MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	BIROUTE LTD.

Registered Office :	Unit 1913-1916, 19/F., China Merchants Tower, Shun Tak Centre, 200 Connaught Road, Central

Country :	Hong Kong

Date of Incorporation :	28.08.1987

Com. Reg. No.:	11264267

Legal Form :	Private Limited Company

Line of Business :	Importer, Exporter and Wholesaler of Clinker, limestone, fly ash, chemical fertilizer, cement, coal, other bulk materials

No. of Employee :	17

RATING & COMMENTS

MIRA’s Rating :

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

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

BIROUTE LTD.

ADDRESS: Unit 1913-1916, 19/F., China Merchants Tower, Shun Tak Centre, 200 Connaught Road, Central, Hong Kong.

PHONE: 852-2834 1991

FAX: 852-2575 2907

E-MAIL: info@ssgil.com

MANAGEMENT:

Chairman & Managing Director: Mr. M. Kamal A. Pasha

SUMMARY

Incorporated on: 28th August, 1987.

Organization: Private Limited Company.

Issued Share Capital: HK$2,100,000.00

Business Category: Importer, Exporter and Wholesaler.

Group Employees: 3,000.

Company Employees: 17.

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

Banking Relation: Very Good.

ADDRESS

Registered Head Office:-

Unit 1913-1916, 19/F., China Merchants Tower, Shun Tak Centre, 200 Connaught Road, Central, Hong Kong.

Holding Company:-

Shun Shing Group International Ltd., British Virgin Islands.

Associated Companies:-

Capital World Maritime Ltd., British Virgin Islands.

Pacific World Shipping Pte. Ltd., Singapore.

Seven Circle Bangladesh Ltd., Bangladesh.

Shun Shing Bitumen & Edible Oils Ltd., Bangladesh.

Shun Shing Building Materials Ltd., Bangladesh.

Shun Shing Cement Mills Ltd., Bangladesh.

Shun Shing Holdings Ltd., Hong Kong.

Shun Shing International Management Ltd., Hong Kong.

Shun Shing Logistics Ltd., Bangladesh.

Shun Shing Maritime Ltd., Hong Kong. [Dissolved]

Shun Shing Power Ltd., Bangladesh.

Shun Shing Resources JLT, UAE.

Shun Shing Ship Building Ltd., Bangladesh.

Shun Shing Trading Ltd., Hong Kong.

Tradewind Shipmanagement Ltd., Bangladesh.

BUSINESS REGISTRATION NUMBER

11264267

COMPANY FILE NUMBER

0197549

MANAGEMENT

Group Chairman & Managing Director: Mr. M. Kamal A. Pasha

Group Vice-Chairman: Mohammed Ali Pasha

Group Managing Director: Ikram Ahmed Khan

ISSUED SHARE CAPITAL

HK$2,100,000.00

SHAREHOLDER

(As per registry dated 28-08-2014)

Name

No. of shares

Shun Shing Group International Ltd.

P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.

210,000

======

DIRECTORS

(As per registry dated 28-08-2014)

Name (Nationality)	Address
M. Kamal A. PASHA	Flat B, 22/F., Tower 5, Bel-Air On The Peak, Island South, 68 Bel-Air Peak Avenue, Hong Kong.
Mohammed Ali PASHA	Flat B, 30/F., Tower 5, Bel-Air On The Peak, Phase 3, 68 Bel-Air Avenue, Island South, Hong Kong.
Sajjid Haider PASHA	8/F., Block 46, Lower Baguio Villa, 550-555 Victoria Road, Pokfulam, Hong Kong.
Arusha Ahmed KHAN	24/F., Block 47, Lower Baguio Villa, 550 Victoria Road, Pokfulam, Hong Kong.
Adnaan H Shakib PASHA [Previous Names: Adnaan H, PASHA]	Flat B, 30/F., Tower 5, Bel-Air On The Peak, Phase 4, 68 Bel-Air Avenue, Island South, Hong Kong.
Ibnaan H. Shamir PASHA [Previous Names: Ibnaan H. PASHA]	Flat B, 30/F., Tower 5, Bel-Air On The Peak, Phase 3, 68 Bel-Air Avenue, Island South, Hong Kong.
Ikram Ahmed KHAN	29/F., Block 47, Lower Baguio Villa, 550 Victoria Road, Pokfulam, Hong Kong.

