MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	H.M. INTERNATIONAL CO. LTD.
Registered Office :	c/o Smart Registrations Ltd., 7/F., Kin On Commercial Building, 46-51 Jervois Street, Sheung Wan
Country :	Hong Kong
Date of Incorporation :	27.07.2011
Com. Reg. No.:	58800753
Legal Form :	Private Limited Company
LINE OF BUSINESS :	IMPORTER AND EXPORTER OF MOBILE PHONES, ELECTRONIC PRODUCTS, COMPUTER PRODUCTS, ETC.
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 (31.03.2011)	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

H.M. INTERNATIONAL CO. LTD.

ADDRESS

c/o Smart Registrations Ltd.

7/F., Kin On Commercial Building, 46-51 Jervois Street, Sheung Wan, Hong Kong.

PHONE: 2545 7777

FAX: 2854 2875

MANAGEMENT

Managing Director: Mr. Hitesh Sharma

SUMMARY

Incorporated on: 27th July, 2011.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Mobile Phone Trader.

Employees: Nil.

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

Banking Relation: Satisfactory.

COMPANY NAME

H.M. INTERNATIONAL CO. LTD.

ADDRESS

Registered Head Office:-

c/o Smart Registrations Ltd.

7/F., Kin On Commercial Building, 46-51 Jervois Street, Sheung Wan, Hong Kong.

Associated Company:-

Naman International Ltd.

C-1407, Xinyinzuo, Renmin South Road, Luohu District, Shenzhen Special Economic Zone, China.

[Phone: 86-13420939352]

BUSINESS REGISTRATION NUMBER

58800753

COMPANY FILE NUMBER

1645060

MANAGEMENT

Managing Director: Mr. Hitesh Sharma

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 27-07-2012)

Name	No. of shares
Hitesh SHARMA	10,000 =====

DIRECTOR

(As per registry dated 27-07-2012)

Name (Nationality)	Address
Hitesh SHARMA	C-1407, Xinyinzuo, Renmin South Road, Luohu District, Shenzhen City, China.

SECRETARY

(As per registry dated 27-07-2012)

Name	Address	Co. No.
Smart Registrations Ltd.	7/F., Kin On Commercial Building, 46-51 Jervois Street, Sheung Wan, Hong Kong.	0523381

HISTORY

The subject was incorporated on 27th July, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: Mobile phones, electronic products, computer products, etc.

Employees: Nil.

Commodities Imported: China, etc.

Markets: India, other Asian countries, etc.

Terms/Sales: As per contracted.

Terms/Buying: As per contracted.

FINANCIAL INFORMATION

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

Issued Share Capital: HK$10,000.00

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Is making 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

Having issued 10,000 ordinary shares of HK$1.00 each, H.M. International Co., Ltd. is wholly owned by Mr. Hitesh Sharma who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.

The subject commenced business in July 2011.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at 7/F., Kin On Commercial Building, 46‑51 Jervois Street, Sheung Wan, Hong Kong known as Smart Registrations Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.

The subject has no employees in Hong Kong. It has had an associated company known as Naman International Ltd. [Naman] in Shenzhen Special Economic Zone, China. Most of the time, Sharma is in Shenzhen SEZ handling the business of Naman. Naman is located at C-1407, Xinyinzuo, Renmin South Road, Luohu District, Shenzhen Special Economic Zone, China. Sharma can be reached at his mobile phone number 86-13420939352 in China.

The subject and Naman are engaged in the same lines of business. Naman is trading in the following main commodities: mobile phones, electronic products, computer products, etc.

Most of the products are sourced from the suppliers in Shenzhen Special Economic Zone or in Guangdong Province, China. Prime markets are India and the other Asian countries.

According to Naman, it has developed business ties with different factories and is able to provide customers with commodities as they required. Current and past projects include (but not all) furniture, consumer electronics, hardware, display fixtures, castings, various metal working, plastics, mould making, lighting, construction products, and many others. These products have been either sourced from existing Chinese production or manufactured with its clients’ proprietary designs.

The subject’s business in Hong Kong is not active. History in Hong Kong is over a year and three 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 L/C basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

SDA

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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