MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	M.Y. & COMPANY
Registered Office :	Unit D, 13/F., Mai Wah Industrial Building, 1-7 Wah Sing Street, Kwai Chung, New Territories
Country :	Hong Kong
Date of Incorporation :	10.12.1998
Legal Form :	Sole Proprietorship
LINE OF BUSINESS :	IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF GARMENTS AND FABRICS, GARMENT ACCESSORIES
No of Employees :	8

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 :	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Hong Kong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 & ADDRESS:

M.Y. & COMPANY

ADDRESS: Unit D, 13/F., Mai Wah Industrial Building, 1-7 Wah Sing Street, Kwai Chung, New Territories, Hong Kong.

PHONE: 852-2944 6696

FAX: 852-2944 6280

E-MAIL: hk@union-myco.com

MANAGEMENT:

Manager: Mr. Mohamed Yaseen Abdul Gani

SUMMARY:

Establishment: 10th December, 1998.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Importer, Exporter and Wholesaler.

Employees: 8.

Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company name:

M.Y. & COMPANY

ADDRESS:

Registered Address:-

c/o Boardroom Corporate Service (HK) Ltd.

31/F., 148 Electric Road, North Point, Hong Kong.

Head Office:-

Unit D, 13/F., Mai Wah Industrial Building, 1-7 Wah Sing Street, Kwai Chung, New Territories, Hong Kong.

Associated Companies:-

Expoworld Buttons (Pvt) Ltd., Sri Lanka.

M. Y. & Union (HK) Ltd., Hong Kong. (Same address)

Union International Accessories (Pvt) Ltd., Sri Lanka.

BUSINESS REGISTRATION NUMBER:

22177184-000-12

MANAGEMENT:

Manager: Mr. Mohamed Yaseen Abdul Gani

Contact Person: Mr. Jay Knorr

SOLE PROPRIETOR:

Name: Mr. Mohamed Yaseen ABDUL GANI

Residential Address: 76A, Peterson Lane, Colomb 6, Sri Lanka.

HISTORY:

The subject was established on 10th December, 1998 as a sole proprietorship concern owned by Mr. Mohamed Yaseen Abdul Gani under the Hong Kong Business Registration Regulations.

At the very beginning, the registered address of the subject was located at 7/F., Allied Kajima Building, 138 Gloucester Road, Hong Kong, moved to Suite 4301-5, Tower One, Time Square, 1 Mathaeson Street, Causeway Bay, Hong Kong in November 2007, moved to 12/F., The Lee Garden, 33 Hysan Avenue, Causeway Bay, Hong Kong in October 2010 and further moved to the present address in August 2013.

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

OPERATIONS:

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of garments and fabrics, garment accessories, etc.

Employees: 8.

Commodities Imported: China, Sri Lanka, other Asian countries, etc.

Markets: Asian countries, Europe, North America, Central & South America, etc.

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

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

FINANCIAL INFORMATION:

Capital: Not disclosed.

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Standing: Normal.

GENERAL:

M.Y. & Company is a sole proprietorship set up on and owned by Mr. Mohamed Yaseen Abdul Gani who is a Sri Lanka merchant.

The subject was set up in December 1998. It is trading in garments, fabrics and other textile products.

The subject has had a number of associated companies in Sri Lanka. One of the significant company is Union International Accessories (Pvt) Ltd. [UIA]. Besides the subject UIA has had associated companies in the United States, Sri Lanka, Bangladesh, India, Pakistan and Indonesia.

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

UIA and M. Y. & Union (HK) Ltd., a Hong Kong-registered company located at the same address, have been in the garment accessories manufacturing for more than 20 years. UIA manufactures all kinds of polyester and metal accessories and having manufacturing plants in China and Sri Lanka. The company has its sales branches in the United States, India, Sri Lanka, Bangladesh, Indonesia, Pakistan, employing over 400 staff.

The subject is trading in the following commodities: Jeans Buttons, Rivets, Grommets, Snap Buttons, Prong Snaps, Buckles, D Rings, Sew on Shanks, Metal Beads, Metal Tabs, PU/Leather atches, Polyester / Rod Buttons (Non Logo, Logo, edge Laser), etc.

Mohamed Yaseen Abdul Gani is also managing director of UIA.

The subject is manufacturing products for the following brands: Armani Exchange, Gap, J.Jill, Next, Li & Fung, S.Oliver, Old Navy, Kohl’s, Victoria’s Secret PINK, Mast, Ann Taylor, Mish Mash Jeans, Harley Davidson, Ted Baker, Abercrombie & Fitch, Bimini Bay, Urban Outfitters, L.L.Bean, Levi’s, etc.

The Group also has been working for the following customers through their vendors around the world: ESPRIT, edc, ZARA, Eddie Bauer, C&A, Calvin Klein, Columbia, Boden, EXPRESS, Reebok, Your M&S, Tommy Hilfiger, Tom Tailor, DKNY, intimissimi, etc.

The contact person of the subject is Mr. Jay Knorr. History in Hong Kong is over 16 years.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.95
UK Pound	1	Rs. 97.15
Euro	1	Rs. 76.74

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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.