MIRA INFORM REPORT

Report Date :

16.10.2014

IDENTIFICATION DETAILS

Name :	CENTIWAY LTD.

Registered Office :	Room 508, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon

Country :	Hong Kong

Date of Incorporation :	16.03.2001

Com. Reg. No.:	32035021

Legal Form :	Private Limited Company

Line of Business :	Importer, Exporter and Wholesaler of all kinds of garments.

No of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong

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:-

(Formerly located at:

Room 501-2, 5/F., Tower B, New Mandarin Plaza,

14 Science Museum Road,

Tsimshatsui, Kowloon, Hong Kong.)

COMPANY NAME & ADDRESS

CENTIWAY LTD.

ADDRESS: Room 508, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 852-2722 0641

FAX: 852-2722 0643

MANAGEMENT

Managing Director: Mr. Sunil Murlidra

SUMMARY

Incorporated on: 16th March, 2001.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 5.

Main Dealing Banker: UCO Bank, Hong Kong Branch.

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Room 508, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

32035021

COMPANY FILE NUMBER

0750706

MANAGEMENT

Managing Director: Mr. Sunil Murlidra

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDERS

(As per registry dated 16-03-2014)

Name		No. of shares
Sunil MURLIDAR		5,100
Avinash MURLIDHAR		4,900
		––––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 16-03-2002)

Name

(Nationality)

Address

Avinash MURLIDHAR

Flat D, 52/F., Tower 2, The Belcher’s, 89 Pokfulam Road, Hong Kong.

Sunil MURLIDRA

Unit D, 52/F. Tower 2, The Belcher’s, 89 Pokfulam Road, Hong Kong.

SECRETARY

(As per registry dated 16-03-2014)

Name	Address	Co. No.
Akin Professionals Ltd.	20/F., Champion Building, 287-291 Des Voeux Road Central, Hong Kong.	1273165

HISTORY

The subject was incorporated on 16th March, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject has changed its address for many times. Last time, the subject was located at Room 501-2, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in April 2010.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of garments.

Employees: 5.

Commodities Imported: China, other Asian countries, etc.

Markets: Asian countries, Central & South America, North America, Western Europe, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

Mortgage or Charge: (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

UCO Bank, Hong Kong Branch.

HBZ Finance Ltd., Hong Kong.

Standing: Normal.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Centiway Ltd. is jointly owned by Mr. Sunil Murlidar, holding 51% interests; and Mr. Avinash Murlidhar, holding 49%. They are also directors of the subject. The former is a Hong Kong ID holder while the latter is an India passport holder.

The subject is trading in the following commodities:

Suites & Jackets – Men’s;
Suites & Jackets – Women’s;
Children’s Wear;
Blouses, Dresses & Skirts;
Trousers & Slacks;
Knitted Garments; &
Babies’ Wear.

Most of the commodities are sourced from China, other Asian countries, etc. Prime markets are Asian countries, Central & South America, North America, Western Europe, etc. Business is active. Regular suppliers and overseas customers have been maintained.

The subject’s business is chiefly handled by the two shareholders.

As the history of the subject is over thirteen years and six months in Hong Kong, on the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

Date	Particulars	Amount
30-12-2004	Instrument: Lien and Set-Off Agreement Property: Fixed Deposit Receipt No. Value Date Principal Amount Maturity Date DFN6121397 30.12.2004 US$19,400 30.03.2005 DFN7010094 19.01.2005 US$19,500 19.04.2005 Mortgagee: HBZ Finance Ltd., Hong Kong.	Loans, credit financial accomodation and facilities
29-09-2005	Instrument: Lien and Set-Off Agreement Property: Fixed Deposit Receipt No. Value Date Principal Amount Maturity Date DFN7091196 29.09.2005 US$30,000 29.12.2005 Mortgagee: HBZ Finance Ltd., Hong Kong.	Loans, credit financial accomodation and facilities
22-01-2009	Instrument: Lien and Set-Off Agreement Property: Fixed Deposit Receipt No. Value Date Principal Amount Maturity Date DFN1010147 22.01.2009 US$77,908.92 22.04.2009 Mortgagee: HBZ Finance Ltd., Hong Kong.	Loans, credit financial accomodation and facilities
12-11-2010	Instrument: Undertaking Relating to Deposits Property: Receipts No. Date of Receipt Amount Due Date 2010 UB 1 12-11-2010 HK$500,000 13-12-2010 Mortgagee: UCO Bank, Hong Kong Branch.	All and any liabilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.11
UK Pound	1	Rs.98.15
Euro	1	Rs.77.68

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SMN

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.