MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	S. R. EXPORTS (H.K.) LTD.
Registered Office :	Flat H1, 9/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	05.10.2006
Com. Reg. No.:	37237200
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of fine jewellery.
No. of Employees :	4.

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 :	No Complaints
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 and address

S. R. EXPORTS (H.K.) LTD.

ADDRESS: Flat H1, 9/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.

PHONE: 2736 2247, 2356 2247

FAX: 2736 2246

E-MAIL: srexports@biznetvigator.com

MANAGEMENT

Managing Director: Mr. Pravinchandra Hiralal Shah

SUMMARY

Incorporated on: 5th October, 2006.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Diamond Trader.

Employees: 4.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Flat H1, 9/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.

Holding Company:-

Apex Gems Inc., USA.

Affiliated/Associated Companies:-

Global Co., Hong Kong. (Business ceased)

S. Rasiklal & Co., India.

BUSINESS REGISTRATION NUMBER

37237200

COMPANY FILE NUMBER

1078772

MANAGEMENT

Managing Director: Mr. Pravinchandra Hiralal Shah

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDER

(As per registry dated 05-10-2011)

Name	No. of shares
Apex Gems Inc. 576, 5th Avenue, Suite #1000, New York, NY 10036, USA.	10,000 =====

DIRECTOR

(As per registry dated 05-10-2011)

Name (Nationality)	Address
Pravinchandra Hiralal SHAH	576, 5th Avenue, Suite #1000, New York, NY 10036, USA.

SECRETARY

(As per registry dated 05-10-2011)

Name	Address	Co. No.
Excel Management Consultants Ltd.	Room 1206, 12/F., Harbour Csytal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.	1340064

HISTORY

The subject was incorporated on 5th October, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of fine jewellery.

Employees: 4.

Commodities Imported: India, Belgium, US, other Asian countries, etc.

Markets: Some Asian countries, Europe, US, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

Profit or Loss: Making a small profit in the past two years.

Condition: Business is normal.

Facilities: Making active use of general banking facilities.

Payment: Met obligations as contracted.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, S. R. Exports (H.K.) Ltd. is a wholly owned subsidiary of Apex Gems Inc. [Apex Gems] which is a US-based firm.

The subject’s only director Mr. Pravinchandra Hiralal Shah is an Indian who is a US passport holder. Most of the time, he is residing in New York, the United States.

The subject is a diamond importer, exporter and wholesaler. It had an associated company Global Co. which was also owned by Pravinchandra Hiralal Shah. The registered address of Global Co. was located at a different address. However, this firm has ceased business since 30th September, 2009.

The subject’s raw materials such as rough diamonds, loose and cut diamonds are imported from India, Belgium and other European countries, etc. Polished or cut diamonds are marketed in Hong Kong, exported or exported to Japan, other Asian countries, Europe, the United States, etc. It is likely that the United States is the subject’s prime market since its holding company Apex Gems is in New York of the United States. Apex Gems is a jewellery and gem importer and wholesaler. Most of the time, Pravinchandra Hiralal SHAH is in the United States administering the business of Apex Gems.

The subject also has got an affiliate S. Rasiklal & Co. [S. Rasiklal] in India. S. Rasiklal is a diamond manufacturer. It is also the main supplier of the subject.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2012” which will be held in Wanchai, Hong Kong during the period of 16th to 20th February, 2012.

Supported by S. Rasiklal and Apex Gems, the subject’s business is improving. History in Hong Kong is over five years and two months.

The subject is an affiliate of S. Rasiklal & Co. Mumbai Group.

On the whole, consider the subject good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

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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