MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	MEDI-TOP (CHINA) INDUSTRY CO. LTD.
Registered Office :	c/o C & W (Nominees) Ltd. Flat A, 12/F., Foo Cheong Building, 82-86 Wing Lok Street
Country :	Hong Kong
Date of Incorporation :	19.05.2003
Com. Reg. No.:	33623304
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is trading in medical equipment and accessories.
No. of Employees :	No employees in Hong Kong [It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.]

RATING & COMMENTS

MIRA’s Rating :

Ca

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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

MEDI-TOP (CHINA) INDUSTRY CO. LTD.

ADDRESS

Registered Office:-

c/o C & W (Nominees) Ltd.

Flat A, 12/F., Foo Cheong Building, 82-86 Wing Lok Street, Hong Kong.

[Tel: 852-2541 4221; Fax: 852-2542 3485]

BUSINESS REGISTRATION NUMBER

33623304

COMPANY FILE NUMBER

0847481

DATE OF INCORPORATION

19th May, 2003.

CAPITAL

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

Issued Share Capital: HK$1,000,000.00

SHAREHOLDERS

(As per registry dated 19-05-2013)

Name		No. of shares
YUAN Jian		999,999
CKC Nominees Ltd., Hong Kong.		1
		––––––––
	Total	1,000,000 =======

DIRECTORS

(As per registry dated 19-05-2013)

Name (Nationality)	Address
WONG Kwok Keung, Scott	Flat D, 27/F., Ka Ting Lau, Ka Wai Chuen, 5 Fat Kwong Street, Hunghom, Kowloon, Hong Kong.
LIAO Lei	No. 2 Jiuhuashan, Yue Yang Lou District, Yue Yang, China.
YUAN Jian	No. 7, Din Gate, Building 137, South Hospital, Guangzhou Military College, Guangzhou, Guangdong Province, China.

SECRETARY

(As per registry dated 19-05-2013)

Name	Address	Co. No.
C & W (Nominees) Ltd.	Flat A, 12/F., Foo Cheong Building, 82-86 Wing Lok Street, Hong Kong.	0207503

GENERAL

Medi-Top (China) Industry Co. Ltd. was incorporated on 19th May, 2003 as a Private Limited Liability Company under the Hong Kong Companies Ordinance.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Flat A, 12/F., Foo Cheong Building, 82‑86 Wing Lok Street, Hong Kong known as C & W (Nominees) Ltd. [C & W] which is handling its correspondences and documents. C & W is also the corporate secretary of the subject. Your given phone number 852‑2541 4221 belongs to C & W.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 1 million ordinary shares of HK$1.00 each which are almost wholly owned by Mr. Yuan Jian who is a China merchant. The director of the subject are Mr. Wong Kwok Keung Scott, Mr. Liao Lei and Mr. Yuan Jian. The first is a Hong Kong merchant, while the second and third are China merchants residing in China.

The subject is trading in medical equipment and accessories. For instance, in early this year, it sold ‘blood tubing lines of dialysis’ to a Pakistan company known as Dora Enterprises.

The subject has had close business ties with a number of medical equipment suppliers in China.

It is likely that the subject has got an associated company in Guangzhou, Guangdong Province, China which is also operated by Yuan. The Guangzhou firm is also a medical equipment trader.

It is also likely that the China firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.

The subject’s business nominally is handled by Wong Kwok Keung who is the Hong Kong director of the subject.

The subject’s business in Hong Kong is not active. History in Hong Kong is over ten years and four 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 L/C basis.

NOTE:

It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Report Prepared by :

SDA

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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