MIRA INFORM REPORT

Report Date :

16.02.2011

IDENTIFICATION DETAILS

Name :	FS POWER HK LTD.
Registered Office :	c/o Actco Corporate Services Ltd., Room 1403, 14/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon
Country :	Hong Kong
Date of Incorporation :	19.02.2010
Com. Reg. No.:	51967813
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of batteries, etc.

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 :	New Company
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 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Hong Kong	A2	A2

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

Company name

FS POWER HK LTD.

company ADDRESS

c/o Actco Corporate Services Ltd.

Room 1403, 14/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon, Hong Kong.

PHONE: 2771 3738

FAX: 2388 4393

MANAGEMENT

Managing Director: Mr. Deepa Shashidhar Kuckian

SUMMARY

Incorporated on: 19th March, 2010.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

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

Banking Relation: Too early to comment.

company ADDRESS

Registered Head Office:-

c/o Actco Corporate Services Ltd.

Room 1403, 14/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon, Hong Kong.

Affiliated Companies:-

Secure Power India Pvt. Ltd., India.

Sunlite Industries, India.

BUSINESS REGISTRATION NUMBER

51967813

COMPANY FILE NUMBER

1432798

MANAGEMENT

Managing Director: Mr. Deepa Shashidhar Kuckian

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 19-03-2010)

Name		No. of shares
Deepa Shashidhar KUCKIAN		5,000
Shashidhar Jagannath KUCKIAN		5,000
		––––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 19-03-2010)

Name (Nationality)	Address
Shashidhar Jagannath KUCKIAN	24A/15, Sudharshan Co-Op hsg Soc Ltd., Road No. 4, Pestom Sagar, Chemubur, Mumbai-400089, India.
Deepa Shashidhar KUCKIAN	24A/15, Sudharshan Co-Op hsg Soc Ltd., Road No. 4, Pestom Sagar, Chemubur, Mumbai-400089, India.

SECRETARY

(As per registry dated 08-07-2010)

Name	Address	Co. No.
World Forth Ltd.	Room 1403, 14/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon, Hong Kong.	0530305

HISTORY

The subject was incorporated on 19th March, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject’s registered address is in the operating office of Actco Corporate Services Ltd. which was located at Room 1906, 19/F.,655 Nathan Road, Mongkok, Kowloon, Hong Kong, moved to the present address with effect from 8th July, 2010, so did the subject’s registered address.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of batteries, etc.

Employees: Nil.

Commodities Imported: India, other Asian countries, etc.

Markets: Asia countries, Europe, North America, etc.

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

Terms/Buying: As per contracted.

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

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly 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: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, FS Power HK Ltd. is equally owned by Mr. Deepa Shashidhar Kuckian and Mr. Shashidhar Jagannath Kuckian both of whom are Indian. They are also director of the subject. Currently the two Kuckians are residing in Mumbai, India.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1403, 14/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon, Hong Kong known as Actco Corporate Services Ltd. [Actco] which is handling its correspondences and documents. The affiliate of Actco World Forth Ltd. is the corporate secretary of the subject. Actco and World Forth Ltd. are affiliated companies of Edmund Lau & Co. which is an accountant firm. All the firms are located at the above-mentioned address.

The subject has no employees in Hong Kong.

To our knowledge, Deepa Shashidhar Kuckian is closely related to the following two firms: Sunlite Industries and Secure Power India Pvt. Ltd. Both are India-based firms. D. S. Kuckian maybe a shareholder of these firms.

Sunlite Industries was established in 2006. After having continuous R&D on battery technology, Sunlite Industries has launched “Suntech” brand SMF VRLA batteries. In 2007, Sunlite Industries started to co-operate with one of the leading manufacturing units based in China which has been engaged in researching, developing and manufacturing SMF VRLA batteries since 1942.

Sunlite Industries offers a complete one stop shop battery solution with a wide range of 2V single cell and 4V, 6V, 8V, 12V monoblock with capacity from 1.8 Ah to 3000 Ah for the major application such as telecommunication, UPS, alarms, security power plants, renewable energy, transportation, EV and other applications which require back-up power system to safeguard power security and input current.

SUNTECH Corporate Office is based in Mumbai. As on today “Suntech” has direct presence in 12 different locations across India.

Secure Power India Pvt. Ltd. is engaged in manufacturing batteries bearing brand name “Fiamm”.

It is likely that the initials of “Fiamm” and “Suntech” form the name of the subject. The subject is engaged in marketing the products of “Fiamm” and “Suntech”.

It is likely that the India firms deal with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firms also export commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active. History in Hong Kong is just over six 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.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.45
UK Pound	1	Rs.72.91
Euro	1	Rs.61.43

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

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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