MIRA INFORM REPORT

Report Date :

24.01.2008

IDENTIFICATION DETAILS

Name :	BAO SHIN (HK) CO

Registered Office :	Unit 1001-1002, 10fl Harbour Centre - Tower 2, 8 Hok Cheung St Hunghom Kowloon

Country :	Hong Kong

Date of Incorporation :	20.02.1997

Com. Reg. No.:	20675457-000

Legal Form :	Partnership

Line of Business :	Import and Local Purchase of Jewelry and Precious Stones

RATING & COMMENTS

MIRA’s Rating :

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 :	No Complaints

Litigation :	Clear

name and address of the company

BAO SHIN (HK) CO

UNIT 1001-1002, 10FL HARBOUR CENTRE - TOWER 2,

8 HOK CHEUNG ST HUNGHOM KOWLOON, HONG KONG.

TEL: 852-27244330 FAX: 852-27216516

EXECUTIVE SUMMARY

INCORPORATION DATE : FEBRUARY 20, 1997

REGISTRATION NO. : 20675457-000

LEGAL FORM : PARTNERSHIP

CHIEF EXECUTIVE : MR. RAMES MALPAL (MANAGER)

STAFF STRENGTH : 40

CAPITAL : N/A

BUSINESS LINE : TRADER

TURNOVER : N/A (AS OF DEC. 31, 2006)

EQUITIES : N/A (AS OF DEC. 31, 2006)

PAYMENT : FAIR

RECOMM. CREDIT RANGE : SMALL AMOUNT

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.80598 = US$1

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

*Office & Facilities*

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

Previous address: Rm E 8Fl Cameron Plaza 23-25a Cameron Rd Tsimshatsui Kowloon

*Reputation*

==========

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

SC is not known to host website of its own at present.

E-mail: hini@karpgroup.com

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

SC’s shareholder details are not available at present.

Management: Mr. Rames Malpal, Manager

Mr. Jatin Champaklal Magiya, Partner

Mr. Paras Kumarbhai Patel, Partner

Name Nationality Job Description

Mr. Rames Malpal Indian Manager

Mr. Jatin Champaklal Magiya Indian Partner

Mr. Paras Kumarbhai Patel Indian Partner

*Key Personnel*

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

(1)

Mr. Jatin Champaklal Magiya

Founder : Co-founder

National ID number : P2372766

Address : Rm 6A Bo Yip Bldg 6 Ashley Rd Tsimshatsui Kowloon Hong Kong

(2)

Mr. Paras Kumarbhai Patel

Founder : Co-founder

National ID number : P9305568

Address : Rm B 19Fl Costal Del Sol - Tower 12A - Phase IIB Laguna Verde Hunghom Kowloon

Hong Kong

Date of appointment : 1 July, 2007

*Main Products & Services*

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

Specializes in the following areas of work:

1. Import and local purchase of jewelry and precious stones.

2. Sales and distribution of purchased products to local and international markets.

Products: Jewelry

Precious stones

*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)

*Local Distribution Network*

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

Part of the annual turnover is attributed to local sales.

*Export Markets*

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

Part of the annual turnover is attributed to export.

SC is not known to have any subsidiary at present.

PAYMENT RATING : 4 OBTAINED SCORES : 48

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 SMALL amounts depending on individual judgement experience.

As a partnership firm, there is no legal requirement according to local corporate law for public disclosure of detailed financials.

SC is considered small-sized in its line with a development history of 11 years. Credit dealings with SC should be confined into small amount at present.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 3911 Jewelry, of precious metal

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 7116201000 Jewelry of precious or semiprecious stones

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Exporting to Asia

Importing from Asia

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