MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	TATA SOUTH-EAST ASIA LTD.

Registered Office :	Unit 6-8, 25/F., Enterprise Square 2, 3 Sheung Yuet Road, Kowloon Bay, Kowloon

Country :	Hongkong

Date of Incorporation :	22.09.1992

Com. Reg. No.:	16128131

Legal Form :	Private Limited Company.

Line of Business :	Importer, Exporter and Wholesaler of Textiles, garments, automotive products, engineering spares, chemical and allied products, fish and food products, carpets, leather garments, footwear and leather articles (such as bags, wallets and pouches, briefcases), bicycles and bicycle parts, electrical and electronic products, agro commodities

No. of Employees :	17

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

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)

Hongkong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

HONGKONG - 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

TATA SOUTH-EAST ASIA LTD.

ADDRESS: Unit 6-8, 25/F., Enterprise Square 2, 3 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.

PHONE: 852-2272 5400, 2751 9747, 2751 1802, 2624 9521

FAX: 852-2759 6332, 2754 6672, 2755 5806

E-MAIL: agoel@tatahk.com

MANAGEMENT

General Manager: Mr. Ashwani Kumar Goel

SUMMARY

Incorporated on: 22nd September, 1992.

Organization: Private Limited Company.

Capital: Nominal: HK$16,000,000.00

Issued: HK$8,510,700.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 17.

Main Dealing Bankers: State Bank of India, Hong Kong Branch.

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

Banking Relation: Very Good.

ADDRESS

Registered Head Office:-

Unit 6-8, 25/F., Enterprise Square 2, 3 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.

Representative Offices:-

Dongguan
Room 13A16, Winner Way Edifice, 1 Winnerway Road, Nancheng District, Dongguan City, Guangdong Province, China 523087.

Tel: 86-769-8707 1190
Fax: 86-769-8707 1191
E-mail: suvarup@tatachina.com

Shanghai
Unit A, 17/F., Jiu Shi Yin Mansion, 918 Huai Hai Zhong Road, China 200020.
Tel: 86-21-6415 9773
Fax: 86-21-6415 7929
E-mail: raymond@tatachina.com

Vietnam
7/F., Opera Business Center, 60 Ly Thai To Street, Hoan Kiem, Hanoi, Vietnam.
Tel: 81-973-633 476
Mobile: 00 84 973633476
Email: rpant@tatainternational.com

Parent Company:-

Tata International Ltd.

Block A, Shivsagar Estates, Dr. Annie Besant Road, Worli, Mumbai 400 018, India.

[Tel: 91-22-6665 2200-10; Fax: 91-22-6661 2833]

Associated/Affiliated Companies:-

Tata Group of Companies

Advinus Therapeutics Pvt. Ltd., India.

Casa Décor Pvt. Ltd., India.

CMC Ltd., India.

Consilience Technologies (Pty) Ltd., South Africa.

Drive India Enterprise Solution Ltd., India.

Hooghly Met Coke and Power Co. Ltd., India.

Infiniti Retail Ltd., India.

Jamipol Ltd., India.

Jamshedpur Utilities and Services Co. Ltd., India.

Landmark Ltd., India.

Mjunction Services Ltd., India.

Natsteel Holdings Pte. Ltd., Singapore.

Nelco Ltd., India.

Nelito Systems Ltd., India.

Powerlinks Transmission Ltd., India.

Rallis India Ltd., India.

Roots Corporation Ltd., India.

Taj Air Ltd., India.

TAL Manufacturing Solutions Ltd., India.

Tata (UAE) FZE, UAE.

Tata (Zimbabwe) Pvt. Ltd., Zimbabwe.

Tata Advanced Materials Ltd., India.

Tata Advanced Systems, India.

Tata Africa Holdings (SA) Pty. Ltd., South Africa.

Tata Africa Ltd., Africa.

Tata AG, Switerland.

Tata AIG General Insurance Co. Ltd., India.

Tata AIG Life Insurance Co. Ltd., India.

Tata Asset Management Ltd., India.

Tata AutoComp. Systems Ltd., India.

Tata BlueScope Steel Ltd., India.

Tata BP Solar India Ltd., India.

Tata Business Support Services Ltd., India.

Tata Capital Ltd., India.

Tata Ceramics Ltd., India.

Tata Chemicals Europe Ltd., UK.

Tata Chemicals Ltd., India.

