MIRA INFORM REPORT

Report Date :

21.11.2012

IDENTIFICATION DETAILS

Name :	FORTUNE SHIP TECHNOLOGY (HK) LTD.
Registered Office :	c/o Alpha Partners, Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central
Country :	Hong Kong
Date of Incorporation :	01.03.2012
Com. Reg. No.:	59470498
Legal Form :	Private Limited Company
Line of Business :	Trader of Electronic Product.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Business
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)
Hong Kong	A2	A2

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

HONG KONG - ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Source : CIA

Company Name

FORTUNE SHIP TECHNOLOGY (HK) LTD.

COMPANY ADDRESS

c/o Alpha Partners

Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.

PHONE: 2512 0588

FAX: 2512 0580

MANAGEMENT

Managing Director: Mr. Yao Jiang Chao

SUMMARY

Incorporated on: 1st March, 2012.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Electronic Product Trader.

Employees: Nil.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Office:-

c/o Alpha Partners

Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.

Holding Companies:-

Shenzhen Fortune Ship Technology Co. Ltd.

Room 401, A-B District, TCL King Electronics Company, 33 Nanhai Road, Nanshan District, 518067 Shenzhen Special Economic Zone, China.

[Tel: 86-755-21608600 or 86-755-21608678

Fax: 86-755-26027070 Email: cngdsznslyz@163.com ]

Associated Company:-

Huizhou Fortune Ship Technology Co. Ltd., China.

BUSINESS REGISTRATION NUMBER

59470498

COMPANY FILE NUMBER

1711624

MANAGEMENT

Managing Director: Mr. Yao Jiang Chao

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 01-03-2012)

Name	No. of shares
Shenzhen Fortune Ship Technology Co. Ltd. No. 401, A B District, TCL Ace Electronics Company, No. 33 Nanhai Road, Nanshan District, Shenzhen, China.	10,000 =====

DIRECTOR

(As per registry dated 01-03-2012)

Name (Nationality)	Address
YAO Jiang Chao	No. 2 Lejin Road West, Huicheng District, Huizhou City, Guangdong Province, China.

SECRETARY

(As per registry dated 17-03-2012)

Name	Address	Co. No.
Worldtrade Business Consulting (HK) Ltd.	Flat A, 7/F., Kwun Ngan House, 751A Nathan Road, Mongkok, Kowloon, Hong Kong.	1004807

HISTORY

The subject was incorporated on 1st March, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.

Initially the subject’s registered address was located at c/o Conson Secretarial Ltd., Room 703, 7/F., Kowloon Building, 555 Nathan Road, Kowloon, Hong Kong, moved to the present address with effect from 17th March, 2012, as the subject has changed its commercial service provider.

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

OPERATIONS

Activities: Electronic Product Trader.

Lines: Mobile phones, electronic products, electronic devices, etc.

Employees: Nil.

Commodities Imported: Europe, US, Asian countries, etc

Markets: China, other Asian countries, etc.

Terms/Sales: L/C, T/T, etc.

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

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Too early to comment.

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

Standing: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Fortune Ship Technology (HK) Ltd. is wholly owned by Shenzhen Fortune Ship Technology Co. Ltd. [SFST] which is a China-based firm.

The only director of the subject Mr. Yao Jiang Chao is a China merchant. He is a China ID Card holder and does not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong known as Alpha Partners which is handling its correspondences and documents. It has no employees in Hong Kong.

Yao Jiang Chao is the legal representative of SFST.

SFST is trading in the following commodities: mobile phones, electronic products, electronic devices, etc. Commodities are sourced from China, prime markets are China, Japan, other Asian countries, Europe, etc.

The subject has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00152962-RU.

In late 2011, SFST decided to build a factory in Huizhou City, Guangdong Province, China. Having a site area of about 30,000 sq.m., this firm is known as Huizhou Fortune Ship Technology Co. Ltd. [Huizhou Fortune Ship].

Huizhou Fortune Ship commenced business on 30th March, 2012. On 7th July, 2012, this firm got ISO9001:2008 certification.

According to the subject, the monthly export of Huizhou Fortune Ship is about 1.5 million handsets.

Fortune Ship has 8 production bases, a total of 80 SMT lines and 60 assembly lines. There are nearly 20,000 square meters and more than 1,500 workers in Huizhou Fortune Ship factory. The company has introduced many advanced technologies and facilities from overseas, such like FUJI (XP series, NXT series chip mounter), MPM UP2000 printer, JT, Reflow oven, EL-EM5700N automatic sub-board machine, X-RAY, thickness measurement, and so on.

Moreover, Huizhou factory will strengthen the products line, ensure quality continuously, and provide high quality after-sales service, to make it one of the most competitive companies in communication industry.

It is also likely that SFST deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. SFST also exports mobile phones to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not active. History in Hong Kong is just over eight months.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.91
UK Pound	1	Rs.87.38
Euro	1	Rs.70.23

INFORMATION DETAILS

Report Prepared by :

SMN

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.