MIRA INFORM REPORT

Report Date :

17.03.2011

IDENTIFICATION DETAILS

Name :	ASHAPURA IMPEX
Registered Office :	Flat F, 14/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	09.12.2003
Com. Reg. No.:	34127244-000-12
Legal Form :	Partnership Concern
Line of Business :	Wholesaler and Exporter of all kinds of diamonds and gem stones

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small Company
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

ASHAPURA IMPEX

Company ADDRESS

Flat F, 14/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2724 8550, 2724 8558

FAX: 2724 8584

E-MAIL: bhauteshshah@indiatimes.com

MANAGEMENT

Manager: Mr. Rakesh Jayantilal Shah (Mobile: 6192 2435)

SUMMARY

Establishment: 9th December, 2003.

Organization: Partnership.

Capital: Not disclosed.

Business Category: Gem Stone Wholesaler and Exporter.

Employee: 1.

Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.

Banking Relation: Satisfactory.

Company ADDRESS

Head Office:-

Flat F, 14/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

34127244-000-12

MANAGEMENT

Manager: Mr. Rakesh Jayantilal Shah

PARTNERS

Name: Rakesh Jayantilal SHAH

Residential Address: Shahiyar Kunj, 4/F., 401, 1-12-6 Misuji, Taito-ku, Tokyo 111-0055, Japan.

Name: Hetal Rakesh SHAH

Residential Address: Shahiyar Kunj, 4/F., 401, 1-12-6 Misuji, Taito-ku, Tokyo 111-0055, Japan.

HISTORY

The subject was established on 9th December, 2003 as a partnership concern owned by three Indian under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name	Incoming Date	Outgoing Date
Rakesh Jayantilal Shah	09-12-2003	-
Himanshu Jayantilal Shah	09-12-2003	01-01-2004
Amishkumar Chandulal Shah	09-12-2003	01-10-2007
Hetal Rakesh Shah	01-10-2007	-

Initially the subject was located at Flat F, 5/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2007.

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

OPERATIONS

Activities: Wholesaler and Exporter.

Lines: All kinds of diamonds and gem stones.

Employee: 1.

Commodities Imported: India, Thailand, other Asian countries, Europe, etc.

Markets: Hong Kong, Japan and other Asian countries.

Terms/Sales: COD or as per contracted.

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

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Making a small profit every year.

Condition: Business is normal.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

Bankers:-

· Indian Overseas Bank, Hong Kong Branch.

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

Standing: Small.

GENERAL

Ashapura Impex is a partnership concern jointly owned by Mr. Rakesh Jayantilal Shah and Mr. Hetal Rakesh Shah. Being Indian, the two Shahs are the members of the Shah family. Long time ago, they had resided in Tokyo, Japan for a number of years. Mr. Rakesh Jayantilal Shah moved to Hong Kong and started his business in December 2003.

The office of the subject is in a residential building known as Winsor Mansion in Tsimshatsui, Kowloon, Hong Kong. The residential building is not trespassed by outsiders.

The subject is a diamond trader and processor.

Business commenced in December 2003, the subject is trading in loose, polished white, polished colour and cut diamonds, gem stones, precious stones, semi-precious stones, sapphire, Tanzanite, etc. It is an importer, exporter and wholesaler. Raw materials and commodities are imported from India, other Asian countries, Belgium and other European countries. Gem stones and diamonds are processed, polished and cut in Hong Kong or in China. Its main products have the following specifications:-

· Shape — Rounds

· Clarity — WS1, WS2

· Colour — E, F, G

· Size — 2 ct or over

· Finish — Excellent

Finished products are marketed in Hong Kong, exported to Japan, other Asian countries and Europe, etc.

Since the subject’s Manager Rakesh Jayantilal Shah had resided in Tokyo, Japan for a long time, he is responsible for marketing the subject’s products in Japan. He can be reached at his mobile phone number 852-6192 2435. The subject’s business in Japan is rather active.

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, the subject took part in the “International Jewelry Vietnam 2008” which had been held in Ho Chi Minh City, Vietnam from 2nd to 4th May, 2008. It also has taken part in the Fairs and Shows which are held in Hong Kong.

The subject’s business is chiefly handled by the Shah family who have had closed business ties with the jewellery firms and manufacturers in Mumbai, India.

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

On the whole, consider it good for normal business engagements in small credit amounts.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.72.59
Euro	1	Rs.63.13

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.