MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	PENNENSUILA GROUP LTD.
Registered Office :	Room 13, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yaumatei, Kowloon
Country :	Hong Kong
Date of Incorporation :	15.06.2011
Com. Reg. No.:	58516277
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of Garments, home textiles, etc.
No. of Employees :	4.

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 :	Satisfactory
Payment Behaviour :	Usually correct
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

PENNENSUILA GROUP LTD.

Company ADDRESS

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

PHONE: 2377 4436

FAX: 2377 4055

MANAGEMENT

Managing Director: Mr. Sandeep Jagdishprasad Agrawal

SUMMARY

Incorporated on: 15th June, 2011.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Garment Trader.

Employees: 4. (Including associates)

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

Banking Relation: Satisfactory.

Company name

PENNENSUILA GROUP LTD.

Company ADDRESS

Registered Office:-

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

Affiliated/Associated Company:-

Swals Exim Pvt. Ltd., Hong Kong.

Shosaan Asia Pacific, Hong Kong. (Same address)

Swals Exim Pvt. Ltd., India.

Cosmos Ltd., Hong Kong. (Same address)

Traderslink International Co. Ltd., Hong Kong.

BUSINESS REGISTRATION NUMBER

58516277

COMPANY FILE NUMBER

1616703

MANAGEMENT

Managing Director: Mr. Sandeep Jagdishprasad Agrawal

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 15-06-2012)

Name	No. of shares
Madan Gopal JHAWAR	10,000 =====

DIRECTOR

(As per registry dated 18-09-2012)

Name (Nationality)	Address
Sandeep Jagdishprasad AGRAWAL	Flat 13C, 5/F, Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 18-09-2012)

Name	Address	Co. No.
Sanling Consultants & Associates Ltd.	Room 904, 9/F., Cheong K. Commercial Building, 84-85 Des Voeux Road Central, Hong Kong.	0316677

HISTORY

Pennensuila Group Ltd. was incorporated on 15th June, 2011 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 and Exporter.

Lines: Garments, home textiles, etc.

Employees: 4. (Including associates)

Commodities Imported: China, other Asian countries or acquired from local suppliers.

Markets: Middle East, Africa, Europe, North America, etc.

Terms/Sales: As per contracted.

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

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: Made a small profit in the past two years.

Condition: Business is normal.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

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

HBZ Finance Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Pennensuila Group Ltd. is wholly owned by Mr. Madan Gopal Jhawar who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.

The only director of the subject Mr. Sandeep Jagdishprasad Agrawal is an Indian. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently.

The subject’s registered address is in a private building located at Room 13, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yaumatei, Kowloon, Hong Kong. This is also the residence of Agrawal. The residential building is not trespassed by outsiders.

The subject has had an associated company Swals Exim Pvt. Ltd. [Swals]. The subject and Swals are engaged in the same lines of business.

[Swals] Incorporated in 15th October, 2008 as a private limited liability company in Hong Kong, Swals is wholly-owned by Agrawal.

Swals is trading in garments, home textiles, etc. It is trading in the following commodities:-

· Blouses;

· Children’s Wear;

· Denim Garments;

· Dresses & Skirts;

· Shirts;

· Suits & Jackets - Men’s;

· Suits & Jackets - Women’s; &

· Trousers & Slacks.

Commodities are sourced from China, other Asian countries or acquired from local suppliers. Prime markets are the Middle East, some African countries, Eastern and Western Europe, North America, etc.

Besides, Sandeep Jagdishprasad Agrawal is operating a website offering clients with consultancy services on garment industry. Its business scope includes the followings:-

· Arranging warehousing and shipping for customers;

· Forming joint ventures for two parties; &

· Sourcing garments for buyers.

etc.

The subject has got an associated company known as Swals Exim Pvt. Ltd. [India Swals Exim] in Mumbai, India.

India Swals Exim is an India-based firm established in 2002. It is a manufacturer and exporter of all kinds of garments. Having its associates all over the world, India Swals Exim has been in this industry for more than 15 years. India Swals Exim is trading in casual wear, knitwear, men’s wear, shirts, T-shirts (men’s, ladie’s, girl’s and boy’s), ladie’s garments, etc. It carries the following brand names: “Van-Heusen”, “Ravel”, “Baja”, etc. Swals Exim has about 25 employees. Annual sales turnover ranges from US$0.7 to 0.9 million.

Sandeep Jagdishprasad Agrawal is also the Managing Director of India Swals Exim.

The history of the subject in Hong Kong is just over a year.

On the whole, consider it good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.38
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

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%)

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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.