MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	RAPIDFIX INDUSTRIAL (ASIA) LTD.
Registered Office :	Flat 1902, 19/F., Henan Building, 90-92 Jaffe Road, Wanchai,
Country :	Hong Kong
Date of Incorporation :	29.12.2008
Com. Reg. No.:	50152203
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of hardware, fasteners
No. of Employees :	No employees in Hong Kong 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.

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 and address

RAPIDFIX INDUSTRIAL (ASIA) LTD.

ADDRESS: c/o Gold Profit Services Ltd.

Flat 1902, 19/F., Henan Building, 90-92 Jaffe Road, Wanchai, Hong Kong.

PHONE: 852-2861 9883

FAX: 852-2861 9885

MANAGEMENT

Managing Director: Mr. Zhao Cheng

SUMMARY

Incorporated on: 29th December, 2008.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$1.00

Business Category: Importer and Exporter.

Employees: Nil.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Office:-

c/o Gold Profit Services Ltd.

Flat 1902, 19/F., Henan Building, 90-92 Jaffe Road, Wanchai, Hong Kong.

Shanghai Head Office:-

Shanghai Rapidfix Industrial Solutions Co. Ltd., China.

[Tel.: 86-21-5465 3298 Fax: 86-21-5465 5398]

Associated Companies:-

PT. Rapidfix Industrial Indonesia, Indonesia.

Rapidfix Industrial (Taiwan) Co. Ltd., Taiwan.

Rapidfix Industrial Fasteners (Kunshan) Co. Ltd., China.

Rapidfix Industrial Singapore Pte. Ltd., Singapore.

Rapidfix Industrial Trading (Guangzhou) Co. Ltd., China.

Rapidfix Zhuhai Welding Centre, China.

Shanghai Rapidfix Import & Export Co. Ltd., China.

Shanghai Rapidfix Industry & Trade Co. Ltd., China.

BUSINESS REGISTRATION NUMBER

50152203

COMPANY FILE NUMBER

1297137

MANAGEMENT

Managing Director: Mr. Zhao Cheng

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$1.00

SHAREHOLDER: (As per registry dated 29-12-2012)

Name	No. of share
ZHAO Cheng	1 =

DIRECTOR: (As per registry dated 29-12-2012)

Name (Nationality)	Address
ZHAO Cheng	T8/8D, No 33, Lane 2222, Hong Qiao Road, Shanghai, China.

SECRETARY: (As per registry dated 29-12-2012)

Name	Address	Co. No.
Gold Profit Services Ltd.	509 Bank of America Tower, 12 Harcourt Road, Central, Hong Kong.	0183415

HISTORY

The subject was incorporated on 29th December, 2008 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: Importer and Exporter.

Lines: Hardware, Fasteners

Employees: Nil.

Commodities Imported: Europe, Japan, etc.

Markets: China, Taiwan, Indonesia, Vietnam, other Asian countries, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: As per contracted.

MEMBERSHIP

The Hong Kong General Chamber of Commerce, Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$1.00

Mortgage or Charge:-

Date of Security over Deposits with the Bank (Fixed Deposits) Limited Company - Under Seal: 15-03-2010

Amount: (i) all monies in any currency owing by the Depositor to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person, (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Depositor or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge and recovering any indebtedness of the Depositor.

Property: HK$170,000 under Deposit A/C No. 808-594956 (0001)

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

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

Standing: Small.

GENERAL

RapidFix Industrial (Asia) Ltd. is wholly-owned by Mr. Zhao Cheng who is a China merchant. Zhao is a China merchant holding a Canada passport. Being the only the director of the subject, he does not have the right to reside in Hong Kong permanently. Currently, Zhao is residing in Shanghai, China.

The subject does not have its own operating office. Its registered office is in an accountant firm located at “Flat 2, 19/F., Henan Building, 90‑92 Jaffe Road, Hong Kong” known as “Gold Profit Services Ltd.” which is handling its correspondences and documents. Its corporate secretary Gold Profit Services Ltd. is located at a different address.

