MIRA INFORM REPORT

Report Date :

05.04.2011

IDENTIFICATION DETAILS

Name :	STAR MATRIX LTD.
Registered Office :	C/o Prima Group Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central
Country :	Hong Kong
Date of Incorporation :	29.10.2004
Com. Reg. No.:	35232672
Legal Form :	Private Limited Liability Company
Line of Business :	--

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	No Operating Office
Payment Behaviour :	--
Litigation :	--

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Hong Kong	A2	A2

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

Name and address

STAR MATRIX LTD.

ADDRESS:

Registered Office:-

c/o Prima Group Ltd.

Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.

[Tel: 2376 3611; Fax: 2736 5115]

Associated Company:-

Break Bulk Shipping Ltd., Hong Kong.

BUSINESS REGISTRATION NUMBER

35232672

COMPANY FILE NUMBER

0930555

DATE OF INCORPORATION

29th October, 2004.

CAPITAL

Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$8,000,000.00

Alternation of Capital:-

Initially	paid up	HK$ 300,000.00
30-07-2010	paid up	HK$ 7,700,000.00
		–––––––––––––––
Total:	paid up	HK$ 8,000,000.00 ==============

Increase of Nominal Capital:-

From

HK$300,000.00

to

HK$8,000,000.00

on

02-07-2010

SHAREHOLDERS

(As per registry dated 29-10-2010)

Name		No. of shares
Shakun Gases Pvt. Ltd. 2/F., Machinery House, 11 Burjorji Bharucha Marg, Fort Mumbai-400001, India.		300,000
Sanjeev JAIN		7,700,000
		––––––––
	Total:	8,000,000 =======

DIRECTOR

(As per registry dated 29-10-2010)

Name (Nationality)	Address
Sanjeev JAIN	101 Dev Pooja, North Avenue, Santacruz (W), Mumbai-400054, India.

SECRETARY

(As per registry dated 29-10-2010)

Name	Address	Co. No.
Prima Secretaries Ltd.	Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.	0569406

INDEBTEDNESS

US$1,000,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 29-10-2010)

MORTGAGE OR CHARGE

Date of Charge on Deposit to secure the Depositor’s Obligations:

16-12-2009

Amount: As a continuing security for the payment and discharge of the Secured Obligations

Property: A sum of US$1,000,000.00 currently represented or evidenced by a certificate of deposit dated as below:-

Deposit Dated	Bearing No.	Amount
18-12-2009	7140000035	US$ 220,000.00
25-11-2009	7141000806	US$ 150,000.00
21-09-2009	7141000775	US$ 422,000.00
28-09-2009	7141000778	US$ 110,000.00
18-12-2009	7141000818	US$ 98,000.00
		––––––––––––––
	Total:	US$ 1,000,000.00 =============

Mortgagee: Punjab National Bank, Hong Kong Branch.

GENERAL

Star Matrix Ltd. was incorporated on 29th October, 2004 as a private limited liability company under the Hong Kong Companies Ordinance. With a nominal and issued share capital of HK$8 million, the subject is jointly owned by an India based firm known as Shakun Gases Pvt. Ltd. [Shakun] holding 3.75% and Sanjeev Jain, holding 96.25%.

Formerly the registered capital of the subject was just HK$300,000.00 and was wholly-owned by Shakun, changed to the present status in July 2010.

The only director of the subject Sanjeev Jain is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject does not have an operating office in Hong Kong. Its registered office is located at the office of Prima Group Ltd. with details as follow:-

Name: Prima Group Ltd. [PGL]

Address: Suite 605, 6/F., China Insurance Group Building,

141 Des Voeux Road Central, Hong Kong.

(Relocated from Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong to the current address on 4th November, 2009)

Tel. No.: 2376 3611

Fax No.: 2736 5115

E-mail: info@primagrouplimited.com

PGL is engaged in company forming and offering clients with all other kinds of commercial services. An employee of PGL told us that the name of the subject had been found in the list of its customers. PGL provides the subject with company secretarial services and correspondence through its affiliate Prima Secretaries Ltd. However, the employee declined to disclose further information about the subject.

As far as we know, its parent company Shakun is trading in natural marble and agglomerated marble. Some of the commodities are imported from Italy.

It is likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject has got an associated company known as Break Bulk Shipping Ltd. [BBS] which is also located at the operating office of PGL.

BBS was incorporated on 8th June, 2009 as a private limited liability company in Hong Kong. It has issued just one ordinary share of HK$1.00 which is owned by Sanjeev Jain who is the only director of the subject. BBS is a shipping company which is headquartered in India.

The subject’s business in Hong Kong is not very active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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
--	NB	New Business	--

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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