MIRA INFORM REPORT

Report Date :

20.06.2011

IDENTIFICATION DETAILS

Name :	VRAMS IMPEX (HK) LTD.

Registered Office :	Unit J2, 8/F., Kaiser Estate, Phase II, 51 Man Yue Street, Hunghom, Kowloon

Country :	Hong Kong

Date of Incorporation :	23.02.2006

Com. Reg. No.:	36489608

Legal Form :	Private Limited Company

Line of Business :	Importer and Exporter of Jewellery, fancy cut diamonds, 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

VRAMS IMPEX (HK) LTD.

Company ADDRESS

Unit J2, 8/F., Kaiser Estate, Phase II, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong.

PHONE: 2311 4136, 2363 4123

FAX: 2366 1147, 2366 4123

E-MAIL: info@vramsimpex.com

MANAGEMENT

Managing Director: Mr. Vithal Dhanjibhai Vaghasia

SUMMARY

Incorporated on: 23rd February, 2006.

Organization: Private Limited Company.

Capital: Nominal: HK$20,000,000.00

Issued: HK$7,000,000.00

Business Category: Diamond Trader.

Annual Turnover: US$10~15 million.

Employees: 7.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Unit J2, 8/F., Kaiser Estate, Phase II, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong.

Associated Companies:-

· Baguette Diam Inc., USA.

· G. Diam BVBA, Belgium.

· Vallbhabhai Dhanjibhai & Co., India.

· Vrams Diamonds LLC, UAE.

BUSINESS REGISTRATION NUMBER

36489608

COMPANY FILE NUMBER

1025968

MANAGEMENT

· Managing Director: Mr. Vithal Dhanjibhai Vaghasia

· Contact Person: Mr. Vithal Patel

CAPITAL

Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$7,000,000.00

SHAREHOLDER

(As per registry dated 23-02-2011)

Name		No. of shares
Vithal Dhanjibhai VAGHASIA		7,000,000 =======

Name

No. of shares

Vithal Dhanjibhai VAGHASIA

7,000,000

=======

DIRECTOR

(As per registry dated 23-02-2011)

Name (Nationality)	Address
Vithal Dhanjibhai VAGHASIA	Flat B, 13/F., Ocean View Court, 27-27A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

Name

(Nationality)

Address

Vithal Dhanjibhai VAGHASIA

Flat B, 13/F., Ocean View Court, 27-27A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 23-02-2011)

Name	Address	Co. No.
City Light Accountancy Consultants Ltd.	Room 1321, 13/F., Leighton Centre, 77 Leighton Road, Causeway Bay, Hong Kong.	0330495

HISTORY

The subject was incorporated on 23rd February, 2006 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 and Exporter.

Lines: Jewellery, fancy cut diamonds, etc.

Employees: 7.

Commodities Imported: India, Belgium, Africa, Russia, etc.

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

Annual Turnover: US$10~15 million.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$7,000,000.00

Alternation of Capital:-

Initially	paid up	HK$ 200.00
12-04-2010	paid up	HK$ 6,999,800.00
		–––––––––––––––
Total:	paid up	HK$ 7,000,000.00 ==============

Increase of Nominal Capital:-

From

HK$10,000.00

HK$20,000,000.00

12-04-2010

Mortgage or Charge: (See attachment)

Profit or Loss: Business is rather profitable.

Condition: Keeping in an active condition.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

Bankers:-

· Wing Lung Bank Ltd., Hong Kong.

· Bank of China (Hong Kong) Ltd., Hong Kong.

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

Standing: Normal.

GENERAL

Having issued 200 ordinary shares of HK$1.00 each, Vrams Impex (HK) Ltd. was equally owned by Mr. Vithal Dhanjibhai Vaghasia and Mr. Ghanshyam Dhanjibhai Vaghasia. Both of whom are Indian. The former is residing in Hong Kong while the latter, in India. On 26th September, 2008, the latter transferred all his shares to the former. In April 2010, the issued share capital was increased to HK$7,000,000.00 for further expansion. Now, the subject is wholly-owned by Mr. Vithal Dhanjibhai Vaghasia. Mr. Vithal Dhanjibhai Vaghasia is also the only director of the subject. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The subject is specialized in manufacturing fancy cut diamonds. Most of the products are loose diamonds and diamond jewellery such as diamond earrings. Raw materials are imported from India, Belgium, Africa, Russia, etc.

The followings are the subject’s main products:-

· Finished Jewellery

o Diamond Jewellery

§ White Diamond Jewellery

o Pearl Jewellery

§ Pearl Simulant Jewellery

· Materials

o Diamond

§ Polished White Diamond

§ Polished Colour Diamond

After processing or cut in Hong Kong, finished products are exported to the Middle East, the United States, Europe, Southeast Asia, etc. Currently, it has got the following associated firms:-

Baguette Diam Inc., New York, USA

G. Diam BVBA, Belgium

Vallbhabhai Dhanjibhai & Co., India

Vrams Diamonds LLC, Dubai, UAE

The above firms are responsible for marketing the subject’s products.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong. For instance, the subject usually takes part in Hong Kong International Jewellery Show.

The subject’s business is chiefly handled by Vithal Dhanjibhai Vaghasia himself. Its annual sales turnover ranges from US$10 to 15 million, making a small profit every year.

The history of the subject in Hong Kong is over five years and three months.

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

REMARKS:

Court Cases: None per our.

Property information of the company:-

1. Property Location: Unit C on 13/F., Yun Fat Commercial Building, 70-74 Wuhu Street, Kowloon, Hong Kong.

Owner: Vrams Impex (HK) Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
15-08-2008	-	Wing Lung Bank Ltd., Hong Kong.	Mortgage to secure general banking facilities

2. Property Location: Workshop Unit No. 1 on 9/F., Guardforce Centre,
3 Hok Yuen Street East, Kowloon, Hong Kong.

Owner: Vrams Impex (HK) Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
20-10-2010	-	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Mortgage to secure general banking facilities

MORTGAGE OR CHARGE

Date	Particulars	Amount
15-08-2008	Instrument: Mortgage Property: 65/2,674th parts or shares of and in Hung Hom Inland Lot No. 404, 355 & 342 (Unit C on 13/F. of Yun Fat Commercial Building, 70-74 Wuhu Street, Kowloon, Hong Kong.) Mortgagee: Wing Lung Bank Ltd., Hong Kong.	All moneys
07-10-2010	Instrument: Debenture constituting a fixed and/or floating charge over all the assets of the Company Property: 1) By way of first fixed charge: (i) all chattels as at the date of the Debenture; (ii) all book debts and other debts and monetary claims; (iii) any credit balance on any account of the Company; (iv) all goodwill and uncalled capital for the time being of the Company; (v) all stocks shares debentures bonds loan capital and other securities; (vi) all letters patent trademarks service marks designs utility models copyrights design rights and applications for registration; (vii) all present and future contracts or policies of insurance; and (viii) the proceeds of sale of any property b) By way of floating charge all the undertaking of the Company and all its property whatsoever and wheresoever both present and future Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	All monies and liabilities
20-10-2010	Instrument: Mortgage Property: 5/718th parts or shares of and in Section E of Kowloon Marine Lot No. 113 (Workshop Unit No. 1 on 9/F. of Guardforce Centre, 3 Hok Yuen Street East, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	To secure all moneys in respect of general banking facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.43
Euro	1	Rs.63.62

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.