MIRA INFORM REPORT

Report Date :

21.05.2011

IDENTIFICATION DETAILS

Name :	PANACHE (HONG KONG) LTD

Registered Office :	c/o Hoosenally & Neo, Room 804, 8/F., Admiralty Centre, Tower 1, 18 Harcourt Road

Country :	Hong Kong

Date of Incorporation :	05.08.2002

Com. Reg. No.:	32948800

Legal Form :	Private Limited Liability Company

Line of Business :	----

RATING & COMMENTS

MIRA’s Rating :

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

Payment Behaviour :	----

Litigation :	----

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Hong Kong

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

Company name

PANACHE (HONG KONG) LTD.

Company ADDRESS

Registered Office:-

c/o Hoosenally & Neo

Room 804, 8/F., Admiralty Centre, Tower 1, 18 Harcourt Road, Hong Kong.

[Tel: 2525 1245; Fax: 2877 2506]

Affiliated Company:-

Panache Pvt. Ltd.

House 2A, Road 8, Baridhara, Dhaka, Bangladesh.

[Tel: 88-02-8815565

Fax: 88-02-8811059

E-mail: panache@citech-bd.com ]

BUSINESS REGISTRATION NUMBER

32948800

COMPANY FILE NUMBER

0808977

DATE OF INCORPORATION

5th August, 2002.

CAPITAL

Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)

Issued Share Capital: HK$500,000.00

Alternation of Capital:-

Initially	paid up	HK$ 200.00
22-10-2007	paid up	HK$ 499,800.00
		––––––––––––––
Total:	paid up	HK$ 500,000.00 ============

Increase of Nominal Capital:-

From

HK$10,000.00

HK$500,000.00

05-10-2007

SHAREHOLDERS

(As per registry dated 05-08-2010)

Name		No. of shares
Karim CHARANIA		499,900
Kareem DIN		100
		–––––––
	Total:	500,000 ======

DIRECTORS

(As per registry dated 05-08-2010)

Name (Nationality)	Address
Karim CHARANIA	House 2D, Road No. 8, Baridhara, Dhaka, Bangladesh.
Kareem DIN	12071 Palm Cove Lane, West Palm Bch, Florida 33414, USA.

Name

(Nationality)

Address

Karim CHARANIA

House 2D, Road No. 8, Baridhara, Dhaka, Bangladesh.

Kareem DIN

12071 Palm Cove Lane, West Palm Bch, Florida 33414, USA.

SECRETARY

(As per registry dated 05-08-2010)

Name	Address	Co. No.
Cyclix Ltd.	Room 804, 8/F., Admiralty Centre, Tower 1, 18 Harcourt Road, Hong Kong.	0150402

MORTGAGE OR CHARGE

(See attachment)

GENERAL

Panache (Hong Kong) Ltd. was incorporated on 5th August, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Goldluck Enterprises Ltd., name changed to the present style on 20th September, 2002.

At the very beginning, the subject issued 200 ordinary shares of HK$1.00 each of which were equally owned by Mr. Karim Charania and Mr. Kareem Din. Now, the subject’s ordinary shares have been increased to 500,000 of which 499,900 shares are held by Charania while the rest 100 shares are still held by Din.

Being the directors of the subject, the former is a Pakistan passport holder residing in Dhaka, Bangladesh while the latter is a US passport holder residing in Florida of the United States. Formerly, Mr. Edwin Neo was the alternate director to Din. Mr. Edwin Neo is a partner of the solicitor firm Hoosenally & Neo.

The subject does not have its own operating office. Its registered office is in a solicitor firm located at Room 804, 8/F., Admiralty Centre, Tower 1, 18 Harcourt Road, Hong Kong known as Hoosenally & Neo which is handling its correspondences and documents.

The subject’s corporate secretary is Cyclix Ltd. which is also in the office of the solicitor firm. The corporate secretary is an associated company of Hoosenally & Neo.

The subject has no employees in Hong Kong.

The subject’s lines of business are unknown since the solicitor firm declined to divulge any information about it. The subject has been banking with HBZ Finance Ltd., Hong Kong, and has got fixed deposits in it for securing general credit facilities.

To our knowledge, the subject is trading in garments (especially jeans). It has got an affiliated company in Bangladesh known as Panache Pvt. Ltd. The subject is sourcing garments from Asian countries especially from Bangladesh and re-exporting to the United States. Charania is also the Managing Director of Panache Pvt. Ltd.

Charania and Din are in Bangladesh and the United States respectively handling their own local business concerns.

Panache Pvt. Ltd. is an international sourcing and manufacturing company that supports branded and private labels to manufacture their products in Bangladesh. Panache Pvt. Ltd. is a member of Bangladesh Garments Manufacturers and Exporters Association [BGMEA].

It is likely that the Bangladesh 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 Bangladesh 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. History in Hong Kong is over eight years and nine 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 secured basis.

COURT CASES: None per our.

MORTGAGE OR CHARGE

Date	Particulars	Amount
30-09-2003	Instrument: Lien and Set-Off Agreement (Fixed Deposits) Property: Fixed Deposit Receipt No.: DFN3060547 Principal Amount: US$40,379.97 Maturity Date: 09-12-2003 Mortgagee: HBZ Finance Ltd., Hong Kong.	General credit facilities
13-01-2005	Instrument: Lien and Set-Off Agreement (Fixed Deposits) Property: 1) Fixed Deposit Receipt No.: DFN4111182 Principal Amount: US$18,196.38 Maturity Date: 02-02-2005 2) Fixed Deposit Receipt No.: DFN4121380 Principal Amount: US$18,186.21 Maturity Date: 10-03-2005 3) Fixed Deposit Receipt No.: DFN4121381 Principal Amount: US$41,038.30 Maturity Date: 10-03-2005 Mortgagee: HBZ Finance Ltd., Hong Kong.	General credit facilities
03-09-2007	Instrument: Lien and Set-Off Agreement (Fixed Deposits) Property: 1) Fixed Deposit Receipt No.: DFN7081202 Principal Amount: US$26,182.50 Maturity Date: 17-11-2007 2) Fixed Deposit Receipt No.: DFN7060829 Principal Amount: US$20,000.00 Maturity Date: 08-09-2007 3) Fixed Deposit Receipt No.: DFN7060841 Principal Amount: US$25,861.33 Maturity Date: 07-09-2007 Mortgagee: HBZ Finance Ltd., Hong Kong.	General credit facility
14-07-2010	Instrument: Lien and Set-Off Agreement Property: Deposit No.: DFN0060656 Principal Amount: US$40,500.00 Maturity Date: 22-09-2010 Mortgagee: HBZ Finance Ltd., Hong Kong.	General credit facility

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.92
Euro	1	Rs.64.34

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%)

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