The subject has no employees in Hong Kong.

The subject is a member of the Rapidfix Group which has its main office in Shanghai, China. The subject is the nominal headquarters of the Group.

The Group’s key member Shanghai Rapidfix Industrial Solutions Co. Ltd. [Rapidfix] is in Shanghai, China. The phone number of Shanghai Rapidfix is 86-21-5465 3298.

Rapidfix is a manufacturer and supplier of high-grade fasteners, produced in ISO 9001 and ISO/TS 16949 certified facilities in Taiwan, Vietnam and China. It is trading in the following products:-

Anchoring systems and concrete screws;

Custom engineered fasteners – special parts;

Self-drilling, concrete, timber and wood screws; &

Structural bolts and high-tensile fasteners.

Rapidfix has been formed for about 12 years and emerged out of the fastener and metal parts business. Since then business has grown significantly from products primarily related to metal to include a vast range of products and services which are handled by overseas divisions and international team members.

The firm was originally formed as a venture between shareholders from Canada, Hong Kong and Mainland China. With its Asia headquarter based in Shanghai, China, it keeps on expanding its presence to core industrial growth regions.

Rapidfix is involved in different kinds of industries through its supplied solution business, and these enable it to draw on in-depth expertise in the construction, heavy equipment, transportation, power generation and off‑shore industries.

Rapidfix is also a group of industrial companies working together to offer high-level industrial supplies and engineering consulting solutions within various sectors, such as renewable energies, welding, tools, surface treatments, working and protective gear and industrial components.

The Group is able to provide comprehensive and complete solutions for clients in wide range of industry sectors:-

Chemicals and petrochemicals;

Construction;

Heavy equipment & machinery;

Manufacturing;

Marine engineering: ship conversion, ship repair, ship building;

Mining, metals and materials;

Offshore engineering + construction, rig building;

Power generation, energy solutions;

Steel industry: steel mills, steel fabrication;

Transportation: automotive OEM, auto aftermarket; &

Water treatment.

The Group is an innovative industrial supply and industrial service group with operations in China, Hong Kong, Taiwan, Vietnam, Singapore, Malaysia and Indonesia. It provides customized industrial solutions for clients with specific needs in the manufacturing, construction, steel fabrication, power generation, marine engineering, automotive, and other sectors. Its services offering spans engineering solutions consultancy, sourcing, manufacturing, industrial MRO supply, equipment testing, certification, installation, maintenance and after sales. Its MRO product range includes power tools, power tool accessories, screws, fasteners, hardware, bearings, spare parts, metal cleaning solutions, personal protection equipment (PPE), welding equipment, welding accessories, testing instruments, industrial automation, purification equipment, dust cleaning technology, HVAC technology, hydraulic pumps and industrial automation. Its industrial logistics services include contract packaging, assembly, kitting, warehousing, manufacturing and assembly workshop rental. It also provides a range of market expansion services such as distribution, marketing, customer service, commercial administration and government relations, etc.

In China, the Group maintains a robust presence to meet the high demand of larger scale international industrial corporations and SMEs running operations or starting up new business in China. In addition to its operations are in Shanghai, Kunshan, Ningbo, Guangzhou and Zhuhai SEZ. It has also expanded its reach and customer service capability with its joint venture companies in Wuhan, Yizhen and Kunming.

Its service scope includes project consultancy, engineering feasibility studies, import export, project planning and site management, equipment procurement, commissioning, quality control services, training and certification, industrial logistics, industrial facilities rental, packaging services, c-parts management, distribution, after sales service, market expansion services, global sourcing, distribution of spare parts, etc.

The CEO of the Group Mr. Simon Ding

It is likely that Rapidfix 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 in Hong Kong is not very active. History in Hong Kong is just over four 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 or in small credit amounts.

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.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NIS

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.