MIRA INFORM REPORT

Report Date :

07.08.2010

IDENTIFICATION DETAILS

Name :	VAMASTAR (H.K.) LTD.
Registered Office :	Flat 2E, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	25.04.2006
Com. Reg. No.:	36682202
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
Hong Kong	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

VAMASTAR (H.K.) LTD.

ADDRESS

Flat 2E, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.

PHONE: Not available

FAX: Not available

MANAGEMENT

Managing Director: Mr. Kalpesh Rajnikant Shah

SUMMARY

Incorporated on: 25th April, 2006.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000,000.00

Issued: HK$500,000.00

Business Category: Diamond Trader.

Employees: 2.

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

Banking Relation: Fairly satisfactory.

ADDRESS

Registered Head Office:-

Flat 2E, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

36682202

COMPANY FILE NUMBER

1040440

MANAGEMENT

Managing Director: Mr. Kalpesh Rajnikant Shah

CAPITAL

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$500,000.00

SHAREHOLDER

(As per registry dated 25-04-2010)

Name	No. of shares
Kalpesh Rajnikant SHAH	500,000 ======

DIRECTORS

(As per registry dated 25-04-2010)

Name (Nationality)	Address
Sejal Kalpesh SHAH	Unit 14, 7/F., New Knutsford House, 13-14 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong.
Kalpesh Rajnikant SHAH	Unit 14, 7/F., New Knutsford House, 13-14 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 25-04-2010)

Name	Address	Co. No.
Dhun’s Management Services Ltd.	7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong.	27006

HISTORY

The subject was incorporated on 25th April, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject’s registered address was located at 7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong where is the operating address of Dhun’s Management Services Ltd. The subject moved to the present address with effect from 25th April 2010.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of diamonds and jewellery products, etc.

Employees: 2.

Commodities Imported: India, Europe, etc.

Markets: Hong Kong, Japan, other Asian countries, etc.

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

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$500,000.00

Alternation of Capital:-

Initially	paid up	HK$ 90,000.00
23-03-2009	paid up	HK$ 410,000.00
		––––––––––––––
Total:	paid up	HK$ 500,000.00 =============

Profit or Loss: Keeping a balance account in 2009.

Condition: Business is under development.

Facilities: Trying to make use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Fairly satisfactory.

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

Standing: Small.

GENERAL

Formerly Vamastar (H.K.) Ltd. did not have its own operating office. Its registered office was in a commercial service firm located at 7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong known as Dhun’s Management Services Ltd. which handled its correspondences and documents. Dhun’s Management Services Ltd. is also the corporate secretary of the subject. The subject moved to the present address in April 2010.

The subject has issued 500,000 ordinary shares of HK$1.00 each which are wholly owned by Mr. Kalpesh Rajnikant Shah who is an Indian. He is also one of the directors of the subject. Now, he has become a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The subject’s issued share capital was increased from HK$90,000.00 to HK$500,000.00 on 23rd March, 2009.

Shah can be reached at his mobile phone number 6383 6007.

It is likely that the subject is a diamond importer, exporter and wholesaler. It is trading in single-cut diamond, fullcut loose diamond, carat size diamonds, etc. Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the other Asian countries. Business is still under development.

Business handled by Shah himself, the subject is just a small trading company.

On the whole, consider it good for business engagements on secured basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.02
UK Pound	1	Rs.73.21
Euro	1	Rs.60.70

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	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

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%)

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