MIRA INFORM REPORT

Report Date :

31.07.2014

IDENTIFICATION DETAILS

Name :	GAP INTERNATIONAL LTD.
Registered Office :	Unit A, 13/F., Wang Cheong Commercial Building, 251 Reclamation Street, Mongkok, Kowloon
Country :	Hong Kong
Date of Incorporation :	08.09.2008
Com. Reg. No.:	39764978
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Mobile phones, TV games, Car DVDs, LCD TVs, CRT TVs
No. of Employees	03

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small company
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NOTE

Your “506, Block A, Fu De Building, Shennan East Road, Luohu District, Shenzhen Special Economic Zone, China” is the subject’s China office.

Company name and address

GAP INTERNATIONAL LTD.

ADDRESS: Unit A, 13/F., Wang Cheong Commercial Building, 251 Reclamation Street, Mongkok, Kowloon, Hong Kong.

PHONE: 852-2910 7295

FAX: 852-3012 1518

E-MAIL: direct@gap-hk.hk

ykd2005x@gmail.com

MANAGEMENT

Managing Director: Mr. Yogesh Kumar Dholwani

SUMMARY

Incorporated on: 8th September, 2008.

Organization: Private Limited Company.

Capital: Nominal:HK$1,000,000.00

Issued: HK$1,000,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 3.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Unit A, 13/F., Wang Cheong Commercial Building, 251 Reclamation Street, Mongkok, Kowloon, Hong Kong.

China Office:-

506, Block A, Fu De Building, Shennan East Road, Luohu District, Shenzhen Special Economic Zone, China

[Tel: 86-755-8830 4564

Fax: 86-755-8830 3864

E-mail: sales@gap-hk.hk

livia.gap@gmail.com]

BUSINESS REGISTRATION NUMBER

39764978

COMPANY FILE NUMBER

1271080

MANAGEMENT

Managing Director: Mr. Yogesh Kumar Dholwani

Contact Person: Ms. Livia Wong

CAPITAL

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000,000.00

SHAREHOLDER: (As per registry dated 08-09-2013)

Name	No. of shares
Yogesh Kumar DHOLWANI	1,000,000 =======

DIRECTOR: (As per registry dated 08-09-2013)

Name (Nationality)	Address
Yogesh Kumar DHOLWANI	Flat A, 19/F., Block 2, Smithfield Court, 43 Smithfield Road, Kennedy Town, Hong Kong.

SECRETARY: (As per registry dated 08-09-2013)

Name	Address	Co. No.
Datar Consultants & Services Ltd.	Shop 155, 1/F., Peninsula Centre, 67 Mody Road, Tsimshatsui, Kowloon, Hong Kong.	1506811

HISTORY

The subject was incorporated on 8th September, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 1, Flat B9, Block B, 10/F., Delya Industrial Centre, 7 Shek Pai Tau Road, Tuen Mun, New Territories, Hong Kong, moved to the present address with effect from 1st June, 2014.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Mobile phones, TV games, Car DVDs, LCD TVs, CRT TVs, etc.

Brand Name: Livayo, Saumya, JMT.

Employees: 3.

Commodities Imported: China, other Asian countries, etc.

Markets: India, other Asian countries, Europe, North America, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000,000.00

Mortgage or Charge:-

Date of Deposit Deed 07-03-2013

Amount: All moneys now or at any time in the future owing by the Company

Property: By way of a first fixed charge and as a continuing security for the Obligations, the Company charges and assigns absolutely all the Company’s rights, title to and interest in all the Accounts and all Deposits from time to time in the Accounts and comprising the Accounts maintained with Citibank.

Mortgagee: Citibank (Hong Kong) Ltd., Hong Kong.

Profit or Loss: Making a small profit in past two years.

Condition: Keeping in a normal 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.

Citibank (Hong Kong) Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 1 million ordinary shares of HK$1.00 each, Gap International Ltd. is wholly owned by Mr. Yogesh Kumar Dholwani who is an India merchant. 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 trading in the following commodities:

Mobile phones, TV games, Car DVDs, LCD TVs, CRT TVs, Household products, Promotional items, Electric appliances, etc.

Many of the products of the subject bear the brand name of Livayo. This is a registered trade mark by the subject in Hong Kong, China, India and the other Asian countries.

Most of the commodities are sourced from China. The subject has set up an office located at 506, Block A, Fu De Building, Shennan East Road, Luohu District, Shenzhen Special Economic Zone, China. This office is in a residential building. This company is trading under the name of Gap International Ltd. Shenzhen Representation Office. Its Tax File No. is 440300697129735. The Representation Office has been claimed by Luohu Tax Bureau as one of the companies in Shenzhen SEZ “does not pay its tax on time”.

The subject has a number of trust partners in Asia. According to the subject, its products are exported to Southeast Asia, the Middle East, Africa, Europe, etc. Business is normal.

Its significant products are Mobile Devices & Accessories,

The contact person of the subject Ms. Livia Wong is a Hongkongnese.

As the history of the subject is over five years in Hong Kong, on the whole, consider it good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.15
UK Pound	1	Rs.101.92
Euro	1	Rs.80.64

INFORMATION DETAILS

Analysis Done by :	DIV
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.