MIRA INFORM REPORT

Report Date :

4^th November 2006

IDENTIFICATION DETAILS

Name :	S B GEMS (HONG KONG) COMPANY LIMITED

Registered Office :	Flat B 5fl Hang Lung Bank Bldg 46-48 Granville Rd , Kowloon, Hong Kong.

Country :	Hong Kong

Date of Incorporation :	08.09.2003

Com. Reg. No.:	0860891

Legal Form :	Private Company

Line of Business :	Trader

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Undetermined

Payment Behaviour :	Unknown

Litigation :	Unknown

Company name & Address

S B GEMS (HONG KONG) CO LTD

FLAT B 5FL HANG LUNG BANK BLDG 46-48 GRANVILLE RD

KOWLOON, HONG KONG

TEL: 852 23011701

FAX: 852 23011711

EXECUTIVE SUMMARY

INCORPORATION DATE : SEPTEMBER 8, 2003

REGISTRATION NO. : 0860891

LEGAL FORM : PRIVATE COMPANY

CHIEF EXECUTIVE : MR. SHRI KRISHAN SARDA (CHAIRMAN)

STAFF STRENGTH : 4

CAPITAL : US$ 1,289

BUSINESS LINE : TRADER

TURNOVER : NA

EQUITIES : NA

PAYMENT : NR

RECOMM. CREDIT RANGE : NO RECOMMENDATION

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : NA

OPERATIONAL TREND : NA

GENERAL REPUTATION : N/A

EXCHNAGE RATE : HKD 7.76686= US$1 AS OF 2006-06-30

*Company Registration*

===================

License number : 0860891

Date issued : 8 September, 2003

Issuing authority : Companies Registry

Type of license : Corporate

License number : 35403990

Date issued : N/A

Issuing authority : Inland Revenue Dept.

Type of license : Business

*Capital Details*

============

Share value : HKD 1.00/-each

Authorized capital : HKD 10,000.00

Paid-up capital : HKD 2.00

*Registered Office*

===============

Address : Rm 904 Seaview Commercial Bldg 23 Connaught Rd West, Hong Kong

*Office & Facilities*

================

Other E-mail : sbgemstw@netvigator.com

Note

--------

We were unable to find any reference of the supplied address on any local. The above address as reflected on our report was confirmed to be its current registered/operating address.

*Reputation*

===========

Due to the lack of any third party references, we were unable to establish the level of the firm's reputation within the respective industry.

Website : www.sbgem.com

E-mail : info@sbgem.com

For the past two years there is no record of litigation.

*Major Shareholders*

=================

Total number of shareholders : 2

Total number of shares : 2

Shareholders' Name No. of shares Amount of shares (HKD) % of Shares

--------------------------- ------------------ --------------------------------- ----------------

Mr. Shri Krishan Sarda 1 1.00 50.00

Mr. Bhartendu Sharda 1 1.00 50.00

*Directors Details*

===============

Mr. Kumar Ranjeet Sohanlal Agarwal

India Passport No : A9155203

Address : 5Fl, Lane 3, 25 Lin Yi St, Chungcheng Dist, Taipei City, 100, Taiwan

Mr. Bhartendu Sharda

India Passport No : A8918914

Address : Rm 904 Seaview Commercial Bldg 23 Connaught Rd West, Hong Kong

Mr. Bharat Sharda

Address : Flat B, 5Fl Hang Lung Bank Bldg 46-48 Granville Rd, Hong Kong

*Corporate Secretary*

=================

PRESSONIC MANAGEMENT LTD

HK C.R. No. : 350445

Address : Rm 905 Seaview Commercial Bldg 23 Connaught Rd West, Hongkong

Management : Mr. Bharat Sharda, Director

Mr. Bhartendu Sharda, Director

Mr. Kumar Ranjeet Sohanl Agarwal, Director

*COMPANY MANAGEMENT*

Name Job Description Nationality

Mr. Shri Krishan Sarda Director India

*Key Personnel*

============

Mr. Shri Krishan Sarda

India Passport No : A2214594

Address : Rm 904 Seaview Commercial Bldg 23 Connaught Rd West, Hong Kong

Founder : Co-Founder

Work experience : More than 5 years

Responsibilities : Handles the daily operation of the firm including all financials and legal matters

*Operations Status*

================

Current operations of the firm could not be confirmed during the course of the investigation due to the following reasons :

1. Attempt to call the company to obtain more information has not been successful, since the above phone number was no longer active.

