MIRA INFORM REPORT

Report Date :

30.06.2008

IDENTIFICATION DETAILS

Name :	LEGRAND JEWELLERY (MFG) CO LTD

Registered Office :	5FL Kaiser Estate - Phase 3 - Block O 9-11 Hok Yuen St Hunghom Kowloon

Country :	Hong Kong

Date of Incorporation :	14.01.1983

Com. Reg. No.:	0120681

Legal Form :	Private Limited Company

Line of Business :	Importing and local purchasing a wide range of jewelry. Sales and distribution of purchased products to local and export markets.

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 :	No Complaints

Litigation :	Clear

name & address

LEGRAND JEWELLERY (MFG) CO LTD

5FL KAISER ESTATE - PHASE 3 - BLOCK O

9-11 HOK YUEN ST HUNGHOM KOWLOON, HONG KONG

TEL: 852-27657818 FAX: 852-23635045

EXECUTIVE SUMMARY

INCORPORATION DATE : JANUARY 14, 1983

REGISTRATION NO. : 0120681

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : MR. PATRICK LAM-SUM TO (CHAIRMAN)

STAFF STRENGTH : 75

CAPITAL : US$ 128,535

BUSINESS LINE : TRADER

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

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

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : MODERATE AMOUNT

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.80197 = 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

*Company Registration*

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

(1)

License number : 0120681

Date issued : 14 January, 1983

Issuing authority : Companies Registry

Legal form : Private Company Having a Share Capital

Type of license : Corporate

(2)

License number : 08788389-000

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : Business

*Company Name*

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

Incorporated as : RAYVIEW LTD

Date of incorporation : 14 January, 1983

Changed name to : LEGRAND JEWELLERY (MFG) CO LTD

Date of change : 7 November, 1986

*Capital Details*

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

Authorized capital : HKD 1,000,000.00 divided into 100,000 ordinary shares at HKD 10.00/-each, fully paid

*Approved Signatures*

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

Only Mr. Sammy Ping-kwan To can sign on behalf of the company with seal affixed.

www.legrandjew.com The design is professional and the content is well organized. At present it is in English version.

E-mail: sales@legrandjew.com

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

*Major Shareholders*

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

Total number of shareholders: 2

Total number of shares: 100,000

Shareholders Country Number Amount (HKD) %

Mr. Sammy Ping-kwan To Hong Kong 90,200.00 902,000.00 90.20

Mr. Patrick Lam-sum To Hong Kong 9,800.00 98,000.00 9.80

Management: Ms. Gigi Wong, Executive

Name Nationality Job Description Dept. / Division

Ms. Gigi Wong Hong Kong Executive Sales

*Main Products & Services*

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

Specializes in the following areas of work :

1. Importing and local purchasing a wide range of jewelry.

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

Products: 14k gold jewelry

18k gold jewelry

Bangles

Bracelets

Bridal 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)

*Associations*

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

Member of the following associations:

- Hong Kong General Chamber of Commerce

- Hong Kong Jewelry Manufacturers' Association (HKJMA)

*Exhibition Participation*

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

Participated in the following local exhibitions :

(1)

Exhibition fair : Hongkong International Jewellery Show 2000

Dates attended : 6-9 March, 2000

Location : Hongkong Convention & Exhibition Centre

(2)

Exhibition fair : Hongkong International Jewellery Show

Dates attended : 6-10 March, 2007

(3)

Exhibition fair : Hongkong Jewellery &Watch Fair

Dates attended : 21-24 June, 2007

Location : Hongkong Convention & Exhibition Centre

(4)

Exhibition fair : Hongkong Jewellery &Watch Fair

Dates attended : 25-29 September, 2007

Location : Hongkong Convention & Exhibition Centre

(5)

Exhibition fair : JMA Hong Kong

Dates attended : 6-9 Decemeber, 2007

(6)

Exhibition fair : Hongkong International Jewellery Show

Date attended : March 2008

*Domestic Suppliers*

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

40% of the products are purchased locally.

*Imports*

========

60% of the products are imported

*Local Distribution Network*

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

80% of the annual turnover is attributed to local sales.

*Export Markets*

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

20% of the annual turnover is attributed to export.

*International Exhibition Participation*

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

Regularly participates in international fairs such as Basel World Watch & Jewellery Show, International Jewellery Tokyo and Kobe, Vicenza Oro, JCK Las Vegas Show and JA New York Show.

Participate in the following international exhibitions :

(1)

Exhibition fair : Int'l Jewelry London

Year attended : 2004

Location : London United Kingdom

(2)

Exhibition fair : Vicenza Oro

Dates attended : 14-21 January, 2007

Location : Vicenza Italy

(3)

Exhibition fair : Int'l Jewelry Tokyo 2007

Dates attended : 24-27 January, 2007

Location : Tokyo Japan

(4)

Exhibition fair : Jewelry Shanghai

Dates attended : 10-13 April, 2007

Location : Shanghai China

(5)

Exhibition fair : JCK Show - Las Vegas

Dates attended : 1-5 June, 2007

Location : Las Vegas USA

(6)

Exhibition fair : JA New York Winter Show

Dates attended : March 2008

Location : New York USA

(7)

Exhibition fair : Inhorgenta Europe

Dates attended : February 2008

Location : Germany

*Subsidiaries, Joint-ventures & Affiliates*

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

Maintains a factory in Panyu, Guangdong, China.

PAYMENT RATING : 3 OBTAINED SCORES : 52

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.

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

*BANK DETAILS*

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

Bank Name : BANK OF CHINA (HONG KONG) LTD

Branch : Hunghom, Kowloon

Branch Address : 105-107 Wuhu St

SWIFT Code : BKCHHKHH

SC is considered large-sized in its line with a long development history. Credit up to moderate amount may be considered.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 3911 Jewelry, of precious metal

Trading 5094 Jewelry/Watches/Precious Mtl

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 7100 Pearls, stones, prec. metals, imitation jewelry, coins

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

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

Trading 7113195000 Gold jewelry, goldsmiths wares and other gold articles

Trading 7114190000 Articles of gold or platinum whether or not plated or clad with precious metal

Trading 7115 Articles of or clad with precious metal

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

Trader Semi-mounted pearls

Trader Semi-mounted rings

Trader Center colored stone rings

Trader Jewelry

Trader Precious metal jewelry

Trader Diamond set jewelry

Trader Pearl jewelry

Trader 18k gold jewelry

Trader Gemstones, jewelry

Trader 14k gold jewelry

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Exporting to Asia

Exporting to Europe

Exporting to Japan

Exporting to Middle East

Exporting to North America

Exporting to Singapore

Exporting to Taiwan

Exporting to USA

Importing from Asia

Importing from China

Importing from Middle East

Importing from North America

Importing from Singapore

Importing from USA

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.95
UK Pound	1	Rs.85.62
Euro	1	Rs.67.81

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