MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	PROSTAR EXPORTS LIMITED

Formerly Known as :	Wingro Company Limited

Registered Office :	Room 301, 3/F, Kam On Building, 176A Queen’s Rd ‘C’, Central

Country :	Hong Kong

Date of Incorporation :	13.03.2002

Com. Reg. No.:	789051

Legal Form :	Private Limited Liability Company

Line of Business :	engaged in trading of furniture (Not Confirmed)

No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 :	Moderate
Payment Behaviour :	Unknown
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

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

Contact Points

Company Name (in Chinese):	胜隆有限公司
Company Name (in English):	Prostar Exports Limited
Supplied Name:	PROSTAR EXPORTS LIMITED
Supplied Address:	26-F, Sung Fung Court, Harbour Height, 1-3 Fook Yam Road, North Point

Note: The exact name is as above.

Credit Summary

Credit Opinion:

Since we did not contact the subject and the operation information is not confirmed, caution should be exercised.

Special Note

We cannot obtain any contact information of the subject from public files according to the supplied name or address.

We visited the supplied address and found it belongs to the residential area. There is on company name on the wall or anywhere else on the address. We tried to knock the door but no one answered it.

We tried to contact the subject through the supplied number (+852-2543-0565), a lady answered the phone said her company name is Muti-Chain Limited, which is engaged in providing of registration services. She declined to disclose any information about the subject for confidential reasons.

As the registered address is that of the corporate secretary of the subject, we cannot obtain any information of the subject according to it.

From public files, we found the subject is engaged in trading of furniture according to the supplied name, but which is not confirmed by the subject.

Update to date of reporting, we failed to get in touch with subject. If you can supply further information such as current telephone number, we’d like to have the investigation resumed.

We found subject’s registration information as follows for reference.

Company Identification Details

Registered Name:	Prostar Exports Limited
Registered Address:	Room 301, 3/F, Kam On Building, 176A Queen’s Rd ‘C’, Central, Hong Kong
Date of Registration:	2002-3-13
Registered Number:	789051
Business Registration No.:	33697325
Paid-up Capital:	HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD)
Legal Form:	Private Limited Liability Company
Principal Activities:	N/A
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-3-13

Notes: Since we didn’t find subject, the principal activities and staff number are not available from any sources.

History

Subject was incorporated on 2002-3-13 with the registered number 789051 as Private Limited Liability Company in Hong Kong.

Change of Name:

Effective Date	Name
2007-10-9	Prostar Exports Limited
2003-6-27	Wingro Company Limited
2002-3-13	Greenson Industrial Limited

Corporate Structure

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

Shareholders

Name	Subscription Shares	Proportion of Investment (%)
Mr. Shewaramani Rajiv Vashi	10,000	100%
Total	10,000	100%

Major Shareholder Information:

Name:	Mr. Shewaramani Rajiv Vashi
Address:	203 Cui Jing Block, Le Yi Ju, Gui Hua Road, Lecong, Shunde, China

Management Information

Core Management

Detailed Information of Directors:

1
Name:	Mr. Shewaramani Rajiv Vashi
Address:	203 Cui Jing Block, Le Yi Ju, Gui Hua Road, Lecong, Shunde, China
Position:	Director
Passport Number:	E3224273N
Issuing Country:	Singapore
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

Operation Information

Offices & Factories

We cannot confirm subject current trading address at this stage.

Operation Information

From public files, we found the subject is engaged in trading of furniture according to the supplied name.

The major products of the subject are sofa, cabinet, dining table, wine cabinet, etc.

Subject’s sales regions include domestic market and abroad.

Since we cannot get in touch with the subject until now, the information above is not confirmed by the subject.

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.

Since we didn't get in touch with subject, the relevant information is not available from any sources.

Bankers

Since we didn't get in touch with subject, the bank information is not available from any sources.

Public

Mortgage Record

Company Name:	Wingro Company Limited
Instrument of Creating Mortgage:	Lien & Set-off Agreement
Date of Creating Mortgage:	2006-8-17
Amount Secured:	For securing (General Credit Facility) allowed to Wingro Company Limited From time to time by HBZ Finance Limited
Name and Address of Mortgagee:	HBZ Finance Limited 11/F, Yue Hwa International Building, 1, Kowloon Park Drive, T.S.T. Kowloon, Hong Kong
Description of Property Mortgaged:	Fixed deposit(s) as per enclosed schedule in the name of Wingro Company Limited Any extensions or renewals thereof in part by new fixed deposit(s) receipt(s) bearing different receipt(s) number.

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

Attachment

Address: 26-F, Sung Fung Court, Harbour Height, 1-3 Fook Yam Road, North Point, HK

We visited the above address and found it belongs to the residential area. There is on company name on the wall or anywhere else on the address. We tried to knock the door but no one answered it.

Sung Fung Court, Harbour Height, 1-3 Fook Yam Road, North Point, HK

26-F, Sung Fung Court, Harbour Height, 1-3 Fook Yam Road, North Point, HK

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	MNL

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.