MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	ZASA LIMITED

Registered Office :	Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Central

Country :	Hongkong

Date of Incorporation :	03.04.2009

Com. Reg. No.:	50550762

Legal Form :	Private Limited Liability Company

Line of Business :	Not Available (Note: We tried to confirm obtain the details activity but the same is not available from any source.)

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 :	Offshore Company

Payment Behaviour :	--

Litigation :	--

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hongkong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

HONGKONG - 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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Company Name and Address

Company Name (in English):	Zasa Limited
Supplied Name:	ZASA LIMITED
Supplied Address:	FLAT/RM 301 KAM ON BUILDING 176A QUEEN S ROAD CENTRAL HONG KONG

Note: The exact name is as above and the supplied address belongs to subject’s corporate secretary “Multi-Chain Limited”.

Special Note

We cannot find subject’s any operation information or valid contact information in Hong Kong through public files according to supplied name.

According to the supplied address, we tried to contact subject through the phone +852-2543-0565. A lady answered it and introduced that her company called Multi-Chain Limited which is engaged in providing registered and accounting service. Subject is one of her company’s customers, but she declined to disclose any other information about subject.

The supplied phone +88029882885 doesn’t belong to Hong Kong and we cannot confirm whether the phone has any connection with subject by any sources.

From public file, we cannot find any other valid contact information or operation information about subject in Hong Kong. As subject’s registered address is that of a corporate secretary (Multi-Chain Limited), based on subject’s registered files and our investigation, we consider subject as an offshore company.

We found subject’s registered files from local registry, supplying as following for reference.

Company Identification Details

Registered Name:	Zasa Limited
Registered Address:	Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Central, Hong Kong
Date of Registration:	2009-4-3
Registered Number:	1331308
Business Registration No.:	50550762
Paid-up Capital:	HKD 100,000 (USD 12,900) = 100,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD)
Legal Form:	Private Limited Liability Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-4-3

History

Subject was incorporated on 2009-4-3 with the registered number 1331308 as Private Limited Liability Company in Hong Kong.

Corporate Structure

Subject did not register any subsidiaries or branches; from other source we cannot obtain the relevant information, either.

Shareholder

Name	Subscription Shares	Proportion of Investment (%)
Mr. Currimbhoy Zafar	100,000	100%
Total	100,000	100%

Major Shareholder Information:

Name:	Mr. Currimbhoy Zafar
Address:	Apt 101, House 54, Road 84, Gulshan-2, Bangladesh

Management Information

Core Management

Detailed Information of Directors:

1
Name:	Mr. Currimbhoy Zafar
Address:	Apt 101, House 54, Road 84, Gulshan-2, Bangladesh
Position:	Director
Passport Number:	800229969
Issuing Country:	U.K.
2
Name:	Multi-Chain Limited
Address:	Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Central, Hong Kong
Position:	Corporate Secretary
Registered Number:	209214
E-mail:	grewal@grewal.com.hk

Operation Information

Subject does not have business entity in Hong Kong.

Financial Information

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject does not have business entity in Hong Kong, thus we cannot obtain the relevant information.

Public

Mortgage Record

1
Company Name:	Zasa Limited
Instrument of Creating Mortgage:	Lien & set-off agreement
Date of Creating Mortgage:	2010-8-12
Amount Secured:	For securing (general credit facilities) allowed to Zasa Limited from time to time by HBZ Finance Limited
Name of Mortgagee:	HBZ Finance Limited
Address of Mortgagee:	11/F., Yue Hwa International Building, 1 Kowloon Park Drive, T.S.T., Kowloon, Hong Kong
Description of Property Mortgaged:	Fixed deposits of the company set out below and extensions or renewals thereof on whole or in part. Deposit No.: DFN0080823 Favouring: Zasa Limited Amount: USD 200,000.00 Maturity Date: 2010-11-5
2
Company Name:	Zasa Limited
Instrument of Creating Mortgage:	Lien & set-off agreement
Date of Creating Mortgage:	2013-2-27
Amount Secured:	For securing (general credit facilities) allowed to Zasa Limited from time to time by HBZ Finance Limited
Name of Mortgagee:	HBZ Finance Limited
Address of Mortgagee:	11/F., Yue Hwa International Building, 1 Kowloon Park Drive, T.S.T., Kowloon, Hong Kong
Description of Property Mortgaged:	Fixed deposits of the company set out below and extensions or renewals thereof on whole or in part. Deposit No.: 1187 Favouring: Zasa Limited Amount: USD 505,052.80 Maturity Date: 2013-5-27

Lawsuits

Up to now, no present or latent litigation of the subject has been found.

High Court Action:	Clear
High Court Baukufty Bankruptcy Proceedings:	Clear
High Court Commercial Action:	Clear
High Court Construction & Arbitration Proceedings:	Clear
High Court Companies Winding-Up:	Clear

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

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.