Tata Chemicals Megadi Ltd., Kenya.

Tata Chemicals North America Inc., USA.

Tata Coffee Ltd., India.

Tata Communications Ltd., India.

Tata Consultancy Services Ltd., India.

Tata Consulting Engineers Ltd., India.

Tata Cummins Ltd., India.

Tata Daewoo Commercial Vehicle Co. Ltd., South Korea.

Tata DOCOMO Ltd., India.

Tata Elxsi Ltd., India.

Tata Engineering Ltd., India.

Tata Engineering Services (Pte) Ltd., Singapore.

Tata Enterprises (Overseas) AG, Switzerland.

Tata Financial Services, India.

Tata Ghana Ltd., Ghana.

Tata Global Beverages Ltd., India.

Tata Holdings (Tanzania) Ltd., Tanzania.

Tata Holdings Mocambique Limitada., Mocambique.

Tata Housing Development Co. Ltd., India.

Tata Inc., USA.

Tata Industrial Services Ltd., India.

Tata Industries Ltd., India.

Tata Information Technology (Shanghai) Co. Ltd., China.

Tata Interactive Systems, India.

Tata International (Australia) Pty. Ltd., Australia.

Tata International (Thailand) Ltd., Thailand.

Tata International (UK) Ltd., UK.

Tata International AG, Switzerland.

Tata International DLT Pvt. Ltd., India.

Tata International Ltd., Bangladesh.

Tata International Ltd., Nepal.

Tata International Ltd., Saudi Arabia.

Tata International Ltd., Singapore.

Tata International Ltd., Sri Lanka.

Tata Investment Corporation Ltd., India.

Tata Ltd., UK.

Tata Metaliks Ltd., India.

Tata Motors European Technical Centre PLC., UK.

Tata Motors Ltd., India.

Tata Nambia (Pty) Ltd., Nambia.

Tata NYK Shipping Pte. Ltd., Singapore.

Tata Petrodyne Ltd., India.

Tata Pigments Ltd., India.

Tata Power Co. Ltd., India.

Tata Power Delhi Distribution Ltd., India.

Tata Power Trading Co. Ltd., India.

Tata Precision Industries (India) Ltd., India.

Tata Precision Industries (UK) Ltd., UK.

Tata Precision Industries Pte. Ltd., Singapore.

Tata Projects Ltd., India.

Tata Quality Management Services Ltd., India.

Tata Realty and Infrastructure Ltd., India.

Tata Ryerson Ltd., India.

Tata Serivces Ltd., India.

Tata Sky Ltd., India.

Tata Sons Ltd., India.

Tata Sons Ltd., USA.

Tata South Africa Holdings (SA) (Pty) Ltd., South Africa.

Tata South-East Asia Ltd., China.

Tata South-East Asia Ltd., Indonesia.

Tata South-East Asia Ltd., Thailand.

Tata Sponge Iron Ltd., India.

Tata SSL Ltd., India.

Tata Steel Europe Ltd., UK

Tata Steel KZN (Pty) Ltd., South Africa.

Tata Steel Ltd., India.

Tata Steel Processing and Distribution Ltd., India.

Tata Tea Inc., USA.

Tata Tea Ltd., India.

Tata Technologies Ltd., India.

Tata Teleservices (Maharashtra) Ltd., India.

Tata Teleservices Ltd., India.

Tata Uganda Ltd., Uganda.

Tata West Asia FZE, UAE.

Tata Zambia Ltd., Zambia.

Tayo Rolls Ltd., India.

Telco Construction Equipment Co. Ltd., India.

The Indian Hotels Co. Ltd., India.

Tinplate Co. of India Ltd., India.

Titan Industries Ltd., India.

TM International Logistics Ltd., India.

TML Drivelines Ltd., India.

Trent Ltd., India.

TRF Ltd., India.

TRL Krosaki Refractories Ltd., India.

Voltas Ltd., India.

Westland Ltd., India.

etc.

BUSINESS REGISTRATION NUMBER

16128131

COMPANY FILE NUMBER

0380751

MANAGEMENT

President: Mr. Hoshie Hirji Malgham

General Manager: Mr. Ashwani Kumar Goel

CAPITAL

Nominal Share Capital: HK$16,000,000.00 (Divided into 1,600,000 shares of HK$10.00 each)

Issued Share Capital: HK$8,510,700.00

SHAREHOLDER

(As per registry dated 22-09-2013)

Name

No. of shares

Tata International Ltd., India.

