MIRA INFORM REPORT

Report Date :

17.01.2011

IDENTIFICATION DETAILS

Correct Name :	OM GEM CREATIONS LTD.
Registered Office :	Room 707, 7/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	17.09.2004
Com. Reg. No.:	34953758
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all Fine jewellery, diamonds, 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

OM GEM CREATIONS LTD.

Company ADDRESS

Room 707, 7/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

PHONE: 2723 0097

FAX: 2311 1884

E-MAIL: ogc@omgem.com.hk

omgem@biz.netvigator.com

MANAGEMENT

Managing Director: Mr. Satish Vithalbhai Goyani

SUMMARY

Incorporated on: 17th September, 2004.

Organization: Private Limited Company.

Capital: Nominal: HK$3,000,000.00

Issued: HK$2,000,000.00

Business Category: Diamond Trader.

Employees: 6. (Including associates)

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

Banking Relation: Satisfactory.

company ADDRESS

Registered Head Office:-

Room 707, 7/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

Associated Companies:- (Same address)

V K Dimon (HK) Co., Hong Kong.

VK Dimon (HK) Ltd., Hong Kong.

BUSINESS REGISTRATION NUMBER

34953758

COMPANY FILE NUMBER

0923114

MANAGEMENT

Managing Director: Mr. Satish Vithalbhai Goyani

CAPITAL

Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,000,000.00

SHAREHOLDERS

(As per registry dated 17-09-2009)

Name		No. of shares
Shailesh Kumar Vallabh Bhai PATEL		1,000,000
Satish Vithalbhai GOYANI		1,000,000
		––––––––
	Total:	2,000,000 =======

DIRECTORS

(As per registry dated 17-09-2009)

Name (Nationality)	Address
Shailesh Kumar Vallabh Bhai PATEL	Room 707, 7/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong.
Satish Vithalbhai GOYANI	Room 707, 7/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong.

SECRETARY

Satish Vithalbhai GOYANI (As per registry dated 17-09-2009)

HISTORY

The subject was incorporated on 17th September, 2004 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: Fine jewellery, diamonds, etc.

Employees: 6. (Including associates)

Commodities Imported: India, Europe, etc.

Markets: Japan, Southeast Asia, etc.

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

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

MEMBERSHIP

Hong Kong Gemstone Manufacturers’ Association Ltd., Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$2,000,000.00

Mortgage or Charge: (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in a steady condition.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

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

Bank of Baroda, Hong Kong Branch.

Standing: Normal.

GENERAL

Having issued 2 million ordinary shares of HK$1.00 each, OM Gem Creations Ltd. is equally owned by Shailesh Kumar Vallabh Bhai Patel and Satish Vithalbhai Goyani. Being also directors of the subject, they are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

According to the subject its predecessor was established in 1993. It is a member of the “Hong Kong Gemstone Manufacturers’ Association Ltd.”. It is specialized in manufacturing and wholesaling polished and cut diamonds. Its main products are: baguettes; tapers; princess; marquise; single cut, full cut diamonds, etc.

The subject has had a factory in India manufacturing different colours and sizes of diamonds to satisfy its customers’ requirement. Moreover, its sales team is based in Hong Kong providing its customers with professional sales service such as diamonds assorting and grading.

The subject has claimed to be an experienced and reliable supplier.

The major markets of the subject are Japan, South Korea, China, Hong Kong, Taiwan, other Asian countries, etc. Overall business is satisfactory.

The contact person of the subject Satish Vithalbhai Goyani is also the Managing Director of the subject.

The subject has had associated companies VK Dimon (HK) Ltd. [VK Dimon] and V K Dimon (HK) Co. located at its operating office.

Having issued 10,000 ordinary shares of HK$1.00 each, VK Dimon is wholly owned by Mr. Dharmendra Sahadev Shedge who is also an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Shedge is the only director of VK Dimon. VK Dimon is the business partner of the subject.

The subject has had fix deposits in Bank of Baroda, Hong Kong Branch in order to get loan or credit or other facilities from the bank.

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 took part in “HKTDC Hong Kong International Jewellery Show 2010” which had been held in Wanchai, Hong Kong during 5th to 9th March, 2010.

The history of the subject in Hong Kong is over six years.

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

COURT CASES: None per our.

MORTGAGE OR CHARGE

Date	Particulars	Amount
27-11-2007	Instrument: Memorandum Property: Distinctive No. of Receipt Date of Issue Amount Due Date 91220300000240 10-07-2007 US$ 65,398.44 10-01-2008 91220300000238 05-03-2007 US$239,061.86 05-03-2008 Mortgagee: Bank of Baroda, Hong Kong Branch.	Loan or credit or other facilities
20-04-2010	Instrument: Memorandum Property: Distinctive No. of Receipt Date of Issue Amount Due Date 91220300000238 06-03-2010 US$254,205.57 07-03-2011 91220300000240 10-01-2010 US$ 68,998.00 10-07-2010 Mortgagee: Bank of Baroda, Hong Kong Branch.	Loan or credit or other facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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%)

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.