MIRA INFORM REPORT

Report Date :

28.12.2012

IDENTIFICATION DETAILS

Name :	UNITED TIME HONG KONG LTD.
Registered Office :	Room 909, 9/F., Shun Fat Industrial Building, 17 Wang Hoi Road, Kowloon Bay, Kowloon
Country :	Hong Kong
Date of Incorporation :	25.06.2008
Com. Reg. No.:	39472656
Legal Form :	Private Limited Company.
Line of Business :	Importer, Exporter and Manufacturer of Mobile phones, accessories, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	No Operating office in Hong Kong
Payment Behaviour :
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)
Hong Kong	A2	A2

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

Hong Kong - ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Source : CIA

Company name

UNITED TIME HONG KONG LTD.

Company ADDRESS

Room 909, 9/F., Shun Fat Industrial Building, 17 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong.

PHONE: 3693 7531, 9200 3438

FAX: 3563 8797

E-MAIL: louielui124@gmail.com

MANAGEMENT

Managing Director: Mr. Bao Min Fei

SUMMARY

Incorporated on: 25th June, 2008.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$1.00

Business Category: Importer, Exporter and Manufacturer.

Employees: Nil.

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

Banking Relation: Satisfactory.

Company name

UNITED TIME HONG KONG LTD.

Company ADDRESS

Registered Office:-

Room 2504, 25/F., Block S, Phase 3B, 77 Ngau Tau Kok Road, Kowloon, Hong Kong.

Operating Office:-

Room 909, 9/F., Shun Fat Industrial Building, 17 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong.

Associated Company:-

Shenzhen United Time Technology Co. Ltd.

Room 601, Cyber Times, Tower B, Tianan Cyber Park, Futian District, Shenzhen SEZ, 518040, China.

[Tel: 86-755-8347 5233 Fax: 86-755-8347 5233]

BUSINESS REGISTRATION NUMBER

39472656

COMPANY FILE NUMBER

1250396

MANAGEMENT

Managing Director: Mr. Bao Min Fei

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$1.00

SHAREHOLDER

(As per registry dated 25-06-2012)

Name	No. of shares
BAO Min Fei	1 =

DIRECTOR

(As per registry dated 25-06-2012)

Name (Nationality)	Address
BAO Min Fei	16 Bai Sha Fu Ting, Xing Zhou Hua Yuan, Xi Hu Qu, Hangzhou, China.

SECRETARY

(As per registry dated 25-06-2012)

Name	Address
LUI Yiu Po	Room 2504, 25/F., Block S, Amoy Gardens, 77 Ngau Tau Kok Road, Kowloon, Hong Kong.

HISTORY

The subject was incorporated on 25th June, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject moved its operating address to the present one in May 2012.

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

OPERATIONS

Activities: Importer, Exporter and Manufacturer.

Lines: Mobile phones, accessories, etc.

Employees: Nil.

Commodities Imported: China, etc.

Markets: China, India, other Asian countries, etc.

Terms/Sales: L/C, T/T, etc.

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into shares of HK$ each)

Issued Share Capital: HK$1.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

United Time Hong Kong Ltd. was incorporated on 25th June 2008 as a private limited liability company. It is wholly-owned by Mr. Bao Min Fei who is a China merchant, The subject has just issued one ordinary share of HK$1.00 and owned by Bao. Being the only director of the subject, Bao is a China ID holder and does not have the right to reside in Hong Kong permanently. Currently, Bao is residing in Hangzhou City, Zhejiang Province, China.

The subject does not have its own operating office. Its registered office is in a private building located at “Room 2504, 25/F., Block S, Phase 3B, 77 Ngau Tau Kok Road, Kowloon, Hong Kong”. This was the old residential address of Mr. Lui Yiu Po, Louie who is the individual secretary of the subject. Lui is a Hongkongnese.

Now, the operating address of the subject nominally is located at Room 909, Shun Fat Industrial Building, 17 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong. This is the office of Lui.

The subject has no employees in Hong Kong. It is a mobile phone and accessory trader.

It has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00139748-RU.

The subject has had an associated company in Shenzhen Special Economic Zone, China known as Shenzhen United Time Technology Co. Ltd. [UTT]. The CEO of UTT is Bao Min Fei.

UTT was established in 2006. It is a rather renowned mobile phone manufacturer and trader in China. The products of UTT bear the brand name of Chengji. It offers its customers with quality products at competitive prices throughout the world. The main products of UTT are Dual-Band Mobile Phones and Quad- Band Mobile Phones.

Products are marketed in China, exported to India, the other Asian countries, Europe, etc.

The China firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firm 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 very active. History in Hong Kong is over four years. The contact person of the subject is Mr. Louie Lui. He can be reached at his mobile phone number 92003438.

On the whole, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.54
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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