MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	HEAD SUN TRADING LTD.
Registered Office :	Unit B, 11/F., Victoria Heights Building, 192-194 Nathan Road, Kowloon
Country :	Hong Kong
Date of Incorporation :	28.05.1991
Com. Reg. No.:	14807026
Legal Form :	Private Limited Company
Line of Business :	subject was a shoe manufacturing machinery and equipment trader
No. of Employees :	150 (Greater China region)

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Dissolved
Payment Behaviour :	---
Litigation :	---

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

HEAD SUN TRADING LTD.

Company ADDRESS

Registered Office:-

Unit B, 11/F., Victoria Heights Building, 192-194 Nathan Road, Kowloon, Hong Kong.

Important Note:

Your “Unit B, 19/F., Yun Kei Commercial Building, 680-682 Shanghai Street, Kowloon, Hong Kong” belongs to a firm also known as “Head Sun Trading Ltd.” which has not registered with the Companies Registry of Hong Kong. Please refer to “Remarks” of this report

BUSINESS REGISTRATION NUMBER

14807026

COMPANY FILE NUMBER

0311830

DATE OF INCORPORATION

28th May, 1991.

CAPITAL

Nominal Share Capital: HK$600,000.00 (Divided into 600,000 shares of HK$1.00 each)

Issued Share Capital: HK$600,000.00

SHAREHOLDERS

(As per registry dated 28-05-1999)

Name	Occupation	No. of shares
TU Yen Chuan	Merchant	132,000
HSIEH Chin Tse	Merchant	117,000
HUANG I Tang	Merchant	117,000
WANG Long Hsiang	Merchant	117,000
YEN Hwa Chou	Merchant	117,000
		–––––––
	Total:	600,000 ======

DIRECTORS

(As per registry dated 15-06-1999)

Name (Nationality)	Address
TANG Sau Mui	Unit B, 11/F., Victoria Heights Building, 192-194 Nathan Road, Kowloon, Hong Kong.
YEUNG Joi Ping	Unit B, 11/F., Victoria Heights Building, 192-194 Nathan Road, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 28-05-1999)

Name	Address	Co. No.
Offshore Nominee & Secretarial Ltd.	Unit B, 11/F., Victoria Heights Building, 192-194 Nathan Road, Kowloon, Hong Kong.	668496

GENERAL

Please be advised that Head Sun Trading Ltd. was a private limited company which has been struck off the Hong Kong Companies Registry. It was formally struck off on 20th May, 2005, the date of the publication of Gazette Notice No. 2333. The subject has been accordingly dissolved by striking off since the date of the publication of the notice.

According to the Companies Registry of Hong Kong, the subject was incorporated on 28th May, 1991 as a private limited liability company under the Hong Kong Companies Ordinance.

Before dissolved, the subject was located at Unit B, 11/F., Victoria heights Building, 192-194 Nathan Road, Kowloon, Hong Kong. Its telephone and fax number were 2730 3665 and 2730 4741 respectively.

According to the Companies Registry of Hong Kong, the subject had issued 600,000 ordinary shares of HK$1.00 each of which 22% was held by Mr. Tu Yen Chuan, the balance 78% was equally held by four persons: Mr. Hsieh Chin Tse, Mr. Huang I Tang, Mr. Wang Long Hsiang and Mr. Yen Hwa Chou. All the shareholders were Taiwanese. Directors of the subject were Ms. Tang Sau Mui and Ms. Yeung Joi Ping. Both were Hong Kong businesswomen.

The contact person of the subject was Mr. Shi Weiren.

The subject was a shoe manufacturing machinery and equipment trader.

Although the subject has been dissolved by striking off, it keeps on doing business with foreign parties under the name of Head Sun Trading Ltd. Please refer to “Remarks” in the following item.

Since the subject has been dissolved by striking off, on the whole, consider it not suitable for any business engagements.

REMARKS:

To our knowledge, there is another firm also known as Head Sun Trading Ltd. [Head Sun] which has not registered with the Companies Registry of Hong Kong. Head Sun is considered the same firm which has been dissolved by striking off on 20 May, 2005. Please refer to the following details:-

Name: Head Sun Trading Ltd. [Head Sun]

Address: Unit B, 19/F., Yun Kei Commercial Building,
680-682 Shanghai Street, Kowloon, Hong Kong.

[Tel: 2789 2168; Fax: 2789 2598]

Affiliated/Associated Companies:

Head Sun Machinery (Shanghai) Co. Ltd.

[Shanghai Head Sun] China.

Head Sun Machinery (Shenzhen) Co. Ltd.

[Shenzhen Head Sun], China.

Sysco Machinery (Shanghai) Co. Ltd., China.

Sysco Machinery Corporation, Taiwan.

General

Head Sun has not registered with the Companies Registry of Hong Kong. It has got three affiliated (or associated) companies in China while two in Shanghai and one in Shenzhen Special Economic Zone.

Head Sun seems to be an associated company of Sysco Machinery Corporation [Sysco] which is a Taiwan-based firm. The Chairman of Sysco Mr. Chan-Kun Yen is a Taiwanese.

Head Sun is engaged in the same lines of business as Sysco. Currently Sysco is trading in hydraulic cutting machines and systems, shoe making machines, credit card manufacturing equipment and machinery, mobile phone and digital camera electronic components, etc. All the products bear the brand name of “Sysco” and “Head Sun”.

China, Europe and North America are Sysco and Head Sun’s prime markets. The Shanghai and Shenzhen firms are responsible for marketing and distributing the machinery and equipment in China.

Head Sun has had a number of customers in the United States. One of its customers Associated Pacific Machine Corporation is a US-based firm.

The contact person of Head Sun in Hong Kong Mr. Tu Yen Chuan is the largest shareholder of the dissolved firm.

Tu is also the person in charge of Shenzhen Head Sun which is located at Flat 827, Block B, First Block, Honglong Square, Baomin Road, Bao’an District, Shanzhen SEZ, China. Its phone and fax number are 86‑755‑2769 5608 and 86-755-2769 5615 respectively.

Shanghai Head Sun was set up in 2004. It is trading in the same commodities as Shenzhen Head Sun.

The total employees of Head Sun in the Greater China region is about 150 persons.

Head Sun has not been registered in Hong Kong may be due to it has no activities in Hong Kong.

On the whole, since Head Sun has not registered with the Companies Registry of Hong Kong, consider it not suitable for any business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.43

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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