MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	WELL FLOURISH LTD.

Registered Office :	Room 603A, 6/F., Sun Cheong Industrial Building, 1 Cheung Shun Street, Kowloon

Country :	Hong Kong

Date of Incorporation :	20.01.1981

Com. Reg. No.:	07271676

Legal Form :	Private Limited Company

Line of Business :	Importer, Exporter and Wholesaler of all kinds of fabrics, etc.

No. of Employees :	04

RATING & COMMENTS

MIRA’s Rating :

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

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

Company name

WELL FLOURISH LTD.

Company ADDRESS

Room 603A, 6/F., Sun Cheong Industrial Building, 1 Cheung Shun Street, Kowloon, Hong Kong.

PHONE: 2422 6262

FAX: 2489 1187

E-MAIL: wfknit@netvigator.com

MANAGEMENT

Managing Director: Mr. Tang Kwing

SUMMARY

Incorporated on: 20th January, 1981.

Organization: Private Limited Company.

Capital: Nominal: HK$2,000,000.00

Issued: HK$2,000,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 4.

Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.

Banking Relation: Good.

Company ADDRESS

Registered Head Office:-

Room 603A, 6/F., Sun Cheong Industrial Building, 1 Cheung Shun Street, Kowloon, Hong Kong.

Associated Company:-

Chi Shing Fabrics Ltd., Hong Kong. (Same address) [Dissolved]

BUSINESS REGISTRATION NUMBER

07271676

COMPANY FILE NUMBER

0092351

MANAGEMENT

Managing Director: Mr. Tang Kwing

CAPITAL

Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)

Issued Share Capital: HK$2,000,000.00

SHAREHOLDERS

(As per registry dated 20-01-2012)

Name		No. of shares
TANG Kwing		16,550
CHEUNG Kwok Hung		2,300
TANG Po Wan		1,150
		––––––
	Total:	20,000 =====

DIRECTORS

(As per registry dated 20-01-2012)

Name (Nationality)	Address
TANG Kwing	Flat A, 15/F, Block 3, Sunny Villa, Tsuen Wan, New Territories, Hong Kong.
TANG Po Wan	Flat A, 5/F., Block A, Golden Villa, Ting Kau, Tsuen Wan, New Territories, Hong Kong.
CHEUNG Kwok Hung	Flat A, 5/F., Block A, Golden Villa, Ting Kau, Tsuen Wan, New Territories, Hong Kong.

SECRETARY

CHEUNG Kwok Hung (As per registry dated 20-01-2012)

HISTORY

The subject was incorporated on 20th January, 1981 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 Wholesaler.

Lines: All kinds of fabrics, etc.

Employees: 4.

Commodities Imported: Europe, India, China, other Asian countries, etc.

Markets: Hong Kong, Macau, other Asian countries, etc.

Terms/Sales: As per contracted.

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)

Issued Share Capital: HK$2,000,000.00

Mortgage or Charge: (See attachment)

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.

Bankers:-

Hang Seng Bank Ltd., Hong Kong.

Citibank (Hong Kong) Ltd., Hong Kong.

Standing: Normal.

GENERAL

Having issued 20,000 ordinary shares of HK$100.00 each, Well Flourish Ltd. is jointly owned by Mr. Tang Kwing, holding 82.75% interests; Mr. Cheung Kwok Hung, holding 11.50%; Ms. Tang Po Wan, 5.75%. All are Hong Kong merchants. They are also directors of the subject.

The subject is a fabric trader. It had an associated company Chi Shing Fabrics Ltd. [Chi Shing] located at its operating address. Incorporated on 7th June, 1983, Chi Shing has been dissolved since 27th February, 1996. It was also a fabric trader.

The subject is trading all kinds of fabrics imported from the United Kingdom, other European countries, India, China, other Asian countries, etc. Prime markets are Hong Kong, Macau, other Asian countries, etc. Business is steady. In Hong Kong, it has had a number of customers which are retailing firms.

The subject’s business is chiefly handled by Mr. Tang Kwing who has been engaged in the lines of business for a very long time. Regular foreign suppliers and customers have been maintained.

As the history of the subject is over thirty-one years in Hong Kong, on the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

Date	Particulars	Amount
18-03-2011	Instrument: Assignment of Insurance Policy Property: Name of the Iinsured: Cheung Kwok Hung Policy No.: 28003053 Effective date of the Policy: 7th March, 2011 Mortgagee: Hang Seng Bank Ltd., Hong Kong.	To secure all sums of money, debts and liabilities
18-03-2011	Instrument: Assignmenet of Insurance Policy Property: Name of the Iinsured: Tang Po Wan Policy No.: 28003051 Effective date of the Policy: 7th March, 2011 Mortgagee: Hang Seng Bank Ltd., Hong Kong.	To secure all sums of money, debts and liabilities
17-03-2011	Instrument: Charge Over Deposits Property: All monies and deposits now or hereafter in time deposit Account No. 368-087128 kept by the Company to Hang Seng Bank Limited. Mortgagee: Hang Seng Bank Ltd., Hong Kong.	To secure all monies and liabilities.
15-02-2012	Instrument: Legal Charge/Mortgage Property: 1,850/172, 630th parts or shares of and in Lot No.269 in Demarcation District No. 354 (Flat A on 1st Floor of Block 2 together with the yard appurtenant thereto of Sunny Villa, Nos. 218-240 Castle Peak Road, Ting Kau, Tsuen Wan, New Territories, Hong Kong. Mortgagee: Citibank (Hong Kong) Ltd., Hong Kong.	All moneys in respect of general banking facilities and interest thereon.
15-02-2012	Instrument: Legal Charge/Mortgage Property: 110/172, 630th parts or shares of and in Lot No. 269 in Demarcation District No. 354 (Car Parking Space No. 54 on Lower Ground Floor of Sunny Villa, Nos. 218‑240 Castle peak Road, Ting kau, Tsuen Wan, New Territories, Hong Kong). Mortgagee: Citibank (Hong Kong) Ltd., Hong Kong.	All moneys in respect of general banking facilities and interest thereon.

15-02-2012

Instrument: Legal Charge/Mortgage

Property:

30/172, 630th parts or shares of and in Lot No. 269 in Demarcation District No. 354 (Car Parking Space No. 158 on Ground Floor of Sunny Villa, Nos. 218-240 Castle Peak Road, Ting Kau, Tsuen Wan, New Territories, Hong Kong).

Mortgagee: Citibank (Hong Kong) Ltd., Hong Kong.

All moneys in respect of general banking facilities and interest thereon.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

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%)

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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.