MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	SING HOI HONG KONG LTD.
Registered Office :	Room A3, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	19.05.2009
Com. Reg. No.:	50737770
Legal Form :	Private Limited Liability Company
Line of Business :	The subject’s lines of business are unknown since Ahamed cannot be reached.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

SING HOI HONG KONG LTD.

ADDRESS

Registered Office:-

Room A3, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

50737770

COMPANY FILE NUMBER

1339167

DATE OF INCORPORATION

19th May, 2009.

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$1.00

SHAREHOLDEr

(As per registry dated 19-05-2013)

Name	No. of share
Shafeeq AHAMED	1 =

DIRECTOR

(As per registry dated 19-05-2013)

Name (Nationality)	Address
Shafeeq AHAMED	Room A3, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 19-05-2013)

Name	Address	Co. No.
Taxbase Consultants Ltd.	Room 1408, 14/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong.	0411324

HISTORY

The subject was incorporated on 19th May, 2009 as a Private Limited Liability Company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Star Marine Enterprise Ltd., name changed to the present style on 25th November, 2010.

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

GENERAL

Having issued just one ordinary share of HK$1.00, Sing Hoi Hong Kong Ltd. is wholly owned by Shafeeq Ahamed who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.

The subject’s registered address is in a private building located at Room A3, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong. This seems to be the residence of Ahamed.

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

The subject’s lines of business are unknown since Ahamed cannot be reached.

From our secondary sources, the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the other Asian countries. Business is still under development. However, this line of business is unconfirmed.

The subject is just a one-man company. Business is chiefly handled by Ahamed himself. History in Hong Kong is over a year and ten months since it has changed to the present name. History is short.

As the registered office of the subject is in a residential building, on the whole, consider it good for normal business engagements on L/C basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

SDA

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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