MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	CARY ELECTRONIC (HK) LTD.
Registered Office :	c/o Ease Corporate Services Ltd. Flat 1502, 15/F., Mega Trade Centre, 1-6 Mei Wan Street, Tsuen Wan, New Territories
Country :	Hong Kong
Date of Incorporation :	31.03.1992
Com. Reg. No.:	15480089
Legal Form :	Private Limited Liability Company
LINE OF BUSINESS :	TRADER OF ALL KINDS OF CAPACITORS, ELECTRICAL PRODUCT
No. of Employees :	Not Available 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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Hong Kong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

CARY ELECTRONIC (HK) LTD.

Company ADDRESS

c/o Ease Corporate Services Ltd.

Flat 1502, 15/F., Mega Trade Centre, 1-6 Mei Wan Street, Tsuen Wan, New Territories, Hong Kong.

PHONE: 852-2940 6680

FAX: 852-2940 6006

MANAGEMENT

Managing Director: Mr. Wang Hsin Yuan

SUMMARY

Incorporated on: 31st March, 1992.

Organization: Private Limited Company.

Paid Up Capital: HK$15,000,000.00

Business Category: Electrical Product Trader.

Employees: Nil.

Main Dealing Banker: Fubon Commercial Bank, Taipei, Taiwan.

Banking Relation: Satisfactory.

Company name

CARY ELECTRONIC (HK) LTD.

Company ADDRESS

Registered Head Office:-

c/o Ease Corporate Services Ltd.

Flat 1502, 15/F., Mega Trade Centre, 1-6 Mei Wan Street, Tsuen Wan, New Territories, Hong Kong.

Holding company:-

Camel Technology Corp., Taiwan.

Associated Companies:-

Camel Electronic (M) Sdn. Bhd., Malaysia.

Camel Electronic (Philippine) Inc., Philippines.

Camel Electronic (Shanghai) Co. Ltd., China.

Camel Electronic Dongguan Factory, China.

Camel Technology Industrial Corp., Taiwan.

BUSINESS REGISTRATION NUMBER

15480089

COMPANY FILE NUMBER

0351427

MANAGEMENT

Managing Director: Mr. Wang Hsin Yuan

PAID UP CAPITAL

HK$15,000,000.00

SHAREHOLDER

(As per registry dated 31-03-2014)

Name	No. of shares
Camel Technology Corp., Taiwan.	15,000,000 ========

DIRECTORS

(As per registry dated 31-03-2014)

Name (Nationality)	Address
WANG Hsiu Ying	Room 1306-1307, 13/F., International Trade Centre, 11‑19 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.
WANG Hsin Yuan	Room 1306-1307, 13/F., International Trade Centre, 11‑19 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.

SECRETARY

WANG Hsin Yuan (As per registry dated 31-03-2014)

HISTORY

The subject was incorporated on 31st March, 1992 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: Electrical Product Trader.

Lines: All kinds of capacitors.

Employees: Nil.

Commodities Imported: China, etc.

Markets: Taiwan, other Asian countries, etc.

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

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Paid Up Capital: HK$15,000,000.00

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: Fubon Commercial Bank, Taipei, Taiwan.

Standing: Small.

GENERAL

Cary Electronic (HK) Ltd. is a wholly-owned subsidiary of Camel Technology Corp. [Taiwan Camel] which is a Taiwan-registered company.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Flat 1502, 15/F., Mega Trade Centre, 1‑6 Mei Wan Street, 11‑19 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong known as Ease Corporate Services Ltd. which is handling its correspondences and documents.

The registered address of Taiwan Camel is located at the office of another secretarial company in Hong Kong. Its registered address is located at Room 1306-1307, 13/F., International Trade Centre, 11‑19 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong. This is also your which is incomplete.

The subject has no employees in Hong Kong. The directors of the subject Ms. Wang Hsiu Ying and Mr. Wang Hsin Yuan are Taiwan merchants. Both are Taiwan passport holders.

The subject is trading in the same commodities as Taiwan Camel which was founded in Kaohsiung City, Taiwan.

The followings are the main products of Taiwan Camel:-

1. Plastic Film Capacitors;

2. Tantalum Electrolytic Capacitors;

3. Mica Capacitors;

4. Motor Start Capacitors; &

5. IGBT Snubber Modules & Power Electronics Capacitors, etc.

Taiwan Camel now has set up a number of factories in Malaysia, Dongguan and Shanghai of China. Its factory in Dongguan City is known as Camel Electronic Dongguan Factory [Dongguan Camel] which was established in February 1994. Its factory area is 10,000 sq.m. and employing 280 workers. With a total investment of HK$10 million, Dongguan Camel is engaged in manufacturing Film Capacitors and Tantalum Capacitors. Products are marketed in China, exported to Taiwan, Japan, the other Asian countries, Europe, the United States, etc. The business of Taiwan Camel and Dongguan Camel is rather active. Dongguan Camel also accepts OEM orders.

Taiwan Camel is the largest supplier of film capacitor of Magnetec Corporation of the United States.

The subject’s business in Hong Kong is not active. History in Hong Kong is over 22 years and five 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 or in very 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.60.19
UK Pound	1	Rs.98.65
Euro	1	Rs.78.63

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	PDT

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.