MIRA INFORM REPORT

Report Date :

14.03.2011

IDENTIFICATION DETAILS

Name :	EASTERN INDUSTRIES
Registered Office :	Room 1116-1117, 11/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	08.12.2001
Com. Reg. No.:	32246456-000-12
Legal Form :	Sole Proprietorship
Line of Business :	Importer, Exporter and Wholesaler of all kinds of garments, textile products, 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

Company name

EASTERN INDUSTRIES

company ADDRESS

Room 1116-1117, 11/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 3184 0841

FAX: 3184 0891

E-MAIL: smodi@easternind.com

MANAGEMENT

Manager: Mr. Himanshu Modi (Mobile: 9780 2170)

SUMMARY

Establishment: 8th December, 2001.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Importer, Exporter and Wholesaler.

Employees: 15.

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

Banking Relation: Satisfactory.

company ADDRESS

Head Office:-

Room 1116-1117, 11/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

Affiliated Companies:-

Eastern Industries Ltd., Hong Kong. (Same address)

Hangzhou Anteng Garment Co. Ltd., China.

Hangzhou Anteng Trading Co. Ltd., China.

BUSINESS REGISTRATION NUMBER

32246456-000-12

MANAGEMENT

Manager: Mr. Himanshu Modi

SOLE PROPRIETOR

Name: Mr. Himanshu MODI

Residential Address: Flat D, 6/F., Golden Mansion, 83-85 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.

HISTORY

The subject was established on 8th December, 2001 as a sole proprietorship concern owned by Mr. Himanshu Modi under the Hong Kong Business Registration Regulations.

Initially the subject was located at Flat D, 6/F., Golden Mansion, 83‑85 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in August 2005.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of garments, textile products, etc.

Employees: 15.

Commodities Imported: India, other Asian countries, Europe, etc.

Markets: China, Australia, Eastern Europe, Hong Kong, Japan, South Korea, North America, Taiwan, Western Europe, etc.

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

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

FINANCIAL INFORMATION

Capital: Not disclosed.

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: Normal.

GENERAL

Eastern Industries is a sole proprietorship set up and owned by Mr. Himanshu Modi who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

Business commenced in December 2001, the subject is trading in the following commodities:-

Jacket – Men (Excluding Ski-Jacket) (OEM)

Jacket – Ladies (Excluding Ski-Jacket) (OEM)

Sporting Knitwear (OEM)

Knitted Garments (OEM)

Tee and Sweat Shirts (OEM)

Sport Suits (Yoga Practise Wear, Yoga Practise Wear, OEM)

Fitness / Gymnastic Mat (Yoga Mat, Yoga Mat, OEM)

Commodities are imported from India, China, other Asian countries, etc. Prime markets are China, Australia, Eastern Europe, Hong Kong, Japan, South Korea, North America, Taiwan, Western Europe, etc. Business is rather active.

The subject has got two affiliated companies in China, namely, Hangzhou Anteng Trading Co. Ltd. and Hangzhou Anteng Garment Co. Ltd. These two firms are responsible for sourcing commodities in China for the subject. The former is sourcing bedding sets, quilts, blankets and other textile products while the latter is sourcing garments.

The subject also trades in “Yoga 4 Yogi” products. Its natural yoga wear is suitable for both yoga practice and casual wear. The subject’s yoga products bear the following brand names: “ANAHATA YOGA”, “The Yoga Room”, “Yoga Place”, “M”, etc. The subject’s yoga products are famous in Hong Kong.

The subject’s business is chiefly handled by Mr. Himanshu Modi himself.

As the history of the subject is about nine years in Hong Kong, on the whole, consider it good for normal business engagements.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

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%)

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.