MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	ADVANCE ENTERPRISES
Registered Office :	Flat D, 10/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	10.10.2011
Com. Reg. No.:	54157003-100-10
Legal Form :	Sole Proprietorship.
Line of Business :	subject is trading in electronics, electro mechanical meter spans, energy meters, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Business
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

ADVANCE ENTERPRISES

Company ADDRESS

Flat D, 10/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: Not available

FAX: Not available

MANAGEMENT

Manager: Mr. Gulinder Singh

SUMMARY

Establishment: 10th October, 2011.

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:-

Flat D, 10/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.

Associated company:-

Rita Industries Pvt. Ltd., India.

BUSINESS REGISTRATION NUMBER

54157003-100-10

MANAGEMENT

Manager: Mr. Gulinder Singh

SOLE PROPRIETOR

Name: Mr. Gulinder Singh

Residential Address: 079-G/F., New Mahavir Nagar, Tilak Nagar, New Delhi-110018.

HISTORY

The subject was established on 10th October, 2011 as a sole proprietorship concern owned by Mr. Gulinder Singh under the Hong Kong Business Registration Regulations.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of meters, etc.

Employees: Nil.

Commodities Imported: China, other Asian countries, etc.

Markets: India, etc.

Terms/Sales: CAD or as per contracted.

Terms/Buying: L/C, Advanced T/T, etc.

FINANCIAL INFORMATION

Capital: Not Disclosed.

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly 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

Advance Enterprises is a sole proprietorship set up and owned by Mr. Gulinder Singh 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 manager of the subject. Currently, he is not in Hong Kong.

The subject does not have its own operating office. Its registered address is in a private building located at Flat D, 10/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon, Hong Kong. This is supposed to be residence of Gulinder Singh when he is in Hong Kong. Gulinder Singh can be reached at his mobile phone number 91-98100 66604.

The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.

The subject is trading in electronics, electro mechanical meter spans, energy meters, etc.

For instance, it is trading in the following products:-

· PVDF Single-Use Flow Meter;

· PVDF In Tube Holder;

· PFA Disposable Flow Meter;

· PVDF Disposable Flow Meter;

· Rotary Flow Meter; &

· Piston Flow Meter.

Commodities are chiefly sourced from China and the other Asian countries. India is its prime markets.

The subject has had an associated company Rita Industries Pvt. Ltd. [Rita] which is in New Delhi, India. Rita is also operated by Gulinder Singh. Rita and the subject are engaged in the same lines of business.

Rita 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 India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business is chiefly handled by Gulinder Singh himself. History in Hong Kong is just over a year.

On the whole, since the history of the subject is short, consider it good for normal business engagements on secured basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

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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