MIRA INFORM REPORT

Report Date :

23.06.2011

IDENTIFICATION DETAILS

Name :	VEER DIAMONDS LTD.

Registered Office :	Unit C2, 4/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon

Country :	Hong Kong

Date of Incorporation :	30.07.2010

Com. Reg. No.:	52709034

Legal Form :	Private Limited Company

Line of Business :	Importer, Exporter and Wholesaler of all kinds of diamonds and diamond jewellery

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

Company name

VEER DIAMONDS LTD.

Company ADDRESS

Unit C2, 4/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.

PHONE: 2366 7720

FAX: 2366 3372

MANAGEMENT

Managing Director: Mr. Yogesh Jain

SUMMARY

Incorporated on: 30th July, 2010.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Diamond Trader.

Employees: 5. (Including affiliates)

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

Banking Relation: Too early to comment.

Company name ADDRESS

Registered Head Office:-

Unit C2, 4/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.

Affiliated/Associated Companies:-

· Sejal Gems Hong Kong Co. Ltd., Hong Kong.

· V A Jewellery Co. Ltd., Hong Kong. (Same address)

· V A Jewelry Co., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBEr

52709034

COMPANY FILE NUMBER

1487112

MANAGEMENT

Managing Director: Mr. Yogesh Jain

CAPITAL

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

Issued Share Capital: HK$10,000.00

SHAREHOLDER

(As per registry dated 30-07-2010)

Name		No. of shares
Yogesh JAIN		10,000 =====

Name

No. of shares

Yogesh JAIN

10,000

=====

DIRECTOR

(As per registry dated 30-07-2010)

Name (Nationality)	Address
Yogesh JAIN	Room 304, 3/F., Kiu Fung Mansion, 18 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.

Name

(Nationality)

Address

Yogesh JAIN

Room 304, 3/F., Kiu Fung Mansion, 18 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 03-08-2010)

Name	Address	Co. No.
Vision Secretarial Services Ltd.	20/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong.	0656067

HISTORY

The subject was incorporated on 30th July, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 304, 3/F., Kiu Fung Mansion, 18 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect from 1st September, 2010.

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 diamond jewellery.

Employees: 5. (Including affiliates)

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

Markets: Hong Kong, Thailand, other Asian countries, Europe, Middle East, etc.

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

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

FINANCIAL INFORMATION

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

Issued Share Capital: HK$10,000.00

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

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

Having issued 10,000 ordinary shares of HK$1.00 each, Veer Diamonds Ltd. is wholly owned by Mr. Yogesh Jain who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.

The subject shares the same office with V A Jewellery Co. Ltd. and V A Jewelry Co. Both are Hong Kong-registered firms.

Yogesh Jain is also one of the directors of Sejal Gems Hong Kong Co. Ltd. [Sejal Gems] which is located at a different address. Sejal Gems has had a number of associated firms in India, Thailand, Malaysia, Singapore, the United States, the United Arab Emirates, etc. The significant one is Sejal Gems Pvt. Ltd. [Sejal Gems India] which is an India-based firm.

Sejal Gems India exports diamonds ranging from -2 to +2 -6.5. Now, it has become a rather significant diamond trading firm in India.

The subject is specialized in polished diamonds (including white and colour) and diamond jewellery. It provides customers with the diamonds in a variety range of cuts and sizes. The subject markets its products in Hong Kong and exports to China, Europe, Japan, South Korea, Southeast Asia, Scandinavia, etc.

Sejal Gems India is one of the suppliers of the subject.

V A Jewelry Co. is owned by a Hong Kong merchant. The subject and V A Jewelry Co. are engaged in the same lines of business.

As the history of the subject in Hong Kong is just over ten months, on the whole, 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.44.82
UK Pound	1	Rs.72.84
Euro	1	Rs.64.58

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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