MIRA INFORM REPORT

Report Date :

13.04.2013

IDENTIFICATION DETAILS

Name :	PENNENSUILA GROUP LIMITED
Registered Office :	Room 13, 5/F, Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong
Country :	Hong Kong
Date of Incorporation :	15.06.2011
Com. Reg. No.:	1616703
Legal Form :	Private Limited Company
Line of Business :	Not Available
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 :	Moderate
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

ALL FIGURES QUOTED IN LOCAL CURRENCY UNLESS OTHERWISE STATED

OVERVIEW

Date of Report:	12 Apr 2013
Subject's Registered Name (in English ~ Chinese):	Pennensuila Group Limited
Companies Registry No. (CR No.):	1616703
Subject's Business Name (in English ~ Chinese):	N/A

Registered Address:

Room 13, 5/F, Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong.

Operating/Business Address:	c/o Room 904, 9/F, Cheung K. Commercial Building, 84-86 Des Voeux Road, Central, Hong Kong Island, Hong Kong.
Telephone:	c/o 28052876
Fax:	c/o 28052875

NACE - Code & Industry:	N/A
Certification:	N/A
Business/Industry Trend:	N/A
Public Filings Compliance:	N/A

SUMMARY

Despite repeated attempts of investigations and enquiries we have been unable to contact Subject and its shareholder and director.

Some sections in this report are resulted as -N/A- or -Not learned- due to the unavailability of related information and local operation.

In view of the above, we now cease our investigation and advise we are unable to facilitate appraisal or score for Subject due to its status.

Subject is an Indian owned company believed merely maintaining a corresponding office in Hong Kong. Further attention should be given to its small paid up capital and short history.

Total Credit Appraisal (TCA): NR:
-With acquired and/or offered information being insufficient or inappropriate to facilitate rating (e.g. companies that are dormant, applying or planning to cease business or not having a place of business operation locally). The given rating will be NR.-

TOTAL CREDIT APPRAISAL (TCA)

Notes for non-scored/non-appraised companies:

Zero ("0") score and/or no appraisal may be given to the companies:

• In business operation for less than one year. The given rating will be NR.
• Incorporated or registered overseas and NOT possessing registration locally. The given rating will be NR.
• With acquired and/or offered information being insufficient or inappropriate to facilitate rating (e.g. companies that are dormant, applying or planning to cease business or not having a place of business operation locally). The given rating will be NR.
• Trade survey's result is mostly unavailable for the captioned companies.

TOTAL CREDIT APPRAISAL (TCA) GUIDE:

• The TCA is an opinion of the company's capability and ability based on prevailing conditions and information made available to Total Credit at the time of appraising.
• The TCA is not a recommendation to buy or sell nor is it an endorsement or non- endorsement of an issue.
• The information received has been obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed.
• Total Credit does not assume any part of the requestor's risk in the use or non-use of this TCA.
• No part of this report may be reproduced, stored in retrieval system or transmitted, in any form or by any means.
• TCA is subject to change due to any unforeseen and/or foreseen circumstances.

CORPORATE STRUCTURE

The following statutory information is based on the examination of Subject's file at the Companies' Registry (CR), Hong Kong.

(For Listed Company, only Substantial Shareholders ("SS") are listed, as based on the latest available annual or interim reports. It is noted that some of the shares held (including long, short and other positions) might have been duplicated due to capacities of "Beneficial owner", "Interest of controlled corporation", "Interest of spouse", "Family interest", etc., which mean the total number of shares held by SS may exceed the authorized and/or issued shares. Duplicate holding (if any) will be elaborated under the "Notes to Substantial Shareholders" on the Structure Remark section.)

Co. File Examined	10 Apr 2013
Companies Registry No. (CR No.)	1616703
Business Registration No. (BR No.)	58516277
Legal Status	Private Limited Company
Active Status	Live
Date of Incorporation / Registration	15 Jun 2011

Name Changed

N/A

Authorized Share Capital

HKD10,000

No. of Shares Issued

10,000

Issued Share Capital

HKD10,000

Paid up Capital (excluding premium)

HKD10,000

Class of Share

Ordinary

Last Annual Return Date

15 Jun 2012

Year(s) of "Annual Return of No Change" Filed

N/A

Branches/Trading As

N/A

Chief Executive

N/A

Company Secretary

Name	ID/CR No.	Passport No.	Issuing Country	Address
Sanling Consultants & Associates Limited	316677	N/A	N/A	Room 904 Cheung K. Commercial Building, 84-86 Des Voeux Road, Central, Hong Kong Island, Hong Kong.

