MIRA INFORM REPORT

Report Date :

10.06.2011

IDENTIFICATION DETAILS

Name :	WAI HING CO.

Registered Office :	Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon

Country :	Hong Kong

Date of Incorporation :	03.11.2008

Com. Reg. No.:	39956612-000-11

Legal Form :	Sole Proprietorship

Line of Business :	Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, 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 :	Small Company
Payment Behaviour :	No Complaints
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

Bottom of Form

Company name

WAI HING CO.

Company ADDRESS

Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2366 3063, 2366 4071

FAX: 2311 0919

MANAGEMENT

Manager: Mr. Asik Ali Mohamed Sadakthambi

SUMMARY

Establishment: 3rd November, 2008.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Diamond Trader.

Annual Turnover: HK$15~20 million (Including associates)

Employees: 2. (Including associates)

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

Banking Relation: Satisfactory.

Company ADDRESS

Head Office:-

Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

P.O. Box 97948, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.

Associated Companies:- (Same address)

Bridiam, Hong Kong.

Reliance Trades, Hong Kong.

BUSINESS REGISTRATION NUMBER

39956612-000-11

MANAGEMENT

Manager: Mr. Asik Ali Mohamed Sadakthambi

SOLE PROPRIETOR

Name: Mr. Asik Ali MOHAMED SADAKTHAMBI

Residential Address: Unit 4, 6/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong

Kong.

HISTORY

The subject was established on 3rd November, 2008 as a sole proprietorship concern owned by Mr. Asik Ali Mohamed Sadakthambi under the Hong Kong Business Registration Regulations.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.

Employees: 2. (Including associates)

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

Markets: Japan, Southeast Asia, Europe, Middle East, etc.

Annual Turnover: HK$15~20 million (Including associates)

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

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

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Kept a balance account in 2010.

Condition: Business is under development.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Wai Hing Co. is a sole proprietorship set up and owned by Mr. Asik Ali Mohamed Sadakthambi who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

Business commenced in November 2008, the subject is a diamond importer, exporter and wholesaler. It is chiefly trading in loose diamonds.

The subject has got an affiliated company Reliance Trades located at its operating address. Reliance Trades and the subject are engaged in the same lines of business.

The subject’s operating address is in a private and commercial building known as Hankow Centre which is in Tsimshatsui, Kowloon, Hong Kong. The subject is in the private part of the building.

Reliance Trades is a partnership jointly owned by Seyed Abdul Gani Seyed Abdul Kader, Asik Ali Mohamed Sadakthamby, Samul Haque Mohamed Sadak and Seyed Abdul Kader Mafaz Mohamed. All the partners are Indians who are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently. The sole proprietor of the subject is one of the partners of Reliance Trades.

The last three partners are residing at the registered address of the subject. It is likely that Seyed Abdul Kader is also residing at the same address.

The subject is a polished and cut diamond importer, exporter and wholesaler. It also trades in alexandrite, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, Tanzanite, etc. Commodities are chiefly imported from India and Europe. Prime markets are Japan, Southeast Asia, Europe, the Middle East, etc.

The subject’s business is chiefly handled by Mohamed Sadakthambi himself. He has had close business ties with some the diamond suppliers and manufacturers in Mumbai, India.

The annual sales turnover of the subject and Reliance Trades ranges from HK$15 to 20 million.

On the whole, since the history of the subject in Hong Kong is just over two years and seven months, consider it good for normal business engagements on secured basis for the time being.

COURT CASES: None per our.

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%)

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