MIRA INFORM REPORT

Report Date :

10.03.2012


Tel. No.:	00852-26740077
Fax No.:	00852-24822311

IDENTIFICATION DETAILS

Name :	TSUN FUNG LOGISTIC LTD.

Formerly Known As :	Tsun Fung Car Transportation Co. Ltd.

Registered Office :	Room 214, 2/F., Yue Tin House, Pak Tin Estate, Sham Shui Po, Kowloon

Country :	Hong Kong

Date of Incorporation :	12.07.2002

Com. Reg. No.:	33615638

Legal Form :	Private Limited Company.

Line of Business :	Logistic Services

No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

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

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)

Hong Kong

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

Company name

TSUN FUNG LOGISTIC LTD.

Company ADDRESS

Room 214, 2/F., Yue Tin House, Pak Tin Estate, Sham Shui Po, Kowloon, Hong Kong.

PHONE: 2674 0077

FAX: 2482 2311

MANAGEMENT

Managing Director: Mr. Ng Kwok Lun

SUMMARY

Incorporated on: 12th July, 2002.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10.00

Business Category: Logistic Services.

Employee: 1.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Room 214, 2/F., Yue Tin House, Pak Tin Estate, Sham Shui Po, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

33615638

COMPANY FILE NUMBER

0805836

MANAGEMENT

Managing Director: Mr. Ng Kwok Lun

CAPITAL

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

Issued Share Capital: HK$10.00

SHAREHOLDER

(As per registry dated 12-07-2011)

Name		No. of shares
NG Kwok Lun		10 ==

Name

No. of shares

NG Kwok Lun

DIRECTOR

(As per registry dated 12-07-2011)

Name (Nationality)	Address
NG Kwok Lun	Unit B, 4/F., Tower 5, Lakeview Garden, 21 Yau On Street, Shatin, New Territories, Hong Kong.

Name

(Nationality)

Address

NG Kwok Lun

Unit B, 4/F., Tower 5, Lakeview Garden, 21 Yau On Street, Shatin, New Territories, Hong Kong.

SECRETARY

(As per registry dated 12-07-2011)

Name	Address	Co. No.
Strategy Consultants Ltd.	Room 1101A, 11/F., Causeway Bay Commercial Building, 1-5 Sugar Street, Hong Kong.	0527155

HISTORY

The subject was incorporated on 12th July, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Tsun Fung Car Transportation Co. Ltd., name changed to the present style on 31st March, 2003.

Long time ago, the subject was located at Flat A, 15/F., Kapok Industrial Building, 373 Tokwawan Road, Tokwawan, Kowloon, Hong Kong, moved to Unit B, 4/F., Tower 5, Lakeview Garden, 21 Yau On Street, Shatin, New Territories, Hong Kong in June 2003 and further to the present address in late 2011.

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

OPERATIONS

Activities & Lines: Logistic Services.

Employee: 1.

Business Territories: Hong Kong, Southern China, etc.

Terms/Services: COD or as per contracted.

FINANCIAL INFORMATION

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

Issued Share Capital: HK$10.00

Profit or Loss: Making a very small profit every year.

Condition: Keeping in a fair manner.

Facilities: Adequate for current running.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Having issued 10 ordinary shares of HK$1.00 each, Tsun Fung Logistic Ltd. is wholly owned by Mr. Ng Kwok Lun who is a Hong Kong merchant. He is also the only director of the subject.

The subject’s registered address is located at Room 214, 2/F., Yue Tin House, Pak Tin Estate, Sham Shui Po, Kowloon, Hong Kong where is in a residential building. This is supposed to be the new residence of Ng. Ng can be reached at your given phone number 852-2674 0077.

The subject has had a single employee in Hong Kong. It is engaged in the following business:-

· Offices, household removals

· Waste and garbage collection

The subject’s business is chiefly handled by Ng himself. Business is just fairly active. Business territories cover Hong Kong and Shenzhen Special Economic Zone, China.

Long time ago, the subject was engaged in transportation. It helped clients ship and transport pyjamas and other garments. It also exported garments. However, the subject has changed the course of its business since mid-2003.

The history of the subject in Hong Kong is over nine years and seven months.

Since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.02
UK Pound	1	Rs.79.00
Euro	1	Rs.66.18

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.