2. The company was not found listed as a subscriber for local telecom company, hence, no available contact details was found to confirm its current commercial operation.

3. Additionally, attempts to find alternate contacts were unsuccessful. These include:

- Site visit

- Contact and searches with the main local Telecom supplier for telephone and/or fax lines.

- Checks with the local trade and business associations.

- Correlation with addresses held by Company Registry and Inland Revenue Department, Hong Kong

*Main Products & Services*

======================

Believed to be engaged in trading of fine jewelry and natural fancy color diamonds of pink, yellow, gold, orange and green.

Products : Beads

Black diamonds

Briolette

Brown diamonds

Color stones

*Associations*

===========

Member of :

- HONG KONG GEMSTONES MANUFACTURERS ASSOCIATIONS LTD (HKGMA)

*Exhibition Participation*

====================

Exhibition fair : Hong Kong Int'l Jewellery Show

Dates attended : 6 March, 2006 - 9 March, 2006

Location : Hongkong Convention & Exhibition Centre

*LOCAL BRANCHES & MANAGEMENT*

=================================

Branch : S B GEMS (HONG KONG) CO LTD - HONG KONG

Branch Address : 9Fl Tung Fai Bldg 27A Cameron Rd

Branch City : Hong Kong

Branch Tel : [+852] 27231001

Branch Fax : [+852] 27231011

Branch Email : sbgemstw@yahool.com

*(Subsidiaries , Joint-ventures & Affiliates)

===============================

Company Name : S B GEMS (HONG KONG) CO LTD TAIWAN BRANCH

Global Identifier : P0352879

Address : 10Fl-2, 18 Sung Chiang Rd Chungshan Dist Taipei City 104 Taiwan

Country : Taiwan

Relationship : Affiliate

Legal Form : Private Company

Company Type : Trader

Industry : Giftware & Jewellery

Maintains office in Taiwan and manufacturing facility in India.

PAYMENT RATING : NR OBTAINED SCORES : 0

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

As a private limited company there is no legal requirement according to local corporate law for public disclosure of detailed financials.

SC is unknown in the local market or to the sources we contacted. Our database also indicates no further information regarding SC. We are unable to establish the precise nature of SC’s operation & assess SC’s credit standing for the time being.

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 3911 Jewelry, of precious metal

Trading 3915 Jeweler's findings and materials, and lapidary work

Trading 3961 Jewelry of materials other than solid gold, platinum & silver

Trading 5094 Jewelry/Watches/Precious Mtl

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 3926904000 Imitation gemstones

Trading 7102 Diamonds, worked or not, not mounted or set

Trading 7102100000 Diamonds, unsorted

Trading 7103102000 Rubies, sapphires, emeralds and rock crystals, unworked or simply sawn

or roughly shaped, not strung, mounted or set

Trading 7103104000 Other precious and semiprecious stones, unworked, simply sawn,

shaped

Trading 7103910000 Rubies, sapphires and emeralds, otherwise worked

Trading 7104200000 Synthetic or reconstructed gemstones unworked or simply sawn or

roughly shaped

Trading 7113 Articles of jewelry & parts, of precious metal or clad

Trading 7113195000 Gold jewelry , goldsmiths wares and other gold articles

Trading 7113200000 Jewelry and parts, base metal clad w precious metal

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Product/Service Description

Trading Diamond jewelry

Trading Diamonds

Trading Emeralds

Trading Fancy diamonds

Trading Gem, set jewelry

Trading Loose diamonds

Trading Natural fancy color diamonds

Trading Rubies

Trading Ruby sapphire

Trading Sapphires

INTERNATIONAL TRADE : ACTIVITY & MARKETS

Exporting to Asia

Exporting to Japan

Exporting to North America

Exporting to South Korea

Exporting to Taiwan

Exporting to USA

Importing from Asia

Importing from India

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions