MIRA INFORM REPORT

Report Date :

19.08.2008

IDENTIFICATION DETAILS

Name :	CRYSTURAL GEMS
Registered Office :	Room D, 6/F, Lake View Garden, Tower 2, 21 Yau On Street, Shatin, N.T
Country :	Hong Kong
Date of Incorporation :	1999
Legal Form :	Sole Proprietorship
Line of Business :	Wholesaler and Exporter of Intermediate Products

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	Regular
Litigation :	Clear

name of the company

CRYSTURAL GEMS

Business Address

Room D, 6/F, Lake View Garden, Tower 2
21 Yau On Street
Shatin
N.T
Hong Kong
Tel: +852-23671144
Fax: +852-23672244

SUMMARY

Founded:	1999
Legal form:	Sole Proprietorship
Registration date:	23.09.1999
ACTIVITY:	Wholesaler & Exporter
Main Products:	intermediate products
Staff:	2 (2 in Hong Kong)
Financial situation:	Modest but ordered
Payments:	Payments are made according to terms
Litigation:	clear

Registration status: 1999 - Registered company
Activity status: 1999 - Active company

IDENTIFICATION

Name:

Crystural Gems

Telephone:

+852-23671144

Fax:	+852-23672244

Business Address:	Room D, 6/F, Lake View Garden, Tower 2 21 Yau On Street Shatin N.T Hong Kong Tel: +852-23671144 Fax: +852-23672244
Registered Address:	Room D, 6/F, Lake View Garden, Tower 2 21 Yau On Street Shatin N.T Hong Kong

HISTORY AND REGISTRATION

Founded:

1999

Legal form:

Sole Proprietorship

Registration date:

23.09.1999

BR Number:

30389498

SHAREHOLDERS

PAYMASTER Gaurang Ranesh
Flat C, 4/F, Block 3, Site 4
Palm Mansion, Whampoa Garden
Hung Hom
Hong Kong

Proprietor

MANAGEMENT

Mr. Gaurang Ranesh Paymaster, Proprietor
Mr. Paymaster is active in subject's daily operations. He is responsible for overall management.

ACTIVITY

NATURE OF BUSINESS:

Wholesaler & Exporter

NACE:

4676 Wholesale of other intermediate products

Main products:

intermediate products

Activity comment:

Subject is engaged in exporting and wholesaling of intermediate products. However, Mr Gary declined to disclose specific products, but are estimated to be gemstones. Basic traffic of phone calls, deliveries of documents, visitors indicates that subject is performing barely adequate level of daily business activities with little functional divisions and business structures. Operations are observed to be simply organized with minimal number of staff.

MARKETS:

Local Payment terms: L/C (letter of credit) T/T (estimate)

PURCHASES:

India Payment terms: L/C (letter of credit) T/T (estimate)

PREMISES

Address:	Room D, 6/F, Lake View Garden, Tower 2 21 Yau On Street Shatin Hong Kong
Type of premises:	office premises
Area:	Residential

Located in residential area.

STAFF:

Total staff: 2

Staff in Hong Kong: 2

IMPORTANCE:

Small Company

FINANCE

Financial situation:

Modest but ordered

Status of company:

Properly run

Business trends:

Stagnant

Direct interview:

Mr Gary, manager

Financial data source:

Declined to disclose financial information

Subject declined to disclose financial information on the ground of undisclosed identity of the ultimate enquiry under its company policy.

Subject is unlimited company and therefore has no record under the Companies Registry, does not have paid-up capital and has unlimited liability.

Bankers

The Hongkong and Shanghai Banking Corporation Limited, Level 9, Hongkong Bank Bldg., 1 Queen's Road,

Facilities:

no facilities provided by bank

Payments:

Payments are made according to terms

Litigation records:

clear on subject: clear on PAYMASTER Gaurang Renesh : clear

Insolvency Information:

According to available information sources the company is not in a insolvency/Preliminary/debt regulation proceeding.

Negative file check:

clear

Company comment:

Secure terms are recommended. Small business is deemed carried out with limited resources for regular financial commitments. Capability to overcome financial difficulties is deemed limited. Business should be done on a secured basis with close monitoring.

Macro Economic Indicator - Hong Kong

(USD billions)	2003	2004	2005	2006	2007 (f)	2008 (f)
Economic growth (%)	3.2	8.6	7.5	6.9	5.6	5.3
Inflation (%)	-1.9	0.3	1.4	2.3	3.0	3.1
Public sector balance (%GDP)	-3.3	1.7	1.0	2.7	2.7	3.0
Exports	224.7	260.3	289.5	317.6	343.3	381.9
Imports	230.4	269.6	297.2	331.7	362.6	400.2
Trade balance	-5.8	-9.3	-7.6	-1.4	-2.0	-1.8
Current account balance	16.5	15.7	20.2	20.2	20.1	24.6
Current account balance (%GDP)	10.4%	9.5%	11.4%	10.6%	9.9%	11.1%
Foreign debt	37.8%	41.0%	40.7%	38.0%	36.3%	35.4%
Debt service (%Exports)	1.8%	2.1%	2.2%	2.3%	2.1%	2.0%
Currency reserves (import months)	4.8	4.2	3.7	3.4	3.2	3.0

(e)estimate (f)forecast

COUNTRY RATING (Hong Kong)

Rating : A1

The steady political and economic environment has positive effects on an
already good payment record of companies.Very weak default probability.

For further information of country rating and payment experience such as
Assets – weaknesses – risk outlook; Industries overview; Insolvency trend;
Means of payment and collection methods; and Non payment index,
please visit our group’s official homepage at www.cofacerating.com or go
directly to your interest at www.cofacerating.com/anglais/home/Country.html

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.72
UK Pound	1	Rs.81.45
Euro	1	Rs.64.47

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.	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

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%)

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