MIRA INFORM REPORT

Report No. :	325293
Report Date :	27.07.2015

IDENTIFICATION DETAILS

Name :	ETERNITY PAPER (HONG KONG) LIMITED
Formerly Known As :	WYNN PAPER (HONG KONG) LIMITED
Registered Office :	Suite 2507, 25/F., FWD Financial Centre, 308 Des Voeux Road Central
Country :	Hong Kong
Date of Incorporation :	28.06.2010
Com. Reg. No.:	1473367
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 :

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 :	Moderate
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Hong Kong	A1	A1

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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Contact Points

Company Name (in English):	ETERNITY PAPER (HONG KONG) LIMITED
Supplied Name:	ETERNITY PAPER HONG KONG LTD
Supplied Address:	SUIT 2507, 25 FLOOR, ING TOWER, 308 DES VOEUX ROAD

Note: The exact name is as above and the supplied address belongs to “David Ho & Company CPA”.

Special Note

We made an on-site visit to the supplied address and did not find subject.

The company’s (David Ho & Company CPA) relevant staff based on the supplied address introduced that his company provides registered service to subject and there was no subject’s staff working here.

We also checked the supplied telephone number +852-2388-9987 and fax number +852-2388-0398. He confirmed all the contact information belongs to his company not subject.

According to the supplied name and address, we cannot find subject’s any operation information or other valid contact information in Hong Kong through public files

Up to the date of report, we failed to find subject in Hong Kong, if you kindly supply further information such as current telephone number, we’d like to continue our investigation.

We found the registration information of subject from local registry, supplying as follows for reference.

Company Identification Details

Registered Name:	Eternity Paper (Hong Kong) Limited
Registered Address:	Suite 2507, 25/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong
Date of Registration:	2010-6-28
Registered Number:	1473367
Business Registration No.:	52517772
Paid-up Capital:	HKD 1,000,000 (USD 129,000) = 1,000,000 Shares@ HKD 1 (As of 2015.02, 1 HKD = 0.1290 USD)
Legal Form:	Private Limited Liability Company
Principal Activities:	N/A
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-6-28

Note: Since we didn’t find subject, the principal activities and staff number are not available from any sources.

History

Subject was incorporated on 2010-6-28 with the registered number 1473367 as Private Limited Liability Company in Hong Kong.

Change of Name:

Date	Change
2010-8-12	Eternity Paper (Hong Kong) Limited
2010-6-28	Wynn Paper (Hong Kong) Limited

Transfer of Shares:

2013-8-8
Transferred From	No. of Shares Transferred	Transferred To
Qian Jiang Yu	250,000	Sung Chi Ping Benze
Chang In Hong	100,000	Wang Kun
	100,000	Yang Shaoqing
2014-6-10
Wang Kun	100,000	Yang Shaoqing

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 (%)
Sung Chi Ping Benze	800,000	80%
Yang Shaoqing	200,000	20%
Total	1,000,000	100%

Major Shareholder Information:

1
Name:	Sung Chi Ping Benze
Address:	Room B, 7/F., Lai Po Building, 232 Tong Mi Road, Kowloon, Hong Kong
2
Name:	Yang Shaoqing
Address:	No.10-1, Gaoyang Village, Chunjiang Street, Fuyang City, Zhejiang Province, China

Former Shareholders Information:

1
Name:	Qian Jiang Yu
Address:	No.55-1, Qianjia Zhuang, Tingshan Village, Dayuan Town, Fuyang City, Zhejiang Province, China
2
Name:	Chang In Hong
Address:	903-2403, Hyundai 9^th Apt., 576 Gwangjang-Dong Gwangjin-ku, Seoul, Korea
3
Name:	Wang Kun
Address:	No.432, 1-218 Sandao Hangren Building, Gulou South Street Dong Gao, Sha Po Tou District, Ningxia Zhongwei City, China

Management Information

Core Management

Detailed Information of Directors:

1
Name:	Sung Chi Ping Benze
Address:	Room B, 7/F., Lai Po Building, 232 Tong Mi Road, Kowloon, Hong Kong
Position:	Director
ID Number:	P158090(A)
2
Name:	Yang Shaoqing
Address:	No.10-1, Gaoyang Village, Chunjiang Street, Fuyang City, Zhejiang Province, China
Position:	Director
ID Number:	330123197302134310
3
Name:	MG Capital Asia Limited
Address:	Suite 2507, 25/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong
Position:	Corporate Secretary
Registered Number:	1396254

Operation Information

Offices & Factories

We cannot confirm subject current trading address at this stage.

Operation Information

Since we didn’t get in touch with subject, the operation information cannot be obtained by any other sources.

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.

Since we didn’t get in touch with subject, the financial information is not available from any sources.

Bankers

Since we didn’t contact subject successfully, the bank information is not available from any sources.

Public

Mortgage Record

1
Company Name:	Eternity Paper (Hong Kong) Limited
Instrument of Creating Mortgage:	Assignment of DC Proceeds
Date of Creating Mortgage:	2014-5-7
Name of Mortgagee:	The Hongkong and Shanghai Banking Corporation Limited
Address of Mortgagee:	No.1 Queen’s Road Central, Hong Kong
2
Company Name:	Eternity Paper (Hong Kong) Limited
Instrument of Creating Mortgage:	Assignment of Life Insurance
Date of Creating Mortgage:	2014-6-5
Name of Mortgagee:	The Hongkong and Shanghai Banking Corporation Limited
Address of Mortgagee:	No.1 Queen’s Road Central, Hong Kong

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

FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong

FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong

25/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong

Suite 2507, 25/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.89
UK Pound	1	Rs.99.10
Euro	1	Rs.70.12

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SDA

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.