MIRA INFORM REPORT

Report Date :

21.02.2011

IDENTIFICATION DETAILS

Name :	MORAL ASIA LTD.
Registered Office :	c/o Jules Jiu & Co., Unit B, 11/F., Winbase Centre, 208 Queen’s Road Central
Country :	Hong Kong
Date of Incorporation :	07.01.2008
Com. Reg. No.:	38874728
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Leather, leather shoes, etc.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – 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

MORAL ASIA LTD.

Company ADDRESS

c/o Jules Jiu & Co.

Unit B, 11/F., Winbase Centre, 208 Queen’s Road Central, Hong Kong.

PHONE: 2121 1491, 8120 7239

FAX: 2121 1493, 3015 8658

MANAGEMENT

Managing Director: Mr. Rafeeque Ahmed Sulthan Mohideen

SUMMARY

Incorporated on: 7th January, 2008.

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: Satisfactory.

Company ADDRESS

Registered Head Office:-

c/o Jules Jiu & Co.

Unit B, 11/F., Winbase Centre, 208 Queen’s Road Central, Hong Kong.

Main Office:-

6 Thoppai Pillai Street, Chennai City, Tamilnadu, India.

BUSINESS REGISTRATION NUMBER

38874728

COMPANY FILE NUMBER

1201302

MANAGEMENT

Managing Director: Mr. Rafeeque Ahmed Sulthan Mohideen

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

SHAREHOLDER

(As per registry dated 07-01-2011)

Name	No. of shares
Rafeeque Ahmed SULTHAN MOHIDEEN	10,000 =====

DIRECTOR

(As per registry dated 07-01-2011)

Name (Nationality)	Address
Rafeeque Ahmed SULTHAN MOHIDEEN	No. 4/15, Ramayana Chavadi Street, Beemanagar, Trichy Po & DT, Tamilnadu, India.

SECRETARY

(As per registry dated 07-01-2011)

Name	Address	Co. No.
High Sky Ltd.	Unit B, 11/F., Winbase Centre, 208 Queen’s Road Central, Hong Kong.	0426584

HISTORY

The subject was incorporated on 7th January, 2008 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, Exporter and Wholesaler.

Lines: Leather, leather shoes, etc.

Employees: Nil.

Commodities Imported: China, other Asian countries, etc.

Markets: India, Europe, North America, etc.

Terms/Sales: L/C, T/T, etc.

Terms/Buying: L/C, T/T, etc.

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: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

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

Moral Asia Ltd. is wholly-owned by Mr. Rafeeque Ahmed Sulthan Mohideen who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Sulthan Mohideen is also the only director of the subject.

The subject does not have its own operating office. Its registered office is in an accountant firm located at Unit B, 11/F., Winbase Centre, 208 Queen’s Road Central, Hong Kong known as Jules Jiu & Co. which is handling its correspondences and documents. The affiliate of Jules Jiu & Co. High Sky Ltd. is the corporate secretary of the subject. High Sky Ltd. is also located at the above-mentioned address. Your given phone and fax number belong to the accountant firm. The subject has no employees in Hong Kong.

To our knowledge, the main office of the subject is in Chennai City, Tamilnadu, India [Moral Asia].

Moral Asia is a group of companies related to different business line in leather, iron and steel, wooden products. Its history in India is about 60 years and it has had sourcing office in Dubai, China and Africa. The subject has been claimed to be one of the sourcing offices of Moral Asia. Besides, Moral Asia has had relation with Farida Group which is trading all kinds of footwear.

Farida Group is one of the leading leather and leather footwear exporters in India with an annual turnover of approximately US$170 million. Farida manufactures and markets high quality men and women footwear and finished leather. It operates through its three main business segments: tanneries, uppers and shoe manufacturing units. Its products are sold under popular brand names in more than 40 countries globally. The major products of Farida are finished leather for the fashion industry, uppers, and men and women formal and casual shoes.

It is likely that India Moral Asia deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Moral Asia also exports 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.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.73.04
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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