MIRA INFORM REPORT

Report Date :

5^th February, 2007

IDENTIFICATION DETAILS

Name :	FAI PO JEWELLERY (HK) CO LTD

Registered Office :	Unit 602-606, 6fl Focal Industrial Centre - Block A, 21 Man Lok St Hunghom Kowloon, Hong Kong

Country :	Hong Kong

Date of Incorporation :	03.01.1997

Com. Reg. No.:	0584998

Legal Form :	Private Company

Line of Business :	Engaged in trading a range of jewelries.

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 :	Regular

Litigation :	Clear

Company name & Address

FAI PO JEWELLERY (HK) CO LTD

UNIT 602-606, 6FL FOCAL INDUSTRIAL CENTRE - BLOCK A, 21 MAN LOK ST HUNGHOM KOWLOON, HONG KONG

TEL : 852-27744833

FAX : 852-23301553

EXECUTIVE SUMMARY

INCORPORATION DATE : JANUARY 3, 1997

REGISTRATION NO. : 0584998

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : N/A

STAFF STRENGTH : 10

CAPITAL : US$ 1,287

BUSINESS LINE : TRADER

TURNOVER : N/A (AS OF DEC. 31, 2005)

EQUITIES : N/A (AS OF DEC. 31, 2005)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : MODERATE AMOUNT

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : STABLE

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.80591 = US$1 AS OF 2007-2-2

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

HKD –Hong Kong Dollars

*Company Name*

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

Incorporated as : GRAND POWER (ASIA) LTD

Date incorporated : 3 January, 1997

Changed name to : FAI PO JEWELLERY (HK)

Date of change : 16 January, 1998

*Company Registration*

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

(1)

License number : 0584998

Date issued : 3 January, 1997

Issuing authority : Companies Registry

(2)

License number : 20408387

Date issued : N/A

Issuing authority : Business Registration Office - Inland Revenue Dept

*Capital Details*

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

Share value : HKD 1.00/-each

Authorized capital : HKD 10,000.00

Paid-up capital : HKD 2.00

*Reputation*

==========

Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.

Web site: www.faipojewellery.com the design is professional and the content is well organized. At present it is in English version.

E-mail: fpg@hkstar.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

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

PEARL DYNASTY LTD 1 1.00 50.00

JOYCE FIELD INT'L LTD 1 1.00 50.00

*Corporate Director*

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

- PEARL DYNASTY LTD

- JOYCE FIELD INT'L LTD

*Company Secretary*

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

SILVER SWING (INT'L) LTD

Company number : 157939

Address : Rm 1002, 10Fl CLI Bldg 313 Henessy Rd Wanchai, Hong Kong

SC refused to release any management details.

*Main Products & Services*

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

Specializes in trading a range of jewelries.

Products: 14k gold jewelry

18k gold jewelry

Amethyst

Citrine

Gold jewelry

*Payment Terms*

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

Sales

------

Local : Cash or Credit

Export : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

Purchases

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

Local : Cash or Credit

Import : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

*Exhibition Participation*

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

Participated in the following local exhibitions:

(1)

Exhibition/Fair : Hong Kong International Jewellery Show

Date attended : 1 March, 2005

(2)

Exhibition/Fair : Hong Kong Jewellery & Watch Fair

Date attended : 18 June, 2005

(3)

Exhibition/Fair : Orogemma

Date attended : 9 September, 2005

(4)

Exhibition/Fair : September Hong Kong Jewellery & Watch Fair

Date attended : 21 September, 2005

(5)

Exhibition/Fair : 13th HK Int'l Jewelry Manufacturers Exhibition

Date attended : 1 December, 2005

*International Exhibition Participation*

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

Participated in the following overseas exhibitions:

(1)

Exhibition/Fair : Jacob K Javits Convention

Date attended : 23 January, 2005

Location : New York, USA

(2)

Exhibition/Fair : Jewelers Int'l Showcase

Date attended : 29 January, 2005

Location : Miami Beach Convention Centre - Miami Beach, Florida

(3)

Exhibition/Fair : JCK Show-Phoenix

Date attended : 30 January, 2005

Location : Civic Plaza Convention Center

(4)

Exhibition/Fair : Gem & Lapidary Wholesalers Holiday Inn

Date attended : 3 February, 2005

Location : Tucson, USA

(5)

Exhibition/Fair : GJX 2005 Gem & Jewelry Exchange

Date attended : 2 February, 2005

Location : Tucson, USA

(6)

Exhibition/Fair : China International Gold, Jewellery & Gem

Date attended : 9 March, 2005

Location : Shenzhen China

(7)

Exhibition/Fair : The 18th MidEast Watch & Jewellery Show

Date attended : 11 April, 2005

Location : Sharjah UAE

(8)

Exhibition/Fair : Jewelers International Showcase

Date attended : 16 April, 2005

Location : The Miami Beach Convention Centre, Miami Beach Florida USA

(9)

Exhibition/Fair : GLDA Las Vegas Gem & Jewelry Show

Date attended : 31 May, 2005

Location : Mirage Hotel 3400 Las Vegas Blvd So, Las Vegas USA

(10)

Exhibition/Fair : JCK Las Vegas Show 2002

Date attended : 3 June, 2005

Location : Sands Expo & Convention Center Las Vegas USA

(11)

Exhibition/Fair : JA International Jewelry Show

Date attended : 31 July, 2005

Location : New York USA

*Local Distribution Network*

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

10% of the annual turnover is attributed to local sales.

*Export Markets*

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

90% of the annual turnover is attributed to export.

*Subsidiaries, Joint-ventures & Affiliates*

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

Maintains a factory in China.

*(Subsidiaries, Joint-ventures & Affiliates)

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

Company Name : FAI PO GEMS & JEWELLERY CO INC

Address : Suite 1703 10th West 46 St New York 10036 New York USA

Country : USA

Relationship : Affiliate

Legal Form : Private Limited Company

Company Type : Manufacturer

Industry : Giftware & Jewellery

Company Name : FAI PO GEMS MFG CO LTD

Address : Flat 602-606, 6Fl Focal Industrial Centre - Block A 21 Man Lok St Hunghom

Kowloon Hong Kong

Country : Hong Kong

Relationship : Affiliate

Legal Form : Private Limited Company

Company Type : Manufacturer

Industry : Giftware & Jewellery

PAYMENT RATING : 3 OBTAINED SCORES : 56

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.

Dealings on open terms may be possible for MODERATE amounts depending on individual judgement experience.

*Bank Details*

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

Bank Name : HONGKONG & SHANGHAI BANKING CORP LTD

Global Identifier : 30401640

Branch : Central,Hong Kong

Branch Address : HSBC Main Bldg 1 Queen's Rd Central Hong Kong (Head Office)

SWIFT Code : HSBCHKHH

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

Over the past 10 years, SC has made a stable growth with satisfactory profit. Credit dealings with SC in moderate amount can be considered.

ATTACHED: TRADE REFERENCES

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

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

Trading 7116 Articles of natural or cut pearls, prec/semprc stones

Trading 7116201000 Jewelry of precious or semiprecious stones

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Product/Service Description

Trading Jewelry earrings

Trading Jewelry pendants

Trading Jewelry rings

Trading Peridot

Trading Semi precious stones

Trading Silver 925 jewelry

Trading Tourmaline

INTERNATIONAL TRADE : ACTIVITY & MARKETS

Exporting to Asia

Exporting to Europe

Exporting to Italy

Exporting to Japan

Exporting to North America

Exporting to Singapore

Exporting to South Korea

Exporting to Taiwan

Exporting to USA

Exporting to United Kingdom

Importing from Asia

Importing from China

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

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