MIRA INFORM REPORT

Report Date :

10.06.2011

IDENTIFICATION DETAILS

Name :	SHERRY CREATIONS LTD.

Registered Office :	C/o Buttar.HK Ltd. Unit S, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon,

Country :	Hong Kong

Date of Incorporation :	14.11.2005

Com. Reg. No.:	36213908

Legal Form :	Private Limited Company

Line of Business :	Importer, Exporter and Wholesaler of Garment, furniture, lighting products, electric appliances, etc.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Usually Correct
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Hong Kong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Name and address

SHERRY CREATIONS LTD.

ADDRESS: c/o Buttar.HK Ltd.

Unit S, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

PHONE: 2312 0148

FAX: 2375 6513

MANAGEMENT

Manager Director: Mr. Haresh Ramchand Samtani

SUMMARY

Incorporated on: 14th November, 2005.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$100.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

c/o Buttar.HK Ltd.

Unit S, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

Main Associated Company:-

Sherry Creations Ltd. (Guangzhou)

Room E, 11/F., Chung Kiu Building, 76 Xianlie Middle Road, Guangzhou, Guangdong Province, China.

[ Tel: 86-20-3758 9087, 3758 9867

Fax: 86-20-3758 9807

E-mail: sherrycreations@21cn.com]

BUSINESS REGISTRATION NUMBER

36213908

COMPANY FILE NUMBER

1007683

MANAGEMENT

Manager Director: Mr. Haresh Ramchand Samtani

CAPITAL

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

Issued Share Capital: HK$100.00

SHAREHOLDERS

(As per registry dated 14-11-2010)

Name		No. of shares
Haresh Ramchand SAMTANI		75
Nicky CHAINANI		25
		–––
	Total:	100 ===

DIRECTORS

(As per registry dated 14-11-2010)

Name (Nationality)	Address
Haresh Ramchand SAMTANI	Room E, 11/F., Chung Kiu Building, 76 Xianlie Middle Road, Guangzhou, Guangdong Province, China.
Nicky CHAINANI	Room E, 11/F., Chung Kiu Building, 76 Xianlie Middle Road, Guangzhou, Guangdong Province, China.

Name

(Nationality)

Address

Haresh Ramchand SAMTANI

Room E, 11/F., Chung Kiu Building, 76 Xianlie Middle Road, Guangzhou, Guangdong Province, China.

Nicky CHAINANI

Room E, 11/F., Chung Kiu Building, 76 Xianlie Middle Road, Guangzhou, Guangdong Province, China.

SECRETARY

(As per registry dated 14-11-2010)

Name	Address	Co. No.
Buttar HK Ltd.	1/F., Mau Lam, Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.	0975326

HISTORY

The subject was incorporated on 14th November, 2005 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: Garment, furniture, lighting products, electric appliances, etc.

Employees: Nil.

Commodities Imported: China, other Asian countries, etc.

Markets: Indonesia, other Southeast Asian countries, etc.

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

Terms/Buying: L/C, etc.

FINANCIAL INFORMATION

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

Issued Share Capital: HK$100.00

Mortgage or Charge: (See attachment)

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.

Bankers:-

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

HBZ Finance Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 100 ordinary shares of HK$1.00 each, Sherry Creations Ltd. is jointly owned by Mr. Haresh Ramchand Samtani, holding 75% interests; and Mr. Nicky Chainani, holding 25%. Both of the shareholders are India passport holders and does not have the right to reside in Hong Kong permanently. They are also directors of the subject.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit S, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is handling its correspondences and documents. Buttar.HK Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

The subject has had an associated company known as Sherry Creations Ltd. (Guangzhou) [Guangzhou SCL] in Guangzhou, Guangdong Province, China. Your given phone number 86-20-3758 9867, 3758 9087 and fax number 86‑20-3758 9807 belong to this firm. The two shareholders of the subject currently are stationing at Guangzhou SCL.

Guangzhou SCL is a branch office of an Indonesia-based trading company. As a representative office, Guangzhou SCL mainly helps overseas customers source products, help them place orders. Guangzhou SCL is also engaged in orders follow-up, QC the goods, arrange shipping, etc.

Now the main products Guangzhou SCL exported are garments and furniture. Besides, it also exports electric items like LCD TV, home and commercial lightings, hardware items, etc. The annual sales turnover of Guangzhou SCL is over HK$20 million, just making a small profit.

Guangzhou SCL deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Guangzhou SCL also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active.

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.

MORTGAGE OR CHARGE

Date	Particulars	Amount
08-12-2008	Instrument: Lien and Set-off Agreement Property: Fixed Deposit Receipt No. Value Date Principal Amount Maturity Date DFN0122104 08-12-2008 US$26,421.42 09-03-2009 DFN0122231 29-12-2008 US$21,891.78 30-03-2009 Mortgagee: HBZ Finance Ltd., Hong Kong.	Loans, credit financial accommodation and facilities
29-01-2009	Instrument: Lien and Set-off Agreement Property: Fixed Deposit Receipt No. Value Date Principal Amount Maturity Date DFN1010160 29-01-2009 US$ 26,047.84 29-04-2009 DFN1010180 30-01-2009 US$107,121.81 30-04-2009 DFN1020251 13-02-2009 US$ 13,267.47 13-05-2009 Mortgagee: HBZ Finance Ltd., Hong Kong.	Loans, credit financial accommodation and facilities
15-11-2010	Instrument: Lien and Set-off Agreement Property: Fixed Deposit Receipt No. Value Date Principal Amount Maturity Date DFN2111793 10-11-2010 US$60,608.59 10-02-2011 Mortgagee: HBZ Finance Ltd., Hong Kong.	Loans, credit financial accommodation and facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.72
UK Pound	1	Rs.73.47
Euro	1	Rs.65.38

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.