Shareholders/ Subscribers (as at 15 Jun 2012)

Shareholders/ Subscribers	ID/CR No.	Passport No.	Issuing Country	Address	No. of Shares	Class of Share	% Of Share Capital
JHAWAR Madan Gopal	N/A	J2624327	India	Mangal Jyoti 3rd Floor, 227/2 A J C Bose Road, Kolkata-700020, India.	10,000	Ordinary	100.00
				Total:	10,000

Directors (as at 18 Sep 2012)

Directors	ID/CR No.	Passport No.	Issuing Country	Address
AGRAWAL Sandeep Jagdishprasad	R779507-5	N/A	N/A	Room 13, 5/F, Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong.

HISTORY SUMMARY
Change of Ownership & Capital/ Share Allotment/Other Changes	N/A
Appointment and/or Resignation of Directors or Secretary	As of 18 Sep 2012, JHAWAR Madan Gopal resigned as director and AGRAWAL Sandeep Jagdishprasad was appointed as director concurrently. As of 18 Sep 2012, Buttar. HK Limited resigned as corporate secretary and Sanling Consultants & Associates Limited was appointed as corporate secretary concurrently.
Admission or Retirement of Sole Proprietor/Partner	N/A
Parent	N/A

RELATED NEWS FINDINGS

Due to the nature of the information learned, we are responding in narrative format.

There is no telephone listing found on Subject, its shareholder and director. In addition, it is not found in the major reference books and trade and web directories.

We visited the registered address (same as given) and found it is a residential building. We visited the unit however it was unattended.

We futher contacted Subject's corporate secretary Sanling Consultants & Associates Limited (Tel: 28052876 and Fax: 28052875) and interviewed Miss FUNG, a staff there, only confirmed that Subject is their client maintaining its corresponding office there however declined to release any further information on the grounds of professional ethics. Message was left for Subject, its shareholder and director but no reply was received during the report compilation.

MANAGEMENT BACKGROUND

N/A

Profile/Responsibility and Business Capacity indicated are based on -on-file, sources, and enquiries and investigations recently conducted but do not necessarily represent the full or most updated. For example, the status indicated under Business Capacity is based on the date shown (if available) as recorded, which might have been changed at the time the report is compiled.

FINANCIAL

Current Interviews & Investigations

Its shareholder and director were unreachable for interview during the report compilation.

Sources and records reveal no related information.

Private companies in Hong Kong (include private limited, sole proprietorship and partnership) are not required to file or disclose their financial information for public inspection.

GROUP PROFILE & FINANCIALS

N/A

BANKING

No banking information was learned.

TRADE RECORD

N/A

TOTAL DEBT SCANNER (TDS)

TDS reveals if subject has been listed as debtor in our debt database in the past 5 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. Accounts are sometimes placed for collection even though the existence or amount of the debt is disputed. It should be noted that the collection record contained in the report might have been paid, terminated, vacated, settled or released prior to the date of report compiled.

Search Result:

Subject

None found in our database

Related Members

None found in our database

Related Companies

None found in our database

PUBLIC FILINGS

Mortgages and Charges (M&C)

M&C records, if any, are extracted from the Companies Registry, Hong Kong ("CRHK"). Details of "Creating Instrument" and "Description of Property Mortgaged or Charged" are available subject to the prevailing fees as per document charged by CRHK. Please indicate/select "Full Mortgage/Charge" when ordering our services/reports (e.g.: Total Limited Company Search or Total Company Credit Report). Request for Full mortgage/Charge made 7 days after the report delivery will be treated as a new order and is subject to our "Official Document Retrieval (ODR)" service charge + related government fees. M&C brief particulars may not be available from CRHK for mortgage/charge registered before 28 Feb 2005.

Records filed in:

N/A

Total Amount outstanding as of the date of this Return on all mortgages and charges which are required to be registered with the Registrar of Companies pursuant to sections 80 and 82 of the Companies Ordinance

TOTAL WRIT SCANNER (TWS)

TWS reveals if subject has been listed as Defendant/Debtor/Respondent, Plaintiff/Creditor/Applicant, in liquidation or bankruptcy within our court database in the past 7 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. It should be noted that the court record contained in a report might have been paid, terminated, vacated, settled or released prior to the date of a report was compiled. Civil claims are filed as the result of disputes of a commercial or other nature. The Defendant/Debtor/Respondent is not liable nor the Plaintiff/Creditor/Applicant eligible to the claim until judgement is obtained from the relevant court, which is not open for public inspection at present. Only the latest 50 records will be shown when total records exceed 50.

