MIRA INFORM REPORT

Report Date :

29.01.2013

IDENTIFICATION DETAILS

Name :	PUNJABI TRADING ASIA LTD.
Registered Office :	Unit 1703-1706, 17/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	28.12.1993.
Com. Reg. No.:	17740611
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Tea, snacks, other foodstuffs, cookware, etc.
No. of Employees :	9

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No Complaints
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 and address

PUNJABI TRADING ASIA LTD.

(Business names:

ENDURANCE TRADE SERVICES COMPANY

GRAND OCEAN COMPANY

HEALTH BEVERAGES COMPANY

PTAL FOODS COMPANY

SUPREME TRUST FOODS COMPANY

SYMPA TRADING COMPANY )

Address: Unit 1703-1706, 17/F., Multifield Plaza,

3-7A Prat Avenue, Tsimshatsui,

Kowloon, Hong Kong.

PHONE: 2723 2221, 2722 0615, 2723 2220

FAX: 2723 6151

E-MAIL: info@punjabihk.com

punjabi@punjabihk.com

punjabi@netvigator.com

MANAGEMENT

Managing Director: Mr. Suresh Hemandas Punjabi

SUMMARY

Incorporated on: 28th December, 1993.

Organization: Private Limited Company.

Capital: Nominal: HK$5,000,000.00

Issued: HK$5,000,000.00

Business Category: Foodstuff Trader.

Annual Turnover: US$25~30 million.

Employees: 9.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Unit 1703-1706, 17/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

Business Names:-

Endurance Trade Services Company, Hong Kong.

Grand Ocean Company, Hong Kong.

Health Beverages Company, Hong Kong.

PTAL Foods Company, Hong Kong.

Supreme Trust Foods Company, Hong Kong.

Sympa Trading Company, Hong Kong.

BUSINESS REGISTRATION NUMBER

17740611

COMPANY FILE NUMBER

0458815

MANAGEMENT

Managing Director: Mr. Suresh Hemandas Punjabi

CAPITAL

Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$5,000,000.00

SHAREHOLDERS

(As per registry dated 28-12-2012)

Name		No. of shares
Suresh Hemandas PUNJABI		3,250,000
Kiran Suresh PUNJABI		1,500,000
Yoshwin Suresh PUNJABI		125,000
Yogesh Suresh PUNJABI		125,000
		––––––––
	Total:	5,000,000 =======

DIRECTORS

(As per registry dated 28-12-2012)

Name (Nationality)	Address
Kiran Suresh PUNJABI [Also alternate director to Suresh Hemandas PUNJABI and Yoshwin Suresh PUNJABI]	Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Suresh Hemandas PUNJABI [Also alternate director to Kiran Suresh PUNJABI and Yoshwin Suresh PUNJABI]	Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Yoshwin Suresh PUNJABI [Also alternate director to Suresh Hemandas PUNJABI and Kiran Suresh PUNJABI]	Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Beena Heman PUNJABI [Alternate director to Suresh Hemandas PUNJABI, Kiran Suresh PUNJABI and Yoshwin Suresh PUNJABI]	Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Heman Jeramdas PUNJABI [Alternate director to Suresh Hemandas PUNJABI, Kiran Suresh PUNJABI and Yoshwin Suresh PUNJABI]	Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Yogesh Suresh PUNJABI [Alternate director to Suresh Hemandas PUNJABI, Kiran Suresh PUNJABI and Yoshwin Suresh PUNJABI]	Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 28-12-2012)

Name	Address	Co. No.
K. H. Ng & Partners Ltd.	Unit A, 22/F., Full Win Commercial Centre, 573 Nathan Road, Kowloon, Hong Kong.	1583148

HISTORY

The subject was incorporated on 28th December, 1993 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, Exporter and Wholesaler.

Lines: Tea, snacks, other foodstuffs, cookware, etc.

Employees: 9.

Commodities Imported: India, China, other Asian countries, etc.

Markets: Hong Kong, Southeast Asia, China, Japan, Europe, etc.

Annual Turnover: US$25~30 million.

Terms/Sales: As per contracted.

Terms/Buying: L/C, T/T, D/P, etc.

MEMBERSHIP

The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKP0461]

FINANCIAL INFORMATION

Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$5,000,000.00

Indebtedness: HK$11,503,387.59 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 28-12-2012)

Mortgage or Charge (since 2008): (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in an active condition.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

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

Indian Overseas Bank, Hong Kong Branch.

China Construction Bank (Asia) Corporation Ltd., Hong Kong.

Standing: Good.

GENERAL

Having issued 5 million ordinary shares of HK$1.00 each, Punjabi Trading Asia Ltd. is wholly owned by the Punjabi family. The largest shareholder is Mr. Suresh Hemandas Punjabi who is holding 55% interests. The other shareholders are Mr. Kiran Suresh Punjabi, holding 30%; Mr. Yoshwin Suresh Punjabi, 5%; and Mr. Yogesh Suresh Punjabi, also 5%. Most of the family members are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

Punjabi is an Indian family.

The business names of the subject are the following six:-

Endurance Trade Services Company

Grand Ocean Company

Health Beverages Company

PTAL Foods Company

Supreme Trust Foods Company

SYMPA Trading Company

According to the subject, the subject is trading in the following commodities:-

• Confectionery;
• Cookware;
• Household Products – Metal (Enamelware, Enamelware);
• Kitchen Utensils – Metal;
• Kitchen Utensils – Miscellaneous;
• Milk;
• Other Beverages;
• Rice;
• Snack (Including Potato and Shrimp Chip) (From Australia and New Zealand);
• Spaghetti;
• Tea and Teabag; &
• Vacuum Flasks.

The above-mentioned products are traded under the subject’s different business names. Commodities are sourced from India, China, other Asian countries, Australia, New Zealand and acquired from local suppliers. Prime markets are Hong Kong, China, Japan, other Asian countries, Europe, North America, Africa, Australia, etc. Overall business is active.

It was reported that the Punjabi family had set up their firm in India in 1933. Commodities carried can be shipped to worldwide customers via the shipping company Maersk Line.

The annual sales turnover of the subject ranges from US$25 to 30 million. Business is normal. Regular suppliers and customers have been maintained.

Mr. Suresh Hemandas Punjabi, representing Senegal, is also a member of The Association of Honorary Consuls in Hong Kong and Macau SAR, China.

The subject has had its own staff quarters in Hong Kong.

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

On the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

(Since 2008)

Date	Particulars	Amount
30-01-2008	Instrument: Charge Over Account Property: The Chargor as sole beneficial owner and as security for the payment of all Secured Liabilities charges the Credit Balance to the Bank Mortgagee: China Construction Bank (Asia) Corporation Ltd., Hong Kong.	All present and future obligations and liabilities
11-12-2008	Instrument: Security Over Deposits Property: A deposit with chargee in the amount of HK$2,100,000 under Deposit A/C No. 511‑666208, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge

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%)

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.