SECRETARY

(As per registry dated 28-08-2014)

Name	Address	Co. No.
Schlo Secretaries & Nominees Ltd.	14/F., Greatmany Centre, 109-115 Queen’s Road East, Wanchai, Hong Kong.	0080887

HISTORY

The subject was incorporated on 28th August, 1987 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: Clinker, limestone, fly ash, chemical fertilizer, cement, coal, other bulk materials

Group Employees: 3,000.

Company Employees: 17.

Commodities Imported: Asian countries

Markets: Asian countries, Europe

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

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

FINANCIAL INFORMATION

Issued Share Capital: HK$2,100,000.00

Mortgage or Charge (Since 2011): (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in a good manner.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

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

Australia & New Zealand Banking Group Ltd., Hong Kong Branch.

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

PT. Bank Negara Indonesia (Persero) Tbk., Hong Kong Branch.

Standing: Very Good.

GENERAL

Biroute Ltd. is a wholly-owned subsidiary of Shun Shing Group International Ltd. [SSGIL] which is a BVI-registered firm.

The subject is a member of the Shun Shing Group of Companies. The directors of the subject are Indian merchants. All are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

The subject and Shun Shing Resources JTL, a UAE-based firm, belong to the trading division of the Shun Shing Group.

The subject and SSGIL are engaged in the same lines of business, more or less.

SSGIL has developed into a successful bulk-commodity trading, shipping, and investment company. The Group has focused on vertical integration in its evolution; linking together a supply chain process to optimise efficiency.

As an international trading house, SSGIL has gained recognition as a leader in the import and export of dry bulk commodities, and those include clinker, limestone, fly ash, gypsum, blast furnace slag, chemical fertilizer, cement, iron ore

Anchored with a strong hold in Asia’s Cement industry, the Group has expanded to trade soft commodities and energy including wheat, crude degummed soya bean oil, coal, crude palm oil, grain, etc.

SSGIL’s combined trade of raw materials exceeds 6 million Metric Tonnes annually; sourcing and supplying commodities worldwide with a focus into the Asia Pacific region.

SSGIL’s landmark investment in 2001 was the establishment of a 500,000 MT Cement Grinding Mill located in Kaligonj, Bangladesh. The Mill is 38 km away from the capital Dhaka.

By the end of 2012, SSGIL’s cement production was 3.1 million MT, with increased capacity at the current site and a new plant in Khulna city, to cover the Southwest market. The group’s own cement brand is SEVEN RINGS. Now, it has become a leading cement producer in Bangladesh.

The group’s shipping division offers chartering, operating, freight trading, and technical management services – backed by professional teams and its own fleet of bulk carriers. This division is responsible for handling 8 million MT of in-house and third party dry bulk commodities ranging from coal, iron ore, cement related items, food grain, and other bulk commodities annually.

With a combined staff of over 3,000 dedicated professionals working in its headquarters in Hong Kong and branch (in Shanghai, Beijing, Chittagong, Dhaka, Khulna, Mumbai, Kolkata, Chennai, Dubai, Hanoi, Ho Chi Minh City, Singapore, Bangkok, Jakarta, Yangon) offices across the core trading regions, SSGIL is able to provide customers with all kinds of materials sourcing services.

SSGIL is trying to penetrate the other Asian large cities in the years ahead.

SSGIL’s strong performance record and commitment to working with reputable buyers and sellers has made the Group a renowned name in the bulk trading market.

