MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	ABLE BILLION SOURCING & DESIGN LTD.
Registered Office :	Room 2808, 28/F., Nanyang Plaza, 57 Hung To Road, Kwun Tong, Kowloon
Country :	Hong Kong
Date of Incorporation :	03.06.2014
Com. Reg. No.:	63414404
Legal Form :	Private Limited Company
LINE OF BUSINESS :	IMPORTER, EXPORTER AND WHOLESALER OF FABRICS, TEXTILE PRODUCTS, PIECEGOODS.
No. of Employees :	10. (Including associates)

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Hong Kong	A1	A1

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 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

ABLE BILLION SOURCING & DESIGN LTD.

ADDRESS: Room 2808, 28/F., Nanyang Plaza, 57 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

PHONE: 852-2242 6308

FAX: 852-2242 6968

MANAGEMENT

Managing Director: Mr. Fu Ka Fai

SUMMARY

Incorporated on: 3rd June, 2014.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 10. (Including associates)

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

Banking Relation: Satisfactory.

Company name and address

ABLE BILLION SOURCING & DESIGN LTD.

ADDRESS:

Registered Head Office:-

Room 2808, 28/F., Nanyang Plaza, 57 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

Holding Company:-

Able Billion Enterprises Ltd., Hong Kong.

Associated Companies:-

Able Billion Textiles Enterprises Ltd., Hong Kong.

Able Billion Textiles Ltd., Hong Kong.

Artex Textiles Ltd., Hong Kong.

BUSINESS REGISTRATION NUMBER

63414404

COMPANY FILE NUMBER

2103902

MANAGEMENT

Managing Director: Mr. Fu Ka Fai

Contact Person: Ms. Catherine Fu

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 03-06-2014)

Name	No. of shares
Able Billion Enterprises Ltd., Hong Kong.	10,000 =====

DIRECTORS

(As per registry dated 03-06-2014)

Name (Nationality)	Address
FU Ka Fai	House 66, The Giverny, Lot 1184 in DD217, Sai Kung, New Territories, Hong Kong.
CHOI Yat Ching, Ryder	Flat A, 8/F., Block 2, The Caldecott, 1 Caldecott Road, Kowloon, Hong Kong.

SECRETARY

CHOI Yat Ching, Ryder (As per registry dated 03-06-2014)

HISTORY

The subject was incorporated on 3rd June, 2014 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 304, 3/F., Laford Centre, 838 Lai Chi Kok Road, Kowloon, Hong Kong, moved to the present address in October 2014.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Fabrics, textile products, piecegoods.

Employees: 10. (Including associates)

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

Markets: Asian countries, Europe, North America, etc.

Terms/Sales: L/C, T/T, etc.

Terms/Buying: L/C, pre-payment, etc.

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

Mortgage or charge:-

Date: 12-09-2014

Description of Instrument: Assignment of DC Proceeds

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

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

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, Able Billion Sourcing & Design Ltd. is wholly owned by Able Billion Enterprises Ltd. [ABE], which is a Hong Kong-registered company.

The subject and ABE are engaged in the same lines of business.

The directors of the subject are Mr. Fu Ka Fai and Mr. Choi Yat Ching.

The subject is a textile product trader. It is trading in the following commodities: Piecegoods - Blended, Piecegoods – Synthetic, etc.

Commodities are sourced from China, Taiwan, South Korea, other Asian countries, Europe, etc.

Prime markets are Africa, Australasia, Central & South America, China, Eastern Europe, Japan, South Korea, the Middle East, North America, other Asian Countries, Scandinavia, Southeast Asia, Taiwan, Western Europe, etc.

The subject has the following associated companies located at the same address:-

Able Billion Textiles Ltd. (Incorporated on 10th June, 2010)

Able Billion Textiles Enterprises Ltd. (Incorporated on 24th January, 2011)

Aretex Textiles Ltd. (Incorporated on 9th September, 2011)

All the companies are registered in Hong Kong and operated by the Fu family.

The subject’s business is chiefly handled by Fu Ka Fai himself. The contact person of the subject Ms. Catherine Fu is also a member of the Fu family. History in Hong Kong is just over six months.

As the history of the subject is short in Hong Kong, 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.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

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