MIRA INFORM REPORT

Report Date :

28.01.2011

IDENTIFICATION DETAILS

Correct Name :	D.W.L. CREATIONS LTD.
Formerly Known As :	Spadix Trading Co. Ltd.,
Registered Office :	Room 612, 6/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	10.10.1986
Com. Reg. No.:	10578201
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Diamonds, jade, gemstones, 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

D.W.L. CREATIONS LTD.

company ADDRESS

Room 612, 6/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

PHONE: 2362 4363, 2362 0667

FAX: 2362 1975

E-MAIL: office@dwl.com.hk

dwlhk@hk.super.net

MANAGEMENT

Managing Director: Mr. Tan Hock Guan, Davies

SUMMARY

Incorporated on: 10th October, 1986.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$300.00

Business Category: Importer, Exporter and Wholesaler.

Annual Turnover: HK$25~30 million.

Employees: 30.

Main Dealing Banker: Wing Hang Bank Ltd., Hong Kong.

Banking Relation: Good.

Company ADDRESS

Registered Head Office:-

Room 612, 6/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

Affiliated Company:-

Ka Jade Development Ltd., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

10578201

COMPANY FILE NUMBER

0176246

MANAGEMENT

Managing Director: Mr. Tan Hock Guan, Davies

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 100 shares of HK$100.00 each)

Issued Share Capital: HK$300.00

SHAREHOLDERS

(As per registry dated 10-10-2010)

Name		No. of shares
Selina Debborah CHIA		1
TAN Hock Guan, Davies		2
		––
	Total:	3 =

DIRECTORS

(As per registry dated 10-10-2010)

Name (Nationality)	Address
Selina Debborah CHIA	Flat A, 2/F., Tower 15, Costa Del Sol, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
TAN Hock Guan, Davies	Flat A, 2/F., Tower 15, Costa Del Sol, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.

SECRETARY

Selina Debborah CHIA (As per registry dated 10-10-2010)

HISTORY

The subject was incorporated on 10th October, 1986 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Spadix Trading Co. Ltd., name changed to the present style on 29th May, 1987.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Diamonds, jade, gemstones, etc.

Employees: 30.

Commodities Imported: India, Sri Lanka, Thailand, Cambodia, etc.

Markets: Japan, Singapore, Europe, Middle East, North America, Central & South America, etc.

Annual Turnover: HK$25~30 million.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 100 shares of HK$100.00 each)

Issued Share Capital: HK$300.00

Indebtedness: HK$2,750,656.26 (Total amount outstanding on all mortgages and charges as per last

Annual Return dated 10-10-2010)

Mortgage or Charge:-

Date of Legal Charge: 16-12-2009

Amount: All monies

Property: 14/3,442nd parts or shares of and in Section A of Kowloon Marine Lot No. 113 (Unit No.

12 on 6/F. of Fu Hang Industrial Building, 1 Hok Yuen Street East, Kowloon, Hong Kong.)

Mortgagee: Wing Hang Bank Ltd., Hong Kong.

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: Wing Hang Bank Ltd., Hong Kong.

Standing: Good.

GENERAL

Having issued 3 ordinary shares of HK$1.00 each, D.W.L. Creations Ltd. is jointly owned by Ms. Selina Debborah Chia, holding one share; and Mr. Davies Tan Hock Guan, holding two shares.

The subject is a diamond jewellery designing and manufacturing firm in Hong Kong. It provides clients with exclusive patterns and designs. Products can be made under the requirements of its customer. Besides, the subject is able to sell its own collections of non-exclusive designs to wholesalers around the globe.

The subject exports amethyst, rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink tourmalines, amethyst, pink topaz, emerald, garnet, lapis-lazuli, ruby, sapphire, rose quartz, etc.

The subject also manufactures the following jewellery:-

· Diamond gold jewellery

· Diamond platinum jewellery

· Gemset gold jewellery – 18 karat

· Gemset platinum jewellery – pt 900

· Plain gold jewellery – 18 karat

· Plain platinum jewellery – pt 900

Products are exported to Japan, Singapore, Europe, Middle East, North America, Central & South America, etc. Business is rather active.

The subject has had an associated company known as Ka Jade Development Ltd. [Ka Jade] which is a Hong Kong-registered firm. Ka Jade has claimed to be “one of the largest jade mine owner in the world”. It is able to provide customers with 30 to 500 tonnes of rough green jade annually. Average price ranges from US$10 to 20 per kilogram.

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 will take part in Hong Kong International Jewellery Show which will be held during the period of 4th to 8th March, 2011 and it will also take part in Baselworld 2011 The World Watch and Jewellery Show which will be held during the period of 24th to 31st March, 2011.

The annual sales turnover of the subject ranges from HK$25 to 30 million. Making a small profit every year.

As the history of the subject is over twenty-four years and three months in Hong Kong, on the whole, consider it good for normal business engagements.

REMARKS

Court Cases: None per our.

Property information of the company:-

Property Location: Unit No. 12 on 6/F., Fu Hang Industrial Building,
1 Hok Yuen Street East, Kowloon, Hong Kong.

Owner: D.W.L. Creations Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
16-12-2009	-	Wing Hang Bank Ltd., Hong Kong.	Legal charge to secure general banking facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.57
UK Pound	1	Rs.72.50
Euro	1	Rs.62.46

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.