MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	FONG’S NATIONAL DYEING AND FINISHING MACHINERY (MACAO COMMERCIAL OFFSHORE) COMPANY LIMITED

Registered Office :	Em Macau, Avenida Da Praia Grande NºS 762-804, China Plaza G12

Country :	Macau

Date of Incorporation :	12.04.2005

Com. Reg. No.:	SO 20958

Legal Form :	Private Limited Liability Company

Line of Business :	Providing daily files handling services.

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 :	Moderate
Payment Behaviour :	No complaints
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.

MACAU - ECONOMIC OVERVIEW

Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China''s decision to relax travel restrictions on Chinese citizens wishing to visit Macau. - In 2013, Macau's gaming-related taxes accounted for more than 85% of total government revenue. Macau''s economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010-13, largely on the back of tourism from mainland China and the gaming sectors. In 2013, this city of 607,500 hosted nearly 29.3 million visitors. Almost 64% came from mainland China. Macau''s traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. China is Macau''s second largest goods export market, behind Hong Kong, and followed by the United States. In 2013, exports were US$1.1 billion, while gaming receipts were US$45.2 billion, an 18.6% increase over 2012. Macau''s economy expanded by 11.9% in 2013; although impressive, it was a slower growth rate than in previous years. Macau continues to face the challenges of managing its growing casino industry, money-laundering, and the need to diversify the economy away from heavy dependence on gaming revenues. Macau''s currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory

Source : CIA

Company Details

Company Name (in Chinese):	方氏立信染整機械（澳門離岸商業服務）有限公司
Company Name (in English):	Fong’s National Dyeing And Finishing Machinery (Macao Commercial Offshore) Company Limited
Company Name (in Portuguese):	Fong’s National Maquinas De Tinturaria E Acabamentos (Comercial Offshore De Macau) Limitada
Supplied Name:	Fong’s National Dyeing and Finishing Machinery (Macao Commercial Offshore) Co., Ltd
Trading Address:	Em Macau, Avenida Da Praia Grande NºS 762-804, China Plaza G12
Supplied Address:	MACHINERY (MACAO COMMERCIAL OFFSHORE) CO. LTD UNIT G 12/F, ED. CHINA PLAZA 762-804 AVENIDA DA PRAIA GRANDE, MACAU
Telephone Number:	+853-2871-5941
Fax Number:	+853-2871-5942

Note: The exact name and address are as above.

Company Identification Details

Registered Name:	Fong’s National Dyeing And Finishing Machinery (Macao Commercial Offshore) Company Limited
Registered Address:	Em Macau, Avenida Da Praia Grande NºS 762-804, China Plaza G12
Date of Registration:	2005-4-12
Business Registered Number:	SO 20958
Legal Form:	Private Limited Liability Company
Registered Capital:	MOP 100,000 (USD 12,260) (As of 2014.09, 1 MOP = 0.1226 USD)
Principal Activities:	Providing daily files handling services.
Staff:	N/A
Listed at Stock Exchange:	No
Information Ended at:	2014-8-22

Notes: Subject declined to disclose the number of staff, and we cannot obtain the information from other source.

History

Subject was incorporated on 2005-4-12 with registered number SO 20958 as Private Limited Liability Company in Macao.

Corporate Structure

Related Company

Name:	Fong's Industries Company Limited
Address:	8/F., 22-28 Cheung Tat Road, Tsing Yi, Hong Kong
Tel:	+852-2497-3300
Fax:	+852-2432-2552

Group Offices

1
Name:	Shenzhen Office
Address:	17-19, Lixin Road, Danzhutou Industrial Zone, Nanwan Sub-District, Longgang District, Shenzhen, Guangdong, PRC
Tel:	+86-755-8473-6288
Fax:	+86-755-8473-6154
2
Name:	European Office
Address:	Milchgrundstrasse 32, 74523 Schwäbisch Hall, Germany
Tel:	+49-791-403-0
Fax:	+49-791-403-166

Shareholders

Unit: MOP

Name	Subscription Amount	Proportion of Investment (%)
Fong’s Manufacturers Company Limited	100,000	100%
Total	100,000	100%

Major Shareholder Information:

Name:	Fong’s Manufacturers Company Limited
Address:	P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands

Management Information

Core Management

Board of Directors:

1
Name:	Wan Wai Yung
Address:	Room B, 27F, Block 2, Manhattan Hill, Lai Chi Kok, Kowloon, Hong Kong
Position:	Director
Marital Status:	Married
Gender:	Male
2
Name:	Leung Sheung Wai
Address:	No. 11, Farm Rd., Kowloon, Hong Kong
Position:	Director
Marital Status:	Married
Gender:	Male
3
Name:	He Feng Xian
Address:	No. 1, Austin Road West, Kowloon, Hong Kong
Position:	Director
Marital Status:	Married
Gender:	Female
4
Name:	Ji Xin
Address:	Macau
Position:	Director
Marital Status:	Married
Gender:	Male
5
Name:	Lee Che Keung
Address:	Room B, 10 F, Hoi Ngan Mansion, Riviera Gardens, Tsuen Wan, NT, Hong Kong
Position:	Secretary
Marital Status:	Married
Gender:	Male
Authorized Signatures
Any two of the above directors can sign on behalf of the subject with seal affixed, or any one of the above directors on behalf of the company name or authorizes other person on behalf of the company name can sign on behalf of the subject with seal affixed.

Operation Information

Offices & Factories

	Office
Address:	Em Macau, Avenida Da Praia Grande NºS 762-804, China Plaza G12
Area:	131.90 square meters
Owned /Rented:	Rented

Premises Information

Office address:

Address:	Em Macau, Avenida Da Praia Grande NºS 762-804, China Plaza G12
Owners:	Companhia De Empreendimentos Marsul, Limitada
Matriz:	72019
Nature:	Urban
Duration:	Since 1995

Operation Information

l Subject is engaged in daily files handling service for its related companies in Hong Kong and they don’t take orders.

l It is introduced that the customers should be connected with its Hong Kong related Company directly.

l Subject’s related company in Hong Kong is engaged in sale of textile machines, etc.

l It is introduced that the selling territory of subject’s related company covers Southeast Asia, Europe and America, etc.

Settlements

Since subject is engaged in files handling without sales business, the settlement information is not available.

It is introduced that the details of settlements are to be negotiated.

Financial Information

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

Subject’s relevant staff declined 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 cannot obtain the relevant information, either.

Special Note

Name:

Mr. Li

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	SUB

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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