MIRA INFORM REPORT

Report Date :

08.12.2008

IDENTIFICATION DETAILS

Name :	FINE STAR HK LTD
Registered Office :	Rear Flat, 6/F., Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon,
Country :	Hong Kong
Date of Incorporation :	04.10.2006
Com. Reg. No.:	37227469
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of All kinds of Diamonds and Jewellery

RATING & COMMENTS

MIRA’s Rating :

Ba

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

name of the company

FINE STAR HK LTD.

ADDRESS

Room 1703, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2366 9577

FAX: 2366 9007

E-MAIL: finestarhk@rediffmail.com

MANAGEMENT

Managing Director: Mr. Adit Bakul Shah

SUMMARY

Incorporated on: 4th October, 2006.

Organization: Private Limited Company.

Capital: Nominal: HK$2,500,000.00

Issued: HK$2,500,000.00

Business Category: Jewellery Trader.

Employees: 2.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Fair.

ADDRESS

Registered Office:-

Rear Flat, 6/F., Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

Head Office:-

Room 1703, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

37227469

COMPANY FILE NUMBER

1078533

MANAGEMENT

Managing Director: Mr. Adit Bakul Shah

CAPITAL

Nominal Share Capital: HK$2,500,000.00 (Divided into 2,500,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,500,000.00

SHAREHOLDER

(As per registry dated 04-10-2008)

Name	No. of shares
Adit Bakul SHAH	2,500,000 =======

DIRECTORS

(As per registry dated 04-10-2008)

Name (Nationality)	Address
Adit Bakul SHAH	202 Videocon House, 2/F., Manav Mandir Marg, Nepean Sea Road, Mumbai-6, India.
Saloni Adit SHAH	202 Videocon House, 2/F., Manav Mandir Marg, Nepean Sea Road, Mumbai-6, India.

SECRETARY

(As per registry dated 04-10-2008)

Name	Address	Co. No.
Elegant Secretaries Ltd.	Room 804, 8/F., Lap Fai Building, 6-8 Pottinger Street, Central, Hong Kong.	418716

HISTORY

The subject was incorporated on 4th October, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds of diamonds and jewellery.

Employees: 2.

Commodities Imported: India, Thailand, Belgium, other European countries.

Markets: Japan, Southeast Asia, Europe, Middle East, Scandinavia, etc.

Terms/Sales: L/C, T/T, etc.

Terms/Buying: L/C.

FINANCIAL INFORMATION

Nominal Share Capital: HK$2,500,000.00 (Divided into 2,500,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,500,000.00

Mortgage or Charge: (See attachment)

Profit & Loss: Making a small loss in 2007.

Condition: Business is still under development.

Facilities: Trying to make use of general banking facilities.

Payment: Met as required.

Commercial Morality: Too early to comment.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 2.5 million ordinary shares of HK$1.00 each, Fine Star HK Ltd. is an Indian company wholly owned by Mr. Adit Bakul Shah. Mr. Shah is an Indian passport holder currently residing in Mumbai, India.

The directors of the subject are Mr. Adit Bakul Shah and Mr. Saloni Adit Shah. They seem to be the members of the Shah family.

The subject’s registered address seems to be the residential address of Mr. Adit Bakul Shah in Hong Kong.

The subject is a diamond and jewellery product trader. It is trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, etc.

Raw materials are imported from Thailand, India, Belgium and other European countries, etc. Some of the raw diamonds are polished or processed in Hong Kong. Finished products and polished diamonds are exported or re‑exported to Japan, Southeast Asia, Europe, Middle East, Scandinavia, etc.

The subject commenced business in October 2006 and it suffered from a small loss in 2007.

Since the history of the subject is just over two years, consider it good for normal business engagements on L/C basis.

COURT CASES: None per our.

MORTGAGE OR CHARGE

Date	Particulars	Amount
07-12-2007	Instrument: Letter of Hypothecation for Trade Finance Property: Hypothecation of goods and produce represented by any or such documents or to which any such documents relate and all policies of insurance relating thereto and all proceeds deriving therefrom as security for advances and other banking facilities against bills of lading, shipping documents, warrants, delivery orders, wharfingers’ or other warehouse keeper’s certificate or receipts and/or invoices or other documents representing or relating to goods or produce Mortgagee: Commonwealth Finance Corporation Ltd., Hong Kong.	All sum of monies
10-12-2007	Instrument: Charge Over Deposit Property: Account No.: 20096 Deposit No.: 025636 Principal Amount: US$100,000 Mortgagee: Commonwealth Finance Corporation Ltd., Hong Kong.	All the indebtedness and the due and punctual performance and observance by the Depositor of all its obligations and liabilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.22
UK Pound	1	Rs.73.03
Euro	1	Rs.63.14

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