7/F., Trent House, G Block, Bandra Kurla Complex, Bandra (East) Mumbai - 400 051, India.

851,070

======

DIRECTORS

(As per registry dated 22-09-2013)

Name (Nationality)	Address
Ajay Murlidhar PONKSHE	3, Yashodhan, Sagayog Mandir Road, Naupada, Thane‑400602, India.
Piyush MANKAD	P1/61 ATS Village, Sector-93A Expressway Noida, Uttar Pradesh, India.
Mukundan RAMAKRISHNAN	Flat No. 1301/1302, 13/F., Dosti Flamingoes - Snowflama, CT J Marg Sewree Mumbai 400 033, India.
Ashwani Kumar GOEL	Flat A, 10/F., Block 38, Laguna City, Lam Tin, Kowloon, Hong Kong.
Noel TATA	Windmere, 5/F., Cuffe Parade, Mumbai 400 005, Ireland.

SECRETARY

(As per registry dated 22-09-2013)

Name	Address	Co. No.
Sekots Secretarial Services Ltd.	16/F.-19/F., Prince’s Building, 10 Chater Road, Central, Hong Kong.	0028739

HISTORY

The subject was incorporated on 22nd September, 1992 as a private limited liability company under the Hong Kong Companies Ordinance.

It was originally registered under the name of Tata Exports South-East Asia Ltd., name changed to the present style on 16th July, 1997.

Formerly the subject was located at Unit 13, 9/F., Po Lung Centre, 11 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong, moved to Room 1010, 10/F., Enterprise Square, Tower III, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong in May 1997; and further moved to the present address in September 2002.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Textiles, garments, automotive products, engineering spares, chemical and allied products, fish and food products, carpets, leather garments, footwear and leather articles (such as bags, wallets and pouches, briefcases), bicycles and bicycle parts, electrical and electronic products, agro commodities

Employees: 17.

Commodities Imported: Imported from India, China, other Asian countries, Europe, etc.

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

Terms/Sales: As per contracted.

Terms/Buying: Various terms.

MEMBERSHIP

The Hong Kong General Chamber of Commerce, Hong Kong. [Membership No. HKT0551]

The Indian Chamber of Commerce Hong Kong, Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$16,000,000.00 (Divided into 1,600,000 shares of HK$10.00 each)

Issued Share Capital: HK$8,510,700.00

Increases of Nominal Capital:-

From	HK$2,000,000.00	to	HK$ 8,000,000.00	on	16-06-1997
From	HK$8,000,000.00	to	HK$16,000,000.00	on	20-03-2005

Alternation of Issued Capital:-

Initially	paid up	HK$1,934,250.00
16-06-1997	paid up	HK$5,802,750.00
20-03-2005	paid up	HK$ 773,700.00
		–––––––––––––––
Total:	paid up	HK$8,510,700.00 =============

Mortgage or Charge:-

Date of Letter of Set Off & Appropriation: 27-09-2010

Amount: Advances and other banking facilities

Property: Deal No.: 163754

Date:                                                                07-06-2010
Amount:                                                            US$250,000.00
Due Date:                                                          06-06-2011

Mortgagee: Bank of India, Hong Kong Branch.

Profit or Loss: Making a small profit every year.

Condition: Business is active and steady.

Facilities: Making active use of general banking facilities.

Payment: Regular

Commercial Morality: Satisfactory.

Bankers:-

State Bank of India, Hong Kong Branch.

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

BNP Paribas, Hong Kong Branch.

Bank of India, Hong Kong Branch.

Shanghai Commercial Bank Ltd., Hong Kong.

Standing: Very Good.

GENERAL

Tata South-East Asia Ltd., previously known as Tata Exports South-East Asia Ltd., is a wholly-owned overseas subsidiary of Tata International Ltd. [Tata International] which is a publicly listed company in India.

Established in 1962, Tata International is the trading arm of Tata group entities across geographies. It has a global presence in automobile distribution, manufacturing and trading in leather, engineering goods, metals and minerals. Tata International has a worldwide reach through its network of subsidiaries, joint ventures and offices in Africa, Europe, the Middle East, Latin America and Asia. It leverages its global presence, along with sourcing and marketing expertise, to offer a gamut of products and services to customers. It has, over the years, formed strong strategic alliances and partnerships in India and overseas that have contributed to a diversification of its portfolio of businesses.

