MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	VERLIY INTERNATIONAL LTD.
Registered Office :	c/o Giale Hong Kong Co. Ltd., Flat 05, 19/F., Billion Trade Centre, 31 Hung To Road, Kwun Tong, Kowloon
Country :	Hong Kong
Date of Incorporation :	19.08.2010
Com. Reg. No.:	52814681
Legal Form :	Private Limited Liability Company
Line of Business :	import sheep skin from India and sell to Hong Kong, China and various overseas countries of which China is the major market
No. of Employees :	Not Available

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 :	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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Hong Kong	A2	A2

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

Hong Kong - ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Source : CIA

Company name

VERLIY INTERNATIONAL LTD.

Company Address

c/o Giale Hong Kong Co. Ltd.

Flat 05, 19/F., Billion Trade Centre,

31 Hung To Road, Kwun Tong,

Kowloon, Hong Kong.

Notes:

1. Your enquiry given as Verily International Ltd. As per Companies Registry, there is no such name registered in their file.

2. Your Room 1507, 15/F., Emperor Group Centre is the same office address of the subject’s corporate secretary.

3. Your given phone number: 2573 2654 is a residential line. A lady answered that no such company was there.

4. Your given fax number: 2574 2060 is belonged to the subject’s corporate secretary.

Company ADDRESS

Registered Office:-

c/o Giale Hong Kong Co. Ltd.

Flat 05, 19/F., Billion Trade Centre, 31 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

[Tel: 2950 0374]

BUSINESS REGISTRATION NUMBER

52814681

COMPANY FILE NUMBER

1495216

DATE OF INCORPORATION

19th August, 2010.

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10.00

SHAREHOLDER

(As per registry dated 19-08-2012)

Name	No. of shares
Senthil Kumar THANGARAJ	10 ==

DIRECTOR

(As per registry dated 19-08-2012)

Name (Nationality)	Address
Senthil Kumar THANGARAJ	1B, 1/F., Block C, Rams Flats, No. 2, Raman Street, M.C. Nager, Hastinapuram, Chennai 600064, TN, India.

SECRETARY

(As per registry dated 19-08-2012)

Name	Address	Co. No.
Minimax Corporate & Management Services Ltd.	Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong.	0460445

BANKER

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

GENERAL

Verliy International Ltd. [VIL] was incorporated on 19th August, 2010 as a private limited liability company under the Hong Kong Companies Ordinance. With an issued capital of HK$10.00, the company is solely owned by an Indian merchant known as Mr. Senthil Kumar Thangaraj. Mr. Thangaraj is resided in India and he is the holder of Indian Passport Number: Z2046688.

The company does not have its own operating office.

Its registered office is located at the same office of Giale Hong Kong Co. Ltd. [GHK] with details as follow:-

Name: GHK (Trading as G & L Enterprise)

Address: Room 05, 19/F., Billion Trade Centre, 31 Hung To Road, Kwun Tong, Kowloon, Hong

Kong.

Phone Number: 2950 0374

Fax Number: 3764 1989

Date of Establishment: 2007.

No. of Employees: 3.

Nature of Business: Exporter of leather and alcoholic beverage.

Major Export Market: North America.

GHK is located at the captioned address as a leather and alcoholic beverage trader. A staff from GHK informed us that VIL is one of their suppliers providing various types of sheep skin. Mr. Thangaraj uses GHK’s office address for international trading. VIL does not have any employee in Hong Kong. He comes to Hong Kong about every two months. The principal activity of VIL is to import sheep skin from India and sell to Hong Kong, China and various overseas countries of which China is the major market.

Our on-site investigator revealed that your given address Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong is the office of an accountant firm known as Andy L B Tsin & Co. Certified Public Accountants [ALBT].

The details of ALBT are as follow:-

Name: ALBT

Address: Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong.

Phone Number: 2121 8785

Fax Number: 2574 2060

Nature of Business: Auditing Service, Bookkeeping and Accounting, Corporate Secretarial Service, Corporate

Taxation, Individual Taxation, Certified Public Accountant Firm (CPA), Management Consultancy, Financial Management

Through its affiliate, Minimax Corporate & Management Services Ltd., ALBT provides corporate secretarial services to VIL. VIL originally used ALBT’s office address as its registered office but changed to the current address in August 2010.

Since VIL has none of direct office in Hong Kong, we consider it good for its normal business engagements on secured basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

MNL

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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