MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	JIN GEMS
Registered Office :	Flat C, 12/F., Mass Resources Development Building, 12 Humphreys Avenue, Tsimshatsui, Kowloon
Country :	Hong Kong.
Date of Incorporation :	19.06.1991
Com. Reg. No.:	14616728-000-06
Legal Form :	Sole Proprietorship
Line of Business :	Importer and Exporter of all kinds of Diamonds and Jewellery Products, Emerald, Precious Stones, Etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – 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

JIN GEMS

company ADDRESS

Flat C, 12/F., Mass Resources Development Building, 12 Humphreys Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2186 8785, 2367 1373, 2367 1450

FAX: 2367 1511

E-MAIL: jingems@gmail.com

MANAGEMENT

Manager: Mr. Rajendra Kumar Daga

SUMMARY

Establishment: 19th June, 1991.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Diamond Trader.

Annual Turnover: HK$95~110 million.

Employees: 4.

Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.

Banking Relation: Satisfactory.

company ADDRESS

Head Office:-

Flat C, 12/F., Mass Resources Development Building, 12 Humphreys Avenue, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

14616728-000-06

MANAGEMENT

Manager: Mr. Rajendra Kumar Daga

SOLE PROPRIETOR

Name: Mr. Rajendra Kumar DAGA

Residential Address: Flat E, 13/F., Star Mansion, 3-5 Minden Road, Mody Road, Tsimshatsui, Kowloon, Hong Kong.

HISTORY

The subject was established on 19th June, 1991 as a sole proprietorship concern owned by Mr. Rajendra Kumar Daga under the Hong Kong Business Registration Regulations.

At the very beginning, the subject was located at Flat E, 13/F., Star Mansion, 3-5 Minden Road, Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat C, 4/F., Heung Sun Mansion, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in December 1993, and further moved to the present address in May 2001.

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 products, emerald, precious stones, etc.

Employees: 4.

Commodities Imported: India, Europe, etc.

Markets: Thailand, China, Taiwan, Japan, Southeast Asia, Europe, North America, etc.

Annual Turnover: HK$95~110 million.

Terms/Sales: L/C or as per contracted.

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

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit & Loss: Business is profitable.

Condition: Keeping in an active manner

Facilities: Making active use of general banking facilities.

Payment: Met obligations on time.

Commercial Morality: Satisfactory.

Banker: Indian Overseas Bank, Hong Kong Branch.

Standing: Normal.

GENERAL

Jin Gems is a sole proprietorship set up and owned by Mr. Rajendra Kumar Daga who is an Indian. He is an India passport holder as well as a Hong Kong ID Card holder. Being the manager of the subject, Daga has got the right to reside in Hong Kong permanently.

Business commenced in June 1991, the subject is trading in loose diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, Tanzanite, etc. Size of diamonds supplied ranges from 0.50 point to 0.80 carat. Diamonds supplied can be full cut or single cut.

The subject is carrying the following products:-

Product/Service	Product/Service Remarks
Fine Jewellery
Diamond	from India (Importer)
Gemstones and Jade	Precious stones from India
Semi-Precious Stone	from India (Importer)
Ruby
Emerald
Precious and Semi-Precious Jewellery
Jewellery – Gemset	from India (Importer)

Most of the commodities are imported from India. It also imports gemstones from Sri-Lanka, Thailand, Burma, etc.

The subject’s products are marketed in Hong Kong, exported to China, Taiwan, Japan, India, Southeast Asia, North America, Western Europe, Scandinavia, etc. Business is active.

The subject has set up marketing representative offices in Thailand, China, New York and Malaysia. It also has got manufacturing and administration office in Bombay, Surat and Jaipur of India.

The subject’s overall business is satisfactory. Annual sales turnover ranges from HK$95 to 110 million. Overall business is active. Making a small profit every year.

It is likely that the subject is sharing the same operating office with another diamond trader K.V. Impex which was set up on 22nd October, 1996. This firm is owned by Mr. Rekha Daga who seems to be a family member of the sole proprietor 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. 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”.

On the whole, since the subject’s history in Hong Kong is about nineteen years and four months, consider it good for normal business engagements.

COURT CASES: None per our records.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

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