MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	JIUKANG INDUSTRIAL CO. LTD.

Registered Office :	C/o HK Enterprise Registrationa Service Centre Co. Ltd. Room 1101, 11/F., San Toi Building, 139 Connaught Road Central

Country :	Hong Kong

Date of Incorporation :	17.11.2010

Com. Reg. No.:	53295347

Legal Form :	Private Limited Liability Company

Line of Business :	Subject trading in the following commodities:- · Electric Hospital Bed; · Manual Hospital Bed; · Baby Bed; · Hospital Chair; · Operation Table; · Over-bed Table; · Mattress; · Dental Chair; · Wheel Chair; · Commode Chair; · Stretcher; · Hospital Cart Series; · Hospital Table; · Hospital Cabinets; & · Hospital Other Stainless Steel Series.

No. of Employee :	No Employee 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 :

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 – 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

Note

Formerly located at:

C/o GBS International Business Ltd.

Unit E, 15/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong.

Company name

JIUKANG INDUSTRIAL CO. LTD.

ADDRESS

Registered Office:-

C/o HK Enterprise Registrationa Service Centre Co. Ltd.

Room 1101, 11/F., San Toi Building, 139 Connaught Road Central, Hong Kong.

[Tel: 852-3520 2070; Fax: 852-3520 2067]

China Associated Companies:

Guangzhou Kangway Medical Equipment Co. Ltd.

Room 2202, West Tower, Zhonglv Business Building, Tianhe Beilinle Road, Tianhe District, Guangzhou, Guangdong, China.

Shenzhen Kangway Medical Equipment Co. Ltd., China.

BUSINESS REGISTRATION NUMBER

53295347

COMPANY FILE NUMBER

1529216

DATE OF INCORPORATION

17th November, 2010.

ISSUED SHARE CAPITAL

HK$10,000.00

SHAREHOLDER

(As per registry dated 17-11-2014)

Name

No. of shares

XIE Yuan Qin

10,000

=====

DIRECTOR

(As per registry dated 17-11-2014)

Name

(Nationality)

Address

XIE Yuan Qin

Room 1206, No. 274 Zhongshan Dadao Zhong, Tianhe District, Guangzhou City, China.

SECRETARY

(As per registry dated 17-11-2014)

Name	Address	Co. No.
HK Enterprise Registrationa Service Centre Co. Ltd.	Room 1101, 11/F., San Toi Building, 139 Connaught Road Central, Hong Kong.	1112272

HISTORY

The subject was incorporated on 17th November, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject’s registered address was located at Unit E, 15/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong where was the operating office of a commercial service provider GBS International Business Ltd. It moved to the present address in November 2014 as it has changed its commercial service provider since then.

Apart from these, neither material change nor amendment has been ever traced and noted.

GENERAL

Jiukang Industrial Co. Ltd. was incorporated in November 2010 as a private limited liability company.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1101, 11/F., San Toi Building, 139 Connaught Road Central, Hong Kong known as HK Enterprise Registrationa Service Centre Co. Ltd. which is handling its correspondences and documents. This company is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each which are wholly-owned by Ms. Xie Yuan Qin who is a China businesswoman.

She is a China ID holder and does not have the right to reside in Hong Kong permanently. She is also the only director of the subject.

The subject has the following two associated companies in China:-

Guangzhou Kangway Medical Equipment Co. Ltd. [Guangzhou Kangway]

Shenzhen Kangway Medical Equipment Co. Ltd. [Shenzhen Kangway]

Kangway is trading in all kinds of medical equipment. The subject is trading in the same products as Kangway. Kangway is trading in the following commodities:-

· Electric Hospital Bed;

· Manual Hospital Bed;

· Baby Bed;

· Hospital Chair;

· Operation Table;

· Over-bed Table;

· Mattress;

· Dental Chair;

· Wheel Chair;

· Commode Chair;

· Stretcher;

· Hospital Cart Series;

· Hospital Table;

· Hospital Cabinets; &

· Hospital Other Stainless Steel Series.

Products are marketed in China and exported to the other Asian countries, Europe, North America, etc. Business is normal.

The contact person of Kangway is also Ms. Xie Yuan Qin. Guangzhou Kangway was set up in May 2003. Its registered capital was RMB5.6 million Yuan. Kangway’s products are manufactured by Shenzhen Kangway. It has about 300 employees.

Kangway also trades in European products. It is also the agent of Laerdal of Norway, Limb & Things of the United Kingdom, 3B of Germany, etc. Foreign products are marketed in China and re-exported to the other Asian countries.

The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and a month.

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

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.