

Overall payment appraisal:

( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: SC did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

SC’s accountant refused to release the detailed information of the banking.

Financial Summary

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

Unit: CNY’000

	As of Dec. 31, 2011
Current assets	60,370
Total assets	146,980
	=========
Current liabilities	15,960
Long term liabilities	0
	--------------
Total liabilities	15,960
Equities	131,020
	--------------
Total liabilities & equities	146,980
	=========
Turnover	101,250
Cost of goods sold	90,440
Profit before tax	-1,500
Less: profit tax	0
Profits	-1,500

Note: we did not find SC’s detailed financial reports for Yr 2011.

Important Ratios

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

	As of Dec. 31, 2011
*Current ratio	3.78
*Liabilities to assets	0.11
*Net profit margin (%)	-1.48
*Return on total assets (%)	-1.02
*Turnover/Total assets	0.69
* Cost of goods sold/Turnover	0.89

PROFITABILITY: FAIR

The turnover of SC appears fairly good in its line.

SC’s net profit margin is fair.

SC’s return on total assets is fair.

SC’s cost of goods sold is average, comparing with its turnover.

LIQUIDITY: AVERAGE

The current ratio of SC is maintained in a normal level.

SC’s turnover is in a fair level, comparing with the size of its total assets.

LEVERAGE: AVERAGE

The debt ratio of SC is low.

The risk for SC to go bankrupt is average.

Overall financial condition of the SC: Fairly stable.

SC is considered medium-sized in its line with fairly stable financial conditions.

*Note: An interview was conducted with SC’s accountant (Ms. Su) on Dec. 19, 2012.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

SDA

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.