MIRA INFORM REPORT

Report Date :

17.03.2011

IDENTIFICATION DETAILS

Name :	H WEAR LTD.
Registered Office :	C/o RYA Management Ltd. Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon
Country :	Hong Kong
Date of Incorporation :	06.12.2006
Com. Reg. No.:	37426336
Legal Form :	Private Limited Liability Company
Line of Business :	--

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 :	No Operating office in Hong Kong
Payment Behaviour :	Unknown
Litigation :	--

NOTES :

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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

H WEAR LTD.

company ADDRESS

Registered Office:-

c/o RYA Management Ltd.

Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

[Tel: 2781 2126; Fax: 2781 0816]

BUSINESS REGISTRATION NUMBER

37426336

COMPANY FILE NUMBER

1093021

DATE OF INCORPORATION

6th December, 2006.

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 06-12-2009)

Name	No. of shares
Kadher Batcha KARAI SHANDU MOHAMED	10,000 =====

DIRECTOR

(As per registry dated 06-12-2009)

Name (Nationality)	Address
Kadher Batcha KARAI SHANDU MOHAMED	Room 603, 5 Hao, 19 Nong, Ronghua West Road, Shanghai, China.

SECRETARY

(As per registry dated 06-12-2009)

Name	Address	Co. No.
RYA Management Ltd.	Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.	0627200

GENERAL

H Wear Ltd. was incorporated on 6th December, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong known as RYA Management Ltd. which is handling its correspondences and documents. RYA Management Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each which are wholly owned by Mr. Kadher Batcha Karai Shandu Mohamed who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Karai Shandu Mohamed is the only director of the subject and currently residing in Shanghai, China. The director of the subject cannot be reached as he is in China.

The subject’s lines of business are unknown since the secretarial firm declined to divulge any information about it.

It is likely that the subject is a garment trader. It is also likely that the subject has got an affiliated company in Shanghai, China which is also operated by Karai Shandu Mohamed.

The Shanghai firm seems to be a buying office. It is responsible for sourcing commodities, mostly garments, in Shanghai and neighbouring areas and exporting to India, Europe, North America, etc.

The Shanghai firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The Shanghai firm 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 seucred basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.72.59
Euro	1	Rs.63.13

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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