MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	STAR GRACE LTD.
Registered Office :	c/o Crisp Business Services (HK) Ltd., 9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai
Country :	Hong Kong
Date of Incorporation :	04.07.2008
Com. Reg. No.:	39619361
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Diamonds, electronic products, etc.

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 :	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

STAR GRACE LTD.

Company ADDRESS

c/o Crisp Business Services (HK) Ltd.

9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong.

PHONE: 2572 1731

FAX: 3747 3375

MANAGEMENT

Managing Director: Mr. Deepak Kumar

SUMMARY

Incorporated on: 4th July, 2008.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$1.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Office:-

c/o Crisp Business Services (HK) Ltd.

9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong.

Affiliated Companies:-

Crown Gallant Ltd.

c/o Libra Consulting Co.

Room 2301-2301A, 23/F., World Wide House, 19 Des Voeux Road Central, Hong Kong.

Dragon Distributors, Hong Kong. (Same address)
[Operated by Mr. Deepak Kumar]

BUSINESS REGISTRATION NUMBER

39619361

COMPANY FILE NUMBER

1253268

MANAGEMENT

Managing Director: Mr. Deepak Kumar

CAPITAL

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

Issued Share Capital: HK$1.00

SHAREHOLDER

(As per registry dated 04-07-2010)

Name	No. of share
Deepak KUMAR	1 ==

DIRECTORS

(As per registry dated 04-07-2010)

Name (Nationality)	Address
Deepak KUMAR	X/828, Chand Mohalla, Gandhi Ngr, Delhi-31, India.
Ram Chander SONI	Flat No. 701, AC Rawda Residence, Rolla Street, Dubai, UAE.

SECRETARY

(Resigned on 04-07-2010)

Name	Address	Co. No.
Crisp Business Services (HK) Ltd.	9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong.	1147350

HISTORY

The subject was incorporated on 4th July, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject does not have its own operating office. Formerly its registered office is in a commercial service firm located at Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong known as Hong Kong Professional Secretarial Services Ltd. [HKPSSL] which had handled its correspondences and documents. HKPSSL was also the corporate secretary of the subject. However, HKPSSL resigned on 4th July, 2009. The subject moved to the present address in November 2010 where is the operating address of a commercial service provider Crisp Business Services (HK) Ltd.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Diamonds, electronic products, etc.

Employees: Nil.

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

Markets: Asian countries, Middle East, Europe, etc.

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

Terms/Buying: Prepayment, L/C, T/T, etc.

FINANCIAL INFORMATION

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

Issued Share Capital: HK$1.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

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

Star Grace Ltd. has issued just 1 ordinary share of HK$1.00 which is owned by Mr. Deepak Kumar who is an India passport holder. He and Mr. Ram Chander Soni are the directors of the subject. The latter is also an India passport holder but residing in Dubai, the United Arab Emirates. Currently, Kumar is residing in Delhi, India. He does not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at 9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong known as Crisp Business Services (HK) Ltd. which is handling its correspondences and documents. Crisp Business Services (HK) Ltd. is also the new corporate secretary of the subject. The subject has no employees in Hong Kong.

The subject is a diamond importer, exporter and wholesaler. Rough diamonds are imported from India, Belgium and other European countries. Diamonds may be processed, polished and cut in Hong Kong or China. Finished products are exported to Asian countries, the Middle East and Europe, etc. Business is not active in Hong Kong.

Kumar has set up another firm known as Dragon Distributors in Hong Kong. Dragon Distributors’ registered address is also located at the above‑mentioned address. Dragon Distributors is a sole proprietorship set up and owned by Kumar on 29th June, 2009. It was reported that Dragon Distributors is also trading in electronic products such as mobile phones.

Besides Dragon Distributors, the subject has had another affiliated company Crown Gallant Ltd. [Crown Gallant] in Hong Kong. Crown Gallant was incorporated on 31st August, 2007 as a private limited liability company under the Hong Kong Companies Ordinance. According to the Companies Registry of Hong Kong, Crown Gallant has issued 2 ordinary shares of HK$1.00 each which are equally owned by Mr. Ramesh Kumar Kadel and E.D. Diamonas B.V.B.A., a Belgium-based firm. Mr. Ramesh Kumar Kadel and Mr. Deepak Kumar are directors of Crown Gallant. Crown Gallant is a diamond trader. Its registered office is in a commercial service firm located at Room 2301-2301A, 23/F., World Wide House, 19 Des Voeux Road Central, Hong Kong known as Libra Consulting Co. which is handling its correspondences and documents.

It is likely that the subject has got affiliated companies in India and the United Arab Emirates. It is also likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.

The subject’s history in Hong Kong is over two and a half years.

On the whole, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

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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