MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	LUEN FU INTERNATIONAL DEVELOPMENT LTD.

Registered Office :	Unit A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road, Tsuen Wan, New Territories

Country :	Hong Kong

Date of Incorporation :	27.03.2008

Com. Reg. No.:	39091755

Legal Form :	Private Limited Company

Line of Business :	Logistic Service Provider of Electronic products, IT products and equipment, auto electronics, household electric appliances, etc.

No. of Employees :	12

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

LUEN FU INTERNATIONAL DEVELOPMENT LTD.

Company ADDRESS

Unit A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong.

PHONE: 2423 3133

FAX: 2423 3144

MANAGEMENT

Managing Director: Mr. Li Wen Guo

SUMMARY

Incorporated on: 27th March, 2008.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Logistic Service Provider.

Employees: 12.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Unit A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong.

Associated Companies:-

Shenzhen Nianfu Industrial Enterprises Co. Ltd.

Shenzhen Nianfu Supply Chain Co. Ltd.

14/F., West Tower, Time Technology Building, 7028 Shennan Dadao, Futian District, Shenzhen Special Economic Zone, China.

[Tel: 86-755-8273 0606; Fax: 86-755-8273 9678]

BUSINESS REGISTRATION NUMBER

39091755

COMPANY FILE NUMBER

1220644

MANAGEMENT

Managing Director: Mr. Li Wen Guo

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

SHAREHOLDER

(As per registry dated 27-03-2012)

Name		No. of share
LI Wen Guo		10,000 =====

Name

No. of share

LI Wen Guo

10,000

=====

DIRECTOR

(As per registry dated 27-03-2012)

Name (Nationality)	Address
LI Wen Guo	Room A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong.

Name

(Nationality)

Address

LI Wen Guo

Room A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road,

Tsuen Wan, New Territories, Hong Kong.

SECRETARY

(As per registry dated 27-03-2012)

Name	Address	Co. No.
Askin Accounting & Secretarial Ltd.	Room 1601, 16/F., 113 Argyle Street, Mong Kok, Kowloon, Hong Kong.	0700724

HISTORY

The subject was incorporated on 27th March, 2008 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: Logistic Service Provider.

Lines: Electronic products, IT products and equipment, auto electronics, household electric

appliances, etc.

Employees: 12.

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

Markets: China, other Asian countries, Europe, North America, etc.

Terms/Sales: L/C or as per contracted.

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

(since 2011): (See attachment)

Profit or Loss: Making a small profit in the past two years.

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:-

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

Nanyang Commercial Bank Ltd., Hong Kong.

Standing: Normal.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Luen Fu International Development Ltd. is wholly owned by Mr. Li Wen Guo who is also the only director of the subject.

The subject is a logistic service provider. It is engaged in providing customers with the following commodities: Electronic Products, IT Products and Equipment, Auto Electronics, Household Electric Appliances, etc.

The subject has had two main associated companies in Shenzhen Special Economic Zone, China:-

· Shenzhen Nianfu Industrial Enterprises Co. Ltd. [Nianfu]

· Shenzhen Nianfu Supply Chain Co. Ltd. [NFSC]

Established in 2000, Nianfu is trading in the same commodities as the subject. As at end of 2009, the total assets of Nianfu amounted to RMB5 billion Yuan.

NFSC was established in July 2008. NFSC provides clients with the following services:-

· Commodities Sourcing

· Logistic Service

· Financing

· Marketing Information

Nianfu has set up a warehouse in Futian District. The subject is also a warehousing base of Nianfu. Business has been expanding.

Now, Nianfu has set up associated companies in Beijing, Shanghai, Guangzhou, Wuhan, Chongqing, Changsha, etc.

The subject’s business is chiefly administered by Mr. Li Wen Guo. It is fully supported by Nianfu.

As the history of the subject is over four years and a month in Hong Kong, on the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

(Since 2011)

Date	Particulars	Amount
22-02-2011	Instrument: Security over Deposits Property: A deposit with chargee in the amount of CNY3,500,000.00 under Deposit A/C No. 808-854301 Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Amount secured - (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, (ii) interest on such monies (both before and after any demand or judgment), to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge
03-05-2011	Instrument: Charge on Deposit Property: Deposit account No. 043-513-9-202885-6 Mortgagee: Nanyang Commercial Bank Ltd., Hong Kong.	To secure the payment of all moneys, obligations and liabilities
03-05-2011	Instrument: Charge on Deposit Property: Fixed deposit under signature number 002 and customer number 043-0831802-6 Mortgagee: Nanyang Commercial Bank Ltd., Hong Kong.	To secure the payment of all moneys, obligations and liabilities
03-05-2011	Instrument: Charge on Deposit Property: Deposit account No. 043-513-1-017358-1 Mortgagee: Nanyang Commercial Bank Ltd., Hong Kong.	To secure the payment of all moneys, obligations and liabilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.37

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.