Search Result:

Subject

As Defendant

None found in our database

As Plaintiff

None found in our database

Comments

N/A

Related Members

As Defendant

None found in our database

Comments

N/A

Related Companies

As Defendant

None found in our database

Comments

N/A

OPERATION & ACTIVITIES

Business Lines

Principal Business Line	Not learned
Second Business Line	N/A

Product/Production

China Factory	N/A
Size of China Factory (sq. ft.)	N/A
No. of Staff / Workers in China (or Overseas)	N/A
Product / Production Remarks	N/A

Supplies/Purchases

Hong Kong and China
Types of Supplies	N/A
Buying Terms	N/A
Overseas
Import Countries	N/A
Types of Supplies	N/A
Buying Terms	N/A
Remarks	Subject is believed an inactive seeker of local trade credit.

Markets

Major Market	N/A
Minor Market	N/A
Selling Products / Services	N/A
Selling Terms	N/A
Remarks	N/A

Brands

Own Brands	N/A
OEM (Clients) Brands	N/A
Remarks	N/A

Premises and Staff

Hong Kong Office
Area (sq. ft.)	N/A
Type	Commercial
Staff Range	N/A
China Office
Staff Range	N/A
Premises Remarks	Maintaining its unattended registered office (at a 52-year-old residential building) and caring its corresponding office at the captioned address, which is the office of its corporate secretary, at a commercial building.
Total No. of Staff in Hong Kong (China)	N/A

TOTAL PROPERTY OWNERSHIP SEARCH (TPOS)

TPOS reveals if subject has been involved in property transaction record in our database since 1996. TPOS does not represent the full record or history of all transactions relating to the registered charges, mortgages or ownerships. Some of the charges, mortgages or ownerships might have been released and/or changed. There could be latest mortgages, charges, ownerships or transactions not reflected. TPOS also checks on Subject's shareholder, director, sole proprietor, partner (collectively listed under "Related Members" in this section) and/or related company while related records will be revealed when appropriate.

Search Result:

Subject

No Trace

Related Members

No Trace

Related Companies

No Trace

Abbreviations:
S&P = Sales and Purchase
GBF = General Banking Facilities
N/A = Not Available/Applicable

RELATED COMPANIES

Related companies mean Parent Company, Subsidiary Company, Director's Other Business/Capacity, etc.

N/A

ECONOMIC AND TRADE INFORMATION ON HONG KONG

Major Economic Indicators

	2009	2010	2011	Forecast/Latest
Population, Mid-year (million)	6.97	7.02	7.07	7.14^a
Gross Domestic Product (US$billion)	208.0	223.3	243.2	250.5-252.9^b
GDP Per Capita (US$)	29,800	31,800	34,400	35,100-35,400^b
Real GDP Growth (%)	-2.6	+7.1	+5.0	+1-2^b
Inflation (% Change in Composite CPI)	+0.5	+2.4	+5.3	+4.7^c
Unemployment Rate, seasonally adjusted (%)	5.4	4.4	3.4	3.2^d
Retail Sales Growth (%)	+0.6	+18.3	+24.9	+13.1^c
Visitor Arrival Growth (%)	+0.3	+21.8	+16.4	+15.5^c

^a 2012; ^b government forecast for 2012; ^c year-on-year change in January-June 2012; ^d April-June 2012.

Merchandise Trade Performance

	2010		2011		January-June 2012
	US$billion	Growth %	US$billion	Growth %	US$billion	Growth %
Total Exports	388.6	+22.8	427.9	+10.1	207.6	+0.3
Domestic Exports	8.9	+20.4	8.4	-5.5	3.6	-19.4
Re-exports	379.7	+22.8	419.8	+10.5	204.0	+0.7
Imports	431.4	+25.0	482.6	+11.9	236.0	+1.4
Total Trade	820.0	+23.9	910.5	+11.0	443.6	+0.9
Trade Balance	-42.8	N/A	-54.8	N/A	-28.4	N/A

Service Trade Performance

	2010		2011		January-June 2012
	US$billion	Growth %	US$billion	Growth %	US$billion	Growth %
Exports	105.7	+23.1	121.2	+14.6	60.2	+7.6
Imports	50.8	+16.3	55.8	+9.8	27.4	+3.7
Total Trade	156.5	+20.8	177.0	+13.1	87.6	+6.4
Trade Balance	54.9	N/A	64.9	N/A	32.8	N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.83.77
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.