The subject, set up in Hong Kong in September 1992, is responsible for exporting commodities to Southeast Asia, Africa, Central & South America and the other countries on behalf of its parent company.

The subject has changed its directors. The newly appointed is Mr. Noel Tata who was appointed on 1st April, 2012. He is an Indian passport holder.

At present, the subject is trading in the following commodities:-

· Garments;

Leather (From India);

Motor Vehicles;

Non-Ferrous Metal (From China and India);

Shoes – Leather (From China);

Tableware – Glass (From China);

Tableware – Metal (From China);

Tableware – Plastic (From China);

Tableware – Porcelain / Ceramic / Stone (From China);

Tableware – Wooden (From China);

Textile Products;

Yarn – Vegetable Fibre (From India)

Other Accessories, etc.

The subject has had representative offices in Dongguan City and Shanghai of China, as well as in Vietnam. Now, Vietnam has become one of the subject’s main suppliers in Asia.

Tata International, renamed from Tata Exports Ltd. on 3rd March, 1998, is a well-established, reputed and significant company in India. It is also a remarkable member of the Tata Group.

Tata Group operates in seven business sectors: Communications & Information Technology, Engineering, Materials, Services, Energy, Consumer Products and Chemicals. They are, by and large, based in India and have significant international operations.

For the FY 2012-13, the total revenue of Tata Group, taken together, was Rs 527,047 crore (FY 2011-12 was Rs 475,721 crore), grew by 10.8%. Net forex earnings were Rs 16,604 crore as compared with Rs 7,604 crore in FY 2011-12. For the FY 2012-13, with 62.7% of its revenue coming from businesses outside India.

Tata Group employs over 450,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics.

Every Tata company or enterprise operates independently. Each of these companies has its own board of directors and shareholders, to whom it is answerable.

There are 32 publicly-listed Tata enterprises and they have a combined market capitalisation of about US$122.88 billion (as on 5th June, 2014), and a shareholder base of 3.9 million. Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.

Tata Steel is among the top ten steelmakers, and Tata Motors is among the top five commercial vehicle manufacturers, in the world. TCS is a leading global software company, with delivery centres in the United States, the United Kingdom, Hungary, Brazil, Uruguay and China, besides India. Tata Global Beverages is the second-largest player in tea in the world. Tata Chemicals is the world’s second-largest manufacturer of soda ash and Tata Communications is one of the world’s largest wholesale voice carriers.

In tandem with the increasing international footprint of Tata companies, the Tata brand is also gaining international recognition. Brand Finance, a UK-based consultancy firm, valued the Tata brand at US$21.1 billion and ranked it 34th among the top 500 most valuable global brands in their BrandFinance® Global 500 2014 report.

Going forward, Tata is focusing on new technologies and innovation to drive its business in India and internationally. The Nano car is one example, as is the Eka supercomputer (developed by another Tata company), which in 2008 was ranked the world’s fourth fastest. Anchored in India and wedded to traditional values and strong ethics, Tata Group are building multinational businesses that will achieve growth through excellence and innovation, while balancing the interests of shareholders, employees and civil society.

Besides the subject in Hong Kong, Tata’s other wholly-owned subsidiaries are in South Africa, Zambia, Zimbabwe, Namibia, Mozambique, Uganda, Tanzania, Ghana, and the United Arab Emirates. Offices have been set up in Thailand, Bangladesh, Oman, Cyprus, Russia, the United Kingdom and China.

As one of India’s leading global trading companies, Tata is recognized by the Government of India as a “Golden Super Star Trading House”. In total, Tata International exports about 80% of its commodities to foreign countries every year.

In Hong Kong, the subject’s business is chiefly handled by Mr. Ashwani Kumar Goel who is an Indian. Its history in Hong Kong is over twenty-two years.

The subject is fully supported by Tata.

On the whole, in view of the parentage and background of the subject, consider it good for normal business engagements.

REMARK

Property information of the company:-

Property Location: Units 6, 7 & 8 on 25/F. and Parking Spaces Nos. P6, P7 & P11 on 5/F., Enterprise Square 2, 3 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.

Owner: Tata South-East Asia Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
30-10-2001	-	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Mortgage to secure general banking facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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.