MIRA INFORM REPORT

Report Date :

29.01.2013

IDENTIFICATION DETAILS

Name :	PROCHE CORPORATION PRIVATE LTD.

Registered Office :	C/o PAMM Corporate Secretary Ltd. Flat A, 15/F., Hillier Commercial Building, 65‑67 Bonham Strand East, Sheung Wan

Country :	Hong Kong

Date of Incorporation :	19.01.2009

Com. Reg. No.:	50212287

Legal Form :	Private Limited Company.

Line of Business :	Engineering Project Contractor

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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 and address

PROCHE CORPORATION PRIVATE LTD.

Address: c/o PAMM Corporate Secretary Ltd.

Flat A, 15/F., Hillier Commercial Building,

65‑67 Bonham Strand East,

Sheung Wan, Hong Kong.

PHONE: 2151 8009

FAX: 2151 8003, 3175 3155

E-MAIL: info@prochecorporation.com

MANAGEMENT

Managing Director: Mr. Maheshkumar Himmatbhai Luhar

SUMMARY

Incorporated on: 19th January, 2009.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Engineering Project Contractor.

Employee: Nil.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Office:-

c/o PAMM Corporate Secretary Ltd.

Flat A, 15/F., Hillier Commercial Building, 65‑67 Bonham Strand East, Sheung Wan, Hong Kong.

Associated Company:-

Proche Corporation, India.

BUSINESS REGISTRATION NUMBER

50212287

COMPANY FILE NUMBER

1302249

MANAGEMENT

Managing Director: Mr. Maheshkumar Himmatbhai Luhar

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 19-01-2012)

Name		No. of shares
Jay Randhir Sampat		10,000 =====

Name

No. of shares

Jay Randhir Sampat

10,000

=====

DIRECTOR

(As per registry dated 05-07-2012)

Name (Nationality)	Address
Maheshkumar Himmatbhai LUHAR	Momai Krupa, Bh Geeta Hotel, Devla Gate, Savarkundla, District, Amerli 364515, Gujarat, India.

Name

(Nationality)

Address

Maheshkumar Himmatbhai LUHAR

Momai Krupa, Bh Geeta Hotel, Devla Gate, Savarkundla, District, Amerli 364515, Gujarat, India.

SECRETARY

(As per registry dated 19-01-2012)

Name	Address	Co. No.
PAMM Corporate Secretary Ltd.	Flat A, 15/F., Hillier Commercial Building, 65‑67 Bonham Strand East, Sheung Wan, Hong Kong.	1646493

HISTORY

The subject was incorporated on 19th January, 2009 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: Engineering Project Contractor.

Lines: Machinery & Equipment, Iron & Steel Structure, etc.

Employee: Nil.

Commodities Imported: Europe, Asian countries, North & South America, etc.

Markets: Asian countries, Middle East, Africa, etc.

Terms/Sales/Services: As per contracted.

Terms/Buying: Various terms.

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: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

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

Having issued 10,000 ordinary shares of HK$1.00 each, Proche Corporation Private Ltd. is wholly owned by Jay Randhir Sampat who is an Indian. The director of the subject Maheshkumar Himmatbhai Luhar is also 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 does not have its own operating office. Its registered office is in a commercial service firm located at “Flat A, 15/F., Hillier Commercial Building, 65‑67 Bonham Strand East, Sheung Wan, Hong Kong” known as “PAMM Corporate Secretary Ltd.” [PAMM] which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.

Your given phone and fax number belong to PAMM.

The subject has no employee in Hong Kong. It has had a main associated company in India known as Proche Corporation (Proche).

Proche is an engineering company which is experienced in the design and supply of integrated process systems, packages and technologies for the sector like oil & gas, power, electrical engineering, marine and environmental technology industries. Proche is also an innovator in the design, engineering and supply of mud motors, electrical engineering components and associated drilling tools such as non-magnetic collars which improve drilling time, especially for horizontal wells typical of shale formations.

Proche has had operations in China, Malaysia, the Philippines, Thailand, Africa, the United Arab Emirates, Qatar and Saudi Arabia.

Established in 2005, Proche has a Special Category classification in Electrical – Power and Instrumentation / Control Works, Marine Works, Oil & Gas and Steel Structure Works in the Middle East, African countries and South Asia. Projects executed include a combination of Mechanical, Marine Construction and MEP works for both onshore and offshore-based Oil and Gas sectors and the other commercial sectors.

According to Proche, it is engaged in the following business scope:-

Industrial Plant & structures;
Marine;
Mechanical – Oil & Gas;
Power, Instrumentation, transmission & Controls Division; &
The Electromechanical includes steel structures.

The business of Proche has been expanding in India, the other Asian countries, the Middle East and Africa, etc.

The subject’s business in Hong Kong is not active. History in Hong Kong is just over three years.

On the whole, since the subject does not have its own operating office and has no employee in Hong Kong, consider it good for business engagements on L/C basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.89
UK Pound	1	Rs.84.92
Euro	1	Rs.72.51

INFORMATION DETAILS

Report Prepared by :

PRL

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