The subject’s business is active and steady. Most of its customers are in Hong Kong, India, Bangladesh, Vietnam, and the other Asian countries.

The annual turnover of the Group is very significant.

As the history of the subject is over 27 years and three months in Hong Kong, on the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

(Since 2011)

Date	Particulars	Amount
23-08-2011	Instrument: Charge Over Accounts and Deposits by Customer Property: All monies whether now or hereafter standing to the credit of the company’s deposit with the Bank under deposit account no. 022152-3204-05 Mortgagee: P.T. Bank Negara Indonesia (PERSERO) TBK, Hong Kong Branch.	To secure all monies in respect of banking facilities owing at any time plus interest and all expenses.
15-03-2012	Instrument: Charge Over Deposit Property: The Depositor charges the Deposit with full title guarantee and by way of a first fixed charge, in favour ANZ as continuing security for the due and punctual payment of all moneys and performance of all other obligations (Deposit Account: 401935 assigned by ANZ) Mortgagee: Australia & New Zealand Banking Group Ltd., Hong Kong Branch.	All obligations
01-03-2013	Instrument: Security Agreement Over Bank Account (all moneys) (Own Obligations) Property: By way of a first fixed charge all of the Chargor’s rights in respect of any amount standing to the credit of the Account Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.	To secure the payment and satisfaction of all present and future obligations and liabilities
01-03-2013	Instrument: Security Agreement Over Securities (all moneys) (Own Obligations) Property: 1. By way of first fixed charge:- (a) all Specified Securities which are on the date of the Security Agreement the Chargor’s property, including all proceeds of sale derived from them; (b) all Specified Securities in which the Chargor may in future acquire an interest, including all proceeds of sale derived from them; (c) all Related Rights of a capital nature on the date of the Security Agreement or in the future accruing or offered in respect of the Chargor’s Specified Securities; (d) all Related Rights of an income nature on the date of the Security Agreement or in the Future accruing or offered at any time in respect of the Chargor’s Specified Securities; and (e) where Specified Securities are held in a Relevant System, all the Chargor’s rights against the Nominee the operator of the Relevant System or any participant in respect of such Specified Securities 2. By way of assignment, all the Chargor’s rights, title and interest, present and future, in and to any Specified Securities and any Related Right attaching thereto. Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.	To secure the payment and satisfaction of all present and future obligations and liabilities
26-04-2013	Instrument: Charge Over Deposit Property: The Depositor charges the Deposits in all Accounts and all right, title and interest, both present and future, in and to such Deposits and Accounts in favour of ANZ as continuing security for the due and punctual payment of all moneys and performance of all other obligations Mortgagee: Australia & New Zealand Banking Group Ltd., Hong Kong Branch.	All obligations
16-09-2013	Instrument: Trade Finance Security Agreement Property: For good and valuable consideration, receipt of which is acknowledged, the Borrower as beneficial owner and an continuing security for the payment of all Secured Liabilities:- (a) assigns to the Bank to the following assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Invoice Receivables; (v) the Purchase Contracts; (vi) the Insurance; (vii) the Trade Documents; (viii) the Bills of Exchange; (ix) the Related Collaterals; and (x) all claims, remedies and proceeds in connection with any of the foregoing; (b) charges to the Bank to the following assets: (i) the Goods together with their proceeds; (ii) the Deposit; and (iii) to the extent any Security Asset is not effectively assigned under (a), such Security Asset; (c) pledges and agrees to pledge to the Bank, the Bills of Exchange, the Pledge Goods and the Trade Documents which are now or may in the future be in actual or constructive possession of the Bank, and (d) charges and agrees to charge to the Bank by way of first floating charge all the present and future rights, title, interests and benefits of the Borrower in and to any Security Asset which is described in the above (a), (b) and (c) but is not effectively charged by way of fixed charge or assigned or pledged under the above (a), (b) and (c). Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	All monies, obligations and liabilities

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 :	SUM

Report Prepared by :	ANK

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.