MIRA INFORM REPORT

Report No. :	326823
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	(HONG KONG) STAR SHINE CORPORATION LIMITED
Registered Office :	Dongguan Representative Office, Room 909, Lianhe Building, Dongcheng South Road, Dongcheng District, Dongguan, Guangdong Province, 523000 Pr
Country :	China
Date of Incorporation :	04.07.2008
Com. Reg. No.:	441900500150149
Legal Form :	Representative Office
Line of Business :	Subject includes liaison business of leather and shoe materials trade for the foreign enterprises.
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 :	Representative Office in China
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
China	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

CHINA - ECONOMIC OVERVIEW

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US that year... Still, per capita income is below the world average.

The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.

Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.

Source : CIA

Company Name and Address

(HONG KONG) STAR SHINE CORPORATION LIMITED

DONGGUAN Representative office

ROOM 909, lianhe building, dongcheng south road, dongcheng district, dongguan, guangdong province, 523000 PR CHINA

TEL: 86 (0) 769-22670319 FAX: n/a

EXECUTIVE SUMMARY

INCORPORATION DATE : JULY 4, 2008

REGISTRATION NO. : 441900500150149

REGISTERED LEGAL FORM : REPRESENTATIVE OFFICE

CHIEF EXECUTIVE : VILSON BAUER (PRINCIPAL)

STAFF STRENGTH : N/A

REGISTERED CAPITAL : N/A

BUSINESS LINE : LIAISON

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : NOT YET DETERMINED

MARKET CONDITION : FAIR

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.23 = USD 1

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

CNY - China Yuan Renminbi

Note: The given name belongs to SC’s principal. And SC’s correct name is the heading one.

SC was registered as a representative office at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on July 4, 2008.

Company Status: Representative office

Foreign company, which has entered into a contract with a PR China co., is permitted to establish a representative office in PR China. The representative office may engage only in “non-direct operating activities” such as liaison, consulting, market research & general information gathering. At present, representative office is not allowed to employ local employees in its own name and must use PR China employment agencies.

SC’s registered business scope includes liaison business of leather and shoe materials trade for the foreign enterprises (if needed with permit).

SC is mainly engaged in providing business liaison service for its parent company.

Vilson Bauer is the principal of SC at present.

SC’s employee’s information is unavailable at present.

SC is currently operating at the above stated address, and this address houses its operating office in Dongguan. Detailed premise information is not available at present.

SC is not known to host website of its own at present.

No significant changes were found during our checks with the local Administration for Industry and Commerce.

Organization Code: 677095013

For the past two years there is no record of litigation.

PARENT COMPANY:

Name

Star Shine Corporation Limited (Hong Kong)

CR No.: 1185110

Company Type: Private company limited by shares

Date of Incorporation: 14-Nov.-2007

Active Status: Live

l Principal:

Vilson Bauer is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as principal

SC is mainly engaged in providing business liaison service for its parent company.

SC is not known to have the subsidiary at present.

Overall payment appraisal:

( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: N/A

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

SC’s management declined to release its bank details.

As a representative office, SC is not allowed to engage in direct business. All its expenses are supposed to be provided by its parent company. Therefore, its financial information is not available.

SC is a representative office, which is not engaged in direct business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	NIT

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.