MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	HONG KONG CHUN CHEONG INDUSTRIAL LIMITED

Registered Office :	Rm. 1102B, Tower 2, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Rd., Kowloon,

Country :	Hong Kong

Date of Incorporation :	22.06.1995

Com. Reg. No.:	19185891

Legal Form :	Private Limited Liability Company

Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

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 :	Offshore Company
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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies

Source : CIA

Company name and address

Company Name (in Chinese):	香港振昌實業有限公司
Company Name (in English):	HONG KONG CHUN CHEONG INDUSTRIAL LIMITED
Supplied Name:	HONG KONG CHUN CHEONG INDL LIMITED
Supplied Address:	RM 1804-5 18/F, Bank CTR 36 Nathan Road Mongkok KLN

Note: The exact name is as above.

Special Note

We cannot find subject’s any operation information or valid contact information in Hong Kong through public files according to supplied name.

We visited the supplied address but did not find the subject on it. We found another company named Raymond Lam & Associates locating on it, which is engaged in providing of registration and accounting services, etc. The relevant staff of the company declined to disclose any information of the subject.

As the registered address is that of a secretary corporate (Profa-way Company), based on subject’s registered files and our investigation, we consider subject as an offshore company.

We found subject’s registered files from local registry, supplying as following for reference.

Company Identification Details

Registered Name:	HONG KONG CHUN CHEONG INDUSTRIAL LIMITED
Registered Address:	Rm. 1102B, Tower 2, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Rd., Kowloon, Hong Kong
Date of Registration:	1995-6-22
Registered Number:	518555
Business Registration No.:	19185891
Paid-up Capital:	HKD 1,500,000 (USD 193,500) = 1,500,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD)
Legal Form:	Private Limited Liability Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-6-22

History

Subject was incorporated on 1995-6-22 with the registered number 518555 as Private Limited Liability Company in Hong Kong.

Change of Name:

Date

Change

1999-4-28

Hong Kong Chun Cheong Industrial Limited

香港振昌實業有限公司

1995-6-22

Wen Hong Industrial Enterprise Co. Limited

文虹實業有限公司

Corporate Structure

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Shareholders

Name	Subscription Shares	Proportion of Investment (%)
Liu Chien Long	675,000	45%
Lee Shih Ho	337,500	22.5%
Mr. Pan Lung Yao	337,500	22.5%
Mr. Huang Cheng-chi	150,000	10%
Total	1,500,000	100%

Major Shareholder Information:

1
Name:	Liu Chien Long
Address:	6^th F, 180 Hennessy Rd., Wanchai, Hong Kong
2
Name:	Lee Shih Ho
Address:	No. 726, No. 8, 68 Lane, Wen Fa Er Rd., Nan Si Village Lin Kau Heung, Taipei, Taiwan
3
Name:	Mr. Pan Lung Yao
Address:	3F, No. 132-5, Chung Hsing N Street, San Chung, Taipei, Taiwan
4
Name:	Mr. Huang Cheng-chi
Address:	4F, No. 10 Lane 142, Sec. 4, Chung Hsin Rd., Chung Hsin Rd., San Chung, Taipei, Taiwan

Management Information

Core Management

Detailed Information of Directors:

1
Name:	Lee Shih Ho
Address:	No. 726, No. 8, 68 Lane, Wen Fa Er Rd., Nan Si Village Lin Kau Heung, Taipei, Taiwan
Position:	Director
Passport Number:	M16239571
Issuing Country:	Taiwan
2
Name:	Huang Cheng-chi
Address:	4F, No. 10 Lane 142, Sec. 4, Chung Hsin Rd., Chung Hsin Rd., San Chung, Taipei, Taiwan
Position:	Director
Passport Number:	X0627122
Issuing Country:	Taiwan
3
Name:	Mr. Pan Lung Yao
Address:	3F, No. 132-5, Chung Hsing N Street, San Chung, Taipei, Taiwan
Position:	Director
Passport Number:	M17167116
Issuing Country:	Taiwan
4
Name:	Liu Chien Long
Address:	6^th F, 180 Hennessy Rd., Wanchai, Hong Kong
Position:	Director & Secretary
Passport Number:	132586049
Issuing Country:	Taiwan

Operation Information

Subject does not have business entity in Hong Kong.

Financial Information

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public

Mortgage Record

No mortgage record was found.

Lawsuits

Up to now, no present or latent litigation of the subject has been found.

High Court Action:	Clear
High Court Baukufty Bankruptcy Proceedings:	Clear
High Court Commercial Action:	Clear
High Court Construction & Arbitration Proceedings:	Clear
High Court Companies Winding-Up:	Clear

Attachment

Address: Rm. 1804-5, 18F, Bank Centre, 36 Nathan Rd., Mongkok, Kowloon, Hong Kong

Bank Centre, 36 Nathan Rd., Mongkok, Kowloon, Hong Kong

18F, Bank Centre, 36 Nathan Rd., Mongkok, Kowloon, Hong Kong

Rm. 1804-5, 18F, Bank Centre, 36 Nathan Rd., Mongkok, Kowloon, Hong Kong

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	DIV

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.