MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	SHIUNG CORPORATION

Registered Office :	P. O. Box 3321 Road Town, Tortola

Country :	Virgin Islands (British)

Date of Incorporation :	23.09.2004

Legal Form :	International Business Company

Line of Business :	Offshore company

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Offshore company

Payment Behaviour :	Unknown

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Virgin Islands (British)

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

VIRGIN ISLANDS (BRITISH) - ECONOMIC OVERVIEW

The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism generating an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business. Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959

Source : CIA

GEOPOLITICS - BRITISH VIRGIN ISLANDS

POLITICAL DATA

ECONOMIC DATA

Form of Government: British overseas territory - Parliamentary system

Economic Risk: Nil

Currency: USD

Branch Situation:Stable

IDENTIFICATION

Ordered as:	SHIUNG CORPORATION
Address in the order:	P O Box 3321 Road Town Virgin Islands (British

Legal Name:	Shiung Corporation

Legal Address	P. O. Box 3321 Road Town, Tortola British Virgin Islands

Mailing Address	P. O. Box 3321 Road Town, Tortola British Virgin Islands
Telephone:	1-284-494-4541	Registration Number :	616025
Fax:	1-284-494-3016	Legal Form:	International Business Company
Email:	N.A.	Registered in:	British Virgin Islands
Website:	N.A.	Date Created:	September 23, 2004
Manager:	N.A.	Date Incorporated:	September 23, 2004
Staff:	0	Stock:	N.A.
		Value:	50,000 USD
Activity:	Offshore company

BANKS

Name of the Bank	HSBC
BUSINESS
PRINCIPAL ACTIVITY
	Shiung Corporation is an International Business Company / Offshore Company incorporated in the British Virgin Islands for tax purposes. However the company does not carry any operation in the British Virgin Islands. LINE OF BUSINESS : Finance and investment Subject has the following purposes and objects: The principal object is to engage either in the Virgin Islands or abroad, in the purchase, sell, disposal, dealing, transfer, barter, ownership, negotiate, finance, administration to grant guaranties in favor of obligation of third parties with or without mortgage or pledge of the corporation assets, give or borrowing money in loan, giving or taking in commission, mortgage, security, lease, use, usufruct, or receivership, any kind of property, whether real or personal stock or rights, and make and accept all kinds of deals, contracts, operations, business and transactions of lawful commerce. The corporation could engage also in fulfilling all activities, contracts, operations, business or transactions allowed by Law to the Corporation. In particular it is engaged in financial intermediation operations, participation in overseas companies, shareholdings, overseas investments in general, etc. According to informed by subject's resident agent, it is legally registered in the British Virgin Islands, with head offices abroad. It means that subject uses the British Virgin Islands territory only as its legal and administrative address, but all its operations are carried out abroad. It is under the same condition as many companies that are established in the British Virgin Islands, founded in order to protect their shareholder's investments and, to avail of tax exemption laws in that country. Subject's annual business volume is not disclosed by its Resident Agent.
Trade References:
	In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subject's payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.
The subject employs 0 employee(s)
Comments on staff:
	The subject uses the staff of the registered Agent.
PAYMENTS
	regular
LOCATION
Headquarters
	The Address mentioned above is that of the registered agent: Sealight Trust Limited P. O. Box 3321 Road Town, Tortola British Virgin Islands Tel#: 1-284-495-4541 Fax#: 1-284-495-3016 PHYSICAL ASSET HOLDINGS: No properties in the British Virgin Islands. Possible properties abroad are unknown.
Business Overview:
	BVI International Business Companies (IBCs) are the off-shore companies with a great number of advantages, such as: 1) Exemption from payment of any income tax; 2) Can conduct most business transactions (except conducting banking and insurance activities and other businesses with residents of the BVI; or to possess real estate in BVI); 3) Requires a minimum of only one shareholder and one director; 4) The directors and shareholders can be entities or individuals resident in any country; 5) The shares can be issued to the bearer or registered; 6) The Board of Directors can meet in any part of the world and even by telephone; 7) The payment of minimum capital is not required, and the shares can be issued at par or non par value; 8) The names of the Directors, Officers and shareholders do not need to be registered in a public record 9) No need to file annual reports nor tax returns; 10) Can transfer its domicile and continue existing as a company incorporated under the laws of a jurisdiction outside of BVI; a foreign company can also become a BVI IBC; 11) Neither the minutes book nor the shares book need to be certified by any authority of BVI; 12) It is not necessary to carry out Directors or shareholder meetings on a regular basis. 13) The name of the company must include the word 'Limited', 'Corporation' or 'Incorporation', or the abbreviation 'Ltd.', 'Corp.', 'Inc.' or 'S.A.'. Names in Chinese characters may also be recorded. 14) It is not necessary to issue shares of the company, unless the Board of directors decides so. 15) The IBC can be dissolved by resolution of the Board of directors, if no shares have been issued. In case that the shares have been issued, the company must be dissolved through a shareholders resolution. 16) All the dividends, interest, rents, royalties, compensations and other amounts paid by company established under the IBC Act to persons that are non-residents of BVI are exempt from payment of income tax. The capital gains earned from the sale of whatever shares or other securities of an IBC are also exempt from payment of any tax.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is owned by foreign shareholders.
Management:
	It is locally managed by the registered agent mentioned above. The agent declined to give any information on the subject, who is protected by the law of non disclosure.

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
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
Turnover	0
Operating Income	6,900,000
Net Income	6,900,000
Net worth	37,000,000
Bank liabilities	0
The cash flow is	Normal

Currency	DATE
USD	2010
Turnover	0
Operating Income	6,600,000
Net Income	6,600,000
Net worth	30,000,000
Bank liabilities	0
The cash flow is	Normal

Currency	DATE
BRL	2008
Turnover	0
Operating Income	5,900,000
Net Income	5,900,000
Net worth	23,000,000
Bank liabilities	0
The cash flow is	Very Good

Legal Filings

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

Rating

Local credit bureau did not rate this company.
Final Opinion
	We are reporting upon a finance and investments company which belongs to foreign shareholders. Although it is registered in the British Virgin Islands, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject. As there are no visible assets, and taking into account also that it is unknown as making use of credit facilities, credit in general must be regarded as a matter of confidence, and amounts of certain importance would have to be secured by collateral.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	GOOD	Public	NO
Indebtedness	NIL	Payments	REGULAR
Cash	VERY GOOD

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.96
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

PDT

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