MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	SEARCH LIGHTS
Registered Office :	c/o Excellent Honour Corporate Services Ltd., Flat B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yaumatei, Kowloon
Country :	Hong Kong
Date of Incorporation :	08.08.2008
Com. Reg. No.:	39645104-000-08
Legal Form :	Sole Proprietorship
Line of Business :	Importer and Exporter of all kinds of fabrics, textile 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 (31.03.2012)	Current Rating (30.06.2012)
Hong Kong	A1	A1

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

SEARCH LIGHTS

Company ADDRESS

c/o Excellent Honour Corporate Services Ltd.

Flat B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yaumatei, Kowloon, Hong Kong.

PHONE: 2626 0378

FAX: 2626 0372

MANAGEMENT

Manager: Mr. Sanjeev Kumar Chopra

SUMMARY

Establishment: 8th August, 2008.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Fabric Trader.

Employees: Nil.

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

Banking Relation: Satisfactory.

Company ADDRESS

Head Office:-

c/o Excellent Honour Corporate Services Ltd.

Flat B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yaumatei, Kowloon, Hong Kong.

Associated Company:-

Rise International Ltd., Hong Kong. (Same owner and same address)

BUSINESS REGISTRATION NUMBER

39645104-000-08

MANAGEMENT

Manager: Mr. Sanjeev Kumar Chopra

SOLE PROPRIETOR

Name: Mr. Sanjeev Kumar CHOPRA

Residential Address: 11879 Street, No. 10, 3/F., Sat Nagar Karol Bagh, New Delhi, India.

HISTORY

The subject was established on 8th August, 2008 as a sole proprietorship concern owned by Mr. Sanjeev Kumar Chopra under the Hong Kong Business Registration Regulations.

Initially the subject’s registered address was located at Suite 6601, 66/F., The Center, 99 Queen’s Road Central, Hong Kong where is the operating address of a commercial service provider Regus Centre (HK) Ltd. It moved to the present address in July 2010 where is the operating address of Excellent Honour Corporate Services Ltd.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds of fabrics, textile products, etc.

Employees: Nil.

Commodities Imported: India, China, etc.

Markets: Hong Kong, China, other Asian countries, etc.

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

Terms/Buying: L/C.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Keeping a balance account in 2011.

Condition: Business is not active in Hong Kong.

Facilities: Adequate for current running.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Search Lights is a sole proprietorship set up and owned by Mr. Sanjeev Kumar Chopra who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is the manager of the subject. Currently he is residing in New Delhi, India.

The subject commenced business in August 2008. Chopra is the Manager.

The subject does not have its own operating office. Its registered office was in a commercial service firm located at Suite 6601, 66/F., The Center, 99 Queen’s Road Central, Hong Kong known as Regus Centre (HK) Ltd. [Regus] which is handling its correspondences and documents. It moved to the present address in July 2010 as it has changed its commercial service firm to Excellent Honour Corporate Services Ltd. [Excellent Honour]. The new address is the operating address of Excellent Honour. Your given phone and fax number belong to this firm.

The subject has no employees in Hong Kong.

According to the subject, it is a fabric trader. Commodities are chiefly imported from India, China. Prime markets are Hong Kong, China, other Asian countries, etc. Business is not active in Hong Kong.

It is likely that the subject has got an affiliated company in New Delhi, India which is also trading in fabrics. This firm may be also operated by Chopra. However, details are unknown.

The India 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 history of the subject in Hong Kong is over four years.

Besides operating the subject, Chopra is also operating another firm in Hong Kong known as Rise International Ltd. [RIL]. This firm is also in the office of Excellent Honour. It is likely that the subject and RIL are engaged in the same lines of business.

Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on secured basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.20
UK Pound	1	Rs.88.38
Euro	1	Rs.71.47

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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