MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	PACIFIC SPOT LTD.
Registered Office :	Room 602, 6/F., Rightful Centre, 12 Tak Hing Street, Jordan, Kowloon
Country :	Hong Kong
Date of Incorporation :	14.11.1995
Com. Reg. No.:	19700938
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Discrete semiconductor components and ultra bright, super flux LED’s, power LED’s and high power LED lamps
No. of Employee :	8. (Including associates)

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	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 & address:

PACIFIC SPOT LTD.

ADDRESS: c/o Ginni International

Room 602, 6/F., Rightful Centre, 12 Tak Hing Street, Jordan, Kowloon, Hong Kong.

PHONE: 852-2366 3909

FAX: 852-2366 0063

E-MAIL: sales@pacificspot.com

pacificsport@yahoo.com

MANAGEMENT:

Managing Director: Mr. Suresh Babu Sirigeri

SUMMARY:

Incorporated on: 14th November, 1995.

Organization: Private Limited Company.

Capital: Nominal: HK$5,000,000.00

Issued: HK$5,000,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 8. (Including associates)

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

Banking Relation: Satisfactory.

Company name:

PACIFIC SPOT LTD.

ADDRESS:

Registered Head Office:-

c/o Ginni International

Room 602, 6/F., Rightful Centre, 12 Tak Hing Street, Jordan, Kowloon, Hong Kong.

Branch Offices: China and India.

Associated Companies:- (Same address)

Dongguan Huiying Plastic Co., Hong Kong.

Ginni International Ltd., Hong Kong.

Ginni International, Hong Kong.

BUSINESS REGISTRATION NUMBER:

19700938

COMPANY FILE NUMBER:

0530474

MANAGEMENT:

Managing Director: Mr. Suresh Babu Sirigeri

CAPITAL:

Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$5,000,000.00

SHAREHOLDERS:

(As per registry dated 01-01-2014)

Name		No. of shares
Suresh Babu SIRIGERI		4,000,000
Meenakshi AHUJA		200,000
Parvathi SIRIGERI		800,000
		––––––––
	Total:	5,000,000 =======

DIRECTORS:

(As per registry dated 14-11-2013)

Name (Nationality)	Address
Suresh Babu SIRIGERI	Room 602, 6/F., Rightful Centre, 12 Tak Hing Street, Jordan, Kowloon, Hong Kong.
Parvathi SIRIGERI	Room 602, 6/F., Rightful Centre, 12 Tak Hing Street, Jordan, Kowloon, Hong Kong.

SECRETARY:

Nil. (As per registry dated 14-11-2013)

HISTORY:

The subject was incorporated on 14th November, 1995 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 1603, 16/F., Rightful Centre, 12 Tak Hing Street, Jordan, Kowloon, Hong Kong, moved to the present address in November 2012.

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

OPERATIONS:

Activities: Importer, Exporter and Wholesaler.

Lines: Discrete semiconductor components and ultra bright, super flux LED’s, power LED’s and high power LED lamps, etc.

Employees: 8. (Including associates)

Commodities Imported: China, other Asian countries, etc.

Markets: Southeast Asia, Middle East, Western Europe, etc.

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

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

FINANCIAL INFORMATION:

Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$5,000,000.00

Mortgage or Charge: (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

Bank of India, Hong Kong Branch.

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

Standing: Small.

GENERAL:

Formerly Pacific Spot Ltd. had issued just 4 million ordinary shares of HK$1.00 each. It was jointly owned by Mr. Suresh Babu Sirigeri, holding 95% interests, and Mrs. Meenakshi Ahuja, holding 5%. Now, the subject has increased its ordinary shares to 5 million. It is jointly owned by Mr. Suresh Babu Sirigeri, holding 80% interests, Mrs. Meenakshi Ahuja, holding 4%, and Mr. Parvathi Sirigeri, 16%. The third is the new-coming shareholder.

The subject is sharing the office with Ginni International. This firm is a sole proprietorship set up and owned by Mr. Prem Chimanlal Ahuja who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Mrs. Meenakshi Ahuja is a family member of Prem Chimanlal Ahuja.

The subject is engaged in manufacturing of discrete semiconductor components and ultra bright, super flux LED’s, power LED’s and high power LED lamps with state-of-the-art world-class assembly and test processes with high level of automation. The subject has claimed to be a reliable global supplier of quality semiconductor components and LED lighting products. The subject also trades in quartz analogue watches and clocks, batteries, integrated circuit (ICs), solar power generated products, etc.

The subject’s associated factory is in China. Having been equipped with strong engineering and R&D team, the China factory is able to manufacture its products in conformity with worldwide standards.

The subject has had customers in Asia, the United States, Europe, Southeast Asia, the Middle East, etc. It has set up branch offices in Shenzhen Special Economic Zone of China and India. Business is rather active.

The subject’s business in Hong Kong is chiefly handled by Mrs. Meenakshi Prem Ahuja and Suresh Babu Sirigeri.

As the history of the subject is over nineteen years and a month in Hong Kong, on the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

Date	Particulars	Amount
20-04-2004	Instrument: General Letter of Hypothecation Property: Hypothecation of goods represented by any of such documents as bills of exchange, and/or invoices or other documents representing or relating to goods Mortgagee: Bank of India, Hong Kong Branch.	All monies
30-08-2006	Instrument: Letter of Set-off and Appropriation Property: Fixed Deposit Deal No. 116798 dated 30-08-2006 for US$71,000.00 of A/C No. 037152 Mortgagee: Bank of India, Hong Kong Branch.	Advances and other banking facilities
26-08-2009	Instrument: Letter of Set-off and Appropriation Property: Deal No. Date Amount Due Date 155919 30-06-2009 US$140,570.10 30-09-2009 157331 27-08-2009 US$230,141.63 03-09-2009 156904 06-08-2009 US$175,618.98 06-11-2009 Mortgagee: Bank of India, Hong Kong Branch.	Advances and other banking facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	KRN
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.