MIRA INFORM REPORT

Report Date :

28.02.2011

IDENTIFICATION DETAILS

Name :	FINE STAR HK LTD.
Registered Office :	Room 1703, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	04.10.2006
Com. Reg. No.:	37227469
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of all kinds of diamonds and jewellery

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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

FINE STAR HK LTD.

company ADDRESS

Room 1703, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2366 9577

FAX: 2366 9007

E-MAIL: finestarhk@rediffmail.com

MANAGEMENT

Managing Director: Mr. Adit Bakul Shah

SUMMARY

Incorporated on: 4th October, 2006.

Organization: Private Limited Company.

Capital: Nominal: HK$2,500,000.00

Issued: HK$2,500,000.00

Business Category: Jewellery Trader.

Employees: 3.

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

Banking Relation: Satisfactory.

company ADDRESS

Registered Head Office:-

Room 1703, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

37227469

COMPANY FILE NUMBER

1078533

MANAGEMENT

Managing Director: Mr. Adit Bakul Shah

CAPITAL

Nominal Share Capital: HK$2,500,000.00 (Divided into 2,500,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,500,000.00

SHAREHOLDER

(As per registry dated 04-10-2010)

Name	No. of shares
Adit Bakul SHAH	2,500,000 =======

DIRECTORS

(As per registry dated 04-10-2010)

Name (Nationality)	Address
Adit Bakul SHAH	Flat Rear, 6/F., Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Saloni Adit SHAH	Flat Rear, 6/F., Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 04-10-2010)

Name	Address	Co. No.
Elegant Secretaries Ltd.	Room 804, 8/F., Lap Fai Building, 6-8 Pottinger Street, Central, Hong Kong.	0418716

HISTORY

The subject was incorporated on 4th October, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Flat Rear, 6/F., Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in November 2008.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds of diamonds and jewellery.

Employees: 3.

Commodities Imported: India, Thailand, Belgium, other European countries.

Markets: Japan, Southeast Asia, Europe, Middle East, Scandinavia, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$2,500,000.00 (Divided into 2,500,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,500,000.00

Mortgage or Charge: (See attachment)

Profit & Loss: Keeping a balance account in 2009.

Condition: Business keeps on improving.

Facilities: Adequate for current running.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

Bankers:-

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

Commonwealth Finance Corporation Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 2.5 million ordinary shares of HK$1.00 each, Fine Star HK Ltd. is an Indian company wholly owned by Mr. Adit Bakul Shah. Shah is an India passport holder whose native land is Mumbai, India.

The directors of the subject are Mr. Adit Bakul Shah and Mr. Saloni Adit Shah. Both of them belong to the Shah family.

The subject is a diamond and jewellery product trader. It is trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, etc. Raw materials and polished white and colour diamonds are imported from Thailand, India, Belgium and other Asian and European countries. The subject also trades in black and brown stones. Some of the rough diamonds are polished, cut or processed in Hong Kong. Finished products and polished diamonds are exported or re-exported to Japan, Southeast Asia, Europe, the Middle East, Scandinavia, etc., as well as marketed in Hong Kong.

The subject commenced business in October 2006 and it kept a balance account in 2009. Business keeps on improving.

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. The significant one is “Hong Kong International Jewellery Show” which is held in Hong Kong annually. From 5th to 9th March, 2010, the subject had taken part in “HKTDC Hong Kong International Jewellery Show 2010”.

The Shah has had close business ties with a number of diamond and jewellery manufacturers in Mumbai, India.

The history of the subject in Hong Kong is over four years and two months.

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

COURT CASES: None per our.

MORTGAGE OR CHARGE

Date	Particulars	Amount
07-12-2007	Instrument: Letter of Hypothecation for Trade Finance Property: Hypothecation of goods and produce represented by any or such documents or to which any such documents relate and all policies of insurance relating thereto and all proceeds deriving therefrom as security for advances and other banking facilities against bills of lading, shipping documents, warrants, delivery orders, wharfingers’ or other warehouse keeper’s certificate or receipts and/or invoices or other documents representing or relating to goods or produce Mortgagee: Commonwealth Finance Corporation Ltd., Hong Kong.	All sum of monies
10-12-2007	Instrument: Charge Over Deposit Property: Account No.: 20096 Deposit No.: 025636 Principal Amount: US$100,000 Mortgagee: Commonwealth Finance Corporation Ltd., Hong Kong.	All the indebtedness and the due and punctual performance and observance by the Depositor of all its obligations and liabilities
06-10-2009	Instrument: Letter of Hypothecation for Trade Finance Property: Hypothecation of goods and produce represented by any or such documents or to which any such documents relate and all policies of insurance relating thereto and all proceeds deriving therefrom as security for advances and other banking facilities against bills of lading, shipping documents, warrants, delivery orders, wharfingers’ or other warehouse keeper’s certificate or receipts and/or invoices or other documents representing or relating to goods or produce Mortgagee: Commonwealth Finance Corporation Ltd., Hong Kong.	All sum of monies
25-06-2010	Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy in respect of the Policy upon the terms herein set out as a continuing security for the due and pucntual payment of the Secured Indebtedness and the due and punctual performance and observance by the Borrower of all other obligations of the Borrower contained in the Facility Letter Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Secured Indebtedness
27-08-2010	Instrument: Letter of Hypothecation for Trade Finance Property: Hypothecation of goods and produce represented by any or such documents or to which any such documents relate and all policies of insurance relating thereto and all proceeds deriving therefrom as security for advances and other banking facilities against bills of lading, shipping documents, warrants, delivery orders, wharfingers’ or other warehouse keeper’s certificate or receipts and/or invoices or other documents representing or relating to goods or produce Mortgagee: Commonwealth Finance Corporation Ltd., Hong Kong.	All sum of monies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.25
Euro	1	Rs.62.68

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.