MIRA INFORM REPORT

Report Date :

23.07.2014

IDENTIFICATION DETAILS

Name :	B.I. INTERNATIONAL LTD.
Registered Office :	c/o Integrated Financial Services Ltd. 11/F., Dah Sing Life Building, 99 Des Voeux Road Central
Country :	Hong Kong
Date of Incorporation :	28.06.1994
Com. Reg. No.:	18508915
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a garment trader
No. of Employees	No employees in Hong Kong It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	No operating office in Hong Kong
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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

B.I. INTERNATIONAL LTD.

ADDRESS

Registered Office:-

c/o Integrated Financial Services Ltd.

11/F., Dah Sing Life Building, 99 Des Voeux Road Central, Hong Kong.

[Tel: 852-2522 9115, Fax: 852-2845 2423]

Holding Company:-

Brand Corporation, British Virgin Islands.

Associated Company:-

Kendall Pacific Ltd., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

18508915

COMPANY FILE NUMBER

0483316

DATE OF INCORPORATION

28th June, 1994.

CAPITAL

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

Issued Share Capital: HK$100,000.00

SHAREHOLDERS: (As per registry dated 28-06-2013)

Name		No. of shares
BTC International Ltd. Columbus Centre Building, Wickhams Cay, Road Town, Tortola, British Virgin Islands.		1
Brand Corporation Columbus Centre Building, Wickhams Cay, Road Town, Tortola, British Virgin Islands.		99,999
		–––––––
	Total:	100,000 ======

DIRECTORS: (As per registry dated 28-06-2013)

Name (Nationality)	Address
Rolando B. JAPLOS	5/F., Block 32, Baguio Villa, 555 Victoria Road, Pokfulam, Hong Kong.
Arnold Leyva SIMON	5/F., Block 32, Baguio Villa, 555 Victoria Road, Pokfulam, Hong Kong.

SECRETARY: (As per registry dated 28-06-2013)

Name	Address	Co. No.
Intercorp Services Ltd.	11/F., Dah Sing Life Building, 99 Des Voeux Road Central, Hong Kong.	0137089

HISTORY

B.I. International Ltd. was incorporated on 28th June, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Excel Associates Ltd., name changed to BTC Clothier Ltd. on 2nd August, 1994. The present name has been adopted since 19th December, 1997.

The subject has changed its directors for several times. The following table shows the changes of the board of directors in chronological order:-

Name	Date appointed	Date resigned
Liew Yam Ngoon	28-06-1994	31-08-1995
Yong Soon Hian	28-06-1994	31-08-1995
Francisco C. Sebastian	31-08-1995	14-10-2003
Rolando B. Japlos	31-08-1995	---
Michael V. Policarpio	14-10-2003	07-08-2008
Arnold Leyva Simon	07-08-2008	---

Formerly the subject’s registered office was in the office of TrustNet (H.K.) Ltd. which is located at Room 26, 2/F., New Henry House, 10 Ice House Street, Central, Hong Kong. Moved to Room 701, 7/F., United Chinese Bank Building, 31-37 Des Voeux Road Central, Hong Kong in July 1994 due to the change of its corporate secretary. In December 1998, the corporate secretary Integrated Financial Services Ltd. moved to 11/F., Dah Sing Life Building, 99 Des Voeux Road Central, Hong Kong where is the present address. Accordingly the subject also moved to the present address. Integrated Financial Services Ltd. is a commercial and financial service provider.

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

GENERAL

Having issued 100,000 ordinary shares of HK$1.00 each, B.I. International Ltd. is almost a wholly‑owned subsidiary of Brand Corporation which is a BVI‑registered firm.

The directors are Mr. Rolando B. Japlos and Mr. Arnold Leyva Simon. Being Filipino and Hong Kong ID holders, they have got the right to reside in Hong Kong permanently.

The subject’s registered office is in the operating office of a commercial service provider located at “11/F., Dah Sing Life Building, 99 Des Voeux Road Central, Hong Kong” known as “Integrated Financial Services Ltd.” [IFS] Your given phone number 852-2522 9115 and fax number 852‑2845 2423 belong to IFS.

The subject has no employees in Hong Kong.

The subject’s documents and correspondences are handled by IFS which declined to provide us any information on the subject.

The operating office of the subject seems to be the Hong Kong residence of the two shareholders.

To our knowledge, the subject is a garment trader. It has had an associated company Kendall Pacific Ltd. [Kendall] which is also operated by Rolando B. Japlos. Kendall is a garment and fashion trader, so does the subject. The registered address of Kendall is also in the operating address of Integrated Financial Services Ltd.

Incorporated on 19th March, 2004, Kendall has had an office in Shanghai, China. It has got associated factories in Shanghai engaged in manufacturing all kinds of man’s suits. Wal-Mart is one of its main business partners.

In recent years, the subject has been engaged in diversified economy. It also trades in other commodities as entrusted by foreign customers.

The subject’s business is handled by the director Rolando B. Japlos who is residing in Hong Kong most of the time.

The subject’s business in Hong Kong is not very active. History in Hong Kong is over twenty years.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis or in very small credit amounts.

NOTE:

It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.24
UK Pound	1	Rs.102.87
Euro	1	Rs.81.44

INFORMATION DETAILS

Analysis Done by :	KAR
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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