MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	SOL ELECTRONICS LTD.
Registered Office :	Flat B, 12/F., Gee Luen Factory Building, 316-318 Kwun Tong Road, Kwun Tong, Kowloon,.
Country :	Hong Kong
Date of Incorporation :	03.08.2005
Com. Reg. No.:	35977212
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of mobile phones
No. of Employees :	10

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

Maximum Credit Limits :	Credit of US$250,000
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	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

SOL ELECTRONICS LTD.

ADDRESS: Flat B, 12/F., Gee Luen Factory Building, 316-318 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.

PHONE: 853-2753 8636, 2739 7763

FAX: 853-2721 9281

MANAGEMENT

Managing Director: Mr. Mohammed Kamal Mustafa

SUMMARY

Incorporated on: 3rd August, 2005.

Organization: Private Limited Company.

Issued Share Capital: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 10.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Flat B, 12/F., Gee Luen Factory Building, 316-318 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.

Associated Companies:-

PT. SOL Electronics Indonesia, Indonesia.

SOL Cellular LLC, USA.

SOL Electronics FZE, UAE.

SOL Electronics LLC, USA.

SOL Electronics Ltd., Kenya.

SOL Electronics SRL, Italy.

SOL Electronics Trading SRL, Romania.

SOL General Trading Ltd., Hong Kong.

SOL General Trading Ltd., Thailand.

SOL Mobiles Pvt. Ltd., India.

SOL Telcom GmbH, Germany.

SOL Telecom (S) Pte. Ltd., Singapore.

SOL Telecom Ltd., Hong Kong.

SOL Telecom Pty. Ltd., South Africa.

SOL Telecom SAC, Peru.

SOLE Telecom Pvt. Ltd., India.

SOOL Digital S.L., Spain.

UAB Sol Trading, Lithuania.

BUSINESS REGISTRATION NUMBER

35977212

COMPANY FILE NUMBER

0987278

MANAGEMENT

Managing Director: Mr. Mohammed Kamal Mustafa

ISSUED SHARE CAPITAL: HK$10,000.00

SHAREHOLDER: (As per registry dated 03-08-2014)

Name	No. of shares
Rajesh Rameshchandra SOMANI	10,000 =====

DIRECTOR: (As per registry dated 03-08-2014)

Name (Nationality)	Address
Mohammed Kamal MUSTAFA	Flat C, 62/F., Tower 11, Caribbean Coast, Tung Chung, New Territories, Hong Kong.

SECRETARY: (As per registry dated 03-08-2014)

Name	Address	Co. No.
King Honest Services Ltd.	Room 2101A, 21/F., Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.	0167783

HISTORY

The subject was incorporated on 3rd August, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of mobile phones.

Employees: 10.

Commodities Imported: China, other Asian countries, etc.

Markets: India, the Middle East, Europe, North America, etc.

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

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

FINANCIAL INFORMATION

Issued Share Capital: HK$10,000.00

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

Standing: Normal.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, SOL Electronics Ltd. is wholly owned by Rajesh Rameshchandra Somani who is residing in the United Kingdom.

The director of the subject Mohammed Kamal Mustafa is He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.

The subject is a mobile phone and iPhone trader. Most of its products bear the brand name of Apple, Samsung, etc.

The subject has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00156453 - RU. Its products are exported to Asian countries, Europe, North America, etc.

The subject is a member of the SOL Group.

The subject has had an associated company SOL General Trading Ltd. [SOLGT] located at the same address.

The products of SOLGT include home appliances (electric fans, steam irons), computer-related (LCD monitor, keyboard, mouse, USB drive), electronics (DVD player, MP3 player, car DVD), branded digital cameras, camcorders, psp, miscellaneous items (alkaline battery, sport equipment).

Its customers come from more than 15 countries covering 4 main continents: Europe, North America, Asia and Africa. SOLGT is also trading in electronic goods like digital cameras, camcorders, lenses, memory cards, play stations and other related electronic items.

SOL group is also the nominated distributor of Nokia mobile phone for North-African and French speaking countries. With an annual turnover of more than US$100 million, SOL Group has become of the significant Groups in Hong Kong and in Asia.

The business of the subject is chiefly administered by Rajesh Rameshchandra Somani.

As the history of the subject is over nine years and four months in Hong Kong, on the whole, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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.