MIRA INFORM REPORT

Report Date :

10.11.2012

IDENTIFICATION DETAILS

Name :	ADAM’S ENTERPRISE
Registered Office :	c/o Frankie Ng & Co., Room 903, 9/F., Block A, Nan Dao Commercial Building
Country :	Hong Kong
Date of Incorporation :	19.03.1981
Com. Reg. No.:	07120283-000-03
Legal Form :	Sole Proprietorship
Line of Business :	Importer, Exporter and Wholesaler of Electronic products, hardware, electric kitchen appliances, etc.
No. of Employees :	Not Available

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 :	No Complaints
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

ADAM’S ENTERPRISE

Company ADDRESS

c/o Frankie Ng & Co.

Room 903, 9/F., Block A, Nan Dao Commercial Building, 359-361 Queen’s Road Central, Sheung Wan, Hong Kong.

PHONE: 2544 5033

FAX: 2541 4563, 2541 4998

E-MAIL: adams_enterprise@yahoo.com

vishni@netvigator.com

MANAGEMENT

Manager: Mr. Ashok Doulatram Mahtani

SUMMARY

Establishment: 19th March, 1981.

Organization: Sole Proprietorship.

Capital: Not disclosed.

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 Office:-

c/o Frankie Ng & Co.

Room 903, 9/F., Block A, Nan Dao Commercial Building,

359-361 Queen’s Road Central, Sheung Wan, Hong Kong.

BUSINESS REGISTRATION NUMBER

07120283-000-03

MANAGEMENT

Manager: Mr. Ashok Doulatram Mahtani

SOLE PROPRIETOR

Name: Mr. Ashok Doulatram MAHTANI

Residential Address: Flat 3B, 3/F., 38 Conduit Road, Hong Kong.

HISTORY

The subject was established on 19th March, 1981 as a partnership concern jointly owned by three Indian under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name	Incoming Date	Outgoing Date
Mr. Doulatram Hotlhand MAHTANI	19-03-1981	16-07-2009
Mr. Dayal Dhalomal SHAHDADPURI	19-03-1981	31-03-2010
Mr. Ashok Doulatram MAHTANI	19-03-1981	-

The first partner passed away on 16th July, 2009. The subject has become a sole proprietorship since 31st March, 2010.

Initially the subject was located at Room 104, 1/F., 43-55 Wyndham Street, Central, Hong Kong, moved to 4/F., Parklane Building, 235 Queen’s Road Central, Hong Kong in June 1990; to Room 202, 2/F., Kam On Building, 176A-F Queen’s Road Central, Sheung Wan, Hong Kong in May 2000; to Flat B, 13/F., Wing Cheong Commercial Building, 19-25 Jervois Street, Sheung Wan, Hong Kong in April 2008; and further moved to the present address in April 2010.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Electronic products, hardware, electric kitchen appliances, etc.

Employees: Nil.

Commodities Imported: China, other Asian countries, etc.

Markets: India, other Asian countries, Middle East, Europe, North America, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, T/T, D/P, 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: Small.

GENERAL

Adam’s Enterprise is a sole proprietorship set up and owned by Mr. Ashok Doulatram Mahtani who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also manager of the subject.

The subject does not have its own operating office. Its registered office is in an accountant firm located at “Room 903, 9/F., Block A, Nan Dao Commercial Building, 359-361 Queen’s Road Central, Sheung Wan, Hong Kong” known as “Frankie Ng & Co.” which is handling its correspondences and documents.

The subject’s operating address is in the residence of Ashok Doulatram Mahtani which is located at 10 Castle Road, Mid-Levels West, Hong Kong. The subject has no employees in Hong Kong.

Established in March 1981, the subject is a trading company. It is trading in the following commodities:-

· Audio and Video Equipment;

Computer/Peripherals;

Doll and Pet – Plastic;

DVD Player/Recorder;

Kitchen Appliances – Electric;

Locks;

Numerical Products;

Other Electric Appliances;

Radio – 1 Band (Excluding MW and CB);

Radio – 2 Band (Excluding AM / FM);

Radio – Multi-band;

Radio AM/FM;

Radio MW (AM);

Shower Radio;

VCD Player; &

Walkman Radio. etc.

Most of the subject’s commodities are sourced from China, Europe, other Asian countries or acquired from local suppliers. Prime markets are India, other Asian countries, the Middle East, Eastern and Western Europe, North America, etc. Overall business is active and steady. Regular suppliers and customers have been maintained.

The subject’s business is chiefly handled by A. D. Mahtani himself. History in Hong Kong is over thirty-one years.

On the whole, consider the subject good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

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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