MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	GOLDEN EASY LTD.
Registered Office :	Room 1207, 12/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories
Country :	Hong Kong
Date of Incorporation :	14.05.1996
Com. Reg. No.:	19966295
Legal Form :	Private Limited Company.
Line of Business :	Importer and Exporter of all kinds of leather hide, leather products (leather shoes and handbags) and chemicals for leather processing.
No. of Employees :	13. (Including associates)

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 :	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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Hong Kong	A2	A2

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

Company name

GOLDEN EASY LTD.

Company ADDRESS

Room 1207, 12/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.

PHONE: 2781 4323, 2423 9352

FAX: 2359 7497, 2359 3779, 2484 1184

E-MAIL: william@hopying.com.hk

MANAGEMENT

Chairman & Managing Director: Mr. Au Weng Hei, William

SUMMARY

Incorporated on : 14th May, 1996.

Organization : Private Limited Company.

Capital : Nominal: HK$10,000.00

Issued : HK$10,000.00

Business Category : Leather Trader.

Group Turnover : HK$230~280 million.

Employees : 13. (Including associates)

Main Dealing Banker : Bank of China (Hong Kong) Ltd., Hong Kong.

Banking Relation : Satisfactory.

Company name

GOLDEN EASY LTD.

Company ADDRESS

Registered Head Office & Warehouse:-

Room 1207, 12/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.

Affiliated/Associated Companies:-

Glory Point Ltd., Hong Kong. (Same address)

Hop Ying (China) Ltd., Hong Kong.

Hop Ying International (B.V.I.) Ltd., British Virgin Islands.

Hop Ying International Chemicals Ltd., Hong Kong. [Dissolved]

Hop Ying International Investments Ltd., Hong Kong.

Hop Ying International Leather Co. Ltd., Hong Kong. (Same address)

Hop Ying International Trading Co. Ltd., Hong Kong. [Dissolved]

Hop Ying Leather (S.E.A.) Pte. Ltd., Singapore.

Hop Ying Leather (Taiwan) Co. Ltd., Taiwan.

Hop Ying Properties Investment Ltd., Hong Kong. (Same address)

Hop Ying Tanning Industrial Co. Ltd., Hong Kong. [Dissolved]

Taurus Australia Hides, Skins & Leather Pty. Ltd., Australia.

Yauyue Holdings Ltd., Liberia.

BUSINESS REGISTRATION NUMBER

19966295

COMPANY FILE NUMBER

0549067

MANAGEMENT

Chairman & Managing Director: Mr. Au Weng Hei, William

General Sales Manager: Mr. Tang Cheong Lok, Johnnie

CAPITAL

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

Issued Share Capital: HK$10,000.00

SHAREHOLDERS

(As per registry dated 14-05-2011)

Name		No. of shares
AU Weng Hei		5,000
LUNG Suet Shum		5,000
		––––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 14-05-2011)

Name (Nationality)	Address
AU Weng Hei (Chinese)	House 19, Seabee Lane, Headland Village, Discovery Bay, Lantau Island, Hong Kong.
LEUNG Kam Yan	Room 1533, 15/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong

SECRETARY

(As per registry dated 14-05-2011)

Name	Address	Co. No.
Glory Point Ltd.	Room 1533, 15/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong	0185790

HISTORY

The subject was incorporated on 14th May, 1996 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 1533-1534, 15/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect from 1st November, 2011 where is also the subject’s warehouse.

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

OPERATIONS

Activities : Importer and Exporter.

Lines : All kinds of leather hide, leather products (leather shoes and handbags) and chemicals for leather processing.

Employees : 13. (Including associates)

Commodities Imported : Imported from Spain, Italy, South America, India, etc.

Markets : Hong Kong, China and other Asian countries.

Group Turnover : HK$230~280 million.

Terms/Sales : As per contracted.

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

FINANCIAL INFORMATION

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

Issued Share Capital: HK$10,000.00

Mortgage or Charge: (See attachment)

Profit or Loss: Made small profits in the past years.

Condition: Keeping in an active state.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

Bank of China (Hong Kong) Ltd., Hong Kong.

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

Standing: Normal.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Golden Easy Ltd. is a private limited company equally owned by Mr. William Au Weng Hei and Ms. Lung Suet Shum. Formerly the shares held by Ms. Lung Suet Shum was held by Mr. Kong Yu Choi.

The subject moved to the present address in November 2011.

The subject has got an associated company Hop Ying International Leather Co. Ltd. [Hop Ying] located at the same operating address. Mr. Au and Mr. Kong are the directors and founders of Hop Ying.

The subject is engaged in the same lines of business Hop Ying. It is one of the members of the Hop Ying Group.

Founded in 1983, the Hop Ying Group is one of the largest leather trading companies and distributors in Hong Kong. The subject is responsible for sourcing, importing, marketing and distributing raw cattle hides, wet cow hides, cow hides, goat and sheep skins, and chemical products for tanning. The Group is engaged in importing and exporting all kinds of raw hides, crusts, finished leather, as well as leather products. Trading countries and regions include the United States, South America, Europe, Southeast Asia, India, Bangladesh, Thailand, South Korea, Japan, Argentina, Pakistan, etc.

In order to ensure the quality of the products, the Group has set up subsidiary or associated companies in Taiwan, Singapore and Australia, and representative offices in Italy, Brazil and India. The Group markets the leather materials primarily in Hong Kong and China. Customers include tanneries, leather dealers and leather product and leather garment manufacturers. Besides, the Group is also importing and wholesaling leather products, such as shoes and handbags. Hop Ying Group’s annual sales turnover ranges from HK$230 to 280 million. Business is rather active.

Mr. William Au, aged 53, is the co-founder of the Hop Ying Group and has over 33 years of experience in the leather industry. He is responsible for the overall management of the Group and directly supervising the activities of raw materials sourcing and products marketing. Au has got a Diploma in Management for Executive Development from the Chinese University of Hong Kong. He is a Committee Member of The Hong Kong Hide & Leather Traders’ Association Ltd.

The subject has a history of over fifteen years and eight months.

On the whole, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.28
UK Pound	1	Rs.78.09
Euro	1	Rs.65.58

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.