MIRA INFORM REPORT

Report Date :

05.03.2011

IDENTIFICATION DETAILS

Name :	MACPI GROUP (HK) LTD.
Registered Office :	8/F., LMK Development Estate, 10-16 Kwai Ting Road, Kwai Chung, New Territories
Country :	Hong Kong
Date of Incorporation :	16.07.2003
Com. Reg. No.:	33767043
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of all kinds of garment manufacturing machines and equipment, etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
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, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Hong Kong	A2	A2

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

Name and address

MACPI GROUP (HK) LTD.

ADDRESS: 8/F., LMK Development Estate, 10-16 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.

PHONE: 2423 6801~2, 2992 0058

FAX: 2900 7633

E-MAIL: info@macpi.com.hk

MANAGEMENT

General Manager: Mr. Armando Raccagni

SUMMARY

Incorporated on: 16th July, 2003.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Garment Manufacturing Machinery and Equipment Trader.

Employees: 15.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Good.

ADDRESS

Registered Head Office:-

8/F., LMK Development Estate, 10-16 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.

Holding Company:-

MACPI S.r.l., Italy.

Affiliated Companies:-

MACPI Group of Companies

Carfin S.r.l., Italy.

Europlaco S.A., Spain.

FIMAS S.r.l., Italy.

Finsar S.r.l., Italy.

IMA S.p.A, Italy.

MACPI Group (Dongguan) Service Centre, China.

MACPI Group HK Lanka Pvt. Ltd., Sri Lanka.

MACPI Group S.p.A, Italy.

MACPI Trading (India) Private Ltd., India.

Shanghai Macpi Investment & Management Co. Ltd., China.

Shanghai Manfield Garment Machinery Co. Ltd., China.

etc.

BUSINESS REGISTRATION NUMBER

33767043

COMPANY FILE NUMBER

0853660

MANAGEMENT

General Manager: Mr. Armando Raccagni

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDERS

(As per registry dated 16-07-2010)

Name		No. of shares
Carfin S.r.l. No. 9, Via Piantada, Palazolo Sull’Oglio (BS), Zip 25036, Italy.		100
Finsar S.r.l. No. 2, Corso Monforate, Zip 20122, Milan (Mi), Italy.		100
MACPI S.r.l. No. 9, Via Piantada, Palazzolo Sull’oglio (BS), Zip 25036, Italy.		9,800
		––––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 16-07-2010)

Name (Nationality)	Address
Elena CARTABBIA	Via Lombardia 32-D, Sarnico (Bergamo), Italy.
Paolo CARTABBIA	Via Lombardia 32-D, Sarnico (Bergamo), Italy.
Luca MOSSO	Via S. Anna, 10/B, 25030 Adro (BS), Italy.
Gamon Nominees No. 1 Ltd.	Room 403, 4/F., Hang Seng Yuen Long Building, 91-93 Castle Peak Road, Yuen Long, New Territories, Hong Kong.

SECRETARY

(As per registry dated 16-07-2010)

Name	Address	Co. No.
A Bookkeeper & Secretary Ltd.	Room 403, 4/F., Hang Seng Yuen Long Building, 91-93 Castle Peak Road, Yuen Long, New Territories, Hong Kong.	0743170

HISTORY

The subject was incorporated on 16th July, 2003 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: Importer and Exporter.

Lines: All kinds of garment manufacturing machines and equipment, etc.

Employees: 15.

Commodities Imported: Italy, other European countries, etc.

Markets: China, Japan, other Asian countries, Europe, North America, etc.

Terms/Sales: As per contracted.

Terms/Buying: Various terms.

MEMBERSHIP

Hong Kong Intimate Apparel Industries’ Association Ltd., Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

Indebtedness: US$50,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 16-07-2010)

Mortgage or Charge: (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Good.

GENERAL

MACPI Group (HK) Ltd. is a wholly-owned subsidiary of MACPI S.r.l. [MACPI] which is an Italy-based firm.

The subject is trading in all kinds of garment manufacturing machinery and equipment. All the products bear the brand name “MACPI”. The subject is a member of the MACPI Group.

MACPI is famous for its pressing equipment which is specialized for the garment manufacturing industry.

MACPI Group, has been a significant firm in Italy for 50 years, is a conglomerate of several divisions. Its companies are operating in the garment industry. MACPI is able to satisfy the most demanding needs for finishing, bonding, cutting and laundry through a wide range of machines and equipments. The constant search for innovative technology make MACPI a reliable and trustable partner and its professional teams are proposing to potential end-users a wide range of solutions based on raw materials knowledge and application know-out for the developing of products from garments/shoes to automotive industry.

MACPI was established in 1961. It was founded by two young friends — Giovanni Cartabbia and Luciano Sardini. Now, the MACPI name today is the leader in the garment industry.

MACPI has developed innovative solution such as the rotating carousel for jackets’ finishing and the continues belts fusing machine which has opened the way to the latest technology for the bonding application.

MACPI is also famous for its bonding machines. MACPI bonding technology covers all fabrics including lingerie, swimwear, sportswear, etc.

Besides MACPI, the Group has developed two more trade marks: “IMA” and “FIMAS”. “IMA” is the trade mark of CAD/CAM equipment which is used for garment tailoring and cutting while “FIMAS” is the trade mark of ironing and pressing equipment for hotels, hospitals, etc. The products of “IMA” and “FIMAS” are handled by IMA S.p.A and FIMAS S.r.l. respectively, both are Italy-based firms. Both firms have become members of the MACPI Group.

In China, the MACPI Group has set up a service centre in Dongguan City, Guangdong Province, China.

MACPI has delivered a total of 1,500 bonding machines in the world market as of 2008.

The subject is fully supported by the MACPI Group.

On the whole, consider the subject good for normal business engagements.

COURT CASES: None per our.

MORTGAGE OR CHARGE

Date	Particulars	Amount
18-02-2005	Instrument: Security Over Deposits Property: A deposit with chargee in the amount of US$50,000.00 or its equivalent in other foreign currencies under Deposit A/C No. 502-702020, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge
18-02-2005	Instrument: Charge Over Securities and Receivables Property: 1) “Securities means (i) all equity and debt instruments and other instruments commonly known as securities owned by the Customer, (ii) all dividends, interest, distributions and other monies derived therefrom and (iii) all accretions, allotments, and other benefits accruing or arising in respect thereof 2) “Receivables” means all receivables attributable to any certificate of deposits or other instruments owned by the Customer and are either held in the name of the chargee or any nominee of the chargee or are in the possession or control of the chargee, its nominee or a depositary Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Amount secured – (i) all monies in any currency owing by the Customer to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person, (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Customer or which would have been payable but for any circumstance which restricts payment, (iii) all expenses of the chargee in making payment in respect of the Securities on behalf of the Customer, as a result of failure by the Customer to make such payment when due and (iv) all expenses of the chargee in perfecting or enforcing this Charge

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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.