MIRA INFORM REPORT

Report Date :

28.10.2014

IDENTIFICATION DETAILS

Name :	GARTEX OVERSEAS LTD.

Registered Office :	c/o North Asia Corporate Services Ltd. Suites 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon,

Country :	Hong Kong

Date of Incorporation :	08.08.2014

Com. Reg. No.:	55113765

Legal Form :	Not Available

Line of Business :	Subject is engaged in the trading of machinery for textile, apparel and leather production

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 :	Not registered 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

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

GARTEX OVERSEAS LTD.

ADDRESS

Registered Office:-

c/o North Asia Corporate Services Ltd.

Suites 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

55113765

DATE OF INCORPORATION

24th June, 2002. (In British Virgin Islands)

DATE OF ESTABLISHMENT

8th August, 2014. (In Hong Kong)
(Registered as a Representative Office only)

BANKER

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

GENERAL

Gartex Overseas Ltd. [GOL] was incorporated on 24th June, 2002 in the British Virgin Islands under the BVI Business Companies Act. The company has also established a representative office in Hong Kong on 8th August, 2014 under the Business Registration Regulations.

As a foreign representative office, GOL is not allowed to proceed any business dealing in Hong Kong. It has set up a physical presence in Hong Kong only for the purposes of marketing search and development and liaison with suppliers and customers.

Its registered correspondence address is located at Room 1005, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong. Our on-site investigator reported that the captioned address is occupied by a company known as North Asia Corporate Services Ltd. [NACSL] with details as follow:-

Name: NACSL

Company File Number: 0430370

Date of Incorporation: 29-06-1993

Company Status: Private

Active Status: Live

Address: Suites 1001-1002 & 1005, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, H.K.

Phone Number: 852-2724 1223

Fax Number: 852-2722 4373

NACSI is engaged in the provision of a full range of corporate support services of its offshore company clients. These management services including the following:-

Corporate administration & corporate secretarial services;

Corporate management and financial services;

Trade services;

Accounting and auditing services;

Trust and tax services;

Liquidation services;

Patent, trademark, copyright and ship registration services;

China business development services, etc.

A staff from NACSL told us that GOL is one of their customers. GOL only uses their office address for correspondence purpose.

GOL is not listed in any available telephone and commercial directories, and is also unknown to other sources consulted.

Your given phone number: 852-2724 1223 is exactly the phone number of NACSL.

We have found no derogatory information about GOL in our database.

As far as we know, GOL maintains a BusinessVantage Account with Hongkong & Shanghai Banking Corporation in Hong Kong since 3rd May, 2005. GOL is engaged in the trading of machinery for textile, apparel and leather production. Hong Kong office is only responsible for the documentation, financing and accounting activities. No business activities in Hong Kong.

In view of the lack of information, we have no basis upon which to recommend credit dealings.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.22
UK Pound	1	Rs.98.52
Euro	1	Rs.77.75

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.