MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	COMDAQ INDUSTRIES
Registered Office :	c/o Simon Chong & Co. Room 1426, 14/F., Hollywood Plaza, 610 Nathan Road, Kowloon
Country :	Hong Kong
Date of Incorporation :	02.02.2004
Com. Reg. No.:	34244032-000-02
Legal Form :	Sole Proprietorship
Line of Business :	Importer, Exporter and Wholesaler of Textiles, gift items, toys, stationery, hyper market products like gifts, toys, stationery, articles of daily use.
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 – 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

Company name and address

COMDAQ INDUSTRIES

ADDRESS: c/o Simon Chong & Co.

Room 1426, 14/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong.

PHONE: 852-2388 9038

FAX: 852-2388 9903

E-MAIL: girdhar@comdaqindustries.com

girdhar@comdaq.biz

MANAGEMENT

Manager: Mr. Girdhar Gopal Jhanwar

SUMMARY

Establishment: 2nd February, 2004.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

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

Banking Relation: Satisfactory.

Company name and address

COMDAQ INDUSTRIES

ADDRESS:

Head Office:-

c/o Simon Chong & Co.

Room 1426, 14/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong.

Main China Office:-

302, 3/F, Jiang Bin Middle Road, Yiwu City, Zhejiang Province, 322000 China.

[Tel: (86-579) 8999 1555

Fax: (86-579) 8999 1599

E-mail: girdhar@comdaqindustries.com

Mobile Phone No.: 86-135 8868 1352]

BUSINESS REGISTRATION NUMBER

34244032-000-02

MANAGEMENT

Manager: Mr. Girdhar Gopal Jhanwar

SOLE PROPRIETOR

Name: Mr. Girdhar Gopal Jhanwar

Residential Address: Flat C, 14/F., Liberty Mansion, 26E Jordan Road, Kowloon, Hong Kong.

HISTORY

The subject was established on 2nd February, 2004 as a Sole Proprietorship concern owned by Mr. Girdhar Gopal Jhanwar under the Hong Kong Business Registration Regulations.

At the very beginning, the registered address of the subject was located at Flat C, 14/F., Liberty Mansion, 26E Jordan Road, Kowloon, Hong Kong, moved to Room 615, 6/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong in March 2004 and further to Room 1462 of the same building in May 2010.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Textiles, gift items, toys, stationery, hyper market products like gifts, toys, stationery, articles of daily use.

Employees: Nil.

Commodities Imported: India, China, etc.

Markets: India, China, other Asian countries, etc.

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

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

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

Facilities: Making fairly 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: Small.

GENERAL

Comdaq Industries is a sole proprietorship set up and owned by Mr. Girdhar Gopal Jhanwar who is an Indian.

The subject commenced business in February 2004. It does not have its own operating office. Its registered office is in a commercial service firm located at Room 1426, 14/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong known as Simon Chong & Co. which is handling its correspondences and documents. The subject has no employees in Hong Kong.

The subject’s main office is in Yiwu City, Zhejiang Province, China.

The subject deals in various commodities such as the followings: textiles, machinery & equipment, gift items, garments, toys, stationery, articles of daily use, household articles, plastic wares, steel & steel products (like G.I. wire, wire ropes, CR steel, HR steel, MS steel, tin plates), chemicals (organic & inorganic), furniture, lighting products, mobile phones, jewellery box, etc.

Commodities are chiefly sourced from China and exported to worldwide countries.

It also exports raw cotton, yarns (including cotton, polyester, acrylic, wool, viscose rayon), denim and other textile products from China and India. It also handles other commodities as entrusted by foreign customers.

According to the subject, the turnover of the Group for the year 2007 was around US$200 million. Now, the annual sales turnover of the Group ranges from US$250 to 300 million. Business is rather active and lucrative. Regular suppliers and customers in India have been maintained. The subject has had associated offices in Guangzhou, Keqiao of Shaoxing, Jiangyin of Jiangsu Province, Changsha of Hunan, Ningbo of Zhejiang. China business is normal.

Girdhar Gopal Jhanwar can be reached at his China mobile phone number 86‑135 8868 1352.

The subject’s business in Hong Kong is not active. History in Hong Kong is over ten years and nine months.

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.

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.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SDA

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.