MIRA INFORM REPORT

Report Date :

12.07.2012

IDENTIFICATION DETAILS

Name :	WING YIP INTERNATIONAL LTD.
Registered Office :	Flat A & B, 6/F., Gee Luen Chang Industrial Building, 11 Yuk Yat Street, Tokwawan, Kowloon
Country :	Hong Kong
Date of Incorporation :	30.06.2004
Com. Reg. No.:	34710160
Legal Form :	Private Limited Company.
Line of Business :	Importer, Exporter and Retailer of all kinds of bedding products, etc
No. of Employees :	20. (Including shops)

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Hong Kong	A2	A2

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

Company name

WING YIP INTERNATIONAL LTD.

company ADDRESS

Flat A & B, 6/F., Gee Luen Chang Industrial Building, 11 Yuk Yat Street, Tokwawan, Kowloon, Hong Kong.

PHONE: 2330 6811

FAX: 2364 1719

E-MAIL: info@cherry-italy.com

MANAGEMENT

Managing Director: Ms. Cheng Shuk Fong

SUMMARY

Incorporated on: 30th June, 2004.

Organization: Private Limited Company.

Capital: Nominal: HK$100,000.00

Issued: HK$2.00

Business Category: Importer, Exporter and Retailer.

Employees: 20. (Including shops)

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Flat A & B, 6/F., Gee Luen Chang Industrial Building, 11 Yuk Yat Street, Tokwawan, Kowloon, Hong Kong.

Retail Shop:-

Cherry Bedding Specialty Shop, Hong Kong.

Associated Company:-

Kashing Metal & Machines Co., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

34710160

COMPANY FILE NUMBER

0909135

MANAGEMENT

Managing Director: Ms. Cheng Shuk Fong

CAPITAL

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

Issued Share Capital: HK$2.00

SHAREHOLDERS

(As per registry dated 30-06-2011)

Name	Occupation	No. of shares
CHENG Shuk Fong	Merchant	1
CHENG Shuk Lai	Merchant	1
		––
	Total:	2 ==

DIRECTORS

(As per registry dated 30-06-2011)

Name (Nationality)	Address
CHENG Shuk Lai	5/F., 44 Kai Tak Road, Kowloon City, Kowloon, Hong Kong.
CHENG Shuk Fong	2/F., Block B, Lot 825, DD216, 15 Tai Wan Village, Sai Kung, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 30-06-2011)

Name	Address
TAM Ching Yee	Flat 303, 3/F., Oi Yin House, Tsz Oi Court II, Tsz Wan Shan, Kowloon, Hong Kong.

HISTORY

The subject was incorporated on 30th June, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer, Exporter and Retailer.

Lines: All kinds of bedding products, etc.

Brand Name: “Cherry®”.

Employees: 20. (Including shops)

Commodities Imported: Italy, other European countries, etc.

Markets: Hong Kong, other Asian countries, etc.

Terms/Sales: COD or as per contracted.

Terms/Buying: As per contracted.

FINANCIAL INFORMATION

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

Issued Share Capital: HK$2.00

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather 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: Normal.

GENERAL

Having issued 2 ordinary shares of HK$1.00 each, Wing Yip International Ltd. is equally owned by Ms. Cheng Shuk Fong and Ms. Cheng Shuk Lai. Being Hong Kong businesswomen, both are also directors of the subject.

The subject is trading in all kinds of bedding products such as the followings:

pillows, mattresses, cushions, bedding, mattresses, etc.

Most of the products are imported from Italy.

The subject has registered its trade marks “Cherry®” and “Cherry Collection” with Trade Marks Registry, Intellectual Property Department, the Government of the Hong Kong SAR.

Currently the subject has had three its own specialty shops known as Cherry Bedding Specialty Shops which are retailing the subject’s “Cherry Collection”. Its products are also retailed in the other firms and departmental stores. Its shops are located at the following districts:

· Olympian City 3, Kowloon, Hong Kong;

· East Point Centre, Tseung Kwan O, Kowloon, Hong Kong; &

· Tin Chak Shopping Centre, Tin Chak Estate, Tin Shui Wai, Hong Kong.

The subject’s business is chiefly handled by the two shareholders. History in Hong Kong is about eight years.

On the whole, consider the subject good for normal business engagements in moderate credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.37
UK Pound	1	Rs.85.95
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

MNL

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.