MIRA INFORM REPORT

Report Date :

21.05.2008

IDENTIFICATION DETAILS

Name :	KWALITY DIAMONDS (HK) LTD

Registered Office :	RM 1506, 15FL Peninsula Square 18 Sung On St Hunghom Kowloon

Country :	Hong Kong

Date of Incorporation :	24.04.2006

Com. Reg. No.:	1039931

Legal Form :	Private Limited Company

Line of Business :	Importing and local purchasing a wide range of precious stones and diamonds Sales and distribution of purchased products to local and international markets.

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 & address

KWALITY DIAMONDS (HK) LTD

RM 1506, 15FL PENINSULA SQUARE

18 SUNG ON ST HUNGHOM KOWLOON, HONG KONG

TEL: 852-23147822 FAX: 852-23147839

EXECUTIVE SUMMARY

INCORPORATION DATE : APRIL 24, 2006

REGISTRATION NO. : 1039931

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : MR. JAYESH PRAVINCHANDRA KANAKIA (CHAIRMAN)

STAFF STRENGTH : 2

CAPITAL : US$ 1,285

BUSINESS LINE : TRADER

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

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

PAYMENT : FAIR

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.79995 = 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 : 1039931

Date issued : 24 April, 2006

Issuing authority : Companies Registry

Type of license : Corporate

(2)

License number : 36679390-000

Date issued : N/A

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : Business

*Capital Details*

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

Authorized capital : HKD 10,000.00 divided into 10,000 ordinary shares at HKD 1.00/-each, fully paid

*Office & Facilities*

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

Other tel no : 23148025

*Approved Signatures*

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

Only Mr. Jayesh Pravinchandra Kanakia can sign on behalf of the company with seal affixed.

*Registrar*

=========

- WING MEI SECRETARIES LTD

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

E-mail: kwalitydiamonds@hotmail.com

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

*Major Shareholders*

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

Total number of shareholders: 2

Total number of shares: 10,000

Shareholders Country Number Amount (HKD) %

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

M/s. Nita Jayesh Kanakia India 5,000.00 5,000.00 50.00

Mr. Jayesh Pravinchandra Kanakia India 5,000.00 5,000.00 50.00

*Company Secretary*

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

WILSON BUSINESS ADMINISTRATION LTD

C. R. no. : 143657

Address : Rm 1406 & 1412, 14Fl Wu Sang House 655 Nathan Rd Mongkok Kowloon Hong Kong

Date of appointment : 19 May, 2007

*COMPANY DIRECTORS*

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

Name : M/s. Nita Jayesh Kanakia

Nationality : India

ID/Passport No. : P119343(4)

Registered Address : 13Fl Front Ocean View Court 25 Chatam Rd, Tsimshatsui, Kowloon

Country of Residence : Hong Kong

Name : Mr. Jayesh Pravinchandra Kanakia

Nationality : India

ID/Passport No. : P119343(4)

Registered Address : 13Fl Front Ocean View Court 25 Chatam Rd, Tsimshatsui, Kowloon

Country of Residence : Hong Kong

*Main Products & Services*

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

Specializes in the following areas of work:

1. Importing and local purchasing a wide range of precious stones and diamonds

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

Products: Diamonds

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)

*Exhibition Participation*

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

Exhibition fair : Hongkong International Jewellery Show 2000

Date attended : 6-9 March, 2000

Location : Hongkong Convention & Exhibition Centre

*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 : 47

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

*BANK DETAILS*

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

Bank Name : HONG KONG & SHANGHAI BANKING CORP LTD, THE

Branch : Hunghom, Kowloon

Branch Address : 9Fl HSBC Main Bldg 1 Queen's Rd Central Hong Kong (Head Office)

SWIFT Code : HSBCHKHH

SC is considered small-sized in its line with a short development history.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 5094 Jewelry/Watches/Precious Mtl

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

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

Trading 7116201000 Jewelry of precious or semiprecious stones

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Exporting to Asia

Exporting to China

Exporting to Europe

Exporting to Japan

Exporting to North America

Exporting to Taiwan

Importing from Asia

Importing from India

Importing from Middle East

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