MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	EAST CHINA SEAS HOLDINGS CORP. LTD.

Registered Office :	C/o OCRA (Hong Kong) Ltd. 3905-8, Two Exchange Square, 8 Connaught Place, Central

Country :	Hong Kong

Date of Incorporation :	21.02.2001

Com. Reg. No.:	31601841

Legal Form :	Private Limited Company

Line of Business :	Trader of Frozen Seafood

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	No Operating Office in Hong Kong
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

(31.03.2011)

Current Rating

(30.06.2012)

Hong Kong

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 and address

EAST CHINA SEAS HOLDINGS CORP. LTD.

ADDRESS: c/o OCRA (Hong Kong) Ltd.

3905-8, Two Exchange Square, 8 Connaught Place, Central, Hong Kong.

PHONE: 2522 0172

FAX: 2522 4720

MANAGEMENT

Managing Director: Ms. Zong Bei

SUMMARY

Incorporated on: 21st February, 2001.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000.00

Issued: HK$2.00

Business Category: Frozen Seafood Trader.

Employees: Nil.

Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Office:-

c/o OCRA (Hong Kong) Ltd.

3905-8, Two Exchange Square, 8 Connaught Place, Central, Hong Kong.

Beijing Office:-

B 620, Nan Xin Cang Tower, 22, Dong Si Shi Tiao, Beijing, 100007 China.

[Telephone: +86 10 6409 6818 Fax: +86 10 6409 6891

E-mail: didier@eastchinaseas.com]

Associated Company:-

A.B.C. Specialty Foods Ltd., United Kingdom.

BUSINESS REGISTRATION NUMBER

31601841

COMPANY FILE NUMBER

0747623

MANAGEMENT

Managing Director: Ms. Zong Bei

CAPITAL

Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)

Issued Share Capital: HK$2.00

SHAREHOLDERS

(As per registry dated 21-02-2012)

Name		No. of shares
Didier Marie Germaine E. G. BOON		1
ZONG Bei		1
		–
	Total:	2 =

DIRECTORS

(As per registry dated 21-02-2012)

Name (Nationality)	Address
ZONG Bei	Greenlake - Guang Hu. 3/2. 3102, No 88 East Fourth Ring North Road, Chaoyang District, Beijing 100025, China.
Didier Marie Germaine E. G. BOON	Greenlake - Guang Hu. 3/2. 3102, No 88 East Fourth Ring North Road, Chaoyang District, Beijing 100025, China.

Name

(Nationality)

Address

ZONG Bei

Greenlake - Guang Hu. 3/2. 3102, No 88 East Fourth Ring North Road, Chaoyang District, Beijing 100025, China.

Didier Marie Germaine E. G. BOON

Greenlake - Guang Hu. 3/2. 3102, No 88 East Fourth Ring North Road, Chaoyang District, Beijing 100025, China.

SECRETARY

(As per registry dated 21-02-2012)

Name	Address	Co. No.
First Secretaries Asia Ltd.	Room 3908, 39/F., Exchange Square, 8 Connaught Place, Central, Hong Kong.	0316976

HISTORY

The subject was incorporated on 21st February, 2001 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: Frozen Seafood Trader.

Lines: All kinds of aquatic products, etc.

Employees: Nil.

Commodities Imported: China, etc.

Markets: Worldwide.

Terms/Sales: As per contracted.

Terms/Buying: Various terms.

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)

Issued Share Capital: HK$2.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: Bank of China (Hong Kong) Ltd., Hong Kong.

Standing: Small.

GENERAL

East China Seas Holdings Corp. Ltd. is equally owned by Mr. Didier Marie Germaine E. G. Boon and Ms. Zong Bei. The subject has just issued 2 ordinary shares of HK$1.00 each while each of the holding companies holds a single share.

The former is a Belgium passport holder while the latter is a China passport holder. They are also directors of the subject and do not have the right to reside in Hong Kong p ermanently.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 3905-8, 39/F., Exchange Square, 8 Connaught Place, Central, Hong Kong” known as “OCRA (Hong Kong) Ltd.” which is handling its correspondences and documents. An associated company of OCRA (Hong Kong) Ltd. known as First Secretaries Asia Ltd. is the corporate secretary of the subject. This firm is also located at the above‑mentioned address.

The subject has no employees in Hong Kong.

To our knowledge, the subject has had an associated company A.B.C. Specialty Foods Ltd. in the United Kingdom.

The subject also has had its headquarters in Beijing, China which is referred to East China Seas.

East China Seas is a Commercial company created by 4 Chinese factories and an European company, ABC Specialty Foods Ltd. It has been processing and exporting seafood from China to 82 countries worldwide for more than 10 years.

East China Seas is trading in the following products:-

All Fish, native or processed in China: Monkfish, Tilapia, Catfish, Cod, Salmon, Rock & Yellow Fin Soles, Saithe, Hake, Hoki, Red Fish, Mackerel, Surimi sticks, salad, Prawns, lobster, etc.
Bivalves: Bay/Queen & Sea/king scallops, Clams, Blue & Green lips Mussels;
Cephalopods: Squid, cuttlefish, Octopus;
Seafood mix, skewers, breaded, battered seafood, etc.
Shrimps, wild and Farmed.

East China Seas opened office in Vietnam in about 2005. Its main products are Pangasius/Basa, Shrimps, Clams, Tuna, Mahi Mahi, etc.

East China Seas employs 60 people in China and 5 in Vietnam. More than half of the staff belongs to the QC department.

East China Seas’ main office is located in Beijing. It also has had inspector’s offices in Qingdao, Zhoushan, Xiamen Special Economic Zone and Zhejiang Province.

East China Seas also has set up overseas offices in the United Kingdom, Thailand, India besides Vietnam. The business of the Group is active.

The Managing Director of East China Seas is Didier Marie Germaine E. G. Boon.

The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven years.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.07
UK Pound	1	Rs.84.95
Euro	1	Rs.68.24

INFORMATION DETAILS

Report Prepared by :

PRL

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.