MIRA INFORM REPORT

Report Date :

03.01.2012

IDENTIFICATION DETAILS

Name :	INTERWORLD DEVELOPMENT INC

Registered Office :	5407 Eglinton Street, Burnaby BC, V5G 2B4

Country :	Canada

Year of Establishment :	2004

Com. Reg. No.:	Not Available

Legal Form :	Corporation for Profit

Line of Business :	Lumber & Wood Product Wholesalers

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 30,000.
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Canada

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

GEOPOLITICS

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Legal Name:	INTERWORLD DEVELOPMENT INC

Legal Address	5407 Eglinton Street, Burnaby BC, V5G 2B4, Canada.
Operative Address	5407 Eglinton Street, Burnaby BC, V5G 2B4, Canada.
Telephone:	+1 (604) 299-5796	Registration Number :	N/A
Fax:	+1 (604) 291-0288	Legal Form:	Corporation for Profit
Email:	info@interworldev.com	Registered in:	Canada
Website:	www.interworldev.com	Date Created:	2004
Manager:	Gary cheng, Director	Date Incorporated:	N/A
Staff:	5	Stock:	N/A
		Value:	N/A
Activity:	Lumber & Wood Product Wholesalers.

BANKS

Name of the Bank

Royal Bank of Canada

BUSINESS

HISTORY
	This company was created in the year 2004.
PRINCIPAL ACTIVITY
	The subject is categorized under Lumber & Wood Product Wholesalers. InterWorld Development was established in 2004 and is the overseas purchasing and sales arm for Cheung Hing Fat Ltd.
Products/Services description:
	From the purchasing of raw materials of western red cedar for Cheung Hing Fat Ltd. factories, to sales of the bevel sidings, InterWorld, located in Vancouver BC, acts as the frontline of the entire operation. Interworld Development plays a major role in all sales, purchasing and manufacturing of SPF, WRC, Hemlock, and panel products that fall outside of the jurisdiction of Hong Kong and China.
Sales are:
	Wholesale.
Clients:
	Professionals of the industry.
Operations area:
	National, International.
The company imports from Asia mainly.
The company export to Hong Kong, China.
The subject employs 5 employees.
Comments on staff:
	The staff number was not verified by the company. It was provided from outside sources.
PAYMENTS
	Regular.
LOCATION
Headquarters
	This company is headquartered at 5407 Eglinton Street, Burnaby BC, V5G 2B4.
Branches:
	This company has an office in Hong Kong: Rm 335, 3rd Floor World Trade Square Fanling, N.T., Hong Kong.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a privately held company. It is a wholly owned subsidiary of "Cheung Hing Fat Ltd.", a company based in Hong Kong.
Management:
	Gary Cheng, Director Bonnie Cheng, Director
Related Companies:
	Kam Yuen Building Supplies Mansion Cedar & Tai Hing Cheung Pallets Meadowood Industries & Yue Tai Construct

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the company. However, the contacted person stated that she was not authorized to provide financial information about the company without knowing the name of the inquiring party.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency	DATE
USD	2011 (forecast)
Turnover	2,100,000
The cash flow is	NORMAL

Currency	DATE
USD	2010
Turnover	1,760,640
The cash flow is	NORMAL

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a NORMAL credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a small sized Canadian company that has been in business since 2006 and it acts as the frontline operation of Cheung Hing Fat Ltd., a international company based in Hong Kong.

The company is active and doing business.

We have not found detrimental legal or labor filings against the subject within the district court.

The financial forecast for 2011 shows that the company has improved its performance in the market. And it is correct according to the company's size and amount of employees.

We believe that a credit line can be granted for USD 30,000.

summary

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	NORMAL

APPENDIX

Position
	Female Representative.
Comments
	We have contacted the company. However, the contacted person stated that she was not authorized to provide information about the company without knowing the name of the inquiring party.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.30
UK Pound	1	Rs.82.66
Euro	1	Rs.68.91

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.