MIRA INFORM REPORT

Report Date :

07.04.2011

IDENTIFICATION DETAILS

Name :	V K GEMS
Registered Office :	Flat H, 12/F., Union Mansion, 33-38 Chatham Road South, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	24.09.2010
Com. Reg. No.:	52997685-000-09
Legal Form :	Sole Proprietorship
Line of Business :	Importer, Exporter and Wholesaler of all kinds of gemstones, etc

RATING & COMMENTS

MIRA’s Rating :

Nb

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Company
Payment Behaviour :	Unknown
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 – 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

Company name

V K GEMS

Company ADDRESS

Flat H, 12/F., Union Mansion, 33-38 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

PHONE: Not available

FAX: Not available

MANAGEMENT

Manager: Mr. Vinu Uka Chovatia

SUMMARY

Establishment: 24th September, 2010.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Gemstone Trader.

Employees: Nil.

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

Banking Relation: Too early to comment.

Company ADDRESS

Head Office:-

Flat H, 12/F., Union Mansion, 33-38 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

52997685-000-09

MANAGEMENT

Manager: Mr. Vinu Uka Chovatia

SOLE PROPRIETOR

Name: Mr. Vinu Uka CHOVATIA

Residential Address: 25 Nijanand Soc. A. K. Road, Surat 395006 Gujarat, India.

HISTORY

The subject was established on 24th September, 2010 as a sole proprietorship concern owned by Mr. Vinu Uka Chovatia under the Hong Kong Business Registration Regulations.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of gemstones, etc.

Employees: Nil.

Commodities Imported: India, Sri Lanka, other Asian countries, etc.

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

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

Terms/Buying: L/C, etc.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

V K Gems is a sole proprietorship set up and owned by Mr. Vinu Uka Chovatia who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject is located at Flat H, 12/F., Union Mansion, 33-38 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong where is in a residential building. It seems that the subject’s operating address is also Chovatia’s residential address when he is in Hong Kong. The residential building is not trespassed by outsiders.

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.

The subject has no employees in Hong Kong.

Business commenced in September 2010, the subject is a gemstone trader. It is trading in the following semi-precious stones: aquamarine, pink amethyst, rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink tourmalines, amethyst, pink topaz, garnet, rose quartz, etc. Most of the commodities are imported from India, Sri Lanka, other Asian countries, etc. Prime markets are Hong Kong, Japan, Taiwan, other Asian countries, etc. Business is still under development.

The history of the subject in Hong Kong is just over six months. Business is chiefly handled by Chovatia himself.

Since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.72.25
Euro	1	Rs.63.09

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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